# EDGAR Filing Document

**Accession Number:** 0002054696
**File Stem:** 0001193125-25-158394
**Filing Date:** 2025-7
**Character Count:** 3448603
**Document Hash:** ee602561f8453c831fbf67a2e8f658da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-158394.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001193125-25-158394

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

**PUBLIC DOCUMENT COUNT**: 35

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NIQ Global Intelligence plc
- **CENTRAL INDEX KEY:** 0002054696
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L2

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288376
- **FILM NUMBER:** 251120074

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST JACKSON BOULEVARD
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-583-5100

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST JACKSON BOULEVARD
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NIQ Global Intelligence Ltd
- **DATE OF NAME CHANGE:** 20250203

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**As filed with the Securities and Exchange Commission on July 14, 2025** 

**Registration No. 333-288376** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**AMENDMENT NO. 1** 

**TO** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## NIQ Global Intelligence plc
**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Ireland** | **7370** | **Not applicable** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

**200 West Jackson Boulevard** 

**Chicago, IL 60606** 

**312-583-5100** 

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

**James Peck** 

**Chief Executive Officer** 

**NIQ Global Intelligence plc** 

**200 West Jackson Boulevard** 

**Chicago, IL 60606** 

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

***Copies to:***

---

| | | |
|:---|:---|:---|
| **Craig Marcus, Esq.**<br> **Thomas Fraser, Esq.**<br> **Ropes & Gray LLP**<br> **Prudential Tower**<br> **800 Boylston Street**<br> **Boston, MA 02199-3600**<br> **(617) 951-7000** | **John Blenke, Esq.**<br> **Chief Legal Officer**<br> **NIQ Global Intelligence plc**<br> **200 West Jackson Boulevard**<br> **Chicago, IL 60606**<br> **312-583-5100** | **Richard Fenyes, Esq.**<br> **Simpson Thacher & Bartlett LLP**<br> **425 Lexington Avenue**<br> **New York, NY 10017**<br> **(212) 455-2000** |

---

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

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

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

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

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

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

---

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

---

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

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the 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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**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to completion, dated July 14, 2025** 

**Preliminary prospectus** 

***50,000,000 shares***

![LOGO](g893022g00m03.jpg)

## NIQ Global Intelligence plc
***Ordinary Shares***

***$ per share***

This is the initial public offering of our ordinary shares. We are offering 50,000,000 ordinary shares. We currently expect the initial public offering price to be between $20.00 and $24.00 per ordinary share.

The selling shareholders have granted the underwriters an option to purchase up to 7,500,000 additional ordinary shares within 30 days of the date of this prospectus. We will not receive any proceeds from the sale of ordinary shares being sold by the selling shareholders.

After the completion of this offering, an affiliate of Advent International, L.P. will own a majority of the voting power of our outstanding ordinary shares. As a result, we expect to be a "controlled company" within the meaning of the corporate governance standards of the New York Stock Exchange. See "Principal and Selling Shareholders."

Prior to this offering, there has been no public market for our ordinary shares. We have applied to list our ordinary shares on the New York Stock Exchange under the symbol "NIQ."

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

---

(1) For additional information regarding underwriting compensation see "Underwriting (Conflicts of
Interest)."

**Investing in our ordinary shares involves risk. See "[Risk Factors](#tx893022_4)" beginning on page 34.** 

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

The underwriters expect to deliver the ordinary shares to investors on or about , 2025.

---

| | | |
|:---|:---|:---|
| **J.P. Morgan** | **BofA Securities** | **UBS Investment Bank** |

---

---

| | |
|:---|:---|
| **Barclays** | **RBC Capital Markets** |

---

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| | | |
|:---|:---|:---|
| **Citigroup** | **Wells Fargo Securities** | **BNP PARIBAS** |
| **Deutsche Bank Securities** | **BMO Capital Markets** | **KKR** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Baird** | **Needham & Company** | **Stifel** | **William Blair** | **Capital One Securities** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fifth Third Securities** | **SMBC Nikko** | **Academy Securities** | **Loop Capital Markets** | **Roberts & Ryan** |

---

**Prospectus dated , 2025** 

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![LOGO](g893022g05k05.jpg)

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![LOGO](g893022g06k06.jpg)

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![LOGO](g893022g07k07.jpg)

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**Table of Contents** 

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| | |
|:---|:---|
|  | **Page** |
|  [Prospectus Summary](#tx893022_1) | 1 |
|  [The Offering](#tx893022_2) | 17 |
|  [Summary Historical Consolidated Financial Data](#tx893022_3) | 20 |
|  [Risk Factors](#tx893022_4) | 34 |
|  [Cautionary Note Regarding Forward-Looking Statements](#tx893022_5) | 72 |
|  [Use of Proceeds](#tx893022_6) | 73 |
|  [Dividend Policy](#tx893022_7) | 74 |
|  [Capitalization](#tx893022_8) | 75 |
|  [Dilution](#tx893022_9) | 77 |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tx893022_10) | 79 |
|  [Business](#tx893022_11) | 142 |
|  [Management](#tx893022_12) | 176 |
|  [Executive and Director Compensation](#tx893022_13) | 184 |
|  [Certain Relationships and Related Party Transactions](#tx893022_14) | 203 |
|  [Principal and Selling Shareholders](#tx893022_15) | 206 |
|  [Description of Indebtedness](#tx893022_16) | 209 |
|  [Description of Share Capital](#tx893022_17) | 213 |
|  [Shares Eligible for Future Sale](#tx893022_18) | 245 |
|  [Material Tax Considerations](#tx893022_19) | 247 |
|  [Underwriting (Conflicts of Interest)](#tx893022_20) | 257 |
|  [Legal Matters](#tx893022_21) | 266 |
|  [Experts](#tx893022_22) | 266 |
|  [Enforcement of Judgments](#tx893022_23) | 266 |
|  [Where You Can Find More Information](#tx893022_24) | 267 |
|  [Index to Consolidated Financial Statements](#tx893022_25) | F-1 |

---

**We are responsible for the information contained in this prospectus and in any free writing prospectus we prepare or authorize. We, the selling shareholders and the underwriters have not authorized anyone to provide you with different information, and neither we nor the underwriters take responsibility for any other information others may give you. We, the selling shareholders and the underwriters are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date of this prospectus. You should not assume that the information contained in this prospectus is accurate as of any date other than its date.** 

For investors outside of the United States, we, the selling shareholders and the underwriters have not 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.

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**ABOUT THIS PROSPECTUS** 

**Basis of Presentation** 

Historically, our business has been operated through Intermediate Dutch Holdings B.V., an indirect subsidiary of AI PAVE Dutchco I B.V., and its consolidated subsidiaries, including Indy US Holdco, LLC, a Delaware limited liability company ("US Holdco"), and our other operating subsidiaries. On July 10, 2023 (the "Combination Closing Date"), we completed a strategic combination with GfK SE (the "GfK Combination"). Subsequent to the Combination Closing Date, our operations comprise the operations of Intermediate Dutch Holdings B.V. and its consolidated subsidiaries, including GfK GmbH, formerly, GfK SE, and its consolidated subsidiaries.

On January 21, 2025, AI Global Investments (Netherlands) PCC Limited acquired Flower Road Limited, an Irish private company with limited liability that was incorporated in Ireland on June 6, 2017 as a dormant company. On January 23, 2025, we renamed such entity NIQ Global Intelligence Limited. On June 12, 2025, NIQ Global Intelligence Limited was re-registered under the Irish Companies Act 2014 as a public limited company and was renamed NIQ Global Intelligence plc. In addition, shortly prior to the completion of this offering, we will undertake a series of restructuring transactions that will result in NIQ Global Intelligence plc becoming the direct parent company of AI PAVE Dutchco I B.V. and the indirect parent of other intermediate holding companies, with all holders of equity interests in AI PAVE Dutchco I B.V. becoming shareholders of NIQ Global Intelligence plc. We refer to these transactions as the "Reorganization" throughout this prospectus. Prior to the Reorganization, NIQ Global Intelligence Limited had no material assets and conducted no operations (other than activities incidental to its formation, the Reorganization and this offering). Intermediate Dutch Holdings B.V. has been determined as the accounting predecessor of NIQ Global Intelligence plc. Upon the completion of the Reorganization, the historical consolidated financial statements of Intermediate Dutch Holdings B.V. included in this prospectus will become the historical financial statements of NIQ Global Intelligence plc. The historical financial information of NIQ Global Intelligence plc has not been included in this prospectus as it has no business transactions or activities to date.

Unless the context requires otherwise, references in this prospectus to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "2021 Carve-Out Transaction" means the acquisition by an
affiliate of Advent International, L.P. and Mr. Peck of Nielsen Holdings' Connect business, which was completed in March 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Adjacent Verticals" means financial services, government, media, and advertising sectors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Advent" means Advent International, L.P.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Advent Shareholder" means AI Global Investments (Netherlands) PCC Limited, an affiliate of Advent that
acquired its interest in NIQ in the 2021 Carve-Out Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AI" means artificial intelligence and machine learning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AI PAVE Dutchco I B.V." means a private company with limited liability organized under the laws of the
Netherlands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Canadian Term Loan Facility" means the CAD term loan facility provided under the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cash Data Costs" means the costs paid by the Company in cash to acquire data (or where accrued due to
timing as applicable) and excludes non-cash costs, such as certain cooperation or in-kind costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Company," "NielsenIQ," "NIQ," the "NIQ group," "we,"
"us" and "our" means, prior to the Reorganization, Intermediate Dutch Holdings B.V. and its consolidated subsidiaries and, after the Reorganization, NIQ Global Intelligence plc and its consolidated subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Connect" means our data engine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Credit Agreement" means the Credit Agreement, dated as of March 5, 2021 (as amended through that
certain Eleventh Amendment to Credit Agreement, dated as of January 24, 2025), by and among, inter alios, AI PAVE Dutchco III B.V., a private company with limited liability organized under the laws of

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the Netherlands, Intermediate Dutch Holdings B.V., a private company with limited liability organized under the laws of the Netherlands, US Holdco, Nielsen Consumer Inc., a Delaware corporation, Indy Dutch Bidco B.V., a private company with limited liability organized under the laws of the Netherlands, the revolving borrowers from time to time party thereto, JPMorgan Chase Bank NA., as the administrative agent and the U.S. collateral agent, Kroll Agency Services (US) LLC, as non-US Collateral Agent and the lenders and issuing banks from time to time party thereto; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Credit Facilities" means the US Term Loan Facility, the EUR Term Loan Facility, the Canadian Term Loan
Facility and the Revolving Credit Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Discover" means our cloud-based platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ecosystem" or "NIQ Ecosystem" means the combination of our proprietary data, best-in-class technology, human intelligence, and sophisticated software applications and analytics solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EUR Term Loan Facility" means the EUR term loan facility provided under the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "fiscal year 2022," "fiscal year 2023" and "fiscal year 2024" means our fiscal year
ended December 31, 2022, 2023 and 2024, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FMCG" means fast moving consumer goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GDR" means Gross Dollar Retention and represents the amount of prior period annualized revenue we have
retained from existing clients in the current period; the calculation reflects only customer losses and does not reflect customer expansion or contraction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GfK Combination" refers to the strategic combination between NIQ and GfK SE that was completed on
July 10, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Highly reoccurring revenue" means revenue from either annual, multi-year contracts or from a client
purchasing the same solution in the same country each year for the past three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Intermediate Dutch Holdings B.V." means a private company with limited liability organized under the
laws of the Netherlands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "large and mid-sized clients" means our clients from whom we
derived at least $50,000 in revenue during the last twelve months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Nielsen Holdings" means Nielsen Holdings Limited (formerly Nielsen Holdings plc), our former parent
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NDR" means Net Dollar Retention and represents the amount of annualized revenue that we generate from
our existing clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Required GfK European Consumer Panel Services Divestiture" means our divestiture of GfK's
European Consumer Panel services business on January 9, 2024 that was required by the European Commission to address their competition law concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Revolving Credit Facility" or "Revolver" means a revolving credit facility provided under
the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SKU" means stock keeping units, a designation that retailers assign to products to keep track of stock
levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SMB" means small and medium sized businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "T&D" means technology and durables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "The Full View" means our unified, AI-powered technology
platform that provides a global, omnichannel view of consumer shopping behavior;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US Holdco" means Indy US Holdco, LLC, a Delaware limited liability company, an indirect subsidiary of
Intermediate Dutch Holdings B.V.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US Term Loan Facility" means the USD term loan facility provided under the Credit Agreement.

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**Industry and Market Data** 

Unless otherwise indicated, information in this prospectus concerning economic conditions, our industry, our markets and our competitive position is based on a variety of sources, including information from independent industry analysts and publications. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.

Other industry and market data included in this prospectus are from NIQ analyses. We are a leading global consumer intelligence company and we maintain databases, produce market analyses and deliver information to our clients in the ordinary course of our business. Our information is widely referenced in the industry and used by governments, our clients, the financial community and others. Most of this information is available on a subscription basis. Other reports and information are available publicly through our website. In some cases, the information has been developed by us for purposes of this offering based on our existing data and is believed by us to have been prepared in a reasonable manner. All such information is based upon our own market research, internal databases and published reports and has not been verified by any independent sources.

While we believe the industry and market data 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 "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors."

**Trademarks, Service Marks and Trade Names** 

This prospectus includes our trademarks, service marks and trade names such as NIQ and the NIQ logo, which are protected under applicable intellectual property laws and are our property or the property of our subsidiaries. This prospectus may also contain trademarks, service marks and trade names of other companies, which are the property of their respective owners, including NielsenIQ and other trademarks and service marks that we license from a subsidiary of Nielsen Holdings, our former parent company. We do not intend our use or display of other companies' trademarks, service marks or trade names to imply, and such use or display should not be construed to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Solely for convenience, the trademarks, service marks and trade names referred to in this prospectus are listed without the <sup>®</sup>, <sup>sm</sup> and <sup>TM</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent permitted under applicable law, our rights or the rights of the applicable licensor to these trademarks, service marks and trade names.

**Non-GAAP Financial Measures** 

This prospectus contains "non-GAAP financial measures," including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Net (Loss) Income, and Adjusted Loss Per Share. These are financial measures that are not calculated or presented in accordance with generally accepted accounting principles in the United States ("GAAP"). We consider them to be important supplemental measures of our performance and liquidity and believe they are useful to securities analysts, investors, and other interested parties in their evaluation of our operating performance and liquidity. These measures reflect the results from the primary operations of our business by excluding the effects of certain items that we do not consider indicative of our core operations and ongoing operating performance.

Our financial statements are prepared and presented in accordance with GAAP. These non-GAAP financial measures are not presentations made in accordance with GAAP and should not be considered as an alternative to net income or loss, income or loss from operations, or any other performance measure in accordance with GAAP, or as an alternative to cash provided by operating activities as a measure of our liquidity. Consequently, our

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non-GAAP financial measures should be considered together with our audited consolidated financial statements included in this prospectus, which are prepared in accordance with GAAP. For more information about how we use these non-GAAP financial measures in our business, the limitations of these measures, and a reconciliation of these measures to the most directly comparable GAAP measures, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

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**A LETTER FROM OUR CEO** 

I am pleased to introduce NIQ, the transformed global leader of the consumer intelligence industry. NIQ has shifted the consumer intelligence paradigm – moving from providing unique data insights to being an AI-powered, intelligence-based ecosystem that enables brands, retailers and other companies around the world to make better informed decisions and create significant value for their businesses.

I have played a leadership role in several other value creation stories as CEO of TransUnion and CEO of LexisNexis Risk Management, the former in partnership with Advent International. In 2020, Advent and I saw an opportunity. Nielsen Holdings (formerly NYSE: NLSN) was in the process of separating its "Connect" business from its "Media" business. Nielsen Connect, formerly known in the public markets as Nielsen's "Buy" segment, had a rich, 100-year heritage dating back to Arthur C. Nielsen, the creator of market share.

In the years preceding our 2021 Carve-Out Transaction, the Nielsen Connect business was being outmaneuvered despite its strategic position in the consumer intelligence market and critical nature of its data for clients. Growth and product development were stagnant due to underinvestment, while margins were suffering. At the same time, the consumer landscape was shifting rapidly, with shoppers engaging across multiple channels and demanding more optionality, faster service and more personalized experiences. Given the industry dynamics and NIQ's strong fundamentals and market position, we believed the company had significant potential. The business has deep, long-standing client relationships with most of the world's largest manufacturers and retailers, with a sticky, long-term subscription-based revenue model. The common refrain from consumer packaged goods ("CPG") executives was, "NIQ is mission-critical to what we do" and "we couldn't operate without NIQ data and insights." It became very clear to us that, with the right strategy and prudent investments, NIQ could re-position as an industry disruptor within the very industry it created and become the re-energized, innovative company it is today.

After four years of significant organic and inorganic investment and a culture shift to client-focused innovation, NIQ now possesses a modernized tech stack that enables rapid innovation for clients, a broadened global coverage and enhanced eCommerce offerings, AI-driven analytics and a disciplined go-to-market motion. Our strategy and investments have positioned us to capture growth opportunities to increase wallet share with existing clients, further penetrate the small and medium-sized business ("SMB") segment and expand in new verticals. In July 2023, we acquired GfK – the global leader in tech and durables ("T&D") measurement – which expanded our addressable market and created new revenue growth opportunities and operating synergies.

Critical to these achievements has been our world-class leadership team:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Technology Officer, Mohit Kapoor – the architect and leader of TransUnion's tech re-platforming – and his technology team have supercharged NIQ's global data collection and built a scalable, AI-driven technology platform enabling our
client-focused culture of innovation. With our approximately $400 million capital investment now complete, we believe we have not only re-established our market-leading position but have positioned the
business for future success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Operating Officer, Tracey Massey – who led the confections and pet food businesses at Mars –
joined NIQ because, as a client, she had seen first-hand NIQ's mission-criticality and AI-powered value creation. Her sales team is executing a more agile, client-focused sales approach: cross-selling new
products, moving swiftly into new verticals and markets, and delivering on a disciplined pricing and renewals strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Financial Officer, Mike Burwell – who led transformation efforts at PwC – and his team have
transformed our financial processes and improved our financial profile, headlined by revenue growth, increased operational and capital efficiency and expanding margins, all while investing in innovation and future profitable growth.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chief Strategy Officer, Curtis Miller – who executed key initiatives and mergers and acquisitions at
TransUnion as Chief Strategy Officer – has led pivotal change and transformation efforts at NIQ, including completing our strategic investments that helped to revitalize our product offerings, expanding data coverage and building our eCommerce
business to bolster our market position.

With our transformation largely behind us, we are now on our "front foot," aiming to further capitalize on what we have built in our exciting next phase of innovation and growth. Nearly all of our clients have migrated to our new AI-powered cloud-based platform, which has driven a tangible increase in client retention and wallet share. This is fueling our consistent topline growth, larger Total Addressable Market ("TAM") penetration in new verticals, and AI-led product growth and innovation, all while improving margins and free cash flow and reducing leverage. We will continue to innovate and serve our global client base, deepen penetration in newer markets and verticals, and realize synergies from our GfK acquisition. Also, we believe as we further embed AI within our business and our ecosystem, we will drive additional growth and efficiency for our clients and our business.

In closing, with all of this opportunity in front of us, it is an exciting time to be at NIQ. We believe the path ahead for NIQ is incredibly bright, and we are excited for you to join us on this journey. I am fortunate to lead an experienced team of operators with deep industry knowledge and a proven track record of delivering results. I deeply understand this world of big data, analytics and AI and I believe our management team, as well as our global team of more than 38,000 dedicated NIQ employees, are as talented as they come. Our shared passion for client service, innovation, technical curiosity, and value creation drives our organization and supports our ability to achieve sustained, profitable growth.

Jim

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**Prospectus Summary** 

*This summary highlights information contained in other parts of this prospectus. Because it is only a summary, it does not contain all of the information that you should consider before investing in our ordinary shares and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere in this prospectus. You should read the entire prospectus carefully, especially "Risk Factors" and our financial statements and the related notes, before deciding to buy our ordinary shares. Unless the context requires otherwise, references in this prospectus to the "Company," "NielsenIQ," "NIQ," the "NIQ group," "we," "us" and "our" refer, prior to the Reorganization, to Intermediate Dutch Holdings B.V. and its consolidated subsidiaries and, after the Reorganization, to NIQ Global Intelligence plc and its consolidated subsidiaries.* 

**Our Mission** 

We provide brands, retailers and other clients a holistic view of consumer shopping behavior globally to drive mission-critical strategic and operating decisions and facilitate better economic outcomes.

**Our Company** 

We are a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers. We manage a comprehensive and integrated ecosystem – *The NIQ Ecosystem* – which combines proprietary data, best-in-class technology, human intelligence, and highly sophisticated software applications and analytics solutions. Our unified, artificial intelligence and machine learning ("AI")-powered technology platform aggregates, harmonizes and enriches vast amounts of global consumer shopping data from a myriad of diverse sources, generates rich, proprietary reference data and metadata, and provides a global, omnichannel view of consumer shopping behavior – *The Full View*. Our global reach spans over 90 countries covering approximately 85% of the world's population, more than half the world's gross domestic product ("GDP") and more than $7.2 trillion in global consumer spend as of December 31, 2024. Leveraging our strong NIQ brand, long-term client relationships, global scale, proprietary technology, and extensive data and insights, we are positioned as a global leader in measuring, analyzing, and predicting consumer behavior in the fast-moving consumer goods ("FMCG"), tech and durables ("T&D") and other verticals in which we operate.

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![LOGO](g893022g32h81.jpg)

Our solutions, mission-critical insights, analytics and software applications are deeply embedded across our clients' enterprise and power their core strategic and operating decisions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Measuring and assessing sales performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimizing pricing and promotion strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining and strengthening their market positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Segmenting and personalizing consumer products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Driving innovation and profitable growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Managing trade and advertising budgets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guiding executives and Boards on incentive compensation, competitive analysis and M&A strategy.

Our diverse client base of approximately 23,000 companies spans industries and geographies. We work with many of the world's largest consumer brands and retailers – including approximately half of the Fortune 500 and

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nearly 80% of the Fortune 100 companies – as well as clients in high-growth verticals and small and medium-sized business ("SMB"). Our clients include both established brands, such as Coca-Cola, Nestlé, Samsung and Sony, as well as emerging brands, such as Malk, Great Lakes Brewing, SharkNinja and Serenity Kids. We collaborate with top U.S. retailer clients, such as Target and Walmart, as well as international retailers, such as ALDI and LIDL. In addition to growing within our core FMCG, T&D and retailer verticals, during the past several years, we have expanded into several adjacent verticals including, but not limited to, financial services, government, media and advertising. Also, NIQ's deep integration within clients' operational workflows has enabled us to foster long-term relationships. For example, as of December 31, 2024, partnerships with our top five longest-tenured clients averaged more than 70 years in duration.

Our ability to retain clients underpins our predictable and scalable revenue model, which was approximately 80% recurring in nature in fiscal year 2024. Our visibility into, and the predictability of, our revenue streams is driven by long-term subscription contracts within our Intelligence offerings, as well as high client adoption rates of our on-demand Analytics offerings, which are our bespoke analyses tailored to clients' specific business objectives. Our scalable, "build once, deploy everywhere" business model and unified AI-powered technology platform allow us to rapidly deploy and scale our products and services, lower our cost to serve clients and grow revenue at increasing margins.

Our total revenue was $3.3 billion and $4.0 billion for fiscal year 2023 and fiscal year 2024, respectively, representing year-over-year growth of 18.9%, primarily driven by the $462.2 million impact from the GfK Combination with Organic Constant Currency Revenue Growth, Including GfK of 6.2%, which is based upon 2023 Pro Forma Revenues. Our net loss attributable to NIQ was $476.2 million and $722.7 million for fiscal year 2023 and fiscal year 2024, respectively, representing a year-over-year increase of 51.8%. Adjusted EBITDA was $595.9 million and $740.7 million in fiscal year 2023 and fiscal year 2024, respectively, representing a year-over-year increase of 24.3%. For more information about how we use these non-GAAP financial measures in our business, the limitations of these measures, and a reconciliation of these measures to the most directly comparable GAAP measures, please see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures." Also, please see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Organic Constant Currency Revenue, Including GfK and Organic Constant Currency Revenue Growth, Including GfK" below for additional information.

**Our Transformation** 

In March 2021, the Advent Shareholder, in partnership with James "Jim" Peck, the former Chief Executive Officer of TransUnion, acquired Nielsen Holdings' "Connect" business (the "2021 Carve-Out Transaction"), and subsequently rebranded it as NIQ. While the Nielsen Connect business was attractively positioned in the consumer intelligence market with its leading data assets and attractive business model, it had been experiencing declining revenue and margins. Since the 2021 Carve-Out Transaction, we have undergone a significant business transformation, including making approximately $920 million of organic and inorganic investments, excluding the GfK Combination, to improve our business and capabilities and position the business for long-term shareholder value creation. Key areas of our business transformation have included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revamping our entire senior leadership team and appointing new leaders across more than one-third of our top 200 executive positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing approximately $400 million to transform our technology platform into a cloud-based scalable
technology platform, with natively embedded AI capabilities and the ability to seamlessly process high volumes of disparate data while lowering our overall cost structure. Since 2021, we also invested more than $520 million in eight tuck-in
acquisitions and a strategic investment to address strategic gaps in our legacy business' coverage (such as eCommerce) and further enhance our analytics capabilities and retailer tools;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquiring GfK, a leading consumer intelligence provider in T&D goods with a focus on international markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establishing a leading position in global eCommerce and omnichannel coverage through strategic acquisitions and
organic product enhancement. These proprietary solutions enable us to provide *The Full View* of consumer shopping behavior, a critical point of differentiation to our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopting a client-centric approach to sales operations and sales strategy. We established a centralized pricing
function and standardized the contract renewal process to instill greater pricing discipline, focusing on multi-year contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementing a cost optimization program and realizing synergies related to the GfK combination has resulted in
significant net annualized run-rate savings and expanded operating leverage.

Since the 2021 Carve-Out Transaction, our client-focused innovation and other operational improvements have enabled us to renew all 68 of our largest clients by revenue that have come up for renewal, reduce Cash Data Costs from 22% of revenue in fiscal year 2021 to 16% of revenue in fiscal year 2024, reduce net loss and expand Adjusted EBITDA margins for more than 550 basis points of improvement, increase our Intelligence net dollar retention rate from 94% in fiscal year 2020 to 104% in fiscal year 2024 and achieve fiscal year 2024 Organic Constant Currency Revenue Growth, Including GfK of 6.2%.

Our management team has led our transformation into a high-performing, innovative and nimble company, one that can both rapidly anticipate and meet our clients' most critical business needs. From this foundation, we believe we are well-positioned to execute on our strategy of driving shareholder value through rapid innovation, consistent revenue growth, disciplined cost management, and increased profitability.

**Industry Background** 

The global consumer shopping landscape is vast and is estimated at $58 trillion in 2023. The consumer landscape is also rapidly changing, creating strategic and operational challenges – as well as growth opportunities – for brands, retailers and other industry participants. Consumer purchase patterns have become increasingly "omnichannel" with consumers shopping across a growing number of platforms and channels including, brick-and-mortar stores, online and mobile platforms, and social-commerce and quick-commerce channels. This rapidly changing consumer shopping "journey" has significantly increased the volume and complexity of shopping and transaction data. Simultaneously, consumers are increasingly seeking more convenience and personalized shopping experiences, which amplifies competition amongst the growing number of consumer brands and shopping channels.

We believe this dynamic, omnichannel, highly competitive backdrop creates significant growth opportunities for *The NIQ Ecosystem*. Companies increasingly seek real-time access to trusted, neutral, comprehensive and granular intelligence and analytics, as well as appropriate data governance, that enables them to efficiently engage consumers, drive sales, increase repeat purchases and foster loyalty across global markets, which we believe can only be accomplished with NIQ's global, mission-critical view of consumer shopping behavior.

**Our NIQ Ecosystem** 

Our *Ecosystem* is purpose-built for seamless, comprehensive client value creation. We believe it is deeply embedded into our clients' ecosystems and workflows, driving their pricing, advertising, supply chain, promotion, compensation decisions and other mission-critical functions by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• combining AI with human intelligence to generate granular reference data, standardizing it across channels,
categories and countries;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leveraging a large global scale and modern technology that can process, validate and enrich vast amounts of data
daily to deliver real-time analytics and insights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enabling our modular software to serve as clients' authoritative source for on-demand access to *The Full View* of consumer shopping behavior; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• facilitating the seamless rollout of new solutions simultaneously to all regions globally.

![LOGO](g893022g02e15.jpg)

***NIQ Intelligence: Our Powerful Data Assets and Capabilities***

We obtain data on online and offline consumer shopping behavior from diverse sources across categories such as grocery, drug, convenience, electronic, department stores, pet, beauty, beverage and alcohol, as well as across channels including eCommerce, social commerce and quick commerce, including, as of December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• point-of-sale data from over
3,600 retailers in over 90 countries, often serving as a preferred global data partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proprietary consumer panels with more than 5.5 million consumers across over 50 countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exclusive data partnerships, including with Fetch Rewards, from whom we received more than three billion receipts
on an annual basis, up from 103 million total receipts in 2021, from approximately 12 million consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct partnerships with, and alternative data reads sourced from, the largest eCommerce platforms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• small and local businesses via over 12,000 field auditors across 80 countries.

We believe our databases are some of the largest, most accurate and most complete databases in the markets we serve, including a catalog of over nine billion product attributes, averaging over 40 attributes per product. We source several core datasets from our retail partners, many of which are unique and difficult to replicate. Through strategic acquisitions and organic investments since the 2021 Carve-Out Transaction, we have expanded our data sources well beyond traditional point-of-sale. This expansion includes collecting e-receipts in more than 23 countries, direct online digital shelf measurement in more than 50 countries, and through our panelists and other digital tools, clients' sales and market share data for critical high growth channels such as direct-to-consumer ("DTC") platforms, social media platforms, digital marketplaces like Temu and Shein, and thousands of online retailers. We also generate substantial amounts of proprietary metadata such as granular insights at specific store and consumer levels and evidence-based recommendations that support our clients' growth strategies.

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Our large and unique, proprietary data assets enable us to provide our clients with a comprehensive set of consumer intelligence data and decision support analytics.

***NIQ Your Way: Our Unparalleled Technology Platform***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Scalable**: expands our datasets and solutions alongside our clients and develop new capabilities more
rapidly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Integrated**: enables a seamless user experience encompassing access to all of our data and insights through
a streamlined user interface;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Flexible**: delivers customizable, on-demand analytics and insights
on a global basis that are highly relevant for a wide variety of use cases and situations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Efficient**: lowers our cost to serve clients and release new capabilities across all regions,
simultaneously through our "build once, deploy everywhere" model; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Powerful**: embeds AI models and seamless new product development resulting in faster time to market.

Our *Connect* data engine ingests and processes vast amounts of structured and unstructured data from a myriad of diverse sources. Then, *Connect* uses advanced AI and machine learning techniques to enrich and standardize the data creating significant amounts of proprietary metadata and a unified data lake that powers all client analytics and solutions within our NIQ *Ecosystem*. In December 2024, we processed an estimated 3.1 trillion data records per week, and we processed an estimated total of 122 trillion data records in all of 2024. By comparison, payment companies including American Express, Visa and Master Card processed approximately 687 billion consumer shopping transactions combined in 2023.

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includes several differentiated tools and features, including Omnishopper, our comprehensive solution that is designed to track, synthesize and analyze consumer shopping and purchasing behavior across both online and offline channels, *Ask Arthur*, our generative AI tool that enhances data analysis and insights generation, and *BASES AI Screener*, which simplifies clients' data discoverability, enhances decision-making and reduces product concept testing project timelines from weeks to minutes. *Connect* and *Discover* enable us to customize client access to our *Ecosystem's* solutions according to their specific preferences, needs and business objectives – we refer to this tailored access as *NIQ Your Way*.

***NIQ Full View: The Most Comprehensive View of Consumer Shopping Behavior***

The scale, breadth and depth of our data, strong global relationships, our deep industry knowledge and scalable AI-powered technology platform underpin *The Full View,* which synthesizes our comprehensive reads across retail omnichannel measurement, consumer panel, eCommerce and other data sources. *The Full View* provides clients a single, unified system of intelligence, or one "source of truth," with granular insights into what consumers bought, think and feel, as well as who bought, and why, where and how they bought. Delivered through our integrated platform and software applications, *The Full View* is an integral part of our clients' workflows answering critical strategic and operational questions, such as:

![LOGO](g893022g26t12.jpg)

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Leveraging our data and insights, clients can rapidly adapt to the changing consumer landscape and identify opportunities for innovation, growth and operational efficiency.

**Our Solutions** 

Our solutions align to two product groupings: (1) Intelligence (Consumer Measurement) and (2) Activation (Consumer Analytics).

***Intelligence***

In fiscal year 2024, approximately 80% of our revenue was generated from our *Intelligence* solutions. These offerings comprise omnichannel measurement, consumer behavior and insights, and retailer solutions, which are utilized by both consumer brands and retailer clients. These solutions enable clients to measure their market share of consumer purchases across channels, helping them understand the "what," "where," "who" and "how much" – as in, what the consumer bought, who the consumer is, where they shopped, and how much they bought. Intelligence solutions are typically priced based on data volume over a given period or based on the number of seat licenses for access to our software and are primarily sold through annual or multi-year contracts that are typically two to five years in duration. Deeply integrated in client workflows, Intelligence solutions generate mostly revenue that is recurring with attractive wallet expansion opportunity as highlighted by the total Intelligence net dollar retention rate of 104% in fiscal year 2024. In fiscal year 2024, approximately 84% of our Intelligence revenue came from multi-year or annual subscriptions, which had a net dollar retention rate of 106%.

***Activation***

In fiscal year 2024, approximately 20% of our revenue was generated from our *Activation* solutions and are comprised of innovation, brand and media, and analytics products. These solutions include custom analyses designed to help clients ascertain "why" consumers made a certain purchase, guide them on "what to do next," and "who to target" around product introduction and innovation, pricing, promotion strategy and other drivers of growth. Our highly granular, unified data and technology platform enables stronger Activation products and more refined targeting of consumers. For example, better insights into target demographics can lead to more effective ad campaigns and higher return on investment on marketing spend. We build these solutions for consistent, ongoing client use, creating a stream of highly reoccurring revenue. Also, Activation solutions help clients stabilize performance during economic downturns, as clients use these analytics to optimize pricing, inventory, and assortment planning. Approximately 79% of our Activation revenue was highly reoccurring revenue in 2024, meaning revenue from either annual, multi-year contracts or from a client purchasing the same solution in the same country each year for the past three years. Given the highly complementary nature of our solutions, Activation offerings also present significant cross-selling opportunities. For example, approximately 76% of Activation revenue originated from existing Intelligence clients in fiscal year 2024.

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![LOGO](g893022g90j26.jpg)

Our NIQ applications are utilized on a regular basis by more than 75,000 active users across our platform as of January 2025. Over time, as we deliver more data and insights to clients, we believe *The NIQ Ecosystem* becomes more deeply embedded within their own operating ecosystems, enhancing their critical business workflows across functions. This integration drives our value creation flywheel and beneficial network effects for brands, retailers and consumers. As brands grow using our solutions, they create more revenue and value for retailers, leading to increased collaboration and data sharing between us and our stakeholders. As retailers provide more consumer shopping data, we convert this data into analytical tools and insights into consumer preferences and trends. This powerful symbiotic relationship enables brands and retailers to more effectively market to consumers, develop more personalized experiences and drive sales and profitability.

**Our Market Opportunity** 

In the consumer intelligence market, we believe our clients are under immense pressure to understand and adapt to rapidly changing global consumer shopping behavior that is increasingly omnichannel and more complex. We also believe this has given rise to strong and increasing global client demand for neutral, independent third-party measurement and analytics that we provide. We view our total addressable market ("TAM") through our leading positions as a provider of Intelligence (Consumer Measurement) and Activation (Consumer Analytics) offerings. We estimate the combined TAM for our solutions in 2024 was $57 billion, comprised of $18 billion Consumer Measurement and $39 billion within our core markets in Consumer Analytics. In Consumer Measurement, we believe we have a $10 billion white space opportunity as several of our end markets remain underpenetrated relative to our more established markets. For example, eCommerce is rapidly growing and increasing share of total global consumer shopping and transactions, causing clients to place increased emphasis on eCommerce reads. This provides a growth tailwind for our granular data and analytics on digital markets as clients seek to understand consumer behavior and make strategic and operating decisions across multiple sales channels. Moreover, penetration rates were approximately 20% in 2024 for large companies with annual revenue of more than $1 billion in end markets such as financial services, government and advertising, and below 10% for smaller companies. Further, we believe that the complementary nature of our measurement-based Intelligence and analytics-focused Activation solutions will enable continued growth in the dynamic and rapidly evolving analytics market.

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**Our Competitive Strengths** 

We believe the following capabilities form our core strengths and provide us with competitive advantages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Global Coverage:*** Our extensive reach creates significant differentiation from our competitors and
would be difficult and costly to replicate. We believe our clients highly value the ability to gain insights into global consumer trends across markets through a single provider, positioning us as a valuable partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Data Scale, Breadth and Depth:*** The scale, breadth and depth of our datasets are critical to
generating differentiated, mission-critical insights for clients, covering *The Full View* of omnichannel consumer shopping behavior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We manage approximately 160 petabytes of data and maintain proprietary databases with over nine billion product
attributes, averaging over 40 attributes per product, including color, size, density, and packaging and beyond, for each SKU sold and over 220 million unique product items managed in omnichannel and eCommerce retail, which we believe is the one
of the largest of its kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition to data from over 3,600 retailers, we operate one of the largest global consumer panels, with more
than 5.5 million panelists across over 50 countries. We collect data from leading eCommerce retailers and valuable first-party data directly from high-growth channels such as direct-to-consumer brands, social and quick commerce, and emerging eCommerce platforms. We also deploy more than 12,000 field auditors across 80 countries to
collect data from small and local businesses in less densely populated regions, where digital data collection is often challenging.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Datasets encompass more than 100 years' worth of consumer shopping data, offering a distinct perspective on
evolving consumer behavior and market trends. These extensive longitudinal datasets also enable us to build, train and test more relevant and accurate AI models to enhance data capture and insights for clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Unified, Global "Source of Truth":*** We synthesize and integrate retail omnichannel
measurement, consumer panel, eCommerce and other data sources within our *Ecosystem*, offering clients *The Full View* of consumer shopping behavior. This enables our clients to connect the "what" and "where" with the
"who" and "why" of the consumer shopping journey on a single platform across markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Long-Standing Relationships with Retailers:*** Our strong, long-standing relationships with over
3,600 retailers in over 90 countries are a key differentiator, allowing us to source unique and proprietary datasets that are difficult for others to replicate. These partnerships, built on mutual trust and our commitment to data governance,
enable us to provide comprehensive consumer intelligence and decision support analytics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Leading, Global, eCommerce Capabilities:*** Our proprietary eCommerce data collection allows for in-depth coverage of eCommerce and emerging sales channels, which is a key differentiator and integral component of *The Full View* value proposition and has generated meaningful new client wins and
increased business from our existing clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Cloud-Based, AI-Powered Technology Platform:*** The
scalability and flexibility of our technology platform allows our clients to produce relevant analyses in real time, while enabling us to seamlessly design, build, launch and roll out new products and features to our clients globally. This also
drives our value creation flywheel, continuously growing data and insights, expanding client usage, attracting more data sharing and driving more innovation for brands, retailers and other clients ultimately improving outcomes for consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Proven, Experienced Management Team and Talented, Global Workforce:*** Led by CEO Jim Peck, our
executive team has more than 150 years of combined industry experience leading data-centric

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technology companies. Mr. Peck and other members of our executive team successfully executed our large-scale transformation plan and have worked to position us for durable and profitable growth since the 2021 Carve-Out Transaction. Our skilled management team and highly talented workforce with deep domain expertise are valuable assets that deliver the value of *The NIQ Ecosystem* to clients and our other stakeholders. <br>

**Our Attractive Business Model** 

We believe our market leadership, global presence, neutrality, credibility, comprehensive data quality, robust data governance, and AI-powered cloud platform will drive our long-term growth and enhance operating margins. We believe that our embedded, often on-site relationships with our clients position us to recognize future trends first-hand and innovate to proactively address the evolving needs of our clients. We have a highly efficient and attractive business model characterized by the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Mission-Critical Solutions Delivering Significant Value to Our Clients*** *:* Our solutions
empower clients to make informed strategic and operational decisions that drive multi-billion-dollar revenue and expense budgets and provide critical support at a fraction of the value at stake;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Recurring and Diversified Revenue Base*** *:* Our revenue model is predominantly
subscription-based, and all of our Intelligence revenue, which represented approximately 80% of our total revenue for fiscal year 2024, was recurring in nature. Additionally, approximately 79% of our Activation revenue, which represented
approximately 20% of our total revenue for fiscal year 2024, was highly reoccurring revenue. This provides us with strong visibility in our financial performance, allowing us to invest strategically in innovation and growth, and generate margin
expansion across our approximately 80% fixed cost base. Our revenue base is highly diversified across multiple industries with no single client comprising more than 4% of total revenue in fiscal year 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***High Client Retention and Net Dollar Retention*** *:* Our long-standing relationships with top
global brands and retailers, as well as our focus on delivering innovation and increasing value, have resulted in high client retention rates. For example, we have renewed all 68 of our largest clients by revenue whose contracts have come up for
renewal since the 2021 Carve-Out Transaction, providing a foundation for recurring revenues and a platform for growth. Our Intelligence Subscription Revenue, which accounted for 67% of total revenue in fiscal
year 2024, had a net dollar retention and gross dollar retention of 106% and 98% respectively, for fiscal year 2024. For all Intelligence Revenue, we have achieved net dollar retention of 104% and gross dollar retention of 97% for the same period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Scalable Operating Model*** *:* Our scalable "build once, deploy everywhere" business
model, global presence and enhanced technology platform allows us to scale solutions rapidly, lower our cost to serve clients and grow revenue at increasing margins. Our strategic focus on cost optimization and efficiency will continue to expand our
margins. Our embedded AI capabilities and expansion to alternative data collection methods and sources have helped reduce our Cash Data Costs from 22% of revenue in fiscal year 2021 to 16% in fiscal year 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Strong Cash Flow Generation*** *:* We believe our business model — driven by our recurring
revenue base, efficient cost structure characterized by a primarily fixed cost base and limited maintenance capital expenditure requirements — can support significant cash flow generation over time.

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**Our Growth Opportunities** 

Our multi-faceted growth strategy leverages our brand, strong client relationships, and competitive advantages as a leading provider of consumer intelligence to capture attractive future opportunities. Our key growth opportunities and strategies include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Innovate, Launch and Expand New Products*** : We are committed to delivering innovative products and
solutions that meet the evolving needs of our clients, such as our recent introductions of Omnishopper, our comprehensive solution designed to track and analyze consumer purchasing behavior across both online and offline channels, and Digital Shelf,
our location-based eCommerce analytics tool covering more than 50 countries. Our solutions are scalable across clients and geographies and our continued investment in AI-powered technology enables us to
develop new capabilities, enhance our existing offerings and expand client share of wallet. From fiscal year 2021 to fiscal year 2024, we have experienced a 40% increase in eCommerce revenue from our top 100 clients by revenue in the United States
and Europe, and we experienced 25% revenue growth in eCommerce from fiscal year 2023 to fiscal year 2024. Since the 2021 Carve-Out Transaction, we have increased the average number of new solutions used by our 100 largest clients by revenue from 0.4
to 2.1 at an adoption rate of 29% in 2021 to 93% in 2024. Among all of our clients in fiscal year 2024, the adoption rate of these new solutions was 23%, representing an actionable penetration opportunity of more than 75%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increase our Subscription Revenue Base:*** Our global footprint, innovation focus, enhanced and
expanded data coverage and AI-powered technology platform support our ability to maintain high renewal rates and continue to increase Intelligence Subscription contract value through up-selling of additional solutions, modules, reads and regions. Our renewed strategy has enabled us to renew all 68 of our largest clients by revenue, whose contracts have come up for renewal since the 2021
Carve-Out Transaction, and has led to Intelligence Subscription net dollar retention of 106% and Intelligence total net dollar retention of 104% for fiscal year 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Extend Retailer Relationships:*** We have invested significantly to bring new capabilities for
retailer clients and believe our comprehensive and granular insights position us for increased retailer collaboration and growth. Retailers represent an attractive potential growth accelerator as our solutions provide integrated data across a
broader set of use cases needed to succeed in an omnichannel environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increase Penetration of SMB Clients and International Markets*** : Through our commitment to innovation
and investment, we believe we have positioned our business for long-term growth with SMB clients and within international markets. For example, the GfK combination significantly expanded our capabilities and international market presence, and we
also see significant opportunities to expand relationships with new and existing SMB clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Expand within New Verticals:*** We are committed to broadening our presence by increasing coverage
across channels with enhanced data coverage. We believe we can capture additional TAM and white space in adjacent sectors such as financial services, government, advertising and other potential expansion areas including healthcare, media, logistics,
and FMCG distributors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Leverage Strategic M&A*** : We have completed several M&A transactions since the 2021 Carve-Out Transaction that have created strategic growth and momentum. We intend to continue to selectively pursue strategic acquisitions to complement our offerings, access new markets, and enhance our technology
and analytics capabilities for long-term growth.

**The Reorganization** 

On January 21, 2025, AI Global Investments (Netherlands) PCC Limited acquired Flower Road Limited, an Irish private company with limited liability that was incorporated in Ireland on June 6, 2017 as a dormant company. On

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January 23, 2025, we renamed that entity NIQ Global Intelligence Limited. On June 12, 2025, NIQ Global Intelligence Limited was re-registered under the Irish Companies Act 2014 as a public limited company and was renamed NIQ Global Intelligence plc. In addition, shortly prior to the completion of this offering, we will undertake a series of restructuring transactions that will result in NIQ Global Intelligence plc becoming the direct parent company of AI PAVE Dutchco I B.V. and the indirect parent of other intermediate holding companies, with all holders of equity interests in AI PAVE Dutchco I B.V. becoming shareholders of NIQ Global Intelligence plc. We refer to these transactions as the "Reorganization" throughout this prospectus. Prior to the Reorganization, NIQ Global Intelligence Limited had no material assets and conducted no operations (other than activities incidental to its formation, the Reorganization and this offering). Intermediate Dutch Holdings B.V. has been determined as the accounting predecessor of NIQ Global Intelligence plc. Upon the completion of the Reorganization, the historical consolidated financial statements of Intermediate Dutch Holdings B.V. included in this prospectus will become the historical financial statements of NIQ Global Intelligence plc. Except as otherwise indicated, all information contained in this prospectus gives effect to the Reorganization.

The following chart illustrates our ownership structure as of the date of this prospectus, prior to giving effect to the Reorganization and this offering.

![LOGO](g893022g00m19.jpg)

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The following chart illustrates our ownership structure as of the date of this prospectus, after giving effect to the Reorganization and this offering.

![LOGO](g893022g00m20.jpg)

**Summary of Risks Related to Our Business** 

An investment in our ordinary shares involves a high degree of risk. Among these important risks are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We derive a significant portion of our revenues from sales of our subscription-based products. If our clients
terminate or fail to renew their subscriptions, our business could suffer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to attract and retain members of our management team, we may not be able to compete effectively
and will not be able to expand our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Design defects, errors, failures or delays associated with our products or services could negatively impact our
business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on third parties to provide certain data, services and information technology and operations functions in
connection with the provision of our current products and services. The loss or limitation of access to that data, or to those services or functions, could harm our ability to provide our products and services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We identified material weaknesses in our internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unsuccessful at investing in growth opportunities, our business could be materially and adversely
affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market for consumer measurement and business solutions products and services is highly competitive; if we
cannot compete effectively, our revenues could decline and our business could be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are not able to maintain a proprietary panel of a sufficient size and scope, or if the costs of
establishing and maintaining our panel increase, our business could be harmed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have incorporated and are incorporating traditional AI, machine learning and generative AI into some of our
products. This technology is new and developing and may present operational and reputational risks or result in liability or harm to our reputation, business or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our international operations are exposed to risks which could impede growth in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on our relationship with our former parent company for certain aspects of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our significant indebtedness could adversely affect our financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The terms of our indebtedness restrict our current and future operations, particularly our ability to respond to
change or to take certain actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because Advent owns a significant percentage of our ordinary shares, it may control all major corporate decisions
and its interests may conflict with your interests as an owner of our ordinary shares and our interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Irish law differs from the laws in effect in the United States and U.S. investors may have greater difficulty
enforcing civil liabilities against us.

**Our Principal Shareholders** 

*Advent*. The "Advent Shareholder" acquired its interest in NIQ in the "2021 Carve-Out Transaction." Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, Advent oversees more than $91.0 billion in assets under management as of December 31, 2024 and has made more than 420 investments across 43 countries. Since its founding in 1984, Advent has developed specialist market expertise across its five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by Advent's deep sub-sector knowledge, which informs every aspect of its investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. Advent brings hands-on operational expertise to enhance and accelerate businesses. As one of the largest privately-owned partnerships, with over 650 colleagues, Advent leverages the full ecosystem of its global resources, including the "Portfolio Support Group," insights provided by industry expert operating partners and operations advisors, as well as bespoke tools to support and guide its portfolio companies as they seek to achieve their strategic goals.

*KKR*. KKR & Co. Inc., through its subsidiaries (collectively, "KKR"), is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group LLC. KKR acquired an equity interest in NIQ in connection with the GfK Combination in 2023.

*NIM*. Nuremberg Institute for Market Decisions ("NIM") is a non-profit institute for the research of consumer and market decisions. At the interface between science and practice, NIM generates new and relevant insights that aid better decision-making and better understanding of consequences. NIM examines how decisions of consumers and company decision-makers change in the face of new trends, technologies and socio-political shifts. NIM is the founder of GfK. NIM acquired an equity interest in NIQ in connection with the GfK Combination in 2023.

In connection with this offering, we will enter into a shareholders' agreement with the Advent Shareholder, the KKR Shareholder and NIM (our "Principal Shareholders") that will provide KKR and NIM with nomination rights with respect to our Board of Directors and consent rights in connection with certain corporate transactions.

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We refer to this agreement as the "Shareholders' Agreement." See "Certain Relationships and Related Party Transactions—Shareholders' Agreement."

**Implications of Being a Controlled Company** 

Following the completion of this offering, Principal Shareholders will own approximately 77.0% of our ordinary shares in the aggregate, or 74.5% if the underwriters' option to purchase additional ordinary shares is exercised in full. As a result, we expect to be a "controlled company" within the meaning of the corporate governance standards of the New York Stock Exchange. See "Risk Factors—Risks Related to our Ordinary Shares and this Offering."

**Corporate Information** 

Our principal executive offices are located at 200 West Jackson Boulevard, Chicago, Illinois 60606, and our telephone number at that location is 312-583-5100. Our registered address is Ten Earlsfort Terrace, Dublin 2, D02 T380, Ireland. Our website address is www.NielsenIQ.com. Our website and the information contained on our website do not constitute a part of this prospectus.

**Channels for Disclosure of Information** 

Investors, the media and others should note that, following the completion of this offering, we intend to announce material information to the public through filings with the SEC, the investor relations page on our website (www. NielsenIQ.com), press releases, public conference calls and public webcasts.

The information disclosed by the foregoing channels could be deemed to be material information. As such, we encourage investors, the media and others to follow the channels listed above and to review the information disclosed through such channels.

Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

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**The Offering** 

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|:---|:---|
| **Ordinary shares offered by us**  | 50,000,000 shares. |

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| **Option to purchase additional shares**  | The selling shareholders have granted the underwriters an option to purchase up to 7,500,000 additional ordinary shares within 30 days of the date of this prospectus. |

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| **Ordinary shares to be outstanding after this offering**  | 295,000,000 shares. |

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| **Use of proceeds**  | We estimate that the net proceeds to us from this offering will be approximately $1,024.7 million, based on an assumed initial public offering price of $22.00 per share, the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any proceeds from the sale of ordinary shares by the selling shareholders named in this prospectus. |

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We intend to use the net proceeds to us from this offering, together with available cash, as necessary, to repay all amounts outstanding under the Revolver and a portion of the amounts outstanding under the US Term Loan Facility and to use any remaining net proceeds for working capital and for general corporate purposes. See "Use of Proceeds."

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| **Dividend policy**  | We do not currently anticipate paying dividends on our ordinary shares in the foreseeable future. However, we expect to reevaluate our dividend policy on a regular basis following the offering and may, subject to compliance with the covenants contained in our Credit Facilities and other considerations, determine to pay dividends in the future. The declaration, amount and payment of any future dividends on our ordinary shares will be at the sole discretion of our Board of Directors, in accordance with our Articles of Association in effect upon the listing of our ordinary shares, and are subject to our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions, the implications of the payment of dividends by us to our shareholders or by our subsidiaries to us, including restrictions under our Credit Facilities and other indebtedness we may incur, and any other factors that our Board of Directors may deem relevant. Any future determination to pay dividends will also be subject to applicable Irish law, including the Irish Companies Act 2014, as amended (the "Irish Companies Act"), which requires, among other things, Irish companies to have profits available for distribution (known as distributable reserves) equal to or greater than the amount of the proposed dividend. See "Dividend Policy." |

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| **Risk factors**  | You should read the "Risk Factors" section of this prospectus for a discussion of factors to consider carefully before deciding to invest in our ordinary shares. |

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| **Conflicts of Interest**  | Affiliates of J.P. Morgan Securities LLC ("JPM"), BofA Securities, Inc. ("BofA"), UBS Securities LLC ("UBS") and RBC Capital Markets, LLC  |

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("RBC") are lenders under our Revolver and affiliates of JPM and BofA are lenders under our US Term Loan Facility. JPM, BofA, UBS and RBC will receive at least 5% of the net proceeds of this offering due to the repayment of borrowings thereunder. In addition, certain affiliates of KKR Capital Markets LLC ("KCM"), an underwriter in this offering, own more than 10% of Acceleratio Topco S.C.A., our principal shareholder. Therefore, JPM, BofA, UBS, RBC and KCM are deemed to have a conflict of interest within the meaning of FINRA Rule 5121. Accordingly, this offering is being conducted in accordance with Rule 5121, which requires, among other things, that a "qualified independent underwriter" participate in the preparation of, and exercise the usual standards of "due diligence" with respect to, the registration statement and this prospectus. Citigroup Global Markets Inc. has agreed to act as a qualified independent underwriter for this offering and to undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, including specifically those inherent in Section 11 thereof. Citigroup Global Markets Inc. will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. See "Risk Factors—Risks Related to our Ordinary Shares and this Offering—Affiliates of JPM, BofA, UBS and RBC are lenders under our Revolver and affiliates of JPM and BofA are lenders under our US Term Loan Facility. JPM, BofA, UBS and RBC will receive 5% or more of the net proceeds of this offering and may have an interest in this offering beyond customary underwriting discounts and commissions." <br>

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|:---|:---|
| **Controlled Company**  | After the completion of this offering, we will be a "controlled company" within the meaning of the corporate governance standards of the New York Stock Exchange. |

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|:---|:---|
| **Directed Share Program**  | At our request, the underwriters have reserved up to 5.0% of the ordinary shares offered by this prospectus for sale, at the initial public offering price per share, to certain employees of the Company. The number of ordinary shares available for sale to the general public will be reduced by the number of reserved shares sold to these individuals. Any reserved ordinary shares not purchased by these individuals will be offered by the underwriters to the general public on the same basis as the other ordinary shares offered under this prospectus. See "Underwriting (Conflicts of Interest)—Directed Share Program." |

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|:---|:---|
| **Proposed stock exchange symbol**  | "NIQ." |

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The number of ordinary shares to be outstanding after this offering is based on 245,000,000 ordinary shares outstanding as of March 31, 2025, after giving effect to the Reorganization, and 50,000,000 ordinary shares to be issued in this offering. Unless otherwise indicated, information presented in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes no exercise of the warrant, dated March 5, 2021, held by VNU International B.V., an affiliate of Nielsen
Holdings, for a subscription of up to 17,696,448 shares and having an exercise price of $16.95 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• includes 10,544,870 restricted shares that are subject to vesting conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes 31,490,372 reserved for future issuance under our 2025 Equity Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes 641,671 shares underlying outstanding restricted stock units; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes 1,565,599 shares underlying existing "phantom" awards described in "Executive and
Director Compensation—Certain Outstanding Awards".

Unless otherwise indicated, the information presented in this prospectus gives effect to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an initial public offering of 50,000,000 ordinary shares at an offering price of $22.00 per share, the midpoint
of the price range set forth on the cover page of this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise by the underwriters of their option to purchase up to 7,500,000 additional ordinary shares in this
offering.

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**Summary Historical Consolidated Financial Data** 

The following table sets forth summary historical consolidated financial data for the periods and as of the dates indicated below.

Historically, our business has been operated through Intermediate Dutch Holdings B.V., an indirect subsidiary of AI PAVE Dutchco I B.V., and its consolidated subsidiaries, including our operating subsidiaries. On July 10, 2023 (the "Combination Closing Date"), we completed a strategic combination with GfK SE (the "GfK Combination"). Subsequent to the Combination Closing Date, our operations comprise the operations of Intermediate Dutch Holdings B.V. and its consolidated subsidiaries, including GfK GmbH, formerly GfK SE, and its consolidated subsidiaries.

Shortly prior to this offering, we will undertake a series of restructuring transactions that will result in NIQ Global Intelligence plc becoming the direct parent company of AI PAVE Dutchco I B.V. and the indirect parent of other intermediate holding companies, with all holders of equity interests in AI PAVE Dutchco I B.V. becoming shareholders of NIQ Global Intelligence plc. Prior to the Reorganization, NIQ Global Intelligence plc (currently named NIQ Global Intelligence Limited) had no material assets and conducted no operations (other than activities incidental to its formation, the Reorganization and this offering). Intermediate Dutch Holdings B.V. has been determined as the accounting predecessor of NIQ Global Intelligence plc. As such, summary consolidated financial data for NIQ Global Intelligence plc has not been provided and its financial statements are not included in this prospectus. Upon the completion of the Reorganization, the historical consolidated financial statements of Intermediate Dutch Holdings B.V. included in this prospectus will become the historical financial statements of NIQ Global Intelligence plc. See "The Reorganization."

Historical results are not necessarily indicative of the results to be expected for future periods. The following information should be read in conjunction with the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Capitalization" and our consolidated financial statements and the notes thereto contained elsewhere in this prospectus.

Percentages may not recompute due to rounding, and percentage changes that are not meaningful are presented as "n/m".

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**Consolidated Statements of Operations Data** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months<br>Ended March 31,** | **Three Months<br>Ended March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions, except share data)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  Revenues | $965.9 | $961.9 | $3972.6 | $3341.3 | $2786.4 |
|  Operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues (excluding depreciation and amortization shown separately below) | 430.8 | 444.9 | 1771.6 | 1511.5 | 1387.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 371.7 | 396.8 | 1601.2 | 1449.3 | 1197.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 148.5 | 150.5 | 596.7 | 460.9 | 301.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 0.7 |  | 31.1 | 9.0 | 25.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 4.6 | 9.1 | 98.5 | 34.6 | 60.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | (6.1) | (7.3) | (26.9) | (15.4) | (8.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 950.2 | 994.0 | 4072.2 | 3449.9 | 2964.0 |
|  Operating income (loss) | 15.7 | (32.1) | (99.6) | (108.6) | (177.6) |
|  Interest expense, net | (83.5) | (106.9) | (410.6) | (299.5) | (110.5) |
|  Foreign currency exchange gain (loss), net | 32.0 | (13.1) | (34.2) | 4.6 | (27.5) |
|  Nonoperating (expense) income, net | (12.7) | 0.9 | (70.8) | (8.1) | 39.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations before income taxes | (48.5) | (151.2) | (615.2) | (411.6) | (275.9) |
|  Income tax expense from continuing operations | (23.3) | (31.0) | (113.7) | (51.8) | (40.3) |
|  Loss from continuing operations | (71.8) | (182.2) | (728.9) | (463.4) | (316.2) |
|  Discontinued operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations before income taxes |  | 9.5 | 12.5 | 2.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from discontinued operations |  |  |  | (11.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from discontinued operations |  | 9.5 | 12.5 | (9.0) |  |
|  Net loss | (71.8) | (172.7) | (716.4) | (472.4) | (316.2) |
|  Less: Net income attributable to noncontrolling interests | 1.9 | 1.2 | 6.3 | 3.8 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to NIQ | $(73.7) | $(173.9) | $(722.7) | $(476.2) | $(316.7) |
|  Basic and diluted loss per share from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations attributable to NIQ | $(0.74) | $(1.83) | $(7.35) | $(4.67) | $(3.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from discontinued operations |  | 0.09 | 0.12 | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to NIQ | $(0.74) | $(1.74) | $(7.23) | $(4.76) | $(3.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average basic and diluted common stock outstanding: | 100 | 100 | 100 | 100 | 100 |

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**Consolidated Balance Sheet Data** 

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| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of December 31,** | **As of December 31,** |
| **(in millions)** | **2025** | **2024** | **2023** |
|  Cash and cash equivalents | $288.0 | $263.8 | $282.4 |
|  Working capital<sup>(1)</sup> | (35.4) | (174.5) | 146.2 |
|  Total assets | 6539.6 | 6369.7 | 7380.6 |
|  Long-term debt<sup>(2)</sup> | 4215.5 | 3959.8 | 4027.5 |
|  Total liabilities | 6137.4 | 5882.8 | 6049.0 |
|  Shareholders' equity | 402.2 | 486.9 | 1331.6 |

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

(2) Inclusive of finance leases of $37.9 million, $38.7 million and $44.4 million, respectively, other
financing obligations of $51.5 million, $47.4 million and $48.4 million, respectively, and net of unamortized debt issuance of $49.5 million, $53.8 million and $76.7 million, respectively.

**Other Financial Data** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  Adjusted EBITDA | $188.7 | $153.6 | $740.7 | $595.9 | $425.0 |
|  Adjusted EBITDA Margin | 19.5% | 16.0% | 18.6% | 17.8% | 15.3% |
|  Adjusted Net (Loss) Income attributable to NIQ | $(4.5) | $(73.1) | $(149.0) | $(41.6) | $89.6 |
|  Organic Constant Currency Revenue Growth<sup>(1)</sup> | 5.7% | 5.0% | 6.2% | 3.3% |  |

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(1) 2025 and 2024 figures are as reported. 2023 and 2022 figures are presented on a pro forma basis. See
"Management's Discussion and Analysis of Financial Condition and Results of Operations—Supplemental Unaudited Pro Forma Combined Financial Information."

**Non-GAAP Financial Measures** 

We present EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Net (Loss) Income, and Adjusted Loss per Share in the tables below as supplemental measures of our operating performance and liquidity. We consider them to be important supplemental measures of our performance and liquidity and believe they are useful to securities analysts, investors, and other interested parties in their evaluation of our operating performance and liquidity. These measures reflect the results from the primary operations of our business by excluding the effects of certain items that we do not consider indicative of our cash operations and ongoing operating performance. Our financial statements are prepared and presented in accordance with GAAP. These non-GAAP financial measures are not presentations made in accordance with GAAP and should not be considered as an alternative to net income or loss, income or loss from operations, or any other performance measure prepared and presented in accordance with GAAP, or as an alternative to cash provided by operating activities as a measure of our liquidity. Consequently, our non-GAAP financial measures should be considered together with our audited consolidated financial statements included in this prospectus, which are prepared in accordance with GAAP. EBITDA, Adjusted Net (Loss) Income and Adjusted Earnings Per Share are reconciled to their most directly comparable GAAP measures. For more information about how we use these non-GAAP financial measures in our business, the limitations of these measures, and a reconciliation of these measures to the most directly comparable GAAP measures, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

n/m - represents percentage calculated not being meaningful.

Note - Figures are rounded and may include immaterial rounding difference.

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The following table shows EBITDA and Adjusted EBITDA for the periods presented, and the reconciliation to their most comparable GAAP measure, Net Loss Attributable to NIQ and Net Loss attributable to NIQ divided by Revenue, for the periods presented:

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|:---|:---|:---|:---|:---|
|  | | | **Change** | **Change** |
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **2025 vs. 2024** | **2025 vs. 2024** |
| **(in millions)** | **2025** | **2024** | **$** | **%** |
|  Net loss attributable to NIQ | $(73.7) | $(173.9) |  | (57.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 83.5 | 106.9) |  | (21.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from continuing operations | 23.3 | 31.0) |  | (24.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 148.5 | 150.5) |  | (1.3) |
|  EBITDA | 181.6 | 114.5 |  | 58.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transformation Program costs<sup>(1)</sup> | 5.6 | 11.9) |  | (52.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GfK integration costs<sup>(2)</sup> | 14.7 | 16.2) |  | (9.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and transaction related costs<sup>(3)</sup> | 5.4 | 2.6 |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets<sup>(4)</sup> | 0.7 |  |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange (gain) loss, net<sup>(5)</sup> | (32.0) | 13.1) |  | (344.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from discontinued operations<sup>(6)</sup> |  | (9.5) |  | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating items, net<sup>(7)</sup> | 16.6 | 3.3 |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share–based compensation expense<sup>(8)</sup> | 1.3 | 1.2 |  | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating items, net<sup>(9)</sup> | (5.2) | 0.3) |  | n/m |
|  Adjusted EBITDA | 188.7 | 153.6 |  | 22.9 |
|  Net loss attributable to NIQ divided by Revenue | (7.6)% | (18.1)% |  | 10.5 |
|  Adjusted EBITDA Margin | 19.5% | 16.0% |  | 3.5 |

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***Footnotes to the table above:***

(1) Transformation Program costs represent employee separation costs and costs associated with consultancy and
advisory fees incurred to evaluate and improve organizational efficiencies and operations. In addition, the Transformation Program includes costs associated with the accelerated technology investment that are incremental and redundant costs that
will not recur after the Transformation Program is completed and are not representative of our underlying operating performance.

(2) GfK integration costs represent employee separation costs, consulting fees and integration costs associated
with the GfK Combination.

(3) Acquisitions and transaction related costs represent costs incurred in connection with planned and completed
acquisitions, including due diligence, transaction, integration and legal related costs, partially offset by any gains resulting from the acquisitions. These costs also include preparation and readiness costs for capital market transactions.

(4) Impairment of long-lived assets represents impairment charges for operating lease right-of-use assets,
property, plant and equipment and definite-lived intangible assets.

(5) Foreign currency exchange (gain) loss, net primarily reflects the translation movements on foreign currency
denominated term loans as well as the impact of foreign exchange hedges.

(6) Gain from discontinued operations represents operations associated with the GfK European Consumer Panel
Business that was divested in the Required GfK European Consumer Panel Services Divestiture to receive European regulatory approvals for the GfK Combination (see Note 2. "Discontinued Operations and Disposals" in the notes to unaudited
condensed consolidated financial statements included in this prospectus for additional information).

(7) Nonoperating items, net consists of adjustments primarily related to net periodic pension (cost) benefit, other
than service cost, write-off of unamortized debt discount and debt issuance costs, settlement of tax indemnification, factoring fees, and other. The settlement of tax indemnification relates to certain taxes indemnified by Nielsen Holdings in
connection with the 2021 Carve-Out Transaction. The initial amount was recorded as part of purchase accounting adjustments. Further adjustments are made to the tax indemnification as audit settlements or refunds are recorded.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Change** | **Change** |
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **2025 vs. 2024** | **2025 vs. 2024** |
| **(in millions)** | **2025** | **2024** | **$** | **%** |
|  Nonoperating items, net | $16.6 | $3.3 |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic pension benefit, other than service cost | (0.9) | (0.5) |  | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off of unamortized debt discount and debt issuance costs | 10.3 |  |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on Russia Deconsolidation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement of tax indemnification | 4.1 |  |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Factoring fees | 2.8 | 3.8) |  | 26.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 0.3 |  |  | n/m |

---

(8) Share-based compensation expense consists of non-cash expense in accordance with ASC 718, Compensation: Stock
Compensation.

(9) Other operating items, net primarily consists of gain/loss on sale of long-lived assets, and gain/loss on
settlement of asset retirement obligations. We exclude these expenses because they are not closely tied to the core performance of our business and can cause fluctuations between periods due to the nature and timing of the expense or income. These
costs are included in selling, general and administrative expenses as part of the Consolidated Statements of Operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Change** | **Change** |
|  | **Three Months Ended**<br>**March 31,** | **Three Months Ended**<br>**March 31,** | **2025 vs. 2024** | **2025 vs. 2024** |
| **(in millions)** | **2025** | **2024** | **$** | **%** |
|  Net loss attributable to NIQ | $(73.7) | $(173.9) |  | (57.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to net loss attributable to NIQ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transformation Program costs(1) | 5.6 | 11.9) |  | (52.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of certain intangible assets(2) | 69.1 | 71.9) |  | (3.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GfK integration costs(3) | 14.7 | 16.2) |  | (9.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and transaction related costs(4) | 5.4 | 2.6 |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets(5) | 0.7 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange (gain) loss, net(6) | (32.0) | 13.1) |  | (344.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating items, net(7) | 13.8 | (0.5) |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense(8) | 1.3 | 1.2 |  | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating items, net(9) | (5.2) | 0.3) |  | n/m |
|  Total Adjustments to net loss attributable to NIQ | $73.4 | $116.7) |  | (37.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect of above adjustments(10) | (4.2) | (6.4) |  | (34.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from discontinued operations(11) |  | (9.5) |  | (100.0) |
|  Adjusted Net Income (loss) attributable to NIQ | $(4.5) | $(73.1) |  | 93.8 |
|  Loss per share: |  |  |  |  |
|  Basic | $(0.74) | $(1.74) |  | (57.6) |
|  Diluted | $(0.74) | $(1.74) |  | (57.6) |
|  Weighted average shares outstanding: |  |  |  |  |
|  Basic | 100 | 100 |  |  |
|  Diluted | 100 | 100 |  |  |
|  Adjusted Net Income (loss) per share: |  |  |  |  |
|  Basic | $(0.05) | $(0.73) |  | (93.8) |
|  Diluted | $(0.05) | $(0.73) |  | (93.8) |

---

***Footnotes to the table above:***

(1) Transformation Program costs represent employee separation costs and costs associated with consultancy and
advisory fees incurred to evaluate and improve organizational efficiencies and operations. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the Transformation Program is
completed and are not representative of our underlying operating performance.

(2) Amortization of certain intangible assets consists of amortization costs of intangible assets which were
recorded as part of acquisition accounting. We exclude the impact of amortization of acquired intangible

------

##### [**Table of Contents**](#toc)
assets as companies utilize intangible assets with different estimated useful lives and have different methods of amortizing intangible assets. Furthermore, the timing and magnitude of business combination transactions are not predictable, and the purchase price allocated to amortizable intangible assets is unique to each acquisition and can vary significantly from period to period and across companies. These costs are included in depreciation and amortization as part of the Consolidated Statements of Operations.

(3) GfK integration costs represent employee separation costs, consulting fees and integration costs associated
with the GfK Combination.

(4) Acquisitions and transaction related costs represent costs incurred in connection with planned and completed
acquisitions, including due diligence, transaction, integration and legal related costs, partially offset by any gains resulting from the acquisitions. These costs also include preparation and readiness costs for capital market transactions.

(5) Impairment of long-lived assets represents impairment charges for operating lease right-of-use assets,
property, plant and equipment and definite-lived intangible assets.

(6) Foreign currency exchange (gain) loss, net reflects the translation movements on foreign currency denominated
term loans as well as the impact of foreign exchange hedges.

(7) Nonoperating items, net consists of adjustments primarily related to net period pension (cost) benefit, other
than service cost, write-off of unamortized debt discount and debt issuance costs, settlement of tax indemnification, and other. The settlement of tax indemnification relates to certain taxes indemnified by Nielsen Holdings in connection with the
2021 Carve-Out Transaction. The initial amount was recorded as part of purchase accounting adjustments. Further adjustments are made to the tax indemnification as audit settlements or refunds are recorded.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Change** | **Change** |
|  | **Three Months Ended**<br>**March 31,** | **Three Months Ended**<br>**March 31,** | **2025 vs. 2024** | **2025 vs. 2024** |
| **(in millions)** | **2025** | **2024** | **$** | **%** |
|  Nonoperating items, net | $13.8 | $(0.5) |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic pension benefit, other than service cost | (0.9) | (0.5) |  | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off of unamortized debt discount and debt issuance costs | 10.3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on Russia deconsolidation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement of tax indemnification | 4.1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 0.3 |  |  |  |

---

(8) Share-based compensation expense consists of non-cash expense in accordance with ASC 718, Compensation: Stock
Compensation.

(9) Other operating items, net primarily consists of gain/loss on sale of long-lived assets, and gain/loss on
settlement of asset retirement obligations. We exclude these expenses because they are not closely tied to the core performance of our business and can cause fluctuations between periods due to the nature and timing of the expense or income. These
costs are included in selling, general and administrative expenses as part of the Consolidated Statements of Operations.

(10) Income tax adjustments include the tax effect of the non-GAAP adjustments, calculated using the appropriate
statutory tax rate for each adjustment. The non-GAAP tax rate was 114.2% and 70.8% for the three months ended March 31, 2025, and March 31, 2024, respectively. Our statutory rate is evaluated annually.

(11) Loss from discontinued operations represents operations associated with the Consumer Panel Business that was
divested in the Required GfK European Consumer Panel Services Divestiture to receive European regulatory approvals for the GfK Combination (see Note 2. "Discontinued Operations and Disposals" in the notes to unaudited condensed
consolidated financial statements for additional information).

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Change** | **Change** | **Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **2024 vs. 2023** | **2024 vs. 2023** | **2023 vs. 2022** | **2023 vs. 2022** |
| **(in millions)** | **2024** | **2023** | **2022** | **$** | **%** | **$** | **%** |
|  Net loss attributable to NIQ | $(722.7) | $(476.2) | $(316.7) |  | 51.8) |  | 50.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 410.6 | 299.5 | 110.5 |  | 37.1 |  | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from continuing operations | 113.7 | 51.8 | 40.3 |  | 119.5 |  | 28.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 596.7 | 460.9 | 301.1 |  | 29.5 |  | 53.1 |
|  EBITDA | 398.3 | 336.0 | 135.2 |  | 18.5 |  | 148.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transformation Program costs<sup>(1)</sup> | 56.0 | 156.7 | 228.3) |  | (64.3) |  | (31.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GfK integration costs <sup>(2)</sup> | 126.3 | 45.8 |  |  | 175.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and transaction related costs<sup>(3)</sup> | 17.6 | 11.8 | 31.9 |  | 49.2) |  | (63.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets<sup>(4)</sup> | 31.1 | 9.0 | 25.6 |  | 245.6) |  | (64.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange loss (gain), net <sup>(5)</sup> | 34.2 | (4.6) | 27.5 |  | (843.5) |  | (116.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss from discontinued operations<sup>(6)</sup> | (12.5) | 9.0 | —) |  | (238.9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating items, net <sup>(7)</sup> | 86.4 | 24.9 | (25.7) |  | 247.0 |  | (196.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense <sup>(8)</sup> | 4.7 | 4.3 | 4.4 |  | 9.3) |  | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating items, net<sup>(9)</sup> | (1.4) | 3.0 | (2.2) |  | (146.7) |  | (236.4) |
|  Adjusted EBITDA | $740.7 | $595.9 | $425.0 |  | 24.3 |  | 40.2 |
|  Net Loss attributable to NIQ divided by Revenue | (18.2)% | (14.3)% | (11.4)% |  | (3.9) |  | (2.9) |
|  Adjusted EBITDA Margin | 18.6% | 17.8% | 15.3% |  | 0.8 |  | 2.5 |

---

***Footnotes to the table above:***

(1) Transformation Program costs represent employee separation costs and costs associated with consultancy and
advisory fees incurred to evaluate and improve organizational efficiencies and operations. In addition, the Transformation Program includes costs associated with the accelerated technology investment that are incremental and redundant costs that
will not recur after the Transformation Program is completed and are not representative of our underlying operating performance.

(2) GfK integration costs represent employee separation costs, consulting fees and integration costs associated
with the GfK Combination.

(3) Acquisitions and transaction-related costs represent costs incurred in connection with planned and completed
acquisitions, including due diligence, transaction, integration and legal related costs primarily relating to GfK, as well as any gains resulting from the remeasurement of previously held equity interests held before such acquisitions. These costs
also include preparation and readiness costs for capital market transactions.

(4) Impairment of long-lived assets represents impairment charges for operating lease right-of-use assets, property, plant and equipment and definite-lived intangible assets.

(5) Foreign currency exchange loss (gain), net reflects the translation movements on foreign currency denominated
term loans as well as the impact of foreign exchange hedges.

(6) Loss from discontinued operations represents operations associated with the GfK European Consumer Panel
Business that was divested in the Required GfK European Consumer Panel Services Divestiture to receive European regulatory approvals for the GfK Combination (as further described in Note 4. "Discontinued Operations and Disposals" of our
audited consolidated financial statements included in this prospectus). The GfK European Consumer Panel Business was classified as held for sale at December 31, 2023.

------

##### [**Table of Contents**](#toc)
(7) Nonoperating items, net consists of adjustments primarily related to net periodic pension (cost) benefit, other
than service cost, write-off of unamortized debt discount and debt issuance costs, loss on Russia deconsolidation, settlement of tax indemnification, factoring fees, and other. The settlement of tax indemnification relates to certain taxes
indemnified by Nielsen Holdings in connection with the 2021 Carve-Out Transaction. The initial amount was recorded as part of purchase accounting adjustments. Further adjustments are made to the tax indemnification as audit settlements or refunds
are recorded.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Change**<br>**2024 vs. 2023** | **Change**<br>**2024 vs. 2023** | **Change**<br>**2023 vs. 2022** | **Change**<br>**2023 vs. 2022** |
| **(in millions)** | **2024** | **2023** | **2022** | $**%** | **%** | **$** | **%** |
|  Nonoperating items, net | $86.4 | $24.9 | $(25.7) |  | 247.0 |  | (196.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic pension (benefit) cost, other than service cost | (2.5) | 7.0 | (14.6) |  | (135.7) |  | (147.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off of unamortized debt discount and debt issuance costs | 35.8 |  |  |  | n/m |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on Russia deconsolidation | 57.8 |  |  |  | n/m |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement of tax indemnification | (21.2) | 3.5 | (17.4) |  | (705.7) |  | (120.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Factoring fees | 14.7 | 15.0 | 6.1 |  | (2.0) |  | 145.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1.8 | (0.6) | 0.2 |  | (400.0) |  | n/m |

---

(8) Share-based compensation expense consists of non-cash expense in
accordance with ASC 718, Compensation: Stock Compensation.

(9) Other operating items, net primarily consists of gain/loss on sale of long-lived assets, and gain/loss on
settlement of asset retirement obligations. We exclude these expenses because they are not closely tied to the core performance of our business and can cause fluctuations between periods due to the nature and timing of the expense or income. These
costs are included in selling, general and administrative expenses as part of the Consolidated Statements of Operations.

------

##### [**Table of Contents**](#toc)
The following table presents Adjusted Net (Loss) Income reconciled to net loss attributable to NIQ and Adjusted Loss per Share reconciled to diluted earnings per share, the closest GAAP measures, respectively, for the periods presented:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Change** | **Change** | **Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **2024 vs. 2023** | **2024 vs. 2023** | **2023 vs. 2022** | **2023 vs. 2022** |
| **(in millions)** | **2024** | **2023** | **2022** | **$** | **%** | **$** | **%** |
|  Net loss attributable to NIQ | $(722.7) | $(476.2) | $(316.7) |  | 51.8) |  | 50.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to net (loss) income attributable to NIQ |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transformation Program costs<sup>(1)</sup> | 56.0 | 156.7 | 228.3) |  | (64.3) |  | (31.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of certain intangible assets<sup>(2)</sup> | 280.1 | 218.7 | 149.8 |  | 28.1 |  | 46.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GfK integration costs<sup>(3)</sup> | 126.3 | 45.8 |  |  | 175.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and transaction related costs<sup>(4)</sup> | 17.6 | 11.8 | 31.9 |  | 49.2) |  | (63.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets<sup>(5)</sup> | 31.1 | 9.0 | 25.6 |  | 245.6) |  | (64.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange (gain) loss, net<sup>(6)</sup> | 34.2 | (4.6) | 27.5 |  | (843.5) |  | (116.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating items, net<sup>(7)</sup> | 71.7 | 9.9 | (31.8) |  | 624.2 |  | (131.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense<sup>(8)</sup> | 4.7 | 4.3 | 4.4 |  | 9.3) |  | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating items, net<sup>(9)</sup> | (1.4) | 3.0 | (2.2) |  | (146.7) |  | (236.4) |
|  Total Adjustments to net loss attributable to NIQ | $620.3 | $454.6 | $433.5 |  | 36.4 |  | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect of above adjustments<sup>(10)</sup> | (34.1) | (29.0) | (27.2) |  | 17.6) |  | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from discontinued operations<sup>(11)</sup> | (12.5) | 9.0 | —) |  | (238.9) |  |  |
|  Adjusted Net (Loss) Income attributable to NIQ | $(149.0) | $(41.6) | $89.6) |  | 258.2) |  | (146.4) |
|  Loss per share: |  |  |  |  |  |  |  |
|  Basic | $(7.23) | $(4.76) | $(3.17) |  | 51.8) |  | 50.2 |
|  Diluted | $(7.23) | $(4.76) | $(3.17) |  | 51.8) |  | 50.2 |
|  Weighted average shares outstanding: |  |  |  |  |  |  |  |
|  Basic | 100 | 100 | 100 |  |  |  |  |
|  Diluted | 100 | 100 | 100 |  |  |  |  |
|  Adjusted Net (Loss) Income per share: |  |  |  |  |  |  |  |
|  Basic | $(1.49) | $(0.42) | $0.90) |  | 254.8) |  | <br>(146.7) |
|  Diluted | $(1.49) | $(0.42) | $0.90) |  | 254.8) |  | <br>(146.7) |

---

***Footnotes to the table above:***

(1) Transformation Program costs represent employee separation costs and costs associated with consultancy and
advisory fees incurred to evaluate and improve organizational efficiencies and operations. In addition, the Transformation Program includes costs associated with the accelerated technology investment that are

------

##### [**Table of Contents**](#toc)
incremental and redundant costs that will not recur after the Transformation Program is completed and are not representative of our underlying operating performance.

(2) Amortization of certain intangible assets consists of amortization costs of intangible assets which were
recorded as part of acquisition accounting. We exclude the impact of amortization of acquired intangible assets as companies utilize intangible assets with different estimated useful lives and have different methods of amortizing intangible assets.
Furthermore, the timing and magnitude of business combination transactions are not predictable, and the purchase price allocated to amortizable intangible assets is unique to each acquisition and can vary significantly from period to period and
across companies. These costs are included in depreciation and amortization as part of the Consolidated Statements of Operations.

(3) GfK integration costs represent employee separation costs, consulting fees and integration costs associated
with the GfK Combination.

(4) Acquisitions and transaction-related costs represent costs incurred in connection with planned and completed
acquisitions, including due diligence, transaction, integration and legal related costs primarily relating to GfK, as well as any gains resulting from the remeasurement of previously held equity interests held before such acquisitions. These costs
also include preparation and readiness costs for capital market transactions.

(5) Impairment of long-lived assets represents impairment charges for operating lease right-of-use assets, property, plant and equipment and definite-lived intangible assets.

(6) Foreign currency exchange (gain) loss, net reflects the translation movements on foreign currency denominated
term loans as well as the impact of foreign exchange hedges.

(7) Nonoperating items, net consists of adjustments primarily related to net period pension (cost) benefit, other
than service cost, write-off of unamortized debt discount and debt issuance costs, Russia – loss on deconsolidation, settlement of tax indemnification, and other. The settlement of tax indemnification relates to certain taxes indemnified by
Nielsen Holdings in connection with the 2021 Carve-Out Transaction. The initial amount was recorded as part of purchase accounting adjustments. Further adjustments are made to the tax indemnification as audit settlements or refunds are recorded.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Change** | **Change** | **Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **2024 vs. 2023** | **2024 vs. 2023** | **2023 vs. 2022** | **2023 vs. 2022** |
| **(in millions)** | **2024** | **2023** | **2022** | **$** | **%** | **$** | **%** |
|  Nonoperating items, net | $71.7 | $9.9 | $(31.8) |  | 624.2 |  | (131.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic pension (benefit) cost, other than service cost | (2.5) | 7.0 | (14.6) |  | (135.7) |  | (147.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off of unamortized debt discount and debt issuance costs | 35.8 |  |  |  | n/m |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on Russia deconsolidation | 57.8 |  |  |  | n/m |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement of tax indemnification | (21.2) | 3.5 | (17.4) |  | (705.7) |  | (120.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1.8 | (0.6) | 0.2 |  | (400.0) |  | n/m |

---

(8) Share-based compensation expense consists of non-cash expense in
accordance with ASC 718, Compensation: Stock Compensation.

(9) Other operating items, net primarily consists of gain/loss on sale of long-lived assets, and gain/loss on
settlement of asset retirement obligations. We exclude these expenses because they are not closely tied to the core performance of our business and can cause fluctuations between periods due to the nature and timing of the expense or income. These
costs are included in selling, general and administrative expenses as part of the Consolidated Statements of Operations.

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(10) Income tax adjustments include the tax effect of the non-GAAP adjustments, calculated using the appropriate statutory tax rate for each adjustment. The non-GAAP tax rate was 2,842.8%, as a result of the minimal pre-tax book income, 189.2% and 42.9% for the year ended
December 31, 2024, December 31, 2023 and December 31, 2022, respectively. Our statutory rate is evaluated annually.

(11) Loss from discontinued operations represents operations associated with the GfK European Consumer Panel
Business that was divested in the Required GfK European Consumer Panel Services Divestiture to receive European regulatory approvals for the GfK Combination (as further described in Note 4. "Discontinued Operations and Disposals" of our
audited consolidated financial statements included in this prospectus). The GfK European Consumer Panel Business was classified as held for sale at December 31, 2023.

**Recent Developments** 

Set forth below are preliminary estimates of certain of our unaudited consolidated financial data and other data for the three months ended June 30, 2025, and actual unaudited consolidated financial data and other data for the three months ended June 30, 2024. Our condensed consolidated financial statements as of and for the three months ended June 30, 2025 are not yet available and are subject to completion of our financial closing procedures. The following information reflects our preliminary estimates based on currently available information as of the date of this prospectus and is subject to change. We have provided ranges, rather than specific amounts, for the preliminary estimated financial results described below primarily because we are still in the process of finalizing our financial results as of and for the three months ended June 30, 2025 and, as a result, our final reported results may vary from the preliminary estimates presented below. Our actual results as of and for the three months ended June 30, 2025 remain subject to the completion of our management's, our audit committee's and independent auditor's reviews and our other financial closing processes as well as the preparation of our condensed consolidated financial statements as of and for the three months ended June 30, 2025. See "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information regarding factors that could result in differences between these preliminary estimates and the actual financial and other data we will report for the three months ended June 30, 2025.

The preliminary estimates of financial and other data for the three months ended June 30, 2025 presented below have been prepared by, and are the responsibility of, our management. Ernst & Young LLP, our independent registered public accounting firm, has not audited, reviewed, compiled or performed any procedures with respect to such preliminary data for the three months ended June 30, 2025. Accordingly, Ernst & Young LLP does not express an opinion or any other form of assurance with respect thereto. Although we are currently unaware of any items that would require us to make adjustments to the information set forth below, it is possible that we or Ernst & Young LLP may identify such items as we complete our interim financial statements and any resulting changes could be material.

The preliminary results provided below do not represent a comprehensive statement of our financial results and should not be viewed as a substitute for our consolidated financial statements prepared in accordance with GAAP. In addition, the preliminary estimates for the three months ended June 30, 2025 are not necessarily indicative of the results to be achieved in any future period. The unaudited actual results for the three months ended June 30, 2024 have been derived from our books and records.

We expect our financial closing procedures with respect to the three months ended June 30, 2025 to be completed in August 2025. Accordingly, our condensed consolidated financial statements as of and for the three months ended June 30, 2025 will not be available until after this offering is completed.

Additionally, the estimates and actual results reported below include certain financial measures that are not required by, or presented in accordance with, GAAP. We consider them to be important supplemental measures

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of our performance and liquidity and believe they are useful to securities analysts, investors, and other interested parties in their evaluation of our operating performance. These measures reflect the results from the primary operations of our business by excluding the effects of certain items that we do not consider indicative of our cash operations and ongoing operating performance. Our financial statements are prepared and presented in accordance with GAAP. These non-GAAP financial measures are not presentations made in accordance with GAAP and should not be considered as an alternative to net income or loss, income or loss from operations, or any other performance measure prepared and presented in accordance with GAAP. Consequently, our non-GAAP financial measures should be considered together with our audited consolidated financial statements included in this prospectus, which are prepared in accordance with GAAP. Adjusted EBITDA is reconciled below to its most directly comparable GAAP measure, Net loss attributable to NIQ. For more information about how we use these non-GAAP financial measures in our business, the limitations of these measures, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures."

We preliminarily estimate the following as of and for the three months ended June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents of approximately $0.2 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total Debt of approximately $4.5 billion, which includes Term Loans of approximately $4.0 billion, unamortized
discounts of $0.1 billion, and Revolver of $0.6 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues range from $1,038.0 million to $1,041.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA range from $203.0 million to $212.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic Constant Currency Revenue Growth range from 5.3% to 5.6%.

The following table shows Adjusted EBITDA for the periods presented, and the reconciliation to its most comparable GAAP measure, Net loss attributable to NIQ, for the periods presented:

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three Months<br>Ended June 30,<br>2024** |
| **(in millions)** | **Low<br>Estimate** | **High<br>Estimate** | **Three Months<br>Ended June 30,<br>2024** |
|  Net loss attributable to NIQ | $(24.5) | $(8.7) | $(189.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 95.2 | 95.2 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from continuing operations | 26.7 | 25.3 | 29.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 153.8 | 153.8 | 142.7 |
|  EBITDA | 251.2 | 265.6 | 90.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transformation Program costs<sup>(1)</sup> | 6.4 | 4.4 | 15.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GfK integration costs<sup>(2)</sup> | 2.9 | 0.9 | 19.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and transaction related costs<sup>(3)</sup> | 3.1 | 2.7 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets<sup>(4)</sup> | 0.4 | 0.4 | 27.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange (gain) loss, net<sup>(5)</sup> | (57.4) | (57.4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from discontinued operations<sup>(6)</sup> |  |  | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating items, net<sup>(7)</sup> | (5.9) | (6.9) | 27.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense<sup>(8)</sup> | 1.5 | 1.5 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating items, net<sup>(9)</sup> | 0.8 | 0.8 | (0.1) |
|  Adjusted EBITDA | $203 | $212 | $185.7 |

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***Footnotes to the table above:***

(1) Transformation Program costs represent employee separation costs and costs associated with consultancy and
advisory fees incurred to evaluate and improve organizational efficiencies and operations. In addition,

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the Transformation Program includes costs associated with the accelerated technology investment that are incremental and redundant costs that will not recur after the Transformation Program is completed and are not representative of our underlying operating performance.

(2) GfK integration costs represent employee separation costs, consulting fees and integration costs associated
with the GfK Combination.

(3) Acquisitions and transaction related costs represent costs incurred in connection with planned and completed
acquisitions, including due diligence, transaction, integration and legal related costs, partially offset by any gains resulting from the acquisitions. These costs also include preparation and readiness costs for capital market transactions.

(4) Impairment of long-lived assets represents impairment charges for operating lease right-of-use assets, property, plant and equipment and definite-lived intangible assets.

(5) Foreign currency exchange (gain) loss, net primarily reflects the translation movements on foreign currency
denominated term loans as well as the impact of foreign exchange hedges.

(6) Loss from discontinued operations represents operations associated with the GfK European Consumer Panel
Business that was divested in the Required GfK European Consumer Panel Services Divestiture to receive European regulatory approvals for the GfK Combination (see Note 2. "Discontinued Operations and Disposals" in the notes to unaudited
condensed consolidated financial statements included in this prospectus for additional information).

(7) Nonoperating items, net consists of adjustments primarily related to net periodic pension (cost) benefit, other
than service cost, settlement of tax indemnification, factoring fees, deconsolidation of subsidiaries, and other. The settlement of tax indemnification relates to certain taxes indemnified by Nielsen Holdings in connection with the 2021 Carve-Out Transaction. The initial amount was recorded as part of purchase accounting adjustments. Further adjustments are made to the tax indemnification as audit settlements or refunds are recorded.

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** | **Three<br>Months<br>Ended<br>June 30,<br>2024** |
| **(in millions)** | **Low<br>Estimate** | **High<br>Estimate** | **Three<br>Months<br>Ended<br>June 30,<br>2024** |
|  Nonoperating items, net | $(5.9) | $(6.9) | $27.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic pension cost (benefit), other than service cost | (1.3) | (1.3) | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement of tax indemnification | 0.3 | 0.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Factoring fees | 2.9 | 2.9 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deconsolidation of subsidiaries | (5.2) | (5.2) | 22.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (2.6) | (3.6) | 1.2 |

---

(8) Share-based compensation expense consists of non-cash expense in
accordance with ASC 718, Compensation: Stock Compensation.

(9) Other operating items, net primarily consists of gain/loss on sale of long-lived assets, and gain/loss on
settlement of asset retirement obligations. We exclude these expenses because they are not closely tied to the core performance of our business and can cause fluctuations between periods due to the nature and timing of the expense or income. These
costs are included in selling, general and administrative expenses as part of the Consolidated Statements of Operations.

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The following table shows Organic Constant Currently Revenue Growth for the period presented.

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2025** |
| **(in millions, except for percentages)** | **Low<br>Estimate** | **High**<br>**Estimate** |
|  Organic Constant Currency Revenue Growth | 5.3% | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange impact on Revenue | (1.3)% | (1.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inorganic Items | 1.4% | 1.4% |
|  Revenues | $1038.0 | $1041.0 |

---

See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Organic Constant Currency Revenue, Including GfK and Organic Constant Currency Revenue Growth, Including GfK" below for additional information regarding this metric.

On July 11, 2025, the Credit Agreement was amended, subject to the closing of this initial public offering, to, among other things, (i) increase the aggregate principal amount of the revolving facility to $750.0 million, (ii) extend the maturity date with respect to the revolving facility to July 30, 2030; provided that if by a date no later than the Modified Maturity Date (as defined below), any term loans borrowed under the Credit Agreement with an aggregate principal amount in excess of $1.0 billion are outstanding and the maturity date applicable to such term loans is earlier than the date that is 90 days after July 30, 2030 (the "Trigger Maturity Date"), such maturity date shall be the date that is 91 days prior to the Trigger Maturity Date (the "Modified Maturity Date"), (iii) reduce the interest rate spread with respect to the revolving facility to a spread of 225 to 275 basis points dependent on certain ratio levels and (iv) reduce the commitment fee rate with respect to the revolving facility to 25 to 37.5 basis points dependent on certain ratio levels. See "Description of Indebtedness."

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**Risk Factors** 

*Investing in our ordinary shares involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this prospectus, including our consolidated financial statements and the related notes included elsewhere in this prospectus, before deciding to invest in our ordinary shares. If any of the following risks should occur, our business, prospects, operating results and financial condition could suffer materially, the trading price of our ordinary shares could decline and you could lose all or part of your investment. 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 do not currently deem material may also become important factors that adversely affect our business.* 

**Risks Related to our Business and Operations** 

***We derive a significant portion of our revenues from sales of our subscription-based products. If our clients terminate or fail to renew their subscriptions, our business could suffer.***

We currently derive a significant portion of our revenues from long-term subscription contracts, which are typically two-to-five years in duration. This has generally provided us with revenue that is recurring in nature due to high renewal rates among our clients, as demonstrated by our net dollar retention rates. If clients terminate their subscriptions for our products, do not renew their subscriptions, delay renewals of their subscriptions or renew on terms less favorable to us, our revenues could decline and our business could suffer.

Our clients have no obligation to renew after the expiration of their initial subscription period, and current subscriptions may not be renewed at the same or higher dollar amounts, if at all. Our client renewal rates may decline or fluctuate due to a number of factors, including client dissatisfaction with our products, the costs or functionality of our products, the prices or functionality of products offered by our competitors, the health of the consumer data measurement marketplace and the industries in which we operate, mergers and acquisitions affecting our client base and general economic conditions or reductions in our clients' spending levels. If our clients do not renew their agreements, require pricing concessions, terminate their agreements, renew their agreements on terms less favorable to us or fail to license additional product subscriptions, our revenue may decline, and as a result our business, results of operations and financial condition could be adversely affected.

In addition, as our products evolve and competitors introduce lower cost or differentiated products that are perceived to compete with our products and services, our ability to license subscriptions for our products could be impaired. Similarly, our subscription revenue could be adversely affected if clients perceive that features incorporated into competitive products reduce the need for our products or if they prefer to purchase other products that are bundled with products offered by other companies that operate in adjacent markets and compete with our products. In addition, the value of our products and services to our clients depends, in part, on our clients' ability to use them as part of an overall effective marketing strategy and as permitted by regulations related to data subject consent.

***We rely on third parties to provide certain data, services and information technology and operations functions in connection with the provision of our current products and services. The loss or limitation of access to that data, or to those services or functions, could harm our ability to provide our products and services.***

We rely on third parties, including retailers, panelists and other third parties, to provide data, services and information technology and operations functions for use in connection with the provision of our current products and services, and our reliance on third-party providers is growing. For example, we enter into agreements with third parties to obtain data from which we create products and services and we recruit panelists to provide data from which we create products and services. We also obtain certain data from data sharing arrangements with companies who may compete with us. These suppliers of data may increase restrictions on our use of such data due to factors such as heightened regulations related to consumer privacy, cybersecurity risk, and failure to

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adhere to our or their quality control standards or otherwise satisfactorily perform services. Third-party data providers may also increase the prices they charge for data or the terms under which they provide us data or refuse altogether to license the data to us (in some cases because of exclusive agreements they may have entered into with our competitors). In the event that such data and services are unavailable for our use or the cost of acquiring such data increases, or such third-party data provider refuses to provide data, or fails to deliver data to us, our ability to provide products and services to our clients may be adversely impacted, and as a result our business, results of operations and financial condition could be adversely affected.

We also obtain consumer retail data from retailers and other third-party providers who agree to share information with us about their inventory, sales, pricing and customer behavior but may in the future elect not to do so or may reduce the amount or frequency of data they provide to us for various reasons, such as competitive pressures, changes in their business strategies, technical difficulties or legal and regulatory restrictions. Additionally, we have no control over the data provided by retailers and other third-party providers and such data may not reflect the entire market or actual performance of our clients, markets and segments, as it is based on a sample of retailers and other providers and may contain defects, errors, omissions or inconsistencies. There might be gaps in the data collected and provided to us, and while we have models and procedures to leverage our data collection samples and scale them in an efficient and systematized manner, these methods may not always result in accurate information that is representative of all regions in which we provide products and services for our clients. If we lose access to the data provided by retailers or if such data is incomplete, inaccurate or delayed, it could result in rejection or delay in market acceptance, damage to our reputation, loss of revenue, a lower rate of subscription renewals or upgrades, or a lower demand from our products and services which could affect our business, results of operations or financial condition.

Consolidation of such data sources could increase the cost of such data. Panelists may choose not to participate in our panels or may not contribute to panels in a way that is satisfactory for data collection. In addition, we are dependent upon third parties for the performance of a significant portion of our information technology and operations functions. The success of our business depends in part on maintaining our relationships with these third parties and their continuing ability to perform these functions in a timely and satisfactory manner.

We do not have control over the operations of our third-party data sources. Our operations could be impacted because of disruptions from the temporary interruptions of the services provided by these third parties or if third parties fail to provide us with quality data. If we are party to data sharing arrangements with competitors, they may be less incentivized to confirm the quality of the data they provide to us. The data that we receive from panelists is prone to human error and may not be accurate. If our models cannot accurately account for this variability, the quality of the products and services we deliver to our clients may be negatively impacted, which could have an adverse effect on our reputation and financial condition.

Such third-party data sources may also be vulnerable to damage or interruption from earthquakes, hurricanes, floods, fires, cybersecurity attacks, terrorist attacks, power losses, telecommunications failures and other events beyond our or their control. All of the aforementioned risks may be exacerbated if our or the third-party data sources' business continuity and disaster recovery plans prove to be inadequate in such scenarios. Furthermore, performance delays or interruptions, payment defaults or bankruptcy of our counterparties may adversely affect our business. If such data, services or functions are unavailable for our use or the cost of acquiring such data, services or functions increases, our business, results of operations and financial condition could be adversely affected.

Further, our third-party vendors and data sources are subject to our vetting and onboarding processes. Validation of our vendors and data sources around the world can be challenging and our vetting process may not eliminate all associated risks, particularly since the information shared is largely dependent on the vendor or data source level of transparency. If one or more of the vendors we contract with engage in business practices in violation of our policies, contractual obligations or applicable laws, we could experience damage to our reputation and suffer an adverse impact on our business, results of operations and reputation.

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***Design defects, errors, failures or delays associated with our products or services could negatively impact our business.***

Software, products and services that we develop, license or distribute may contain defects, errors or failures when first released or when major new updates or enhancements are released. These defects, errors or failures cause the product or service to operate incorrectly or less effectively. Many of our products and services also rely on consumer retail data collected from retailers and other third-party providers over which we have no control, and which may be provided to us with defects, errors or failures. As a result, we may not be able to rely on the integrity of the data we receive from third parties, which may impact the reliability of our proprietary sample design, potentially affecting the quality and representativeness of data used for our products. In addition, our data integrity and quality and our panel security rely on human-led, manual data collection and management processes that may be vulnerable due to human error and complexity of systems, resulting in the need for increased field support to ensure sample representation and prevent unauthorized or excessive access. We may also experience delays while developing and introducing new products and services for various reasons, such as difficulties in licensing data inputs or adapting to particular operating environments. Defects, errors, failures or delays in our products or services that are significant, or that are perceived to be significant, could result in rejection or delay in market acceptance, damage to our reputation, loss of revenue, a lower rate of subscription renewals or upgrades, diversion of development resources, product liability claims or regulatory actions or increases in service and support costs. We may also need to expend significant capital resources to eliminate or work around defects, errors, failures or delays. In each of these ways, our business, results of operations and financial condition could be materially adversely impacted.

***Our business may be harmed if we are unable to collect high quality and representative retail information or if the scope of information we collect or the quality of the data and insights we provide customers is impaired or otherwise does not remain competitive.***

Our success depends on our clients' confidence in the depth, breadth and accuracy of our data. The task of establishing and maintaining accurate data is challenging and expensive. We believe that the depth, breadth, and accuracy of our data is a competitive advantage, and that the impairment in our ability, or customers' perception of our ability, to continue delivering high quality information, could impair our ability to compete. Our retail measurement products are based on a proprietary sample design and we do not measure all existing global consumer shopping data. If our sample design and methodologies do not yield quality and representative data in all regions in which we provide our products and services, or if our data and insights, are not current, accurate, comprehensive, or reliable, our clients may not trust our data and may seek alternative data suppliers. If we do not address these issues and provide effective and reliable data, our ability to license new products to existing and new clients will suffer. A lack of client confidence in our data may harm our reputation and our business, results of operations and financial condition could be materially adversely impacted. Further, client dissatisfaction with our services could impair our ability to expand the subscriptions within our client base or adversely affect our clients' renewal of existing subscriptions. In addition, if we are no longer able to maintain our high level of accuracy, we may face legal claims by our clients which could have an adverse effect on our business, results of operations and financial condition.

We have in the past and may in the future change our methodologies, the methodologies of companies we acquire, or the scope of information we collect. Such changes may result from identified deficiencies in current methodologies, development of more advanced methodologies, changes in our business plans or in industry standards, changes in law or regulatory requirements, changes in technology used by websites, browsers, mobile applications, or servers, integration of acquired companies or expressed or perceived needs of our clients, potential clients or partners. Any such changes or perceived changes, our inability to accurately or adequately communicate such change to our clients or the potential implications of such changes on the data we have published or will publish in the future, may result in client dissatisfaction, particularly if certain information is no longer collected or information collected in future periods is not comparable with information collected in prior periods. As a result of future methodology changes, some of our clients may decide not to continue licensing products or services from us or third parties may decide to discontinue providing us with data to support our products.

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***If we are not able to maintain consumer panels of sufficient size and scope, or if the costs of establishing and maintaining our panels increase, our business could be harmed.***

We believe that the quality, size and scope of our consumer panels is critical to our business. Participation in passive panels may decline in the future, in part due to changes by software providers that have made it more difficult to obtain consent to participate in panels, steps taken by antivirus providers to remove third-party measurement software despite panelists' previous consent and operating system updates (including iOS and Android) that limit the ability of third parties to measure device usage or eCommerce activity. At the same time, the difficulty of recruiting new panelists has increased. Although we have taken steps to mitigate the impact of these changes on our business, we may not be able to maintain panels of sufficient size and scope to provide the quality of marketing intelligence that our clients demand from our products. We anticipate that the cost of panel recruitment will continue to increase with evolving regulatory developments, and that the difficulty in collecting these forms of data will continue to grow, which may require significant hardware and software investments, as well as increases to our panel incentive and panel management costs. To the extent that such additional expenses are not accompanied by increased revenues, our operating margins may be reduced and our financial results could be adversely affected. If we are unable to maintain panels of sufficient size and scope, we could face negative consequences, including degradation in the quality and competitiveness of our products, failure to receive accreditation from industry associations such as the Media Rating Council, loss of clients and damage to our brand.

***If we are unsuccessful at investing in growth opportunities, our business could be materially and adversely affected.***

We invest significantly in growth opportunities, including the development and acquisition of new data, technologies and services to meet our clients' needs. For example, in recent years, we have invested in the use of AI in our business. We also continue to invest significantly in growth opportunities in emerging markets, such as Latin America, and other regions. We consider our presence in these markets to be an important component of our growth strategy.

Our investment plans or growth strategy may not be successful or may not produce sufficient or any return on our investments. Further, if we are unable to develop new technologies and services, clients do not license or purchase our new technologies and services, our new technologies and services do not work as intended or there are delays in the availability or adoption of our new technologies and services, then we may not be able to grow our business or growth may occur slower than anticipated. Additionally, although we expect continued growth in retail and other consumer spending in emerging markets, such spending may occur more slowly or not at all, and we may not benefit from our investments in these markets.

We plan to fund growth opportunities with cash from operations or from future financings and may require additional funds to respond to business challenges, including the need to develop new features or enhance our products, improve our operating infrastructure or acquire complementary businesses and technologies. Accordingly, we may need to engage in equity or debt financings to secure additional funds. These sources may not be available to fund future growth opportunities when needed in sufficient amounts or on terms favorable to us, if at all. If adequate funds are not available on acceptable terms, we may be unable to invest in future growth opportunities. Any of the foregoing could adversely affect our business, operating results and financial condition.

***Macroeconomic factors could continue to adversely affect our business and financial results.***

Our business depends on the health of the retail and other industries in which our clients operate. The strength of these markets can fluctuate in response to the economic prospects of specific companies or industries, companies' spending priorities, and the economy in general. In recent years, macroeconomic factors including inflation, rising interest rates and supply chain disruptions have caused some clients to reduce or delay expenditures. Additional factors, such as international tariffs, including tariffs applied to goods traded between

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the United States and other countries, and reciprocal tariffs imposed by other countries on goods imported from the United States, may impact the prices of and demand for consumer goods worldwide, which may impact our business. These declines, which may continue in future periods, have a direct impact on demand for our products and services, including data and analytics on consumer buying behavior.

Further reductions in client spending could result in the termination of their subscriptions for our products and services, delaying renewals, or renewing on terms less favorable to us. Macroeconomic factors could also increase our costs, reducing margins and preventing us from meeting our profitability goals. Finally, these factors make it more difficult for us to predict our future revenue and costs, which could result in misallocation of resources or operating inefficiencies that could harm our business. The extent of the impact of macroeconomic factors on our business is uncertain and may continue to adversely affect our business, results of operations and financial condition.

***The market for consumer measurement and business solutions products and services is highly competitive; if we cannot compete effectively, our revenues could decline and our business could be harmed.***

The market for measuring consumer behavior and providing business solutions products is highly competitive and continues to evolve rapidly. We compete primarily with providers of consumer intelligence and related analytical products and services, including companies such as Circana, LLC ("Circana") and Kantar Group, Ltd. We also compete with providers of marketing services and solutions, with full-service survey providers, and with internal solutions developed by clients and potential clients. Many of our existing competitors have, and our potential competitors could have, substantial competitive advantages, such as greater name recognition in specific markets, larger sales and marketing budgets and resources, greater client support resources, lower labor and development costs, larger and more mature intellectual property portfolios and substantially greater financial, technical and other resources than we do. Competition has intensified as a result of the entrance of new competitors, the increasing variety and number of businesses requiring measurement, and the development of new technologies, products and services in our industry. We expect these trends to continue. With the introduction of new technologies and the entry of new competitors into the market, we expect competition to persist and intensify in the future. As our competitive landscape evolves, we may also need to reassess the adequacy of our data sharing relationships. For example, we are aware that Nielsen Media seeks to sell certain business units with whom we do business to Circana. If the sale of these business units is completed, we will need to reassess our relationship with these business units and if we are unable to develop a suitable arrangement, we may face challenges with these competitors.

Some of our competitors have adopted and may continue to adopt aggressive pricing policies, including the provision of certain services at little or no cost, in order to retain or acquire clients. As a result, we may be forced to reduce the prices we charge for our subscriptions and may be required to offer terms less favorable to us for new and subscriptions renewals. Furthermore, large software companies, internet platforms and database management companies may enter our market or enhance their current offerings, either by developing competing services or by acquiring our competitors and could leverage their significant resources and pre-existing relationships with our current and potential clients. These larger competitors may use their broader product offerings to compete with us, including by bundling their competitive products with other products being purchased from that company by a client or by restricting access to their technology platforms thereby making it more difficult for clients to integrate the use of our products and services with other competitor products and services. Potential clients may prefer to purchase from their existing suppliers rather than a new supplier regardless of product performance or features. Furthermore, potential clients may be more willing to incrementally add solutions to their existing infrastructure from competitors than to replace their existing infrastructure with our products and services.

Finally, consolidation of our competitors could make it more difficult for us to compete effectively. Any such consolidation could lead to pricing pressure, a loss of market share or a smaller addressable share of the market and could result in a competitor with greater financial, technical, marketing, service and other resources, all of

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which could harm our ability to compete. If we are unable to compete successfully against our current and future competitors, we may not be able to retain and acquire clients, and we may consequently experience a decline in revenues, reduced operating margins, loss of market share and diminished value from our products.

***We may be unable to adapt to significant technological changes, which could adversely affect our business.***

Our operations require sophisticated computer systems and software for data collection, data processing, cloud-based platforms, analytics, cryptography, statistical projections and forecasting, mobile computing, social media analytics and other applications and technologies. We are also building AI technologies into our products and services. Some of these technologies supporting the industries we serve are changing rapidly. We may not be able to continuously adapt to changing technologies, industry standards and AI laws and regulations as they are introduced globally, which may impede our ability to develop and market new services or enhance our existing services to meet client demand.

Moreover, the introduction of new services embodying new technologies and the emergence of new industry standards could accelerate technology turnover in businesses and render existing services technologically or commercially obsolete. Our ongoing success will depend on our ability to adapt to changing technologies and regulations, manage and process ever-increasing amounts of data and information and improve the performance, features and reliability of our existing services in response to changing client and industry demands. We may experience difficulties that could delay or prevent the successful design, development, testing, introduction or marketing of our services. New services, or enhancements to existing services, may not achieve any degree of significant market acceptance or may not adequately meet the requirements of current and prospective clients which could lead to impaired performance, declines in quality or client satisfaction, increased costs, difficulty in introducing new features or other operational inefficiencies or failures. These issues could reduce the attractiveness of our products and services to clients, resulting in decreased subscriptions with existing and new clients, lower subscription renewal rates, the issuance of service credits or requests for refunds, which could hurt our revenue growth and our reputation. Even if we can upgrade our systems and expand our staff, any such expansion will be expensive and complex, requiring management time and attention, as well as improvements to our operational and financial controls and reporting systems and procedures. Because of these risks and other inherent risks associated with upgrading, improving and expanding our information technology systems, any needed expansion and improvements to our infrastructure and systems may not be fully or effectively implemented on a timely basis, if at all.

Consumption of consumer-packaged goods is growing in new and different channels, such as discount stores and eCommerce. Traditional methods of shopping are evolving and the emergence and growth of omni-channel eCommerce as well as direct-to-consumer models continue to grow. This fragmentation requires us to develop new methodologies to procure, cleanse, enrich and connect data. If we are unable to continue to successfully adapt our consumer measurement systems to new consumption habits, our business, results of operations and financial condition could be adversely affected.

***Consolidation in the industries in which our clients operate could put pressure on the pricing of our services, thereby leading to decreased earnings and cash flows.***

Consolidation in the industries in which our clients operate could reduce aggregate demand for our services in the future and could limit the amounts we earn for our services. When companies merge, the services they previously purchased separately are often purchased by the combined entity in the aggregate in a lesser quantity than before, leading to volume and price compression and loss of revenue. Some of our competitors also have different market focus than ours and therefore may not be as susceptible to downturns in consumer retail markets, including the FMCG and T&D markets. Large companies that are making significant investments in data analytics, may invent similar or superior products and technologies that compete with one or more of our product and service offerings. In addition, some of our competitors may enter into new partnerships with each other or may establish or strengthen cooperative relationships with agency partners, technology and application providers

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in complementary categories, or other parties. Competitors may also consolidate with existing service providers or strategic partners that we rely on, and as a result we could lose partnerships and cooperation arrangements that are difficult to replace.

While we are attempting to mitigate the revenue impact of any consolidation by expanding our range of services and pricing strategies, there can be no assurance as to the degree to which we will be able to do so as industry consolidation continues, which could adversely affect our business, results of operations and financial condition. Any such consolidation, acquisition, alliance or cooperative relationship could lead to pricing pressure, a loss of market share or a smaller addressable share of the market and could result in a competitor with greater financial, technical, marketing, service and other resources, all of which could harm our ability to compete.

***Client procurement strategies could put additional pressure on the pricing of our services, thereby leading to decreased earnings and cash flows.***

Certain of our clients have sought and may continue to seek price concessions. As a result, we may be required or choose to reduce our prices or otherwise change our pricing model. This puts pressure on the pricing of our services, which could reduce our revenue, earnings and cash flows and adversely affect our business, results of operations and financial condition.

***If sources from which we obtain information limit our access to such information or institute or increase fees for accessing such information, our business could be materially and adversely harmed.***

We obtain information from thousands of sources for our data aggregation solutions, some of which are not in direct contractual privity with us. If the sources from which we obtain information limit or restrict our ability to access or use such information, we may be unable to obtain similar data from other sources on commercially reasonable terms or at all, or we may be required to attempt to obtain such information by other means that could be more costly and time-consuming, and less effective or efficient, which could impact our business, results of operations and financial condition.

We utilize web scraping technology as a source of data aggregation. The legality of and restrictions on web scraping varies across the world and the United States. Web scraping poses several risks including potential violations of website terms of service, intellectual property laws, privacy laws and regulations, contractual obligations and other laws including the Computer Fraud and Abuse Act, potentially leading to legal repercussions, including cease-and-desist orders, damages and reputational harm. The data collected through web scraping may be incomplete, inaccurate or outdated due to dynamic website structures, requiring additional data cleaning and validation.

Third parties may either block our access to their websites or request that we cease employing web scraping of their websites to gather information. Any such limitation or restriction may prevent us from providing our solutions and services on a timely basis, if at all. In addition, if third parties challenge our right to access or use information from these or other sources, we may be required to negotiate with such third parties for access to their information, which may be more costly, or to discontinue certain of our solutions and services entirely. The legal environment surrounding web scraping and similar means of obtaining access to information contained on third-party websites is evolving. In the event these third parties begin to charge us fees for accessing such information, or block our access to this information entirely, we may be forced to increase the fees that we charge our clients or discontinue certain solutions and services, which could make our solutions and services less attractive, and our financial results could suffer as a result.

***A loss or decrease in business of one or more of our largest clients could adversely impact our business, results of operations and financial condition.***

Our ten largest clients collectively accounted for approximately 17.3% of our total revenues for the year ended December 31, 2024. We cannot assure you that any of our largest clients will continue to use our services to the

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same extent, or at all, in the future. A loss or decrease in business of one or more of our largest clients, if not replaced by a new client or an increase in business from existing clients, would adversely affect our business, results of operations and financial condition.

***We face risks related to sales to government entities.***

We derive a portion of our revenues from sales to government entities around the world. In general, our contracts with government entities are terminable at will by the government entity at any time. Government demand and payment for our services may be affected by public sector budgetary cycles and funding authorizations, including government shutdowns. In the United States, the Trump Administration has indicated that they may propose changes in funding priorities, including cutting certain costs and reducing spending, which could impact demand and payment for our services. Government contracts are typically subject to oversight, including special rules on accounting, expenses, reviews and security. Failure to comply with these rules could result in civil and criminal penalties and sanctions, including termination of contracts, fines and suspensions, or debarment from future business with the relevant government. As a result, failure to comply with these rules could adversely affect our future business, results of operations and financial condition.

***Our ability to successfully manage ongoing organizational changes and growth could impact our business results.***

As we have in prior years, we continue to execute a number of significant business and organizational changes, including operating reorganizations, acquisition integration and divestitures to improve productivity and create efficiencies to support our growth strategies. We expect these types of changes, which may include many staffing adjustments as well as employee departures, to continue for the foreseeable future. Successfully managing these changes, including the identification, engagement and development and retention of key employees to provide uninterrupted leadership and direction for our business, is critical to our success. This includes developing organization capabilities in specific markets, businesses and functions where there is increased demand for specific skills or experiences. Additionally, our financial targets assume a consistent level of productivity improvement. If we are unable to deliver expected productivity improvements, while continuing to invest in business growth, our financial results could be adversely impacted.

As our client base continues to grow, we will need to expand our services and other personnel, and maintain and enhance our partnerships, to provide a high level of client service. We also will need to manage our sales processes as our sales personnel continues to grow and become more complex and as we continue to expand into new geographies and market segments. If we do not effectively manage this increasing complexity, the quality of our products and client service could suffer, and we may not be able to adequately address competitive challenges. These factors could impair our ability to attract and retain clients and expand our clients' use of our products.

If we are unable to manage our growth successfully, our business, financial condition and results of operations may be adversely affected. It is important that we maintain a high level of client services, integration services and satisfaction as we expand our business. As our client base continues to grow and as our penetration with existing clients expands, we will need to expand our account management, client service and other personnel. Failure to manage growth could result in difficulty or delays in launching our products, declines in quality or client satisfaction, increases in costs, difficulties in introducing new features, or other operational difficulties. Any of these could adversely impact our business, financial condition and results of operations.

***We may not fully realize the anticipated benefits of our completed or future combinations, acquisitions, joint ventures, and strategic investments, which may expose us to additional risks.***

On July 10, 2023, we completed a strategic combination with GfK SE. Integration of our business and GfK is complex, costly and time consuming and we may face unanticipated issues, expenses and liabilities. We may not

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successfully or profitably utilize newly acquired assets or integrate, operate, maintain and manage any newly acquired operations or employees. In addition, we may decide that only certain of the acquired assets and technology is useful for our future products and services, or that integration of the acquired technology is not feasible or is too costly. We will continue to depend on the management team of GfK for the successful operation and integration into our combined offering. Even if we are able to integrate GfK or any other acquired assets or businesses successfully, we may not realize the expected benefits of the transactions. There also may be increased risk due to integrating financial reporting and internal control systems of GfK and challenges to our ability to accurately forecast our operations and financial results.

We may need to invest in additional business processes and systems to support the GfK integration. Such additional costs may offset the financial benefits that may be realized from the combination. We also may suffer the loss of key employees and strategic partners of GfK and it may be difficult to implement our corporate culture.

We may review additional acquisitions, joint ventures and strategic investment opportunities to expand our current product offerings, increase the size and geographic scope of our operations or otherwise offer growth and operating efficiency opportunities. We may not be able to identify suitable targets or consummate future transactions on favorable terms. These transactions could also result in dilutive issuances of equity securities or the incurrence of debt, which could adversely affect our business, financial condition and results of operations. We may also issue equity to our business partners from time to time, which would have a dilutive effect. In addition, if the resulting business from such a transaction fails to meet our expectations, our business, financial condition and results of operations may be adversely affected, or we may be exposed to unknown risks or liabilities. Further, the purchase price for some acquisitions or joint ventures interests may include additional amounts to be paid in cash in the future, a portion of which may be contingent on the achievement of certain future operating results of the acquired business. If the performance of any such acquired business or joint venture exceeds such operating results, then we may incur additional charges and be required to pay additional amounts. Our failure to successfully utilize any acquired assets, complete the integration of any acquired business, including retention of key employees, clients and strategic partners, achieve the long-term plan for such assets or businesses, as well as any other adverse consequences associated with our acquisition and investment activities, could have an adverse effect on our business. Any acquisition may also disrupt our ongoing business, divert resources, increase our expenses and distract our management from our ongoing operations. Finally, certain of our acquisitions, joint ventures and strategic investments are subject to foreign regulatory approvals. Our acquisition activity may therefore increase the likelihood that we become subject to regulatory investigations or inquiries, and we may become subject to related penalties or fines.

***If we are unable to attract, retain and engage employees, we may not be able to compete effectively and will not be able to expand our business.***

Our success and ability to grow is dependent, in part, on our ability to hire, retain and engage sufficient numbers of talented people, with the increasingly diverse skills needed to serve clients and expand our business, in many locations around the world. Competition for highly qualified, specialized technical, managerial and particularly consulting personnel is intense. Our Chief Executive Officer, James Peck, and other members of our management team are important to the success of our operations. All of these key employees are at-will employees and can terminate their employment with us at any time. The loss of any of these key members of our management team could impede our achievement of our strategic goals.

Changes to U.S. or other countries' immigration policies that restrain the flow of professional talent may also inhibit our ability to staff our offices or projects. Recruiting, training and retention costs and benefits place significant demands on our resources. The inability to attract qualified employees in sufficient numbers to meet particular demands or the loss of a significant number of our employees could have an adverse effect on our business and prospects, including our ability to execute on growth initiatives as well as obtain and successfully complete important client engagements and partnerships and thus maintain or increase our revenues. If we hire

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employees from competitors or other companies, their former employers may attempt to assert that these employees or we have breached legal obligations, resulting in a diversion of our time and resources. In addition, job candidates and existing employees often consider the value of the share awards they receive in connection with their employment. If the perceived value of our share awards declines, it may adversely affect our ability to recruit and retain highly skilled employees.

Further, we are subject to the requirements of foreign work councils, due to the global nature of our work force. Compliance with work council requirements may impede our ability to make changes to our human capital strategy or make decisions related to employees and about employee relations in a timely manner, which may adversely affect our ability to successfully recruit, train, motivate and retain employees. If we cannot successfully recruit, train, motivate and retain qualified employees, develop and maintain a diverse, equitable, inclusive and safe work environment, or replace key employees following their departure, our reputation and brand may be negatively impacted and our ability to develop and manage our business will be impaired.

***Inadequacy of our insurance coverage or an inability to procure contractually required coverage could adversely affect our business.***

We currently maintain insurance policies for workers' compensation, general liability, cybersecurity and other insurance coverage. These policies provide for a variety of coverage and are subject to various limitations, exclusions and deductibles. Insurance may not continue to be readily available in the form or amounts we have been able to obtain in the past or our insurance premiums may materially increase in the future because of conditions in the insurance business or in the consumer intelligence industry. Although we believe we have adequate insurance coverage at this time, claims in excess of, or not included within, our coverage may be asserted. The long-term liquidity of our insurance carriers may be uncertain with regard to potential claims that may have significantly long statutes of limitations. We are also self-insured for medical benefits provided to our employees. While we believe we can adequately fund our self-insurance obligations, a significant increase in claims and/or costs could require us to arrange for financing for payment of those claims, which could adversely affect our business, results of operations and financial condition.

***Natural disasters, geo-political events and other highly disruptive events could materially and adversely affect our business, financial condition and results of operations.***

The occurrence of one or more natural disasters, such as fires, hurricanes, tornados, tsunamis, floods and earthquakes, geo-political events, such as protests, civil unrest or terrorist or military activities disrupting transportation, communication or utility systems or other highly disruptive events, such as nuclear accidents, public health epidemics or pandemics, unusual weather conditions or cyberattacks, could adversely affect our business, results of operations and financial condition. Such events could result in physical damage to or destruction or disruption of one or more of our properties, our leased data centers or properties used by third parties in connection with the supply of products or services to us, the lack of an adequate workforce in parts or all of our operations, supply chain disruptions, data, utility and communications disruptions, disruptions in commercial activities, and the inability to operate our business. In addition, these events could cause a temporary reduction in sales or the ability to run our business or could indirectly result in increases in the costs of our insurance if they result in significant loss of property or other insurable damage. The uncertain nature, magnitude and duration of hostilities stemming from Russia's military invasion of Ukraine and the conflict between Israel and Hamas and between Israel and Iran, including the potential effects of sanctions and retaliatory cyberattacks on the world economy and markets, have contributed to increased market volatility and uncertainty. Such geo-political risks could have an adverse impact on macroeconomic factors. These factors could also cause consumer confidence and spending to decrease or result in increased volatility in the global financial markets and economies. Any of these developments could have a material and adverse effect on our business, financial condition and results of operations.

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***We may encounter difficulties managing our real estate costs, which could adversely affect our results of operations.***

As we continue to expand our business, our current offices and other facilities may not be adequate and may need to be expanded or reduced. For example, we may be required to enter leases for additional facilities or commit to significant investments in the build out of current or new facilities, or we may need to renegotiate or terminate leases to reflect changes in our business or adjusting to a more remote workforce. If we are unable to effectively forecast our facilities needs or if we are unable to sublease or terminate leases for unused space, we may experience increased and unexpected costs.

***Because we generally recognize revenue ratably over the term of each subscription agreement, downturns or upturns in our sales may not be immediately reflected in our financial condition and results of operations.***

Revenues derived from our Intelligence services are generally recognized over the period during which the performance obligations are satisfied. Consequently, while a decline in new sales or renewals in any one period may not be reflected in our revenue for that period, a decline may negatively affect our revenue in future periods. Accordingly, the effect of significant downturns in sales and market acceptance of our Intelligence services and potential changes in our rate of renewals may not be fully reflected in our results of operations until future periods. Our model also makes it difficult for us to rapidly increase our Intelligence service revenue through additional sales in any period, as revenue from new clients generally is recognized over the term of the applicable agreement.

***If we fail to maintain and enhance our brand, our ability to expand our client base may be impaired and our business, financial condition and results of operations may suffer.***

We believe that maintaining and enhancing our brand is important to support the marketing and sale of our existing and future products to new clients and expand sales of our products and services to existing clients. We also believe that the importance of brand recognition will increase as competition in our market increases. Successfully maintaining and enhancing our brand will depend largely on the effectiveness of our marketing efforts, our ability to provide reliable products that continue to meet the needs of our clients at competitive prices, our ability to maintain our clients' trust, our ability to continue to develop new functionality and use cases, and our ability to successfully differentiate our products and service capabilities from competitive products and service offerings. Our brand promotion activities may not generate client awareness or yield increased revenue and, even if they do, any increased revenue may not offset the expenses we incur in building our brand. If we fail to successfully promote and maintain our brand, our business, financial condition and results of operations may be adversely affected.

**Risks Related to IT Systems and Data** 

***We rely on complex information systems, and if our information systems fail to perform adequately or if we experience an interruption in our operations, including a breach in cybersecurity, our business, financial condition and results of operations could be materially adversely affected.***

Due to the global nature of our business and our reliance on information systems to provide our services, we intend to increase our use of cloud-based platforms and other integrated information systems in delivering our products and services. As the breadth and complexity of our information systems continue to grow, we will increasingly be exposed to the risks inherent in the development, integration and ongoing operation of evolving information systems, including disruption, impairment or failure of cloud-based platforms, data centers, telecommunications facilities or other key infrastructure and excessive costs, excessive delays or other deficiencies in systems development and deployment.

Our success depends on the efficient and uninterrupted operation of our information systems, and those of our third-party service providers, and our data gathering procedures. A failure of our network or data gathering

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procedures could impede the processing of data, delivery of databases and services, client orders and day-to-day management of our business and could result in the corruption or loss of data, and the potential associated regulatory risks from such corruption or loss of data (as described below). Despite any precautions we may take, damage from fire, floods, hurricanes, power loss, telecommunications failures, computer viruses, break-ins and similar events at our various computer facilities or those of our third-party service providers, or delays in our data gathering or panel maintenance operations due to weather events, including those related to climate change, pandemics or other acts of nature, could result in interruptions in the flow of data to our servers and to our clients. In addition, any failure in our computer environment, or that of our third-party service providers, to provide our required data communications capacity could result in interruptions in our service. In the event of a delay in the delivery of data by our third-party service providers, we could be required to transfer our data collection operations to an alternative provider. Such a transfer could result in significant delays in our ability to deliver our products and services to our clients and could be costly to implement. Additionally, significant delays in the planned delivery of system enhancements and improvements, or inadequate performance of the systems once such enhancements or improvements are completed, could damage our reputation and harm our business.

***Security breaches, improper access to or disclosure of our data or our clients' data, or other cyber incidents could result in liability, cause harm to our reputation and business, or subject us to regulatory penalties.***

In the ordinary course of our business, we rely extensively on our people, technology and business operations as well as trusted strategic partners and vendors to provide us with access to data and technology as well as related professional services. We collect, receive, access, use, process, maintain, store, handle, disclose, transfer, dispose of and transmit ("Process") large volumes of proprietary information and data that may contain personal, sensitive and other confidential information of our clients, employees, consumers, suppliers and other third parties. This data may include our own or a client's intellectual property, financial information and business operations data. We also use several third-party service providers, including cloud providers, to Process personal, sensitive and other confidential data. Because we do not control our third-party service providers, our ability to monitor the data security of such third parties may be very limited such that we cannot ensure the integrity or security of measures they take to protect and prevent the loss of our data. If our third-party service providers fail to protect their information technology systems and our confidential and proprietary information, we may be vulnerable to disruptions in service and unauthorized access to our confidential or proprietary information and we could incur liability and reputational damage.

There are growing risks related to the security, confidentiality and integrity of personal, sensitive and other confidential information stored and transmitted electronically due to increasingly diverse and sophisticated threats to networks, systems and data security. While we have implemented security measures, our information technology systems, as well as those of our vendors, contractors, and other third-party partners who Process information on our behalf or have access to our systems, are susceptible to security incidents, disruptions, cyberattacks, ransomware, electronic or physical break-ins, viruses, phishing attacks and other forms of social engineering, denial-of-service attacks, third-party or employee theft or misuse and other negligent actions. Cyberattacks against companies like ours have increased in frequency and potential harm over time, and can originate from a wide variety of sources, including criminal hackers, hacktivists, nation state or state-sponsored actors, employee malfeasance and human or technological error. Furthermore, the methods used in such attacks constantly evolve, making it increasingly difficult to anticipate, prevent, and/or detect incidents successfully in every instance. While we seek to protect our information technology systems from system failures, accidents, security breaches and other cyber incidents, we have in the past and may in the future experience security incidents which could result in a disruption of our business operations. Further, we may not be able to detect or prevent any such incidents, and our remediation efforts may not be successful. We expend significant resources in an effort to protect against security incidents and may be required or choose to spend additional resources or modify our business activities, particularly where required by applicable data privacy and security laws or regulations or industry standards.

Any potential security breach of our systems, or those of our third-party service providers, could result in unauthorized access, use, modification, disclosure, loss or theft of personal, sensitive or confidential data, including

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our intellectual property, or unauthorized access to, disruption of, or interference with our operations that rely on information systems. If a security breach or other incident were to result in unauthorized access to or use of personal, sensitive or other regulated information, it may be necessary to notify individuals, governmental authorities, supervisory bodies and other parties pursuant to applicable data privacy and security laws or regulations.

Any perceived or actual security breach, cyberattack or other cyber incident affecting us or our third-party service providers, including those that result in unauthorized Processing of personal, sensitive or other confidential information or other breach or theft of the information we control, could create issues under our customer contracts, harm our reputation, impair our ability to attract clients and to recruit panelists and survey respondents, result in substantial investigation and remediation costs, subject us to claims or litigation (including class claims), regulatory enforcement, liability under data privacy and security laws or regulations, and additional reporting or notification requirements, result in higher insurance premiums and materially adversely affect our business, financial condition and results of operations.

**Risks Related to Legal and Regulatory Matters** 

***Disputes and other legal or regulatory proceedings could adversely affect our financial results.***

From time to time, we may become involved in litigation, other disputes or regulatory proceedings in connection with or incidental to our business, including litigation related to wage and hour claims, other employment claims, intellectual property, regulatory matters, contract, advertising, product-related and other consumer claims. For example, in October 2024, we filed a breach of contract claim against Circana related to misuse and misappropriation of our protected trade secrets. In June 2025, Nielsen Media brought a claim against us relating to the parties' master services agreement and course of dealings. If these or other litigation matters, disputes or proceeding are not resolved in our favor, our business may be negatively impacted. In general, claims made by us or against us in litigation, disputes or other proceedings can be expensive and time-consuming to bring or defend against and could result in settlements, injunctions or damages that could significantly affect our business. It is not possible to predict the final resolution of the litigation, disputes or proceedings to which we currently are or may in the future become party to. Regardless of the final resolution, such proceedings may have an adverse effect on our reputation, brand, financial condition and business, including by utilizing our resources and potentially diverting the attention of our management from the operation of our business.

***Any perceived or actual failure to comply with data privacy and security laws and regulations could adversely affect our operating results and business.***

Our business involves the Processing of large volumes of proprietary information and data, including personal information. We are subject to a growing number of federal, state and international data privacy and security laws and regulations, data breach notification laws and consumer protection laws that govern the Processing and protection of personal information.

In the United States, the U.S. Federal Trade Commission (the "FTC") and many state attorneys general are interpreting federal and state consumer protection laws to impose standards for the online Processing and security of data. Such standards require us to publish statements that describe how we handle personal information and choices individuals may have about the way we handle their personal information. If such information that we publish is considered untrue or inaccurate, we may be subject to government claims of unfair or deceptive trade practices, which could lead to significant liabilities and consequences. Moreover, according to the FTC, violating consumers' privacy rights or failing to take appropriate steps to keep consumers' personal data secure may constitute unfair acts or practices in or affecting commerce in violation of Section 5(a) of the Federal Trade Commission Act. State consumer protection laws provide similar causes of action for unfair or deceptive practices.

In addition, all fifty U.S. states, the District of Columbia and several U.S. territories have adopted data breach notification laws that require notice to be given to affected individuals, regulators, credit reporting agencies and/

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or others when certain types of data have been compromised as the result of a security breach or incident. In the event of such a security breach, our compliance with these laws may subject us to costs associated with investigation, notice and remediation, as well as potential litigation or investigations and enforcement actions from applicable regulatory authorities. We may also become liable for damages under our contracts and under applicable law and incur penalties and other costs. Depending on the facts and circumstances, any damages, penalties, fines and costs could be significant. In addition, such data breach notification laws may be inconsistent and compliance with laws across different states in the event of a widespread incident could be costly.

Further, in January 2020 the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act (together, the "CCPA") went into effect and imposed new and more stringent requirements regarding the Processing of personal data of California residents. The CCPA broadly defines personal information, gives California residents certain privacy rights in the collection and disclosure of their personal information and requires businesses to make certain disclosures, limit their use of personal information, and take certain other acts in furtherance of those rights. The CCPA also establishes a regulatory agency dedicated to enforcing those requirements. Failure to comply with the CCPA could result in, among other things, penalties of up to $7,500 per violation. The CCPA also provides individuals with a limited private right of action in the case of certain breaches of personal data. A number of other states have enacted comprehensive privacy legislation intended to provide consumers with greater transparency and control over their personal information, many of which will go into effect over the course of 2025 and 2026. The evolving patchwork of differing state and federal privacy and data security laws and regulations increases the cost and complexity of operating our business and increases our exposure to liability.

In the European Union (the "EU"), our operations are subject to the General Data Protection Regulation (EU) 2016/679 ("GDPR"), as well as local laws (including, where applicable, the Irish Data Protection Acts 1988-2018), and in the United Kingdom (the "UK"), our operations are subject to the UK Data Protection Act 2018 and the UK GDPR (as defined in the Data Protection Act 2018, as amended by the Data Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019). These laws establish robust data protection and privacy standards, and grant EU and UK citizens various rights in relation to their personal data, including the right to access their personal data that is held by a company, by way of a data subject access request. These laws impose operational, data processing, and other technical and organizational requirements with which we must comply. These requirements include having appropriate measures in place to ensure that EU and UK citizens can properly exercise their data subject rights, and also ensure that adequate safeguards are in place when transferring personal data internationally, both intragroup and to third parties (for example, by implementing standard contractual clauses), and they are subject to change as a consequence of regulatory and judicial decisions. For instance, in July 2020 the Court of Justice of the European Union interpreted the GDPR as requiring that entities sending personal data out of the EEA perform a case-by-case assessment where EU Standard Contractual Clauses or other appropriate safeguards are being relied upon for such transfer as to whether the laws of the receiving country provide adequate protection in comparison to EEA laws, which has led to an increase in compliance costs. The legal implications of this ruling are still being contested and are likely to be subject to further judicial scrutiny, which may ultimately further increase compliance costs and/or reduce the ability to send personal data outside of the EEA and/or UK. Regulators have significant enforcement powers in relation to breaches of the GDPR and UK GDPR, including the ability to impose penalties of up to the higher of 4% of total annual worldwide turnover or €20 million for the GDPR (£17.5 million for the UK GDPR).

While the UK and EU data protection regimes are currently aligned following the UK's exit from the EU in 2020, the UK government in 2022 announced its intention to adopt a more flexible approach to the regulation of personal data in the UK by way of legislative reform. The draft Data (Use and Access) ("DUA") Bill was introduced into Parliament for discussion on October 23, 2024; however, the amendments contained therein are yet to be confirmed and may potentially result in divergence between the UK and EU data protection regimes. There therefore remains the potential of certain divergences between the EU and UK data protection regimes. There is also a continued risk of divergence in enforcement of these laws between the EU and UK in any event, as the UK regulator (the Information Commissioner's Office) is not bound to follow the rulings and actions of the EU data protection authorities.

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As a result of the GfK Combination, we acquired additional consumer and employee data, which we took measures to ensure was acquired, and could continue to be used, in compliance with applicable data privacy and security laws and regulations, as this data was incorporated into our internal data protection compliance processes. We also worked to align and integrate the data privacy and security laws and regulations compliance processes that we acquired with our existing processes for consistency and cohesion throughout the business. These remain considerations when acquiring and integrating any new business.

Although we strive to comply with applicable laws and regulations relating to data privacy and security, we cannot guarantee that we do, or will in the future, comply with all of the requirements of such laws and regulations. Requirements of data privacy and security laws and regulations are continuously evolving and may be modified, interpreted, and applied in an inconsistent manner from one jurisdiction to another and may conflict with one another or other legal obligations with which we must comply, which raises both costs of compliance and likelihood that we will fail to satisfy all of our legal requirements. Moreover, many of the laws and regulations in this area are relatively new and their interpretations are uncertain and subject to change. Combined with the frequency with which new data privacy and security laws are introduced globally, this means that we may be required to make changes to our operations or practices in an effort to comply with them. Changes in these laws and regulations (including newly released interpretations of these laws by courts and regulatory bodies) may limit our data Processing, increase our costs and reduce our net sales and may require increased expenditures by us or may dictate that we may not offer certain types of products or services. Monitoring, preparing for and complying with the array of data privacy and security legal regimes to which we are subject also requires us to devote significant resources, including, without limitation, financial and time-related resources. Any failure or perceived failure by us or our employees, representatives, contractors, consultants, collaborators, or other third parties to comply with such requirements or adequately address privacy and security concerns, even if unfounded, could result in significant consequences, including government investigations and/or enforcement actions (which could include substantial civil and/or criminal penalties), private litigation and adverse publicity and could negatively affect our business, financial condition and results of operations.

***As the use of "third-party cookies" or other tracking technology continues to be restricted or otherwise subject to unfavorable regulation, blocked or limited by technical changes on end users' devices, our and our clients' ability to use data on our platform is otherwise restricted, and our business could be materially impacted.***

Consumer data measurement relies on the use of cookies, pixels and other similar technology, including mobile device identifiers that are provided by mobile operating systems, which we refer to collectively as cookies, to collect data about interactions with users and devices. We utilize third-party cookies, which are cookies owned and used by parties other than the owners of the website visited by the Internet user. Our cookies are used to record information tied to a random unique identifier, including information such as when an Internet user views an ad, clicks on an ad or visits one of our clients' websites through a browser while the cookie is active. We use cookies to help us collect consumer data in order to provide business solutions for our clients. Additionally, our clients use cookies and other technologies to add information they have collected or acquired about users into our platform. Without such data, our clients may not have sufficient insight into an Internet user's activity, which may compromise their ability to determine certain business strategies and undermine the effectiveness of our platform.

Cookies may be deleted or blocked by Internet users who do not want information to be collected about them, and in some jurisdictions (such as the EU and UK) are subject to consent requirements where the cookies are not essential to the website function (such as analytics cookies), and such consent may not be provided by such Internet users. The most commonly used Internet browsers-Chrome, Firefox, Internet Explorer and Safari-allow Internet users to modify their browser settings to prevent cookies from being accepted by their browsers. Mobile devices allow users to opt out of the use of mobile device IDs for targeted advertising. Additionally, the Safari browser currently blocks some third-party cookies by default and has recently added controls that algorithmically block or limit some cookies. Other browsers have added similar controls. In addition, Internet users can delete cookies from their computers at any time. Some Internet users also download free or paid ad blocking software that not only prevents third-party cookies from being stored on a user's computer but also blocks all interaction

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with a third-party ad server. Google has introduced ad blocking software in its Chrome web browser that will block certain ads based on quality standards established under a multi-stakeholder coalition. Additionally, the Digital Advertising Alliance, the Network Advertising Initiative, their international counterparts, and our company have certain opt-out mechanisms for users to opt out of the collection of their information via cookies. If more Internet users adopt these settings or delete their cookies more frequently than they currently do, restrictions are imposed by advertisers and publishers, or there are changes in technology or new developments in laws, regulations or industry standards around cookies, our business could be harmed.

For in-app advertising, data regarding interactions between users and devices are tracked mostly through stable, pseudonymous mobile device identifiers that are built into the device operating system with privacy controls that allow users to express a preference with respect to data collection for advertising, including to disable the identifier. These identifiers and privacy controls are defined by the developers of the mobile platforms and could be changed by the mobile platforms in a way that may negatively impact our business. Technical or policy changes, including regulation or industry self-regulation, could harm our growth in those channels.

Laws relating to use of cookies or other tracking technology are evolving differently in different jurisdictions. Federal, state and non-U.S. governmental authorities, as well as courts interpreting the laws, continue to evaluate the privacy implications of the use of third-party cookies and other methods of online tracking. The U.S., EU and other governments have enacted or are considering legislation that could significantly restrict the ability of companies and individuals to collect and store user information, such as by regulating the level of consumer notice and consent required before a company can employ cookies or other electronic tracking tools or the use of data gathered with such tools. As the collection and use of data for digital advertising has received ongoing media attention over the past several years, there has been an array of 'do-not-track' efforts, suggestions and technologies introduced to address these concerns, and comprehensive state privacy laws are beginning to incorporate the obligation to honor them. For example, in the United States, the CCPA grants California residents the right to opt-out of a company's sharing of personal data for advertising purposes in exchange for money or other valuable consideration and requires covered businesses to honor user-enabled browser signals from the Global Privacy Control, a setting that allows users to enable privacy preferences on web browsers. Additionally, some providers of consumer devices and web browsers have implemented, or announced plans to implement, means to make it easier for Internet users to prevent the placement of cookies or to block other tracking technologies, which could, if widely adopted, result in the use of third-party cookies and other methods of online tracking becoming significantly less effective.

In addition, in the EU, Directive 2002/58/EC (as amended by Directive 2009/136/EC), commonly referred to as the ePrivacy Directive, directs EU member states to ensure that accessing information on an Internet user's computer, such as through a cookie and other similar technologies, is allowed only if the Internet user has been informed about such access and given his or her consent. The ePrivacy Directive also contains provisions relating to direct marketing where the default is that consent must be obtained to send direct marketing by phone or email. The ePrivacy Directive is transposed into law in each EU member state so local transposition and enforcement can vary. In the UK, the ePrivacy Directive was transposed into UK law as the Privacy and Electronic Communications (EC Directive) Regulations 2023 (the "PECR") and imposes equivalent requirements on our UK operations. The European Commission's draft Regulation on Privacy and Electronic Communications may in due course replace the current ePrivacy Directive, and the UK DUA Bill may introduce certain changes to PECR. These regulatory developments may create additional risks for us or require us to update our existing compliance framework in the future.

Regulation of the use of cookies and other online tracking and advertising practices, or a loss in our ability to make effective use of products and services that employ such technologies, could increase our costs of operations, and limit our ability to track trends or optimize our services**,** and consequently, materially adversely affect our business, results of operations, financial condition, and cash flows. Additionally, under various data privacy and security laws and regulations and other obligations, we may be required to obtain certain consents to Process personal information. For example, some of our Processing practices may be challenged under

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wiretapping laws, if we obtain consumer information from third parties through various methods, including chatbot and session replay providers, or via third-party marketing pixels. Recently, these practices have been subject to increased challenges by class action plaintiffs, and our inability or failure to obtain consent for these practices could result in adverse consequences, including class action litigation and mass arbitration demands. Such a demand could allow for the recovery of statutory damages on a per violation basis, which could be significant depending on the volume of data and the number of violations.

***Our use of AI or other emerging technologies could adversely impact our business and financial results.***

We use AI models to develop our proprietary tools, including (i) Processing data from our data lake, (ii) the use of BASES Synthetic Personas to predict consumer receptiveness to new retail products, and (iii) our *Ask Arthur* feature, which uses generative AI to facilitate quick data access and decision making for our clients. We also utilize AI to create tools such as our AI-powered insight summaries and to enhance the accuracy of our data by increasing our data match rate. We expect to continue to use new and rapidly evolving technologies, including AI, to, among other things, develop new tools and products, and additional features in our existing products and services.

There are significant risks involved in the development, adoption, use, deployment and maintenance of AI, such as an increase in intellectual property infringement or misappropriation, data privacy and security, cybersecurity, confidentiality, and operational and technological risks. For example, for our products, we leverage advanced analytics and machine learning within Snowflake's platform. We are therefore dependent on Snowflake's secure data sharing for the quality of our data and AI outputs. In addition, the number of approaches to integrating and commercializing AI is large, and many of those approaches may not gain market acceptance or become obsolete. At this time, we are unable to predict which offerings will be successful, and, notwithstanding our investments, our products and services may become less marketable, competitive, or potentially obsolete if either our approach to integrating AI fails to gain market acceptance or our approach to protecting our data and intellectual property is inadequate. Any of these factors could materially and adversely affect our business, financial condition or results of operations.

Use of AI also poses risks associated with harmful content, accuracy, bias and discrimination, any of which could affect our further development, adoption, use, deployment and maintenance of AI, and may cause us to incur additional research and development costs to resolve any issues arising from such risks. In addition to the foregoing risks, the introduction of AI technologies into new or existing products and services may result in new or enhanced governmental or regulatory scrutiny, litigation, ethical concerns or other complications that could adversely affect our business, reputation or financial results.

Legal and regulatory frameworks related to the use of AI are rapidly evolving, as regulation of the use of AI continues to be considered and adopted by various U.S. and international governmental and regulatory entities, including the European Union ("EU"), the Securities and Exchange Commission and the Federal Trade Commission ("FTC"). Several jurisdictions have also passed, or are considering, new laws and regulations relating to the use of AI. For example, in 2024, the EU adopted the EU AI Act and Colorado adopted the Consumer Protections for Artificial Intelligence Act. The EU AI Act will impose material requirements on both the providers and deployers of AI technologies, with infringement punishable by sanctions of up to 7% of annual worldwide turnover or EUR 35 million (whichever is higher) for the most serious breaches. The future impact on us of these or other new laws or regulations is uncertain. Any failure or perceived failure by us to comply with current, new and proposed AI-related laws and regulations could result in fines and negative publicity, which could result in reputational harm and damage to our business. We may not be able to adequately anticipate or respond to new laws and regulations, and we may need to expend additional resources to adjust our offerings in certain jurisdictions if applicable legal frameworks are inconsistent across jurisdictions. The cost to comply with such laws or regulations could be significant and would increase our operating expenses, which could adversely affect our business, financial condition and results of operations.

Our reliance on the use of AI could also pose ethical concerns and lead to a lack of human oversight and control. If we enable or offer solutions that draw controversy, or these new offerings do not work as we describe them,

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we may experience brand or reputational harm, competitive harm or legal liability. Further, generative AI, including our *Ask Arthur* feature, may create content that appears correct but is factually inaccurate, incomplete, insufficient, biased or otherwise flawed or contains copyrighted or other protected material, which may not be easily detectable. To the extent we or our clients rely on such results, we could incur operational inefficiencies, competitive harm, brand or reputational harm, or other adverse impacts on our business and results of operations. Additionally, if any of our employees, contractors, vendors or service providers use any third-party AI-powered software in connection with our business or the services they provide to us, it may lead to the inadvertent disclosure of our personal, sensitive, or other confidential information into publicly available third-party training sets, which may impact our ability to realize the benefit of, or adequately maintain, protect and enforce our intellectual property or our personal, sensitive, or other confidential information, harming our competitive position and business. The rapid evolution of the use of AI requires and will continue to require resources to develop, test and maintain our products and services to help ensure that AI is implemented appropriately in order to minimize unintended and harmful impacts.

It is not possible to predict all of the risks related to the use of AI, and changes in laws, rules, directives and regulations governing AI may adversely affect our development, adoption, use, deployment and maintenance of AI or subject us to legal liability, regulatory action or brand and reputational harm.

***Due to the global nature of our business, we may be exposed to liabilities under anti-corruption laws, including the United States Foreign Corrupt Practices Act, the United Kingdom Bribery Act, the Irish Criminal Justice (Corruption Offences) Act 2018 and various international anti-corruption laws, and any allegation or determination that we violated these laws could have a material adverse effect on our business.***

We are required to comply with the FCPA, the UK Bribery Act and other international anti-corruption laws, which prohibit companies from engaging in bribery including corruptly or improperly offering, promising, or providing money or anything else of value to non-U.S. officials and certain other recipients. In addition, the FCPA imposes certain books, records, and accounting control obligations on public companies and other issuers. We operate in parts of the world in which corruption can be common and compliance with anti-bribery laws may conflict with local customs and practices. Our global operations face the risk of unauthorized payments or offers being made by employees, consultants, sales agents, and other business partners outside of our control or without our authorization. It is our policy to implement safeguards to prohibit these practices by our employees and business partners with respect to our operations. However, irrespective of these safeguards, or as a result of monitoring compliance with such safeguards, it is possible that we or certain other parties may discover or receive information at some point that certain employees, consultants, sales agents, or other business partners may have engaged in corrupt conduct for which we might be held responsible. Further, the EU Whistleblower Directive provides that matters may be reported directly to authorities for investigation rather than reported internally. Therefore, we may not become aware of potential violations until authorities initiate an investigation. Violations of the FCPA, the UK Bribery Act, the Irish Criminal Justice (Corruption Offences Act 2018) or other international anti-corruption laws may result in restatements of, or irregularities in, our financial statements as well as severe criminal or civil sanctions, and we may be subject to other liabilities, which could negatively affect our business, operating results and financial condition. In some cases, companies that violate the FCPA may be debarred by the United States government and/or lose their United States export privileges. Changes in anti-corruption laws or enforcement priorities could also result in increased compliance requirements and related costs which could adversely affect our business, financial condition and results of operations. In addition, the United States or other governments may seek to hold us liable for successor liability FCPA violations or violations of other anti-corruption laws committed by companies in which we invest or that we acquired or will acquire. Our risks related to compliance with these laws and regulations will increase as we expand our operations into new regions.

***Our ESG commitments may impact our reputation, expose us to additional costs, or have other impacts which could adversely affect our business, financial condition, or results of operations.***

We have undertaken ESG initiatives and set goals to align our ESG approach with our business strategy. However, our clients might not be satisfied with our initiatives or goals. Failure to advance our initiatives or meet

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our goals could negatively impact our reputation, as well as the demand for our products. In addition, achieving our ESG initiatives may result in increased costs, which could have a material adverse impact on our business, financial condition, or results of operations.

Further, there has been an increased focus from regulators, investors, clients, and other stakeholders relating to ESG practices and disclosures, and we are subject to evolving ESG rules and regulations. In recent years there has been increased pressure from governmental and non–governmental organizations to expand disclosures related to the physical and transition risks related to climate change or to establish sustainability goals, such as the reduction of greenhouse gas emissions. For example, on March 6, 2024, the SEC adopted its final rule, "The Enhancement and Standardization of Climate-Related Disclosures for Investors," which sets forth certain prescriptive rules that would significantly increase our reporting obligations and cost of compliance. Subsequently, in April 2024, the SEC issued an order staying implementation of the rule pending the resolution of certain challenges, and it is unclear whether the final rule will be implemented in whole, in part or at all. On January 5, 2023, the European Commission's Corporate Sustainability Reporting Directive ("CSRD") came into effect and was transposed into Irish law in July 2024. CSRD will result in various sustainability reporting requirements impacting us and our global operations from 2027 (with first reporting disclosures being made in 2028). The CSRD expands the number of companies required to publicly report ESG-related information, defines the ESG-related information that companies are required to disclose in accordance with European Sustainability Reporting Standards ("ESRS") and imposes additional assurance obligations with respect to such disclosures. While CSRD rules are prescriptive for the types of data to be reported, the standards to quantify and qualify such data are still developing, uncertain and may impose increased costs on us related to complying with our reporting obligations and increase risks of non-compliance with ESRS and the CSRD.

Our legal, accounting, and other compliance expenses may increase significantly, and compliance efforts may divert management time and attention as we prepare for compliance with CSRD and other ESG-related disclosure requirements. If we do not comply with CSRD and other ESG-related disclosure requirements, we could become subject to penalties, reputational damage, and other substantial costs, each of which could adversely affect our business, results of operations or financial condition.

***Changes in tax laws, the impact of taxes on our business, including intercompany transfers and transactions, and challenges by taxing authorities with respect to our tax reporting, may adversely affect our financial results and increase our tax expense.***

We operate in over 90 countries, and changes in tax laws, international tax treaties, multi-lateral instruments, regulations, related interpretations and tax accounting standards in the United States and other countries in which we operate may adversely affect our financial results, particularly our income tax expense, liabilities and cash flow. Our effective tax rate could also be affected by changes in our business (including acquisitions or dispositions), intercompany transactions, the applicability of special tax regimes and the relative amount of foreign earnings in jurisdictions with high statutory tax rates or where losses are incurred for which we are not able to realize tax benefits. In addition, although we believe that our transfer pricing policies comply with applicable law, tax authorities in the jurisdictions in which we operate could in the future challenge our transfer pricing policies with respect to our intragroup transactions and arrangements resulting in unexpected income tax adjustments.

On December 20, 2021, the Organisation for Economic Cooperation and Development (the "OECD") published the Global Anti-Base Erosion Model Rules which are aimed at ensuring that Multinational Enterprises ("MNEs") are subject to a global minimum effective tax rate of 15% in each jurisdiction in which they operate. A directive to implement the rules on minimum effective taxation in the EU (the "Pillar 2 Directive") was adopted by the Council of the EU on 15 December 2022. The Pillar 2 Directive was required to be transposed by all EU Member States by 31 December 2023. The implementing Irish legislation is set down in Part 4A of the Taxes Consolidation Act 1997 and applies for accounting periods commencing on or after 31 December 2023. The Company is actively monitoring developments in this area and continues to evaluate the guidance and the

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potential impacts this may have on its global effective tax rate, results of operations, cash flows, and financial condition.

Our dividends, royalties and other transactions between group entities may be subject to withholding or other taxes. These taxes can reduce the amount of cash available to us for use in our operations, debt repayment, capital expenditures, and shareholder returns. Changes in tax laws or regulations in the jurisdictions where we operate could increase the amount of withholding or other taxes we are required to pay, which could adversely affect our financial condition and results of operations. Additionally, if we are unable to repatriate cash in a tax-efficient manner, it could limit our ability to deploy capital and impact our overall liquidity.

Finally, governments are resorting to more aggressive tax audit tactics and are increasingly considering changes to tax law regimes or policies. We are subject to direct and indirect taxes in numerous jurisdictions, and the amount of tax we pay is subject to our interpretation of applicable tax laws in the jurisdictions in which we file. We have taken and will continue to take tax positions based on our interpretation of tax laws, but tax accounting often involves complex matters and judgment. Although we believe that we have complied with all applicable tax laws, we have been and expect to continue to be subject to ongoing tax audits in various jurisdictions, and tax authorities have disagreed, and may in the future disagree, with some of our interpretations of applicable tax law. For example, we have ongoing tax audits in various jurisdictions including Canada, Indonesia and China. We regularly assess the likely outcomes of these and other audits to determine the appropriateness of our tax provisions. However, our judgment may not be sustained on completion of these audits, and the amounts ultimately paid could be different from the amounts previously recorded, which could have a material adverse effect on our business, results of operations and financial condition.

***Future legislation, regulations or policy changes under the current U.S. administration and Congress could have a material effect on our business, results of operations and financial condition.***

Future legislation, regulatory changes or policy shifts under the current U.S. administration and Congress, could impact our business. Trade issues between the United States and several countries, including existing trade tensions, or actual or potential increased tariffs involving, China, Canada, Mexico, EU, UK, or other countries, can provide a challenging landscape and marketplace uncertainty to us and our clients.

Other possible U.S. legislation and regulation that could have an impact on us include comprehensive state and federal privacy legislation and regulation and AI policy.

Some policy issues, such as tax, privacy and trade, will be risks that span the globe. At this time, we cannot predict the scope or nature of these changes or assess what the overall effect of such potential changes could be on our business, results of operations or financial condition.

***We identified material weaknesses in our internal control over financial reporting. In addition, we will be exposed to risks relating to evaluations of controls required by Section 404 of the Sarbanes-Oxley Act. If we are unable to remediate our material weaknesses, or if we identify additional material weaknesses in the future or otherwise fail to maintain effective internal control over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business and share price.***

Prior to this offering, we have been a private company with limited accounting personnel and other resources with which to address our internal control over financial reporting. Although we are not yet subject to the certification or attestation requirements of the Sarbanes-Oxley Act in connection with the preparation of our consolidated financial statements included elsewhere in this prospectus, we and our independent registered public accounting firm identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not

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be prevented or detected on a timely basis. Management identified a deficiency related to the valuation of cooperation arrangements, which has been subsequently remediated. Management also identified a deficiency in the design and operation of internal controls over financial reporting related to certain aspects of the application of purchase accounting for acquisitions. Specifically, internal controls were not designed and maintained effectively with regard to: (i) the allocation of goodwill and certain identifiable assets to foreign subsidiaries, which has an impact on currency translation or remeasurement of such balances stated in the consolidated financial statements, and (ii) conforming of GAAP and accounting policies of acquired entities to that of the Company.

We are in the process of, and we are focused on, designing and implementing effective measures to remediate this material weakness. The design and implementation efforts focus on controls to address the financial reporting risks over the accounting and related integration for acquisitions, including controls over the preparation and review of the financial data integration into the consolidated financial statements and ongoing recording of the financial statement results of acquired businesses. While we believe these efforts will improve our internal controls and address the underlying causes of the material weakness, such material weakness will not be remediated until our remediation plan has been fully implemented and we have concluded that our controls are operating effectively for a sufficient period of time. The measures we have implemented and the measures that we are continuing to implement, may not be sufficient to remediate the material weakness on a timely basis, or at all. In addition, we or our independent registered public accounting firm may identify additional material weaknesses in the future. While we are working to remediate this material weakness as timely and efficiently as possible, at this time we cannot provide an estimate of costs expected to be incurred in connection with the implementation of this remediation plan, nor can we provide an estimate of the time it will take to complete this remediation plan.

Effective internal control over financial reporting is necessary for us to provide reliable and timely financial reports and, together with adequate disclosure controls and procedures which are designed to reasonably detect and prevent fraud. Any failure to remediate any material weakness or to implement and maintain effective internal control over financial reporting could adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting.

Ineffective disclosure controls and procedures, and material weaknesses in internal control over financial reporting, could result in errors in our consolidated financial statements that could result in a restatement of our financial statements, cause us to incur significant expense, cause us to fail to meet our periodic reporting obligations on a timely basis or subject us to investigations or sanctions by regulatory authorities. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the New York Stock Exchange.

We are also in the process of evaluating our internal controls systems to allow management to report on, and our independent registered public accounting firm to audit, our internal controls over financial reporting. We will be performing the system and process evaluation and testing (and any necessary remediation) required to comply with the management certification and, if required, the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 ("Section 404"). We will be required to comply with Section 404 in full (including an auditor attestation on management's internal controls report) in our annual report on Form 10-K for the year following our first annual report required to be filed with the SEC (subject to any change in applicable SEC rules). Furthermore, upon completion of this process, we may identify control deficiencies of varying degrees of severity under applicable SEC and Public Company Accounting Oversight Board (United States) rules and regulations that remain unremediated. As a public company, we will be required to report, among other things, control deficiencies that constitute a material weakness or changes in internal controls that, or that are reasonably likely to, materially affect internal controls over financial reporting.

To comply with the requirements of being a public company, we have undertaken various actions, and may need to take additional actions, such as implementing and enhancing our internal controls and procedures and hiring

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additional accounting or internal audit staff. Testing and maintaining internal controls can divert our management's attention from other matters that are important to the operation of our business. Additionally, when evaluating our internal control over financial reporting, we may identify material weaknesses that we may not be able to remediate in time to meet the applicable deadline imposed upon us for compliance with the requirements of Section 404. If we identify any future material weaknesses in our internal control over financial reporting or are unable to comply with the requirements of Section 404 in a timely manner or assert that our internal control over financial reporting is effective, if we are required to make restatements of our consolidated financial statements, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting, investors may lose confidence in the accuracy, completeness or reliability of our financial reports and the trading price of our ordinary shares may be adversely affected, and we could become subject to sanctions or investigations by the New York Stock Exchange, the SEC or other regulatory authorities, which could require additional financial and management resources. In addition, if we fail to remedy our material weaknesses or if we identify any future material weakness, our consolidated financial statements could be inaccurate and we could face restricted access to the capital markets.

**Risks Related to Intellectual Property** 

***Third parties may claim that we are infringing, misappropriating or otherwise violating their intellectual property, and we could suffer significant litigation or licensing expenses, or be prevented from selling products or services, which may adversely impact our business, results of operations and financial condition.***

We cannot be certain that we do not and will not infringe, misappropriate or otherwise violate the intellectual property of others in operating our business. In the ordinary course of business, third parties may claim, with or without merit, that one or more of our products or services infringe, misappropriate or otherwise violate their intellectual property and may engage in legal proceedings against us. In some jurisdictions, plaintiffs can also seek injunctive relief that may limit the operation of our business or prevent the marketing and selling of our services that allegedly infringe, misappropriate or otherwise violate a plaintiff's intellectual property.

Certain agreements with our data sources or clients contain provisions where we indemnify, subject to certain limitations, the counterparty for damages suffered as a result of claims related to intellectual property infringement based on our data or technology. Infringement claims covered by such indemnity provisions could be expensive to litigate and may result in significant settlement payments. In certain businesses, we rely on third-party intellectual property licenses and, depending upon the outcome of any intellectual property dispute, we cannot ensure that these licenses will be available in the future on favorable terms or at all.

Any such claims of intellectual property infringement, misappropriation or other violation even those without merit, could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be expensive and time-consuming to defend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• result in us being required to pay possibly significant damages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause us to cease providing our products or services that allegedly infringe, misappropriate or otherwise violate
a third party's intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require us to redesign or rebrand all or a portion of our products and services, which could be costly,
time-consuming or impossible; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require us to enter into potentially costly royalty or licensing agreements in order to obtain the right to use a
third party's intellectual property, although royalty or licensing agreements may not be available to us on acceptable terms or at all.

We analyze and take action in response to such claims on a case-by-case basis. Any dispute or litigation regarding patents or other intellectual property could be costly and time-consuming due to the complexity of our

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business and technology and the uncertainty of intellectual property litigation and could divert our management and key personnel from our business operations.

If we do not resolve these claims in advance of a trial, there is no guarantee that we will be successful in court. An adverse judgment could subject us to significant damages or to an injunction against development and/or sale of certain of our products or services. We may also be required to pay damages to satisfy contractual obligations to others.

Any of the above could have a negative impact on our business, results of operations and financial condition.

***If we are unable to establish, maintain, protect or enforce our intellectual property, our business could be adversely affected.***

Our success depends in part on our ability to obtain, maintain, protect and enforce our intellectual property. We believe our proprietary technologies and intellectual property are important to our continued success and competitive position. To establish, maintain, protect and enforce our intellectual property, we rely generally rely on a combination of patent, copyright, trademark and trade secret laws of the United States and other countries, as well as certain contractual rights, such as confidentiality and invention assignment agreements with employees and third parties, and license and other agreements with consultants, vendors and clients.

These legal measures afford only limited protection and may not be adequate or sufficient protection to protect any of our intellectual property from being challenged, invalidated, circumvented, infringed, diluted or misappropriated. Although our employees, consultants, clients and collaborators all enter into confidentiality agreements and intellectual property assignment agreements as part of our form of global employment agreement, our trade secrets, data and know-how could be subject to unauthorized use, misappropriation or unauthorized disclosure.

Our business's success depends, in part, on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining patent protection for our technology and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enforcing and defending our patents, copyrights, trademarks, service marks and other intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preserving our trade secrets and maintaining the security of our know-how and data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating our business without infringing, misappropriating or otherwise violating intellectual property held by
third parties.

Our ability to establish, maintain and protect our intellectual property and proprietary rights against theft or infringement could be materially and adversely affected by insufficient and/or changing proprietary rights and intellectual property legal protections in some jurisdictions and markets. Intellectual property law in several foreign jurisdictions is subject to considerable uncertainty. Our pending patent and trademark applications may not be allowed in certain jurisdictions, and inadequate intellectual property laws may limit our rights and ability to detect unauthorized uses or take appropriate, timely and effective steps to remedy unauthorized conduct and to protect or enforce our rights. Such limitations may allow our competitors to design around our intellectual property, and to independently develop non-infringing competing technologies, products or services similar or identical to those of us, thereby potentially eroding our competitive position, enabling competitors with a greater opportunity to capture market share, and consequently adversely impacting our business, results of operations and financial condition. The expiration of certain of our patents may also lead to increased competition. As such, our patents, copyrights, trademarks and other intellectual property may not adequately protect our rights, provide significant competitive advantages or prevent third parties from infringing or misappropriating our proprietary rights.

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The growing need for global data, along with increased competition and technological advances, puts increasing pressure on us to share our intellectual property for client applications with others. In this way, competitors may gain access to our intellectual property and proprietary information. Third parties that license our intellectual property and proprietary rights may take actions or create incidents that may diminish the value of our rights, harm our business, reduce revenue, increase expenses and/or harm our reputation.

To prevent or respond to unauthorized uses of our intellectual property, we may be required to enforce our intellectual property to protect our confidential and proprietary information by engaging in costly and time-consuming litigation or other proceedings that may be distracting to management, could result in the impairment or loss of portions of our intellectual property and may not result in us ultimately prevailing.

If we do not obtain sufficient protection for our intellectual property, or if we are unable to effectively enforce, protect or defend our intellectual property, our competitiveness could be impaired, which would limit our growth and future revenue. Any of the foregoing could have a material adverse effect on our business, financial condition and results of operations.

***We are dependent on our relationship with our former parent company for certain aspects of our business.***

We are reliant on Nielsen Holdings, our former parent company, for use of certain trademarks to conduct our business. We are party to a trademark license agreement with Nielsen Holdings, pursuant to which, Nielsen Holdings granted us an exclusive license to use certain trademarks and service marks, including "NielsenIQ" in connection with our core business and a non-exclusive license to use certain tradenames and service marks in connection with certain other fields. The trademark license agreement permits our former parent company to terminate the agreement if we are insolvent or if we assign our rights in violation of the agreement. The trademark license agreement expires at the end of its 20-year term in 2041. If the trademark license agreement is terminated or expires by its term, we may not be able to use certain of our former parent company trademarks in connection with our business. Further, we lack control over the direction and reputation of the licensed trademarks, which could impact our ability to realize the benefits of the trademark license agreement.

Further, we are currently and may in the future, be party to disputes with our former parent company. For example, third parties could also seek to hold us responsible for liabilities of our former parent's business, including tax liabilities. Nielsen Holdings has agreed to indemnify us for certain liabilities, but such indemnity may not be sufficient to protect us against the full amount of such liabilities, and Nielsen Holdings may not fully satisfy its indemnification obligations. Moreover, even if we ultimately succeed in recovering from Nielsen Holdings any amounts for which we are held liable, we may be temporarily required to bear these tax costs ourselves. Further, we have sought an injunction of Nielsen Media's sale of certain business units to our competitor, Circana. Any disputes between us and our former parent company could harm our reputation or impair our ability to conduct our business in specific fields, which could have a material adverse effect on our business, results of operations and financial condition.

***Our use of open-source software could limit our ability to sell our products and services, subject our code to public disclosure or require us to reengineer our products.***

We use open-source software in certain of our products and services, and it is also contained in some third-party software that we license. Use of and making available certain of our products and services that incorporate open-source software may entail certain risks, as open-source licensors generally do not provide support, warranties, indemnification or other contractual protections regarding infringement claims or the quality of the software. In addition, open-source projects may have security and other vulnerabilities and architectural instabilities or may be otherwise subject to security attacks due to their wide availability and are provided on an "as-is" basis. If we combine our proprietary software with open-source software in a certain manner, we could, under certain "copyleft" open-source licenses, be required to release the source code of our proprietary software under the

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terms of such an open-source software license, which could require us to offer our source code at little or no cost or grant other rights to our intellectual property. There are many types of open-source licenses, some of which have not been interpreted or adjudicated by U.S. or other courts and these licenses could be construed to impose unanticipated conditions or restrictions on our ability to commercialize our products. As such, our use of open-source software could subject us to significant legal expenses and damages and/or limit our ability to sell our products or services or subject our proprietary code to public disclosure if not properly managed. Remediation of such issues may involve licensing software on costly or unfavorable terms or reengineering our products, either of which could adversely affect our business, results of operations and financial condition.

**Risks Related to International Operations** 

***Our international operations are exposed to risks which could impede growth in the future.***

We continue to explore opportunities in major international markets around the world, including China, India and Brazil. International operations expose us to various additional risks, which could adversely affect our business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of customizing services for clients outside of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased promulgation of data privacy and security laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced protection for intellectual property in some jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties managing our workforce and complying with the requirements of work councils in foreign
jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in managing international operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• longer sales and payment cycles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposure to foreign currency exchange rate fluctuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposure to local economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on the repatriation of funds from foreign operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposure to local political conditions, including adverse tax and other government policies and positions, civil
unrest and seizure of assets by a foreign government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risks of an outbreak of war, the escalation of hostilities and acts of terrorism in the jurisdictions in
which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risks of epidemics, pandemics or other outbreaks of contagious diseases, such as Ebola, measles, avian flu,
severe acute respiratory syndrome (SARS), H1N1 (swine) flu, Zika virus and coronavirus (COVID-19);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the practical challenges and costs of complying, or monitoring compliance with trade sanctions laws administered
by the U.S., the UK, the UN, and the EU, and the requirements of the U.S. Foreign Corrupt Practices Act as well as other applicable anti-bribery and anti-corruption rules and requirements in all of the countries in which we operate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the challenges and costs of complying or monitoring compliance with a wide variety of foreign laws (some of which
are evolving or not well-developed), including laws, rules, and regulations relating to tax, the conduct of business, labor and employment, privacy, ESG reporting, and competition.

In countries where there is not a historical practice of using consumer behavior data, it may be difficult for us to maintain subscribers.

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***The ongoing conflict in Ukraine has impacted our operations in Russia, which could result in certain regulatory inquiries, litigation claims, and adversely affect our business, financial condition and results of operations.***

We are subject to laws and regulations imposed by the United States (including those imposed by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC")) and other authorities outside of the U.S. that may prohibit us or our affiliates from doing business in certain countries or territories or restrict the type of business that may be conducted by our affiliates. For example, OFAC, the European Union, and other governments throughout the world imposed broad economic sanctions and other restrictions against Russia and Russian interests and other authorities have taken actions in response to the Russia-Ukraine War that include the imposition of export controls and broad and dynamic financial and economic sanctions against Russia, Belarus and certain Russian-occupied regions of Ukraine. These actions could adversely affect our business, results of operations, or financial conditions. In response to these developments, we undertook changes in our operations in Russia. We deconsolidated our indirect Russia subsidiaries in 2024 and have undertaken measures designed to limit the provision of services or support to those Russian subsidiaries and the receiving or sending of any financial or other information to or from our Russian subsidiaries. Also, we have taken measures to stop the collection or sending of funds to or from Russia. While we continue to hold shares in our operational Russian subsidiaries, these entities are locally managed and act autonomously and are overseen solely by management within Russia without day-to-day or other supervision by us. We also do not have any non-Russian directors at the Russian subsidiary level and have ceased to exert any control over such operations or receive any financial or other benefit therefrom. Given the nature of this evolving conflict, changes in governmental restrictions and the needs of our global clients, there are unknown factors and events that could further impact our Russian operations. We continue to evaluate the impact of the ongoing Russia-Ukraine conflict and assess the impact on our business. However, we cannot predict the future impact of any heightened military conflict between Russia and Ukraine or geopolitical instability, including increased operating risks, additional sanctions or countersanctions, cyber disruptions or attacks, and potential negative reaction against our company by clients, employees, or other stakeholders due to our historical business presence in Russia. Additionally, clients who react negatively to our presence in Russia may choose to buy products from one of our competitors that does not have a business presence in Russia. Further economic sanctions may be imposed against Russia and Russian interests, and the Russian government may curtail or cease any cooperation with the United States. If this should happen, our activities in Russia, including activities of our Russian subsidiaries, could be negatively impacted, further scaled back or shut down entirely.

In addition, we have incurred, and may continue to incur, increased costs relating to the deconsolidation of our Russian operations. We may incur additional costs related to other aspects of our suspension of operations in Russia that we cannot predict. Our continuing activities in Russia and relating to Russian entities also subject us to risks associated with changes in and interpretations of Russian law such as changes in interpretation that could result in potential restrictions on the performance of services for companies to other countries. Additionally, foreign direct investment legislation is pending in Russia, which, if it were to become effective, could lead to the nationalization of our Russia subsidiaries. If such legislation does not become effective, we may be unable to fully remove our Russian subsidiaries from our organization. Although we have taken measures to comply with relevant laws and regulations governing our operations in Russia and Belarus, and measures to continually monitor developments in this space, any violation or alleged violation of these laws and regulations, or changes in laws or regulations that void our existing licenses to operate, could result in criminal or civil penalties, reputational damage, and other substantial costs or penalties, each of which could adversely affect our business, results of operations or financial condition.

***Export controls and economic and trade sanctions laws could impair our ability to compete in international markets and subject us to liability if we are not in full compliance with applicable laws.***

Our business activities include the collection of data from panelists and the provision of services to customers around the world, and such activities may be subject to various restrictions under U.S. export controls and

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economic and trade sanctions laws. If we fail to comply with these laws and regulations, we could be subject to civil or criminal penalties and reputational harm.

Although we take precautions to prevent the collection of data from panelists or other sources in embargoed countries and regions that may be subject to export controls and economic and trade sanctions under these laws and regulations, we have collected such data in the past, and we could collect such data in the future despite our precautions. We have implemented a number of screening and other measures designed to prevent such transactions with embargoed countries and other U.S. sanctions targets. Changes in the list of embargoed countries and regions or prohibited persons may require us to modify these procedures in order to comply with governmental regulations. Our failure to screen potential panelists, counterparties or other third parties properly could result in negative consequences to us, including government investigations, penalties and reputational harm, any of which could materially and adversely affect our business, results of operations and financial condition.

***We operate data centers in countries outside of the United States that could be adversely affected by changes in political or economic stability or by government policies.***

We operate data centers located in countries outside of the United States. Our foreign operations are subject to higher political and social instability than the United States and may lack the infrastructure to withstand political unrest, natural disasters or global pandemics. The political or regulatory climate in the United States, or elsewhere, also could change so that it would not be lawful or practical for us to use third-party operators with international operations in the manner in which we currently use them. If we could no longer operate our data centers in India or if we are required to transfer some or all of our data center operations to other geographic areas, we would incur significant transition costs as well as higher future overhead costs that could materially and adversely affect our results of operations.

***Currency exchange rate fluctuations may negatively impact our business, results of operations and financial condition.***

We operate globally, deriving approximately 75% of revenues for the year ended December 31, 2024 in currencies other than U.S. dollars, with approximately 23% of revenues deriving in Euros. Our U.S. operations earn revenues and incur expenses primarily in U.S. dollars, while our European operations earn revenues and incur expenses primarily in Euros. Outside the United States and Europe, we generate revenues and expenses predominantly in local currencies. Because of fluctuations (including possible devaluations) in currency exchange rates, we are subject to currency translation exposure on the revenues and profits of these operations, as well as on the value of balance sheet items (including cash) not denominated in U.S. dollars. In addition, we are subject to currency transaction exposure in those instances where transactions are not conducted in the relevant local currency. In certain instances, we may not be able to freely convert foreign currencies into U.S. dollars due to governmental limitations placed on such conversions, which could materially and adversely affect our business, results of operations and financial condition.

***Our results of operations and financial condition could be negatively impacted by our pension plans.***

We have several defined benefit pension plans around the world, including in the U.K. and Mexico. We are required to make cash contributions to our pension plans to the extent necessary to comply with minimum funding requirements imposed by the various countries' benefit and tax laws. The amount of any such required contributions will be determined annually based on an actuarial valuation of the plans as performed by the plans' actuaries.

During fiscal year 2024 we made cash contributions of approximately $14.2 million for our defined benefit pension plans. The amounts we may elect or be required to contribute to our pension plans in the future may increase significantly. These contributions could be substantial and would reduce the cash available for our business.

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The performance of the financial markets and interest rates impact our plan expenses, plan assets and funding obligations. Changes in market interest rates, decreases in our pension trust assets or investment losses could increase our funding obligations, which would negatively impact our results of operations and financial condition. In addition, some pension regulators routinely monitor significant corporate transactions by companies that sponsor defined benefit pension plans to ensure that the ongoing viability of such plans will not be impaired as a result of such transactions. As a result, we may be subject to potential pressure from pension regulators to accelerate contribution funding in light of the separation and distribution.

**Risks Related to our Capital Structure, Indebtedness and Capital Requirements** 

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

We have a significant amount of indebtedness, which, as of December 31, 2024, totaled approximately $4,182.4 million, including $3,786.7 million aggregate principal amount outstanding under our Term Loan Facilities and $364.0 million aggregate principal amount outstanding under our Revolving Credit Facility.

Our significant indebtedness, combined with our other financial obligations and contractual commitments, could have important consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring us to dedicate a significant portion of our cash flows from operations to payments on our indebtedness,
thereby reducing funds available for working capital, capital expenditures, acquisitions, selling and marketing efforts, product development and other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to adverse economic and industry conditions, which could place us at a competitive
disadvantage compared to our competitors that have relatively less indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for, or reacting to, changes in our business and the industries in which we
operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our exposure to rising interest rates because certain of our borrowings are at variable interest
rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restricting us from making strategic acquisitions or causing us to make non-strategic divestitures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to borrow additional funds in order to maintain required leverage ratios, or to dispose of
assets to raise funds, if needed, for working capital, capital expenditures, acquisitions, product development and other corporate purposes.

Although the terms of the agreements governing our indebtedness contain restrictions on the incurrence of additional indebtedness, such restrictions are subject to a number of important exceptions and indebtedness incurred in compliance with such restrictions could be substantial. If we and our restricted subsidiaries incur significant additional indebtedness, the related risks that we face could increase.

***Servicing our debt requires a significant amount of cash. Our ability to generate sufficient cash depends on numerous factors beyond our control, and we may be unable to generate sufficient cash flow to service our debt obligations.***

Our business may not generate sufficient cash flow from operating activities to service our debt obligations. Our ability to make payments on and to refinance our debt, and to fund planned capital expenditures depends on our ability to generate cash in the future. To some extent, this is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond our control.

If we are unable to generate sufficient cash flow from operations to service our debt and meet our other commitments, we may need to refinance all or a portion of our debt, sell material assets or operations, delay capital expenditures, or raise additional debt or equity capital. We may not be able to affect any of these actions

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on a timely basis, on commercially reasonable terms or at all, and these actions may not be sufficient to meet our capital requirements. In addition, the terms of our existing or future debt agreements may restrict us from pursuing any of these alternatives, which may adversely affect our business, financial condition and results of operations.

***The terms of our indebtedness restrict our current and future operations, particularly our ability to respond to change or to take certain actions.***

The agreements governing our outstanding indebtedness 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 interest, including, among other things, restrictions on our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness or grant liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer material intellectual property outside of the credit group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends and distributions on, or purchase, redeem, defease, or otherwise acquire or retire for value, our
capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make prepayments or repurchases of Restricted Debt (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• agree to restrictions on the payment of certain dividends or the creation of certain liens in support of the
Credit Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make investments, acquisitions, loans and advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in consolidations, amalgamations, mergers, liquidations, dissolutions, or dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• materially alter the conduct of the business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify the subordination terms of Restricted Debt.

These restrictions could impede our ability to operate our business by, among other things, limiting our ability to take advantage of financing, mergers and acquisitions and other corporate opportunities. See "Description of Indebtedness."

Various risks, uncertainties and events beyond our control could affect our ability to comply with these covenants and maintain these financial tests and ratios. A breach of such covenants could result in an event of default unless we obtain a waiver to avoid such default. If we are unable to obtain a waiver, such a default may allow our creditors to accelerate the related debt and may result in the acceleration of, or default under, any other debt to which a cross-acceleration or cross-default provision applies. In the event our lenders accelerate the repayment of our borrowings, we and our subsidiaries may not have sufficient assets to repay that indebtedness.

***Because our operations are conducted through our subsidiaries, we are dependent on the receipt of distributions and dividends or other payments from our subsidiaries for cash to fund our operations and expenses, including to make future dividend payments, if any.***

Our operations are conducted through our subsidiaries. As a result, our ability to make future dividend payments, if any, is dependent on the earnings of our subsidiaries and the payment of those earnings to us in the form of dividends, loans or advances and through repayment of loans or advances from us. Payments to us by our subsidiaries will be contingent upon our subsidiaries' earnings and other business considerations and may be subject to statutory or contractual restrictions. We do not currently expect to declare or pay dividends on our ordinary shares for the foreseeable future; however, to the extent that we determine in the future to pay dividends on our ordinary shares, the agreements governing our outstanding indebtedness significantly restrict the ability of our subsidiaries to pay dividends or otherwise transfer assets to us.

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***Despite our substantial debt, we may still be able to incur significantly more debt, which would increase the risks described herein. We may also require additional capital, which may not be available on acceptable terms, if at all, and may cause dilution to our existing shareholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.***

Despite our current indebtedness levels, we may increase our levels of debt in the future to finance our operations or in connection with acquisitions. The agreements relating to our indebtedness limit but do not prohibit our ability to incur additional debt. If we increase our total indebtedness, our debt service obligations will increase. As we increase our leverage, we will face greater risks associated with our substantial level of indebtedness as described above as we become more leveraged. As of December 31, 2024, we had approximately $274.3 million of undrawn capacity available under our Revolving Credit Facility, subject to certain conditions. We regularly consider market conditions and our ability to incur indebtedness to either refinance existing indebtedness or for working capital. Additional debt could heighten the risks we face.

If our cash flow from operations is less than we anticipate, if our cash requirements are more than we expect, or if we intend to finance acquisitions, we may require more financing. However, debt or equity financing may not be available to us on acceptable terms, if at all. If we incur additional debt or raise equity through the issuance of equity, the terms of the debt or capital shares issued may give the holders rights, preferences and privileges senior to those of holders of our ordinary shares, particularly in the event of liquidation. The terms of the debt may also impose additional and more stringent restrictions on our operations than we currently have. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted. If we are unable to raise additional capital when needed, our financial condition could be adversely affected. Unfavorable changes in the ratings that rating agencies assign to our debt may ultimately negatively impact our access to the debt capital markets and increase our borrowing costs.

**Risks Related to our Ordinary Shares and this Offering** 

***There is no existing market for our ordinary shares, and we do not know if one will develop to provide you with adequate liquidity. If our share price fluctuates after this offering, you could lose a significant part of your investment.***

Prior to this offering, there has not been a public market for our ordinary shares. We cannot predict the extent to which investor interest in us will lead to the development of a trading market on the New York Stock Exchange, or otherwise or how active and liquid that market may come to be. If an active trading market does not develop, you may have difficulty selling any of the ordinary shares that you buy.

Negotiations between us and the underwriters will determine the initial public offering price for our ordinary shares, which may not be indicative of prices that will prevail in the open market following this offering. Consequently, you may not be able to sell our ordinary shares at prices equal to or greater than the price you paid in this offering. The market price of our ordinary shares may be influenced by many factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variations in our operating results compared to market expectations or any guidance given by us, or changes in
our guidance or guidance practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the preferences of our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• low total comparable sales growth compared to market expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of securities analysts to cover us after this offering or changes in financial estimates by the
analysts who cover us, our competitors or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic, legal and regulatory factors unrelated to our performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased competition or stock price performance of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic decisions by us or our competitors, such as acquisitions, divestitures, spin-offs, joint ventures,
strategic investments or changes in business strategy;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated variations in our or our competitors' operating results, and our competitors'
growth rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future sales of our ordinary shares or the perception that such sales may occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in senior management or key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws or regulations, or new interpretations or applications of laws and regulations that are
applicable to our business; lawsuits, enforcement actions and other claims by third parties or governmental authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• action by institutional shareholders or other large shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events beyond our control, such as war, terrorist attacks, natural disasters, severe weather and widespread
illness, public health emergencies or pandemics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the other factors listed in this "Risk Factors" section.

As a result of these factors, investors in our ordinary shares may not be able to resell their shares at or above the initial offering price. In addition, our stock price may be volatile. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies like us. Accordingly, these broad market fluctuations, as well as general economic, political and market conditions, such as recessions or interest rate changes, may significantly reduce the market price of the ordinary shares, regardless of our operating performance. In the past, following periods of market volatility, shareholders have instituted securities class action litigation. If we were to become involved in securities litigation, it could result in substantial costs and divert resources and our management's attention from other business concerns, regardless of the outcome of such litigation.

***We may be subject to antitrust litigation or government investigation, which may result in an award of money damages or injunctive relief or force us to change the way we do business.***

In the past, certain of our business practices have been investigated by government antitrust or competition agencies, and we have been sued by private parties for alleged violations of the antitrust and competition laws of certain jurisdictions. We have changed certain of our business practices to reduce the likelihood of future litigation. Although each of these material prior legal actions have been resolved, there is a risk that we could, in the future, be the target of investigation by government entities or actions by private parties challenging the legality of our business practices. In addition, we are subject to allegations, claims and legal actions arising in the ordinary course of business. The outcome of many of these proceedings cannot be predicted. If any proceedings, inspections or investigations were to be determined adversely against us or result in legal actions, claims, regulatory proceedings, enforcement actions, or judgments, fines, or settlements involving a payment of material sums of money, or if injunctive relief were issued against us, we may be required to change the way we do business, and our business, results of operations and financial condition could be materially adversely affected. Even the successful defense of legal proceedings may cause us to incur substantial legal costs and may divert management's attention and resources.

***Because our Principal Shareholders own a significant percentage of our ordinary shares, they may control all major corporate decisions and their interests may conflict with your interests as an owner of our ordinary shares and our interests.***

We are controlled by our Principal Shareholders, who will own approximately 77.0% of our ordinary shares in the aggregate after the consummation of this offering. Accordingly, our Principal Shareholders currently control the election of our directors and could exercise a controlling interest over our business, affairs and policies, including the appointment of our management and the entering into of business combinations or dispositions and other corporate transactions. The directors our Principal Shareholders elect have the authority to incur additional debt, issue or repurchase shares, declare dividends and make other decisions that could be detrimental to

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shareholders. Even if our Principal Shareholders were to own or control less than a majority of our total outstanding ordinary shares, they will be able to influence the outcome of corporate actions so long as each owns a significant portion of our total outstanding ordinary shares.

Furthermore, in connection with this offering, we will enter into the Shareholders' Agreement with the Principal Shareholders. Pursuant to the Shareholders' Agreement, we will be required to take all necessary action to cause the Board of Directors and its committees to include one director candidate designated by each of KKR and NIM in the slate of director nominees recommended by the Board of Directors for election by our shareholders, so long as KKR or NIM, respectively, continue to hold at least 50% of the ordinary shares held by such shareholder as of immediately prior to this offering. The Shareholders' Agreement will also provide that KKR and NIM will have consent rights in connection with certain corporate transactions. As a result, KKR and NIM may be able to prevent us from certain actions and the interests of such Principal Shareholders may not be aligned with the Company's interests. See "Certain relationships and related party transactions—Shareholders' Agreement." In addition, certain of our directors are currently employees of the Principal Shareholders or their affiliates. As a matter of Irish law, the statutory and fiduciary duties of the Directors are owed to the Company and not to the Company's individual shareholders. However, the directors may have regard to the interests of a Principal Shareholder or its affiliates and those interests may conflict with the interests of the Company. The resolution of these conflicts may not always be in our or your best interest.

Our Principal Shareholders may have interests that are different from yours and may vote in a way with which you disagree and that may be adverse to your interests. In addition, our Principal Shareholders' concentration of ownership could have the effect of delaying or preventing a change in control or otherwise discouraging a potential acquirer from attempting to obtain control of us, which could cause the market price of our ordinary shares to decline or prevent our shareholders from realizing a premium over the market price for their ordinary shares.

Additionally, certain of our Principal Shareholders are in the business of making investments in companies and may from time to time acquire and hold interests in businesses that compete directly or indirectly with us or supply us with goods and services. Certain of our Principal Shareholders may also pursue acquisition opportunities that may be complementary to our business and, as a result, those acquisition opportunities may not be available to us. Shareholders should consider that the interests of our Principal Shareholders may differ from their interests in material respects.

***Affiliates of JPM, BofA, UBS and RBC are lenders under our Revolver and affiliates of JPM and BofA are lenders under our US Term Loan Facility. JPM, BofA, UBS and RBC will receive 5% or more of the net proceeds of this offering and may have an interest in this offering beyond customary underwriting discounts and commissions.***

Affiliates of JPM, BofA, UBS and RBC are lenders under our Revolver and affiliates of JPM and BofA are lenders under our US Term Loan Facility. JPM, BofA, UBS and RBC are underwriters in this offering and will receive 5% or more of the net proceeds of this offering due to the repayment of borrowings thereunder in connection with the completion of this offering. As such, JPM, BofA, UBS and RBC are deemed to have a "conflict of interest" under Rule 5121. Accordingly, this offering is being conducted in accordance with Rule 5121, which requires, among other things, that a "qualified independent underwriter" participate in the preparation of, and exercise the usual standards of "due diligence" with respect to, the registration statement and this prospectus. Citigroup Global Markets Inc. has agreed to act as a qualified independent underwriter for this offering and to undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, including specifically those inherent in Section 11 thereof. Citigroup Global Markets Inc. will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. We have agreed to indemnify Citigroup Global Markets Inc. against liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the Securities Act. See "Underwriting (Conflict of Interest)."

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***We are a "controlled company" within the meaning of the New York Stock Exchange rules and, as a result, will qualify for, and may rely on, exemptions from certain corporate governance requirements.***

Following the consummation of this offering, the Advent Shareholder will continue to control a majority of our outstanding ordinary shares. As a result, we expect to be a "controlled company" within the meaning of the New York Stock Exchange corporate governance standards. A company of which more than 50% of the voting power is held by an individual, a group or another company is a "controlled company" within the meaning of the New York Stock Exchange rules and may elect not to comply with certain corporate governance requirements of the New York Stock Exchange, including:

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

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

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

Following this offering, while we do not intend to utilize the exemptions listed above, we may from time to time utilize one or more of these exemptions. If we do utilize the exemptions, our Board of Directors and those committees may have more directors who do not meet the independence standards than they would if those standards were to apply. The independence standards are intended to ensure that directors who meet those standards are free of any conflicting interest that could influence their actions as directors. Accordingly, you will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of the New York Stock Exchange.

***Sales of a substantial number of ordinary shares in the public market by our existing shareholders could cause our stock price to fall.***

Sales of a substantial number of ordinary shares in the public market or the perception that these sales might occur, could depress the market price of our ordinary shares and could impair our ability to raise capital through the sale of additional equity securities. Substantially all of our existing shareholders, including the selling shareholders, are subject to lock-up agreements with the underwriters of this offering that restrict the shareholders ability to transfer ordinary shares for 180 days from the date of this prospectus, subject to certain exceptions. The lock-up agreements limit the number of ordinary shares that may be sold immediately following the public offering. After this offering, we will have 295,000,000 outstanding ordinary shares based on the number of shares outstanding. Subject to limitations, 234,455,130 shares will become eligible for sale upon expiration of the lock-up period, as calculated and described in more detail in the section entitled "Shares Eligible for Future Sale." In addition, none of the shares issued or issuable upon exercise of options vested as of the expiration of the lock-up period will be eligible for sale at that time. Further, the representatives of the underwriters may, in their sole discretion, release all or some portion of the shares subject to the lock-up agreements at any time and for any reason. See "Shares Eligible for Future Sale" for more information. Sales of a substantial number of such shares upon expiration of the lock-up agreements, the perception that such sales may occur, or early release of these agreements, could have a material and adverse effect on the trading price of our ordinary shares.

Moreover, after this offering, holders of 77.0% of our outstanding ordinary shares will have rights pursuant to the Registration Rights Agreement, subject to certain conditions such as the 180-day lock-up arrangement described above, to require us to file registration statements for the public sale of their shares or to include their shares in registration statements that we may file for ourselves or other shareholders. Any sales of securities by these shareholders could have a material and adverse effect on the trading price of our ordinary shares.

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***You will incur immediate dilution as a result of this offering.***

If you purchase ordinary shares in this offering, you will pay more for your shares than the amounts paid by existing shareholders for their shares. As a result, you will incur immediate dilution of $33.07 per share, representing the difference between the assumed initial public offering price of $22.00 per share (the midpoint of the estimated initial public offering price range set forth on the cover of this prospectus) and our as adjusted net tangible book value (deficit) per share after giving effect to this offering. Additionally, pursuant to our Articles of Association, our Board of Directors has the authority, without action or vote of our shareholders, to issue all or any part of our authorized but unissued ordinary shares, including shares issuable upon the exercise of options, or shares of our authorized but unissued preferred shares. Issuances of ordinary shares or voting preferred shares would reduce your influence over matters on which our shareholders vote and, in the case of issuances of preferred stock, would likely result in your interest in us being subject to the prior rights of holders of those preferred shares. See "Dilution."

***We may allocate the net proceeds from this offering in ways that you and other shareholders may not approve.***

We intend to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of the option to purchase additional shares from us, together with available cash, as necessary, to repay all or a portion of the amounts outstanding under the Revolver and to use any remaining net proceeds for working capital and for general corporate purposes.

To the extent the net proceeds from this offering are used for working capital and for general corporate purposes, our management will have broad discretion in the application of the net proceeds from this offering. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use, and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Our management might not apply our 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. Investors will need to rely upon the judgment of our management with respect to the use of such proceeds. Pending their use, we may invest the net proceeds from this offering 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 shareholders. If we do not invest or apply the net proceeds from this offering in ways that enhance shareholder value, we may fail to achieve expected results, which could cause our stock price to decline.

***We may change our dividend policy at any time.***

Following this offering we intend to retain any future earnings and do not anticipate declaring or paying any cash dividends in the foreseeable future. Our dividend policy may change at any time without notice. The declaration, amount and payment of any future dividends on our ordinary shares will be at the sole discretion of our Board of Directors, in accordance with our Articles of Association in effect upon the listing of our ordinary shares and are subject to Irish law. Our Board of Directors will determine whether dividends are in the best interest of our shareholders based on our financial performance and other factors, such as whether such dividends are in compliance with all laws and agreements applicable to the declaration and payment of cash dividends by us, including the Irish Companies Act. In addition, our ability to pay dividends on our ordinary shares is currently limited by the covenants of our credit agreement and may be further restricted by the terms of any future debt or preferred securities. The Irish Companies Act requires, among other things, Irish companies to have profits available for distribution (known as distributable reserves) equal to or greater than the amount of the proposed dividend. See "Dividend Policy." As such, future dividends will be affected by our distributable reserves position and may also be affected by factors that our Board of Directors deems relevant, including our potential future capital requirements for investments, legal risks, changes in tax laws or corporate laws and contractual restrictions such as financial or operating covenants in our debt arrangements. As a result, we may not pay dividends at any rate or at all.

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***If securities or industry analysts do not publish or cease publishing research or reports about us, issue unfavorable commentary about us or our industry or downgrade our ordinary shares, the price of our ordinary shares could decline.***

The trading market for our ordinary shares will depend in part on the research and reports that third-party securities analysts publish about us and our industry. One or more analysts could downgrade our ordinary shares or issue other negative commentary about us or our industry. In addition, we may be unable or slow to attract research coverage. Alternatively, if one or more of these analysts cease coverage of us, we could lose visibility in the market. As a result of one or more of these factors, the trading price of our ordinary shares could decline.

***Becoming a public company will increase our compliance costs significantly and require the expansion and enhancement of a variety of financial and management control systems and infrastructure and the hiring of significant additional qualified personnel.***

Prior to this offering, we have not been subject to the reporting requirements of the Exchange Act, the other rules and regulations of the SEC, or any securities exchange relating to public companies. We are working with our legal, independent accounting and financial advisors to identify those areas in which changes should be made to our financial and management control systems to manage our growth and our obligations as a public company. These areas include financial planning and analysis, tax, corporate governance, accounting policies and procedures, internal controls, internal audit, disclosure controls and procedures and financial reporting and accounting systems. We have made, and will continue to make, significant changes in these and other areas. However, the expenses that will be required in order to adequately prepare for being a public company could be material. Compliance with the various reporting and other requirements applicable to public companies will also require considerable time and attention of management and will also require us to successfully hire and integrate a significant number of additional qualified personnel into our existing finance, legal, human resources and operations departments.

***If our estimates or judgments relating to our critical accounting policies are based on assumptions that change or prove to be incorrect, our results of operations could fall below our publicly announced guidance or the expectations of securities analysts and investors, resulting in a decline in the market price of our ordinary shares.***

The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets, liabilities, equity, revenues and expenses that are not readily apparent from other sources. If our assumptions change or if actual circumstances differ from our assumptions, our results of operations may be adversely affected and could fall below our publicly announced guidance or the expectations of securities analysts and investors, resulting in a decline in the market price of our ordinary shares.

***Transfers of our ordinary shares may be subject to Irish stamp duty.***

A transfer of ordinary shares from a seller who holds shares beneficially, for example, through The Depositary Trust Company ("DTC"), to a buyer who holds the acquired shares beneficially, which is effected by the debit/credit of book-entry interests representing the shares through DTC, will not be subject to Irish stamp duty. A transfer of ordinary shares by a seller who holds shares directly to any buyer, or by a seller who holds the shares beneficially to a buyer who holds the acquired shares directly, may be subject to Irish stamp duty (currently at the rate of 1% of the price paid or the market value of the shares acquired, if higher), which is generally payable by the buyer. A shareholder who directly holds shares may transfer those shares into his or her own broker account to be held through DTC without giving rise to Irish stamp duty provided that the shareholder has confirmed to our transfer

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agent that there is no change in the beneficial ownership of the shares as a result of the transfer and the transfer into DTC is not effected in contemplation of a sale of such shares by the beneficial owner to a third party.

We do not intend to pay any stamp duty levied on transfers of our shares on behalf of a buyer. However, our Articles of Association in effect upon the listing of our ordinary shares will allow the Company in its absolute discretion, to pay (or to cause one of its affiliates to pay) any such stamp duty payable. In the event of any such payment, we shall be entitled to (i) seek reimbursement from the buyer, (ii) set-off the amount of the stamp duty against future dividends on such shares, and (iii) claim a first and paramount lien on the ordinary shares acquired by such buyer and any dividends paid on such shares. Our Board of Directors has discretion to decline to register an instrument of transfer in the name of a buyer unless the instrument of transfer has been properly stamped (in circumstances where stamping is required).

***Dividends you receive may be subject to Irish dividend withholding tax.***

In certain circumstances, as an Irish tax resident company, we may be required to deduct Irish dividend withholding tax (currently at the rate of 25%) from dividends paid to our shareholders. See "Material Tax Considerations—Material Irish Tax Considerations—Withholding Tax on Dividends" for a more detailed description of the Irish withholding tax on dividends. Whether the Company will be required to deduct Irish dividend withholding tax from dividends paid to a shareholder will depend largely on whether that shareholder is resident for tax purposes in a "Relevant Territory." See "Material Tax Considerations—Material Irish Tax Considerations*.*"

A submission will be made to the Revenue Commissioners of Ireland (the "Irish Revenue") to confirm that, if you are a resident of the United States and hold our ordinary shares directly, dividends paid to you will not be subject to Irish withholding tax provided you furnish a valid dividend withholding tax form ("DWT Form") or a valid IRS Form 6166 to our transfer agent. The submission that will be made to the Irish Revenue will also request confirmation that, if you are a resident of the United States and hold our ordinary shares beneficially (i.e., through DTC), dividends will not be subject to Irish withholding tax if the address of the relevant shareholder in his, her or its broker's records is in the United States (and such broker has further transmitted the relevant information to a qualifying intermediary appointed by us).

Dividends paid to our shareholders who are residents of "Relevant Territories" other than the United States generally will not be subject to Irish dividend withholding tax, provided that those shareholders provide required DWT Forms that will allow them to receive their dividends without any Irish withholding tax. Such shareholders must provide the appropriate DWT Forms to their brokers before the record date for the first dividend payment to which they are entitled (in the case of shares held beneficially) or to our transfer agent at least seven business days before such record date (in the case of shares held directly). Shareholders who fail to provide such tax forms in a timely manner may be subject to Irish withholding tax.

Our shareholders who do not reside in "Relevant Territories" will be subject to Irish withholding tax (currently at the rate of 25%), unless an exemption applies.

**Risks Related to Irish Law** 

***Irish law differs from the laws in effect in the United States and U.S. investors may have greater difficulty enforcing civil liabilities against us.***

NIQ Global Intelligence plc will be an Irish incorporated public limited company. There is some uncertainty as to whether the courts of Ireland would recognize or enforce judgments of U.S. courts obtained against us or our directors or officers based on the civil liabilities provisions of the U.S. federal or state securities laws or hear actions against us or those persons based on those laws. The United States and Ireland do not currently have a treaty providing for the reciprocal recognition and enforcement of judgments (other than arbitration awards) in

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civil and commercial matters, and, accordingly, common law rules apply in determining whether a judgment obtained in a U.S. court is enforceable in Ireland. Although there are processes under Irish law for enforcing a judgment of a U.S. court, including by seeking summary judgment in a new action in Ireland, those processes are subject to certain established principles and conditions, and there can be no assurance that an Irish court would enforce a judgment of a U.S. court in this way and thereby impose civil liability on us or our directors or officers.

As an Irish company, we are governed by the Irish Companies Act and the common law of Ireland, which differs in some material respects from laws generally applicable to U.S. corporations and shareholders, including, among others, differences relating to interested director and officer transactions and shareholder lawsuits. Likewise, the duties of directors and officers of an Irish company generally are owed to the company only. Shareholders of Irish companies generally do not have a personal right of action against directors or officers of the company and may exercise such rights of action on behalf of the company only in limited circumstances. Accordingly, holders of our securities may have more difficulty protecting their interests than would holders of securities of a corporation incorporated in a jurisdiction of the United States. For more information on relevant provisions of Irish law and our Articles of Association (as will be in effect upon the listing of our ordinary shares), see "Description of Share Capital."

***The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation and these differences may make our ordinary shares less attractive to investors.***

We are incorporated under Irish law and, therefore, certain of the rights of holders of our shares are governed by Irish law, including the provisions of the Irish Companies Act, and by our Articles of Association. These rights differ in certain respects from the rights of shareholders in typical U.S. corporations and these differences may make our ordinary shares less attractive to investors. The principal differences include the following, as discussed in further detail below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under Irish law, dividends may only be declared if we have, on an individual entity basis, profits available for
distribution, within the meaning of the Irish Companies Act. In addition, no distribution or dividend may be paid or made by us unless our net assets are equal to, or exceed, the aggregate of our called up share capital plus non-distributable reserves and the distribution does not reduce our net assets below such aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under Irish law, each shareholder generally has preemptive rights to subscribe on a proportionate basis to any
issuance of shares. Preemption rights may be disapplied under Irish law for renewable five-year periods by Irish companies by way of a provision in such companies' articles of association or a special resolution of their shareholders, which is
an option we will avail ourselves of prior to the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under Irish law, certain matters require the approval of holders of 75% of the votes cast at a general meeting of
our shareholders, including amendments to our Articles of Association, which may limit our flexibility to manage our capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under Irish law, a bidder seeking to acquire us would need, on a tender offer, to receive shareholder acceptance
in respect of 80% of our outstanding shares. If this 80% threshold is not achieved in the offer, under Irish law, the bidder cannot complete a "second step merger" to obtain 100% control of us. Accordingly, tender of 80% of our outstanding
shares will likely be a condition in a tender offer to acquire us, not 50% as is more common in tender offers for corporations organized under U.S. law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under Irish law, shareholders may be required to disclose information regarding their equity interests upon our
request, and the failure to provide the required information could result in the loss or restriction of rights attaching to the shares, including prohibitions on the transfer of the shares, as well as restrictions on voting, dividends and other
payments.

For further information with respect to your rights as a holder of our ordinary shares, see the section of this prospectus titled "Description of Share Capital."

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***Attempted takeovers of NIQ Global Intelligence plc are subject to the Irish Takeover Rules and will be under the supervisory jurisdiction of the Irish Takeover Panel.***

Following the authorization for trading of our ordinary shares on the New York Stock Exchange, we will be subject to the Irish Takeover Panel Act 1997, as amended, and the Irish Takeover Rules promulgated thereunder, which regulate the conduct of takeovers of, and certain other relevant transactions affecting, Irish incorporated public limited companies listed on certain stock exchanges, including the New York Stock Exchange. The Irish Takeover Rules are administered by the Irish Takeover Panel, which has supervisory jurisdiction over such transactions. Among other matters, the Irish Takeover Rules operate to ensure that no offer is frustrated or unfairly prejudiced and, in situations involving multiple bidders, that there is a level playing field. For example, pursuant to the Irish Takeover Rules, our Board of Directors will not be permitted, without shareholder approval, to take certain actions which might frustrate an offer for our shares once our Board of Directors has received an approach that might lead to an offer or has reason to believe that an offer is, or may be, imminent.

***Under the Irish Takeover Rules, a person, or persons acting in concert, who acquire(s), or consolidate(s), control of us may be required to make a mandatory cash offer for our remaining shares.***

Under the Irish Takeover Rules, in certain circumstances, a person, or persons acting in concert, who acquire(s), or consolidate(s), control of us may be required to make a mandatory cash offer for our remaining shares at a price not less than the highest price paid for the shares by that person or its concert parties during the previous 12 months. Save with the consent of the Irish Takeover Panel, this mandatory offer requirement is triggered: (i) if an acquisition of shares would result in a person or persons acting in concert holding shares representing 30% or more of our voting rights and (ii) where a person, or persons acting in concert, already hold(s) shares representing between 30% and 50% of our voting rights, if an acquisition of shares would result in the percentage of the voting rights held by such person, or persons acting in concert, increasing by more than 0.05% within a 12-month period. In the case of an issuance of new shares, the Irish Takeover Panel will typically waive the mandatory offer requirement in circumstances where the issuance has been approved in advance by simple majority vote given at a general meeting of independent shareholders convened in accordance with the requirements (including as to disclosure) of the Irish Takeover Rules. The mandatory offer requirements do not apply to a single holder, holding shares representing more than 50% of our voting rights. Further, our Board of Directors and their relevant family members, related trusts and "controlled companies" are presumed to be acting in concert with any corporate shareholder who holds 20% or more of the company. The application of these presumptions may result in restrictions upon the ability of any of the concert parties and members of our Board of Directors to acquire more of our securities, including under the terms of any executive incentive arrangements.

***Anti-takeover provisions in our Articles of Association could make an acquisition of our ordinary shares more difficult.***

Our Articles of Association will contain provisions that may delay or prevent a change of control, discourage bids at a premium over the market price of our ordinary shares, adversely affect the market price of our ordinary shares, and adversely affect the voting and other rights of holders of our ordinary shares. These provisions include: (i) permitting our Board of Directors to issue preference shares without the approval of holders of our ordinary shares, with such rights, preferences and privileges as they may designate and (ii) allowing our Board of Directors to adopt a shareholder rights' plan upon such terms and conditions as it deems expedient in the interests of NIQ Global Intelligence plc.

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**Cautionary Note Regarding Forward-Looking Statements** 

This prospectus contains forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Forward-looking statements can be identified by words such as "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," "contemplate" and other similar expressions, although not all forward-looking statements contain these identifying words. For example, all statements we make relating to growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, factors and assumptions described in "Risk Factors" and elsewhere in this prospectus, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our estimates and expectations of industry trends, including online retail purchases, consumer preferences
related to personalized shopping experiences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to leverage AI in our business and our ability to deliver valuable global insights from data
collection and processing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to build new and innovative solutions that cater to our clients' specific requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the value to our stakeholders of further integrating AI into our *Ecosystem*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to continuously grow data and insights, expand client usage, attract more data sharing and drive more
innovation for brands, retailer and other clients, ultimately improving outcomes for consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our market opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our growth strategy, including our ability to develop and launch new products, increase our subscription revenue
base, extend our retailer relationships, increase our SMB client base and penetrate international markets, expand within new verticals, and leverage strategic acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our belief that we will continue to deliver long-term growth and strong operating margins;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to remediate the material weakness in our internal control over financial reporting on a timely basis
or otherwise maintain effective internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the predictability of our recurring revenue base and our ability to retain our client relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our continued expansion with the pet, beauty, tobacco, beverage and alcohol, and other fast-growing verticals,
and our ability to capture related whitespace opportunity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute on our go-to-market approach.

The forward-looking statements in this prospectus represent our views as of the date of this prospectus. We undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

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**Use of Proceeds** 

We estimate that the net proceeds to us from our issuance and sale of 50,000,000 ordinary shares in this offering will be approximately $1,024.7 million, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. This estimate assumes an initial public offering price of $22.00 per share, the midpoint of the price range set forth on the cover page of this prospectus. We will not receive any proceeds from the sale of ordinary shares by the selling shareholders named in this prospectus. The selling shareholders will receive approximately $165.0 million of proceeds from this offering if the underwriters exercise their option to purchase additional shares in full.

We intend to use approximately $530.0 million of the net proceeds to us from this offering to repay the amounts outstanding under the Revolver and approximately $400.0 million of the net proceeds to us from this offering to repay a portion of the amounts outstanding under the US Term Loan Facility and to use any remaining net proceeds for working capital and for general corporate purposes. Borrowings under the Revolver mature on March 5, 2028 or, following the amendment dated July 11, 2025 and subject to the closing of this initial public offering, on July 30, 2030, and as of March 31, 2025, the interest rate on borrowings under the Revolver was approximately 8.1% for borrowings in U.S. dollars and approximately 6.1% for borrowings in Euros. Borrowings under the US Term Loan Facility mature on March 5, 2028 and as of March 31, 2025, the interest rate on borrowings under the US Term Loan Facility was approximately 7.8%. See "Description of Indebtedness."

Our expected use of net proceeds from this offering represents our current intentions based upon our present plans and business condition. As of the date of this prospectus, we cannot predict with complete certainty all of the particular uses for the net proceeds to be received upon the completion of this offering or the actual amounts that we will spend on the uses set forth above.

Affiliates of JPM, BofA, UBS and RBC are lenders under our Revolver and affiliates of JPM and BofA are lenders under our US Term Loan Facility. JPM, BofA, UBS and RBC will receive 5% or more of the net proceeds of this offering due to the repayment of borrowings thereunder. Therefore, JPM, BofA, UBS and RBC are deemed to have a conflict of interest within the meaning of FINRA Rule 5121. Accordingly, this offering is being conducted in accordance with Rule 5121, which requires, among other things, that a "qualified independent underwriter" participate in the preparation of, and exercise the usual standards of "due diligence" with respect to, the registration statement and this prospectus. Citigroup Global Markets Inc. has agreed to act as a qualified independent underwriter for this offering and to undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, including specifically those inherent in Section 11 thereof. Citigroup Global Markets Inc. will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. We have agreed to indemnify Citigroup Global Markets Inc. against liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the Securities Act. See "Underwriting (Conflicts of Interest)."

A $1.00 increase (decrease) in the assumed public offering price of $22.00 per share, based upon the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase (decrease) the net proceeds to us from this offering by approximately $50.0 million, assuming the number of shares we offer, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. An increase (decrease) in the number of shares offered by us by 1,000,000 shares would increase (decrease) the net proceeds to us from this offering by approximately $22.0 million, assuming the initial public offering price per share set forth on the cover page of this prospectus remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

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**Dividend Policy** 

We do not currently anticipate paying dividends on our ordinary shares in the future. However, we expect to reevaluate our dividend policy on a regular basis following the offering and may, subject to compliance with the covenants contained in our Credit Facilities and other considerations, determine to pay dividends in the future. The declaration, amount and payment of any future dividends on our ordinary shares will be at the sole discretion of our Board of Directors, in accordance with our Articles of Association as will be in effect upon the listing of our ordinary shares, and are subject to our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions, the implications of the payment of dividends by us to our shareholders or by our subsidiaries to us, including restrictions under our Credit Facilities and other indebtedness we may incur, and any other factors that our Board of Directors may deem relevant. Any determination to pay dividends in the future would be subject to compliance with applicable laws, including the Irish Companies Act, which requires Irish companies to have profits available for distribution equal to or greater than the amount of the proposed dividend. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources" and "Description of Indebtedness" included elsewhere in this prospectus for restrictions on our ability to pay dividends.

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**Capitalization** 

The following table sets forth our cash and cash equivalents and capitalization at March 31, 2025:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis to give effect to (1) the Reorganization and (2) the issuance of ordinary
shares by us in this offering and the receipt of approximately $1,024.7 million in net proceeds to us from the sale of such shares, assuming an initial public offering price of $22.00 per share, the midpoint of the price range set forth on
the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and estimated offering expenses.

The as adjusted information set forth in the table below is illustrative only and will change 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 the information contained in "Use of Proceeds," and "Management's Discussion and Analysis of Financial Condition and Results of Operations," as well as our consolidated financial statements and the related notes included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** |
| **(Dollars in millions, except per share data)** | **Actual** | **As Adjusted** |
|  Cash and cash equivalents | $288.0 | $393.1 |
|  Long-term debt, including current maturities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan<sup>(1)</sup>  | 2187.8 | 1796.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan<sup>(1)</sup>  | 1467.5 | 1467.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 CAD Term Loan<sup>(1)</sup>  | 85.2 | 85.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver<sup>(2)</sup> | 513.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other debt | 42.1 | 42.1 |
|  Total debt | 4296.5 | 3391.3 |
|  Warrant Liability<sup>(3)</sup> |  | 89.3 |
|  Phantom Liability<sup>(4)</sup> |  | 24.6 |
|  Finance leases | 37.9 | 37.9 |
|  Other financing obligations | 51.5 | 51.5 |
|  Ordinary Shares; €0.01 par value per share, 100 ordinary shares authorized, 100 ordinary shares issued and outstanding, actual;  |  |  |
|  Ordinary Shares; $0.00001 par value per share, 1,500,000,000 ordinary shares authorized, 295,000,000 ordinary shares issued and outstanding, pro forma as adjusted |  |  |
|  Preferred Shares; $0.00001 par value per share, 150,000,000 Preferred Shares authorized, no shares issued and outstanding, pro forma as adjusted |  |  |
|  Euro Deferred Shares; €1.00 par value per share, 25,000 Euro Deferred Shares authorized, no shares issued and outstanding, pro forma as adjusted |  |  |
|  Paid-in capital | 1972.1 | 2988.5 |
|  Accumulated deficit | (1758.8) | (1887.8) |
|  Accumulated other comprehensive loss | (48.9) | (48.9) |
|  Total NIQ shareholders' equity | 164.4 | 1051.8 |
|  Noncontrolling interests | 237.8 | 237.8 |
|  Total shareholders' equity | 402.2 | 1289.6 |
|  Total capitalization | $4788.1 | $4884.2 |

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(1) Reflects aggregate principal amount and includes $82.2 million, $36.1 million and $0.2 million,
respectively in unamortized debt discounts.

(2) The above table does not reflect (i) additional borrowings under our Revolver that remain outstanding as of the
date of this prospectus and (ii) any repayment of such outstanding borrowings under our Revolver with the net proceeds of this offering.

(3) See "Description of Share Capital—Share Capital."

(4) See "Executive and Director Compensation—2025 Equity Incentive Plan—Certain Outstanding
Awards."

The number of ordinary shares to be outstanding after this offering is based on 245,000,000 ordinary shares outstanding as of March 31, 2025 after giving effect to the Reorganization, and 50,000,000 ordinary shares to be issued in this offering, assumes no exercise of the warrant, dated March 5, 2021, held by VNU International B.V., an affiliate of Nielsen Holdings, for a subscription of up to 17,696,448 shares and having an exercise price of $16.95 per share, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 31,490,372 reserved for future issuance under our 2025 Equity Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 641,671 shares underlying outstanding restricted stock units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,565,599 shares underlying existing "phantom" awards described in "Executive and Director
Compensation—Certain Outstanding Awards".

A $1.00 increase (decrease) in the assumed initial public offering price of $22.00 per share, the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the as adjusted amount of each of cash and cash equivalents, total shareholders' equity and total capitalization by approximately $47.5 million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. An increase (decrease) in the number of shares offered by us by 1,000,000 shares would increase (decrease) the as adjusted amount of each of cash and cash equivalents and total shareholders' equity by approximately $20.9 million after deducting estimated underwriting discounts and commissions and any estimated offering expenses payable by us.

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**Dilution** 

If you invest in our ordinary shares in this offering, your interest will be diluted to the extent of the difference between the initial public offering price per share of our ordinary shares in this offering and the as adjusted net tangible book value (deficit) per share of our ordinary shares after this offering. Dilution results from the fact that the initial public offering price per share of our ordinary shares is expected to be substantially higher than the as adjusted net tangible book value (deficit) per share of our ordinary shares attributable to the ordinary shares held by our existing equity holders. Our net tangible book value (deficit) per share represents the amount of our total tangible assets (total assets less goodwill and intangible assets) less total liabilities, divided by the number of outstanding ordinary shares.

As of March 31, 2025, we had a net tangible book value (deficit) of ($4,196.0) million, or ($17.13) per share, based on 245,000,000 ordinary shares outstanding as of March 31, 2025, after giving effect to the Reorganization.

After giving effect to the Reorganization and the sale of ordinary shares in this offering assuming an initial public offering price of $22.00 per share (the midpoint of the offering range shown on the cover page of this prospectus), less the underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of March 31, 2025 would have been approximately ($3,266.5) million, or ($11.07) per share. This amount represents an immediate increase in net tangible book deficit of $6.06 per share to the existing equityholders and immediate dilution of $33.07 per share to investors purchasing our ordinary shares in this offering. The following table illustrates this dilution on a per share basis:

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| | | |
|:---|:---|:---|
|  Assumed initial public offering price per share |  | $22.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tangible book value (deficit) per share as of March 31, 2025 before this offering | $(17.13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in net tangible book value per share attributable to new investors purchasing our ordinary shares in this offering | 6.06 |  |
|  As adjusted net tangible book value (deficit) per share after this offering |  | (11.07) |
|  Dilution per share to new investors purchasing ordinary shares in this offering |  | $33.07 |

---

Each $1.00 increase (decrease) in the assumed initial public offering price of $22.00 per share would increase (decrease) the as adjusted net tangible book value per share of our ordinary shares after giving effect to this offering by approximately $47.5 million, or by $0.16 per share, assuming no change to the number of ordinary shares offered by us as set forth on the front cover page of this prospectus and after deducting the estimated underwriting discounts and expenses payable by us. An increase (decrease) in the number of shares offered by us by 1,000,000 shares would increase (decrease) our as further adjusted net tangible book value by approximately $20.9 million, or $0.07 per share assuming the initial public offering price per share set forth on the cover page of this prospectus remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

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The following table summarizes, as of March 31, 2025, on the as further adjusted basis described above, the total number of ordinary shares purchased from us, the total consideration paid to us, and the average price per ordinary share paid by purchasers of such shares and by new investors purchasing ordinary shares in this offering.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Total consideration** | **Average price**<br>**per share** |
|  | **Number** | **Percent** | **Amount<br>(in millions)** | **Percent** | **Average price**<br>**per share** |
|  Existing shareholders | 245000000 | 83% | $3200.0 | 74% | $13.06 |
|  New investors | 50000000 | 17% | 1100.0 | 26% | $22.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 295000000 | 100% | $4300.0 | 100% | $14.58 |

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Each $1.00 increase (decrease) in the assumed initial public offering price of $22.00 per share would increase (decrease) the total consideration paid by new investors by $47.5 million and increase (decrease) the percent of total consideration paid by new investors by 1%, assuming no change to the number of ordinary shares offered by us as set forth on the front cover page of this prospectus and after deducting the estimated underwriting discounts and expenses payable by us.

The number of ordinary shares to be outstanding after this offering is based on 245,000,000 ordinary shares outstanding as of March 31, 2025, after giving effect to the Reorganization, and 50,000,000 ordinary shares to be issued in this offering, assumes no exercise of the warrant, dated March 5, 2021, held by VNU International B.V., an affiliate of Nielsen Holdings, for a subscription of up to 17,696,448 shares and having an exercise price of $16.95 per share, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 31,490,372 reserved for future issuance under our 2025 Equity Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 641,671 shares underlying outstanding restricted stock units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,565,599 shares underlying existing "phantom" awards described in "Executive and Director
Compensation—Certain Outstanding Awards".

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**Management's Discussion and Analysis of Financial Condition and Results of Operations** 

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that appear elsewhere in this prospectus. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risk and uncertainties described under "Risk Factors" and elsewhere in this prospectus. Our actual results may differ materially from those contained in or implied by any forward-looking statements. See "Cautionary Note Regarding Forward-Looking Statements" included elsewhere in this prospectus.* 

*Shortly prior to this offering, we will undertake a series of restructuring transactions that will result in NIQ Global Intelligence plc becoming the direct parent company of AI PAVE Dutchco I B.V. and the indirect parent of other intermediate holding companies, with all holders of equity interests in AI PAVE Dutchco I B.V. becoming shareholders of NIQ Global Intelligence plc. Prior to the Reorganization, NIQ Global Intelligence plc (currently named NIQ Global Intelligence Limited) had no material assets and conducted no operations (other than activities incidental to its formation, the Reorganization and this offering). Intermediate Dutch Holdings B.V. has been determined as the accounting predecessor of NIQ Global Intelligence plc. Upon the completion of the Reorganization, the historical consolidated financial statements of Intermediate Dutch Holdings B.V. included in this prospectus will become the historical financial statements of NIQ Global Intelligence plc. See "The Reorganization."* 

*In this "Management's Discussion and Analysis of Financial Condition and Results of Operations," the term "NIQ" is used to refer to either the operations of the business prior to or after the GfK Combination depending on the respective period discussed.* 

*Percentages may not recompute due to rounding, and percentage changes that are not meaningful are presented as "n/m".* 

**Company Overview** 

We are a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers. We manage a comprehensive and integrated ecosystem – *The NIQ Ecosystem* – which combines proprietary data, best-in-class technology, human intelligence, and highly sophisticated software applications and analytics solutions. Our unified, AI-powered technology platform aggregates, harmonizes and enriches vast amounts of global consumer shopping data from a myriad of diverse sources, generates rich, proprietary reference data and metadata, and provides a global, omnichannel view of consumer shopping behavior – *The Full View*. Leveraging our strong NIQ brand, long-term client relationships, global scale, proprietary technology and extensive data and insights, we are positioned as a global leader in measuring, analyzing, and predicting consumer behavior in the FMCG, T&D and other verticals in which we operate. We believe our solutions, mission-critical insights, analytics and software applications are deeply embedded across our clients' enterprise supporting their strategic and operational decisions, enabling them to measure performance, maintain and strengthen their market positions, and drive innovation and profitable growth. We operate our business through three reporting segments, which accounted for the following percent of our revenue during the year ended December 31, 2024: (1) Americas (39%), which includes North America and Latin America; (2) EMEA (44%), which includes Europe, the Middle East and Africa and (3) APAC (17%), which includes Asia and the western Pacific region. We generate revenue from solutions in two product groupings: (i) Intelligence (Consumer Measurement) and (ii) Activation (Consumer Analytics). Intelligence solutions include a combination of our retail measurement, consumer behavior and insights, and retailer solutions, which are utilized by both consumer brands and retailer clients. Activation solutions include customized analytics and predictive models to improve decision makings around product, pricing, marketing and supply chain. We typically initiate client relationships through one of our core Intelligence solutions which we typically sell under multi-year or annual subscription

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contracts granting clients access to our core software and data solutions. Our Intelligence solutions accounted for approximately 80% of our revenue in 2024. Our Intelligence solutions are deeply integrated in client workflows, and generate strong, mostly recurring revenue and represented an attractive wallet expansion opportunity as evidenced by our Intelligence net dollar retention rate of 104% in 2024. Approximately 84% of Intelligence revenue in 2024 came from multi-year or annual subscription-based contracts and had a net dollar retention rate of 106%. These subscription-based contracts typically contain built-in, annual, price and product enhancement escalators. With the enhancements of our data coverage, product innovation and AI-powered technology platform, we believe that we have been able to consistently increase client satisfaction and execution on our value-based pricing strategy. Individual contract values vary based on the number of countries and modules desired, such as the number of eCommerce or omnichannel reads that the client elects to purchase at the time of initial contracting or thereafter during the contract term.

In addition to upselling opportunities for additional reads under our subscription-based Intelligence contracts, we are able to deepen client relationships over time by cross-selling our highly reoccurring Activation solutions. These solutions, which represent a natural extension of client engagement within our Ecosystem, accounted for 20% of our 2024 revenue and are generally sold on an on-demand basis. We build Activation solutions for consistent and ongoing client use, as well as to complement our measurement-based Intelligence solutions. As a result, Activation solutions have represented a stream of highly reoccurring revenue. In 2024, approximately 79% of our Activation revenue was highly reoccurring revenue, meaning revenue from either annual, multi-year contracts or from a client purchasing the same solution in the same country each year for the past three years. Activation revenue generally grows when a client requires bespoke analysis tailored to specific business objectives, and a component of our growth strategy is to further increase client adoption of Activation solutions in order to grow highly reoccurring revenue. In 2024, approximately 76% of Activation revenue came from existing Intelligence clients, while nearly 39% of our large and mid-sized Intelligence clients purchased Activation solutions from us in 2024, leaving an attractive continuing cross-selling opportunity to increase penetration.

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**Financial Highlights** 

This summary consolidated financial data (as reported) provides highlights from the results of operations that follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Revenue as a percentage<br>of total** | **Revenue as a percentage<br>of total** |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **%** | **%** |
| **(in millions)** | **2025** | **2024** | **2025** | **2024** |
|  Revenue by segment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americas revenue | $378.3 | $364.3 | 39.2 | 37.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMEA revenue | 418.9 | 430.1 | 43.4 | 44.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APAC revenue | 168.7 | 167.5 | 17.5 | 17.4 |
|  Revenue by product groupings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intelligence revenue | 797.4 | 793.3 | 82.6 | 82.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Activation revenue | 168.5 | 168.6 | 17.4 | 17.5 |
|  Total Revenue | $965.9 | $961.9 |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended** | | **Revenue as a percentage**<br> **of total** | **Revenue as a percentage**<br> **of total** | **Revenue as a percentage**<br> **of total** |
|  | **December 31,** | **December 31,** | **December 31,** | **%** | **%** | **%** |
| **(in millions)** | **2024** | **2023** | **2022** | **2024** | **2023** | **2022** |
|  Revenue by segment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americas revenue | $1550.2 | $1348.6 | $1151.7 | 39.0 | 40.4 | 41.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMEA revenue | 1731.5 | 1406.6 | 1110.8 | 43.6 | 42.1 | 39.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APAC revenue | 690.9 | 586.1 | 523.9 | 17.4 | 17.5 | 18.8 |
|  Revenue by product groupings: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intelligence revenue | 3184.9 | 2649.9 | 2149.7 | 80.2 | 79.3 | 77.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Activation revenue | 787.7 | 691.4 | 636.7 | 19.8 | 20.7 | 22.9 |
|  Total Revenue | $3972.6 | $3341.3 | $2786.4 |  |  |  |

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**Our Business Strategy** 

Our business strategy is focused on generating long-term, profitable growth by delivering valued solutions to both new and existing clients within our industry groups and across our Intelligence and Activation solutions. We believe our ability to execute the following strategic growth initiatives will enable us to achieve our business strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Innovate, Launch and Expand New Products.*** We aim to expand existing client relationships by
offering exceptional value and fostering long-term partnerships by delivering innovative products and solutions that meet clients' evolving needs. Our solutions are scalable across clients, verticals and geographies, and our continued
investment in AI-powered technology enables us to develop new capabilities, enhance our existing offerings and expand client share of wallet. Enhanced cross-selling opportunities allow us to capture more of
our clients' data and analytics spend, increasing the average number of solutions used by our clients. Recent examples of our new product innovation since the 2021 Carve-Out Transaction include eCommerce
Measurement, Omnishopper, Revenue Optimizer and Retail Activate, among others. Of our top clients measured by revenue contribution, 93% have adopted at least one of these new capabilities, purchasing two new products on average, and we estimate
these new capabilities contributed approximately two percentage points of revenue growth in fiscal year 2024. Among all of our clients, the adoption rate of these new solutions in fiscal year 2024 was 23%, representing an actionable penetration
opportunity of more than 75%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increasing our Subscription Revenue Base.*** We believe our global footprint, innovation focus,
enhanced and expanded data coverage and AI-powered technology platform support our ability to maintain high renewal rates and increase Intelligence Subscription contract value through up-selling of additional solutions, modules, reads and regions. Our dedicated on-site client success teams work closely with clients, enhancing retention and satisfaction through our strong value proposition. In
2024, our client success teams generated approximately 5,900 sales-ready leads, which we estimate resulted in $78.6 million of additional revenue. We also proactively engage clients in renewal discussions well

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in advance, focusing on solution quality and effectiveness, and we also deliver value-added product enhancements to support price increases. Our renewal strategy has enabled us to renew all 68 of our largest clients by revenue that have come up for renewal since the 2021 Carve-Out Transaction and has led to Intelligence Subscription net dollar retention of 106% and Intelligence net dollar retention of 104% for fiscal year 2024. We believe our ability to sustain and increase our existing subscription revenue base sets a foundation for future growth. We estimate that higher pricing from strong renewals contributed approximately three percentage points of revenue growth in 2024. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Enhance Our Cross-Selling Penetration.*** Cross-selling within and across our Intelligence and
Activation solutions increases the number of solutions our top clients use and enables us to capture more of our clients' data and analytics budget. For example, among our Intelligence clients, the percentage of clients that purchased eCommerce
solutions in the specific year increased from 9% in fiscal year 2021 to 19% in fiscal year 2024, driving 28% eCommerce revenue growth year over year while representing an attractive cross-sell opportunity in eCommerce to gain the more than 81% of
clients that remain. We also have strong attachment rates from Intelligence to Activation, with approximately 76% of our Activation revenue in 2024 originating from existing Intelligence clients. We believe that there is a significant opportunity to
expand relationships with existing clients through cross-selling and adoption of additional products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Expand   Within New Verticals.*** We are committed to broadening our
presence by increasing coverage across channels with enhanced data coverage. Within FMCG, we continue to expand across the pet, beauty, tobacco and beverage and alcohol industries. We believe we can capture additional TAM and white space in adjacent
sectors such as financial services, government, advertising and other potential expansion areas including healthcare, media, logistics, and FMCG distributors. In media specifically, our granular data and insights allow advertisers to target
advertisements with high precision and measure the impact of, and returns on, their advertising spend. Additionally, we believe our ability to add and expand relationships with small business clients will also contribute to our growth. We estimate
these new verticals, channels, and markets contributed approximately one percentage point of revenue growth in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increasing Profitability by Leveraging Our Scalable Operating Model.*** Our scalable "build once,
deploy everywhere" business model, global presence and enhanced technology platform allow us to scale solutions rapidly, lower our cost to serve clients and grow revenue at increasing margins. We believe that our strategic focus on cost
optimization and efficiency will continue to expand our margins. Our embedded AI capabilities and expansion to alternative data collection methods and sources have helped reduce our Cash Data Costs from 22% of revenue in fiscal year 2021 to 16% in
fiscal year 2024. We are also reducing personnel costs by expanding our presence and talent in lower cost countries. The reduced operating costs and overhead savings through targeted efficiencies and synergies have strengthened our operating
leverage. Our legacy NIQ cost efficiency program (the "CEP") is expected to be completed by 2025, while we continue to target ongoing efficiencies and improvements under our Transformation Program, including cost synergies from the GfK
Combination, which are expected to be substantially realized by 2026. Our transformation investments enable us to deploy new products at higher incremental margins, contributing to our approximately 50% incremental Pro Forma Adjusted EBITDA margins
from fiscal year 2022 to fiscal year 2024, which was calculated by taking the growth of 2024 actual Adjusted EBITDA Margin and 2022 Pro Forma Adjusted EBITDA Margin and dividing that by the growth of 2024 actual Revenue and 2022 Pro Forma Revenue.
Collectively, these attributes drive natural operating leverage which we believe will enable us to continue to increase our margins over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Strong Free Cash Flow Generation.*** Our business model supports strong
cash flow generation, driven by our recurring revenue base, efficient cost structure characterized by a primarily fixed cost base and limited maintenance capital expenditure requirements. We expect total capital expenditures to normalize as our
investment in our transformation initiatives are substantially complete. We have also implemented efforts to improve our net working capital and have notable tax assets, further

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contributing to the expected inflection of our free cash flow generation. We have a proven ability to deploy capital in strategic, value accretive M&A which complements our organic growth and further enhances our financial profile.

**Factors Affecting Results of Operations** 

The following factors, among others described herein, have been important to our business, and we expect them to continue to impact our results of operations and financial condition in future periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Impact of the GfK Combination and Other Recent Acquisitions and Sales.*** We regularly evaluate and
pursue accretive acquisitions and have realized substantial growth through our acquisition strategy. On July 10, 2023, we completed the GfK Combination. GfK is a global information services company that provides technology-driven data and
insights to its clients in the consumer T&D and retail industries. The combination of NIQ and GfK brought together two companies with highly compatible capabilities and created a global leader in consumer intelligence. Historically, our business
has been operated through Intermediate Dutch Holdings B.V. and its consolidated subsidiaries, including our operating subsidiaries. Subsequent to the Combination Closing Date, our operations have included the operations of GfK SE (currently named
GfK GmbH) and its consolidated subsidiaries, which comprise the GfK business that we acquired in the GfK Combination. Our audited consolidated financial statements for the year ended December 31, 2023 include the results of GfK from and after
the Combination Closing Date (from July 10, 2023 to December 31, 2023). The combination has been a significant driver of our revenue, cost of revenue and other operating expenses since the Combination Closing Date. For the year ended
December 31, 2024, the Company recognized a gain from the sale of GfK European Consumer Panel services business (the "GfK European Consumer Panel Business") of $12.4 million which was divested on January 9, 2024 as required by
the European Commission to address its competition concerns and is presented as discontinued operations (as further described in Note 4. "Discontinued Operations and Disposals" of our audited consolidated financial statements included in
this prospectus) (the "Required GfK European Consumer Panel Service Divestiture"). We have included in "Supplemental Unaudited Pro Forma Combined Financial Information" certain unaudited pro forma combined financial information
that gives effect to the GfK Combination as if it had occurred on January 1, 2022 because we believe it provides investors with useful supplemental information. Management believes that presenting these pro forma results is important to
understanding our financial performance and, provides additional meaningful information regarding trends in our underlying businesses as it allows for more comparability among periods presented. Such unaudited pro forma combined information is
presented on a supplemental basis, and it is not intended to represent or be indicative of our future consolidated results of operations or financial condition. See

"—Supplemental Unaudited Pro Forma Combined Financial Information." Additionally, purchase accounting under GAAP requires that all assets acquired and liabilities assumed in a business combination be recorded at fair value on the acquisition date. As a result our acquisition strategy has resulted, and could result in the future, in significant charges for the amortization of acquired tangible and intangible assets (or impairments, if any) recorded in our results of operations, which have materially impacted, and may continue to impact, our results of operations. Further, acquisitions can affect the comparability of our financial statements from period to period.

In addition to the GfK Combination, we also acquired two businesses during the year-ended December 31, 2022 that strengthened our core capabilities. In March 2022, we acquired ciValue, a SaaS ("software as a service") vendor of choice for retailers globally that powers loyalty programs with advanced AI technology. With this acquisition, we advanced our efforts towards enabling smarter, more automated and more scalable retail media programs. In May 2022, we acquired CGA, a provider of on-premises insights related to sales of alcoholic beverages in the locations where they are consumed. This acquisition delivered innovative and granular alcoholic beverage measurement and insights solution, with the aim of helping clients achieve growth. Prior to the acquisition date, we accounted for an interest in CGA as an equity-method investment. The acquisition-date fair value of

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the previously held equity interest was included in the measurement of the consideration transferred, and the Company recognized a gain of $11.7 million as a result of remeasuring its prior equity interest held before the business combination during the year-ended December 31, 2022.

On December 17, 2024, we entered into an agreement to sell our ownership interest in Netquest, a provider of panels primarily located in Europe acquired through the GfK Combination. On February 3, 2025, we completed the sale of our Netquest business for cash consideration of €58.1 million (equivalent to approximately $60.3 million), subject to final closing adjustments. The proceeds were primarily used to repay outstanding borrowings on the Revolver. See Note 4. "Discontinued Operations and Disposals" in the notes to audited consolidated financial statements and Note 2."Discontinued Operations and Disposals" in the notes to unaudited condensed consolidated financial statements, in each case, included in this prospectus for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Transformation Program.*** Since the 2021 Carve-Out Transaction, we have undergone a significant
business transformation, including making approximately $920 million of organic and inorganic investments, excluding the GfK Combination, to improve our business and capabilities and position the business for long-term shareholder value creation.
Our transformation strategy (the "Transformation Program") has led to substantial financial improvements. In 2024, we achieved revenue growth of 18.9% primarily driven by the $462.2 million impact from the GfK Combination (and 6.2% Organic
Constant Currency Revenue Growth, Including GfK, which is based upon 2023 Pro Forma Revenues) as compared to the period ended December 31, 2023, and while our Net loss attributable to NIQ divided by Revenue increased 3.9% for the year ended December
31, 2024 as compared to the year ended December 31, 2023, we expanded our Adjusted EBITDA margin to 18.6% for the year ended December 31, 2024 (representing a 230 basis points improvement compared to the Pro Forma Adjusted EBITDA margin for the
year-ended December 31, 2022 and a 560 basis points improvement prior to implementation of the Transformation Program). See "—Supplemental Unaudited Pro Forma Combined Financial Information—Unaudited Pro Forma Results of
Operations—Organic Constant Currency Revenue, Including GfK and Organic Constant Currency Revenue Growth, Including GfK" for additional information regarding Organic Constant Currency Revenue Growth, Including GfK. The cornerstones of our
Transformation Program consist of enhancing our management and personnel, investing (organic and inorganic) to enhance strategic capabilities such as our market-leading, global eCommerce retail measurement solution, establishing a sales and go-to-market function and overhauling our technology platform to establish technology leadership with our clients and enable scalable, efficient, future growth. Our
Transformation Program also includes, and has been funded by, our robust CEP which primarily centers on insourced activity from, and restructured expenses with, third-party providers, technology and operational process redesign, labor arbitrage and
rationalization, and reduction in non-client-impacting expense. For the years ended December 31, 2024, 2023, and 2022, we incurred total expenses associated with our Transformation Program of $56.0
million, $156.7 million and $228.3 million, respectively. These expenses are included within our selling, general and administrative expenses as well as restructuring charges in our Consolidated Statements of Operations. The most intensive
phases of our Transformation Program, including investments in technology and implementation of our CEP, were mostly completed in 2024. However, we continue to target ongoing efficiencies and improvements to continue to enhance our product
innovation, go-to-market and selling strategies as well as our operating and financial profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Russia Deconsolidation.*** In response to the Russia-Ukraine military conflict, the United States, the
European Union, and other governments throughout the world imposed broad economic sanctions and other restrictions on Russia and Russian interests. Following these economic sanctions, Russia issued a series of local laws and pronouncements aimed at
significantly limiting entities operating in Russia from communicating with their foreign-owned organizations and sharing information outside of Russia. As a result, our operations in Russia significantly reduced communication with our organization
and disconnected from our central systems. Although we continue to be the record holder of the shares in our subsidiaries that operate in Russia, these subsidiaries are overseen solely by

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management within Russia without day-to-day or other supervision by us. While those subsidiaries continue to operate independently in Russia, we do not have the power to direct the activities that most significantly impacts the economic performance of the Russia operations. As a result, we deconsolidated our Russia businesses during the year ended December 31, 2024. We have undertaken measures designed to limit the provision of services or support to those subsidiaries, and we have taken measures to stop the collection or sending of funds to or from Russia. Given the nature of this evolving conflict, potential changes in governmental sanctions or restrictions that may be applicable to us, and the needs of our global clients, there are unknown factors and events that could further impact the operations of our subsidiaries operating in Russia. For the year ended December 31, 2024, we recognized a $57.8 million pre-tax loss on deconsolidation of Russian subsidiaries, within Nonoperating (expense) income, net, in our Consolidated Statements of Operations. In addition, for the year ended December 31, 2024, we recognized an impairment charge of $27.3 million related to long-lived assets in Russia. Those subsidiaries continue to operate independently in Russia, but we have ceased to exert any control over such operations or receive any financial or other benefit therefrom. We continue to evaluate the impact of the ongoing Russia-Ukraine conflict and assess the impact on our business. Russia represented approximately 0.6% of revenues for the year ended December 31, 2024 and 2.0% of revenues for the year ended December 31, 2023. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Debt Repricings*** . Since July 10, 2023, we have negotiated two repricing events for each of the Term
Loans, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spreads on the 2023 USD Term Loan
and the 2023 Liquidity USD Term Loan from 625 basis points to 475 basis points. The amended Credit Agreement also reduced the interest rate spread on the 2023 EUR Term Loan from 650 basis points to 475 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 24, 2025, the Credit Agreement was amended to reduce the interest rate spreads on the 2023 USD Term
Loan, the 2023 EUR Term Loan and the 2023 Liquidity USD Term Loan from 475 basis points to 350 basis points. The amended Credit Agreement also reduced the interest rate spreads on the 2021 USD Term Loan and 2021 EUR Term Loan from 375 basis
points to 350 basis points.

We expect that this repricing will generate approximately $62 million of annual interest expense savings.

**Key Performance Metrics** 

We monitor the following key operating and financial metrics to help us evaluate our business, measure our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions:

*Intelligence Subscription Revenue* 

*Subscription Revenue* is defined as *Annualized Revenue* from subscription services associated with annual and multi-year contracts, and renewal licensing services within our Intelligence solutions; it excludes contracts and products, that are short-term in nature, which we define to mean less than 12 months in duration.

*Annualized Revenue* is defined as average annualized monthly contract value revenue over the trailing twelve months. Newly acquired client revenue is calculated by (i) annualizing the first month with positive contract value, then (ii) annualizing the monthly average contract value between the second month and eleventh month with positive contract value, and then (iii) annualizing the average contract value across the trailing twelve months. Subscription Revenue and related metrics reported for the three months ended March 31, 2025 and 2024, and the years ended December 31, 2024, 2023 and 2022 includes the annualized revenue associated with the GfK Combination, which was completed on July 10, 2023, as if the GfK Combination had occurred at the beginning of the applicable reported period. *Annualized Revenue* is not a forecast and the active contracts at the end of a reporting period used in calculating *Annualized Revenue* may or may not be extended or renewed by our customers.

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*Intelligence Revenue* is defined as revenue generated from our Intelligence solutions, and *Intelligence Subscription Revenue* represents the underlying performance of our Intelligence subscription-based contracts. We believe *Intelligence Subscription Revenue* is useful to investors as a key indicator of the trajectory of our Intelligence Solutions performance. *Intelligence Subscription Revenue growth* is calculated at constant currency using consistent foreign exchange rates for the applicable periods presented. The following table summarizes our Annualized Intelligence Subscription Revenue for the periods presented:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(annualized in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  Intelligence Subscription Revenue | $2707 | $2581 | $2700 | $2548 | $2400 |
|  Intelligence Subscription Revenue Growth | 7.3% | 5.6% | 7.2% | 5.9% | 3.6% |
|  Intelligence Subscription Revenue as a percentage of Intelligence Revenue | 85% | 84% | 84% | 83% | 84% |
|  Total Intelligence Subscription Revenue as a percentage of total Revenue | 68% | 66% | 67% | 66% | 65% |

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*Net Dollar Retention ("NDR")* 

NDR represents the amount of *Annualized Revenue* that we generate from our existing clients. To compute NDR for any period, we compare the *Annualized Revenue* for *Intelligence Revenue* or for *Intelligence Subscription Revenue* at the end of the prior year comparable quarter ("beginning of period Annualized Revenue") to the *Annualized Revenue* from that same cohort of clients at the end of the current quarter ("retained Annualized Revenue"); we then divide the retained *Annualized Revenue* by the beginning of period *Annualized Revenue* to arrive at the NDR. The calculation includes the positive impact within the same cohort of clients of selling additional products, cross-selling products, price increases, and the impact of clients who have returned after a short period in which they did not purchase our solutions. The calculation does not include the impact of revenue increases from acquiring new clients (whether from the ordinary course of business or acquisitions) during the period and is calculated at constant currency using consistent foreign exchange rates for the applicable periods presented. NDR is used by our management as an indicator of our ability to retain and grow revenue from our existing clients, as well as the stability of our revenue and as such, we believe it can be useful for investors in evaluating the strength of our business. Since the Transformation Program began, the NDR for Intelligence Revenue has improved from the mid-90 percentage range prior to the 2021 Carve-Out Transaction to 104% for the three months ended March 31, 2025 and for the year ended December 31, 2024. NDR for Intelligence Subscription Revenue similarly improved from approximately 97% in 2020 to 105% for the three months ended March 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  NDR for Intelligence Subscription Revenue | 105% | 104% | 106% | 104% | 102% |
|  NDR for Intelligence Revenue | 104% | 104% | 104% | 103% | 100% |

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*Gross Dollar Retention ("GDR")* 

GDR represents the amount of prior period *Annualized Revenue* we have retained in the current period from existing clients. We compute GDR by comparing the *Annualized Revenue* (for *Intelligence Revenue* or for *Intelligence Subscription Revenue*) from the prior year comparable quarter ("base Annualized Revenue") to the *Annualized Revenue* from the same cohort of clients in the current comparable quarter, excluding the benefit of enhancements from any net upsell or pricing increases or the impact of clients who have returned after a short period in which they did not purchase our solutions ("retained Annualized Revenue"). We then divide the retained Annualized Revenue by the base Annualized Revenue. The calculation reflects only client losses and does not reflect client expansion or contraction, or revenue from new clients (whether from the ordinary course

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of business or acquisitions) and is calculated at constant currency using consistent foreign exchange rates for the applicable periods presented. GDR is used by our management as an indicator of value that our solutions provide to our clients as represented by our ability to retain our existing client base and as such, we believe it can be useful for investors in evaluating the strength of our business.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  GDR for Intelligence Subscription Revenue | 98% | 98% | 98% | 98% | 98% |
|  GDR for Intelligence Revenue | 98% | 98% | 97% | 98% | 97% |

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**Components of Results of Operations** 

***Revenues***

We report revenue according to three reporting segments: Americas, EMEA and APAC. Within these segments, we generate revenue from solutions in two product groupings: (i) Intelligence and (ii) Activation. Intelligence solutions include sales of retail omnichannel measurement, consumer panel, eCommerce and other data. Activation solutions include sales of customized analytics research and predictive models to improve decisions around product innovation, pricing, marketing and supply chain.

***Cost of revenues (excluding depreciation and amortization)***

Cost of revenues primarily include data acquisition costs, cloud costs, software and hardware maintenance costs and personnel related costs associated with these functions. Cost of revenues also includes cooperation arrangements, which are supply arrangements where we obtain data (i.e. point of sale data) from third-party vendors. These are typically annual multi-year contracts and fixed price in nature (as further described in Note 5. "Revenue" of our audited consolidated financial statements included in this prospectus.)

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

Selling, general, and administrative expenses primarily include personnel-related costs, costs for professional and consultancy services, and occupancy costs.

***Depreciation and amortization***

Depreciation and amortization primarily includes amortization of internally developed software and acquired intangibles, which relate to computer software, client relationships, retail partnerships, and trade names and trademarks. Depreciation primarily relates to buildings and leasehold improvements, as well as information and communication equipment.

***Impairment of long-lived assets***

Impairment of long-lived assets includes impairment charges related to operating lease right-of-use assets, property, plant and equipment, and definite-lived intangible assets.

***Restructuring charges***

Restructuring charges include programs pursuant to which we realign operations to improve effectiveness and efficiency, such as reducing headcount and consolidation of operations. Restructuring charges primarily related to severance costs related to employee separation packages, which are calculated based on salary levels and past service periods.

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***Other operating income***

Other operating income includes income from third-party subleases and charges to equity method investments to recover costs incurred by us for providing technology and other infrastructure services.

***Interest expense, net***

Interest expense, net primarily includes interest related to our term loans and revolver, along with the associated amortization of debt discount and debt issuance costs.

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

Foreign currency exchange (loss) gain, net primarily relates to debt obligations denominated in a currency other than an entity's functional currency as well as the impact of foreign exchange hedges.

***Nonoperating (expense) income, net***

Nonoperating (expense) income, net primarily includes costs associated with loss on deconsolidation, write-off of unamortized debt discount and debt issuance costs, our factoring program, components of net periodic pension (cost) benefit other than service cost and gains due to remeasuring our prior equity interest held before certain acquisitions.

***Income tax expense (benefit) from continuing operations***

Income tax expense include U.S. federal, U.S. state and non-U.S. income tax, and withholding tax expense. We provide for income taxes utilizing the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each balance sheet date, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in the Consolidated Statements of Operations as an adjustment to income tax expense in the period that includes the enactment date.

We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Such tax positions are, based solely on their technical merits, more likely than not to be sustained upon examination by taxing authorities and reflect the largest amount of benefit, determined on a cumulative probability basis that is more likely than not to be realized upon settlement with the applicable taxing authority with full knowledge of all relevant information. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense.

***Discontinued operations***

Discontinued operations include the operating results from the GfK European Consumer Panel Business that was divested in the Required GfK European Consumer Panel Services Divestiture. See Note 4. "Discontinued Operations and Disposals" in the notes to audited consolidated financial statements included in this prospectus for additional information.

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**Results of Operations** 

***Comparison of the Three Months Ended March 31, 2025 and 2024***

For the three months ended March 31, 2025 and 2024, our results of operations were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Change** | **Change** |
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **2025 vs. 2024** | **2025 vs. 2024** |
| **(in millions)** | **2025** | **2024** | **$** | **%** |
|  Revenues | $965.9 | $961.9 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
|  Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues (excluding depreciation and amortization shown separately below) | 430.8 | 444.9) |  | (3.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 371.7 | 396.8) |  | (6.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 148.5 | 150.5) |  | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 0.7 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 4.6 | 9.1) |  | (49.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | (6.1) | (7.3) |  | (16.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 950.2 | 994.0) |  | (4.4) |
|  Operating income (loss) | 15.7 | (32.1) |  | (148.9) |
|  Interest expense, net | (83.5) | (106.9) |  | (21.9) |
|  Foreign currency exchange gain (loss), net | 32.0 | (13.1) |  | (344.3) |
|  Nonoperating (expense) income, net | (12.7) | 0.9) |  | (1511.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations before income taxes | (48.5) | (151.2) |  | (67.9) |
|  Income tax expense from continuing operations | (23.3) | (31.0) |  | (24.8) |
|  Loss from continuing operations | (71.8) | (182.2) |  | (60.6) |
|  Discontinued operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations before income taxes |  | 9.5) |  | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from discontinued operations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations |  | 9.5) |  | (100.0) |
|  Net loss | (71.8) | (172.7) |  | (58.4) |
|  Less: Net income attributable to noncontrolling interests | 1.9 | 1.2 |  | 58.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to NIQ | $(73.7) | $(173.9) |  | (57.6) |

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*Revenues* 

Revenues increased $4.0 million, or 0.4% for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Americas revenue increased by $14.0 million for the three months ended March 31, 2025 driven by higher incremental Intelligence revenue of $10.6 million, representing an increase of 3.6% due to expansion in core services and cross-selling new capabilities, and by higher incremental Activation revenue of $3.4 million, representing an increase of 4.8% driven by higher volumes. EMEA revenue decreased by $11.2 million for the three months ended March 31, 2025 driven by lower incremental Intelligence revenue of $7.1 million representing a decrease of 1.9% driven by the deconsolidation of our Russia subsidiaries and sale of ownership interest in Netquest (a panel provider acquired through the GfK Combination). See Note 2. "Discontinued Operations and Disposals" in the notes to unaudited condensed consolidated financial statements included in this prospectus for additional information. In addition, APAC revenue increased by $1.2 million for the three months ended March 31, 2025 driven by higher incremental Intelligence revenue of $0.4 million, representing an increase of 0.3%, and higher incremental Activation revenue of $0.8 million representing an increase of 1.9% driven by increased expansion initiatives.

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Additionally, we estimate that the new capabilities from innovative products and solutions contributed approximately two percentage points of revenue growth the three months ended March 31, 2025. We also estimate that higher pricing from strong renewals contributed approximately two percentage points of revenue growth for the three months ended March 31, 2025. Lastly, we estimate our new verticals, channels, and markets contributed approximately two percentage points of revenue growth for the three months ended March 31, 2025.

*Cost of revenues (excluding depreciation and amortization)* 

Cost of revenues decreased $(14.1) million, or (3.2)% for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The decrease was due primarily to the impact of the change in foreign currency exchange rates on cost of revenue.

*Selling, general and administrative expenses* 

Selling, general and administrative expenses decreased $25.1 million, or 6.3%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. Selling, general and administrative expenses decreased due to lower occupancy, transaction and technology costs as well as the impact of the change in foreign currency exchange rates.

*Depreciation and amortization* 

Depreciation and amortization decreased $2.0 million, or 1.3%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. $1.9 million of the decrease relates to a decrease in the consumer panels balance for the same periods.

*Impairment of long-lived assets* 

Impairment of long-lived assets increased $0.7 million, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024.

*Restructuring charges* 

Restructuring charges decreased $4.5 million, or 49.5%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The decrease in restructuring charges was driven by $2.1 million of lower severance costs associated with GfK Integration, as well as a $2.4 million reduction in severance costs associated with our CEP. See Note 10. "Restructuring Activities" in the notes to unaudited condensed consolidated financial statements included in this prospectus for additional information.

*Other operating income* 

Other operating income decreased $1.2 million, or 16.4%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The decrease is primarily attributable to a decrease in charges to equity method investments.

*Interest expense, net* 

Interest expense, net decreased $23.4 million, or 21.9%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The decrease was primarily driven by the 2025 debt refinancing during the three months ended March 31, 2025. As a result of the refinancing, there was a decrease of $28.9 million in book interest expense related to these loans. See Note 6. "Debt" in the notes to unaudited condensed consolidated financial statements included in this prospectus for additional information.

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*Foreign currency exchange (loss) gain, net* 

Foreign currency exchange (loss) gain, net increase to a net gain of $32.0 million for the three months ended March 31, 2025, compared to a net loss of $13.1 million for the three months ended March 31, 2024. The increase was primarily driven by higher foreign currency gains of $36.9 million related to debt obligations denominated in a currency other than an entity's functional currency, partially offset by additional losses of $8.8 million from foreign exchange derivatives.

*Nonoperating (expense) income, net* 

Nonoperating (expense) income, net increased $13.6 million for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The increase was primarily driven by a $10.3 million write-off of unamortized debt discount and debt issuance costs, and a $4.1 million settlement of tax indemnification, partially offset by $2.8 million of income from the transition services agreement executed in connection with the GfK European Consumer Panel Business that was divested during the year ended December 31, 2024 in the Required GfK European Consumer Panel Services Divestiture.

*Income taxes* 

Income tax expense from continuing operations decreased $7.7 million, a change of 24.8% for the three months ended March 31, 2025 as compared to the quarter ended March 31, 2024. For the three months ended March 31, 2025 and 2024, the effective tax rate was (48)% and (21)%, respectively. The change in our effective tax rate for the quarter ended March 31, 2025, as compared to the quarter ended March 31, 2024 was primarily driven by reduction in the pre-tax book loss and changes in jurisdictional earning.

*Income (loss) from discontinued operations* 

The Company had no income from discontinued operations for the three months ended March 31, 2025, compared to loss of $9.5 million for the three months ended March 31, 2024. The decrease relates to the GfK European Consumer Panel Business that was divested in the required GfK European Consumer Panel Services Divestiture which resulted in a $9.4 million gain recognized in connection with completing the sale during the three months ended March 31, 2024. See Note 2. "Discontinued Operations and Disposals" in the notes to unaudited condensed consolidated financial statements included in this prospectus for additional information.

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

For the year ended December 31, 2024 and 2023, our results of operations were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **2024 vs. 2023** | **2024 vs. 2023** |
| **(in millions)** | **2024** | **2023** | **$** | **%** |
|  Revenues | $3972.6 | $3341.3 |  | 18.9 |
|  Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues (excluding depreciation and amortization shown separately below) | 1771.6 | 1511.5 |  | 17.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 1601.2 | 1449.3 |  | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 596.7 | 460.9 |  | 29.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 31.1 | 9.0 |  | 245.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 98.5 | 34.6 |  | 184.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | (26.9) | (15.4) |  | 74.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 4072.2 | 3449.9 |  | 18.0 |
|  Operating loss | (99.6) | (108.6) |  | (8.3) |
|  Interest expense, net | (410.6) | (299.5) |  | 37.1 |
|  Foreign currency exchange (loss) gain, net | (34.2) | 4.6) |  | (843.5) |
|  Nonoperating expense, net | (70.8) | (8.1) |  | 774.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations before income taxes | (615.2) | (411.6) |  | 49.5 |
|  Income tax expense from continuing operations | (113.7) | (51.8) |  | 119.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations | (728.9) | (463.4) |  | 57.3 |
|  Discontinued operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations before income taxes | 12.5 | 2.6 |  | 380.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from discontinued operations |  | (11.6) |  | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from discontinued operations | 12.5 | (9.0) |  | (238.9) |
|  Net loss | (716.4) | (472.4) |  | 51.7 |
|  Less: Net income attributable to noncontrolling interests | 6.3 | 3.8 |  | 65.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to NIQ | $(722.7) | $(476.2) |  | 51.8 |

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*Revenues* 

Revenues increased $631.3 million, or 18.9% for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily driven by the $462.2 million impact from the GfK Combination, which reflected a full year of revenues compared to the approximate half year period from the acquisition date of July 10, 2023 to December 31, 2023 ("half year") impact in the prior year period. In addition, Americas revenue increased by $201.6 million for the year ended December 31, 2024 driven by the $104.6 million impact from the GfK Combination by higher incremental Intelligence revenue of $63.3 million, representing an increase of 5.5% due to expansion in core services and cross-selling new capabilities, and by higher incremental Activation revenue of $26.0 million, representing an increase of 8.3% driven by higher volumes. EMEA revenue also increased by $324.9 million for the year ended December 31, 2024 driven by the $267.2 million impact from the GfK Combination and by higher incremental Intelligence revenue of $46.7 million representing an increase of 3.3% driven by an increase due to expansion in core services and cross-selling new capabilities. In addition, APAC revenue increased by $104.8 million for the year ended December 31, 2024 driven by the $90.4 million impact from the GfK Combination and by higher incremental Intelligence revenue of $18.2 million, representing an increase of 3.7%. This was partially offset by lower incremental Activation revenue of $8.3 million representing a decline of 4.4% driven by slower demand for consumer insights solutions and lower sales in China. The total unfavorable impact of foreign exchange on revenues was $56.3 million.

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*Cost of revenues (excluding depreciation and amortization)* 

Cost of revenues increased $260.1 million, or 17.2% for the year ended December 31, 2024, as compared to the year ended December 31, 2023. The increase was primarily driven by the $229.6 million impact attributable to the GfK Combination which reflected a full year of expense compared to the half year impact in the prior year period. The remaining cost of revenues increased due to general increased costs due to the inflationary impact on external services and personnel expenses.

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|:---|:---|:---|:---|:---|
|  | | | **Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **2024 vs. 2023** | **2024 vs. 2023** |
| **(in millions)** | **2024** | **2023** | $**%** | **%** |
|  GfK Combination | $328.8 | $99.2 |  | 231.5 |
|  Cost of revenues excluding GfK Combination | 1442.8 | 1412.3 |  | 2.2 |
|  Cost of revenues | $1771.6 | $1511.5 |  | 17.2 |

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*Selling, general and administrative expenses* 

Selling, general and administrative expenses increased $151.9 million, or 10.5%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. The increase was primarily driven by the $173.6 million impact attributable to the GfK Combination which reflected a full year of expense compared to the half year impact in the prior year period. The remaining selling, general and administrative expenses decreased due to lower occupancy, transaction and technology costs.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **2024 vs. 2023** | **2024 vs. 2023** |
| **(in millions)** | **2024** | **2023** | **$** | **%** |
|  GfK Combination | $422.1 | $248.5 |  | 69.9 |
|  Selling, general, and administrative expenses excluding GfK Combination | 1179.1 | 1200.8) |  | (1.8) |
|  Selling, general and administrative expenses | $1601.2 | $1449.3 |  | 10.5 |

---

*Depreciation and amortization* 

Depreciation and amortization increased $135.8 million, or 29.5%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. An increase of $70.8 million was attributable to amortization associated with the intangible assets acquired in the GfK Combination, which reflected a full year of expense compared to the half year impact in the prior year period. The remaining increase primarily reflects the impact of the elevated capital expenditures from internally developed software in fiscal year 2023, which is largely related to the development of our technology platform, *Discover*. Capital expenditures as a percentage of revenue was approximately 8% for each of the years ended December 31, 2024 and December 31, 2023.

*Impairment of long-lived assets* 

Impairment of long-lived assets increased $22.1 million, or 245.6%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. The increase primarily reflected impairments of long-lived assets in Russia.

*Restructuring charges* 

Restructuring charges increased $63.9 million, or 184.7%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. The increase in restructuring charges was driven by $67.3 million of higher severance costs associated with GfK Integration, partially offset by a $3.4 million reduction in severance costs

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associated with our CEP. See Note 14. "Restructuring Activities" in the notes to the audited consolidated financial statements included in this prospectus for additional information.

*Other operating income* 

Other operating income increased $11.5 million, or 74.7%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. The increase was primarily attributable to the GfK Combination, which reflected a full year of sublease income and charges to equity method investments compared to the half year impact in the comparative period.

*Interest expense, net* 

Interest expense, net increased $111.1 million, or 37.1%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. The increase was primarily driven by the full year impact of term loans issued in 2023 to fund working capital and the GfK Combination, resulting in incremental interest expense of $95.7 million. The remaining increase primarily relates to higher borrowings on the Revolver throughout the year in comparison to 2023.

*Foreign currency exchange (loss) gain, net* 

Foreign currency exchange (loss) gain, net decreased to a net loss of $34.2 million for the year ended December 31, 2024, compared to a net gain of $4.6 million for the year ended December 31, 2023. The decrease was primarily driven by higher foreign currency losses of $79.1 million related to debt obligations denominated in a currency other than an entity's functional currency, partially offset by additional gains of $37.5 million from foreign exchange derivatives.

*Nonoperating (expense) income, net* 

Nonoperating (expense) income, net increased $62.7 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023. The increase was primarily driven by a $57.8 million loss on deconsolidation of Russian subsidiaries and $35.8 million write-off of unamortized debt discount and debt issuance costs, partially offset by $10.9 million of income from the transition services agreement executed in connection with the GfK European Consumer Panel Business that was divested during the year ended December 31, 2024 in the Required GfK European Consumer Panel Services Divestitures. The year ended December 31, 2023 also reflected a $15.1 million gain resulting from the remeasurement of previously held equity interests in connection with the GfK Combination, which was partially offset by higher pension costs (other than service costs) of $6.3 million related to the 2023 settlement of our Netherlands defined benefit plan.

*Income taxes* 

Income tax expense from continuing operations increased $61.9 million, or 119.5% for the year ended December 31, 2024 as compared to the year ended December 31, 2023. For the years ended December 31, 2024 and 2023, the effective tax rate was (18.5)% and (12.6)%, respectively. The decrease in our effective tax rate for the year ended December 31, 2024, as compared to the year ended December 31, 2023 was primarily driven by a 6% increase in uncertain tax positions.

*Income (loss) from discontinued operations* 

Income from discontinued operations was $12.5 million for the year ended December 31, 2024, compared to loss of $9.0 million for the year ended December 31, 2023. The increase relates to the GfK European Consumer Panel Business that was divested in the required GfK European Consumer Panel Services Divestiture which resulted in

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a $12.4 million gain recognized in connection with completing the sale during the year ended December 31, 2024. See Note 4. "Discontinued Operations and Disposals" in the notes to audited consolidated financial statements included in this prospectus for additional information.

***Comparison of the Year Ended December 31, 2023 and 2022***

For the year ended December 31, 2023 and 2022, our results of operations were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Change** | **Change** |
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **2023 vs. 2022** | **2023 vs. 2022** |
| **(in millions)** | **2023** | **2022** | **$** | **%** |
|  Revenues | $3341.3 | $2786.4 |  | 19.9 |
|  Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues (excluding depreciation and amortization shown separately below) | 1511.5 | 1387.1 |  | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 1449.3 | 1197.3 |  | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 460.9 | 301.1 |  | 53.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 9.0 | 25.6) |  | (64.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 34.6 | 60.9) |  | (43.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | (15.4) | (8.0) |  | 92.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 3449.9 | 2964.0 |  | 16.4 |
|  Operating loss | (108.6) | (177.6) |  | (38.9) |
|  Interest expense, net | (299.5) | (110.5) |  | 171.0 |
|  Foreign currency exchange gain (loss), net | 4.6 | (27.5) |  | (116.7) |
|  Nonoperating (expense) income, net | (8.1) | 39.7) |  | (120.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations before income taxes | (411.6) | (275.9) |  | 49.2 |
|  Income tax expense from continuing operations | (51.8) | (40.3) |  | 28.5 |
|  Loss from continuing operations | (463.4) | (316.2) |  | 46.6 |
|  Discontinued operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations before income taxes | 2.6 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from discontinued operations | (11.6) | —) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from discontinued operations | (9.0) | —) |  |  |
|  Net loss | (472.4) | (316.2) |  | 49.4 |
|  Less: Net income attributable to noncontrolling interests | 3.8 | 0.5 |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to NIQ | $(476.2) | $(316.7) |  | 50.4 |

---

*Revenues* 

Revenues increased $554.9 million, or 19.9% for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily driven by $430.2 million from the GfK Combination, along with other acquisitions. In addition, Americas revenue increased by $89.7 million for the year ended December 31, 2023 driven by higher Intelligence revenue of $85.9 million which was higher by 9.6% due to expansion in core services and cross-selling new capabilities. EMEA revenue also increased by $53.1 million for the year ended December 31, 2023 driven by higher Intelligence revenue of $56.5 million which was higher by 6% due to expansion in core services and cross-selling new capabilities. In addition, APAC revenue declined by $18.0 million for the year ended December 31, 2023 driven by lower Activation revenue of $18.8 million which

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declined by 10% driven by slower demand for consumer insights solutions and lower sales in China. The unfavorable impact of foreign exchange on revenues was $4.5 million.

*Cost of revenues (excluding depreciation and amortization)* 

Cost of revenues increased $124.4 million, or 9.0% for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily driven by the $99.2 million impact attributable to the GfK Combination, which primarily consists of additional personnel-related costs. The remaining cost of revenues increased due to general inflation partially offset by savings from our CEP.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **2023 vs. 2022** | **2023 vs. 2022** |
| **(in millions)** | **2023** | **2022** | $**%** | **%** |
|  GfK Combination | $99.2 | $— |  |  |
|  Cost of revenues excluding GfK Combination | 1412.3 | 1387.1 |  | 1.8 |
|  Cost of revenues | $1511.5 | $1387.1 |  | 9.0 |

---

*Selling, general and administrative expenses* 

Selling, general and administrative expenses increased $252.0 million, or 21.0%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily driven by the $248.5 million impact attributable to the GfK Combination, which primarily consists of additional personnel-related costs. The remaining selling, general and administrative expenses increased due to general inflation partially offset by savings from our CEP.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **2023 vs. 2022** | **2023 vs. 2022** |
| **(in millions)** | **2023** | **2022** | $**%** | **%** |
|  GfK Combination | $248.5 | $— |  |  |
|  Selling, general, and administrative expenses excluding GfK Combination | 1200.8 | 1197.3 |  | 0.3 |
|  Selling, general and administrative expenses | $1449.3 | $1197.3 |  | 21.0 |

---

*Depreciation and amortization* 

Depreciation and amortization increased $159.8 million, or 53.1%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. An increase of $61.5 million was attributable to amortization associated with acquired intangible assets in the GfK Combination. The remaining increase primarily reflects the impact of the elevated capital expenditures from internally developed software in fiscal year 2022, which is largely related to the development of our technology platform, *Discover*. Capital expenditures as a percentage of revenue was approximately 8% for the year ended December 31, 2023 and approximately 11% for the year ended December 31, 2022.

*Impairment of long-lived assets* 

Impairment of long-lived assets decreased $16.6 million, or 64.8%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. Impairment charges for both periods reflected adjustments related to long-lived assets and leased real estate we no longer plan to use, with the prior year period reflecting higher impairment charges primarily due to certain leases having larger operating lease right-of-use assets being impaired.

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*Restructuring charges* 

Restructuring charges decreased $26.3 million, or 43.2%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The decrease in restructuring charges was primarily driven by a $36.6 million

reduction in severance costs associated with our CEP, due to less activity in 2023 in comparison to 2022, from actions implemented to drive permanent cost savings and operational efficiencies. This decrease was partially offset by $10.3 million in severance costs associated with GfK integration. See Note 14. "Restructuring Activities" in the notes to the audited consolidated financial statements included in this prospectus for additional information.

*Other operating income* 

Other operating income increased $7.4 million, or 92.5%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily attributable to the GfK Combination, which resulted in additional sublease income and charges to equity method investments.

*Interest expense, net* 

Interest expense, net increased $189.0 million, or 171.0%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily driven by term loans issued in 2023 to fund working capital and the GfK Combination, resulting in incremental interest expense of $156.1 million. The remaining increase primarily relates to higher interest expense due to higher variable interest rates on our 2021 term loans, along with higher borrowings on our revolver.

*Foreign currency exchange gain (loss), net* 

Foreign currency exchange gain (loss), net increased to a net gain of $4.6 million for the year ended December 31, 2023, compared to a net loss of $27.5 million for the year ended December 31, 2022. The gains and losses for each period primarily related to debt obligations denominated in a currency other than an entity's functional currency.

*Nonoperating (expense) income, net* 

Nonoperating (expense) income, net reflected an expense of $8.1 million for the year ended December 31, 2023, compared to income of $39.7 million for the year ended December 31, 2022. The increase in expense was primarily driven by $21.6 million of additional pension costs (other than service costs), of which $11.7 million was associated with interest cost due to higher discount rates and $6.3 million was due to the settlement of our Netherlands defined benefit plan. See Note 15. "Pension and Other Post-Retirement Benefits" in the notes to audited consolidated financial statements included in this prospectus for additional information. In addition, the year ended December 31, 2022 reflected $17.4 million of income compared to $3.5 million of expense for the year ended December 31, 2023 due to settlements under the tax indemnification agreement with Nielsen Holdings in connection with the 2021 Carve-Out Transaction.

*Income taxes* 

Income tax expense from continuing operations increased $11.5 million, or 28.5% for the year ended December 31, 2023 as compared to the year ended December 31, 2022. For the years ended December 31, 2023 and 2022, the effective tax rate was (12.6)% and (14.6)%, respectively. The decrease in our effective tax rate for the year ended December 31, 2023, as compared to the year ended December 31, 2022 was primarily driven by a changes in our jurisdictional earnings mix and prior year return to provision adjustments offset by the release of uncertain tax positions in the prior period.

*Loss from discontinued operations* 

Loss from discontinued operations was $9.0 million for the year ended December 31, 2023, relating to the GfK European Consumer Panel Business that was divested in the Required GfK European Consumer Panel Services

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Divestiture. See Note 4. "Discontinued Operations and Disposals" in the notes to audited consolidated financial statements included in this prospectus for additional information.

**Segment Results** 

Our segment disclosure is intended to provide investors with a view of the business that is consistent with management's view of the Company. We manage our business and report our financial results through the following three segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Americas, which includes North America and Latin America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EMEA, which includes Europe, the Middle East and Africa

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• APAC, which includes Asia Pacific and the western Pacific region

***Segment Results for the Three Months Ended March 31, 2025 and 2024***

The following is a discussion of the financial results of our reportable segments consisting of Americas, EMEA and APAC for the three months ended March 31, 2025 and March 31, 2024. We evaluate segment operating performance using segment Revenues and segment Adjusted EBITDA. See Note 12. "Reportable Segments" in the notes to unaudited condensed consolidated financial statements included in this prospectus for additional information.

*<u>Americas</u>* 

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(in millions)** | **2025** | **2024** |
|  Segment Revenues | $378.3 | $364.3 |
|  Segment Adjusted EBITDA | 110.8 | 82.1 |
|  Segment Adjusted EBITDA Margin % | 29.3% | 22.5% |

---

*Segment Revenues* 

Americas' segment revenues increased by $14.0 million, or 3.8%, for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Segment Intelligence revenue increased by $10.6 million due to expansion in core services and cross-selling new capabilities, and segment Activation revenue increased by $3.4 million driven by higher volumes.

*Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin* 

Americas' segment Adjusted EBITDA increased by $28.7 million, or 35.0% for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. The change is attributable to a reduction in other segment costs for the three months ended March 31, 2025. Other segment costs primarily include personnel-related costs, cloud costs, software and hardware maintenance costs and occupancy costs.

*<u>EMEA</u>* 

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(in millions)** | **2025** | **2024** |
|  Segment Revenues | $418.9 | $430.1 |
|  Segment Adjusted EBITDA | 120.0 | 109.4 |
|  Segment Adjusted EBITDA Margin % | 28.6% | 25.4% |

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*Segment Revenues* 

EMEA segment revenues decreased by $11.2 million, or 2.6%, for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily driven by segment Intelligence revenue which decreased $7.1 million due to the deconsolidation of our Russia subsidiaries and the sale of ownership interest in Netquest (a panel provider acquired through the GfK Combination). See Note 2. "Discontinued Operations and Disposals" in the notes to unaudited condensed consolidated financial statements included in this prospectus for additional information.

*Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin* 

EMEA segment Adjusted EBITDA increased by $10.6 million, or 9.7%, for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Segment Adjusted EBITDA Margin increased by 3.2% for the year ended March 31, 2025, as compared to the year ended March 31, 2024, primarily due to a reduction in other segment costs for the three months ended March 31, 2025. Other segment costs primarily include personnel-related costs, cloud costs, software and hardware maintenance costs and occupancy costs.

*<u>APAC</u>* 

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| | | |
|:---|:---|:---|
|  | **Three Months<br>Ended March 31,** | **Three Months<br>Ended March 31,** |
| **(in millions)** | **2025** | **2024** |
|  Segment Revenues | $168.7 | $167.5 |
|  Segment Adjusted EBITDA | 37.1 | 40.0 |
|  Segment Adjusted EBITDA Margin % | 22.0% | 23.9% |

---

*Segment Revenues* 

APAC segment revenues increased by $1.2 million, or 0.7%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, driven by higher incremental Intelligence revenue of $0.4 million, representing an increase of 0.3%, and higher incremental Activation revenue of $0.8 million representing an increase of 1.9% driven by increased expansion initiatives.

*Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin* 

APAC segment Adjusted EBITDA decreased by $2.9 million, or 7.3%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. Segment Adjusted EBITDA Margin decreased by 1.9% for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. The decrease is primarily driven by an increase in other segment costs for the three months ended March 31, 2025. Other segment costs primarily include personnel-related costs, cloud costs, software and hardware maintenance costs and occupancy costs.

***Segment Results for the Years Ended December 31, 2024, 2023 and 2022***

The following is a discussion of the financial results of our reportable segments consisting of Americas, EMEA and APAC for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. We evaluate segment operating performance using segment Revenues and segment Adjusted EBITDA. See Note 17. "Reportable Segments" of our notes to the audited consolidated financial statements included in this prospectus for further details.

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*<u>Americas</u>*

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  Segment Revenues | $1550.2 | $1348.6 | $1151.7 |
|  Segment Adjusted EBITDA | 437.8 | 378.7 | 236.1 |
|  Segment Adjusted EBITDA Margin % | 28.2 | 28.1 | 20.5 |

---

*Segment Revenues* 

Americas' segment revenues increased by $201.6 million, or 14.9%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023, in part driven by the $104.6 million impact from the GfK Combination, which reflected a full year of revenues compared to the half year impact in the prior year period. In addition, segment Intelligence revenue increased by $63.3 million due to expansion in core services and cross-selling new capabilities, and segment Activation revenue increased by $26.0 million driven by higher volumes. The unfavorable impact of foreign exchange on segment Revenues was $19.7 million.

Americas' segment revenues increased by $196.9 million, or 17.1%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily driven by $118.8 million from the impact of the GfK Combination. In addition, segment Intelligence revenues increased by $85.9 million due to expansion in core services and cross-selling new capabilities and segment Activation revenues increased $3.8 million. The favorable impact of foreign exchange on segment Revenues was $17.0 million.

*Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin* 

Americas' segment Adjusted EBITDA increased by $59.1 million, or 15.6% for the year ended December 31, 2024 as compared to the year ended December 31, 2023, in part driven by the $13.4 million impact of the GfK Combination, which reflected a full year of revenues compared to the half year impact in the prior year period. The remaining change is attributable to organic revenue growth, which includes GfK revenue growth for the third and fourth quarters for the year-ended December 31, 2024 in comparison to the corresponding periods for December 31, 2023, and the execution of our CEP.

Americas' segment Adjusted EBITDA increased by $142.6 million, or 60.4% for the year ended December 31, 2023 as compared to the year ended December 31, 2022. The increase is in part driven by the $32.1 million impact of the GfK Combination, with the remaining change attributable to organic revenue growth. Segment Adjusted EBITDA Margin increased by 7.6% for the year ended December 31, 2023, as compared to the year ended December 31, 2022, due to revenue growth and execution of our CEP.

*<u>EMEA</u>*

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  Segment Revenues | $1731.5 | $1406.6 | $1110.8 |
|  Segment Adjusted EBITDA | 447.9 | 376.7 | 280.6 |
|  Segment Adjusted EBITDA Margin % | 25.9 | 26.8 | 25.3 |

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*Segment Revenues* 

EMEA segment revenues increased by $324.9 million, or 23.1%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily driven by the $267.2 million impact from the GfK Combination, which reflected a full year of revenues compared to the half year impact in the prior year period.

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Segment Intelligence revenue increased $46.7 million driven by an increase due to expansion in core services and cross-selling new capabilities. The unfavorable impact of foreign exchange on segment Revenues was $20.0 million.

EMEA segment revenues increased by $295.8 million, or 26.6%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily driven by $211.9 million from the impact of the GfK Combination. In addition, segment Intelligence revenues increased by $56.5 million driven by broad based growth across developed and emerging geographies, expansion in core services and cross-selling new capabilities and segment Activation revenues decreased by $3.5 million. This growth was partially offset by weakness in Russia and Ukraine driven by the ongoing conflict. The unfavorable impact of foreign exchange on segment Revenues was $4.8 million.

*Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin* 

EMEA segment Adjusted EBITDA increased by $71.2 million, or 18.9%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023. The increase is primarily driven by the $53.0 million impact of the GfK Combination, which reflected a full year of revenues compared to the half year impact in the prior year period. The remaining change attributable to organic revenue growth, which includes GfK revenue growth for the third and fourth quarters of the year ended December 31, 2024 in comparison to the corresponding periods for December 31, 2023, and the execution of our CEP. Segment Adjusted EBITDA Margin decreased by 0.9% for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to general inflation on external services and increased personnel costs.

EMEA segment Adjusted EBITDA increased by $96.1 million, or 34.2%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022. The increase is primarily driven by the $62.1 million impact of the GfK Combination with the remaining change attributable to organic revenue growth and the execution of our CEP. Segment Adjusted EBITDA Margin increased by 1.5% for the year ended December 31, 2023, as compared to the year ended December 31, 2022, primarily due to increased revenue growth partially offset by increased personnel expenses from the GfK Combination prior to any synergistic action initiatives implemented after the completion of the acquisition.

*<u>APAC</u>*

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  Segment Revenues | $690.9 | $586.1 | $523.9 |
|  Segment Adjusted EBITDA | 150.6 | 121.1 | 101.7 |
|  Segment Adjusted EBITDA Margin % | 21.8 | 20.7 | 19.4 |

---

*Segment Revenues* 

APAC segment revenues increased by $104.8 million, or 17.9%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily driven by the $90.4 million impact from the GfK Combination, which reflected a full year of revenues compared to the half year impact in the prior year period. In addition, segment Intelligence revenue increased $18.2 million due to expansion in core services and cross-selling new capabilities. This was partially offset by a decrease of segment Activation revenue of $8.3 million driven by slower demand for consumer insights solutions and lower sales in China. The unfavorable impact of foreign exchange on segment Revenues was $16.7 million.

APAC segment revenues increased by $62.2 million, or 11.9%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022, primarily driven by $104.5 million from the impact of the GfK

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Combination. In addition, segment Intelligence revenues increased by $0.8 million and segment Activation revenues decreased by $18.8 million driven by soft demand for consumer insights solutions and soft sales in China. The unfavorable impact of foreign exchange on segment Revenues was $16.8 million.

*Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin* 

APAC segment Adjusted EBITDA increased by $29.5 million, or 24.4%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. The increase is primarily driven by the $31.1 million impact of the GfK Combination, which reflected a full year of revenues compared to the half year impact in the prior year period. The remaining change attributable to organic revenue growth and the execution of our CEP. Segment Adjusted EBITDA Margin increased by 1.1% for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to revenue growth and lower occupancy and personnel costs.

APAC segment Adjusted EBITDA increased by $19.4 million, or 19.1%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increases primarily reflect the impacts of the GfK Combination. Segment Adjusted EBITDA Margin increased by 1.3% for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to increased revenue growth partially offset by increased personnel expenses from the GfK Combination prior to any synergistic initiatives implemented after the completion of the acquisition.

S**upplemental Unaudited Pro Forma Combined Financial Information**

***Unaudited Pro Forma Results of Operations***

***Comparability to Past Periods***

Due to the significance of the GfK Combination in July 2023, we are presenting both our reported and unaudited pro forma results of operations. Results of the GfK business that we acquired in the GfK Combination are included in our reported results from July 10, 2023, the Combination Closing Date. Our pro forma presentation reflects the results of the GfK business that we acquired in the GfK Combination for a full twelve-month period, for both 2023 and 2022 in accordance with Article 11 of Regulation S-X as if the GfK Combination had occurred on January 1, 2022, and after giving effect to the Required GfK European Consumer Panel Services Divestiture. Management believes that presenting these pro forma results is important to understand our financial performance and, provides additional meaningful information regarding trends in our underlying businesses as it allows for more comparability among periods presented. Such unaudited pro forma combined information is presented on a supplemental basis, and it is not intended to represent what our actual consolidated results would have been had the GfK Combination occurred on January 1, 2022 or be indicative of our future consolidated results of operations or financial condition.

The Unaudited Combined Pro Forma for the years ended December 31, 2023 and 2022 are being presented herein for informational purposes only and do not reflect any operating efficiencies or potential cost savings that may result from the consolidation of operations.

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Unaudited Pro Forma Combined Statement of Operations for the year ended December 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **NIQ** <br>**(U.S. GAAP)** | **GfK<br>(IFRS)** | **Pro Forma<br>Adjustments** | **Pro Forma<br>Combined**<br>**(U.S. GAAP)** |
|  Revenues | $3341.3 | $489.4 | $— | $3830.7 |
|  Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues (excluding depreciation and amortization as shown separately below) | 1511.5 | 120.0 | (3.2) (a) | 1628.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 1449.3 | 272.0 | 20.3 (a)(b)(c) | 1741.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 460.9 | 33.5 | 44.9 (d)(e)(f) | 539.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 9.0 |  |  | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 34.6 |  |  | 34.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | (15.4) | (8.0) |  | (23.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 3449.9 | 417.5 | 62.0 | 3929.4 |
|  Operating income (loss) | (108.6) | 71.9 | (62.0) | (98.7) |
|  Interest expense, net | (299.5) | (22.7) | (91.3) (b)(g)(h) | (413.5) |
|  Foreign currency exchange gain (loss), net | 4.6 | (10.4) |  | (5.8) |
|  Nonoperating (expense) income, net | (8.1) | 2.0 | (19.0) (a)(i) | (25.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from continuing operations before income taxes | (411.6) | 40.8 | (172.3) | (543.1) |
|  Income tax (expense) benefit from continuing operations | (51.8) | (18.2) | 7.0 (j)(k) | (63.0) |
|  Income (loss) from continuing operations | (463.4) | 22.6 | (165.3) | (606.1) |
|  Less: Net income (loss) attributable to noncontrolling interests | 3.8 | 7.1 | (4.3) (l) | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (Loss) from continuing operations attributable to NIQ | $(467.2) | $15.5 | $(161.0) | $(612.7) |

---

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Unaudited Pro Forma Combined Statement of Operations for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **NIQ**<br>**(U.S. GAAP)** | **GfK<br>(IFRS)** | **Pro Forma<br>Adjustments** | **Pro Forma<br>Combined**<br>**(U.S. GAAP)** |
|  Revenues | $2786.4 | $923.9 | $— | $3710.3 |
|  Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues (excluding depreciation and amortization as shown separately below) | 1387.1 | 220.1 | (6.0) (a) | 1601.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 1197.3 | 496.4 | 41.5 (a)(b)(c) | 1735.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 301.1 | 62.8 | 87.7 (d)(e)(f) | 451.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 25.6 | 7.2 |  | 32.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 60.9 |  |  | 60.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | (8.0) | (14.5) |  | (22.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 2964.0 | 772.0 | 123.2 | 3859.2 |
|  Operating (loss) income | (177.6) | 151.9 | (123.2) | (148.9) |
|  Interest expense, net | (110.5) | (33.5) | (187.1) (b)(g)(h) | (331.1) |
|  Foreign currency exchange (loss) gain, net | (27.5) | 5.3 |  | (22.2) |
|  Nonoperating income, net | 39.7 | 2.9 | 8.4 (a)(i) | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from continuing operations before income taxes | (275.9) | 126.6 | (301.9) | (451.2) |
|  Income tax (expense) benefit from continuing operations | (40.3) | (38.0) | 19.9 (j)(k) | (58.4) |
| (Loss) income from continuing operations | (316.2) | 88.6 | (282.0) | (509.6) |
|  Less: Net income (loss) attributable to noncontrolling interests | 0.5 | 15.6 | (8.4) (l) | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from continuing operations attributable to NIQ | $(316.7) | $73.0 | $(273.6) | $(517.3) |

---

**Notes to the Supplemental Unaudited Pro Forma Combined Financial Information** 

**Note 1. Basis of Presentation & Description of the Transaction** 

*Basis of Presentation* 

The historical financial information of NIQ and GfK was prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and International Financial Reporting Standards ("IFRS"), respectively. Certain historical amounts of GfK have been reclassified in the Unaudited Pro Forma Combined Statement of Operations to conform to NIQ's presentation. As part of preparing the Unaudited Pro Forma Combined Statement of Operations, NIQ conducted a review to determine if differences in accounting standards would result in material differences to the Unaudited Pro Forma Combined Statement of Operations. Any material differences have been adjusted for as part of the pro forma adjustments presented in the Unaudited Pro Forma Statements of Operations.

*Description of the Transaction* 

On July 10, 2023, the Company completed the GfK Combination. Pursuant to the GfK Combination, the Company paid $1.1 billion in cash consideration to the equity holders of GfK plus issued shares equal to 28% of the equity of the post-combination value of an indirect Parent of the Company. In addition, the Company repaid GfK's closing indebtedness of $458.4 million. The estimated fair value of the equity consideration was determined to be approximately $1.0 billion using a combination of an income approach and a market-based approach.

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The total fair value of consideration transferred for the GfK Combination consisted of the following:

---

| | |
|:---|:---|
| **(in millions)** | |
|  Cash consideration | $1056.3 |
|  Fair value of equity consideration | 1010.4 |
|  Closing indebtedness | 458.4 |
|  Fair value of previously held equity interest | 21.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total consideration transferred | $2546.7 |

---

The following table sets forth the allocation of the purchase consideration to the respective fair value of assets acquired and liabilities assumed for the acquisition:

---

| | |
|:---|:---|
| **(in millions)** | |
| **Assets** |  |
|  Cash and cash equivalents | $105.5 |
|  Trade receivables | 131.0 |
|  Other receivables | 18.7 |
|  Prepaid expenses and other current assets | 25.0 |
|  Current assets held for sale | 347.0 |
|  Property and equipment | 71.4 |
|  Operating lease right-of-use assets | 111.4 |
|  Intangible assets | 1027.7 |
|  Goodwill | 1586.0 |
|  Deferred income taxes | 8.1 |
|  Other noncurrent assets | 68.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount attributable to assets acquired** | $**3500.3** |
| **Liabilities** |  |
|  Accounts payable | 75.1 |
|  Accrued expenses | 130.4 |
|  Deferred revenues | 92.8 |
|  Other current liabilities | 34.7 |
|  Current liabilities held for sale | 44.8 |
|  Operating lease liabilities | 91.6 |
|  Deferred income taxes | 153.9 |
|  Other noncurrent liabilities | 77.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount attributable to liabilities assumed** | $**700.6** |
|  **Fair value of net assets acquired, including goodwill and intangible assets** | $**2799.7** |
|  Noncontrolling interests measured at fair value | (253.0) |
|  | $**2546.7** |

---

The purchase price allocation to acquired identifiable intangible assets was as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Fair Value** | **Weighted<br>Average<br>Useful Life<br>(in years)** |
|  Customer relationships | $610.5 | 11 |
|  Retail partnerships | 143.0 | 10 |
|  Computer software | 114.7 | 3 |
|  Trade names and trademarks | 71.5 | 8 |
|  Consumer panels | 55.0 | 8 |
|  Database | 33.0 | 3 |
|  **Total identifiable intangible assets** | $**1027.7** |  |

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**Note 2. Notes to Unaudited Pro Forma Statements of Operations** 

The following adjustments were made related to the unaudited pro forma consolidated statement of operations for the years ended December 31, 2023 and 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Represents the reclassification of historical pension expense to align GfK's accounting policies under
IFRS with those applied by NIQ under US GAAP. For the period from January 1, 2023 through July 10, 2023, pension expenses of $3.2 million and $0.1 million were reclassified from cost of revenues and selling, general and administrative expenses,
respectively to nonoperating expense. For the year ended December 31, 2022, pension expenses of $6.0 million were reclassified from cost of revenues to selling, general and administrative expenses and nonoperating expense totaling $0.2 million
and $5.8 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Represents an adjustment of lease expense to convert from IFRS to US GAAP. This includes the removal of
historical interest expense of $1.8 million and $3.7 million, as well as the recognition of straight-line operating lease expense of $20.2 million and $39.4 million for the period from January 1, 2023 through July 10, 2023 and the year
ended December 31, 2022, respectively. Historical depreciation expense related to leases has been removed as part of adjustment (e) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Represents other adjustments to GfK's selling, general and administrative expenses totaling
$0.2 million and $1.9 million for the period from January 1, 2023 through July 10, 2023 and the year ended December 31, 2022, respectively to conform with NIQ's accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Represents additional amortization expense related to intangible assets for the effect of applying the
acquisition method of accounting. Additional intangible asset amortization expense totaling $57.7 million and $110.7 million would have been recognized by NIQ for the period from January 1, 2023 through July 10, 2023 and the year
ended December 31, 2022, respectively. The nature of the intangible assets acquired and the useful lives associated with those assets are described in further detail in Note 3 to the audited consolidated financial statements included in this
prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Represents an adjustment to historical depreciation expense resulting from the change in the fair value of
property, plant and equipment as a result of the purchase price allocation, as well as the removal of depreciation expense related to historical leases accounted for under IFRS to US GAAP as part of adjustment (b) above. A decrease to depreciation
expense totaling $13.0 million and $25.0 million would have been recognized by NIQ for the period from January 1, 2023 through July 10, 2023 and the year ended December 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Represents other adjustments to GfK's depreciation and amortization expenses totaling $0.2 million
and $2.0 million for the period from January 1, 2023 through July 10, 2023 and the year ended December 31, 2022, respectively to conform with NIQ's accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Represents the removal of interest expense attributable to GfK's historical indebtedness, which was
extinguished and paid off in connection with the business combination of $22.5 million and $29.1 million for the period from January 1, 2023 through July 10, 2023 and the year ended December 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Represents incremental interest expense of $115.6 million and $219.9 million resulting from the debt issuance
in connection with the GfK acquisition for the period from January 1, 2023 through July 10, 2023 and the year ended December 31, 2022, respectively. The interest rate was calculated based on rates materially consistent with current rates
as of the date of this prospectus, which include 625 basis points over SOFR for the 2023 USD Term Loan, 650 basis points over EURO LIBOR for the 2023 EUR Term Loan and 350 basis points over either SOFR or EURO LIBOR for revolver borrowings depending
on which currency the borrowing is denominated in. Interest expense for term loans was determined by taking the beginning principal for each month, deducting any principal repayments, and then multiplying the remaining balance by the applicable
interest rate. Interest expense for the revolving line of credit was calculated assuming borrowings consistent with the outstanding balance as

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of July 10, 2023 of approximately $261.0 million. The interest expense also reflects the amortization of estimated debt issuance costs. Our indebtedness is described in further detail in Note 10 to the audited consolidated financial statements included in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Represents (i) the reclassification of the $15.1 million gain recorded in the year ended December 31, 2023
from the remeasurement of a GfK subsidiary, accounted for as an equity method investment prior to the acquisition date, to the year ended December 31, 2022 and (ii) the elimination of historical equity earnings from the same equity method
investment for the years ended December 31, 2023 and December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Represents (i) an adjustment to recognize income tax expense related to the change in valuation allowance
assessment at the acquisition date, which results in an increase in income tax expense of $1.6 million and $1.3 million for the period from January 1, 2023 to July 10, 2023 and the year ended December 31, 2022, respectively and (ii) the
adjustment to remove income taxes from the discontinued operations associated with the GfK European Consumer Panel Business, which results in a decrease in income tax expense of $4.5 million and $12.9 million for the period from January 1, 2023
through July 10, 2023 and the year ended December 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Represents the income tax effect of all pro forma adjustments other than adjustment (j) above, which results in
a decrease to income tax expense of $4.1 million and $8.3 million from January 1, 2023 to July 10, 2023 and the year ended December 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Represents a decrease in net income attributable to noncontrolling interests of $4.3 million and $8.4 million
for the period from January 1, 2023 through July 10, 2023 and the year ended December 31, 2022, respectively, to reflect the impact of pro forma adjustments.

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**Comparison of the Results of Operations for the Year Ended December 31, 2024 to the Unaudited Pro Forma Results of Operations for the Year Ended December 31, 2023:** 

The following table summarizes our results of operations for the year ended December 31, 2024 (as reported) and 2023 (pro forma), giving effect to the GfK Combination as if it had occurred on January 1, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | |**Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **2024 vs. 2023** |
| **(in millions)** | **2024<br>(Reported)** | **2023<br>(Pro Forma<br>for GfK)** | **%** |
|  Revenues<sup>(1)</sup> | $3972.6 | $3830.7 | 3.7 |
|  Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues (excluding depreciation and amortization as shown separately below) | 1771.6 | 1628.3 | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 1601.2 | 1741.6) | (8.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 596.7 | 539.3 | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 31.1 | 9.0 | 245.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 98.5 | 34.6 | 184.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | (26.9) | (23.4) | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 4072.2 | 3929.4 | 3.6 |
|  Operating loss | (99.6) | (98.7) | 0.9 |
|  Interest expense, net | (410.6) | (413.5) | (0.7) |
|  Foreign currency exchange loss, net | (34.2) | (5.8) | 489.7 |
|  Nonoperating expense, net | (70.8) | (25.1) | 182.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations before income taxes | (615.2) | (543.1) | 13.3 |
|  Income tax expense from continuing operations | (113.7) | (63.0) | 80.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations | (728.9) | (606.1) | 20.3 |
|  Less: Net income attributable to noncontrolling interests | 6.3 | 6.6) | (4.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations attributable to NIQ | $(735.2) | $(612.7) | 20.0 |

---

(1) Includes revenue related to Russian operations of $25.3 million and $65.3 million, respectively. During the
year ended December 31, 2024, the Company deconsolidated the operations of Russian subsidiaries. See Note 4. "Discontinued Operations and Disposals" in the notes to the audited consolidated financial statements included in this
prospectus for additional information.

**Revenue and Pro Forma Revenue** 

---

| | | | |
|:---|:---|:---|:---|
|  | |**Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **2024 vs. 2023** |
| **(in millions)** | **2024<br>(Reported)** | **2023<br>(Pro Forma<br>for GfK)** | **%** |
|  Organic Constant Currency Revenue, Including GfK<sup>(1)</sup> | $4027.7 | $3792.7 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange impact on Revenue | (55.1) | —) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impact of Russia deconsolidation |  | 38.0) | n/m |
|  Revenues | $3972.6 | $3830.7 | 3.7 |

---

(1) See "—Organic Constant Currency Revenue, Including GfK and Organic Constant Currency Revenue Growth,
Including GfK" below for additional information regarding this metric.

Revenues increased $141.9 million, or 3.7% for the year ended December 31, 2024 as compared to the Unaudited Pro Forma Combined Financial Information for the year ended December 31, 2023, primarily driven by Organic

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Constant Currency Revenue Growth, Including GfK due to strong success in renewals as evidenced by our favorable NDR and GDR, driven by the expansion in core services and cross-selling new capabilities See "—Organic Constant Currency Revenue, Including GfK and Organic Constant Currency Revenue Growth, Including GfK" below for additional information regarding this metric.

**Cost of revenues (excluding depreciation and amortization)** 

Cost of revenues increased $143.3 million, or 8.8% for the year ended December 31, 2024 as compared to the Unaudited Pro Forma Combined Financial Information for the year ended December 31, 2023. The increase was primarily driven by general increased costs due to the inflationary impact on external services and personnel expenses.

**Selling, general and administrative expenses** 

Selling, general and administrative expenses decreased $140.4 million, or 8.1% for the year ended December 31, 2024 as compared to the Unaudited Pro Forma Combined Financial Information for the year ended December 31, 2023. The decrease was primarily driven by lower occupancy, transaction and technology costs.

**Depreciation and amortization** 

Depreciation and amortization increased $57.4 million, or 10.6% for the year ended December 31, 2024 as compared to the Unaudited Pro Forma Combined Financial Information for the year ended December 31, 2023. The increase primarily reflected the impact of the elevated capital expenditures from internally developed software in fiscal year 2023, which is largely related to the development of our technology platform, *Discover*.

**Impairment of long-lived assets** 

Impairment of long-lived assets increased $22.1 million, or 245.6% for the year ended December 31, 2024 as compared to the Unaudited Pro Forma Combined Financial Information for the year ended December 31, 2023. The increase primarily reflected impairments to long-lived assets in Russia.

**Restructuring charges** 

Restructuring charges increased $63.9 million, or 184.7% for the year ended December 31, 2024 as compared to the Unaudited Pro Forma Combined Financial Information for the year ended December 31, 2023. The increase in restructuring charges was driven by $67.3 million of higher severance costs associated with GfK Integration, partially offset by a $3.4 million reduction in severance costs associated with our CEP. See Note 14. "Restructuring Activities" in the notes to audited consolidated financial statements included in this prospectus for additional information.

**Other operating income** 

Other operating income increased $3.5 million, or 15.0% for the year ended December 31, 2024 as compared to the Unaudited Pro Forma Combined Financial Information for the year ended December 31, 2023. The increase was attributable to incremental sublease income and charges to equity method investments.

**Interest expense, net** 

Interest expense, net decreased $2.9 million, or 0.7% for the year ended December 31, 2024 as compared to the Unaudited Pro Forma Combined Financial Information for the year ended December 31, 2023. The decrease was primarily driven by amendments to our Credit Agreement in July 2024 which reduced the interest rate spreads on our 2023 term loans, partially offset by the interest expense impact from higher borrowings on the Revolver.

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**Foreign currency exchange loss, net**

Foreign currency exchange loss, net increased $28.4 million for the year ended December 31, 2024, compared to the Unaudited Pro Forma Combined Financial Information for the year ended December 31, 2023. The increase was primarily driven by higher losses related to debt obligations denominated in a currency other than an entity's functional currency, partially offset by additional gains from foreign exchange derivatives.

**Nonoperating expense, net**

Nonoperating expense, net increased $45.7 million for the year ended December 31, 2024, compared to the Unaudited Pro Forma Combined Financial Information for the year ended December 31, 2023. The increase was primarily driven by a $57.8 million loss on deconsolidation of Russian subsidiaries and $35.8 million write-off of unamortized debt discount and debt issuance costs, partially offset by $10.9 million of income from the transition services agreement executed in connection with the GfK European Consumer Panel Business that was divested in the Required GfK European Consumer Panel Services Divestiture and lower pension costs (other than service costs) primarily driven by the settlement of our Netherlands defined benefit plan in the prior period resulting in a charge of $6.3 million.

**Income taxes** 

Income tax expense from continuing operations increased $(50.7) million, or 80.5% for the year ended December 31, 2024 as compared to the year ended December 31, 2023. For the years ended December 31, 2024 and 2023, the effective tax rate was (18.5)% and (11.6)%, respectively. The decrease in our effective tax rate for the year ended December 31, 2024, as compared to the year Unaudited Pro Forma Combined Financial Information for the ended December 31, 2023 was primarily driven by a 6% increase in uncertain tax positions.

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**Comparison of the Unaudited Pro Forma Results of Operations for the Years Ended December 31, 2023 and 2022:** 

The following table summarizes our results of operations (Pro Forma) for the years ended December 31, 2023 and 2022, giving effect to the GfK Combination as if it had occurred on at the beginning of the period presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,****Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **2023 vs. 2022** |
| **(in millions)** | **2023<br>(Pro Forma<br>for GfK)** | **2022<br>(Pro Forma<br>for GfK)** | **%** |
|  Revenues | $3830.7 | $3710.3 | 3.2 |
|  Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues (excluding depreciation and amortization as shown separately below) | 1628.3 | 1601.2 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 1741.6 | 1735.2 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 539.3 | 451.6 | 19.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 9.0 | 32.8) | (72.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 34.6 | 60.9) | (43.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | (23.4) | (22.5) | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 3929.4 | 3859.2 | 1.8 |
|  Operating loss | (98.7) | (148.9) | (33.7) |
|  Interest expense, net | (413.5) | (331.1) | 24.9 |
|  Foreign currency exchange loss, net | (5.8) | (22.2) | (73.9) |
|  Nonoperating (expense) income, net | (25.1) | 51.0) | (149.2) |
|  Loss from continuing operations before income taxes | (543.1) | (451.2) | 20.4 |
|  Income tax expense from continuing operations | (63.0) | (58.4) | 7.9 |
|  Pro forma loss from continuing operations | (606.1) | (509.6) | 18.9 |
|  Less: Net income attributable to noncontrolling interests | 6.6 | 7.7) | (14.3) |
|  Pro forma loss from continuing operations attributable to NIQ | $(612.7) | $(517.3) | 18.4 |

---

(1) Includes revenue related to Russian operations of $65.3 million and $87.9 million, respectively. During the
year ended December 31, 2024, the Company deconsolidated the operations of Russian subsidiaries. See Note 4. "Discontinued Operations and Disposals" in the notes to the audited consolidated financial statements included in this
prospectus for additional information.

**Pro Forma Revenues** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,****Change** | **Change** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **2023 vs. 2022** |
| **(in millions)** | **2023<br>(Pro Forma<br>for GfK)** | **2022<br>(Pro Forma<br>for GfK)** | **%** |
|  Organic Constant Currency Revenue, Including GfK<sup>(1)</sup> | $3832.7 | $3710.3 | 3.3 |
|  Foreign exchange impact on Revenue | (15.4) | —) | n/m |
|  Revenue from acquisitions | 13.4 |  | n/m |
|  Revenues | $3830.7 | $3710.3 | 3.2 |

---

(1) See "—Organic Constant Currency Revenue, Including GfK and Organic Constant Currency Revenue Growth,
Including GfK" below for additional information regarding this metric.

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##### [**Table of Contents**](#toc)
Revenues increased $120.4 million, or 3.2% for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily driven by Organic Constant Currency Revenue Growth, Including GfK due to strong success in renewals as evidenced by our favorable NDR and GDR, driven by the expansion in core services and cross-selling new capabilities. See "—Organic Constant Currency Revenue, Including GfK and Organic Constant Currency Revenue Growth, Including GfK" below for additional information regarding this metric.

**Pro Forma Cost of revenues (excluding depreciation and amortization)** 

Cost of revenues increased $27.1 million, or 1.7% for the year ended December 31, 2023 as compared to the year ended December 31, 2022. The increase was primarily driven by inflation increases offset by savings from our CEP.

**Pro Forma Selling, general and administrative expenses** 

Selling, general and administrative expenses increased $6.4 million, or 0.4% for the year ended December 31, 2023 as compared to the year ended December 31, 2022. The increase was primarily driven by increased inflation and transaction costs associated with the GfK Combination, partially offset by the execution of the CEP program.

**Pro Forma Depreciation and amortization** 

Depreciation and amortization increased $87.7 million, or 19.4%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022. The increase primarily reflected the impact of the elevated capital expenditures from internally developed software in fiscal year 2022, which is largely related to the development of our technology platform, *Discover*.

**Pro Forma Impairment of long-lived assets** 

Impairment of long-lived assets decreased $23.8 million, or 72.6%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022. Impairment charges for both periods reflected adjustments related to long-lived assets and leased real estate that we no longer plan to use, with the prior year period reflecting higher impairment charges primarily due to certain leases having larger operating lease right-of-use assets being impaired.

**Pro Forma Restructuring charges** 

Restructuring charges decreased $26.3 million, or 43.2%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022. The decrease in restructuring charges was primarily driven by a $36.6 million reduction in severance costs associated with our CEP, due to less activity in 2023 in comparison to 2022, from actions implemented to drive permanent cost savings and operational efficiencies, partially offset by $10.3 million in severance costs associated with GfK integration and synergies. See Note 14. "Restructuring Activities" in the notes to audited consolidated financial statements included in this prospectus for additional information.

**Pro Forma Other operating income** 

Other operating income increased $0.9 million, or 4.0%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022. The income for each period primarily related to sublease income and income from equity method investments.

**Pro Forma Interest expense, net** 

Interest expense, net increased $82.4 million, or 24.9%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022. The increase was primarily driven by the 2023 Liquidity USD Term Loan which was issued to fund working capital, resulting in incremental interest expense of $55.1 million. The remaining increase was primarily due to higher variable interest rates on our 2021 term loans.

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##### [**Table of Contents**](#toc)
**Pro Forma Foreign currency exchange gain (loss), net** 

Foreign currency exchange gain (loss), net increased to a net loss of $5.8 million for the year ended December 31, 2023, compared to a net loss of $22.2 million for the year ended December 31, 2022. The losses for each period primarily related to debt obligations denominated in a currency other than an entity's functional currency.

**Pro Forma Nonoperating (expense) income, net** 

Nonoperating (expense) income, net decreased to reflect expense of $25.1 million for the year ended December 31, 2023, compared to income of $51.0 million for the year ended December 31, 2022. The increase in expense was driven by additional pension costs, which primarily related to higher interest costs due to higher discount rates along with the $6.3 million due to the settlement of our Netherlands defined benefit plan. See Note 15. "Pension and Other Post-Retirement Benefits" in the notes to audited consolidated financial statements included in this prospectus for additional information. Additionally, the year ended December 31, 2022 income included $26.8 million in gains from the remeasurement of previously held equity interest investments. Furthermore, the year ended December 31, 2022 included $17.4 million of income compared to $3.5 million of expense for the year ended December 31, 2023 due to settlements under the tax indemnification agreement with Nielsen Holdings in connection with the 2021 Carve-Out Transaction.

**Pro Forma Income taxes** 

Income tax expense from continuing operations increased $4.6 million, or 7.9% for the year ended December 31, 2023 as compared to the year ended December 31, 2022. For the years ended December 31, 2023 and 2022, the effective tax rate was (11.6)% and (12.9)%, respectively. The decrease in our effective tax rate for the year ended December 31, 2023, as compared to the year ended December 31, 2022 was primarily driven by changes in our jurisdictional earnings mix and prior year return to provision adjustments offset by the release of uncertain tax positions in the prior period.

***Pro Forma Adjusted EBITDA***

Pro Forma Adjusted EBITDA allows for an assessment of our operating performance without the effect of charges that do not relate to the core operations of our business (as further described in "—Non-GAAP Financial Measures"). For the year ended December 31, 2024 the Adjusted EBITDA is as reported in the Non-GAAP Financial Measures. For the year ended December 31, 2023 and for the year ended December 31, 2022, Adjusted EBITDA is presented on a Pro Forma basis. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Revenue for the year ended December 31, 2024. Pro Forma Adjusted Margin is calculated by dividing Pro Forma Adjusted EBITDA by Pro Forma Revenue for the year ended December 31, 2023 and December 31, 2022, as applicable. The following table presents EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin on a reported basis for the year ended December 31, 2024 and on a pro forma basis for the years ended December 31, 2023 and December 31, 2022, giving effect to the GfK Combination as if it had occurred on January 1, 2022, together with a reconciliation to its most comparable GAAP and Pro Forma GAAP

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measure, loss from continuing operations attributable to NIQ and pro forma loss from continuing operations attributable to NIQ, for the periods presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024<br>(Reported)** | **2023<br>(Pro Forma<br>for GfK)** | **2022<br>(Pro Forma<br>for GfK)** |
|  Loss from continuing operations attributable to NIQ | $(735.2) | $(612.7) | $(517.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 410.6 | 413.5 | 331.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from continuing operations | 113.7 | 63.0 | 58.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 596.7 | 539.3 | 451.6 |
|  EBITDA | 385.8 | 403.1 | 323.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transformation Program costs<sup>(1)</sup> | 56.0 | 156.7 | 228.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GfK integration costs<sup>(2)</sup> | 126.3 | 45.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and transaction related costs<sup>(3)</sup> | 17.6 | 26.9 | 16.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets<sup>(4)</sup> | 31.1 | 9.0 | 32.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange loss, net<sup>(5)</sup> | 34.2 | 5.8 | 22.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating items, net<sup>(6)</sup> | 86.4 | 28.8 | (19.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense<sup>(7)</sup> | 4.7 | 4.3 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating items, net<sup>(8)</sup> | (1.4) | 3.0 | (3.2) |
|  Adjusted EBITDA<sup>(9)</sup> | 740.7 | 683.4 | 606.0 |
|  Net loss from continuing operations attributable to NIQ divided by Revenue | (18.5)% | (16.0)% | (13.9)% |
|  Adjusted EBITDA Margin | 18.6% | 17.8% | 16.3% |

---

Pro Forma Adjusted EBITDA increased $57.3 million, or 8.4%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023. The increase primarily reflects revenue growth as well as a decrease in costs for occupancy and external services. The unfavorable impact of foreign exchange on Pro Forma adjusted EBITDA was $27.3 million.

Pro Forma Adjusted EBITDA increased $77.4 million, or 12.8%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022. The increase primarily reflects strong constant currency revenue growth and savings from our CEP. The unfavorable impact of foreign exchange on Pro Forma adjusted EBITDA was $5.3 million.

***Footnotes to the tables above:***

(1) Transformation Program costs represent employee separation costs and costs associated with consultancy and
advisory fees incurred to evaluate and improve organizational efficiencies and operations. In addition, the Transformation Program includes costs associated with the accelerated technology investment that are incremental and redundant costs that
will not recur after the Transformation Program is completed and are not representative of our underlying operating performance.

(2) GfK integration costs represent employee separation costs, consulting fees and integration costs associated
with the GfK Combination.

(3) Acquisitions and transaction-related costs represent costs incurred in connection with planned and completed
acquisitions, including due diligence, transaction, integration and legal related costs primarily relating to GfK, partially offset by any gains resulting from the remeasurement of previously held equity interests held before such acquisitions.
These costs also include preparation and readiness costs for capital market transactions.

(4) Impairment of long-lived assets represents impairment charges for operating lease right-of-use assets, property, plant and equipment and definite-lived intangible assets.

(5) Foreign currency exchange loss, net primarily reflects the translation movements on foreign currency
denominated term loans as well as the impact of foreign exchange hedges.

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(6) Nonoperating items, net consists of adjustments primarily related to net period pension (cost) benefit, other
than service cost, write-off of unamortized debt discount and debt issuance costs, loss on Russia deconsolidation, settlement of tax indemnification, factoring fees, and other. The settlement of tax indemnification relates to certain taxes
indemnified by Nielsen Holdings in connection with the 2021 Carve-Out Transaction. The initial amount was recorded as part of purchase accounting adjustments. Further adjustments are made to the tax indemnification as audit settlements or refunds
are recorded.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024<br>(Reported)** | **2023<br>(Pro Forma<br>for GfK)** | **2022<br>(Pro Forma<br>for GfK)** |
|  Nonoperating items, net | $86.4 | $28.8 | $(19.1) |
|  Net periodic pension (benefit) cost, other than service cost | (2.5) | 10.4 | (8.9) |
|  Write-off of unamortized debt discount and debt issuance costs | 35.8 |  |  |
|  Loss on Russia deconsolidation | 57.8 |  |  |
|  Settlement of tax indemnification | (21.2) | 3.5 | (17.4) |
|  Factoring fees | 14.7 | 15.0 | 6.1 |
|  Other | 1.8 | (0.1) | 1.1 |

---

(7) Share-based compensation expense consists of non-cash expense in
accordance with ASC 718, Compensation: Stock Compensation.

(8) Other operating items, net primarily consists of gain/loss on sale of long-lived assets, and gain/loss on
settlement of asset retirement obligations. We exclude these expenses because they are not closely tied to the core performance of our business and can cause fluctuations between periods due to the nature and timing of the expense or income. These
costs are included in selling, general and administrative expenses as part of the Consolidated Statements of Operations.

(9) Includes Pro Forma Adjusted EBITDA related to Russian operations of $12.2 million, $27.0 million and
$35.8 million. respectively. During the year ended December 31, 2024, the Company deconsolidated the operations of Russian subsidiaries. See Note 4. "Discontinued Operations and Disposals" in the notes to the audited consolidated
financial statements included in this prospectus for additional information.

**Non-GAAP Financial Measures** 

We present EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Net Loss, Adjusted Loss per Share, and Organic Constant Currency Revenue Growth in the tables below as supplemental measures of our operating performance and liquidity. We consider them to be important supplemental measures of our performance and liquidity and believe they are useful to securities analysts, investors, and other interested parties in their evaluation of our operating performance and liquidity. These measures reflect the results from the primary operations of our business by excluding the effects of certain items that we do not consider indicative of our core operations and ongoing operating performance.

Our financial statements are prepared and presented in accordance with GAAP. These non-GAAP financial measures are not presentations made in accordance with GAAP and should not be considered as an alternative to net income or loss, income or loss from operations, or any other performance measure prepared and presented in accordance with GAAP, or as an alternative to cash provided by operating activities as a measure of our liquidity. Consequently, our non-GAAP financial measures should be considered together with our audited consolidated financial statements included in this prospectus, which are prepared in accordance with GAAP.

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

EBITDA is defined as net loss attributable to NIQ excluding interest expense, net, income tax expense from continuing operations, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for

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Transformation Program costs, GfK integration costs, acquisition and transaction related costs, impairment of long-lived assets, foreign currency exchange (gain) loss, net, loss from discontinued operations, nonoperating items, net, share-based compensation expense, and other operating items, net. Specifically, Adjusted EBITDA and Adjusted Net Loss allow for an assessment of our operating performance without the effect of charges that do not relate to the core operations of our business. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Revenue. The following table shows EBITDA, and Adjusted EBITDA for the periods presented, and the reconciliation to their most comparable GAAP measure, Net Loss Attributable to NIQ, and Net Loss attributable to NIQ divided by Revenue, for the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  Net loss attributable to NIQ | $(73.7) | $(173.9) | $(722.7) | $(476.2) | $(316.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 83.5 | 106.9 | 410.6 | 299.5 | 110.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from continuing operations | 23.3 | 31.0 | 113.7 | 51.8 | 40.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 148.5 | 150.5 | 596.7 | 460.9 | 301.1 |
|  EBITDA | 181.6 | 114.5 | 398.3 | 336.0 | 135.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transformation Program costs<sup>(1)</sup> | 5.6 | 11.9 | 56.0 | 156.7 | 228.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GfK integration costs<sup>(2)</sup> | 14.7 | 16.2 | 126.3 | 45.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and transaction related costs<sup>(3)</sup> | 5.4 | 2.6 | 17.6 | 11.8 | 31.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets<sup>(4)</sup> | 0.7 |  | 31.1 | 9.0 | 25.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange (gain) loss, net<sup>(5)</sup> | (32.0) | 13.1 | 34.2 | (4.6) | 27.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss from discontinued operations<sup>(6)</sup> |  | (9.5) | (12.5) | 9.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating items, net<sup>(7)</sup> | 16.6 | 3.3 | 86.4 | 24.9 | (25.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share–based compensation expense<sup>(8)</sup> | 1.3 | 1.2 | 4.7 | 4.3 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating items, net<sup>(9)</sup> | (5.2) | 0.3 | (1.4) | 3.0 | (2.2) |
|  Adjusted EBITDA | $188.7 | $153.6 | $740.7 | $595.9 | $425.0 |
|  Net loss attributable to NIQ divided by Revenue | (7.6)% | (18.1)% | (18.2)% | (14.3)% | (11.4)% |
|  Adjusted EBITDA Margin | 19.5% | 16.0% | 18.6% | 17.8% | 15.3% |

---

Adjusted EBITDA increased $35.0 million, or 22.8%, for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. The increase primarily reflects strong constant currency revenue growth and savings from our CEP. Excluding the impact of the deconsolidation of our Russia subsidiaries and the sale of ownership interest in Netquest (a panel provider acquired through the GfK Combination), the Adjusted EBITDA growth rate is 38.0%. Adjusted EBITDA Margin increased 350.0 basis points for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to strong revenue growth. The unfavorable impact of foreign exchange on Adjusted EBITDA was $10.0 million.

Adjusted EBITDA increased $144.8 million, or 24.3%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023. The increase primarily reflects the impact of the GfK Combination, organic revenue growth and CEP savings as well as a decrease in costs for occupancy and external services. Adjusted EBITDA Margin increased 80.0 basis points for the year ended December 31, 2024 primarily due to strong revenue growth.

Adjusted EBITDA increased $170.9 million, or 40.2%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022. The increase primarily reflects the impacts of the GfK Combination, along with revenue growth. Adjusted EBITDA Margin increased 250.0 basis points for the year ended December 31, 2023 primarily due to strong constant currency revenue growth and savings from our CEP.

***Footnotes to the table above:***

(1) Transformation Program costs represent employee separation costs and costs associated with consultancy and
advisory fees incurred to evaluate and improve organizational efficiencies and operations. In addition,

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##### [**Table of Contents**](#toc)
the Transformation Program includes costs associated with the accelerated technology investment that are incremental and redundant costs that will not recur after the Transformation Program is completed and are not representative of our underlying operating performance.

(2) GfK integration costs represent employee separation costs, consulting fees and integration costs associated
with the GfK Combination.

(3) Acquisitions and transaction-related costs represent costs incurred in connection with planned and completed
acquisitions, including due diligence, transaction, integration and legal related costs primarily relating to GfK, partially offset by any gains resulting from the remeasurement of previously held equity interests held before such acquisitions.
These costs also include preparation and readiness costs for capital market transactions.

(4) Impairment of long-lived assets represents impairment charges for operating lease right-of-use assets, property, plant and equipment and definite-lived intangible assets.

(5) Foreign currency exchange (gain) loss, net primarily reflects the translation movements on foreign currency
denominated term loans as well as the impact of foreign exchange hedges.

(6) Loss from discontinued operations represents operations associated with the GfK European Consumer Panel
Business that was divested in the Required GfK European Consumer Panel Services Divestiture to receive European regulatory approvals for the GfK Combination (as further described in Note 4. "Discontinued Operations and Disposals" of our
audited consolidated financial statements and Note 2. "Discontinued Operations and Disposals" in the notes to our unaudited condensed consolidated financial statements, in each case, included in this prospectus). The GfK European Consumer
Panel Business was classified as held for sale at December 31, 2023.

(7) Nonoperating items, net consists of adjustments primarily related to net periodic pension (cost) benefit, other
than service cost, write-off of unamortized debt discount and debt issuance costs, loss on Russia deconsolidation, settlement of tax indemnification, factoring fees, and other. The settlement of tax indemnification relates to certain taxes
indemnified by Nielsen Holdings in connection with the 2021 Carve-Out Transaction. The initial amount was recorded as part of purchase accounting adjustments. Further adjustments are made to the tax indemnification as audit settlements or refunds
are recorded.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  Nonoperating items, net | $16.6 | $3.3 | $86.4 | $24.9 | $(25.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic pension (benefit) cost, other than service cost | (0.9) | (0.5) | (2.5) | 7.0 | (14.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off of unamortized debt discount and debt issuance costs | 10.3 |  | 35.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on Russia Deconsolidation |  |  | 57.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement of tax indemnification | 4.1 |  | (21.2) | 3.5 | (17.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Factoring fees | 2.8 | 3.8 | 14.7 | 15.0 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 0.3 |  | 1.8 | (0.6) | 0.2 |

---

(8) Share-based compensation expense consists of non-cash expense in
accordance with ASC 718, Compensation: Stock Compensation.

(9) Other operating items, net primarily consists of gain/loss on sale of long-lived assets, and gain/loss on
settlement of asset retirement obligations. We exclude these expenses because they are not closely tied to the core performance of our business and can cause fluctuations between periods due to the nature and timing of the expense or income. These
costs are included in selling, general and administrative expenses as part of the Consolidated Statements of Operations.

***Free Cash Flow***

Free Cash Flow is defined as Net Cash Provided by (Used in) Operating Activities minus Cash Paid for Capital Expenditures. Management believes Free Cash Flow, in conjunction with Cash from Operations, can be useful to investors as an indicator of liquidity since capital expenditures are a necessary component of ongoing operations.

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##### [**Table of Contents**](#toc)
Management believes that capital expenditures are essential to the Company's innovations and maintenance of NIQ's operational capabilities. The following tables shows Free Cash Flow for the periods presented, and the reconciliation to its most comparable GAAP measure, Net Cash Provided by (Used in) Operating Activities, for the periods presented.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  Net cash (used in) provided by operating activities | $(153.7) | $(150.6) | $73.9 | $(10.9) | $61.4 |
|  Cash paid for capital expenditures | (62.7) | (63.5) | (298.7) | (272.6) | (305.6) |
|  Free Cash Flow | $(216.4) | $(214.1) | $(224.8) | $(283.5) | $(244.2) |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  Cash paid for interest | $82.5 | $106.4 | $411.4 | $279.2 | $106.4 |

---

Free Cash Flow decreased for the three months ended March 31, 2025, as compared to March 31, 2024 due to increased variable compensation payments partially offset by overall improved profitability as evidenced by a higher Adjusted EBITDA and lower transformation costs. See the "Consolidated Statements of Cash Flows" in the unaudited condensed consolidated financial statements included in this prospectus for additional information.

Free Cash Flow increased and improved for the year ended December 31, 2024, as compared to December 31, 2023 due to overall improved profitability evidenced by a higher Adjusted EBITDA, lower transformation costs and GfK integration costs (when these line items are aggregated), partially offset by a full year of interest on the term loans issued to finance the GfK Combination compared to the half year impact in the prior year period. In addition to cash paid for interest, our net cash provided by (used in) operating activities is affected by cash paid for income taxes of $118.2 million for the year ended December 31, 2024 and $109.3 million for the year ended December 31, 2023 as well as changes in net working capital of $40.6 million and $(20.5) million for the years ended December 31, 2024 and 2023, respectively. See the "Consolidated Statements of Cash Flows" in the audited consolidated financial statements included in this prospectus for additional information.

The days sales outstanding in 2024 and 2023 was 59 days and 69 days, respectively. The days sales outstanding was calculated by taking the trade receivables, net divided by the revenue from the results of operations and multiplying it by 365. The days sales outstanding including the full impact of GfK in 2023 was calculated by taking the trade receivables, net divided by the revenue from the pro forma results of operations and multiplying it by 365. Days sales outstanding, including the full impact of the GfK Combination has been reduced to 60 days in 2023. The reduction in days sales outstanding is due to accelerated cash collections which has a positive impact to net working capital (the difference between our current assets and current liabilities) and Free Cash Flow.

Free Cash Flow decreased in the period ending December 31, 2023, in comparison to December 31, 2022, primarily due to increased interest on the term loans issued to finance the GfK Combination, including $980.0 million incurred under the 2023 USD Term Loan and €500.0 million (equivalent to approximately $550.0 million USD) incurred under the 2023 EUR Term Loan. The decrease was partially offset by decreased capital expenditure driven by investments in our technology platform, related to the Transformation Program, which was launched in 2021. Free Cash Flow is also affected by higher one-time investments, spending on transformation costs, GfK integration costs, and acquisition and transaction related costs. Since July 10, 2023, we have negotiated two repricings for each of the Term Loans and expect that these will generate approximately $62 million of interest expense savings per year. One-time investment spending consists of cash costs primarily related to our CEP and GfK integration which are not expected to recur in the future. We have completed all of our CEP-related investments and expect our GfK investments to be substantially complete by 2026. However, we may continue to make future acquisitions as part of our business strategy which may require the use of capital resources and drive additional future restructuring and transaction-related cash expenditures as well as integration and acquisition-related compensation cash costs.

In addition to cash paid for capital expenditures and cash paid for interest, our net cash (used in) provided by operating activities is affected by cash paid for income taxes of $109.3 million for the year ended December 31,

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2023 and $68.8 million for the year ended December 31, 2022 as well as changes in net working capital of $(20.5) and $73.5 million. See the "Consolidated Statements of Cash Flows" in the audited consolidated financial statements included in this prospectus for additional information.

The days sales outstanding in 2022 and 2023 was 62 days and 69 days, respectively. The days sales outstanding was calculated by taking the trade receivables, net divided by the revenue from the results of operations and multiplying it by 365. The days sales outstanding including the full impact of GfK in 2023 was calculated by taking the trade receivables, net divided by the revenue from the pro forma results of operations and multiplying it by 365. Days sales outstanding, including the full impact of the GfK Combination has been reduced to 60 days in 2023. The reduction in days sales outstanding is due to accelerated cash collections which has a positive impact to net working capital (the difference between our current assets and current liabilities) and Free Cash Flow.

The use of cash from accounts payable in 2023 was significantly impacted by large acquisition costs, Transformation Program expenses, and integration costs. Notably, some substantial accruals from 2022 related to these items were paid out in 2023, creating a significant use of cash in net working capital during 2023.

***Adjusted Net (Loss) Income and Adjusted (Loss) Income Per Share***

Adjusted Net (Loss) Income is defined as Net Loss Attributable to NIQ excluding special items deemed not to be reflective of ongoing or core operations. Adjusted (Loss) Income per Share is defined as Adjusted Net (Loss) Income divided by the Weighted Average Shares Outstanding.

Adjusted Net (Loss) Income and Adjusted Loss Per Share are used by management and can be useful to investors as an indicator of our core business performance. Management uses these metrics to analyze the business operations because those adjust net income for items, we believe do not accurately reflect our core business or that relate to non-cash expenses or noncontrolling interests.

The following tables shows Adjusted Net Loss and Adjusted (Loss) Income Per Share, for the periods presented, and the reconciliation to their most comparable GAAP measure, Net Loss attributable to NIQ and Earnings Per Share, respectively, for the periods presented:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months<br>Ended March 31,** | **Three Months<br>Ended March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  Net loss attributable to NIQ | $(73.7) | $(173.9) | $(722.7) | $(476.2) | $(316.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to net loss attributable to NIQ |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transformation Program costs<sup>(1)</sup> | 5.6 | 11.9 | 56.0 | 156.7 | 228.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of certain intangible assets<sup>(2)</sup> | 69.1 | 71.9 | 280.1 | 218.7 | 149.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GfK integration costs<sup>(3)</sup> | 14.7 | 16.2 | 126.3 | 45.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and transaction related costs<sup>(4)</sup> | 5.4 | 2.6 | 17.6 | 11.8 | 31.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets<sup>(5)</sup> | 0.7 |  | 31.1 | 9.0 | 25.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange (gain) loss, net<sup>(6)</sup> | (32.0) | 13.1 | 34.2 | (4.6) | 27.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating items, net<sup>(7)</sup> | 13.8 | (0.5) | 71.7 | 9.9 | (31.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense<sup>(8)</sup> | 1.3 | 1.2 | 4.7 | 4.3 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating items, net<sup>(9)</sup> | (5.2) | 0.3 | (1.4) | 3.0 | (2.2) |
|  Total Adjustments to net loss attributable to NIQ | $73.4 | $116.7 | $620.3 | $454.6 | $433.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect of above adjustments<sup>(10)</sup> | (4.2) | (6.4) | (34.1) | (29.0) | (27.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations<sup>(11)</sup> |  | (9.5) | (12.5) | 9.0 |  |
|  Adjusted Net (Loss) Income attributable to NIQ | $(4.5) | $(73.1) | $(149.0) | $(41.6) | $89.6 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months<br>Ended March 31,** | **Three Months<br>Ended March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  Loss per share: |  |  |  |  |  |
|  Basic | $(0.74) | $(1.74) | $(7.23) | $(4.76) | $(3.17) |
|  Diluted | $(0.74) | $(1.74) | $(7.23) | $(4.76) | $(3.17) |
|  Weighted average shares outstanding: |  |  |  |  |  |
|  Basic | 100 | 100 | 100 | 100 | 100 |
|  Diluted | 100 | 100 | 100 | 100 | 100 |
|  Adjusted Net (Loss) Income per share: |  |  |  |  |  |
|  Basic | $(0.05) | $(0.73) | $(1.49) | $(0.42) | $0.90 |
|  Diluted | $(0.05) | $(0.73) | $(1.49) | $(0.42) | $0.90 |

---

Adjusted Net Income (Loss) increased $68.6 million, or 93.8%, for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. The increase is primarily due to revenue growth as well as a decrease in personnel costs as a result of the Transformation Program and integration of GfK.

Adjusted Net (Loss) Income increased $107.4 million, or 258.2%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023. The increase is primarily due to revenue growth as well as a decrease in costs for occupancy and external services.

Adjusted Net (Loss) Income increased $131.2 million, or 146.4%, for the year ended December 31, 2023 as compared to the year ended December 31, 2022. The increase is primarily due to higher interest expense of $189 million, partially offset by impacts of the GfK Combination.

***Footnotes to the table above:***

(1) Transformation Program costs represent employee separation costs and costs associated with consultancy and
advisory fees incurred to evaluate and improve organizational efficiencies and operations. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the Transformation Program is
completed and are not representative of our underlying operating performance.

(2) Amortization of certain intangible assets consists of amortization costs of intangible assets which were
recorded as part of acquisition accounting. We exclude the impact of amortization of acquired intangible assets as companies utilize intangible assets with different estimated useful lives and have different methods of amortizing intangible assets.
Furthermore, the timing and magnitude of business combination transactions are not predictable, and the purchase price allocated to amortizable intangible assets is unique to each acquisition and can vary significantly from period to period and
across companies. These costs are included in depreciation and amortization as part of the Consolidated Statements of Operations.

(3) GfK integration costs represent employee separation costs, consulting fees and integration costs associated
with the GfK Combination.

(4) Acquisitions and transaction-related costs represent costs incurred in connection with planned and completed
acquisitions as well as preparation, including due diligence, transaction, integration and legal related costs primarily relating to GfK, partially offset by any gains resulting from the remeasurement of previously held equity interests held before
such acquisitions. These costs also include preparation and readiness costs for capital market transactions.

(5) Impairment of long-lived assets represents impairment charges for operating lease right-of-use assets, property, plant and equipment and definite-lived intangible assets.

(6) Foreign currency exchange (gain) loss, net reflects the translation movements on foreign currency denominated
term loans as well as the impact of foreign exchange hedges.

(7) Nonoperating items, net consists of adjustments primarily related to net period pension (cost) benefit, other
than service cost, write-off of unamortized debt discount and debt issuance costs, Russia - loss on deconsolidation, settlement of tax indemnification, and other. The settlement of tax indemnification relates

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to certain taxes indemnified by Nielsen Holdings in connection with the 2021 Carve-Out Transaction. The initial amount was recorded as part of purchase accounting adjustments. Further adjustments are made to the tax indemnification as audit settlements or refunds are recorded.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  Nonoperating items, net | $13.8 | $(0.5) | $71.7 | $9.9 | $(31.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic pension (benefit) cost, other than service cost | (0.9) | (0.5) | (2.5) | 7.0 | (14.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off of unamortized debt discount and debt issuance costs | 10.3 |  | 35.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on Russia deconsolidation |  |  | 57.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement of tax indemnification | 4.1 |  | (21.2) | 3.5 | (17.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 0.3 |  | 1.8 | (0.6) | 0.2 |

---

(8) Share-based compensation expense consists of non-cash expense in
accordance with ASC 718, Compensation: Stock Compensation.

(9) Other operating items, net primarily consists of gain/loss on sale of long-lived assets, and gain/loss on
settlement of asset retirement obligations. We exclude these expenses because they are not closely tied to the core performance of our business and can cause fluctuations between periods due to the nature and timing of the expense or income. These
costs are included in selling, general and administrative expenses as part of the Consolidated Statements of Operations.

(10) Income tax adjustments include the tax effect of the non-GAAP adjustments, calculated using the appropriate
statutory tax rate for each adjustment. The non-GAAP tax rate was 114.2% and 70.8% for the three months ended March 31, 2025 and March 31, 2024, respectively, and 2,842.8%, as a result of the minimal pre-tax book income, 189.2% and 42.9%
for the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively. Our statutory rate is evaluated annually.

(11) Loss from discontinued operations represents operations associated with the Consumer Panel Business that was
divested in the Required GfK European Consumer Panel Services Divestiture to receive European regulatory approvals for the GfK Combination (as further described in Note 4. "Discontinued Operations and Disposals" of our audited consolidated
financial statements included in this prospectus). The GfK European Consumer Panel Business was classified as held for sale at December 31, 2023.

**Organic Constant Currency Revenue and Organic Constant Currency Revenue Growth** 

Organic Constant Currency Revenue Growth is calculated by dividing (A) our Revenues (Pro Forma, as applicable) for the applicable period after (i) excluding the impact of acquisitions and similar transactions (other than the GfK Combination after giving effect to the Required GfK European Consumer Panel Services Divestiture) until the one-year anniversary of such acquisition or similar transaction, (ii) excluding the impact from lost sales related to the Russia Deconsolidation, (iii) excluding the impact of divestitures, and (iv) excluding the impact of foreign currency exchange rates by translating local currency results to U.S. dollars at current period exchange rates as compared to prior period exchange rates, by (B) our Revenues (Pro Forma, as applicable) for the prior comparable period. We believe Organic Constant Currency Revenue Growth provides investors with useful supplemental information about our revenue growth to assist in understanding the growth attributable to our core business following the GfK Combination, excluding the impact of currency fluctuation given the significant variability in revenues that can be driven by foreign currency exchange rates.

We present Organic Constant Currency Revenue and Organic Constant Currency Revenue Growth as supplemental measures of our operating performance because they eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance. Organic Constant Currency Revenue and Organic Constant Currency should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.

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The following tables present Organic Constant Currency Revenue Growth for the three months ended March 31, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | | **Growth/ (Decline)** | **Growth/ (Decline)** | |
| **(in millions)** | **2025** | **2024** |<br>**Revenue<br>Growth** | **Inorganic**<br>**Items** | **Foreign<br>Exchange** |<br>**Organic<br>Constant<br>Currency<br>Revenue<br>Growth** |
|  Revenues | $965.9 | $961.9 | 0.4% | 2.1% | 3.2% | 5.7% |
|  Revenue by segment: |  |  |  |  |  |  |
|  Americas revenue | 378.3 | 364.3 | 3.8% | —% | 4.1% | 7.9% |
|  EMEA revenue | 418.9 | 430.1 | (2.6)% | 4.6% | 2.8% | 4.8% |
|  APAC revenue | 168.7 | 167.5 | 0.7% | —% | 2.1% | 2.8% |

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Consolidated Organic Constant Currency Revenues for the three months ended March 31, 2025 grew by 5.7% driven by strong renewal rates, higher pricing, new capabilities and solutions, and new and higher growth markets. Our Organic Constant Currency Revenue from our SMB clients for the three months ended March 31, 2025 grew by 26.0%. Our Organic Constant Currency Revenue from adjacent verticals including financial services, government, media and advertising for the three months ended March 31, 2025 grew by 16.0%. Our Organic Constant Currency Revenue from emerging markets for the three months ended March 31, 2025 grew by 10.0%.

Americas Organic Constant Currency Revenues for the three months ended March 31, 2025 grew by 7.9% due strong renewal rates, expanded verticals and core services, and cross selling new capabilities to existing customers.

EMEA Organic Constant Currency Revenue Growth for the three months ended March 31, 2025 grew by 4.8% driven by price, cross selling new capabilities to existing customers, and high growth markets.

APAC Organic Constant Currency Revenue Growth for the three months ended March 31, 2025 grew by 2.8% driven by price and new capabilities.

The following tables present Organic Constant Currency Revenue Growth for the year ended December 31, 2024 and 2023, giving effect to the GfK Combination as if it had occurred on January 1, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | **Growth/ (Decline)** | **Growth/ (Decline)** | |
| **(in millions)** | **2024<br>(Reported)** | **2023<br>(Pro Forma)** |<br>**Pro<br>Forma** | **Russia<br>Deconsolidation** | **Foreign<br>Exchange** |<br>**Organic<br>Constant<br>Currency<br>Revenue<br>Growth** |
|  Revenues | $3972.6 | $3830.7 | 3.7% | 1.1% | 1.4% | 6.2% |
|  Revenue by segment: |  |  |  |  |  |  |
|  Americas revenue | 1550.2 | 1456.8 | 6.4% |  | 1.4% | 7.8% |
|  EMEA revenue | 1731.5 | 1689.4 | 2.5% | 2.3% | 1.1% | 5.9% |
|  APAC revenue | 690.9 | 684.5 | 0.9% |  | 2.4% | 3.3% |

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Consolidated Organic Constant Currency Revenues for the year ended December 31, 2024 grew by 6.2% driven by strong renewal rates, expanded verticals and core services, and cross selling capabilities to existing customers. Our Organic Constant Currency Revenue from our SMB clients for the years ended December 31, 2024 and 2023 grew by 20.0% and 8.0%, respectively. Our Organic Constant Currency Revenue from adjacent verticals including financial services, government, media and advertising for the years ended December 31, 2024 and 2023 grew by 16.0% and 18.0%, respectively. Our Organic Constant Currency Revenue from emerging markets for the years ended December 31, 2024 and 2023 grew by 9.0% and 5.1%, respectively.

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Americas Organic Constant Currency Revenues for the year ended December 31, 2024 grew by 7.8% driven by broad based growth across geographies, strong renewal rates, expanded verticals and core services, and cross selling capabilities to existing customers.

EMEA Organic Constant Currency Revenue Growth for the year ended December 31, 2024 grew by 5.9% driven by broad based growth in emerging geographies, strong renewal rates and cross-selling new capabilities.

APAC Organic Constant Currency Revenue Growth for the year ended December 31, 2024 grew by 3.3% driven by higher Intelligence revenues, including strong growth in China and South Asia, offsetting soft demand for consumer insights solutions.

The following table presents Organic Constant Currency Revenue Growth for the year ended December 31, 2023 and 2022, giving effect to the GfK Combination as if it had occurred on at the beginning of the period presented:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Growth/(Decline)** | **Growth/(Decline)** | **Growth/(Decline)** | **Growth/(Decline)** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Growth/(Decline)** | **Growth/(Decline)** | **Growth/(Decline)** | **Growth/(Decline)** |
| **(in millions)** | **2023<br>(Pro Forma)** | **2022<br>(Pro Forma)** | **Pro<br>Forma** | **Acquisitions** | **Foreign<br>Exchange** | **Organic<br>Constant<br>Currency<br>Revenue<br>Growth** |
|  Revenues | $3830.7 | $3710.3 | 3.2% | (0.3)% | 0.4% | 3.3% |
|  Revenue by segment: |  |  |  |  |  |  |
|  Americas revenue | 1456.8 | 1367.2 | 6.6% | (0.3)% | (1.1)% | 5.2% |
|  EMEA revenue | 1689.4 | 1627.8 | 3.8% | (0.6)% | 0.6% | 3.8% |
|  APAC revenue | 684.5 | 715.3 | (4.3)% | (0.1)% | 2.8% | (1.6)% |

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Consolidated Organic Constant Currency Revenues for the year ended December 31, 2023 grew by 3.3% driven by strong renewal rates, expanded core services, and cross-selling new capabilities.

Americas Organic Constant Currency Revenues for the year ended December 31, 2023 grew by 5.2%. driven by strong renewal rates, expanded core services, and cross-selling new capabilities.

EMEA Organic Constant Currency Revenue Growth for the year ended December 31, 2023 grew by 3.8% driven by broad based growth across developed and emerging geographies, reflecting high renewal rates and expanded core services, and cross-selling new capabilities, especially in our Intelligence solutions. This growth was partially offset by weakness in Russia and Ukraine driven by the ongoing conflict.

APAC Organic Constant Currency Revenue Growth for the year ended December 31, 2023 decreased by 1.6% driven by lower Activation revenues due to soft demand for consumer insight solutions and soft sales in China.

**Quarterly Results of Operations and Other Financial Data** 

The following tables set forth our historical unaudited quarterly consolidated statements of operations and other data for each of the quarters indicated. The information for each quarter has been prepared on the same basis as our audited consolidated financial statements included elsewhere in this prospectus and reflects, in the opinion of management, all adjustments necessary for a fair presentation of the financial information presented.

Our historical results are not necessarily indicative of future operating results, and our interim results are not necessarily indicative of the results to be expected for the full year or any other period. The quarterly financial dataset forth below should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus.

Adjusted EBITDA is a non-GAAP performance measure and should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with GAAP and may not be

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comparable to similarly titled non-GAAP measures used by other companies. For a reconciliation of non-GAAP performance measures, see "—Non-GAAP Financial Measures."

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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** | **Three Months Ended** |
|  | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **June 30,<br>2024** | **March 31,<br>2024** | **December 31,<br>2023** | **September 30,<br>2023** | **June 30,<br>2023** | **March 31,<br>2023** |
|  Revenues | $965.9 | $1042.8 | $982.1 | $985.8 | $961.9 | $1023.3 | $912.3<br><sup>(1)</sup> | $720.5<br><sup>(1)</sup> | $685.2<br><sup>(1)</sup> |
|  Operating expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues (excluding depreciation and amortization shown separately below) | 430.8 | 453.3 | 439.4 | 434.0 | 444.9 | 423.7 | 398.6 | 343.2 | 346.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 371.7 | 403.7 | 396.1 | 404.6 | 396.8 | 441.5 | 429.3 | 294.3 | 284.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 148.5 | 149.1 | 154.4 | 142.7 | 150.5 | 137.9 | 130.6 | 94.0 | 98.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 0.7 | 2.7 | 1.1 | 27.3 |  | 6.7 |  | 2.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 4.6 | 64.5 | 13.6 | 11.3 | 9.1 | 20.4 | 9.8 | 1.2 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | (6.1) | (6.2) | (6.6) | (6.8) | (7.3) | (5.4) | (6.2) | (2.3) | (1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 950.2 | 1067.1 | 998.0 | 1013.1 | 994.0 | 1025.0 | 962.1 | 732.7 | 730.1 |
|  Operating income (loss) | 15.7 | (24.3) | (15.9) | (27.3) | (32.1) | (1.7) | (49.8) | (12.2) | (44.9) |
|  Interest expense, net | (83.5) | (95.3) | (101.4) | (107.0) | (106.9) | (125.8) | (87.6) | (46.9) | (39.2) |
|  Foreign currency exchange gain (loss), net | 32.0 | (31.3) | 11.2 | (1.0) | (13.1) | 14.0 | (6.5) | (4.8) | 1.9 |
|  Nonoperating (expense) income, net | (12.7) | 24.5 | (73.0) | (23.2) | 0.9 | (0.9) | 10.8 | (15.3) | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations before income taxes | (48.5) | (126.4) | (179.1) | (158.5) | (151.2) | (114.4) | (133.1) | (79.2) | (84.9) |
|  Income tax expense from continuing operations | (23.3) | (33.3) | (19.7) | (29.7) | (31.0) | (5.0) | (5.8) | (3.6) | (37.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations | (71.8) | (159.7) | (198.8) | (188.2) | (182.2) | (119.4) | (138.9) | (82.8) | (122.3) |
|  Discontinued operations: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from discontinued operations before income taxes |  |  | 3.3 | (0.3) | 9.5 | 4.3 | (1.7) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from discontinued operations |  |  |  |  |  | (11.6) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from discontinued operations |  |  | 3.3 | (0.3) | 9.5 | (7.3) | (1.7) |  |  |
|  Net loss | (71.8) | (159.7) | (195.5) | (188.5) | (172.7) | (126.7) | (140.6) | (82.8) | (122.3) |
|  Less: Net income (loss) attributable to noncontrolling interests | 1.9 | 3.5 | 0.9 | 0.7 | 1.2 | 4.2 | 0.1 | (0.2) | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to NIQ | $(73.7) | $(163.2) | $(196.4) | $(189.2) | $(173.9) | $(130.9) | $(140.7) | $(82.6) | $(122.0) |
|  Basic and diluted loss per share from: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations attributable to NIQ | $(0.74) | $(1.63) | $(1.99) | $(1.89) | $(1.83) | $(1.24) | $(1.39) | $(0.83) | $(1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from discontinued operations |  |  | 0.03 |  | 0.09 | (0.07) | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to NIQ | $(0.74) | $(1.63) | $(1.96) | $(1.89) | $(1.74) | $(1.31) | $(1.41) | $(0.83) | $(1.22) |
|  Weighted average basic and diluted NIQ common stock outstanding | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |

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(1) We completed the GfK Combination on July 10, 2023. On January 9, 2024, as a condition to our acquisition of GfK
as required by the European Commission to address their competition concerns, we completed the Required GfK European Consumer Panel Services Divestiture. Our financial results for the quarterly period ended March 31, 2023, quarterly period ended
June 30, 2023 and for the period from July 1, 2023 through July 10, 2023 do not include the results of GfK. GfK (excluding the results associated with GfK European

Consumer Panel Business that was divested in the Required GfK European Consumer Panel Services Divestiture) had revenue of $236.1 million, $227.1 million and $26.3 million and Adjusted EBITDA of $42.4 million, $34.1 million and $7.1 million for the quarterly period ended March 31, 2023, quarterly period ended June 30, 2023 and the period from July 1, 2023 through July 10, 2023, respectively.

Organic Constant Currency Revenue Growth is calculated by dividing (A) our Revenues for the applicable period after (i) excluding the impact of acquisitions and similar transactions (other than the GfK Combination after giving effect to the Required GfK European Consumer Panel Services Divestiture) until the one-year anniversary of such acquisition or similar transaction, (ii) excluding the impact from lost sales related to the Russia Deconsolidation, (iii) excluding the impact of divestitures, and (iv) excluding the impact of foreign currency exchange rates by translating local currency results to U.S. dollars at current period exchange rates as compared to prior period exchange rates, by (B) our Revenues for the prior comparable period. We believe Organic Constant Currency Revenue Growth provides investors with useful supplemental information about our revenue growth to assist in understanding the growth attributable to our core business following the GfK Combination, excluding the impact of currency fluctuation given the significant variability in revenues that can be driven by foreign currency exchange rates.

The following table presents Organic Constant Currency Revenue Growth for the periods presented and the reconciliation of Organic Constant Currency Revenue Growth to Revenue Growth, for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **(in millions)** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **June 30,<br>2024** | **March 31,<br>2024** |
|  Revenue | $965.9 | $1042.8 | $982.1 | $985.8 | $961.9 |
|  Revenue Growth (%) | 0.4 | 1.9 | 7.7 | 36.8 | 40.4 |
|  GfK pre-acquisition Revenue Impact (%) |  |  | (3.0) | (32.8) | (36.0) |
|  Inorganic Items Impact (%) | 2.1 | 1.6 | 1.3 | 1.1 |  |
|  Foreign Exchange Impact on Revenue (%) | 3.2 | 2.0 | 1.1 | 2.2 | 0.6 |
|  Organic Constant Currency Revenue Growth (%) | 5.7 | 5.6 | 7.1 | 7.3 | 5.0 |

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##### [**Table of Contents**](#toc)
The following table presents Annualized Intelligence Subscription Revenue, Intelligence Subscription Revenue Growth, NDR for Intelligence Subscription Revenue, NDR for Intelligence Revenue, GDR for Intelligence Subscription Revenue, and GDR for Intelligence Revenue for the periods presented.

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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** | **Three Months Ended** |
| **(annualized in millions)** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **June 30,<br>2024** | **March 31,<br>2024** | **December 31,<br>2023** | **September 30,<br>2023** | **June 30,<br>2023** | **March 31,<br>2023** |
|  Intelligence Subscription Revenue | $2707 | $2700 | $2646 | $2619 | $2581 | $2548 | $2483 | $2436 | $2413 |
|  Intelligence Subscription Revenue Growth (%) | 7.3% | 7.2% | 6.7% | 6.6% | 5.6% | 5.9% | 3.7% | 2.9% | 2.3% |
|  Intelligence Subscription Revenue as a percentage of Intelligence Revenue | 85% | 84% | 84% | 84% | 84% | 83% | 83% | 84% | 84% |
|  Intelligence Subscription Revenue as a percentage of total Revenue | 68% | 67% | 67% | 67% | 66% | 66% | 66% | 65% | 65% |
|  NDR for Intelligence Subscription Revenue | 105% | 106% | 105% | 105% | 104% | 104% | 103% | 102% | 103% |
|  NDR for Intelligence Revenue | 104% | 104% | 104% | 104% | 104% | 103% | 103% | 102% | 101% |
|  GDR for Intelligence Subscription Revenue | 98% | 98% | 99% | 99% | 98% | 98% | 99% | 99% | 98% |
|  GDR for Intelligence Revenue | 98% | 97% | 98% | 98% | 98% | 98% | 98% | 98% | 97% |

---

The following table presents a reconciliation of Adjusted EBITDA to net loss attributable to NIQ, the most directly comparable GAAP financial measure:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **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)** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **June 30,<br>2024** | **March 31,<br>2024** | **December 31,<br>2023** | **September 30,<br>2023** | **June 30,<br>2023** | **March 31,<br>2023** |
|  Net loss attributable to NIQ | $(73.7) | $(163.2) | $(196.4) | $(189.2) | $(173.9) | $(130.9) | $(140.7) | $(82.6) | $(122.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 83.5 | 95.3 | 101.4 | 107 | 106.9 | 125.8 | 87.6 | 46.9 | 39.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from continuing operations | 23.3 | 33.3 | 19.7 | 29.7 | 31 | 5 | 5.8 | 3.6 | 37.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 148.5 | 149.1 | 154.4 | 142.7 | 150.5 | 137.9 | 130.6 | 94 | 98.4 |
|  EBITDA | 181.6 | 114.5 | 79.1 | 90.2 | 114.5 | 137.8 | 83.3 | 61.9 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transformation Program costs <sup>(1)</sup> | 5.6 | 19.4 | 9 | 15.7 | 11.9 | 70.9 | 26.6 | 23.8 | 35.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GfK integration costs<sup>(2)</sup> | 14.7 | 69.2 | 21.1 | 19.8 | 16.2 | 21.3 | 24.5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and transaction related costs<sup>(3)</sup> | 5.4 | 5.9 | 6 | 3.1 | 2.6 | 3.3 | (5.2) | 10.8 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets<sup>(4)</sup> | 0.7 | 2.7 | 1.1 | 27.3 |  | 6.7 |  | 2.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange (gain) loss, net<sup>(5)</sup> | (32.0) | 31.3 | (11.2) | 1 | 13.1 | (13.9) | 6.4 | 4.8 | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss from discontinued operations<sup>(6)</sup> |  |  | (3.3) | 0.3 | (9.5) | 7.2 | 1.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating items, net<sup>(7)</sup> | 16.6 | (20.9) | 76.3 | 27.7 | 3.3 | 4.3 | (2.6) | 20.7 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share based compensation expense<sup>(8)</sup> | 1.3 | 1.5 | 1.3 | 0.7 | 1.2 | 0.7 | 1.2 | 1.2 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating items, net<sup>(9)</sup> | (5.2) | (1.3) | (0.3) | (0.1) | 0.3 | 1.1 | 1.7 | 0.1 | 0.1 |
|  Adjusted EBITDA | $188.7 | $222.3 | $179.1 | $185.7 | $153.6 | $239.4 | $137.7 | $125.6 | $93.2 |
|  Net loss attributable to NIQ divided by Revenue | (7.6)% | (15.7)% | (20.0)% | (19.2)% | (18.1)% | (12.8)% | (15.4)% | (11.5)% | (17.8)% |
|  Adjusted EBITDA Margin | 19.5% | 21.3% | 18.2% | 18.8% | 16.0% | 23.4% | 15.1% | 17.4% | 13.6% |
|  Total Revenue | 965.9 | 1042.8 | 982.1 | 985.8 | 961.9 | 1023.3 | 912.3 | 720.5 | 685.2 |

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(1) Transformation Program costs represent employee separation costs and costs associated with consultancy and
advisory fees incurred to evaluate and improve organizational efficiencies and operations. In addition,

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the Transformation Program includes costs associated with the accelerated technology investment that are incremental and redundant costs that will not recur after the Transformation Program is completed and are not representative of our underlying operating performance.

(2) GfK integration costs represent employee separation costs, consulting fees and integration costs associated
with the GfK Combination.

(3) Acquisitions and transaction related costs represent costs incurred in connection with planned and completed
acquisitions, including due diligence, transaction, integration and legal related costs primarily relating to GfK, partially offset by any gains resulting from the remeasurement of previously held equity interests held before such acquisitions.
These costs also include preparation and readiness costs for capital market transactions.

(4) Impairment of long-lived assets represents impairment charges for operating lease right-of-use assets,
property, plant and equipment and definite-lived intangible assets.

(5) Foreign currency exchange loss, net reflects the translation movements on foreign currency denominated term
loans as well as the impact of foreign exchange hedges.

(6) Loss from discontinued operations represents operations associated with the GfK European Consumer Panel
Business that was divested in the Required GfK European Consumer Panel Services Divestiture to receive European regulatory approvals for the GfK Combination (as further described in Note 4. "Discontinued Operations and Disposals" of our
audited consolidated financial statements included in this prospectus). The GfK European Consumer Panel Business was classified as held for sale at December 31, 2023.

(7) Nonoperating items, net consists of adjustments primarily related to net period pension (cost) benefit,
settlement of tax indemnification, factoring fees, and other. The settlement of tax indemnification relates to certain taxes indemnified by Nielsen Holdings in connection with the 2021 Carve-Out Transaction. The initial amount was recorded as part
of purchase accounting adjustments. Further adjustments are made to the tax indemnification as Audit settlements or refunds are recorded.

(8) Share-based compensation expense consists of non-cash expense in accordance with ASC 718, Compensation: Stock
Compensation.

(9) Other operating items, net primarily consists of gain/loss on sale of long-lived assets, and gain/loss on
settlement of asset retirement obligations. We exclude these expenses because they are not closely tied to the core performance of our business and can cause fluctuations between periods due to the nature and timing of the expense or income. These
costs are included in selling, general and administrative expenses as part of the Consolidated Statements of Operations.

The following table presents a reconciliation of GfK preacquisition Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure, for the period from January 1, 2023 through July 10, 2023:

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| | | | |
|:---|:---|:---|:---|
|  | **For the period<br>from July 1,<br>2023 through<br>July 9, 2023** | **Three Months Ended** | **Three Months Ended** |
| **(in millions)** | **For the period<br>from July 1,<br>2023 through<br>July 9, 2023** | **June 30,<br>2023** | **March 31,<br>2023** |
|  Net income attributable to GfK<sup>(1)</sup> | $8.0 | $2.6 | $23.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 0.3 | 10.9 | 9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense  | 0.9 | 9.3 | 9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 0.2 | 9.5 | 9.6 |
|  EBITDA | 9.4 | 32.3 | 52.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from divested GfK European Consumer Panel Business<sup>(2)</sup> | (2.3) | (5.4) | (16.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange (gain) loss, net<sup>(3)</sup> | (0.1) | 5.4 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other<sup>(4)</sup> | 0.1 | 1.8 | 1.5 |
|  Adjusted EBITDA | $7.1 | $34.1 | $42.4 |

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***Footnotes to the table above:***

(1) Including the results associated with GfK European Consumer Panel Business that was divested in the Required
GfK European Consumer Panel Services Divesture.

(2) Income (loss) from the divested GfK European Consumer Panel Business represents financial results associated
with GfK's Consumer Panel business that was divested in January 2024 to comply with European

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Commission regulatory requirements in connection with the GfK Combination and excludes depreciation and tax expenses. The financial impact includes the net income or loss from this division adjusted for depreciation and tax expense addback up until the divestiture. See Note 4. "Discontinued Operations and Disposals" in the notes to audited consolidated financial statements included in this prospectus for additional information.

(3) Foreign currency exchange (gain) loss, net reflects the unhedged transaction risks from external incoming and
outgoing payments.

(4) Other reflects net period pension cost.

**Liquidity and Capital Resources** 

Our liquidity needs generally arise from fluctuations in our working capital requirements, acquisitions, debt service obligations and capital expenditures. As of March 31, 2025, we had $124.4 million in available borrowing capacity under the Revolver, which combined with available cash of $288.0 million, provided liquidity of $412.4 million. As of December 31, 2024, we had $274.3 million in available borrowing capacity under the Revolver, which combined with available cash of $263.8 million, provided liquidity of $538.1 million.

We expect to incur future expenditures on developing internally developed software. We capitalized $54.4 million and $56.8 million of internally developed software costs for the three months ended March 31, 2025 and 2024, respectively. We capitalized $226.8 million, $219.5 million and $239.1 million of internally developed software costs for the years ended December 31, 2024, 2023 and 2022, respectively. We expect to fund future uses of cash with a combination of existing cash balances, cash generated from operating activities, borrowings under the Revolver or new issuances of debt. We believe we have available resources to meet both our short-term and long-term liquidity requirements, including our debt services.

We communicate on a regular basis with our lenders regarding our financial and working capital performance, and liquidity position.

Our Credit Agreement (as defined below) contains various restrictive covenants that, among other things, impose limitations on: (i) the incurrence of additional indebtedness; (ii) creation of liens; (iii) dividend payments or certain other restricted payments or investments, and (iv) mergers, consolidations or sales. The Credit Agreement also requires us to maintain a certain ratio of Consolidated First Lien Debt to Consolidated Adjusted EBITDA (as defined in the agreement) if outstanding indebtedness exceeds a certain level. In addition, the debt agreement requires mandatory prepayments of the term loans if our excess cash flow (as defined in the agreement) exceeds a certain level.

***Debt facilities***

*Term Loans and Revolver* 

We have a credit agreement (the "Credit Agreement"), comprised of term loans and a revolving facility (the "Revolver"). In connection with the Credit Agreement, we are party to the Dutch Security Agreement and have pledged bank receivables and intercompany receivables (each as defined in the Dutch Security Agreement). Prior to January 2025, the term loans are comprised of 2023 tranches ("2023 USD Term Loan", "2023 EUR Term Loan" and "2023 Liquidity Term Loan", collectively "2023 Tranches") issued to fund working capital and the GfK Combination and 2021 tranches ("2021 USD Term Loan" and "2021 EUR Term Loan", collectively "2021 Tranches") issued in connection with the 2021 Carve-Out Transaction (collectively, "2023 and 2021 Term Loans").

*2025 Debt Refinancing* 

On January 24, 2025, the Credit Agreement was amended to consolidate the 2023 Tranches and the 2021 Tranches into a single USD Term Loan ("USD Term Loan") and a single EUR Term Loan ("EUR Term Loan")

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(the "2025 Debt Refinancing"). The transaction resulted in a $10.3 million loss related to the write-off of unamortized debt discount and issuance costs, along with the expense of $0.3 million in third-party legal fees. We recorded the loss in nonoperating (expense) income, net. The 2021 CAD Term Loan and Revolver remain unchanged as a result of refinancing. The term loans mature on March 5, 2028 and require quarterly principal payments equal to 0.25% of the original principal. The respective terms of each debt arrangement are further described below.

The following table sets forth our outstanding indebtedness following the 2025 Debt Refinancing:

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| | |
|:---|:---|
| **(in millions)** | **Three Months<br>Ended<br>March 31, 2025** |
|  USD Term Loan, less unamortized discount of $82.2 | $2187.8 |
|  EUR Term Loan, less unamortized discount of $36.1 | 1467.5 |
|  2021 CAD Term Loan, less unamortized discount of $0.2 | 85.2 |
|  Revolver | 513.9 |
|  Other debt | 42.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | 4296.5 |
|  Finance leases | 37.9 |
|  Other financing obligations | 51.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt, finance leases and other financing obligations | 4385.9 |
|  Less: Unamortized debt issuance costs | (49.5) |
|  Less: Short-term debt and current portion of long-term debt | (120.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total long-term debt | $4215.5 |

---

*USD Term Loan* 

On January 24, 2025, the Credit Agreement was amended to consolidate the outstanding 2021 USD Term Loan, 2023 USD Term Loan and 2023 Liquidity Term Loan into the USD Term Loan. At the time of the amendment the loans had an aggregate principal balance of $2,263.4 million. Immediately following the 2025 Debt Refinancing, the USD Term Loan had a principal balance of $2,270.0 million. The Credit Agreement was also amended to reduce the interest rate spread on the USD Term Loan to 350 basis points. At March 31, 2025, the interest rate for the USD Term Loan was approximately 7.8%.

*EUR Term Loan.* 

On January 24, 2025, the Credit Agreement was amended to consolidate the outstanding 2021 EUR Term Loan and 2023 EUR Term Loan into the EUR Term Loan. At the time of the amendment the loans had an aggregate principal balance of €1,388.5 million (equivalent to approximately $1,459.3 million USD). Immediately following the 2025 Debt Refinancing, the USD Term Loan had a principal balance of €1,390.0 million (equivalent to approximately $1,460.9 million USD). The Credit Agreement was also amended to reduce the interest rate spread on the EUR Term Loan to 350 basis points. At March 31, 2025, the interest rate for the 2023 EUR Term Loan was approximately 6.1%.

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*2023 and 2021 Term Loans* 

The respective terms of each debt arrangement are further described below. The following table sets forth our outstanding indebtedness as of December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  2023 USD Term Loan, less unamortized discount of $66.3 and $97.3 in 2024 and 2023, respectively | $921.4 | $877.7 | $— |
|  2023 EUR Term Loan, less unamortized discount of $36.7 and $54.8 in 2024 and 2023, respectively | 607.3 | 494.4 |  |
|  2023 Liquidity Term Loan, less unamortized discount of $27.3 and $43.9 in 2024 and 2023, respectively | 441.8 | 428.8 |  |
|  2021 USD Term Loan, less unamortized discount of $2.1 and $2.8 in 2024 and 2023, respectively | 804.4 | 812.1 | 819.7 |
|  2021 EUR Term Loan, less unamortized discount of $1.3 and $1.8 in 2024 and 2023, respectively | 792.4 | 853.1 | 835.4 |
|  2021 CAD Term Loan, less unamortized discount of $0.2 and $0.3 in 2024 and 2023, respectively | 85.5 | 93.7 | 92.5 |
|  Revolver | 364.0 | 524.8 | 292.7 |
|  Other debt | 31.7 | 30.1 | 15.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | 4048.5 | 4114.7 | 2055.7 |
|  Finance leases | 38.7 | 44.4 | 37.6 |
|  Other financing obligations | 47.4 | 48.4 | 31.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt, finance leases and other financing obligations | 4134.6 | 4207.5 | 2124.8 |
|  Less: Unamortized debt issuance costs | (53.8) | (76.7) | (35.4) |
|  Less: Short-term debt and current portion of long-term debt | (121.0) | (103.3) | (60.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total long-term debt | $3959.8 | $4027.5 | $2029.4 |

---

*Term Loans and Revolver* 

We have a credit agreement (the "Credit Agreement"), comprised of term loans and a revolving facility (the "Revolver"). In connection with the Credit Agreement, we are party to the Dutch Security Agreement and have pledged bank receivables and intercompany receivables (each as defined in the Dutch Security Agreement). The term loans are comprised of 2023 tranches issued to fund working capital and the GfK Combination and 2021 tranches issued in connection with the 2021 Carve-Out Transaction. The term loans mature on March 5, 2028, and require quarterly principal payments equal to 0.25% of the original principal amount. At the commencement of the Credit Agreement, the Revolver had a maturity date of March 5, 2026. On June 28, 2024, the Credit Agreement was amended to extend the maturity date of the Revolver to March 5, 2028. The respective terms of each debt arrangement are further described below. See Note 21. "Subsequent Events" in the notes to the audited consolidated financial statements included in this prospectus for additional information. The Revolver matures on (x) with respect to $7.5 million of non-extending revolving commitments, March 5, 2026 and (y) with respect to all other revolving commitments, March 5, 2028; provided that, with respect to this clause (y), if by a date no later than the 2024 Modified Maturity Date (as defined below), any term loans with an aggregate principal amount in excess of $1.0 billion are outstanding and the maturity date applicable to such term loans is earlier than the date that is 90 days after March 5, 2028 (the "2024 Trigger Maturity Date"), such maturity date shall be the later of December 5, 2027 and the date that is 91 days prior to the Trigger Maturity Date (the "2024 Modified Maturity Date"). The respective terms of each debt arrangement are further described below.

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*2023 USD Term Loan* 

On July 10, 2023, the Credit Agreement was amended to issue a U.S. Dollar term loan ("2023 USD Term Loan") in the aggregate principal amount of $980.0 million. The 2023 USD Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $107.8 million. The 2023 USD Term Loan is subject to interest at term Secured Overnight Financing Rate ("SOFR") plus a spread of 625 basis points.

On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 USD Term Loan from 625 basis points to 475 basis points. On July 18, 2024, the Credit Agreement was further amended to issue additional debt of $20.0 million within the 2023 USD Term Loan. In connection with these amendments, the Company recognized a loss of $19.6 million, which included $15.7 million for the write-off of unamortized discount and $3.9 million for the write-off of unamortized debt issuance costs. The amounts associated with the write-off were included in nonoperating (expense) income, net. At December 31, 2024 and 2023, the interest rate for the 2023 USD Term Loan was approximately 9.3% and 11.6%, respectively.

*2023 EUR Term Loan* 

On July 10, 2023, the Credit Agreement was amended to issue a Euro term loan ("2023 EUR Term Loan") in the aggregate principal amount of €500.0 million (equivalent to approximately $550.0 million USD). The 2023 EUR Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of €55.0 million (equivalent to approximately $60.5 million USD). At commencement, the 2023 EUR Term Loan was subject to interest at Euro LIBOR plus a spread of 650 basis points the Credit Agreement provides that we, the agent and certain lenders may amend the agreement solely for the purpose of replacing the Euro LIBOR rate with another benchmark rate. The Credit Agreement provides that certain lenders, the agent and the company may amend the agreement solely for the purpose of replacing the Euro LIBOR rate with another benchmark rate.

On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 EUR Term Loan from 650 basis points to 475 basis points. On July 18, 2024, the Credit Agreement was further amended to issue additional debt of €123.5 million (equivalent to approximately $135.0 million USD) within the 2023 EUR Term Loan. In connection with these amendments, the Company recognized a loss of $6.7 million, which included $5.4 million for the write-off of unamortized discount and $1.3 million for the write-off of unamortized debt issuance costs. The amounts associated with the write-off were included in nonoperating (expense) income, net. At December 31, 2024 and 2023, the interest rate for the 2023 EUR Term Loan was approximately 7.8% and 10.3%, respectively.

*2023 Liquidity USD Term Loan* 

On February 28, 2023, the Credit Agreement was amended to issue a U.S. Dollar term loan ("2023 Liquidity Term Loan") in the aggregate principal amount of $475.0 million. The 2023 Liquidity Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $52.3 million. At commencement, the 2023 Liquidity Term Loan was subject to interest at term SOFR plus a spread of 625 basis points.

On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 Liquidity Term Loan from 625 basis points to 475 basis points. In connection with this amendment, the Company recognized a loss of $9.5 million, which included $7.6 million for the write-off of unamortized discount and $1.9 million for the write-off of unamortized debt issuance costs. The amounts associated with the write-off were included in nonoperating (expense) income, net. At December 31, 2024 and 2023, the interest rate for the 2023 Liquidity Term Loan was approximately 9.3% and 11.6%, respectively.

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*2021 USD Term Loan* 

On March 5, 2021, a U.S. Dollar tranche ("2021 USD Term Loan") was issued in the aggregate principal amount of $950.0 million. The 2021 USD Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $4.8 million. From the commencement date through November 29, 2021, the 2021 USD Term Loan was subject to interest at LIBOR plus a spread of 375 to 400 basis points dependent on certain ratio levels.

On November 30, 2021, the Credit Agreement was amended to issue additional debt within the 2021 EUR Term Loan which is further described below. The Company used the proceeds to pay down the 2021 USD Term Loan by approximately $111.6 million. The amended Credit Agreement also reduced the interest rate spread to a range of 350 to 375 basis points dependent on certain ratio levels. On July 10, 2023, the Credit Agreement was amended to replace LIBOR with term SOFR. At December 31, 2024 and 2023, the interest rate for the 2021 USD Term Loan was approximately 8.4% and 9.1%, respectively.

*2021 EUR Term Loan* 

On March 5, 2021, a Euro tranche ("2021 EUR Term Loan") was issued in the aggregate principal amount of €545.0 million (equivalent to approximately $650.0 million USD). The 2021 EUR Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of €2.7 million (equivalent to approximately $3.3 million USD). From the commencement date through November 29, 2021, the 2021 EUR Term Loan was subject to interest at Euro LIBOR plus a spread of 350 to 400 basis points dependent on certain ratio levels.

On November 30, 2021, the Credit Agreement was amended to issue additional debt within the 2021 EUR Term Loan of €250.0 million (equivalent to approximately $283.5 million USD). We used the proceeds to pay down the 2021 USD Term Loan as described above and to finance other acquisitions. The amended Credit Agreement also reduced the interest rate spread for the 2021 EUR Term Loan to a range of 325 to 375 basis points dependent on certain ratio levels. At December 31, 2024 and 2023, the interest rate for the 2021 EUR Term Loan was approximately 6.8% and 7.6%, respectively.

*2021 CAD Term Loan* 

On March 5, 2021, a Canadian dollar tranche ("2021 CAD Term Loan") was issued in the aggregate principal amount of C$128.0 million (equivalent to approximately $100.0 million USD). The 2021 CAD Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of C$0.6 million (equivalent to approximately $0.5 million USD). From the commencement date through November 29, 2021, the 2021 CAD Term Loan was subject to interest at Canadian Dollar Offered Rate ("CDOR") plus a spread of 450 to 475 basis points dependent on certain ratio levels.

On November 30, 2021, the Credit Agreement was amended to reduce the interest rate spread to a range of 400 to 425 basis points dependent on certain ratio levels. At December 31, 2024 and 2023, the interest rate for the 2021 CAD Term Loan was approximately 7.9% and 9.7%, respectively.

*Revolver* 

On March 5, 2021, we entered into a revolving facility. The maximum borrowing capacity was $350.0 million at the commencement of the facility, with the capacity being increased through subsequent amendments to the Credit Agreement. At the commencement of the Credit Agreement, the Revolver had a maturity date of March 5, 2026. On June 28, 2024, the Credit Agreement was amended to extend the maturity date of the Revolver to March 5, 2028. The respective terms of each debt arrangement are further described below. See Note 21. "Subsequent Events" in the notes to the audited consolidated financial statements included in this prospectus for additional information. The Revolver matures (x) with respect to $7.5 million of non-extending revolving commitments, March 5, 2026 and (y) with respect to all other revolving commitments, March 5, 2028; provided that, with respect to this clause (y), if by a date no later than the 2024 Modified Maturity Date (as defined below),

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any term loans with an aggregate principal amount in excess of $1.0 billion are outstanding and the maturity date applicable to such term loans is earlier than the date that is 90 days after March 5, 2028 (the "2024 Trigger Maturity Date"), such maturity date shall be the later of December 5, 2027 and the date that is 91 days prior to the 2024 Trigger Maturity Date (the "2024 Modified Maturity Date"). At March 31, 2025, December 31, 2024 and December 31, 2023, the maximum borrowing capacity under the Revolver was $638.3 million with an available borrowing capacity of $124.4 million, $274.3 million and $113.4 million, respectively, due to outstanding proceeds as of the dates reported.

The commitment fee is 25 to 50 basis points dependent on certain ratio levels. Borrowings are subject to an interest rate spread of 325 to 375 basis points dependent on certain ratio levels. On August 31, 2022, the Credit Agreement was amended to replace LIBOR with term SOFR for borrowings denominated in U.S. dollars.

At March 31, 2025, December 31, 2024 and December 31, 2023, the weighted-average interest rate for borrowings under the Revolver was approximately 7.8%, 8.1% and 8.3%, respectively.

On July 11, 2025, the Credit Agreement was amended, subject to the closing of this initial public offering, to, among other things, (i) increase the aggregate principal amount of the revolving facility to $750.0 million, (ii) extend the maturity date with respect to the revolving facility to July 30, 2030; provided that if by a date no later than the Modified Maturity Date (as defined below), any term loans borrowed under the Credit Agreement with an aggregate principal amount in excess of $1.0 billion are outstanding and the maturity date applicable to such term loans is earlier than the date that is 90 days after July 30, 2030 (the "Trigger Maturity Date"), such maturity date shall be the date that is 91 days prior to the Trigger Maturity Date (the "Modified Maturity Date"), (iii) reduce the interest rate spread with respect to the revolving facility to a spread of 225 to 275 basis points dependent on certain ratio levels and (iv) reduce the commitment fee rate with respect to the revolving facility to 25 to 37.5 basis points dependent on certain ratio levels.

*Covenant Compliance* 

The Credit Agreement contains various restrictive covenants that, among other things, impose limitations on: (i) the incurrence of additional indebtedness; (ii) creation of liens; (iii) dividend payments or certain other restricted payments or investments and (iv) mergers, consolidations or sales. The Credit Agreement also requires NIQ to maintain a certain ratio of Consolidated First Lien Debt to Consolidated Adjusted EBITDA (as defined in the Credit Agreement) if outstanding indebtedness exceeds a certain level. In addition, the Credit Agreement requires mandatory prepayments of the term loans if our excess cash flow (as defined in the Credit Agreement) exceeds a certain level.

The Company was in compliance with all relevant covenants contained in the Credit Agreement as of March 31, 2025 and as of December 31, 2024. 

***Cash Flow***

The following table summarizes our cash flows for the periods presented:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2025** | **2024** | **2024** | **2023** | **2022** |
|  Net cash (used in) provided by operating activities | $(153.7) | $(150.6) | $73.9 | $(10.9) | $61.4 |
|  Net cash (used in) provided by investing activities | (3.7) | 254.3 | 9.6 | (1703.7) | (430.9) |
|  Net cash provided by (used in) financing activities | 170.1 | (101.5) | (67.1) | 1902.7 | 296.7 |
|  Effect of exchange-rate changes on cash and cash equivalents | 11.5 | (1.9) | (33.1) | (32.8) | (35.2) |
|  Net increase (decrease) in cash and cash equivalents | $24.2 | $0.3 | $(16.7) | $155.3 | $(108.0) |

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*Operating Activities* 

For the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, there was a decrease of $3.1 million in net cash used in operating activities primarily due to a decrease of net loss of $100.9 million adjusted for non-cash items, such as: a decrease of $2.0 million in depreciation and amortization, $2.1 million of amortization of debt discount and debt issuance costs, and $39.5 million of non-cash foreign currency exchange, partially offset by $3.8 million of loss on disposal of business, and $4.3 million of other operating activities, net. The net changes in operating assets and liabilities primarily resulted in a $34.6 million decrease in trade and other receivables, primarily due to increases in our trade receivables in the ordinary course of business, and a $54.1 million decrease in accounts payable and other current liabilities as a result of decreases in payroll and benefit costs, partially offset by a $10.1 million decrease in prepaid expenses and other current assets primarily due to decreases in prepaid expenses in the ordinary course of business.

For the year ended December 31, 2024 as compared to the year ended December 31, 2023, there was an increase of $84.8 million in net cash provided by operating activities primarily from the GfK Combination, which reflected a full year of activity compared to the half year impact in the prior year period. Net cash provided by operating activities was also affected by increased interest due the GfK Combination, which reflected a full year of interest on the term loans issued to finance the GfK Combination compared to the half year impact in the prior period. Investment spending consisted of cash costs primarily related to the GfK integration. We have completed all of our CEP-related investments and expect our GfK investments to be substantially complete by 2026. We may continue to make future acquisitions as part of our business strategy which may require the use of capital resources and drive additional future restructuring and transaction-related cash expenditures as well as integration and acquisition-related compensation cash costs. The increase in net cash used in operating activities also includes an increase of net loss of $244.0 million adjusted for non-cash items, such as: an increase of $135.8 million in depreciation and amortization, $23.7 million of amortization of debt discount and debt issuance costs, and $73.5 million of non-cash foreign currency exchange, partially offset by $12.4 million of the loss on disposal of business, and $87.2 million of other operating activities, net. The net changes in operating assets and liabilities primarily resulted in a $55.6 million decrease in trade and other receivables, primarily due to impacts from our factoring program, and a $64.4 million decrease in prepaid expenses and other current assets primarily due to the receipt of proceeds from our settlement of outstanding interest rate derivative contracts during the year ended December 31, 2023 which did not occur in 2024, partially offset by a $162.2 million decrease in accounts payable and other current liabilities as a result of payment of acquisition-related costs for the GfK Combination.

For the year ended December 31, 2023 as compared to the year ended December 31, 2022, there was an increase of $72.3 million in net cash used in operating activities primarily due to increased interest on the term loans issued to finance the GfK Combination. Net cash used in operating activities is also affected by the higher investments spending on transformation costs, GfK integration costs, and acquisition and transaction related costs. Investment spending consists of cash costs primarily related to our CEP and GfK integration which we believe are not expected to recur in the future. We have completed all of our CEP-related investments and expect our GfK investments to be substantially complete by 2026. We may continue to make future acquisitions as part of our business strategy which may require the use of capital resources and drive additional future restructuring and transaction-related cash expenditures as well as integration and acquisition-related compensation cash costs. The increase in net cash used in operating activities also includes an increase of net loss of $156.2 million adjusted for non-cash items, such as: an increase of $159.8 million in depreciation and amortization, $32.1 million of amortization of debt discount and debt issuance costs, and $48.7 million of other operating activities, net, partially offset by impairment of long-lived assets of $16.6 million and non-cash foreign currency exchange of $40.8 million. The net changes in operating assets and liabilities primarily resulted in a $76.3 million decrease in trade and other receivables, primarily due to impacts from our factoring program, and a $58.5 million decrease in accounts payable and other current liabilities as a result of payment of acquisition-related costs for the GfK combination, partially offset by a $43.7 million increase in prepaid expenses and other current assets of primarily due to the receipt of proceeds from our settlement of outstanding interest rate derivative contracts.

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*Investing Activities* 

For the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, the decrease of $258.0 million in cash (used in) provided by investing activities year over year was due primarily to a decrease in acquisition activity of $239.9 million related to the sale of Netquest in February 2025 for $60.3 million as compared to the sale of GfK's Consumer Panel business in January 2024 for $301.7 million.

For the year ended December 31, 2024 as compared to the year ended December 31, 2023, the increase of $1,713.3 million in cash provided by investing activities year over year was due primarily to a decrease in acquisition activity of $1,447.9 million related to the GfK Combination that occurred in 2023. The increase was also due to the $315.6 million proceeds from the GfK European Consumer Panel Business that was divested in the Required GfK European Consumer Panel Services Divestiture, partially offset by an increase of $14.9 million in intangible assets expenditures primarily related to additions to internally developed software costs and an

increase of $11.2 million related to property, plant and equipment expenditures. Cash provided by investing activities was also partially offset by $31.6 million in cash deconsolidated from previously controlled subsidiaries for the year ended December 31, 2024 which did not occur in 2023.

For the year ended December 31, 2023 as compared to the year ended December 31, 2022, the increase of $1,272.8 million in cash used in investing activities year over year was due primarily to an increase in acquisition activity of $1,325.6 million related to the GfK Combination. The increase in cash used in investing activities was partially offset by a decrease of $8.9 million in intangible assets expenditures primarily related to additions to internally developed software costs and a decrease of $24.1 million related to property, plant and equipment expenditures. The increase in cash provided by investing activities was also partially offset by a $30.0 million investment in equity securities for the year ended December 31, 2022 which did not occur in 2023.

*Financing Activities* 

For the three months ended March 31, 2025 compared to the three months ended March 31, 2024, the increase of $271.6 million in cash provided by (used in) financing activities was due primarily to higher repayments of debt of $422.5 million, partially offset by lower net proceeds of $392.8 million from the 2025 Debt Refinancing and revolver loan as compared to the net proceeds $565.3 million from the 2023 and 2021 Term Loans and revolver loan in the prior period.

For the year ended December 31, 2024 compared to the year ended December 31, 2023, the decrease of $1,969.8 million in cash provided by financing activities was due primarily to the prior year period reflecting net proceeds of $1,983.4 million from the 2023 USD Term Loan, 2023 EUR Term Loan, 2023 Liquidity USD Term Loan, compared to $155.0 million in net proceeds from such term loans for the year ended December 31, 2024. The decrease was also due to higher repayments of debt of $357.2 million, partially offset by lower debt issuance costs of $56.7 million.

For the year ended December 31, 2023 compared to the year ended December 31, 2022, the increase of $1,606.0 million in cash provided by financing activities was due primarily to the increase in proceeds year over year from the issuance of debt of $1,983.4 million from the 2023 USD Term Loan, 2023 EUR Term Loan, 2023 Liquidity USD Term Loan, partially offset by the increase in repayments of debt of $252.6 million, and debt issuance costs of $64.3 million incurred in 2023. The increase in cash provided by financing activities was also partially offset by not receiving a contribution from the parent company in the current year.

***Cash requirements***

As of December 31, 2024, we have cash requirements for long-term debt payments, leases and other liabilities. For lease-related information, see Note 9. "Leases" in the notes to audited consolidated financial statements included in this prospectus for additional information. For debt related information, see Note 10. "Debt" in the

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notes to audited consolidated financial statements included in this prospectus for additional information. For pension-related information, see Note 15. "Pensions and Other Post-Retirement Benefits" in the notes to audited consolidated financial statements included in this prospectus for additional information. For commitment and contingency-related information, see Note 19. "Commitment and Contingencies" in the notes to audited consolidated financial statements included in this prospectus for additional information.

As of December 31, 2024, we had the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long-term debt obligations, of $4,182.4 million are expected to be paid out as follows: $56.3 million
in 2025, $52.5 million in 2026, $38.5 million in 2027, and $4,035.1 million in 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating lease payments of $303.3 million are to be paid annually as follows: $66.1 million in 2025,
$49.3 million in 2026, $36.0 million in 2027, $29.8 million in 2028, $24.0 million in 2029 and $98.1 million thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finance lease payments of $44.3 million are to be paid annually as follows: $19.9 million in 2025,
$12.6 million in 2026, $7.1 million in 2027, $1.7 million in 2028, $0.3 million in 2029 and $2.7 million thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimated future benefit payments under our defined benefit plans are as follows: $34.3 million in 2025,
$36.0 million in 2026, $38.4 million in 2027, $36.4 million in 2028, $38.0 million in 2029 and $200.4 million thereafter until 2034.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum annual payments under our purchase obligations mostly related to cooperation arrangements and technology
contracts of $964.7 million are to be paid out as follows: $337.3 million in 2025, $196.0 million in 2026, $132.4 million in 2027, $117.6 million in 2028, $110.1 million in 2029 and $71.3 million thereafter.

There have been no material changes to these obligations since December 31, 2024, except with respect to the 2025 Debt Refinancing, as discussed above. For debt related information, see Note 6. "Debt" in the notes to unaudited condensed consolidated financial statements included in this prospectus for additional information. For commitment and contingency-related information, see Note 14. "Commitments and Contingencies" in the notes to unaudited condensed consolidated financial statements for additional information.

As of March 31, 2025, we had the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long-term debt obligations of $4,415.0 million are expected to be paid out as follows: $45.8 million in 2025,
$37.6 million in 2026, $23.6 million in 2027, and $4,308.0 million in 2028.

**Critical Accounting Estimates** 

We prepare our audited consolidated financial statements in conformity with GAAP, which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenue and expenses during the reporting periods, and the related disclosures in our consolidated financial statements and accompanying notes. We evaluate our estimates on an ongoing basis, and we base our estimates on historical experience, management's judgment, and input from other third parties from information available at the time. While we have used our best estimates based on the facts and circumstances available to us at the time, different estimates reasonably could have been used in the current period. In addition, changes in the accounting estimates that we use are reasonably likely to occur from period to period, which may have a material impact on the presentation of our financial condition and results of operations. Although we believe our estimates, assumptions, and judgments are reasonable, they are based upon information presently available. Actual outcomes could differ materially from those estimates in a manner that could have a material effect on our audited consolidated financial statements.

The accounting policies that we believe are critical in the preparation of our consolidated financial statements are described below. For a description of our other significant accounting policies, see Note 2. "Summary of

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Significant Accounting Policies" in our audited consolidated annual financial statements included in this prospectus.

***Capitalized Internally Developed Software Costs***

Software development costs consist primarily of personnel salaries and third-party service providers incurred in the development of new internal developed software solutions. When determining whether applicable costs qualify for capitalization, we use judgment in distinguishing between the preliminary project and application development stages of the project. Costs that are related to the conceptual formulation and design of software programs are expensed as incurred. The application development stage costs generally include costs associated with internal-use software configuration, coding, installation, and testing. We determine the amount of internally developed software costs to be capitalized based on the amount of time spent by developers and third parties on projects in the application stage of development. There is judgment involved in estimating time allocated to a particular project in the application stage. We also capitalize certain costs related to specific upgrades and enhancements when it is probable the expenditures will result in significant additional functionality. Amortization of capitalized internally developed software begins on the date the software is placed in service and the amortization period is based on estimated useful life. Estimates and assumptions include determining the appropriate amortization period based on the estimated useful life and assessing the unamortized cost for impairment. We evaluate the useful lives of these assets on an annual basis and test for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

***Goodwill***

We test goodwill for impairment on an annual basis in the fourth quarter or more frequently if impairment indicators exist. We have designated October 1 as the date when the annual assessment is performed. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, we determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, the quantitative impairment test is unnecessary. We have established, and will continue to evaluate, reporting units that are based on our internal reporting structure and define such reporting units as our operating segment level or one level below. We identified new operating segments during the third quarter of 2024, which changed the composition of its reporting units. Accordingly, the Company reassigned goodwill to the new reporting units using a relative fair value allocation approach. We performed a goodwill impairment test immediately before and after it reorganized its reporting structure. Goodwill was tested for impairment on a reporting unit level and the evaluation involved comparing the fair value of each reporting unit to its carrying value. The fair values of the reporting units were determined using a discounted cash flow analysis, and consideration was also given to market multiples. There were no impairment losses identified as a result of these tests. Upon this reorganization, our operating segments consisted of North America and Latin America within the Americas reportable segment, Western Europe and Eastern Europe, Middle East and Africa within the EMEA reportable segment and APAC.

If the quantitative impairment test is required, goodwill is tested for impairment by determining if the reporting unit carrying values exceed their fair values. The estimates of fair value are determined using a combination of valuation techniques, primarily an income approach using a discounted cash flow analysis supplemented by a market-based approach. A discounted cash flow analysis requires the use of various assumptions, including expectations of future cash flows, growth rates, discount rates, and tax rates in developing the present value of future cash flow projections. Our projections of future cash flows are based on management's best estimate of future cash flows and include judgment around future capital expenditures and working capital requirements, assumed growth rates, and expectations around general market conditions. The market-based approach utilizes available market comparisons such as indicative industry multiples that are applied to current year revenue and earnings as well as recent comparable transactions. As a result of the inherent uncertainty associated with formulating these estimates, actual results could differ from those estimates.

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Fair value is estimated using an income approach model based on the present value of expected future cash flows utilizing a risk adjusted discount rate. The discount rate represents the weighted average cost of capital, which is reflective of a market participant's view of fair value given current market conditions, expected rate of return, capital structure, debt costs, and peer company comparisons. The discount rate is believed to adequately reflect the overall inherent risk and uncertainty involved in the operations and industry. The cash flows that extend beyond the final year of the discounted cash flow model are estimated using a terminal value technique, whereby the estimated operating cash flows minus capital expenditures are adjusted for changes in working capital in the final year of the model and discounted by the risk-adjusted discount rate to establish the terminal value. The present value of the terminal value is included in the fair value estimate.

If the carrying amount of the reporting unit exceeds fair value, an impairment charge will be recognized in an amount equal to that excess. There was no impairment of goodwill during the years ended December 31, 2024, 2023, and 2022.

***Business Combinations***

Assets acquired and liabilities assumed in acquisitions are recorded at fair value as of the acquisition date. Fair value determinations involve significant estimates and assumptions about several highly subjective variables, including future cash flows, discount rates, and expected business performance. There are also different valuation models and inputs for each component, the selection of which requires considerable judgment. Our estimates and assumptions may be based, in part, on the availability of listed market prices or other transparent market data. These determinations will affect the amount of amortization expense recognized in future periods. We base our fair value estimates on assumptions we believe are reasonable, but we recognize that our assumptions are inherently uncertain. Depending on the size of the purchase price of a particular acquisition, the mix of intangible assets acquired, and expected business performance, the purchase price allocation could be materially impacted by applying a different set of assumptions and estimates. See Note 3. "Acquisitions" in the audited consolidated financial statements included in this prospectus for further information on fair value estimation method for the GfK Combination.

***Defined Benefit Pension Plans***

We sponsor both funded and unfunded defined benefit pension plans for some of our employees. This includes various defined benefit plans covering employees in North America, Europe and Asia. Liabilities and expenses for pension benefits are determined using actuarial methodologies and incorporate significant assumptions, including the interest rate used to discount the future estimated cash flows, the expected long-term rate of return on plan assets and several assumptions relating to the employee workforce (salary increases, retirement age and mortality). Unrealized gains and losses related to our defined benefit pension obligations are recognized as a component of other comprehensive (loss) income within stockholders' equity.

The most significant assumptions include a discount rate, and an expected long-term rate of return on plan assets.

We use the spot-rate approach to calculate the discount rate for our retirement benefit pension plans. Under the spot-rate approach, we use individual spot rates along the yield curve that correspond with the timing of each future cash outflow for benefit payments to calculate interest cost and service cost within net periodic benefit costs. At December 31, 2024, December 31, 2023, and December 31, 2022, the consolidated weighted-average discount rate of all plans was 4.1%, 3.9% and 4.7%, respectively, and these rates were used to measure the projected benefit obligation at each respective year end. We believe this approach provides a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows and their corresponding spot rates on the yield curve.

The expected long-term rate of return on pension plan assets were based on a review of the historical returns of the asset classes in which the assets of the pension plans are invested and long-term economic forecast for the type of investments held by the plans. The historical returns on these asset classes were weighted based on the

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expected long-term allocation of the assets of the pension plans. The actual return on plan assets will vary year to year from this assumption. The pension plans' assets are measured at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

***Equity Award Valuations***

During the periods presented, equity interests of an indirect parent of our predecessor were not publicly traded. As there have been no public markets, these shares, the estimated fair value of shares underlying our equity-based compensation awards, have been determined by our management and the board of managers of US Holdco, based on valuations prepared by an independent third-party valuation firm. These third-party valuations were performed using generally accepted valuation approaches for determining the equity value, specifically income and market approaches. The income approach utilizes the discounted cash flow method, which establishes the value of an enterprise based on the present value of future cash flows that are reasonably reflective of our future operations, discounting to the present value with an appropriate risk adjusted discount rate or capitalization rate. The market approaches assume the value of an asset is equal to the value of a substitute asset with similar characteristics and can include the guideline public company method and guideline acquisitions method. Weightings applied to each method to determine the fair value of the equity are adjusted over time to reflect the merits and shortcomings of each method. The concluded total equity value for our predecessor was determined using the above-mentioned methods allocated to the individual classes of shares.

In accordance with the guidance outlined in the American Institute of Certified Public Accountants' Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, we considered the various methods for allocating the enterprise value to determine the fair value of shares at the applicable valuation date. Based on the specific rights and preferences of the underlying share classes, we allocate the value to the respective share classes utilizing a Monte Carlo simulation ("MCS") method, under which potential future equity values at an expected liquidity date are simulated and then allocated based on the contractual waterfall between the classes of shares. The main inputs into the MCS model are the underlying equity being allocated, the expected timing of a liquidity event, the expected volatility and the risk-free rate of return. A discount for lack of marketability is applied to the result of the equity allocation method. Application of these approaches involves the use of estimates, judgments, and assumptions that are complex and subjective, such as those regarding assigning weights to the various methodologies, preparation of financial forecasts, determination of discount rates, selection of comparable companies and market multiples, assumptions for volatility, and the probability of possible future events.

In addition, our board, with input from management, considered various objective and subjective factors to determine the fair value of shares, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our results of operations and financial position, including our levels of available capital resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business conditions and revenue and cost projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation of publicly traded companies in the data analytics sector, as well as recently completed mergers
and acquisitions of peer companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the lack of marketability of shares as a private company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trends, developments and conditions in our industry.

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Changes in any or all of these estimates and assumptions, or changes in the relationships between those assumptions impact our valuations as of each valuation date, may have a material impact on the valuation of shares.

**Recent Accounting Standards** 

See Note 2. "Summary of Significant Accounting Policies" of our notes to the audited consolidated financial statements included in this prospectus for a description of recently adopted and recently issued accounting standards.

**Quantitative and Qualitative Disclosures About Market Risk** 

Market risk represents the risk of loss that may impact our financial position because of adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of exposure resulting from potential changes in interest rates or foreign exchange rates. We may use certain derivative financial instruments, such as foreign currency and interest rate hedges, but only as a risk management tool and not for speculative or trading purposes.

***Foreign exchange risk***

We are exposed to fluctuations in foreign currency exchange rates as a result of our investments and operations in countries other than the United States, as well as our foreign-currency denominated debt obligations. Our exposure to currency rate fluctuations primarily relate to Europe (euro, British pound and Swiss franc), Canada (Canadian dollar), China (yuan), Brazil (real) and Mexico (peso).

We translate the assets and liabilities of our foreign subsidiaries that are measured in foreign currencies at the applicable period-end exchange rate, and we translate revenue and expenses at the weighted average exchange rates prevailing during the period. The resulting translation adjustment is recorded as a separate component of equity on the consolidated balance sheets included in the audited consolidated financial statements included in this prospectus. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the reporting currency are included in foreign currency exchange gain (loss), net as incurred.

For the three months ended March 31, 2025 and for the year ended December 31, 2024, revenue attributable to transactions denominated in U.S. dollars and euro were approximately 25% and 23%, respectively. No other currency represented greater than 10% of our revenue. A hypothetical 10% change in the value of the U.S. dollar relative to a basket of the foreign currencies for the foreign countries in which we had operations would have changed our revenue by approximately $98.2 million and $128.8 million during the three months ended March 31, 2025 and the year ended December 31, 2024, respectively.

We enter into foreign exchange forward contracts and cross-currency swaps to hedge our foreign exchange exposure. In December 2024, we settled outstanding foreign exchange contracts prior to the expiration of their contractual maturities, resulting in the receipt of cash proceeds totaling approximately $20.8 million which are included in operating activities in the Consolidated Statement of Cash Flows. As of March 31, 2025, we had an aggregate notional amount of $210.1 million related to cross-currency swaps. These cross-currency swaps have expiration dates through February 2026.

We may establish additional foreign subsidiaries in the future and continue to derive a larger portion of our revenue from sales denominated in a foreign currency. As a result, our future operating results could be subject to further fluctuations in foreign exchange rates relative to the U.S. dollar.

***Interest rate risk***

We are exposed to interest rate risk as a result of the floating-rate debt under our term loans. The variable interest rates on these borrowings are based on term SOFR, subject to floors, plus applicable margins based on certain ratio levels.

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As of March 31, 2025, we had $3,859.0 million of floating-rate debt under our term loans with a weighted-average interest rate of 7.1%. A 100 basis point increase in the average term SOFR rate applied to this indebtedness would increase our annual interest expense by approximately $22.8 million.

We enter into certain interest rate swaps, interest rate caps and interest rate collars with various counterparties to hedge our interest rate exposure. As of March 31, 2025, we had interest rate contracts with an aggregate notional amount of $1,974.3 million and aggregate fair value of a $8.4 million liability position. These interest rate derivative instruments have expiration dates through February 2026.

In the future our exposure to interest rate risk may change due to changes in the amount borrowed, changes in interest rates, or changes in the amount we have hedged. The amount of our outstanding debt, and the ratio of fixed-rate debt to variable-rate debt, can be expected to vary as a result of future business requirements, market conditions or other factors.

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**Business** 

**Our Mission** 

We provide brands, retailers and other clients a holistic view of consumer shopping behavior globally to drive mission-critical strategic and operating decisions and facilitate better economic outcomes.

**Overview** 

We are a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers. We manage a comprehensive and integrated ecosystem – *The NIQ Ecosystem* – which combines proprietary data, best-in-class technology, human intelligence, and highly sophisticated software applications and analytics solutions (the "*Ecosystem*"). Our unified, AI-powered technology platform aggregates, harmonizes and enriches vast amounts of global consumer shopping data from a myriad of diverse sources, generates rich, proprietary reference data and metadata, and provides a global, omnichannel view of consumer shopping behavior – *The Full View*.

![LOGO](g893022g62i76.jpg)

Our global reach spans over 90 countries, covering approximately 85% of the world's population, more than half the world's GDP and more than $7.2 trillion in global consumer spend as of December 31, 2024. Leveraging our strong NIQ brand, long-term client relationships, global scale, proprietary technology, and extensive data and insights, we are positioned as a global leader in measuring, analyzing and predicting consumer behavior in the FMCG, T&D and other verticals in which we operate. Our solutions, mission-critical insights, analytics and software applications are deeply embedded across our clients' enterprise supporting their strategic and operational decisions, enabling them to measure performance, maintain and strengthen their market positions, and drive innovation and profitable growth.

Global consumer spend is estimated at $58 trillion in 2023. Within this expansive economy, the consumer shopping landscape is rapidly changing, creating strategic and operational challenges, as well as growth

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opportunities for brands, retailers and other industry participants. Consumer purchase patterns have become increasingly "omnichannel" with consumers shopping across a growing number of platforms and channels including brick-and-mortar stores, online and mobile platforms, and social-commerce and quick-commerce channels. This rapidly changing consumer shopping "journey" has significantly increased the volume and complexity of shopping and transaction data. Simultaneously, consumers are increasingly seeking a more convenient and personalized shopping experiences which amplifies competition among the growing number of consumer brands and shopping channels.

We believe this dynamic, omnichannel, highly competitive backdrop creates significant growth opportunities for *The NIQ Ecosystem.* Companies increasingly seek real-time access to trusted, neutral, comprehensive and granular intelligence and analytics, as well as appropriate data governance, that enables them to efficiently engage consumers, drive sales, increase repeat purchases and foster loyalty across global markets, which we believe can only be accomplished with NIQ's global, mission-critical view of consumer shopping behavior. We obtain data on online and offline consumer shopping behavior from diverse sources including retail point-of-sale feeds, global consumer shopping receipts, panels of more than 5.5 million consumers in more than 50 countries and direct partnerships with leading eCommerce players, covering a total of approximately 17.5 million consumer relationships. We also generate substantial amounts of proprietary data such as insights at specific store and consumer levels and evidence-based recommendations that support our clients' growth strategies.

Since March 2021, we have invested approximately $400 million to transform our *Ecosystem* and modernize our AI-powered technology platform. We leverage a long history of proprietary knowledge and advanced AI and machine learning techniques for multiple use cases, from ingesting and standardizing data faster and more accurately, to creating significant amounts of granular reference data and metadata, to creating new tools within our software applications and analytics on consumer preferences and shopping trends. Our investment, development and use of AI across our platform enables clients to make better decisions and benefit from a better experience. For example, in fiscal year 2024, we launched our generative AI tool, *Ask Arthur,* which is currently utilized by our clients to quickly find information, interpret data, onboard and train new analysts and make informed business decisions.

Our solutions align to two product groupings: (1) Intelligence and (2) Activation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Intelligence* offerings are comprised of omnichannel measurement, consumer behavior and insights, and
retailer solutions, which are utilized by both consumer brands and retailer clients. These products help clients to measure their market share of consumer purchases across channels, helping them understand the "what," "where,"
"who" and "how much"—what the consumer bought, who the consumer is, where they shopped, and how much they bought. Clients can see their market share by product, by market, and by channel, sales volume movements across those
same dimensions and pricing and promotion trends. *Intelligence* accounted for approximately 80% of our revenue in fiscal year 2024 and is generally sold through multi-year or annual subscription contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Activation* offerings are comprised of innovation, brand and media, and analytics products that provide
clients with insights about "why" consumers made a certain purchase, guide clients on "what to do next," and "who to target" around new product introduction and innovation, pricing, promotion strategy, targeted
advertising and other drivers of growth. Leveraging our highly granular unified data and technology platform, our Activation offerings include custom, predictive analytics and reports that our clients use to optimize brand and trade decisions as
well as new product testing. Activation accounted for approximately 20% of our revenue in the fiscal year 2024. In 2024, approximately 79% of our Activation revenue was highly reoccurring revenue, meaning revenue from either annual, multi-year
contracts or from a client purchasing the same solution in the same country each year for the past three years. Activation solutions also present significant cross-selling opportunities, as approximately 76% of Activation revenue in fiscal year 2024
came from existing Intelligence clients, while nearly 39% of our Intelligence large and mid-sized clients have purchased *Activation* solutions, representing an attractive opportunity to increase
penetration.

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![LOGO](g893022g90j26.jpg)

The scale, breadth and depth of our data, combined with our deep industry knowledge, scalable AI-powered technology platform and strong global relationships enables us to provide relevant solutions to brands, retailers, other companies and government entities. Our diverse client base of approximately 23,000 companies spans industries and geographies. We work with many of the world's largest consumer brands and retailers – including approximately half of the Fortune 500 and nearly 80% of the Fortune 100 companies—as well as clients in high-growth verticals and SMB.

Our solutions enable executives, sales leaders, marketers, category management teams, media leaders and research and development teams to drive mission-critical strategic and operating decisions that span our clients' enterprise, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• measuring and assessing omnichannel sales performance across markets to provide visibility on which products are
sold, who buys them, why, where and how;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• optimizing pricing and promotion to evaluate **  the impact on sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• segmenting and **  personalizing consumer products and experiences to drive sales conversion and repeat
purchases across channels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying new markets and categories for growth, predicting potential outcomes and executing an effective
operating strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• testing, refining and predicting consumer receptiveness to new product concepts and marketing messages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring and measuring reviews, searching capabilities and keyword optimization to strengthen online presence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing trade and advertising budgets and enhancing return on spend; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• guiding executive and Board-level decisions related to incentive compensation, competitive analysis and M&A
strategy.

We believe our *Ecosystem* drives value creation for brands, retailers and consumers. Our applications are utilized on a regular basis by more than 75,000 active users as of January 2025 producing beneficial network effects across our platform. As brands grow using our solutions, they create more revenue and value for retailers, leading to increased collaboration and data sharing between us and our stakeholders. As retailers provide more consumer shopping data, we convert this data into analytical tools and insights into consumer preferences and trends. This

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powerful symbiotic relationship enables brands and retailers to more effectively market to consumers, develop more personalized experiences and drive sales and profitability.

Our software, data and people are highly integrated with our clients' critical workflow and processes, leading to long-tenured relationships. As of December 31, 2024, our top five longest-tenured clients have worked with NIQ (and our predecessor) for more than 70 years on average. We believe the strength of our client relationships, the value of our mission-critical offerings and innovation, and the success of our growth initiatives are reflected in our net dollar retention and client retention rates and was at or above 100% for the trailing seven consecutive quarters as of September 30, 2024.

![LOGO](g893022g98t46.jpg)

(1) GDR represents the amount of prior period annualized revenue we have retained from existing clients in the
current period. The calculation reflects only customer losses and does not reflect customer expansion or contraction.

Our strong client retention supports our predictable and scalable revenue model. Approximately 80% of our revenue was recurring in nature in fiscal year 2024. Visibility into and predictability of our revenue streams is driven by long-term subscription contracts in our Intelligence offerings, and high client adoption rates of our on-demand Analytics solutions, which are our bespoke analyses tailored to specific business objectives. Our subscription contracts are typically two to five years in duration with annual price escalators tied to consumer price indicators. Our on-demand solutions present significant cross-sell opportunities, with approximately 76% of our Activation revenue coming from existing Intelligence clients in fiscal year 2024. Our revenues are well diversified, as our largest client represented less than 5% of total revenue in fiscal year 2024.

**Our Transformation** 

In March 2021, an affiliate of Advent International, L.P., in partnership with James "Jim" Peck, the former Chief Executive Officer of TransUnion, acquired Nielsen Holdings' "Connect" business (the "2021 Carve-Out Transaction"), and subsequently rebranded it as NIQ. While the Nielsen Connect business was attractively positioned in the consumer intelligence market with its leading data assets and attractive business model, it had been experiencing declining revenue and margins. Since the 2021 Carve-Out Transaction, we have undergone a significant business transformation, including making approximately $920 million of organic and inorganic investments, excluding the GfK Combination, to improve our business and capabilities and position the business for long-term shareholder value creation. Key areas of our business transformation have included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Enhanced Management and Personnel:* We revamped our entire senior leadership team and appointed new leaders
across over one-third of our top 200 executive positions. Our new senior leadership team

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brings a proven track record of driving value creation through transformation and growth initiatives, including Jim Peck as CEO, who led the transformations of TransUnion and LexisNexis Risk Management; Tracey Massey as COO, who has over 20 years of experience at Mars and overhauled our sales and go-to-market organization; Mohit Kapoor as CTO, who architected our technology transformation and held a similar role at TransUnion; Mike Burwell as CFO, who has over 30 years of finance and capital market experience and led our efforts to strengthen our finance processes and financial profile, including revenue growth, operational and capital efficiency, expanding margins, all while investing in innovation and future profitable growth; and Curtis Miller as CSO, who led our transformation and executed strategic initiatives to strengthen our product offering and market position. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Established Technology Leadership:* we invested approximately $400 million to transform our technology
platform into a cloud-based scalable technology platform, with natively embedded AI capabilities and the ability to seamlessly process high volumes of disparate data while lowering our overall cost structure. Our "build once, deploy
everywhere" approach allows us to deploy and scale new products and solutions across markets. As of December 31, 2024, we had migrated nearly all of our FMCG clients to our new platform and experienced significantly higher client
satisfaction and consistently increasing usage, exemplified by more than 75,000 active users. Since 2021, we also invested more than $520 million in eight tuck-in acquisitions and a strategic investment to address strategic gaps in our legacy
business' coverage (such as eCommerce) and further enhance our analytics capabilities and retailer tools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Acquisition of GfK:* In July 2023, we acquired GfK, a leading consumer intelligence provider in T&D
measurement with a focus on international markets. The GfK Combination provided several strategic benefits including enhanced scale, expanded total addressable market by geography and increased category coverage, and significant cross-selling
opportunities and cost synergies. It also represented an opportunity to implement the same business process improvements we have successfully executed at standalone NIQ since the 2021 Carve-Out Transaction,
including, but not limited to: strengthening pricing and renewals, addressing strategic gaps, revitalizing technology innovation and enhancing the value-creative *NIQ Ecosystem*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Organic and Inorganic Investments to Enhance Strategic Capabilities:* We invested organically to
enhance our products, expand our core capabilities, improve key client offerings and grow our footprint within our current clients, fast-growing SMB and in adjacent verticals. We strengthened our Activation solutions for better performance,
timeliness and integration with our core Intelligence offerings to facilitate cross-selling, leading to approximately 76% of our Activation revenue coming from existing Intelligence clients in fiscal year 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Built Leading eCommerce Capabilities:* We established a leading position in global eCommerce and
omnichannel coverage through strategic acquisitions and organic product enhancement. We believe that we experienced rapid adoption of our eCommerce solutions. Among our Intelligence clients, the clients who made a purchase of eCommerce solutions in
the specific year increased from 9% in fiscal year 2021 to 19% in fiscal year 2024, driving 28% eCommerce revenue growth year over year while representing an attractive cross-sell opportunity in eCommerce to gain the more than 81% of clients that
remain. These proprietary solutions enable us to provide *The Full View* of consumer shopping behavior, a critical point of differentiation to our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Optimized Go-To-Market Approach:* We adopted a client-centric approach to sales operations and sales strategy. We established a centralized pricing function and standardized the contract renewal process to instill greater pricing discipline, focusing on multi-year
contracts. We adopted a strategic approach to renewals, starting over a year before expiration, and created a new global team dedicated to enhancing retailer capabilities, among other initiatives. Our efforts have improved our net dollar retention
rate from 94% in fiscal year 2020, prior to the 2021 Carve-Out Transaction, to 104% in fiscal year 2024 for our total Intelligence revenue.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Operating Efficiency:* We implemented a cost optimization program, the NIQ Cost Efficiency Program
("CEP"), which has resulted in significant annualized run-rate savings as of December 31, 2024, with additional synergies related to the GfK Combination. We enhanced our unit economics with our revamped technology platform and expansion of
our data acquisition sources, leading to a significant reduction in our Cash Data Costs, from 22% of revenue in fiscal year 2021 to 16% of revenue in fiscal year 2024. We are also reducing costs by expanding our presence and talent in lower cost
countries and enhancing our processes and operations, which resulted in lower overhead costs and increased operating leverage leading to increasing margins.

Our management team has led our transformation into a high-performing, innovative and nimble company, one that can both rapidly anticipate and meet our clients' most critical business needs. From this foundation, we believe we are well-positioned to execute on our strategy of driving shareholder value through rapid innovation, consistent revenue growth, disciplined cost management, and increased profitability.

**Industry Background** 

The global consumer shopping landscape is vast, highly competitive and increasingly complex for brands, retailers, and other businesses which rely on consumer intelligence for data-driven decision making. This environment is ideal for our technological leadership and independent insights.

![LOGO](g893022g19x45.jpg)

(1) Last three years ended December 31, 2022.

***Global Consumer Spend is Large, Highly Competitive, Rapidly Changing and Increasingly Complex***

Over 75,000 companies and retailers globally rely on the right market intelligence to make critical strategic and operational decisions as they compete amongst themselves and new entrants annually. Competing for approximately $58 trillion in annual, global consumer spend in 2023, these companies must navigate a crowded competitive landscape including newer, insurgent brands that account for only 2-3% of companies and nearly 20% of growth. The market is further complicated by macro factors such as inflation and global conflict as well as technology advances such as new digital channels and AI. Consumers deftly navigate this landscape, 24% of whom shop at different grocery stores compared to a year ago, and 11% have made purchases via social media, particularly younger demographics and consumers in emerging markets. *The NIQ Ecosystem* is purpose-built to help clients large and small compete and win on a global scale. Our scalable AI-powered technology platform combined with our deep domain expertise distills the complex global consumer shopping landscape, providing clients a comprehensive source of truth of consumer shopping behavior – *The Full View* – to enable data-driven business decisions.

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***Consumer Shopping is Omnichannel***

The continued growth of eCommerce and digital channels is transforming the brand and retail landscape, with industry estimates suggesting that more than 22% of all retail purchases will occur online as early as 2026, driven by convenience, variety and competitive pricing. Omnichannel shopping, which is a consumer who seamlessly interacts with a brand across multiple channels, such as online, in-store, and mobile, accelerated during the COVID pandemic, such that 86% of FMCG sales for the last three years were done by omnichannel shoppers. To understand this emerging and exploding trend, companies are looking for real-time access to granular levels of data and insights to develop a comprehensive view of consumer behavior, assess growth opportunities more quickly and precisely, and predict purchasing behavior. *The Full View*, the comprehensive coverage of online and offline consumer shopping behavior provides clients a holistic cross-channel read of the market, enabling them to address their critical strategic and operational needs and optimize their growth strategies across all channels.

***Consumer Preferences Are Demanding More Personalized Experiences***

Personalized shopping experiences are becoming increasingly important to consumers, 80% of whom desire personalized experiences, and 78% are more likely to make repurchases after receiving personalized communications. This demand and benefit leads to a proliferation of sales channels, products items and stock-keeping units ("SKUs") and features, leading to an exponential increase in data related to products and consumer shopping. NIQ is well-positioned to help our clients navigate the "signal" from the "noise" amongst this rapid data proliferation. Our AI-powered models connect insights from decades of data, including millions of product attributes, which can be analyzed and segmented by category, market, single item and consumer profiles. Our coded product information enables us to provide our clients a granular view of consumer shopping behavior, preferences and predictive analytics to craft highly customized, personalized experiences for consumers, including creative solutions for targeted advertising. Leveraging a long history of proprietary knowledge and advanced AI and machine learning techniques, our platform "enriches" the data it ingests, thereby creating valuable metadata that is integrated into *The NIQ Ecosystem* to power our granular analytics and insights for clients.

***Brands, Retailers and Other Companies Lack Resources or Ability to Leverage AI***

Consumer brands and retailers are increasingly recognizing the potential of AI to enhance operational efficiency, elevate consumer experiences and drive growth, but significant barriers to adoption exist. According to a KPMG report published in 2020, only 43% of retail employees felt prepared for AI adoption, and just 52% of companies offered any AI training. Additionally, according to this study, many businesses had concerns over data security and privacy, with 70% of retailers citing these as major issues, which may further hinder AI implementation. Despite the clear benefits of AI implementation, the lack of adequate technology and AI talent remains a critical challenge, highlighting the need for brands and retailers to outsource to partners skilled in AI technologies. We combine human intelligence with extensive AI capabilities and support, enabling brands and retailers to overcome adoption barriers and leverage AIs potential. In the current AI landscape, it is crucial for clients to have confidence in the data governance and stewardship practices of their intelligence providers, ensuring that their information is managed with integrity.

**Our Market Opportunity** 

We view our TAM through our leading positions as a provider of Intelligence solutions in the Consumer Measurement market and Activation solutions in the Consumer Analytics market, which in 2024 is estimated at $57 billion based on a bottom-up analysis of more than 75,000 global companies. In the consumer intelligence market, we believe our clients are under immense pressure to understand and adapt to rapidly changing global consumer shopping behavior that is increasingly omnichannel and more complex. We also believe this has given rise to strong and increasing global client demand for neutral, independent third-party measurement and analytics that we provide.

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*Market Opportunity: Intelligence (Consumer Measurement)* 

We estimate the Consumer Measurement TAM was $18 billion in 2024, with $9 billion of that attributable to FMCG, $4 billion to T&D, and $5 billion to Adjacent Verticals. Consumer Measurement involves the AI-driven collection and analysis of data to understand company and brand performance, primarily through point-of-sale, eCommerce measurement and consumer panel data. Our omnichannel measurement, consumer behavior and insights and retailer solutions are part of this market. We have expanded the size and growth of our TAM by entering new channels, such as eCommerce, new verticals, markets, and categories. In 2023, we did so by acquiring a leading consumer intelligence player in T&D measurement, GfK, enabling us to apply our technology and advanced techniques to new end markets. We estimate that our consumer measurement TAM has $10 billion of whitespace which we believe we are well positioned to capture. The continued growth of eCommerce provides a growth tailwind for our granular and omnichannel data and analytics as clients seek to understand consumer behavior and make strategic and operating decisions across multiple sales channels. Moreover, penetration rates were approximately 20% in 2024 for large companies with annual revenue of more than $1 billion in end markets such as financial services, government, media and advertising and below 10% for smaller companies. Our comprehensive solution suite and flexible technology platform enhance our ability to serve clients of all sizes across various end markets.

*Market Opportunity: Activation (Consumer Analytics)* 

We estimate the Consumer Analytics TAM was $39 billion in 2024, with $19 billion of that attributable to FMCG, $7 billion to T&D, and $13 billion to Adjacent Verticals. Consumer Analytics comprises a diverse range of tools and solutions that utilize advanced techniques—including data mining, statistical analysis, predictive modeling, bespoke AI-generated analytics and insights on consumer behavior and target audiences—to drive strategic and operational decision-making. We estimate that this market has $20 billion whitespace and we believe it provides us significant whitespace to cross-sell and upsell our Activation solutions and penetrate new markets. In this market, our AI-powered technology platform and applications enhance our competitive advantage. Moreover, we believe our differentiated innovation, brand and media and analytics offerings will enable us to increase share of growing analytics expenditures from both existing and new clients, particularly for advanced, customized, and AI-driven analytics. An example of our continued innovation and AI investment is our *BASES AI Screener,* which is a generative AI-based proprietary tool that leverages artificial personas to mimic human responses. This product, covering more than 35 categories in the United States, UK and Germany, enables more expansive concept testing and reduces project timelines from weeks to minutes. Further, we believe that the complementary nature of our measurement-based Intelligence and analytics-focused Activation solutions will enable continued growth in the dynamic and rapidly evolving analytics market.

**Our NIQ Ecosystem** 

Since the 2021 Carve-Out Transaction, we have undergone a significant transformation, including approximately $920 million of organic and inorganic investments, excluding the Gfk Combination, to further enhance *The NIQ Ecosystem*. Our *Ecosystem* is purpose-built for seamless, comprehensive client value creation We believe it is deeply embedded into our clients' ecosystems and workflows, driving their pricing, advertising, supply chain, promotion, compensation decisions and other mission-critical functions by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• combining AI with human intelligence to generate granular reference data, standardizing it across channels,
categories and countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delivering differentiated solutions from data collection to client value creation through analytics capabilities,
leveraging a large global scale and modern technology solutions that can process, validate and enrich vast amounts of data daily to deliver real-time insights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enabling our modular software to serve as clients' authoritative source for on-demand access to a global, omnichannel view of consumer shopping behavior – *The Full View* and provides actionable insights into market share, category developments, and consumer preferences; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• facilitating the seamless rollout of new solutions simultaneously to all regions globally.

![LOGO](g893022g02e15.jpg)

NIQ Intelligence, NIQ Your Way and *The Full View* are the key strategic pillars of our Ecosystem and describe our approach to delivering client value. The scale, depth and breadth of our data (NIQ Intelligence) is the foundation of our technology platform that delivers on-demand insights and analytics based on clients' needs (NIQ Your Way), providing clients with a holistic and comprehensive view of consumer shopping behavior (*The Full View*). These strategic pillars inform the way we build our solutions that we then categorize under Intelligence and Activation product groupings.

***NIQ Intelligence: Our Powerful Data Assets and Capabilities***

Data is the foundation that powers our *Ecosystem*. Our commitment to data stewardship spans our entire ecosystem ensuring effective governance and protection and, ultimately, the ability to capture value across the data assets entrusted to us.

Our data engine, *Connect*, drives comprehensive consumer intelligence for our clients across channels and geographies. We capture global consumer shopping data across a myriad of sources including retailer point-of-sale, consumer panels, eCommerce channels and emerging channels such as social commerce to provide

a differentiated omnichannel view. Our team of more than 1,300 data scientists employs proprietary enrichment capabilities utilizing AI and machine learning techniques to standardize, code and categorize raw and unstructured data, creating valuable metadata that informs our on-demand solutions. This "enrichment" process adds features and categories to each coded item: for example, for a carbonated beverage product item, we codify brand, flavor, like zero-sugar, form factor, bottle or can, size, whether part of a package, and if so, which package size, and other features. Our more than 27,000 AI proprietary models guided by our human intelligence with deep domain expertise help automate this "enrichment" process efficiently and accurately.

*Our Global Data Sources* 

We estimate we cover $7.2 trillion of global consumer spend as of December 31, 2024, spanning across over 90 countries, more than half the world's GDP and approximately 85% of the world's population. We believe our databases are some of the largest, most accurate, and most complete databases in the markets we serve. This includes a catalog of approximately over nine billion product attributes, averaging over 40 attributes per product, including color, size, density, and packaging and beyond, for each SKU sold. Our proprietary data assets allow us to provide our clients with a comprehensive set of consumer intelligence data and decision support analytics. We obtain data on online and offline consumer shopping behavior from diverse sources across categories such as

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grocery, drug, convenience, electronic, department stores, pet, beauty, beverage and alcohol, as well as across channels including eCommerce, social commerce and quick commerce, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• point-of-sale data from over
3,600 retailers in over 90 countries, often serving as a preferred global data partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proprietary consumer panels with more than 5.5 million consumers across over 50 countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exclusive data partnerships, including with Fetch Rewards, from whom we received more than three billion receipts
on an annual basis, up from 103 million total receipts in 2021, from over 12 million consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct partnerships with, and alternative data reads sourced from, the largest eCommerce platforms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• small and local businesses via over 12,000 field auditors across 80 countries.

We source several core datasets from our retail partners, many of which are unique and difficult to replicate. We have established strong relationships with retail partners spanning decades. Retail partners entrust us with their highly valuable data assets due to our long-standing industry leadership, metadata, and proven commitment to data governance and stewardship. Our AI-powered offerings create a symbiotic relationship with clients, continuously adding, refreshing and refining our data assets. Moreover, our reference data and analysis provide unique insights that clients cannot generate independently, offering a comprehensive market view and detailed, store-level reads. We believe that this capability, combined with our strong industry relationships and significant investments enhance our competitive advantage. We believe we are one of the two preferred data partners for retailers, and the only data partner with global reach and a holistic view of consumer shopping behavior.

Through strategic acquisitions and organic investments since 2021, we have expanded our data sources well beyond traditional point-of-sale. This includes collecting e-receipts in more than 23 countries, direct online digital shelf measurement in more than 50 countries, and through our panelists and other digital tools, clients' sales and market share data for critical high growth channels such as direct-to-consumer ("DTC") platforms, social media platforms, digital marketplaces like Temu and Shein, and thousands of online retailers. We believe we have a distinct scale and highly sophisticated underlying technologies for passive data collection from online and eCommerce sources, offering a differentiated capability to gain direct insights into the consumer experience online or in-app during purchases, encompassing data on products, media, images, descriptions, rankings, pricing and promotions reviews.

Our strategic investments have generated significant benefits in data collection and enrichment scale and capabilities, while reducing our Cash Data Costs as a percentage of revenue from 22% in fiscal year 2021 to 16% in fiscal year 2024. We believe our vast datasets allow us to offer distinct scope, granularity and detail, and differentiated insights that inform clients' mission-critical strategic and operating decisions.

*Data Scale, Breadth and Depth* 

Our data engine, *Connect,* ingests, cleans, processes and categorizes vast amounts of structured and unstructured consumer purchasing data. Leveraging a long history of proprietary knowledge and advanced AI and machine learning techniques, our platform "enriches" the data it ingests, creating valuable metadata that is integrated into *The NIQ Ecosystem* to power our granular analytics and insights for clients. We processed an estimated 3.1 trillion data records per week in December 2024, with an estimated annual total of 122 trillion data records in 2024. By comparison, payment companies including American Express, Visa and MasterCard processed approximately 687 billion consumer shopping transactions combined in 2023. The amount of data we can deliver to our clients is rapidly scaling. In 2024, we delivered more than 100 million data pulls covering nearly 116 trillion data points, which is up from 62 trillion data points in 2023. As of December 31, 2024, our data catalog included over 220 million unique product items with over nine billion attributes that describe the items in more detail. Our data catalog is rapidly expanding, adding an average of over 40 million items annually and approximately two million product attributes daily since 2022.

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With more than 100 years of industry leadership and expertise, we are positioned to leverage AI, enhancing the relevancy and accuracy of our AI models. Our ability to convert vast amounts of raw, unstructured data into granular, proprietary metadata enhances data depth, which further differentiates our ability to provide relevant and actionable insights for clients.

![LOGO](g893022g30k30.jpg)

*Integration of Human Intelligence and AI* 

Our ability to harmonize data across time dimensions and markets to provide intelligent solutions for clients is a core part of our differentiated offering. We combine human intelligence with our extensive AI capabilities and our ever-growing datasets to identify growth opportunities for our clients. We have a global presence and a single platform that integrates retail omnichannel measurement, consumer panel and other data sources with deep domain expertise.

Our team includes more than 1,300 data scientists, nearly 2,000 engineers and researchers and approximately 2,500 analytics experts and other industry experts with significant experience in consumer-centric verticals. This team's expertise, along with our relationships with leading companies, provides us with a comprehensive understanding of business trends and insights for our clients, allowing us to build new and innovative solutions that cater our client's specific requirements. Our analysts and data scientists are embedded within our clients' organizations offering subject matter expertise that enhances client engagement and loyalty.

***NIQ Your Way: Our Unparalleled Technology Platform***

Our AI-powered technology platform is designed to leverage our scalable back-end data engine, *Connect,* to deliver valuable global insights by seamlessly progressing from data collection and processing to intuitive insight presentation in the unified and flexible user interface of our software applications. Our AI experience and our vast training datasets, as well as our combination of human intelligence and AI, enhances every aspect of our operations from data ingestion to insights delivery to provide unique value to our clients. Our global, unified AI-powered technology platform enhances growth with the ability to rapidly and efficiently roll out new products across all markets, enabling us to deliver innovative solutions and meet the evolving demands of our clients.

We deliver a real-time and actionable full view to our clients through our cloud-based, AI-driven *Discover* software platform. *Discover* allows our clients to measure online and offline consumer shopping behavior across

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channels and countries on a single platform, analyze the data with comprehensive self-serve analytics and utilize AI functionality for on-demand analytics capabilities. By combining AI and human intelligence, we standardize and structure the data across our platform, harmonizing it across channels, categories and countries, offering competitive insights, critical visibility into trends and growth drivers, and shifts in consumer preferences. This enables granular analyses and informs strategic and operational decisions around product development, pricing strategy, marketing and personalization to drive sales. Our platform's intuitive user experience empowers our clients to make swift decisions while our scalable infrastructure enables rapid and efficient deployment of new capabilities simultaneously across all regions. Additionally, our leading AI capabilities enhance operational efficiencies, create new use cases, unlock faster insights and enhance data accuracy.

*Scalable Technology Platform*![LOGO](g893022g32k32.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Scalable*: expands our datasets and solutions alongside our clients and develop new capabilities more
rapidly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Integrated*: enables a seamless user experience encompassing access to all of our data and insights through
a streamlined user interface;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Flexible*: delivers customizable, on-demand analytics and insights
on a global basis that are highly relevant for a wide variety of use cases and situations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Efficient*: lowers our cost to serve clients and release new capabilities across all regions,
simultaneously through our "build once, deploy everywhere" model; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Powerful*: embeds AI models and seamless new product development resulting in faster time to market.

Our unified, cloud-based platform supports our software and AI applications that our clients use to drive their strategic and operational decisions: these applications were continuously utilized by more than 75,000 active users as of January 2025 and our clients generated more than 100 million reports in 2024 using our software applications. Our platform puts our clients in control, delivering a modern, intuitive user experience with build-it-yourself capabilities and visualization tools tailored to what is most relevant to them.

*Powerful Software Applications* 

Our *Discover* software platform offers on-demand access to *The Full View*, a global, omnichannel view of consumer shopping behavior which is used by most of our clients. This software platform delivers our data intelligence through intuitive and flexible tools our clients use to support their mission-critical strategic and operational decision-making. Our generative AI feature, *Ask Arthur*, embedded in the platform, provides on-demand access to our data and insights, enabling quick onboarding and training of new analysts and informed business decisions to drive revenue and profit.

![LOGO](g893022g33h01.jpg)

*Discover,* and our other software applications, *gfknewron and Activate,* are designed to meet the needs of brands, retailers and other companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Brands:* As of December 31, 2024, **  more than 97% of our FMCG clients used our platform as their
primary system-of-record for market analysis, as it integrates retail omnichannel measurement, consumer panel, eCommerce and other data sources. For example, a beverage
manufacturer uses our platform to understand sales performance and identify whitespace across online and offline channels to drive its omnichannel sales strategy and growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Retailers:* Our retailer clients utilize our platform **  to manage inventory and supplier
relationships, and generate insights from measurement, panel, and eCommerce views, enhancing operational efficiency and strategic planning. For example, a U.S.-based retailer uses our platform **  to manage their supply chain and collaborate with
brands to assure on-shelf availability and maximize promotion effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Other Companies:* Our data provides several unique use cases to the various other companies we cover such
as financial services, packaging, and beauty, including understanding of consumer trends for

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financial investors, extended producer responsibility reporting for logistics companies, and insights into evolving beauty habits for makeup companies.

*AI-Powered Applications* 

Our AI experience and our vast training datasets, as well as our combination of human intelligence and AI, enhances every aspect of our operations from data ingestion and enrichment to our delivery of differentiated insights that power clients' strategic and operational decision-making. Our global, unified AI-powered technology platform enhances growth with the ability to roll out new products rapidly and efficiently across all markets, enabling us to deliver innovative solutions and meet the evolving demands of our clients.

We leverage data from nearly 27,000 AI models daily, which have enriched 177 million items in 2024 and we have partnered with multiple technology leaders such as Microsoft, Google, Snowflake and Intel to further expand our AI capabilities. All of our client offerings leverage data and models that are built on our AI capabilities. In *Intelligence*, our software embeds our generative AI solution, *Ask Arthur*, which enables users to enhance data discoverability, onboard and train new analysts, and make informed business decisions. This reduces the need for client support, client reports and custom databases, empowering self-service, quicker access to analytics and improved reporting capabilities. In *Activation*, our proprietary AI tools, like *BASES AI Screener*, use generative AI to predict consumer receptiveness to new products, messaging and concepts, reducing project timelines, for example for product concept testing, from weeks to minutes.

From an operational perspective, we have created AI-powered insight summaries that reduce the need for manual data enrichment, saving time and effort for both our clients and our company. Our AI models power automation in our data enrichment and matching processes, enhancing data depth, breadth, accuracy, and relevance. For example, when a new item such as a carbonated beverage is identified from point-of-sale data, our AI models can auto-code details like brand, flavor, size and packaging. Over the last several years, AI has helped to greatly strengthen our auto-coding, as 88% of items were auto-coded in 2024 compared to 72% in 2020. AI enhances our data accuracy by efficiently matching retailer sales data to products in our databases with speed and precision, unlike slower, error-prone, manual matching. Our platform rigorously trains and tests predictive models, allowing us to process larger data volumes efficiently and cost-effectively. For example, AI automation has already enabled us to reduce the number of manual reports generated for clients by 85% since 2023.

Looking forward, we believe further integrating AI into our *Ecosystem* will add significant value for all of our stakeholders and we are well-positioned to do this given our extensive global data advantage. Our clients will benefit from faster NIQ innovation and new features that predict product success, drive revenue, and reduce operating costs. Within our operations, we believe AI will further enhance our global reach, streamline data collection across channels, reduce costs, and greatly improve operational efficiency.

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***NIQ Full View: The Most Comprehensive View of Consumer Shopping Behavior***

We deliver our clients *The Full View*, which we believe is the most comprehensive understanding of consumer shopping behavior currently available in the marketplace. *The Full View* synthesizes together our retail omnichannel measurement, consumer panel insights, eCommerce intelligence, as well as multi-country perspectives. As a result, clients gain a comprehensive insight from one "source of truth," a unified system of intelligence for what consumers buy, think and feel and who buys, why, where and how. These insights enable clients to make better decisions, identify growth opportunities and innovate. *The Full View******* is delivered through our integrated platform and software applications and is an integral part of our clients' workflows and decision-making processes by enabling them to answer critical strategic and operational questions, including:

![LOGO](g893022g26t12.jpg)

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**Our Solutions** 

Our solutions align to two product groupings: (1) Intelligence and (2) Activation. Intelligence and Activation offerings are highly complementary in addressing our clients' needs, enabling cross-selling activity and growth opportunities between these groupings.

![LOGO](g893022g90j26.jpg)

*Intelligence* 

In fiscal year 2024, approximately 80% of our revenue was generated from our Intelligence solutions. These offerings comprised omnichannel measurement, consumer behavior and insights, and retailer solutions, which are utilized by both consumer brands and retailer clients. These solutions enable clients to measure their market share of consumer purchases across channels, helping them understand the "what," "where," "who" and "how much" – as in, what the consumer bought, who the consumer is, where they shopped, and how much they bought. Intelligence solutions are typically priced based on data volume over a given period or based on the number of seat licenses for access to our software and are primarily sold through annual or multi-year contracts that are typically two to five years in duration. Deeply integrated in client workflows, Intelligence solutions generate mostly revenue that is recurring in nature with attractive wallet expansion opportunity as highlighted by the total Intelligence net dollar retention rate of 104% in fiscal year 2024. In fiscal year 2024, approximately 84% of our Intelligence revenue came from multi-year or annual subscriptions, which had a net dollar retention rate of 106%. These contracts contain built-in, annual, price and product enhancement escalators. Contract value also varies with the number of countries and modules, such as the number of eCommerce or omnichannel reads that the client elects to purchase.

*Activation* 

In fiscal year 2024, approximately 20% of our revenue was generated from our Activation solutions and are comprised of innovation, brand and media, and analytics products. These solutions include custom analyses designed to help clients ascertain "why" consumers made a certain purchase, guide them on "what to do next," and "who to target" around product introduction and innovation, pricing, promotion strategy and other drivers of growth. Our highly granular, unified data and technology platform enables stronger Activation products and more refined targeting of consumers. For example, better insights into target demographics can lead to more effective ad campaigns and higher return on investment on marketing spend. We build these solutions for consistent, ongoing client use, creating a stream of highly reoccurring revenue. This suite of solutions counterbalances during economic downturns, as clients use these analytics to optimize pricing, inventory, and assortment planning. In 2024, approximately 79% of our Activation revenue was highly reoccurring revenue, meaning revenue from either annual,

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multi-year contracts or from a client purchasing the same solution in the same country each year for the past three years. Activation solutions also present significant cross-selling opportunities, as approximately 76% of Activation revenue originated from existing Intelligence clients in fiscal year 2024. As of December 31, 2024, nearly 39% of our large and mid-sized Intelligence clients, consistently purchased Activation solutions, which represents an attractive opportunity to increase the cross-sell penetration. Activation revenue grows when clients require bespoke analysis tailored to specific business objectives and our strategy is focused on further increasing client adoption of Activation solutions that generate highly reoccurring revenue.

![LOGO](g893022g55m01.jpg)

Note: All figures as of March 31, 2025 unless otherwise noted

(1) Based on Intelligence Subscription revenue.

(2) GDR represents the amount of prior period annualized revenue we have retained from existing clients in the
current period. The calculation reflects only customer losses and does not reflect customer expansion or contraction.

(3) Based on total Intelligence revenue.

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Within our Intelligence and Activation solutions we offer a comprehensive suite of products that we deliver through our unified software platform. These products are used by a variety of personae and address multiple mission-critical use cases spanning our clients' enterprise. Below is an overview of our offerings, including key use cases and client personaes:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OFFERING** | **USE CASE** | **MAIN USERS** | **EXAMPLE<br>PRODUCTS** | **DESCRIPTION** |
|  **INTELLIGENCE** | **INTELLIGENCE** | **INTELLIGENCE** | **INTELLIGENCE** | **INTELLIGENCE** |
| **OMNICHANNEL**<br> **MEASUREMENT** | Measure sales, market share and competitive<br> performance across all channels | C-Suite Executives, Board Members, Sales, Marketing and Category Management Leaders | Retail Measurement | Understand sales performance and changes across universal product codes, categories, brands and competitors. Includes BI Dashboards business intelligence templates |
| | | | Omnisales | Deduplicated, harmonized measurement of sales and share performance across all in-store and online channels |
| | | | eCommerce Measurement | Measure competitive performance and market opportunity online |
| **CONSUMER**<br> **BEHAVIOR &**<br> **INSIGHTS** | Follow shopper purchases, drivers and triggers across<br> online and in-store channels | Sales, Brand, Marketing and Category Management Leaders | Consumer Panels –<br> Homescan and Omnishopper | Comprehensive and granular insights into shopper behavior, demographics, brand penetration, shifting and leakage across online and in-store. Includes Super Shifting analysis allowing shifting in multiple dimensions across retailers and brands |
| | | | gfknewron Consumer | Consumer knowledge analysis and survey insights calibrated to T&D market data |
| **RETAILER**<br> **SOLUTIONS** | Optimize pricing and assortment decisions through collaboration between retailers and manufacturers on insights, analytics, supply chain and media | C-Suite Executives, Board Members, Sales, Merchandisers, Supply Chain and Operations Leaders | Retail Activate | Collaboration platform for manufacturers and retailers to drive value creation for the specific retailers' shoppers, including base data sharing and advanced analytics |
| | | | Supply Chain | Maximize revenue, manage supply and reduce out of stock risks with integrated supply chain reporting |
| **ACTIVATION** | **ACTIVATION** | **ACTIVATION** | **ACTIVATION** | **ACTIVATION** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **OFFERING** | **USE CASE** | **MAIN USERS** | **EXAMPLE<br>PRODUCTS** | **DESCRIPTION** |
| **INNOVATION** | Test and validate new concepts and drive new product innovation | Research and Development and Category Management Leaders | BASES Quick Predict | Predict the potential of new concepts using proprietary models and optimize for maximized consumer potential |
|  |  |  | BASES AI Screener | Generative AI that creates synthetic consumer respondents and enables predicting consumer receptiveness quickly and accurately |
|  |  |  | BASES Creative Product AI | Create, optimize, improve or benchmark real products and prototypes in an AI environment |
| **BRAND &**<br> **MEDIA** | Measure brand strength, assess media and ad effectiveness, improve audience targeting and personalization | Brand, Marketing, Advertising and Sales Leaders | Marketing Mix Modeling | Measure the effectiveness of marketing activities against business performance to guide future investments |
|  |  |  | Activate Retail Media<br> Intelligence | Plan and execute campaigns, and measure return on advertising spend in real-time for a clear view of what is resonating with customers |
|  |  |  | Brand Architect | Develop successful brand strategies that connect with your consumers, increase your brand strength, and deliver remarkable brand experiences |
| **ANALYTICS** | Identify the right products, content, places, promotions<br> and next best actions to execute | Category Management Leaders, Sales, Marketing, Revenue Growth Management and Supply Chain Leaders | Shelf Architect | End-to-end assortment and merchandising suite |
| **ANALYTICS** | Identify the right products, content, places, promotions<br> and next best actions to execute | Category Management Leaders, Sales, Marketing, Revenue Growth Management and Supply Chain Leaders | Retail Price Optimization | Simplify and execute effective pricing strategies with an intuitive rules cockpit that helps automate the pricing process |
| **ANALYTICS** | Identify the right products, content, places, promotions<br> and next best actions to execute | Category Management Leaders, Sales, Marketing, Revenue Growth Management and Supply Chain Leaders | Digital Shelf | Location-based eCommerce analytics to assure product availability, optimize distribution and improve search results |
|  |  |  | Precision Areas | Precise targeting to optimize local execution |
|  |  |  | Business Drivers | Analytics embedded in Discover to identify performance drivers and recommended actions |
|  |  |  | Test and Learn | Test and optimize local trade strategies before full deployment |

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**Our Competitive Strengths** 

We believe the following capabilities form our core strengths and provide us with competitive advantages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Global Coverage:*** For more than 100 years, we have advanced the practice of data and analytics to
provide our clients with a better understanding of consumers. As a leading global consumer intelligence company, we offer data and insights in over 90 countries, covering approximately 85% of the world's population, more than half the
world's GDP and more than $7.2 trillion in global consumer spend as of December 31, 2024, providing our clients with insights across diverse markets. We believe our extensive reach creates significant differentiation and would be
difficult and costly to replicate. We also believe our clients highly value the ability to gain insights into global consumer trends across markets through a single provider, positioning us as a valuable partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Data Scale, Breadth and Depth:*** The scale, breadth and depth of our datasets are critical to
generating differentiated, mission-critical insights for clients, covering *The Full View* of omnichannel consumer shopping behavior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We manage more than approximately 160 petabytes of data and maintain proprietary databases with over nine billion
product attributes, averaging over 40 attributes per product, including color, size, density, and packaging and beyond, for each SKU sold and over 220 million unique product items managed in omnichannel and eCommerce retail, which we believe is
one of the largest of its kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition to data from over 3,600 retailers, we operate one of the largest global consumer panels, with more
than 5.5 million panelists across over 50 countries. We collect data from leading eCommerce retailers and valuable first-party data directly from high-growth channels such as direct-to-consumer brands, social and quick commerce, and emerging eCommerce platforms, including through our exclusive data partnership with Fetch Rewards, through
which we obtain the information of approximately 12 million additional consumers. We also deploy more than 12,000 field auditors across 80 countries to collect data from small and local businesses in less densely populated regions, where
digital data collection is often challenging.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Datasets encompass more than 100 years of consumer shopping data, offering a distinct perspective on evolving
consumer behavior and market trends. These extensive longitudinal datasets also enable us to build, train and test more relevant and accurate AI models to enhance data capture and insights for clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Unified, Global, Single "Source of Truth":*** We synthesize and integrate retail omnichannel
measurement, consumer panel data, eCommerce and other sources within our *Ecosystem*, offering clients *The Full View* of consumer shopping behavior. This enables our clients to connect the "what" and "where" with the
"who" and "why" of the consumer shopping journey, as in what the consumer bought, where they bought it, who the consumer is, and why they bought. By incorporating data from both online and offline shopping and directly reading
consumer perspectives, we can validate our insights, enhancing its accuracy and reliability. The ability to access a holistic view of consumer shopping behavior on a single platform across markets serves as key differentiator for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Long-Standing Relationships with Retailers:*** Our strong, long-standing relationships with over 3,600
retailers in over 90 countries are a key differentiator, allowing us to source unique and proprietary datasets that are difficult for others to replicate. These partnerships, built on mutual trust and our commitment to data governance, enable us to
provide comprehensive consumer intelligence and decision support analytics. As one of retailers preferred global data partners, our collaboration with them enhances our competitive advantage and offers clients a holistic view of consumer shopping
behavior worldwide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Leading, Global, eCommerce Capabilities:*** Our proprietary eCommerce data collection allows for in-depth coverage of eCommerce and emerging sales channels, which is a key differentiator and integral component of *The Full View*. We ingest data from leading eCommerce retailers, which allows

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us to provide a holistic omnichannel read of online and offline consumer purchasing behavior. ****Our leading eCommerce capabilities have led to meaningful new client wins and increased business from our existing clients. Among our Intelligence clients, the clients who made a purchase of eCommerce solutions in the specific year increased from 9% in fiscal year 2021 to 19% in fiscal year 2024, driving 28% eCommerce revenue growth year over year while representing an attractive cross-sell opportunity in eCommerce to gain the more than 81% of clients that remain. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Cloud-Based, AI-Powered Technology Platform*** *:* Our AI-enabled platform delivers actionable insights empowering our clients to make informed and efficient decisions. By integrating data from multiple sources, our platform offers exceptional
granularity and detail, enabling us to provide The *Full View* of consumer shopping behavior both online and offline. The scalability and flexibility of our technology platform allow our clients to produce relevant analyses in real time, while
enabling us to seamlessly design, build, launch and roll out new products and features to our clients globally. This also drives our value creation flywheel, continuously growing data and insights, expanding client usage, attracting more data
sharing and driving more innovation for brands, retailers and other clients ultimately improving outcomes for consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Proven, Experienced Management Team and Talented, Global Workforce:*** Led by CEO Jim Peck, our
executive team has more than 150 years of combined industry experience leading data-centric technology companies. Mr. Peck and other members of our executive team successfully executed our large-scale transformation plan and have worked to
position us for durable and profitable growth since the 2021 Carve-Out Transaction. Our skilled management team and highly talented workforce with deep domain expertise are valuable assets that deliver the
value of *The NIQ Ecosystem* to clients and our other stakeholders.

**Our Growth Opportunities** 

Our multi-faceted growth strategy leverages our brand, strong client relationships, and competitive advantages as a leading provider of consumer intelligence to capture attractive future opportunities. Our key growth opportunities and strategies include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Innovate, Launch and Expand New Products:*** We aim to expand existing client relationships by
delivering innovative products and solutions that meet clients' evolving needs. Our solutions are scalable across clients, verticals and geographies, and our continued investment in AI-powered technology
enables us to develop new capabilities, enhance our existing offerings and expand client share of wallet. Enhanced cross-selling opportunities allow us to capture more of our clients' data and analytics spend, increasing the average number of
solutions used by our clients. Recent examples of our new product innovation include eCommerce Measurement, Omnishopper, Digital Shelf, Revenue Optimizer and Retail Activate, among others. Of our top clients measured by revenue contribution, 93%
have adopted at least one of these new capabilities, purchasing two new products on average, and we estimate these capabilities contributed approximately two percentage points of revenue growth in fiscal 2024. We are focused on expanding our
eCommerce solutions to new and existing clients and recent efforts increased eCommerce penetration of our 100 largest clients by revenue in the United States and Europe by 34% from fiscal year 2021 to 2024, resulting in a 40% increase in eCommerce
revenue from those clients during the same period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increase our Subscription Revenue Base:*** We believe our global footprint, innovation
focus, enhanced and expanded data coverage and AI-powered technology platform support our ability to maintain high renewal rates and increase Intelligence Subscription contract value through up-selling of additional solutions, modules, reads and regions. Our dedicated on-site client success teams work closely with clients, enhancing retention and satisfaction
through our strong value proposition. In 2024, our client success teams generated approximately 5,900 sales-ready leads, which we estimate resulted in $78.6 million of additional revenue. We also proactively engage clients in renewal discussions
well in advance, focusing on solution quality and effectiveness, and we also deliver value-added product

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enhancements to support price increases. Our renewal strategy has enabled us to renew all 68 of our largest clients by revenue that have come up for renewal since the 2021 Carve-Out Transaction, and has led to Intelligence Subscription net dollar retention of 106% and Intelligence total net dollar retention of 104% as of December 31, 2024. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Extend Retailer Relationships:*** We have invested significantly to bring new capabilities for
retailer clients and believe our comprehensive and granular insights position us for increased retailer collaboration and growth. For example, our acquisition of ciValue added a unique retail media platform for audience creation and measurement. We
launched our new *Activate* platform, our software solution designed for retailer clients, to enable mutual and profitable growth between retailers and suppliers. These initiatives have led to strengthening relationships over the past several
years, including with Walmart and Whole Foods. Retailers represent a significant potential growth accelerator as our solutions provide integrated data across a broader set of use cases needed to succeed in an omnichannel environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Increase SMB Client Base and Penetrate International Markets*** : Through our commitment to innovation
and investment, we have positioned our business for long-term growth with SMB clients and within international markets. For example, the GfK Combination significantly expanded our capabilities and international presence and allowed us to apply our
advanced analytics to new verticals and categories. We also see significant opportunities to add and expand relationships with SMB clients, an addressable market we estimate to be worth approximately $31 billion across 71,000 businesses. Our
flexible technology platform allows us to tailor solutions to address SMB clients' specific needs. We also see significant opportunities to broaden and deepen our footprint in developing markets, including Latin America and Asia Pacific.
eCommerce penetration in these markets is growing rapidly and faster than it is in developed markets, and our global coverage enables our growth alongside our existing global clients as well as through new client acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Expand within New Verticals:*** We are committed to broadening our presence by increasing coverage
across channels with enhanced data coverage. Within FMCG, we continue to expand across the pet, beauty, tobacco and beverage and alcohol industries. We believe we can capture white space in adjacent sectors such as financial services, government,
and media and advertising, which have large TAM that we estimate to be $4 billion, $2 billion, and $11 billion, respectively. In fiscal year 2024, revenue from these adjacent and high growth verticals grew 16% and contributed one percentage point of
our revenue growth. Within media and advertising specifically, our granular data and insights allow advertisers to target advertisements with high precision and measure the impact of, and returns on, their advertising spend. We also believe we have
the opportunity for expansion into other areas, including healthcare, logistics, and FMCG distributors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Leverage Strategic M&A:*** Our strategic acquisitions, including the GfK Combination, eight
tuck-in acquisitions and a strategic investment since the 2021 Carve-Out Transaction, have supported our growth momentum. We intend to selectively pursue strategic acquisitions to complement our solutions and
datasets, provide access to new markets or categories, enhance our technology and analytics capabilities and strengthen our competitive positioning. We believe this will enable us to increase value for our global client base, drive further
innovation and cross-sell activity, and enhance our long-term growth potential.

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**Our Attractive Business Model** 

We believe our leading market position, global footprint, neutrality, credibility, scope, quality and depth of our data, and robust data governance and stewardship, cloud-based, AI-powered technology platform will continue to contribute to our long-term growth and strong operating margins. We believe that our embedded, often on-site relationships with our clients position us to recognize future trends first-hand and innovate to proactively address the evolving needs of our clients. We have a highly efficient and attractive business model characterized by the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Mission-Critical Solutions Delivering Significant Value to Our Clients:*** Our solutions empower
clients to make informed decisions that drive multi-billion-dollar revenue and expense budgets and provide critical support at a fraction of the value at stake. By leveraging our data-driven insights and advanced analytics, our clients can optimize
their strategies and operations and maximize returns, regardless of market conditions. In both expansionary and challenging times, our tools offer the agility and precision needed to navigate complex and evolving consumer shopping preferences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Recurring and Diversified Revenue Base:*** We have a strong financial foundation underpinned by
long-term enterprise client relationships, predictable growth and expanded margins. Our revenue model is predominantly subscription-based, and all of our Intelligence revenue, which represented approximately 80% of our total revenue for fiscal year
2024, was recurring in nature. Additionally, approximately 80% of our Activation revenue, which represented approximately 20% of our total revenue for fiscal year 2024, was highly reoccurring revenue. This provides us with strong visibility in our
financial performance, allowing us to invest strategically in innovation and growth, and generate margin expansion across our approximately 80% fixed cost base. Our revenue base is highly diversified across multiple industries with no single client
comprising more than 4% of total revenue in fiscal year 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***High Client Retention and Net Dollar Retention:*** Our long-standing relationships with top global
brands and retailers, as well as our focus on delivering innovation and increasing value, have resulted in high client retention rates. For example, we have renewed all 68 of our largest clients by revenue, whose contracts have come up for renewal
since the 2021 Carve-Out Transaction, providing a foundation for recurring revenues and a platform for growth. Our Intelligence Subscription Revenue, which accounted for 67% of total revenue in fiscal year
2024, had a net dollar retention and gross dollar retention of 106% and 98% respectively, as of December 31, 2024. For all Intelligence Revenue, we have achieved net dollar retention of 104% and gross dollar retention of 97% for the same
period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Scalable Operating Model*** *:*  **** ** Our scalable "build once, deploy
everywhere" business model, global presence and enhanced technology platform allows us to scale solutions rapidly, lower our cost to serve clients and grow revenue at increasing margins. Our strategic focus on cost optimization and efficiency
will continue to expand our margins. Our embedded AI capabilities and expansion to alternative data collection methods and sources have helped reduce our Cash Data Costs from 22% of revenue in fiscal year 2021 to 16% in fiscal year 2024. We are also
reducing personnel costs by expanding our presence and talent in lower cost countries. The reduced operating costs and overhead savings through targeted efficiencies and synergies have strengthened our operating leverage. Our CEP is completed while
cost synergies from the GfK Combination are expected to be substantially realized by 2026. Our transformation investments enable us to deploy new products at incremental margins that are higher than our current profit margins, contributing to our
approximately 50% incremental Pro Forma Adjusted EBITDA Margins from fiscal year 2022 to 2024, which was calculated by taking the growth of 2024 actual Adjusted EBITDA Margin and 2022 Pro Forma Adjusted EBITDA Margin and dividing that by the growth
of 2024 actual Revenue and 2022 Pro Forma Revenue. Collectively, these attributes drive natural operating leverage which we believe will enable us to continue to increase our margins over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Strong Cash Flow Generation:*** Our business model supports strong cash flow generation, driven by our
recurring revenue base, efficient cost structure characterized by a primarily fixed cost base and limited

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maintenance capital expenditure requirements, which we expect to normalize as our investment in our transformation initiatives are substantially complete. We have a proven ability to deploy capital in strategic, value accretive M&A which complements our organic growth and further enhances our financial profile. <br>

**Our Clients** 

We believe our client value proposition is reflected by our large and long-tenured client relationships. As of December 31, 2024, we served approximately 23,000 clients worldwide, ranging from multi-national brands and retailers to SMB. Our clients include approximately half of the Fortune 500 and nearly 80% of the Fortune 100 companies. Over decades, we have grown alongside some of the world's largest consumer brands. For example, Coca-Cola has been a client for 100 years, Colgate for over 80 years, Nestlé for nearly 75 years in FMCG and we have longstanding relationships with Samsung and Sony in T&D. We also serve new and emerging brands as well, such as Malk, Great Lakes Brewing, SharkNinja and Serenity Kids and collaborate with top U.S. retailers like Target and Walmart, as well as international retailers like ALDI and LIDL. Leveraging our leading positions in the FMCG and T&D industries, we continue to expand within pet, beauty, tobacco, beverage and alcohol, as well as other fast-growing adjacent verticals, including financial services, government media and advertising, to capture significant whitespace opportunity.

Our go-to-market strategy seeks to seamlessly integrate into our clients' enterprises, embedding our solutions, insights, analytics, and software into their workflows and decision-making processes. This integration offers clients significant returns on their investments. We believe clients such as Coca-Cola, Samsung, and Procter & Gamble, who each spend billions of dollars every year on trade, advertising, and research and development can allocate less than 2% of that spend to our solutions to drive strategic and operating decisions that can have out-sized impacts on their results. For example, our insights help Coca-Cola manage a $2.5 billion trade spend and $5.1 billion advertising budget. In 2023, their gross profit grew more than 30% from innovation. In 2024, changes in price, the mix of products and packages sold, and the mix of channels and geographic territories where sales occurred accounted for an 11% increase in their revenue. Our solutions help clients capture these kinds of strategic growth opportunities through pricing, product, and geographic decisions to drive growth and profitability.

**Client Case Studies** 

***L'Oreal***

***Digital Shelf client since:*** 2023

***U.S. measurement client since:*** 2016

***Ex-U.S. measurement client since:*** 2006

***Solutions delivered:*** eCommerce measurement and Activation solutions across 250 users at L'Oreal

***Client profile:*** For over 110 years, L'Oréal has been a leading player in global beauty. Today, L'Oréal operates with more than 87,400 employees across 11 countries and a broad portfolio of 37 international brands. L'Oréal is focused on inventing the future of beauty with 20 research centers and a dedicated team of more than 4,000 scientists and 5,500 tech and digital professionals.

***Business Challenges***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Navigating competitive market landscape – e.g., rise of beauty specialists

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shopper behavior increasingly omnichannel and hard to measure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Social media is now a marketing channel *<u>and</u>* point of purchase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disjointed, incomplete view via multiple dashboards and platforms

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***NIQ Solutions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2021, adopted NIQ's U.S. eCommerce measurement to manage digital sales channels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Added global eCommerce measurement and Activation offerings to gain omnichannel read

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All-in-one source for e-receipt, panel data & eCommerce shelf metrics

***Client-Reported Results***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhanced eCommerce go-to-market strategy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ability to identify significant trends across markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• More effectively manage ad campaigns and tailor personalized offers by channel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gained valuable visibility into consumer brand repertoires & identify true competitors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer segmentation expands penetration & creates premiumization value

***In Our Clients' Words***

*"The tool's coverage is fantastic - it gives us a great way to read the omnichannel, which is becoming increasingly more and more important for the category. It ultimately helps us build our go-to-market strategy."* 

***Unilever***

***Measurement client since:*** 1948 ****

***Solutions delivered:*** *BASES AI SCREENER* ****

***Relationship overview:*** Unilever has been a measurement client since the 1940s and has consistently leveraged our solutions over the decades. Recently, they became one of our early adopters of the *BASES AI SCREENER* solution.

***Client profile:*** For over 90 years, Unilever has been a prominent force in the global consumer goods industry. Today, Unilever operates with more than 148,000 employees across over 190 countries, offering a diverse portfolio of more than 400 brands. The company invests in research and development with numerous innovation centers and a dedicated team of scientists and professionals working to create products that meet the evolving needs of consumers worldwide.

***Business Challenges***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Traditional innovation processes were slow and costly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited ability to test and iterate on new product ideas efficiently

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Need to integrate consumer insights more effectively into the product development cycle to ensure alignment with
market demands

***NIQ Solutions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Became an early adopter of NIQ's *BASES AI SCREENER*, a tool designed to emulate consumer behavior and
provide rapid feedback on product concepts

***Client-Reported Results***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allowed Unilever to reduce the time for concept testing from weeks to minutes

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enabled rapid iteration and refinement of product ideas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leveraged AI use cases and techniques

***In Our Clients' Words***

*"BASES is a fantastic partner, particularly because we are driving a lot of innovation in our research techniques... The BASES AI screener is a fantastic leap forward. I love the way that it emulates the consumer. What the AI screen enables us to do is to come up with many ideas, test them in real time, get results back in a couple of minutes, iterate, retest, iterate, retest, and slowly move the idea from something that might be okay into something that's really powerful."* 

***Diageo***

***Client since:*** 2008 ****

***Relationship overview:*** We have a longstanding relationship with Diageo that we have continued to grow over the past couple of years through our omnichannel and eCommerce offerings (both in-store and online). In the past year, we have expanded our relationship to include additional solutions in both new and existing countries.

***Client profile:*** Diageo is the largest spirits company globally, renowned for its extensive portfolio of world-class brands including Johnny Walker, Tanqueray, Gordon's, Bailey's, Kettle One, Smirnoff and Guinness. With operations spanning over 180 countries, Diageo is dedicated to crafting exceptional spirits, beer, and wine that delight consumers around the globe.

***Business Challenges***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Need for a unified approach to collect and analyze data globally

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multiple platforms caused inefficiencies and inconsistencies with reporting

***NIQ Solutions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopted NIQ's *Discover* platform, which consolidated multiple data sources into a single, user-friendly interface, streamlining data access and analysis

***Client-Reported Results***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Streamlined data access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant savings with both time and resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improved global reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased user adoption through the consistent and intuitive user experience

***In Our Clients' Words***

*"One platform enables us to have savings because we don't have to rely on or learn to connect to different technological platforms… now we have just one gateway, one user experience, one language, and that has enabled us to really expedite the process of ingestion of information."* 

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***Coty***

***Client since:*** 2016 ****

***Relationship overview:*** In the past few years, we have expanded our work with Coty, especially in eCommerce, across a number of major countries. Our enhanced analytics capabilities in terms of both people and tools have strengthened the relationship.

***Client profile:*** Founded in 1904, Coty is a leading multinational beauty company with a presence in most countries worldwide. Coty offers a diverse portfolio of brands, ranging from high-end luxury such as Gucci and Burberry to mass-market brands like Hugo Boss, Calvin Klein, Max Factor, Rimmel, and CoverGirl. The company is committed to innovation and excellence in fragrances, color cosmetics, skincare, and body care.

***Business Challenges***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dynamic and rapidly changing beauty industry landscape

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requirement for data democratization to enable informed decision-making across the organization

***NIQ Solutions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adoption of NIQ's *Discover* Platform for enhanced data processing and insights generation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integration of point of sales data at both country and global levels to provide a comprehensive market view

***Client-Reported Results***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improved ability to understand the "why" behind performance, driving better business decisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhanced operational excellence and market execution through data-driven insights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant time savings in data processing, allowing for quicker and more frequent insights generation

***In Our Clients' Words***

*"Data democratization at Coty is a key driver for our future. Simple platforms like Discover make a real difference for us because they enable insights to be unearthed quickly and easily. The relationship with NIQ is built on trust and robust solutions, helping us transform our business and drive change."* 

**Our Go-to-Market Approach** 

Our Go-to-Market approach, encompassing sales and customer success strategies, is driven by our commitment to put customers at the heart of everything we do. We focus on anticipating customer needs and creating long-term value by aligning our global expertise with local market demands.

***Key Strategies***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Regional Sales Structure:*** Our sales and client success teams are organized regionally: Americas,
EMEA and APAC, utilizing a primarily direct sales model to penetrate and expand within our clients' organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Unified, Embedded Solutions:*** Our unified data, analytics and software solutions are embedded into
our clients' mission-critical workflows and business processes. Regularly used by their internal teams across the enterprise, our solutions provide a holistic view of global consumer shopping behavior and serve as gateway to *The NIQ Ecosystem*, supporting various use cases and category-specific applications.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Dedicated Client Success*** *:* Our highly skilled and technical product specialists, whether on-site clients' offices or virtually, help clients maximize value of *The NIQ Ecosystem*. Our associates work closely with clients to help them leverage our NIQ data, analytics, and software to anticipate
competitive trends, power strategic and operational decision-making, and identify growth opportunities. In 2024, our client success teams generated approximately 5,900 sales-ready leads, which we estimate resulted in $78.6 million of additional
revenue.

We believe our global value proposition and client-focused, go-to-market approach is differentiated in the market given our ability to serve clients' needs across categories and products in over 90 countries. Also, our highly skilled employees and embedded solutions deepen client relationships and engagement with our core Intelligence measurement solutions. As clients grow, they add additional products and market reads to their subscription, and also Activation analytics products to predict and drive innovation. This approach creates opportunities to identify and cross-sell additional products and capabilities to better serve our clients' needs and to capture a larger share of our clients' spending on data intelligence. Since the 2021 Carve-Out Transaction, we have increased the average number of new solutions used by our 100 largest clients by revenue from 0.4 to 2.1 at an adoption rate of 29% in 2021 to 93% in 2024. Among all of our clients in fiscal year 2024, the adoption rate of these new solutions was 23%, representing an actionable penetration opportunity of more than 75%.

We have also implemented a proactive renewal strategy with consistent, value-based pricing, the success of which we believe is reflected in our improved client renewals and retention. Since the 2021 Carve-Out Transaction, our client-focused innovation and other operational improvements enabled us to renew all 68 of our largest clients by revenue that have come up for renewal, leading to Intelligence Subscription net dollar retention of 106% and Intelligence total net dollar retention of 104% for fiscal year 2024.

**Competition** 

Our market is highly competitive and subject to rapid changes in client requirements, industry standards, new product introductions and improvements of legacy systems. Our competitors vary in size and product focus, but we believe that none matches our scale, breadth and depth. For example, some of our competitors mainly compete in retail measurement in the United States, but have limited presence in international markets, while others focus on consumer panel offerings across the United States and Western Europe, but do not provide retail measurement services. For our Intelligence offerings, we primarily compete with consumer measurement service providers such as Circana, Kantar, YouGov, IDC and Spins. For our Activation offerings, we primarily compete with analytics providers such as Circana and Kantar, and smaller competitors including providers of point solutions and research. We believe our scale, long-standing client relationships and comprehensive solution suite allow us to provide a competitive advantage and effectively navigate disruptions in the sector. This can be illustrated by recent win-backs of global clients, which were opportunities we were able to seize due to the strength of our differentiated Intelligence and Activation solutions.

We believe we compete favorably across several factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comprehensive global reach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• data scale, breadth, depth, and accuracy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• data security and stewardship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• platform scalability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ease of deployment and implementation speed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• client support and satisfaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product innovation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AI leadership.

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**Employees and Human Capital Resources** 

As of December 31, 2024, we employed 38,625 employees worldwide, including 2,835 employees in the United States. We engage temporary employees, independent contractors and consultants as needed to support our operations. None of our employees in the United States are represented by a labor union or subject to a collective bargaining agreement. We have not experienced any material work stoppages, and we consider our relations with our employees to be good.

At NIQ, our people are at the heart of everything we do. We view our human capital-related initiatives as an ongoing priority. Such initiatives include: (i) implementing a robust talent acquisition approach, including through competitive pay and (ii) offering our employees a full suite of benefits, including health, dental, vision, and life insurance, a 401(k) plan (with match), and paid parental leave. We foster a workplace that is diverse, equitable and inclusive. As of December 31, 2024, we employed over 4,400 employees dedicated to technology, AI, and data science functions. Our diverse and talented workforce – our human intelligence – is one of our most valuable assets, driving our capabilities in cloud-based technology, AI, analytics, and modern marketing techniques. We are committed to fostering a culture of high-performance and innovation and our organization is aligned around five core NIQ Priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Client at the Heart of Everything We Do:** Create a differentiated client experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Re-Invest for Growth:** Make smart investment choices aligned with
our clients' needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Data Excellence:** Delight our customers with industry-leading data quality, coverage and granularity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Market-leading Technology:** Invest in, build and deploy the best technology in the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Principles-led Culture:** Invest in our people, capabilities and
culture.

A key component of our company culture is shaped by the NIQ Principles, which provide a practical framework for all employees to execute, collaborate and make decisions. Our NIQ Principles are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Client Obsessed**: Put clients' success at the center of our strategy and decision-making.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Driven to Win:** Be passionate about being the best at what we do.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountable for Results:** Own, solve & deliver as one team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Committed to Integrity:** Create a culture that makes you proud; treat all people with dignity.

The NIQ principles are embedded in performance management, hiring, promotion and are reinforced throughout the year through workshops and our NPS. Also, employee engagement and inclusion are crucial for unlocking individual and team performance, innovation, and productivity. We measure engagement and inclusion using Gallup's survey methodology and have made it a priority for all people leaders to drive continuous improvement.

We are committed to fostering a high-performance culture of excellence, inclusivity and continuous improvement. By investing in our people and aligning our efforts with our core NIQ Principles and Priorities, we strive to create an environment where every employee can thrive and contribute to our mission of delivering *The Full View.*

**Intellectual Property** 

Our intellectual property is a strategic advantage and protecting it is critical to our business. Because of the importance of our intellectual property, we treat our brand, software, technology, know-how, concepts and databases as proprietary. To establish, maintain, protect and enforce our intellectual property, we generally rely on a combination of patent, copyright, trademark and trade secret laws of the United States and other countries, as well as certain contractual rights, such as confidentiality and invention assignment agreements with employees and third parties, and license and other agreements with consultants, vendors and clients.

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Our registered IP portfolio consists of U.S. and international patents, patent applications, trademark registrations, trademark applications and domain name registrations. We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost-effective. Despite our efforts to protect our intellectual property rights, they may not be respected in the future or may be invalidated, circumvented or challenged. For additional information, see the section titled "Risk Factors — Risks Related to Intellectual Property." We license certain intellectual property to other companies on arms-length terms that are designed to protect our rights to our intellectual property. We generally use standard licensing agreements and do not provide our intellectual property to third parties without a nondisclosure and license agreement in place, which is generally included into the master service agreements that we enter with each of our clients.

We also license certain intellectual property that is important for our business from third parties. For example, we entered into a Trademark License Agreement, by and between The Nielsen Company (US) LLC and Nielsen Consumer LLC, our indirect subsidiary, dated as of March 5, 2021 (the "Nielsen License Agreement"). Pursuant to the Nielsen License Agreement, The Nielsen Company (US) LLC, a subsidiary of Nielsen Holdings Limited (formerly Nielsen Holdings plc), our former parent company, granted us an exclusive license to use certain trademarks and service marks, including "NielsenIQ" in connection with our core business and a non-exclusive license to use certain tradenames and service marks in connection with certain other fields. The Nielsen License Agreement expires by its term on March 5, 2041 and may be terminated by The Nielsen Company (US) LLC (i) in the event that Nielsen Consumer LLC or the Purchaser (as defined in the Nielsen License Agreement) becomes bankrupt or is subject to proceedings for liquidation or dissolution, or ceases to carry on business or becomes unable to pay its debts as they become due, or (ii) upon 30 days' written notice in the event that Nielsen Consumer LLC assigns or transfers rights or obligations in violation of the Nielsen License Agreement, and such assignment or transfer is not cured within such 30-day period.

**Properties** 

NIQ's corporate headquarters is located in Chicago, Illinois. We lease or own property in approximately 245 locations across 84 countries worldwide with a total square footage of approximately 3.5 million. We believe that our existing properties are in good condition and are suitable for the conduct of our business.

**Global Responsibility and Sustainability** 

We lead Environmental, Social, and Governance ("ESG") initiatives, ensuring that our impact resonates profoundly within the communities we serve.

*Our Strategy, Commitments and Governance* 

In 2022, we undertook a comprehensive assessment of the most significant ESG risks and opportunities pertinent to our organization. In 2023, we integrated these ESG-related risks into the company's overall Enterprise Risk Management ("ERM") framework to identify action plans and controls. Our Corporate Audit Staff team is responsible for facilitating the ERM program to help management identify, report, manage, and monitor company-wide risks and mitigation strategies on a regular basis. Twice a year, ERM assessments are discussed formally with the Audit Committee, our Chief Financial Officer, and Chief Legal Officer.

Additionally, this assessment facilitated the identification of five key ESG focus areas that guide our commitments and initiatives. These ESG focus areas include Data Management, Business Ethics, People Management, Diversity, Equity and Inclusion and Environmental Responsibility. These ESG focus areas are integral to our operational framework and reflect our dedication to fostering sustainable practices that benefit both our organization and the communities we serve. While these ESG focus areas are a blueprint for our ESG commitments and initiatives, we continuously review the relevance of these ESG focus areas on an annual basis to reflect the evolving business landscape. To build on these existing focus areas, our company is conducting a formal reassessment in alignment with the principles of double materiality, whereby a sustainability issue is

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considered material if it presents a significant impact on society or the environment and a significant impact on a company's value drivers, competitive position, and long-term shareholder value creation.

Our ESG commitments across these five focus areas include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Data Management – We are committed to safeguarding all of our digital information and delivering secure,
accurate and relevant market and consumer data, enabling clients to gain meaningful insights that drive informed business decisions and foster growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business Ethics – We are committed to integrity as the foundation of our business operations. We have
established a comprehensive framework of policies and standards to promote responsible business practices and cultivate an ethical corporate culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• People Management – We are committed to nurturing a dynamic culture that embraces and celebrates openness,
collaboration, creativity, equity, and inclusivity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diversity, Equity and Inclusion – We are committed to fostering an inclusive and equitable workplace where
everyone can be their authentic selves and embedding these principles in everything we do.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental Responsibility – We are committed to creating a thriving future by focusing on actively
mitigating our environmental impacts and adapting to the realities of climate change. We leverage our unique expertise to support our clients in transitioning to a more sustainable marketplace, recognizing our responsibility to drive positive change
for the planet.

We continue to evolve our approach to governance of ESG issues. In 2024, we shifted oversight of our ESG strategy and program to our Chief Legal Officer, which had formerly been a shared responsibility with the Chief Diversity, Talent and Culture Officer. Our Chief Legal Officer leads our ESG team that both partners with stakeholders across the company on day-to-day execution and manages reporting and disclosures on our progress. In 2024, we are focused on continuing to strengthen and formalize the cross-functional collaboration across different teams to further embed our ESG strategy and priorities across the company. Our Audit Committee and Chief Executive Officer review and approve key aspects of our ESG strategy and take an active role in major business decisions related to ESG. The Audit Committee is regularly apprised of evolving regulations and legal requirements related to ESG risks.

**Data Management** 

We collect and analyze market-level and consumer data, which enables us to provide a comprehensive understanding of consumer behaviors and market trends. These insights allow our clients to make informed decisions about pricing, marketing strategies and product development, ultimately helping them reach and engage more customers. In addition to working with this data, we see a rapidly evolving market, with changing consumer trends, growth in the use of generative AI and increasing data privacy and security regulations. Furthermore, we collect personal data from various sources, including panel members (individuals or households), survey participants, website visitors, and contacts through various communication methods. This requires us to constantly review and enhance our data management practices, focusing on how we safeguard our information and ensure it is constantly relevant and accurate. Our data security measures include 24/7 incident response, threat intelligence, antivirus protection, firewalls, multifactor authentication, and strict access controls to safeguard information.

While there has been a recent surge in the use of generative AI, our company has already introduced machine learning and AI in our business over the years, emphasizing the importance of innovation and growth. We have seamlessly integrated machine learning and AI into our backend processes, ensuring that our data is accurately tagged, high-quality, and up to date. Additionally, we have a dedicated taskforce researching next-generation AI applications with an emphasis on data completeness and ethical considerations. Our expanded focus on generative AI allows us to explore conversational interfaces, task fulfillment, and analytical insights. To support our commitment to responsible AI use, we have also implemented global generative AI usage guidelines for all employees, complementing our existing policies on data integrity.

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Additionally, the COVID pandemic brought with it unique challenges for our data collection mechanisms. Our company adapted swiftly to evolving market trends in the retail sector, addressing challenges like the inability to conduct physical store counts and a sudden rapid shift to eCommerce. In 2022, we launched a global analysis to identify and prioritize 21 key markets for reassessment. This proactive approach enhanced our data accuracy through a rolling establishment survey and improved our data compliance rates. By expanding this strategy globally, our data reflects current market conditions, enabling clients to navigate changes confidently while maintaining our standards of excellence.

Within our operations, we have established data governance mechanisms along the data lifecycle. Data quality is a shared responsibility across our company and is supported by our various global data governance teams. These teams monitor progress across all markets and provide guidance on tailored local data practices for compliance, including the specific and technical aspects of managing data. Our Retailer Accreditation Protocol ensures thorough testing and quality assessment for retailers through their onboarding process. Pursuant to our Retailer Accreditation Protocol, we score each retailer's data during onboarding based on certain criteria, and then use a separate Data Quality Inputs program to highlight risks which we seek to mitigate through improved inputs from such retailer. We also utilize the Quality Control Tower ("QCT") for real-time monitoring and validation of field data collection, supported by the intelligent QCT for automated checks. eCommerce data is gathered through secure methods, including encrypted point of sale data and cloud-to-cloud sharing, with rigorous validation processes.

Our advertising-focused business unit, NIQ *BASES*, employs rigorous measures to verify panelist authenticity and integrity, including recruitment fraud reviews, two-factor authentication, and digital fingerprinting. For consumer panel services, we collect personal and demographic data during recruitment, retain non-selected data for one year, and continuously monitor current panelists. We also secure incoming data from approved sources through standardized procedures across countries, ensuring quality and minimizing human error. System-generated checks identify duplications and errors, ensuring high-quality data delivery.

**Legal and Regulatory Matters** 

Various aspects of our operations are subject to foreign, federal, state and local laws, rules and regulations, any of which may change from time to time. Laws and regulations affecting our business may change, sometimes frequently and significantly, as a result of political, economic, social or other events.

The following discussion highlights our key areas of government regulation. For additional information regarding the effects of government regulation on our business, see "Risk Factors—Risks Related to Legal and Regulatory Matters."

*Sanctions Compliance* 

We are subject to laws and regulations imposed by the United States (including those imposed by OFAC) and other authorities outside of the United States that may prohibit us or our affiliates from doing business in certain countries or territories or restrict the type of business that may be conducted by our affiliates.

As a result of the conflict between Russia and Ukraine that began in February 2022, various government authorities, including the United States, United Kingdom, and European Union, enacted sanctions against Russia and Belarus and certain Russian and Belarusian interests. In response to these developments, we have had to undertake changes in how we operate in Russia and Belarus. While we continue to hold shares in our operational Russian subsidiaries, these entities are locally managed and act autonomously and are overseen solely by management within Russia without day-to-day or other supervision by us. We have undertaken measures designed to limit the provision of services or support to those Russian subsidiaries and the receiving or sending of any financial information to or from the subsidiaries, and we have taken measures to stop the collection or sending of funds to or from Russia. We also currently do not have any non-Russian directors at the Russian subsidiary level.

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*Data Privacy and Security Laws and Regulations, and AI Laws* 

Numerous state, federal, and foreign laws, regulations, and standards govern the Processing and protection of personal information, and could apply now or in the future to our operations or the operations of our partners, third-party providers, and others upon whom we commercially rely. In the United States, numerous federal and state laws and regulations, including comprehensive state privacy laws such as the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act, data breach notification laws, and consumer protection laws and regulations govern the Processing and protection of personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comprehensive U.S. State Privacy Laws: Thirteen U.S. states — California, Colorado, Connecticut, Delaware,
lowa, Nebraska, New Hamshire, New Jersey, Montana, Oregon, Texas, Utah and Virginia, — have enacted comprehensive privacy legislation, currently in effect, intended to provide consumers with greater transparency and control over their personal
information by providing consumers in these states with certain rights regarding their personal information and by requiring businesses to make certain disclosures and take certain other acts in furtherance of those rights. An additional six
states— Indiana, Kentucky, Maryland, Minnesota, Rhode Island and Tennessee have passed similar comprehensive privacy laws, which will go into effect over the course of 2025 and 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Data Breach Notification Laws: All fifty U.S. states, the District of Columbia, and some U.S. territories have
adopted data notification laws that may require notice be given to affected individuals, regulators, credit reporting agencies and/or others when certain types of data has been compromised as the result of a security breach or incident. In the event
of such a security breach, our compliance with these laws may subject us to costs associated with investigation, notice and remediation, as well as potential litigation or investigations and enforcement actions from applicable regulatory
authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal Trade Commission Act (the "FTC Act"): The FTC Act prohibits unfair methods of competition and
unfair or deceptive acts or practices. Our data Processing practices and the security measures we employ to safeguard the personal data of consumers could also be subject to the FTC Act, and our data practices or our failure to safeguard data
adequately may subject us to regulatory scrutiny or enforcement action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. State Unfair and Deceptive Acts and Practices Laws: Many states have enacted statutes that prohibit unfair
and deceptive acts and practices. NIQ and others in the industry may be subject to these laws with respect to the use and disclosure of consumer personal information.

In addition, certain foreign laws govern the privacy and security of personal data, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The General Data Protection Regulation (EU) 2016/679 (the "GDPR"): The GDPR establishes a robust data
protection and privacy standard, and grants EU citizens various rights in relation to their personal data, including the right to access their personal data that is held by a company, by way of a data subject access request. The GDPR imposes
operational, data processing, and other technical and organizational requirements with which we must comply. These requirements include having appropriate measures in place to ensure that EU citizens can properly exercise their data subject rights,
and also ensure that adequate safeguards are in place when transferring personal data internationally, both intragroup and to third parties (for example, by implementing standard contractual clauses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Irish Data Protection Acts 1988-2018 and the UK Data Protection Act 2018: In Ireland, the privacy and
security of personal data is governed by The Irish Data Protection Acts 1988-2018. In the UK, the privacy and security of personal data is governed by the UK Data Protection Act 2018 and the UK GDPR (as defined in the Data Protection Act 2018, as
amended by the Data Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019). These laws establish robust data protection and privacy standards and impose operational, data processing and also grant Irish and
UK citizens various rights in relation to their personal data, including the right to access their personal data that is held by a company by way of a data subject access request. These laws also impose operational, data processing, and other
technical and organizational requirements with which

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we must comply. These requirements include having appropriate measures in place to ensure that Irish and UK citizens can properly exercise their data subject rights, and also ensure that adequate safeguards are in place when transferring personal data internationally, both intragroup and to third parties (for example, by implementing standard contractual clauses). Additionally, the draft Data (Use and Access) Bill was introduced into Parliament in the UK for discussion on October 23, 2024, however the amendments contained therein are yet to be confirmed. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ePrivacy Directive : Directive 2002/58/EC (as amended by Directive 2009/136/EC) This directive is transposed into
law in each EU member state so local transposition and enforcement can vary. It contains a prohibition on accessing information on a person's device, such as through the use of cookies and other similar technologies, without informed consent,
as well as rules on direct marketing. In the UK, the ePrivacy Directive was transposed into UK law as the Privacy and Electronic Communications (EC Directive) Regulations 2023 (the "PECR") and imposes equivalent requirements on our UK
operations. The ePrivacy Directive may be replaced by the European Commission's draft Regulation on Privacy and Electronic Communications which contains updated rules on, amongst other things, the use of cookies (and similar tracking
technologies) and communications data, and the UK DUA Bill may introduce certain changes to PECR.

The above laws have direct effect in the EU and UK, but also have extra-territorial scope. For example, the GDPR and the UK GDPR apply to Processing outside of the EU and the UK, respectively, if such Processing involves the offering of goods and services to individuals in the EU or UK, as applicable, or the monitoring of the behavior of such individuals. We have seen a recent trend of data privacy laws globally operating with extra-territorial scope, and data protection regulators enforcing data Processing within their jurisdiction by international organizations. Our business activities may therefore be subject to data privacy laws and regulations in other international jurisdictions by virtue of either operating in or offering goods and services in those jurisdictions.

Regulations related to AI technologies may also impose certain obligations and restrictions on our use of data. For example, in 2024, Colorado adopted the Consumer Protections for Artificial Intelligence Act and, the EU adopted a new regulation applicable to certain AI technologies and the data used to train, test and deploy them (the "EU AI Act"). The EU AI Act entered into force on August 1, 2024, and its requirements will become effective on a staggered basis, beginning February 2, 2025.

AI and Data Privacy and security laws, regulations, and other obligations are constantly evolving, may conflict with each other to complicate compliance efforts, and can result in investigations, proceedings or actions that lead to significant civil and/or criminal penalties and restrictions on data Processing.

**Legal Proceedings** 

We are subject to litigation and other claims in the ordinary course of business, some of which include claims for substantial sums. Accruals have been recorded when the outcome is probable and can be reasonably estimated. While the ultimate results of claims and litigation cannot be determined, we expect that the ultimate disposition of these matters will not have a material adverse effect on its operations or financial condition. However, depending on the amount and the timing, an unfavorable resolution of some or all of these matters could materially affect its future results of operations or cash flows in a particular period.

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**Management** 

**Executive Officers and Directors** 

Below is a list of the names, ages as of date of this prospectus, positions and a brief account of the business experience of the individuals who serve as our executive officers and directors as of the date of this prospectus.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
| James Peck | 61 | Chief Executive Officer and Chairman of the Board of Directors |
| John Blenke | 69 | Chief Legal Officer |
| Michael Burwell | 61 | Chief Financial Officer |
| Mohit Kapoor | 61 | Chief Technology Officer |
| Steen Lomholt-Thomsen | 61 | Chief Commercial Officer |
| Tracey Massey | 57 | Chief Operating Officer |
| Curtis Miller | 51 | Chief Strategy Officer |
| Shaun Zitting | 60 | Chief Human Resources Officer |
| Christopher Egan | 48 | Director |
| Racquel Harris Mason | 55 | Director |
| Ralf Klein-Bölting | 62 | Director |
| Samuel Allen Hamood | 57 | Director |
| Todd Lachman | 62 | Director |
| Elizabeth Lempres | 64 | Director |
| Julien Lo | 33 | Director |
| Christopher Pike | 55 | Director |
| David Rawlinson | 49 | Director |
| Charlotte Simonelli | 53 | Director |
| Gabriela Weiss | 36 | Director |

---

**Executive Officers** 

*James Peck* has served as our Chief Executive Officer and Chairman of our Board of Directors since March 2021. Prior to joining NIQ, Mr. Peck was the Chief Executive Officer of TransUnion from 2012 to 2021, where he led the company's transformation into a market leader in innovation, driven by organic growth programs, tech re-platforming and strategic transactions. Prior to TransUnion, Mr. Peck was Chief Executive Officer of LexisNexis Risk Solutions from 2004 to 2012. Mr. Peck serves on the board of directors of Sun Life Financial Inc., CCC Information Services Inc. and Neoway. Mr. Peck holds a Bachelor of Science degree in management from the University of Dayton and an M.B.A. from The Ohio State University. We believe Mr. Peck is qualified to serve on our Board based on his knowledge of our company through his role as our Chief Executive Officer.

*John Blenke* has served as our Chief Legal Officer and Corporate Secretary since March 2022. Prior to joining NIQ, Mr. Blenke was an independent governance and risk consultant at various private enterprises from 2018 to 2022, and was the Executive Vice President, Corporate General Counsel and Corporate Secretary for TransUnion from 2003 to 2018. Prior to TransUnion, Mr. Blenke held various legal and senior legal leadership roles with Household International/HSBC, Borg-Warner Corporation and Kemper Corporation. Mr. Blenke holds a Bachelor of Arts degree in political science from the University of Minnesota in Minneapolis and a J.D. from DePaul University.

*Michael Burwell* has served as our Chief Financial Officer since January 2023. Prior to joining NIQ, Mr. Burwell was Chief Financial Officer of Datavant from 2021 to 2022. Prior to Datavant, Mr. Burwell was Chief Financial Officer at Willis Towers Watson from 2017 to 2021 and spent over 30 years in senior leadership positions at PricewaterhouseCoopers, where he assisted companies with mergers and acquisitions, initial public offerings,

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valuation, and integration. Mr. Burwell holds a Bachelor's degree in accounting and finance from Michigan State University and maintains professional designation as a Certified Public Accountant.

*Mohit Kapoor* has served as our Chief Technology Officer since March 2021. Prior to joining NIQ, Mohit was Chief Information and Technology Officer for TransUnion from 2011 to 2019, where he was responsible for all aspects of technology including strategy, security, applications, operations, infrastructure and delivery. Prior to TransUnion, Mr. Kapoor served in several senior roles at HSBC from 2007 to 2011, including Chief Information Officer of South America and Global Head of Software House, where he oversaw all aspects of technology related to global systems that supported corporate and retail customers. Mr. Kapoor serves on the board of directors of Sterling Check Corp. Mr. Kapoor holds a Bachelor of Science degree in computer information systems and finance and a Bachelor of Arts in economics from Jacksonville State University and a Masters in accounting information systems from Arizona State University.

*Steen Lomholt-Thomsen* has served as our Chief Commercial Officer since November 2024. Prior to joining NIQ, Mr. Lomholt-Thomsen served Chief Executive Officer BullWall A/S, a cyber security and ransomware protection company from January 2024 to November 2024. Prior to BullWall, Mr. Lomholt-Thomsen served as Chief Revenue Officer of Clarivate Analytics from 2021 to 2024. Mr. Lomholt-Thomsen has also held senior leadership positions at Aveva Group plc, IHS Markit (prior to its acquisition by S&P Global), Ascendant, HP, Inc. and IBM. Mr. Lomholt-Thomsen holds a Master of Business Administration from the Copenhagen Business School.

*Tracey Massey* has served as our Chief Operating Officer since June 2022. Prior to joining NIQ, Ms. Massey was Global President and Chief Executive Officer of Mars Pet Nutrition from 2019 to 2022, where she led the world's largest pet food business, revamping its product portfolios for continuous growth. Prior to that role, Ms. Massey was Regional President of Mars Confectionary Americas from 2017 to 2019, where she successfully led her team through the integration of Mars Chocolate Americas with the Wrigley Co. Americas. Ms. Massey holds a Bachelor of Science degree in chemical engineering from Loughborough University in England.

*Curtis Miller* has served as our Chief Strategy Officer since 2024, and previously served as our Chief Transformation Officer from 2021 until 2024. Prior to NIQ, Mr. Miller was a Senior Advisor to Advent International. Previously, Mr. Miller spent 13 years at TransUnion, where he was Chief Strategy Officer with responsibility for strategy, corporate development and pricing. During his career he has also held roles in product, sales, client service, operations, integration and strategic alliances at TransUnion, Bank of America, Capital One, and JP Morgan. Mr. Miller holds Bachelor of Science degree from the University of Delaware and an M.B.A. from the University of Virginia.

*Shaun Zitting* has served as our Chief Human Resources Officer since July 2021. Before joining NIQ, Ms. Zitting held various senior leadership roles at Honeywell International from 2008 to 2021, including, most recently, Vice President of Corporate HR and Talent and Vice President HR for three of Honeywell's five Strategic Business Groups. Prior to Honeywell, Ms. Zitting served in senior leadership roles at Tyco International, most notably as Head of Talent and Organization Development. Ms. Zitting holds a Bachelor of Science in human resource development from Oakland University in Rochester, Michigan.

**Non-Employee Directors** 

*Christopher Egan* has served on our Board of Directors since March 2021. Mr. Egan joined Advent in 2000 and is currently a Managing Partner. He previously worked at UBS Warburg in the financial sponsors group, advising leveraged buyout firms on acquisition financing, mergers and equity offerings across a variety of industries. Mr. Egan has overseen over 20 Advent investments, including Aditya Birla Capital, Cetip, Definitive Healthcare, Fisher Investments, LifeMiles, NielsenIQ, Prisma Medios de Pagos S.A., and Xplor Technologies (formerly Clearent and Transaction Services Group). Mr. Egan currently serves on the boards of directors of CCC Intelligent Solutions and Definitive Healthcare, and serves on the boards of directors of private companies, Nuvei Corporation and Xplor Technologies. Mr. Egan received a Bachelor's degree in English from Dartmouth

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College. We believe that Mr. Egan is qualified to serve on our Board of Directors based on his experience on the boards of directors of other companies within the technology industry.

*Racquel Harris Mason* has served on our Board of Directors since June 2021. Ms. Harris Mason served as the President of North America for LIPTON Teas and Infusions, an independent portfolio company of CVC Capital Partners and the world's leading tea business, with brands like Lipton, TAZO, PG Tips, and Pukka from June 2023 to June 2025. Prior to Lipton, Ms. Harris Mason was the Global Chief Marketing Officer at Elanco Animal Health from 2020 to 2021. Ms. Harris Mason previously held roles at The Coca-Cola Company, including Senior Vice President and General Manager for the McDonald's Division USA and Vice President of the Coca-Cola and Coke Zero brands. Ms. Harris Mason held positions of increasing responsibility with Procter & Gamble, Johnson & Johnson, Ahold and Abbott Laboratories. Racquel also serves on the board of directors of Beacon Roofing Supply, Inc. Ms. Harris Mason holds a Bachelor of Science degree in economics from The Wharton School at The University of Pennsylvania and an M.B.A. from The Kellogg School of Management at Northwestern University. We believe that Ms. Harris Mason is qualified to serve on out Board of Directors based on her extensive experience in the consumer products industry.

*Ralf Klein-Bölting* has served on our Board of Directors since July 2023. Mr. Klein-Bölting has served as Executive Vice-President of NIM since 2009 and as acting President of NIM since July 2023. Mr. Klein-Bölting has a wide range of management and leadership experience in different industries and markets. Mr. Klein-Bölting began his career in the Petfood division of Mars Inc. and subsequently served as Managing Director or Board Member for Tchibo, Deutsche Bahn and OTTO. Mr. Klein-Bölting currently serves as chairman of the board of directors of MERA Petfoods, a German private company. Mr. Klein-Bölting holds an M.B.A. equivalent degree from the University of Münster, Germany. We believe that Mr. Klein-Bölting is qualified to serve on our Board of Directors based on his experience and understanding of our business through his leadership at NIM.

*Samuel A. Hamood* has served on our Board of Directors since March 2025. Mr. Hamood currently serves as President and Chief Administrative and Financial Officer at Culligan International Co ("Culligan"), which he joined in August 2019. Prior to his time at Culligan, Mr. Hamood has over 25 years of Financial and Executive Leadership level experience for several global public and private companies, including: Deloitte and Touche, The Walt Disney Company, Hewlett Packard (formerly known as "EDS"), Trans Union, and select Private Equity assignments, including both CEO and CFO roles. Mr. Hamood also previously served on the board of directors at Culligan from 2016 to 2019, Finch Therapeutics from 2021 to 2022 and currently serves on the boards of directors of Definitive Healthcare Corp. and AccentCare, a private company. Mr. Hamood is a Certified Public Accountant (inactive status), and he received his Bachelor of Business Administration in Finance at the University of Iowa, and his Juris Doctor from Southwestern University School of Law.

*Todd Lachman* has served on our Board of Directors since March 2021. Mr. Lachman is the Founder of Sovos Brands, Inc., an Advent portfolio company, created with the purpose of acquiring, integrating, and growing one-of-a kind brands. Mr. Lachman served as President and Chief Executive Officer of Sovos Brands, Inc., growing the business from start up in 2017, to public company in 2021, until its sale to Campbells Soup Company in March of 2024. Mr. Lachman previously served as Global President of Mars Petcare, President of Mars Chocolate North America and Latin America, and Executive Vice President of Del Monte Foods Company. He also held a senior management roles at H.J. Heinz Company and Procter & Gamble. Mr. Lachman holds a Bachelor of Arts degree in economics from Colby College and an M.B.A. from Northwestern University. We believe Mr. Lachman is qualified to serve on our Board of Directors based on his extensive experience and leadership in the consumer products industry.

*Elizabeth Lempres* has served on our Board of Directors since August 2024. Elizabeth C. Lempres serves as Senior Partner Emeritus at McKinsey & Company, a management consulting firm. Ms. Lempres joined McKinsey & Company in 1989 and held a variety of positions of increasing responsibility during her career including Senior Partner and Global Leader, Private Equity and Principal Investors from 2016 to 2017; and

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Senior Partner and Global Leader, Consumer Sector from 2010 to 2014. Prior to McKinsey & Company, she held positions in engineering-related fields at IBM and General Electric. Ms. Lempres serves on the boards of directors of General Mills, Inc. and Traeger, Inc. Ms. Lempres holds A.B. and B.E. degrees in engineering from Dartmouth College and received her M.B.A. from Harvard Business School. We believe Ms. Lempres is qualified to serve on our Board of Directors based on her substantial global consulting experience in the consumer products and retail sectors, and her experience leading global teams.

*Julien Lo* has served on our Board of Directors since July 2023. Mr. Lo joined KKR in 2018 and is a member of the Healthcare and DACH industry and regional teams within KKR's European Private Equity platform. Mr. Lo has been involved in the firm's investments in Immedica, Leonine, Coty and ProSiebenSat1. Prior to joining KKR, he worked in the investment banking division of J.P. Morgan in London. Mr. Lo holds an M.Sc./B.Sc. in business administration from University of Mannheim. We believe that Mr. Lo is qualified to serve on our Board of Directors based on his extensive investment experience in global companies, and his understanding of our business through his leadership at KKR.

*Christopher Pike* has served on our Board of Directors since March 2021. Mr. Pike joined Advent in 1997 where he focuses on investments in the business and financial services and healthcare sectors and is currently a Special Partner. Prior to Advent, Mr. Pike held positions at Coopers & Lybrand in the business assurance and financial advisory services groups, providing M&A advisory services to clients in the financial, manufacturing and business services industries. Mr. Pike has overseen 21 Advent investments, including CCC Intelligent Solutions, Cotiviti, Genoa Healthcare, TransUnion, Worldpay and Xplor Technologies (formerly Clearent). Mr. Pike currently serves on the boards of directors of private companies Cotiviti Holdings, Inc. and Genoa Healthcare. Mr. Pike received Bachelor's degrees in economics and Spanish from Amherst College. We believe Mr. Pike is qualified to serve on our Board of Directors based on his extensive experience managing investments in global industries.

*David Rawlinson* has served on our Board of Directors since March 2021. David L. Rawlinson II has served as the President & Chief Executive Officer for Qurate Retail, Inc. since October 1, 2021. Mr. Rawlinson previously served as Chief Executive Officer of Nielsen Consumer LLC and President-Global Online Business at W. W. Grainger, Inc. Mr. Rawlinson serves on the board of directors of Discover Financial Services, Qurate Retail, Inc. and MonotaRO Co., Ltd. and is a member of The Business Roundtable. Mr. Rawlinson holds a Bachelor's degree in political science from The Citadel, a law degree from the University of South Carolina and an M.B.A. from Harvard Business School. We believe Mr. Rawlinson is qualified to serve on our Board of Directors based on his extensive understanding of our business through his leadership of our former parent organization and leadership of multiple global retail, entertainment and eCommerce businesses.

*Charlotte Simonelli* has served on our Board of Directors since June 2021. Ms. Simonelli has served as Executive Vice President, Chief Financial Officer and Treasurer of Anywhere Real Estate since March, 2019. Ms. Simonelli previously served as Vice President, Chief Financial Officer of Medical Devices and Enterprise Supply Chain for Johnson & Johnson, Senior Vice President, Finance at Reckitt, Senior Director of Finance at Nabisco, Mondelez, and Finance Director at Pepsico. Ms. Simonelli holds an M.B.A. from the University of Chicago Graduate School of Business and a Bachelor of Science in accounting from the Rochester Institute of Technology. We believe Ms. Simonelli is qualified to serve on our Board of Directors based on her financial expertise and leadership for global businesses.

*Gabriela Weiss* has served on our Board of Directors since August 2023. Ms. Weiss joined Advent in 2012 focusing on buyout and growth investments. Ms. Weiss has overseen Advent's investments in multiple portfolio companies, including Aimbridge Hospitality, Allied S.A., Atmosfera, Dudalina, EBANX, Fleury S.A. and Prisma Medios de Pagos S.A. Ms. Weiss holds a Bachelor of Science degree in mechanical-aeronautical engineering from the Aeronautics Institute of Technology (ITA) and an M.B.A., from Harvard Business School. We believe that Ms. Weiss is qualified to serve on our Board of Directors based on her extensive investment experience in growth sectors and global businesses.

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**Controlled Company** 

Upon completion of this offering, we will be a "controlled company" under the New York Stock Exchange corporate governance standards. As a controlled company, exemptions under standards will exempt us from certain corporate governance requirements, including the requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that our Board of Directors be composed of a majority of "independent directors," as defined under
rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that the compensation committee be composed entirely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that the nominating and corporate governance committee be composed entirely of independent directors.

Accordingly, for so long as we are a "controlled company," you will not have the same protections afforded to shareholders of companies that are subject to all of the New York Stock Exchange corporate governance requirements. In the event that we cease to be a controlled company, we will be required to comply with these provisions within the transition periods specified in the rules of the New York Stock Exchange.

These exemptions do not modify the independence requirements for our audit committee, and we expect to satisfy the member independence requirement for the audit committee prior to the end of the transition period provided under the New York Stock Exchange listing standards and SEC rules and regulations for companies completing their initial public offering.

**Board Composition and Director Independence** 

Our business and affairs are managed under the direction of our Board of Directors. The number of directors will be fixed by our Board of Directors, subject to the terms of our Articles of Association as will be in effect upon the listing of our ordinary shares.

Our Board of Directors has undertaken a review of the independence of each director. Based on the information provided by each director concerning his or her background, employment, and affiliations, our Board of Directors has determined that each of our non-employee directors is independent under the rules of the New York Stock Exchange. In making this determination, the Board of Directors considered the relationships that such directors have with our Company and all other facts and circumstances that the Board of Directors deemed relevant in determining such directors' independence, including beneficial ownership of our capital stock by each non-employee director and their affiliates, and the transactions involving them described in "Certain Relationships and Related Party Transactions."

Our Board of Directors will be divided into three classes, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class I, which will initially consist of Gabriela Weiss, Racquel Harris Mason, Charlotte Simonelli, and Todd
Lachman, whose terms will expire at our annual meeting of shareholders to be held in 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class II, which will initially consist of Christopher Pike, David Rawlinson, Julien Lo, and Ralf Klein-Bölting, whose terms will expire at our annual meeting of shareholders to be held in 2027; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class III, which will initially consist of James Peck, Christopher Egan, Elizabeth Lempres, and Samuel Allen
Hamood, whose terms will expire at our annual meeting of shareholders to be held in 2028.

Upon the expiration of the initial term of office for each class of directors, each director in such class shall be elected for a term of three years and serve until the end of the annual general meeting three years subsequent to his or her election or until his or her earlier death, resignation or removal. Subject to the Principal Shareholders' rights described below, any additional directorships resulting from an increase in the number of directors or a vacancy may be filled by the directors then in office.

In connection with this offering, we will enter into a shareholders' agreement with investment entities controlled by our Principal Shareholders that will provide KKR and NIM with nomination rights with respect to our Board

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of Directors. Under the agreement, we and the Principal Shareholders are required to take all necessary action to cause the Board of Directors to include individuals designated by each of KKR and NIM in the slate of nominees recommended by the Board of Directors for election by our shareholders.

**Board Committees** 

Upon the completion of this offering, our Board of Directors will have three standing committees: the audit committee; the compensation committee; and the nominating and governance committee. Each of the committees operates under its own written charter adopted by the Board of Directors, each of which will be available on our website upon closing of this offering.

***Audit Committee***

Following this offering, our audit committee will be composed of Charlotte Simonelli, Samuel Allen Hamood, Racquel Harris Mason, Christopher Pike and Ralf Klein-Bölting, with Ms. Simonelli serving as chairperson of the committee. Our Board of Directors has determined that each of Ms. Simonelli, Mr. Hamood, and Ms. Harris Mason meets the definition of "independent director" under the rules of the New York Stock Exchange and under Rule 10A-3 under the Exchange Act. Within one year following the effective date of the registration statement of which this prospectus forms a part, the audit committee will consist exclusively of independent directors. None of our audit committee members simultaneously serves on the audit committees of more than three public companies, including ours. Our Board of Directors has determined that each of Ms. Simonelli, Mr. Hamood, and Mr. Pike is an "audit committee financial expert" within the meaning of the SEC's regulations and applicable listing standards of the New York Stock Exchange. The audit committee's responsibilities upon completion of this offering will include:

&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;• pre-approving audit and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the audit plan with the independent registered public accounting firm and members of management
responsible for preparing our financial statements;

&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;• reviewing the adequacy of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing all related party transactions for potential conflict of interest situations and approving all such
transactions;

&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;• recommending, based upon the audit committee's review and discussions with management and the independent
registered public accounting firm, the inclusion of our audited financial statements in our Annual Report on Form 10-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and assessing the adequacy of the committee charter and submitting any changes to the Board of
Directors for approval;

&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;• overseeing the integrity of our information technology systems, process and cybersecurity;

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&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 proxy
statement; and

&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 Committee***

Following this offering, our compensation committee will be composed of Elizabeth Lempres, Todd Lachman, David Rawlinson, Christopher Egan, Gabriela Weiss, and Julien Lo, with Ms. Lempres serving as chairperson of the committee. The compensation committee's responsibilities upon completion of this offering will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining and approving the compensation of our chief executive officer, including annually reviewing and
approving corporate goals and objectives relevant to the compensation of our chief executive officer, and evaluating the performance of our chief executive officer in light of such corporate goals and objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the corporate goals and objectives relevant to the compensation of our other executive
officers;

&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;• appointing, compensating, and overseeing the work of any compensation consultant, legal counsel or other advisor
retained by the compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting the independence assessment outlined in the rules of the Exchange with respect to any compensation
consultant, legal counsel, or other advisor retained by the compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and assessing the adequacy of the committee charter and submitting any changes to the Board of
Directors for approval;

&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;• overseeing and administering our equity compensation and similar plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving our policies and procedures for the grant of equity-based awards and granting equity
awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations to the Board of Directors with respect to director compensation; and

&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.

***Nominating and Governance Committee***

Following this offering, our nominating and governance committee will be composed of Christopher Egan, Elizabeth Lempres, David Rawlinson, and Ralf Klein-Bölting, with Mr. Egan serving as chairperson of the committee. The nominating and governance committee's responsibilities upon completion of this offering will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to the Board of Directors criteria for board and committee membership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for identifying and evaluating candidates for the Board of Directors, including nominees
recommended by shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending to the Board of Directors the persons to be nominated for election as directors and to each of the
board's committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to the Board of Directors a set of corporate governance guidelines;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and assessing the adequacy of the committee charter and submitting any changes to the Board of
Directors for approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing for new director orientation and continuing education for existing directors on a periodic basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing an evaluation of the performance of the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the evaluation of the Board of Directors and management.

**Compensation Committee Interlocks and Insider Participation** 

None of the members of our compensation committee has at any time during the prior three years been one of our officers or employees. None of our executive officers currently serves, or in the past fiscal year has served, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving on our Board of Directors or compensation committee. For a description of transactions between us and members of our compensation committee and affiliates of such members, please see "Certain Relationships and Related Party Transactions."

**Board Oversight of Risk Management** 

**Codes of Business Conduct and Ethics** 

We have adopted a code of ethics that applies to all of our employees, officers and directors. Upon the closing of this offering, our code of ethics will be available on our website. We intend to disclose any amendments to our code of ethics, or any waivers of their requirements, on our website. Information contained on our website is not incorporated by reference into this prospectus, and you should not consider information contained on our website to be part of this prospectus or in deciding to purchase our ordinary shares.

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**Executive and Director Compensation** 

**Compensation Discussion and Analysis** 

This "Compensation Discussion and Analysis" describes the compensation awarded to, earned by, or paid to our named executive officers for fiscal 2024 and outlines the elements of compensation for our named executive officers, the material compensation decisions made for fiscal 2024, and the material factors considered in making those decisions. Our named executive officers for fiscal 2024 have been determined in accordance with Securities and Exchange Commission rules and consist of our principal executive officer, principal financial officer, and next three most highly compensated executive officers (collectively, our "named executive officers"). They are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• James M. Peck, Chief Executive Officer ("CEO")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Michael J. Burwell, Chief Financial Officer ("CFO")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tracey A. Massey, Chief Operating Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mohit Kapoor, Chief Technology Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shaun Zitting, Chief Human Resources Officer

The Summary Compensation Table and other tables below provide additional detail on the compensation of our named executive officers for fiscal 2024.

***Executive Summary***

Our executive compensation programs are intended to align the interests of our executives, shareholders, and other stakeholders by rewarding our named executive officers for the achievement of strategic goals that successfully impact our operations and business results and, thereby, enhance shareholder value. The primary components of our executive compensation program for our named executive officers are base salary, cash bonuses under our annual incentive plan, and long-term incentive awards, which currently consist of time- and performance-based profits interests. The majority of each long-term incentive award currently held by our named executive officers is subject to performance-based vesting to further focus our executives on long-term shareholder value.

***Compensation Philosophy and Objectives***

We strive to provide a competitive reward package that drives our high-performance culture, is aligned with the company's operational and financial goals, and delivers value to our shareholders. Our elements and levels of compensation are market-based and are designed to attract, motivate, reward, and retain great talent. Consistent with our global total rewards philosophy, our executive compensation programs take into account the following goals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Externally Competitive:** We believe that market-competitive compensation is essential to hiring and
retaining great talent. We compare our named executive officers' compensation to market median benchmarking data as one factor in the compensation review process. We also consider individual factors such as skill level, experience, performance,
and talent-market supply and demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Pay for Performance:** We aim to provide incentives that reward executives for achieving goals and driving
business outcomes that are aligned with our company's business strategy, without creating a motivation for undue risk. NIQ's cash annual incentive plan presents opportunities for executives to earn compensation based on company and
individual performance. Our long-term incentive program also rewards performance, with the value of awards linked to our equity value and with the majority of awards currently having performance-based vesting terms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Merit-Based Compensation:** We compensate executives based on their skill level, experience, performance,
and market demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Transparency and Feasibility:** We believe that clarity fosters trust and engagement, which is why we
prioritize clear communication to executives in our decision-making processes and plan designs. We also strive to ensure that our compensation and benefits packages are structured in a way that maintains our organization's financial health and
operational efficiency.

*Role of the Compensation Committee* 

Our Compensation Committee oversees and approves decisions for our executive compensation programs. The Compensation Committee considers the views and recommendations of management, particularly those of our CEO, Chief Human Resources Officer, and CFO. Among other things, our CEO makes recommendations regarding annual base salary levels, annual incentive targets, actual annual incentive payouts, and long-term incentive grant amounts for our senior executives (other than for himself) and provides feedback to our Compensation Committee on executive performance. Our Compensation Committee held four meetings in fiscal 2024 to discuss executive compensation matters.

*Role of the Compensation Consultant* 

We have engaged Meridian Compensation Partners, LLC ("Meridian") to serve as an independent advisor to our Compensation Committee on executive compensation matters. Meridian has provided guidance to the Compensation Committee for fiscal 2023 and fiscal 2024 regarding the amount and types of compensation that we provide to our executives and board members and on other compensation-related matters. The Compensation Committee assesses the independence of Meridian annually and, based on its latest review in November 2024, has concluded that no conflict of interest exists that would prevent Meridian from independently advising the Compensation Committee.

*Compensation Peer Group* 

In fiscal 2023, the Compensation Committee engaged Meridian to conduct an analysis of potential peer companies for fiscal 2024 and develop a recommended peer group for the purpose of benchmarking executive compensation decisions for fiscal 2024. After approving the peer group, the Compensation Committee assessed our senior executives' (including our named executive officers') compensation against the executive pay in the peer group, as well as other market data, including survey data from Willis Towers Watson. In developing this peer group, Meridian and the Compensation Committee considered several factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Industry:** Companies operating within a similar industry and operational scope, primarily focused on
Information Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Global Operations:** Companies with a strong global/international presence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Size:** Companies within a comparable size range, primarily focusing on revenue, with market capitalization
as a secondary reference point.

In November 2024, Meridian refreshed the analysis, and the Compensation Committee approved the same peer group for fiscal 2025 as had been approved in February 2024, which includes the following companies:

---

| | | |
|:---|:---|:---|
| Broadridge Financial Solution, Inc. | Clarivate Plc | CoStar Group, Inc. |
| Dun & Bradstreet Holdings, Inc. | Equifax Inc. | Experian Plc |
| FactSet Research Systems Inc. | FTI Consulting, Inc. | Gartner, Inc. |
| Global Payments Inc. | KBR, Inc. | Morningstar, Inc. |
| MSCI Inc. | RELX Plc | Thomson Reuters Corporation |
| TransUnion | Verisk Analytics, Inc. | Wolters Kluwer N.V. |

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*Clawback Policy* 

Prior to the completion of this offering, our Board of Directors intends to adopt the company's Policy for Recoupment of Incentive Compensation ("Clawback Policy"), which is designed to comply with Section 10D-1 of the Exchange Act and the applicable New York Stock Exchange rules. The Clawback Policy is to be effective upon the completion of this offering.

**Elements of Compensation** 

***Base Salary***

Base salary is one component of our named executive officers' cash compensation and is determined by the contributions each executive is expected to make and the specific requirements for each executive's role. As part of our compensation philosophy, we consider how a named executive officer's base salary contributes to the executive's total target compensation and the position of the base salary relative to the market and our peer group. Each year, the Compensation Committee evaluates the performance of the CEO and other named executive officers based on input from the CEO (except for his own compensation) and assesses current market conditions and market benchmarking data from Meridian. Based on their evaluation of our named executive officers' performance and their assessment of current market conditions, the Compensation Committee determines the executives' base salaries and other compensation components each year, with an emphasis on allocating more of their target compensation toward incentive-based compensation, in order to create strong alignment between the executives' pay and the company's performance. The CEO may recommend a base salary change for a named executive officer when supported by strong individual performance or external market data or if made in connection with an executive promotion.

For fiscal 2024, NIQ did not recommend or make any changes to base salaries for our named executive officers and so the salaries in fiscal 2024 remained the same as in fiscal 2023. Those base salaries are as follows:

---

| | |
|:---|:---|
| **Named Executive Officer** | **2024 Base Salary** |
|  James M. Peck | $1000000 |
|  Michael J. Burwell | $650000 |
|  Tracey A. Massey | $1000000 |
|  Mohit Kapoor | $500000 |
|  Shaun Zitting | $465000 |

---

***Annual Incentive Plan (AIP)***

The NIQ Annual Incentive Plan ("AIP") is a cash bonus plan designed to reward our named executive officers and other employees based on the achievement of short-term financial objectives. All of our named executive officers participate in the AIP. In February of each year, the Compensation Committee reviews NIQ's prior-year performance and current-year goals, and it sets the performance metrics and targets and payout tables for the then-current performance year. Following the conclusion of the year, the Compensation Committee assesses NIQ's performance against the approved performance metrics to determine the funding of the AIP pool for the performance year. Funding of the pool is formulaic based on the payout tables approved by the Compensation Committee at the beginning of the year for each AIP performance metric.

*2024 AIP Metrics and Targets* 

For the 2024 performance year (which runs currently with fiscal 2024), the Compensation Committee selected the following financial performance metrics and weightings for the funding of the AIP pool: Adjusted EBITDA (weighted at 40%), revenue (weighted at 40%), and Free Cash Flow (weighted at 20%), representing a balance of top- and bottom-line performance in alignment with NIQ's short-term objectives. The funding of the AIP pool increases or decreases for achievement above or below the target performance level on a linear basis, from a

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minimum threshold funding of 0% to a maximum funding level of 200%. The ranges of threshold to maximum achievement levels in 2024 were 95% to 105% of target performance for the Adjusted EBITDA and Free Cash Flow metrics, and 94% to 106% of target performance for the revenue metric.

Adjusted EBITDA and Free Cash Flow are measures that are not calculated or presented in accordance with GAAP. For a discussion of Adjusted EBITDA and Free Cash Flow and a reconciliation to the closest applicable GAAP measure, please refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations--Non-GAAP Measures." In the case of Free Cash Flow, in addition to the adjustments described in that section, the Compensation Committee makes further adjustments when determining AIP pool funding, specifically to add back interest expense, net, and income tax expense from continuing operations.

Each executive officer has been assigned a target AIP opportunity based on the Compensation Committee's evaluation of the executive's duties and responsibilities and taking into account the external market data for each role. Similar to base salaries, the Compensation Committee reviews the AIP target amounts for all named executive officers annually based on market and peer data and input from Meridian.

For fiscal 2024, NIQ did not recommend or make any changes to AIP targets for our named executive officers and so the targets for fiscal 2024 remained the same as in fiscal 2023. Those targets are as follows:

---

| | | |
|:---|:---|:---|
| **Named Executive Officer** | **2024<br>Target AIP<br>Opportunity**<br>**(% of Salary)** | **2024<br>Target AIP<br>Opportunity ($)** |
|  James M. Peck | 150% | $1500000 |
|  Michael J. Burwell | 100% | $650000 |
|  Tracey A. Massey | 82.3% | $823000 |
|  Mohit Kapoor | 100% | $500000 |
|  Shaun Zitting | 100% | $465000 |

---

*2024 AIP Performance and Payouts* 

Following the end of each performance year, the Compensation Committee will review final company performance results against the approved metrics and targets in order to determine the AIP pool funding. For the 2024 performance year, the Compensation Committee approved select adjustments to the financial targets and associated threshold/maximum goals in connection with NIQ's decision to cease operations in Russia and to account for updated foreign exchange rates in fiscal 2024. Provided in the table below are the metrics, weightings, targets, actual performance, and resulting pool funding, as determined by the Compensation Committee, for the fiscal 2024 AIP.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Metric** | **Weighting** | **Threshold**<br>*(0% Payout)* | **Target**<br>*(100%<br>Payout)* | **Max**<br>*(200%<br>Payout)* | **2024 Actual<br>Performance** | **2024 Pool<br>Funding** |
|  Adjusted EBITDA ($M) | 40% | $712 | $749 | $787 | $745 | $41.1 |
|  Revenue ($M) | 40% | $3691 | $3927 | $4162 | $3987 | $57.2 |
|  Free Cash Flow ($M) | 20% | $234 | $247 | $259 | $265 | $45.5 |
|  |  |  |  |  | **Total ($M)** | $143.7 |

---

After determining the AIP pool funding for each performance year, the Compensation Committee will review the individual performance of each named executive officer and approve their individual AIP payouts. To assess performance, the Compensation Committee will review our named executive officers' achievements against their individual performance objectives. The CEO may also provide perspective to the Compensation Committee about business or individual performance for the year, but the CEO has no role in the Compensation Committee's determination of his own compensation.

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Based on the final 2024 AIP funding, the Compensation Committee approved the following AIP payouts for our named executive officers:

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| | | | |
|:---|:---|:---|:---|
| **Named Executive Officer** | **2024 AIP<br>Funding (%)** | **Individual<br>Performance (%)** | **2024 AIP<br>Payout ($)** |
|  James M. Peck | 126 | 100 | $1890000 |
|  Michael J. Burwell | 126 | 100 | $819000 |
|  Tracey A. Massey | 126 | 100 | $1036980 |
|  Mohit Kapoor | 126 | 100 | $630000 |
|  Shaun Zitting | 126 | 100 | $585900 |

---

***Long-Term Incentive Awards***

Long-term incentive awards have been granted to our named executive officers under our 2021 Equity Incentive Plan and the 2021 Equity Incentive Plan of AI PAVE (Luxembourg) Management & Cy SCSp in the form of profits interests, which allow participants to share in increases in the equity value of AI PAVE DUTCHCO I B.V.

Our practice has been to grant larger upfront awards with vesting conditions that extend over multiple years, typically three to five years. These awards are intended to attract and retain key employees, including our named executive officers, through a liquidity event. Equity awards are granted with a combination of time- and performance-based vesting, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Time-based vesting*: 3/7 of each long-term incentive award is subject to time-based vesting, as summarized
below, based on the participant's continued service with the company through the applicable vesting date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For awards granted before August 2022, the time-vesting portion vests in equal quarterly installments over a
five-year period from the vesting commencement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For awards granted during or after August 2022, 25% of the time-vesting portion vests on the first anniversary of
the vesting commencement date, and the remaining 75% vests in equal quarterly installments over an additional three years, for a total vesting period of four years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The portion of each award subject to time-based vesting will vest in full upon a change of control, subject to
the participant's continued service with the company through the change of control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Performance-based vesting*: 4/7 of each long-term incentive award is subject to performance-based vesting,
with this portion eligible to vest in connection with a change of control or another liquidity event based on Advent's return on its aggregate invested capital (or "MOIC") as detailed below, subject to the participant's continued
service with the company through the applicable vesting date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 25% of the performance-vesting portion of awards will vest upon a MOIC of at least 2.0x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An additional 25% of the performance-vesting portion of awards will vest upon a MOIC of at least 2.5x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An additional 25% of the performance-vesting portion of awards will vest upon a MOIC of at least 3.0x; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An additional 25% of the performance-vesting portion of awards will vest upon a MOIC of at least 4.0x.

Participants can vest pro rata in the event of an MOIC in between the hurdles described above.

Mr. Peck's long-term incentive awards are in the form of Class B Shares of AI PAVE DUTCHCO I B.V. The long-term incentive awards held by Mr. Burwell, Ms. Massey, Mr. Kapoor and Ms. Zitting are based on Class C Shares of AI PAVE DUTCHCO I B.V. that were granted to a management aggregator, AI PAVE (Luxembourg) Management & Cy SCSp, which, in turn, granted incentive units to each of the executives.

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*Treatment of Long-Term Incentive Awards in Connection with this Offering* 

In connection with this offering: (i) the vested portion of our named executive officers' long-term incentive awards is expected to convert into unrestricted ordinary shares of the public company; (ii) other than for Mr. Peck, the unvested portion of long-term incentive awards with time-based vesting is expected to convert into restricted ordinary shares of the public company that is eligible to continue to vest on the original time-based vesting schedule; and (iii) other than for Mr. Peck, the portion of long-term incentive awards with performance-based vesting that has not vested based on Advent's MOIC through the consummation of the transactions contemplated by this offering is expected to convert into restricted ordinary shares of the public company subject to time-based vesting, with such public company shares eligible to vest based on the remaining time-based vesting schedule that would have applied had such shares been granted as time-based incentive units. However, if the then-remaining time-vesting term of the former performance-based incentive awards is less than two years, the shares of restricted ordinary shares will vest in two equal annual installments on the first and second anniversaries of the consummation of this offering. Mr. Peck's long-term incentive awards that are subject to time-based vesting will vest in full in connection with this offering, and his performance-based vesting awards will convert into restricted ordinary shares of the public company that continues to be eligible to vest based on the returns to Advent described above.

***Executive Benefits and Perquisites***

We offer limited perquisites and executive benefits to our named executive officers, including financial planning services and a medical benefit covering an annual executive physical. While we do not consider these perquisites to be a significant component of our compensation program, we believe the modest costs associated with these perquisites and benefits aid in executive retention and are aligned with market practices.

***Deferred Compensation and Other Retirement Benefits***

In addition to sponsoring a 401(k) plan for our U.S.-based employees, NIQ also offers the NielsenIQ Deferred Compensation Plan (the "NIQ DCP"). The NIQ DCP offers eligible U.S. employees, including our named executive officers, an opportunity to defer additional compensation beyond the IRS 401(k) limits to help them manage income tax exposure, add to retirement savings, and to save for any short-term needs. Participants may make pre-tax deferral elections under the NIQ DCP of up to 75% of their eligible base salary and up to 80% of any AIP payment earned during the plan year. There is no company match for the NIQ DCP. Of our named executive officers, only Mr. Kapoor participated in the NIQ DCP during 2024.

***Executive Severance Policy***

Mr. Peck is entitled to receive severance benefits upon qualifying terminations of his employment pursuant to the terms of his employment agreement and the company's Severance Policy for United States-Based Senior Executives (the "Legacy U.S. Executive Severance Policy"). Messrs. Kapoor and Burwell and Mses. Massey and Zitting are entitled to receive severance benefits upon qualifying terminations of their employment pursuant to the Legacy U.S. Executive Severance Policy. See "—Potential Payments Upon Termination or Change in Control" for information regarding such benefits.

***Employment Agreement with James Peck***

In February 2025, we entered into an employment agreement with Mr. Peck providing for his continued employment as CEO, which supersedes Mr. Peck's prior employment agreement with us. Pursuant to this agreement, Mr. Peck is entitled to receive a base salary of $1,000,000 per year and an annual bonus with a target of 175% of base salary and a maximum bonus of 350% of base salary.

If Mr. Peck's employment is terminated by NIQ without Cause (as defined in his employment agreement) or by Mr. Peck for Good Reason (as defined in his employment agreement), Mr. Peck would be entitled to continued

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payment of his then-current base salary for 18 months following his employment termination date. In addition, Mr. Peck would be entitled to receive any severance benefits he would be eligible to receive pursuant to the Legacy U.S. Executive Severance Policy (as further described below), except to the extent such benefits are duplicative of benefits otherwise provided to him under his employment agreement. On any termination of his employment for any reason, Mr. Peck is also entitled to receive any annual bonus or other bonus earned but unpaid as of his employment termination date.

***Offer Letter with Michael Burwell***

In November 2022, we entered into an offer letter agreement with Mr. Burwell providing for his employment as our Chief Financial Officer. Pursuant to his offer letter, Mr. Burwell is entitled to receive a base salary of $650,000 per year and an annual bonus with a target of $650,000 and a maximum bonus of 200% of his target award. Additionally, Mr. Burwell's offer letter provides that he will be recommended for an equity incentive award grant, which award was granted to Mr. Burwell in the form of incentive units of AI PAVE (Luxembourg) Management & Cy SCSp. Mr. Burwell's offer letter also entitles him to (i) a cash signing bonus of $250,000, which was paid to him following his start date, and (ii) a cash bonus of $600,000 that will be payable following a successful initial public offering, subject to Mr. Burwell's continued employment. Mr. Burwell is eligible to participate in the company's broad-based benefit programs for U.S. employees and in all benefits currently offered to our senior management team. Mr. Burwell is also entitled to reimbursement of financial planning and tax preparation services up to $15,000 per year.

***Offer Letter with Tracey Massey***

In March 2022, we entered into an offer letter agreement with Ms. Massey providing for her employment as our Chief Operating Officer. Pursuant to her offer letter, Ms. Massey is entitled to receive a base salary of $1,000,000 per year and an annual bonus with a target of $823,000 and a maximum bonus of 200% of her target award. Additionally, Ms. Massey's offer letter provides that she will be recommended for an equity incentive award grant, which award was granted to Ms. Massey in the form of incentive units of AI PAVE (Luxembourg) Management & Cy SCSp. Ms. Massey's offer letter also entitles her to a cash signing bonus of $4,000,000, one half of which was paid to her in three installments following her start date. The remaining half of Ms. Massey's signing bonus was paid to her in cash of March 2023 and, under the terms of her offer letter, Ms. Massey would reinvest the after-tax portion of such amount in equity of the company upon the commencement of our next co-investment offering window (which has not yet occurred). Ms. Massey's signing bonus was subject to clawback had Ms. Massey resigned her employment without Good Reason or had her employment been terminated for Cause (as each term is defined in the Legacy U.S. Executive Severance Policy), in either case, prior to the second anniversary of her start date. Ms. Massey is eligible to participate in the company's broad-based benefit programs for U.S. employees and in all benefits currently offered to our senior management team. Ms. Massey is also entitled to reimbursement of financial planning and tax preparation services up to $15,000 per year.

***Employment Agreement with Mohit Kapoor***

In October 2020, we entered into an employment agreement with Mr. Kapoor providing for his employment as Chief Technology Officer, which agreement was amended and restated effective February 11, 2025. Pursuant to this agreement, Mr. Kapoor is entitled to receive a base salary of $500,000 per year and an annual bonus with a target of 100% of base salary. If Mr. Kapoor's employment is terminated by NIQ without Cause (as defined in the employment agreement) or by Mr. Kapoor for Good Reason (as defined in the employment agreement), Mr. Kapoor would be entitled to receive any severance benefits he is eligible to receive pursuant to the Legacy U.S. Executive Severance Policy (as described further below).

***Offer Letter with Shaun Zitting***

In June 2021, we entered into an offer letter with Ms. Zitting providing for her employment as our Chief Human Resources Officer. Pursuant to her offer letter, Ms. Zitting is entitled to receive a base salary of $465,000 per

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year and an annual bonus with a target of 100% of her base salary and a maximum bonus of 200% of her target award. Additionally, Ms. Zitting's offer letter provides that she will be recommended for an equity incentive award grant, which award was granted to Ms. Zitting in the form of incentive units of AI PAVE (Luxembourg) Management & Cy SCSp. Ms. Zitting's offer letter also entitles her to a signing bonus of $2,700,000, of which $2,200,000 was paid to Ms. Zitting in cash in three installments following her start date and $500,000 of which was issued to her in the form of Class A Units of AI PAVE (Luxembourg) Management Co-Investment & Cy S.C.Sp with an equivalent after-tax value. Ms. Zitting is eligible to participate in the company's broad-based benefit programs for U.S. employees and in all benefits currently offered to our senior management team. Ms. Zitting is also entitled to reimbursement of financial planning and tax preparation services up to $15,000 per year.

***Tax and Accounting Considerations***

We consider the tax and accounting rules associated with various forms of compensation when designing our compensation programs. However, to maintain flexibility to compensate our executive officers and other employees in a manner designed to promote short- and long-term corporate goals and objectives, the Compensation Committee has not adopted a policy that all compensation must be deductible or have the most favorable accounting treatment to NIQ, and NIQ may have paid, and will continue to pay, compensation that is not deductible or that may not result in the most favorable accounting treatment to the company.

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**Compensation Committee Report** 

***Summary Compensation Table***

The following table provides information regarding the compensation earned by our named executive officers for fiscal 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary<br>($)<sup>(1)</sup>** | **Equity<br>Awards<br>($)<sup>(2)</sup>** | **Non-Equity<br>Incentive Plan<br>Compensation<br>($)<sup>(3)</sup>** | **All Other<br>Compensation<br>($)<sup>(4)</sup>** | **Total<br>($)** |
|  James M. Peck<br> *Chief Executive Officer* | 2024 | 1000000 | 1385621 | 1890000 | 218702 | 4494323 |
|  Michael J. Burwell<br> *Chief Financial Officer* | 2024 | 650000 |  | 819000 | 22910 | 1491910 |
|  Tracey A. Massey<br> *Chief Operating Officer* | 2024 | 1000000 |  | 1036980 | 30252 | 2067232 |
|  Mohit Kapoor<br> *Chief Technology Officer* | 2024 | 500000 |  | 630000 | 32241 | 1162241 |
|  Shaun Zitting<br> *Chief Human Resources Officer* | 2024 | 465000 |  | 585900 | 18334 | 1069234 |

---

(1) Amounts reported in this column reflect the base salaries paid to each named executive officer in fiscal 2024.

(2) Amount reported in this column reflects the grant date fair value of Class B Shares of AI PAVE DUTCHCO I
B.V granted under our 2021 Equity Incentive Plan in fiscal 2024, computed in accordance with FASB ASC, Topic 718, excluding the effect of estimated forfeitures. Refer to Note 16. "Share-Based Compensation" to our audited consolidated
financial statements for the year ended December 31, 2024 included elsewhere in this prospectus.

(3) Amounts reported in this column represent cash incentive payments to our named executive officers for fiscal
2024 under the AIP.

(4) All Other Compensation for fiscal 2024 includes:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Reimbursement<br>of Professional<br>Advisor<br>Expenses<br>($)** | **Company<br>Contributions<br>to 401(k) Plan<br>($)** | **Reimbursement<br>of Qualifying<br>Medical<br>Expenses<br>($)** | **Group<br>Term Life<br>Insurance<br>Premiums<br>($)** | **Total** |
|  James M. Peck<sup>(1)</sup> | 200000 | 8808 | 2370 | 7524 | 218702 |
|  Michael J. Burwell | 7808 | 10350 |  | 4752 | 22910 |
|  Tracey A. Massey | 15000 | 10350 |  | 4902 | 30252 |
|  Mohit Kapoor | 15000 | 10350 |  | 6891 | 32241 |
|  Shaun Zitting | 11100 | 3219 |  | 4014 | 18334 |

---

(1) The amount reported for reimbursement to Mr. Peck for professional advisor expenses in 2024 represents
four years of services (2021, 2022, 2023, 2024) because Mr. Peck had not previously submitted any expenses for reimbursement as allowed under his employment agreement.

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***Grants of Plan-Based Awards Table for Fiscal 2024***

The following table provides information regarding the non-equity incentive plan awards, payable in the form of annual cash bonuses under the AIP, for which named executive officers were eligible in fiscal 2024, and the equity awards granted in fiscal 2024 to our named executive officers.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Grant Date** | **Estimated Future Payouts<br>Under Non-Equity<br>Incentive Plan Awards<sup>(1)</sup>** | **Estimated Future Payouts<br>Under Non-Equity<br>Incentive Plan Awards<sup>(1)</sup>** | **Estimated Future Payouts<br>Under Non-Equity<br>Incentive Plan Awards<sup>(1)</sup>** | **Estimated Potential Payouts<br>Under Equity Incentive<br>Plan Awards** | **Estimated Potential Payouts<br>Under Equity Incentive<br>Plan Awards** | **Estimated Potential Payouts<br>Under Equity Incentive<br>Plan Awards** | **All Other<br>Equity Awards:<br>Number of<br>Shares of Stock<br>or Units<br>(#)** | **Grant Date<br>Fair Value<br>of Stock or<br>other Equity<br>Awards<br>($)<sup>(2)</sup>** |
| **Name** | **Grant Date** | **Threshold<br>($)** | **Target<br>($)** | **Maximum<br>($)** | **Threshold<br>(#)** | **Target<br>(#)** | **Maximum<br>(#)** | **All Other<br>Equity Awards:<br>Number of<br>Shares of Stock<br>or Units<br>(#)** | **Grant Date<br>Fair Value<br>of Stock or<br>other Equity<br>Awards<br>($)<sup>(2)</sup>** |
|  James M. Peck |  | 0 | 1500000 | 3000000 |  |  |  |  |  |
|  | 6/17/2024 |  |  |  |  | 6903 |  | 5178 | 1385621 |
|  Michael J. Burwell |  | 0 | 650000 | 1300000 |  |  |  |  |  |
|  Tracey A. Massey |  | 0 | 823000 | 1646000 |  |  |  |  |  |
|  Mohit Kapoor |  | 0 | 500000 | 1000000 |  |  |  |  |  |
|  Shaun Zitting |  | 0 | 465000 | 930000 |  |  |  |  |  |

---

(1) Represents the threshold, target, and maximum payout opportunities for each of our named executive officers for
fiscal 2024 under the AIP. The actual amount paid to each named executive officer under the AIP is reported as Non-Equity Incentive Plan Compensation in the "Summary Compensation Table for Fiscal
2024."

(2) Amount reported in this column reflects the grant date fair value of Class B Shares of AI PAVE DUTCHCO I
B.V granted under our 2021 Equity Incentive Plan in fiscal 2024, computed in accordance with FASB ASC, Topic 718, excluding the effect of estimated forfeitures. Refer to Note 16. "Share-Based Compensation" to our audited consolidated
financial statements for the year ended December 31, 2024 included elsewhere in this prospectus.

***Outstanding Equity Awards at Fiscal Year-End for Fiscal 2024***

The following table summarizes unvested equity awards held by each named executive officer as of December 31, 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Equity Awards** | **Equity Awards** | **Equity Awards** | **Equity Awards** |
| **Name** |<br>**Grant<br>Date<sup>(1)</sup>** | **Number of<br>Shares or Units<br>That Have Not<br>Vested<br>(#)** | **Market Value of<br>Shares or Units<br>that Have Not<br>Vested<br>($)<sup>(2)</sup>** | **Equity Incentive<br>Plan Awards:<br>Number of<br>Unearned Shares<br>or Units that Have<br>Not Vested<br>(#)<sup>(3)</sup>** | **Long-Term Incentive<br>Plan Awards: Market<br>or Payout Value of<br>Unearned Shares or<br>Units that Have Not<br>Vested<br>($)<sup>(2)</sup>** |
|  James M. Peck | 3/5/2021 | 14118<sup>(4)</sup> | 16786005 | 75294 | 89524566 |
|  | 6/17/2024 | 3884<sup>(5)</sup> | 2664081 | 6903 | 4735458 |
|  Michael J. Burwell | 5/23/2023 | 3409<sup>(6)</sup> | 1578367 | 8079 | 3740577 |
|  Tracey A. Massey | 6/1/2022 | 1696<sup>(7)</sup> | 1163456 | 4525 | 3104150 |
|  Mohit Kapoor | 3/5/2021 | 1614<sup>(8)</sup> | 1919046 | 8605 | 10231345 |
|  Shaun Zitting | 8/10/2021 | 494<sup>(9)</sup> | 587366 | 1882 | 2237698 |

---

(1) Reflects time- and performance-based incentive awards granted under our 2021 Equity Incentive Plan in the form
of Class B Shares of AI PAVE DUTCHCO I B.V. for Mr. Peck and in the form of incentive units of AI PAVE (Luxembourg) Management & Cy SCSp in the case of Mr. Burwell, Ms. Massey, Mr. Kapoor, and Ms. Zitting.

(2) Because we were not publicly traded during fiscal 2024, there is no ascertainable public market value for these
awards. The market value reported in this table is based upon our board's determination of the fair market value of our equity, taking into account the most recent independent valuation analysis performed prior to December 31, 2024.

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(3) All shares and units shown in this column are eligible to vest upon Advent's achievement of certain
returns on its investment, subject to the executive's continued employment with the company through the applicable vesting date.

(4) Mr. Peck's Class B Shares are eligible to vest in substantially equal quarterly installments
shares through March 5, 2026, provided that Mr. Peck remains continuously employed by the company through each vesting date. The Class B Shares will vest in full upon an initial public offering or a change of control, subject to
Mr. Peck's continued employment with the company through either such event.

(5) Mr. Peck's Class B Shares are eligible to vest in substantially equal quarterly installments
through July 10, 2028, provided that Mr. Peck remains continuously employed by the company through each vesting date. The Class B Shares will vest in full upon an initial public offering or a change of control, subject to
Mr. Peck's continued employment with the company through either such event.

(6) Mr. Burwell's incentive units are eligible to vest in substantially equal quarterly installments
through January 3, 2027, provided that Mr. Burwell remains continuously employed by the company through each vesting date.

(7) Ms. Massey's incentive units are eligible to vest in substantially equal quarterly installments
through June 1, 2027, provided that Ms. Massey remains continuously employed by the company through each vesting date.

(8) Mr. Kapoor's incentive units are eligible to vest in substantially equal quarterly installments
through March 5, 2026, provided that Mr. Kapoor remains continuously employed by the company through each vesting date.

(9) Ms. Zitting's incentive units are eligible to vest in substantially equal quarterly installments
through August 10, 2026, provided that Ms. Zitting remains continuously employed by the company through each vesting date.

***Equity Awards Vested in Fiscal 2024***

The following table summarizes for each of our named executive officers the number of shares or units that vested during fiscal 2024 and their market value on vesting.

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| | | |
|:---|:---|:---|
|  | **Equity Awards** | **Equity Awards** |
| **Name** | **Number of Shares or<br>Units Acquired on<br>Vesting<br>(#)<sup>(1)</sup>** | **Value Realized on<br>Vesting<br>($)<sup>(2)</sup>** |
|  James M. Peck | 12589 | 11579031 |
|  Michael J. Burwell | 2651 | 573077 |
|  Tracey A. Massey | 679 | 319202 |
|  Mohit Kapoor | 1290 | 1255026 |
|  Shaun Zitting | 283 | 275431 |

---

(1) Amounts reported in this column represent the number of shares or units held by each named executive officer
that vested during fiscal 2024. These shares and units remain subject to transfer restrictions pursuant to the terms of our 2021 Equity Incentive Plan and the award agreements and other agreements under which they were issued.

(2) Because we were not publicly traded during fiscal 2024, there is no ascertainable public market value for these
awards. The market value reported in this table is based upon our board's determination of the fair market value of our equity as of each vesting date, taking into account the most recent independent valuation analysis performed prior to such
vesting date.

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***Nonqualified Deferred Compensation for Fiscal 2024***

The following table provides information regarding compensation that has been deferred by our named executive officers pursuant to the terms of the NIQ DCP.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Executive<br>Contributions<br>in Fiscal 2024<br>($)** | **Aggregate<br>Earnings in<br>Fiscal 2024<br>($)** | **Aggregate<br>Balance at<br>2024 Fiscal<br>Year End<br>($)** |
|  James M. Peck |  |  |  |
|  Michael J. Burwell |  |  |  |
|  Tracey A. Massey |  |  |  |
|  Mohit Kapoor | 86346 | 24971 | 225175 |
|  Shaun Zitting |  |  |  |

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***Potential Payments Upon Termination or Change in Control***

Provided below are the amounts that would have been payable to each of our named executive officers, assuming that each executive's employment had terminated or a change in control of NIQ had occurred on the last day of fiscal 2024.

*U.S. Severance Policy* 

Under the Legacy U.S. Executive Severance Policy, in the event of a Qualifying Termination (defined as a termination of the executive's employment without Cause or the executive's resignation for Good Reason) a participant will be eligible to receive the following, subject to the executive's execution of an effective release of claims, return of all property of NIQ and its affiliates and continued compliance with the executive's non-disparagement, non-competition, non-solicitation, non-hire and non-disclosure obligations to NIQ and its affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An amount equal to the participant's base salary plus the average of the participant's annual bonus
earned under the annual incentive plan for the three fiscal years preceding the date of termination, which amount shall be paid in substantially equal installments over a 12-month period following the date of
termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A pro rata annual bonus for the fiscal year in which the date of the participant's Qualifying Termination
occurs based on NIQ's actual performance for such fiscal year and pro-rated based on the number of days the participant was employed by a member of the Company Group (as defined in the Legacy U.S.
Executive Severance Policy) during the applicable fiscal year (the "Pro Rata Bonus"). The Pro Rata Bonus, if any, will be paid in cash in a single lump-sum on the date on which annual bonuses for the
applicable fiscal year are paid to other similarly situated executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the participant was enrolled in the Company's Group medical, dental or vision plans as of the Qualifying
Termination and the participant timely elects and makes payments for COBRA Continuation Coverage, the participant's cost to continue medical, dental or vision coverage under COBRA, as applicable, for the participant and the participant's
qualified dependents will be equal to the cost of an active employee's premium contributions to participate in the applicable plans until the earliest of (a) the end of the base salary continuation period, (b) the date upon which
COBRA continuation coverage otherwise terminates (including, without limitation, when the participant becomes eligible to participate in any other group health plan), and (c) the date on which the participant ceases to be eligible for COBRA
continuation coverage for any reason, after which point, should the participant continue to receive COBRA continuation coverage, the Participant's cost to continue participating the applicable plan(s) will be the full COBRA premium cost for
such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The participant will be eligible for outplacement support services for one year following the Qualifying
Termination date.

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Unless the executive's employment is terminated by the company for Cause or the executive resigns without Good Reason (in each case, as defined in the Legacy U.S. Executive Severance Policy), the executive will also be entitled to receive any earned, but unpaid annual bonus for any fiscal year preceding the fiscal year of the date of the participant's termination of employment (the "Prior Year Bonus"). The Prior Year Bonus, if any, will be paid in cash in a single lump-sum on the date on which annual bonuses for the applicable fiscal year are paid to other similarly situated executives.

On a termination of his employment without Cause or his resignation for Good Reason, Mr. Peck is entitled to each of the severance benefits described above, except that, in lieu of the 12 months of base salary continuation described above, Mr. Peck is entitled to 18 months of base salary continuation. In addition, Mr. Peck is entitled to the Prior Year Bonus in the event his employment terminates for any reason. Mr. Peck's severance is also subject to his execution of an effective release of claims, return of all property of NIQ and its affiliates, and continued compliance with his restrictive covenants, which include intellectual property assignment, non-disparagement, non-competition, non-solicitation, non-hire and non-disclosure obligations to NIQ and its affiliates.

None of our named executive officers are entitled to enhanced severance in the event of a termination of their employment in connection with a change of control.

*Long-Term Incentive Awards* 

If Mr. Peck's employment is terminated by the company without Cause or he resigns for Good Reason, any unvested performance-vesting Class B Shares of AI PAVE DUTCHCO I B.V. that he holds will remain outstanding and eligible to performance vest for two years following his employment termination date. In addition, if Mr. Peck's employment terminates due to his death or disability, any unvested performance-vesting Class B Shares that he holds will remain outstanding and eligible to performance vest.

In the event any other named executive officer's employment terminates for any reason other than in connection with a change of control, the unvested portion of our named executive officer's long-term incentive award will be forfeited automatically for no consideration upon the executive's employment termination.

Upon a change of control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The time-vesting portion of each long-term incentive award will vest in full upon the consummation of the change
in control, subject to the participant's continued service through the date of the change of control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The performance-vesting portion of each long-term incentive award will be eligible to vest upon the change of
control, if and to the extent that the applicable performance goals are achieved in connection with the change of control. For additional information on such arrangements, see "Elements of Compensation—Long-Term Incentive Awards"
above.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Benefit** | **Termination Without Cause<br>or Good Reason<br>($)** | **Change in Control<br>($) <sup>(1)</sup>** |
|  James M. Peck | Cash | 4270000 |  |
|  | Equity Acceleration |  | 94647551 |
|  | All Other Payments or Benefits | 11588 |  |
|  | Total | 4281588 | 94647551 |
|  Michael J. Burwell | Cash | 2119000 |  |
|  | Equity Acceleration |  | 4562402 |
|  | All Other Payments or Benefits | 11591 |  |
|  | Total | 2130591 | 4562402 |
|  Tracey A. Massey | Cash | 2794140 |  |
|  | Equity Acceleration |  | 3639916 |
|  | All Other Payments or Benefits | 10492 |  |
|  | Total | 2804632 | 3639916 |
|  Mohit Kapoor | Cash | 1550091 |  |
|  | Equity Acceleration |  | 10081531 |
|  | All Other Payments or Benefits | 17883 |  |
|  | Total | 1567974 | 10081531 |
|  Shaun Zitting | Cash | 1458550 |  |
|  | Equity Acceleration |  | 2372055 |
|  | All Other Payments or Benefits | 2 |  |
|  | Total | 1458552 | 2372055 |

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(1) Amounts reported in this column represent the value of certain unvested shares or unvested units held by each
named executive officer that would have been expected to vest had a change of control occurred on the last day of fiscal 2024. Because we were not publicly traded during fiscal 2024, there is no ascertainable public market value for these awards.
The market value reported in this table is based upon our board's determination of the fair market value of our equity as of the vesting date, taking into account the most recent independent valuation analysis performed prior to such date.

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**Director Compensation** 

Prior to November 2024, each non-employee director not designated or employed by Advent or KKR was eligible to receive an annual cash retainer of $75,000, paid on a quarterly basis. In addition, the Chair of our Audit Committee was eligible to receive an incremental annual cash retainer of $20,000. The Chair of our Compensation Committee has not been eligible to receive any compensation for services on the Board or Compensation Committee.

In September 2024, the Board approved a new compensation program for non-employee directors other than directors designated or employed by Advent or KKR, which became effective on November 20, 2024. The approved compensation program provides for annual cash retainers for service on the Board and its committees, as follows:

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| | | |
|:---|:---|:---|
|  | **Board or<br>Committee<br>Member** | **Board or<br>Committee<br>Chair<sup>(1)</sup>** |
|  Annual Cash Retainer for Service on Board | $90000 |  |
|  Additional Annual Cash Retainer for Service on Audit Committee | $15000 | $30000 |
|  Additional Annual Cash Retainer for Service on Compensation Committee | $10000 | $25000 |
|  Additional Annual Cash Retainer for Service on Nominating and Governance Committee<sup>(2)</sup> |  |  |

---

(1) Cash retainer for service as a Committee Chair is in lieu of (and not incremental to) the cash retainer for
service as a Committee member.

(2) Nominating and Governance Committee was not established at the time that the director compensation program was
approved in September 2024.

In addition to cash compensation, we provide equity-based awards to each non-employee director other than directors designated or employed by Advent or KKR. Similar to the grants to our named executive officers, these awards are typically provided in a one-time grant when the director begins service with us. These awards have been granted to our directors under the 2021 Equity Incentive Plan of AI PAVE (Luxembourg) Management & Cy SCSp and the 2021 Cash-Settled Equity Incentive Plan of AI PAVE DUTCHCO I B.V. The awards held by Mr. Lachman, Ms. Simonelli, Ms. Harris Mason, Mr. Rawlinson and Ms. Lempres are based on Class C Shares of AI PAVE DUTCHCO I B.V. that were granted to a management aggregator, AI PAVE (Luxembourg) Management & Cy SCSp, which, in turn, granted incentive units to each director. Mr. Klein-Bölting's award was granted in the form of phantom units that track a notional equity interest in Class C Shares of AI PAVE DUTCHCO I B.V.

The awards are generally subject to the same time- and performance-based vesting conditions as described above for the awards made to our named executive officers other than Mr. Peck. For additional information on the structure of these awards and their treatment in connection with this offering, see "Elements of Compensation—Long-Term Incentive Awards" above.

In connection with this offering: (i) the vested portion of our directors' long-term incentive awards (other than the phantom awards) are expected to convert into unrestricted ordinary shares of the public company (or in the case of the phantom units to track a notional interest in such stock); (ii) the unvested portion of awards with time-based vesting is expected to convert into restricted ordinary shares of the public company (or in the case of the phantom awards to track a notional interest in such stock) that is eligible to continue to vest on the original time-based vesting schedule; and (iv) the portion of awards with performance-based vesting that has not vested based on Advent's MOIC through the consummation of the transactions contemplated by this offering is expected to convert into restricted ordinary shares of the public company subject to time-based vesting, with such public company shares eligible to vest based on the remaining time-based vesting schedule that would have

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applied had such shares been granted as time-based incentive units (or in the case of the phantom awards to track a notional interest in such stock). However, if the then-remaining time-vesting term of the former performance-based incentive awards is less than two years, the shares of restricted ordinary shares will vest in two equal annual instalments on the first and second anniversaries of the consummation of this offering.

The following table shows information regarding the compensation earned by our independent directors during fiscal 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned or<br>Paid in Cash<br>($)** | **Stock Awards<br>($)<sup>(1)</sup>** | **All Other<br>Compensation<br>($)<sup>(1)</sup>** | **Total<br>($)** |
|  Todd Lachman | 75000 |  | 25376 | 100376 |
|  Charlotte Simonelli | 95000 |  | 10929 | 105929 |
|  Racquel Harris Mason | 75000 |  | 32281 | 107281 |
|  David Rawlinson | 80000 |  | 6975 | 86975 |
|  Ralf Klein-Bölting<sup>(3)</sup> | 56250 |  | 10587 | 66837 |
|  Elizabeth Lempres |  | 36210 |  | 36210 |
|  Christopher Egan |  |  |  |  |
|  Gabriela Weiss |  |  |  |  |
|  Julien Lo |  |  |  |  |
|  Christopher Pike |  |  |  |  |
|  Samuel Allen Hamood |  |  |  |  |

---

(1) Amounts reported in this column reflect the grant date fair value of incentive units issued by AI PAVE
(Luxembourg) Management & Cy SCSp to Ms. Lempres in fiscal 2024, each computed in accordance with FASB ASC, Topic 718, excluding the effect of estimated forfeitures. As of December 31, 2024, our independent director held the
following number of incentive units or phantom shares: Mr. Lachman (753 incentive units), Ms. Simonelli (753 incentive units), Ms. Harris Mason (753 incentive units), Mr. Rawlinson (1,882 incentive units), Mr. Klein-Bölting (409 phantom shares), and Ms. Lempres (564 incentive units).

(2) Amounts reported under "All Other Compensation" reflect reimbursements for necessary travel expenses
in connection with Board duties.

(3) Fees paid to Mr. Klein-Bölting represent payments made in fiscal 2024 with respect to his service in the
first three quarters of 2024. Payment with respect to Mr. Klein-Bölting's service in the fourth quarter of 2024 was paid in fiscal 2025 and is excluded from this table.

**2025 Equity Incentive Plan** 

In connection with this offering, our Board of Directors intends to adopt the NIQ Global Intelligence plc 2025 Equity Incentive Plan (the "2025 Plan"), and, in connection with and following this offering, all equity-based awards will be granted under our 2025 Plan. The following summary describes what we expect to be the material terms of our 2025 Plan. This summary is not a complete description of all provisions of our 2025 Plan and is qualified in its entirety by reference to our 2025 Plan, which will be filed as an exhibit to the registration statement of which this prospectus is a part.

***Administration***

Our 2025 Plan will be administered by our compensation committee, which will have the discretionary authority to administer and interpret our 2025 Plan and any awards granted under it; determine eligibility for and grant awards; determine any exercise price, base value from which appreciation is measured or purchase price of any award; determine, modify, accelerate or waive the terms and conditions of any award; determine the form of settlement of awards; prescribe forms, rules and procedures relating to our 2025 Plan and awards granted under

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it; and otherwise do all things necessary or desirable to carry out the purposes of our 2025 Plan or any award. Our Board of Directors may at any time act in the capacity of the administrator of our 2025 Plan (including with respect to such matters that are not delegated to our compensation committee). Our compensation committee (or our Board of Directors) may delegate such of its duties, powers and responsibilities as it may determine to one or more of its members (or one or more other members of our Board of Directors) and, to the extent permitted by law, our officers, and may delegate to employees and other persons such ministerial tasks as it deems appropriate. As used in this summary, the term "Administrator" refers to our compensation committee, our Board of Directors or any authorized delegate, as applicable. Determinations of the Administrator made with respect to our 2025 Plan or any award under our 2025 Plan will be conclusive and will bind all persons.

***Eligibility***

Our employees, directors and consultants selected by the Administrator are eligible to participate in our 2025 Plan. Eligibility for share options intended to be incentive share options, or ISOs, is limited to our employees or employees of certain affiliates. Eligibility for share options, other than ISOs, and share appreciation rights, or SARs, is limited to individuals who are providing direct services to us or certain affiliates on the date of grant of the award.

***Authorized Shares***

Subject to adjustment as described below, the maximum number of ordinary shares that may be delivered in satisfaction of awards under our 2025 Plan is 31,490,372 ordinary shares. Up to the total number of shares from the share pool may be delivered in satisfaction of ISOs. In addition, shares that have been issued pursuant to the 2021 Equity Incentive Plan of AI PAVE (Luxembourg) Management & Cy SCSp will be subject to the terms of our 2025 Plan following this offering. Such shares subject to awards granted under the 2021 Equity Incentive Plan of AI PAVE (Luxembourg) Management & Cy SCSp will not be counted against the 2025 Plan's share reserve.

Shares that may be delivered under our 2025 Plan may be authorized but unissued ordinary shares, or treasury shares which were previously issued ordinary shares acquired by us. No fractional shares will be delivered under our 2025 Plan.

***Types of Awards***

Our 2025 Plan provides for the grant of share options, SARs, restricted and unrestricted shares and share units, performance awards and other awards that are convertible into or otherwise based on our ordinary shares. Dividend equivalents may also be provided in connection with awards under our 2025 Plan (excluding with respect to share options and SARs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Share options and SARs.* The Administrator may grant share options, including ISOs, and SARs. A share
option is a right entitling the holder to acquire our ordinary shares upon payment of the applicable exercise price. A SAR is a right entitling the holder upon exercise to receive an amount (payable in cash or shares of equivalent value) equal to
the excess of the fair market value of the shares subject to the right over the base value from which appreciation is measured. The exercise price per share of each share option, and the base value of each SAR, granted under our 2025 Plan will be no
less than 100% of the fair market value of a share on the date of grant (110% in the case of certain ISOs). Other than in connection with certain corporate transactions or changes to our capital structure, share options and SARs granted under our
2025 Plan may not be repriced, amended or substituted for with new share options or SARs having a lower exercise price or base value, nor may any consideration be paid upon the cancellation of any share options or SARs that have a per share exercise
or base price greater than the fair market value of a share on the date of such cancellation, in each case, without shareholder approval. Each share option and SAR will have a maximum term of not more than ten years from the date of grant (or five
years, in the case of certain ISOs).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Restricted and unrestricted shares and stock units.* The Administrator may grant awards of shares, share
units, restricted shares and restricted stock units. A share unit is an unfunded and unsecured promise, denominated in shares, to deliver shares or cash measured by the value of shares in the future, and a restricted stock unit is a stock unit that
is subject to the satisfaction of specified performance or other vesting conditions. A restricted share is a share subject to restrictions requiring that it be forfeited, redelivered or offered for sale to us if specified performance or other
vesting conditions are not satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Performance awards.* The Administrator may grant performance awards, which are awards subject to the
achievement of performance criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Other share-based awards.* The Administrator may grant other awards that are convertible into or otherwise
based on our ordinary shares, subject to such terms and conditions as it determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Substitute awards.* The Administrator may grant substitute awards in connection with certain corporate
transactions, which may have terms and conditions that are inconsistent with the terms and conditions of our 2025 Plan.

***Vesting; Terms of Awards***

The Administrator determines the terms and conditions of all awards granted under our 2025 Plan, including the time or times an award vests or becomes exercisable, the terms and conditions on which an award remains exercisable and the effect of a participant's termination of employment or service on an award. The Administrator may at any time accelerate the vesting or exercisability of an award. No term of an award will provide for automatic "reload" grants of additional awards upon the exercise of a share option or SAR.

***Transferability of Awards***

Except as the Administrator may otherwise determine, awards may not be transferred other than by will or by the laws of descent and distribution.

***Effect of Certain Transactions***

In the event of certain covered transactions (including a consolidation, merger or similar transaction, the acquisition of all or substantially all of our outstanding ordinary shares by a single person or entity or a group acting in concert, the sale of all or substantially all of our assets, our dissolution or liquidation or such other corporate transaction as is determined by the Administrator), the Administrator may, with respect to outstanding awards, provide for (in each case, on such terms and subject to such conditions as it deems appropriate):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The assumption, substitution or continuation of some or all awards (or any portion thereof) by the acquiror or
surviving entity or one of their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The acceleration of exercisability or delivery of shares in respect of any award, in full or in part; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A cash payment in respect of some or all awards (or any portion thereof) equal to the difference between the fair
market value of the shares subject to the award and its exercise or base price, if any.

Except as the Administrator may otherwise determine, each award will automatically terminate or be forfeited immediately upon the consummation of the covered transaction, other than awards that are substituted for, assumed or that continue following the covered transaction.

***Adjustment Provisions***

In the event of certain corporate transactions, including a share dividend, extraordinary cash dividend, share split or combination of shares (including a reverse share split), recapitalization or other change in our capital structure

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that constitutes an equity restructuring under certain accounting rules, the Administrator will make appropriate adjustments to the maximum number of shares that may be delivered under our 2025 Plan and the number and kind of securities subject to, and, if applicable, the exercise or purchase prices (or base values) of, outstanding awards and any other provisions affected by such event.

***Clawback***

The Administrator may provide that any outstanding award, the proceeds of any award or shares acquired under any award and any other amounts received in respect of any award or shares acquired under any award will be subject to forfeiture and disgorgement to us, with interest and other related earnings, if the participant to whom the award was granted is not in compliance with any provision of our 2025 Plan or any award or any non-competition, non-solicitation, no-hire, non-disparagement, confidentiality, invention assignment or other restrictive covenant, or any company policy that relates to our ordinary shares, including any limitations on hedging or pledging, or that provides for forfeiture, disgorgement, or clawback with respect to incentive compensation, including any awards under our 2025 Plan, or as otherwise required by law or applicable stock exchange listing standards.

***Amendments and Termination***

The Administrator may at any time amend our 2025 Plan or any outstanding award and may at any time terminate our 2025 Plan as to future grants. However, except as expressly provided in our 2025 Plan or in an award, the Administrator may not alter the terms of an award so as to materially and adversely affect a participant's rights under the award without the participant's consent (unless the Administrator expressly reserved the right to do so in our 2025 Plan or at the time the award was granted). Any amendments to our 2025 Plan will be conditioned on shareholder approval to the extent required by applicable law or stock exchange requirements.

***Certain Outstanding Awards***

Following the Reorganization, existing equity incentive awards will, in accordance with their terms, be exchanged for awards issued by NIQ Global Intelligence plc under the NIQ Global Intelligence plc 2025 Equity Incentive Plan. Assuming an initial public offering price of $22.00 per share, the midpoint of the price range set forth on the cover page of this prospectus, these include: (i) 7,191,217 shares underlying awards that will be fully vested following this offering; (ii) 10,544,870 restricted shares that are subject to vesting conditions; (iii) 641,671 shares underlying restricted stock units that are subject to vesting conditions; and (iv) 1,565,599 shares underlying "phantom" awards that are subject to vesting conditions and may be settled in either cash or shares at the Company's election. Please refer to "—Elements of Compensation—Long-Term Incentive Equity Awards" and "Director Compensation" for additional information regarding our incentive equity and equity-based awards.

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**Certain Relationships and Related Party Transactions** 

*The agreements described in this section, or forms of such agreements as they will be in effect at the time of this offering, are filed as exhibits to the registration statement of which this prospectus forms a part, and the following descriptions are qualified by reference thereto.* 

**Shareholders' Agreement** 

In connection with this offering, we intend to enter into a shareholders' agreement with certain equityholders of AI PAVE Dutchco I B.V. as of immediately following the Reorganization, including our Principal Shareholders. Pursuant to the shareholders' agreement, we will be required to take all necessary action to cause the Board of Directors and its committees to include one director candidate designated by each of KKR and NIM in the slate of director nominees recommended by the Board of Directors for election by our shareholders, so long as KKR and NIM continue to hold at least 50% of our ordinary shares held by such shareholder as of immediately prior to this offering. Further, pursuant to the shareholders' agreement, NIM may appoint one non-voting board observer to our Board of Directors, so long as NIM continues to hold at least 50% of our ordinary shares held by NIM as of immediately prior to this offering.

The shareholders' agreement will also provide that KKR and NIM will have consent rights in connection with certain corporate transactions. Until July 10, 2026, and as long as NIM and KKR each hold at least 50% of the equity held by such holder as of immediately prior to the consummation of this offering, NIM and KKR consent are required for closure of the GfK campus in Nuremburg, cessation or reduction of the GfK brand name, or a sale of the Company's market intelligence or consumer panel business. As long as NIM and/or KKR each hold at least 50% of the equity held by such holder as of immediately prior to the consummation of this offering, NIM's and/or KKR's consent, respectively, is required for: (i) non-pro rata distributions, dividends or redemptions of ordinary shares by us; (ii) agreements between us and Advent, other than agreements negotiated on an arm's length basis or consulting, advisory or similar service agreements that are consistent with our past practice; (iii) any amendment to the shareholders' agreement or the our Articles of Association that disproportionately and adversely affect the rights of NIM or KKR or disproportionately increase the obligations of NIM or KKR, as compared to Advent; and (iv) reorganizations, restructurings, recapitalizations or other similar changes to our corporate structure that disproportionately and adversely affect the rights of NIM or KKR, or disproportionately increase the obligations of NIM or KKR, as compared to Advent.

The shareholders' agreement will provide that we 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 our officers, directors or shareholders or their respective affiliates. The shareholders' agreement will provide that none of Advent, KKR, NIM or any of their 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 or her 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, in the event that Advent, KKR, NIM or any non-employee director acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself or himself or its or his affiliates or for us or our affiliates, such 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. No business opportunity will be deemed to be a potential corporate opportunity for us unless we would be permitted, to undertake the opportunity under the shareholders' agreement, we have sufficient financial resources to undertake the opportunity and the opportunity would be in line with our business.

**Registration Rights Agreements** 

On March 5, 2021, AI PAVE Dutchco I B.V. entered into Registration Rights Agreement with the Advent Shareholder, our Chief Executive Officer, James Peck, and PAVentures I, LLC, an entity controlled by our Chief

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Executive Officer (the "2021 Registration Rights Agreement"). On July 10, 2023, AI PAVE Dutchco I B.V. entered into a Registration Rights Agreement with NIM and entities affiliated with KKR (the "2023 Registration Rights Agreement," and together with the 2021 Registration Rights Agreement, the "Registration Rights Agreements"). The Registration Rights Agreements provide the shareholders party thereto certain registration rights as described below.

*Demand Registration Rights* 

At any time after the completion of this offering, our Principal Shareholders and entities controlled by our Chief Executive Officer will have the right to demand that we file registration statements. These registration rights are subject to specified conditions and limitations, including the right of the underwriters, if any, to limit the number of shares included in any such registration under specified circumstances. Upon such a request, we will be required to use reasonable best efforts to promptly effect the registration.

*Piggyback Registration Rights* 

At any time after the completion of this offering, if we propose to register any shares of our equity securities under the Securities Act either for our own account or for the account of any other person, then all holders party to each Registration Rights Agreement will be entitled to notice of the registration and will be entitled to include their ordinary shares in the registration statement. These piggyback registration rights are subject to specified conditions and limitations, including the right of the underwriters, if any, to limit the number of shares included in any such registration under specified circumstances.

*Shelf Registration Rights* 

Following the consummation of this offering, we will file a shelf registration statement at our expense related to the offer and sale of registrable securities held by our Principal Shareholders and entities controlled by our Chief Executive Officer. These shelf registration rights are subject to specified conditions and limitations.

*Expenses and Indemnification* 

We or an affiliate will pay all expenses relating to any demand, piggyback or shelf registration, other than underwriting discounts and commissions and any transfer taxes, subject to specified conditions and limitations. The Registration Rights Agreements include customary indemnification provisions, including indemnification of the participating holders of ordinary shares and their directors, officers and employees by us for any losses, claims, damages or liabilities in respect thereof and expenses to which such holders may become subject under the Securities Act, state law or otherwise.

**Arrangements with Companies Controlled by Advent and KKR** 

During the years ended December 31, 2024 and 2023, respectively, we purchased over $120,000 of services from certain companies controlled by Advent or KKR. We paid such companies approximately $13.2 million and $8.7 million in the aggregate during the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2022, we purchased over $120,000 of services from certain companies controlled by Advent. We paid such companies approximately $1.5 million in the aggregate during the year ended December 31, 2022. We believe all of these arrangements are on comparable terms that are provided to unrelated third parties.

During the years ended December 31, 2024 and 2023, respectively, we provided over $120,000 of services to certain companies controlled by Advent or KKR. We received payments from such companies of approximately $6.2 million and $7.7 million in the aggregate during the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2022, we provided over $120,000 of services to certain companies

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controlled by Advent. We received payments from such companies of approximately $0.6 million in the aggregate during the year ended December 31, 2022. We believe all of these arrangements are on comparable terms that are provided to unrelated third parties.

**Director and Officer Indemnification Agreements** 

Our Articles of Association, as will be in effect upon the listing of our ordinary shares, will require us to indemnify our current and former directors to the fullest extent permitted by law, subject to certain exceptions. We also expect to enter indemnification agreements with our directors and officers with additional indemnification and related rights.

**Related Party Transactions Policy** 

In connection with this offering, we have adopted 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. 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. Related party transactions must be approved or ratified by the audit committee based on full information about the proposed transaction and the related party's interest.

We did not have a written policy regarding the review and approval of related party transactions immediately prior to this offering. Nevertheless, with respect to such transactions, it was our policy for our Board of Directors to consider the nature of and business reason for such transactions, how the terms of such transactions compared to those which might be obtained from unaffiliated third parties and whether such transactions were otherwise fair to and in the best interests of, or not contrary to, our best interests.

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**Principal and Selling Shareholders** 

The following table sets forth information relating to the beneficial ownership of our ordinary shares as of March 31, 2025 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, known by us to beneficially own more than 5% of our outstanding
ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of the selling shareholders in this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our current directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our named executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors and executive officers as a group.

Beneficial ownership is determined in accordance with the rules and regulations of the SEC, which generally includes any shares over which a person exercises sole or shared voting and/or investment power. A person is also deemed to be a beneficial owner of a security if that person has the right to acquire beneficial ownership of such security within 60 days. Except as otherwise indicated by the footnotes, and subject to applicable community property laws, the persons and entities named in the table below have sole voting and investment power with respect to all ordinary shares held by such person or entity.

The percentage of shares beneficially owned is computed on the basis of 295,000,000 ordinary shares outstanding as of March 31, 2025, after giving effect to the Reorganization, and the issuance of ordinary shares in this offering. Ordinary shares that a person has the right to acquire within 60 days of March 31, 2025 are deemed outstanding for purposes of computing the percentage ownership of such person's holdings, but are not deemed outstanding for purposes of computing the percentage ownership of any other person, except with respect to the percentage ownership of all directors and executive officers as a group. Unless otherwise indicated below, the address for each beneficial owner listed is c/o NIQ Global Intelligence plc, 200 West Jackson Boulevard, Chicago, Illinois 60606.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name and address of beneficial owners | Shares beneficially<br>owned before this<br>offering | Shares beneficially<br>owned before this<br>offering | Shares<br>Offered<br>Hereby | Shares beneficially<br>owned after this<br>offering<br>(without option) | Shares beneficially<br>owned after this<br>offering<br>(without option) | Shares beneficially<br>owned after this<br>offering<br>(with option) | Shares beneficially<br>owned after this<br>offering<br>(with option) |
|  | Number | Percent | Number | Number | Percent | Number | Percent |
|  **Greater than 5% shareholders:** |  |  |  |  |  |  |  |
|  Advent Shareholder (1) | 162297717 | 66.2% | 7500000 | 162297717 | 55.0% | 154797717 | 52.5% |
|  KKR Shareholder (2) | 29974219 | 12.2 |  | 29974219 | 10.2 | 29974219 | 10.2 |
|  NIM (3) | 34991977 | 14.3 |  | 34991977 | 11.9 | 34991997 | 11.9 |
|  VNU International B.V. (4) | 17696448 | 6.7 |  | 17696448 | 5.7 | 17696448 | 5.7 |
|  **Directors and named executive officers:** |  |  |  |  |  |  |  |
|  James Peck (5) | 9803575 | 4.0 |  | 9803575 | 3.3 | 9803575 | 3.3 |
|  Michael Burwell |  |  |  |  |  |  |  |
|  Tracey Massey |  |  |  |  |  |  |  |
|  Mohit Kapoor |  |  |  |  |  |  |  |
|  Shaun Zitting |  |  |  |  |  |  |  |
|  Steen Lomholt-Thomsen |  |  |  |  |  |  |  |
|  Christopher Egan (6) |  |  |  |  |  |  |  |
|  Racquel Harris Mason |  |  |  |  |  |  |  |
|  Ralf Klein-Bölting (7) |  |  |  |  |  |  |  |
|  Samuel Allen Hamood |  |  |  |  |  |  |  |
|  Todd Lachman |  |  |  |  |  |  |  |
|  Elizabeth Lempres |  |  |  |  |  |  |  |
|  Julien Lo (8) |  |  |  |  |  |  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name and address of beneficial owners | Shares beneficially<br>owned before this<br>offering | Shares beneficially<br>owned before this<br>offering | Shares<br>Offered<br>Hereby | Shares beneficially<br>owned after this<br>offering<br>(without option) | Shares beneficially<br>owned after this<br>offering<br>(without option) | Shares beneficially<br>owned after this<br>offering<br>(with option) | Shares beneficially<br>owned after this<br>offering<br>(with option) |
|  | Number | Percent | Number | Number | Percent | Number | Percent |
|  Christopher Pike (9) |  |  |  |  |  |  |  |
|  David Rawlinson |  |  |  |  |  |  |  |
|  Charlotte Simonelli |  |  |  |  |  |  |  |
|  Gabriela Weiss (10) |  |  |  |  |  |  |  |
|  All executive officers and directors as a group (19 persons) | 9803575 | 4.0 |  | 9803575 | 3.3 | 9803575 | 3.3 |

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\* Less than 1%. 

(1) Represents 162,297,717 ordinary shares held by AI Global Investments (Netherlands) PCC Limited, a protected
cell company limited by shares and an indirect subsidiary of AI PAVE & Cy S.C.Sp. AI PAVE GP S.à r.l., is the general partner of AI PAVE & Cy S.C.Sp. Advent International GPE IX Limited Partnership is the sole shareholder of
AI PAVE GP S.à r.l. GPE IX GP Limited Partnership is the general partner of Advent International GPE IX Limited Partnership. Advent International GPE IX, LLC is the general partner of GPE IX GP Limited Partnership and Advent International,
L.P. (f/k/a Advent International Corporation) is the manager of Advent International GPE IX, LLC. Advent International GP, LLC is the general partner of Advent International, L.P. The board of Advent International GP, LLC appoints the investment
committee of Advent International, L.P. (the "Investment Committee"), which committee has voting and investment power with respect to shares of the Company held by the Advent Shareholder. The Investment Committee consists of three members,
John Maldonado, David Mussafer and Bryan Taylor, none of whom individually has voting or investment power with respect to shares of the Company held by the Advent Shareholder. The address of each of the entities and individuals named in this
footnote is c/o Advent International, L.P., Prudential Tower, 800 Boylston St., Suite 3300, Boston, MA 02199.

(2) Represents 29,974,219 ordinary shares held directly by Acceleratio Topco S.C.A. Acceleratio GP S.á r.l.
(as the general partner of Acceleratio Topco S.C.A.), KKR Acceleratio Aggregator L.P. (as sole shareholder of Acceleratio GP S.á r.l.), KKR Acceleratio Aggregator GP Limited (as the general partner of KKR Acceleratio Aggregator L.P.), KKR
European Fund IV L.P. (as the sole shareholder of KKR Acceleratio Aggregator GP Limited), KKR Associates Europe IV L.P. (as the general partner of KKR European Fund IV L.P.), KKR Europe IV Limited (as the general partner of KKR Associates Europe IV
L.P.), KKR Group Partnership L.P. (as the sole shareholder of KKR Europe IV Limited), KKR Group Holdings Corp. (as the general partner of KKR Group Partnership L.P.), KKR Group Co. Inc. (as the sole shareholder of KKR Group Holdings Corp.),
KKR & Co. Inc. (as the sole shareholder of KKR Group Co. Inc.), KKR Management LLP (as the Series I preferred stockholder of KKR & Co. Inc.) and Messrs. Henry R. Kravis and George R. Roberts (as the founding partners of KKR
Management LLP) may also be deemed to be the beneficial owners having shared voting power and shared investment power over the securities described in this footnote. The principal business address of each of the entities identified in this footnote
is 30 Hudson Yards, New York, NY 10001. The principal business address for Mr. Kravis is c/o Kohlberg Kravis Roberts & Co. L.P., 30 Hudson Yards, New York, NY 10001. The principal business address of Mr. Roberts is c/o Kohlberg
Kravis Roberts & Co. L.P., 2800 Sand Hill Road, Suite 200, Menlo Park, CA 94025.

(3) Represents 34,991,977 ordinary shares held directly by NIM, a registered association under German law. NIM is
governed by its executive board, which has voting and investment power with respect to shares of the Company held by NIM and which is comprised of members Ralf Klein-Bölting, Dr. Martin Golücke, Dr. Kathrin Möslein and Dr.
Klaus Wertenbroch, none of whom individually has voting or investment power with respect to the shares of the Company held by NIM. The principal business address of NIM is Nürnberg Institut für Marktentscheidungen e.V., Steinstr. 21, 90419
Nuremberg, Germany.

(4) Represents 17,696,448 ordinary shares issuable upon exercise of the warrant issued to VNU International B.V.,
an affiliate of Nielsen Holdings, in connection with the 2021 Carve-Out Transaction.

(5) Includes 9,803,575 ordinary shares held by PAVentures II, LLC, an entity controlled by Mr. Peck. Does
not include ordinary shares held by AI PAVE & Cy S.C.Sp. Mr. Peck is a limited partner of AI PAVE & Cy S.C.Sp. See footnote (1).

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(6) Does not include ordinary shares beneficially owned by the Advent Shareholder.

(7) Does not include ordinary shares beneficially owned by NIM.

(8) Does not include ordinary shares beneficially owned by the KKR Shareholder.

(9) Does not include ordinary shares beneficially owned by the Advent Shareholder.

(10) Does not include ordinary shares beneficially owned by the Advent Shareholder.

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**Description of Indebtedness** 

*The following is a summary of certain of our indebtedness that is currently outstanding. As described under "Use of Proceeds," we intend to use the net proceeds from this offering, together with available cash, as necessary, to repay all or a portion of the amounts outstanding under the credit facilities and to use any remaining net proceeds for working capital and for general corporate purposes. If we are able to consummate the debt refinancing as described elsewhere in this prospectus, we intend to repay any remaining amounts outstanding under the credit facilities with a portion of the proceeds from new credit facilities in addition to refinancing the credit facilities with such new credit facilities. Therefore, the following summary of the principal terms of the agreements that govern the credit facilities, should be read together with the summary of the expected terms of the new credit facilities contained in this prospectus under "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources." However, there is no assurance that we will be able to consummate the debt refinancing on the terms described in this prospectus or at all. The following descriptions do not purport to be complete and are qualified in their entirety by reference to the agreements and related documents referred to herein, copies of which have been filed as exhibits to the registration statement of which this prospectus forms a part, and may be obtained as described under "Where You Can Find More Information" in this prospectus.* 

**Senior Secured First Lien Credit Facilities** 

***Credit Facilities***

We entered into a Credit Agreement, dated as of March 5, 2021 (as amended through that certain Eleventh Amendment to Credit Agreement, dated as of January 24, 2025, the "Credit Agreement"), by and among, *inter alios*, AI PAVE Dutchco III B.V., a private company with limited liability organized under the laws of the Netherlands, ("Holdings"), Intermediate Dutch Holdings B.V., US Holdco (the "US Top Borrower"), Nielsen Consumer Inc., a Delaware corporation (the "US Borrower"), Indy Dutch Bidco B.V., a private company with limited liability organized under the laws of the Netherlands (the "Dutch Borrower"), the Revolving Borrowers from time to time party thereto (and, together with the US Borrower, the US Top Borrower and the Dutch Borrower, the "Borrowers"), JPMorgan Chase Bank NA., as the administrative agent and the U.S. collateral agent (the "Administrative Agent"), Kroll Agency Services (US) LLC, as non-US Collateral Agent (the "Non-US Collateral Agent") and the lenders and issuing banks from time to time party thereto, providing for (a) a USD term loan facility in an aggregate principal amount of $2,270,000,000.00 (the "US Term Loan Facility"), (b) a EUR term loan facility in an aggregate principal amount of €1,390,000,000.00 (the "EUR Term Loan Facility"), (c) a CAD term loan facility in an aggregate principal amount of C$128,000,000 (the "Canadian Term Loan Facility" and together with the US Term Loan Facility and the EUR Term Loan Facility, the "Term Loan Facilities") and (d) a revolving credit facility in the aggregate principal amount of $638,266,666.67 (the "Revolving Credit Facility" and, together with the Term Loan Facilities, collectively, the "Credit Facilities"). As of March 31, 2025, $513.9 million was outstanding under the Revolving Credit Facility, $2,187.8 million was outstanding under the US Term Loan Facility, $1,467.5 million was outstanding under the EUR Term Loan Facility and $85.2 million was outstanding under the Canadian Term Loan Facility.

***Interest Rate and Fees***

Interest rates for loans borrowed under the Credit Facilities denominated in (a) U.S. dollars are based on either, at our option, (i) a "base rate" determined by reference to the highest of (w) the federal funds effective rate in effect on such day plus 0.50%, (x) to the extent ascertainable, adjusted term SOFR (as defined below) (which rate is calculated based upon an interest period of one month and determined on a daily basis) plus 1.00%, (y) the "prime rate" last quoted by the Wall Street Journal or published by the Administrative Agent in its office in New York City as its "prime rate," and (z) 1.00%, or (ii) the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) ("SOFR"), *plus*, in each case, an applicable margin, (b) Canadian dollars are based on either, at our option,

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(ii) the Canadian prime rate or (ii) the Canadian Overnight Repo Rate Average administered by the Bank of Canada (or any successor administrator) ("CORRA"), *plus*, in each case, an applicable margin, and (c) Euros are based on the EURIBOR rate *plus*, an applicable margin. The applicable margin for (I) the US Term Loan Facility is a spread based upon the first lien gross leverage ratio, tested and adjusted quarterly, of (A) if pro forma first lien gross leverage ratio is greater than 3.90:1.00, 2.50% for base rate loans or 3.50% for SOFR loans and (B) if pro forma first lien gross leverage ratio is less than or equal to 3.90:1.00, 2.25% for base rate loans or 3.25% for SOFR loans, (II) the EUR Term Loan Facility is a spread based upon the first lien gross leverage ratio, tested and adjusted quarterly, of (A) if pro forma first lien gross leverage ratio is greater than 3.90:1.00, 3.50%, (B) if pro forma first lien gross leverage ratio is less than or equal to 3.90:1.00 and greater than 3.40:1.00, 3.25% and (C) if pro forma first lien gross leverage ratio is less than or equal to 3.40:1.00, 3.00%, (III) the Canadian Term Loan Facility is a spread based upon the first lien net leverage ratio, tested and adjusted quarterly, of (A) if pro forma first lien net leverage ratio is greater than 1.75:1.00, 3.25% for Canadian prime rate loans or 4.25% for CORRA loans and (B) if pro forma first lien net leverage ratio is less than or equal to 1.75:1.00, 3.00% for Canadian prime rate loans or 4.00% for CORRA loans, and (IV) the Revolving Credit Facility is a spread based upon the first lien net leverage ratio, tested and adjusted quarterly, of (A) if pro forma first lien net leverage ratio is greater than 1.75:1.00, 2.75% for Canadian prime rate or base rate loans and 3.75% for EURIBOR, CORRA and SOFR loans, (B) if pro forma first lien net leverage ratio is less than or equal to 1.75:1.00 and greater than 1.25:1.00, 2.50% for Canadian prime rate or base rate loans and 3.50% for EURIBOR, CORRA and SOFR loans and (C) if pro forma first lien net leverage ratio is less than or equal to 1.25:1.00, 2.25% for Canadian prime rate or base rate loans and 3.25% for EURIBOR, CORRA and SOFR loans. After consummation of this offering, the applicable margin for the US Term Loan Facility and the EUR Term Loan Facility will be permanently reduced by 0.25%.

In addition to paying interest on loans outstanding under the Credit Facilities, we are required to pay a commitment fee of (A) 0.50% if the pro forma first lien net leverage ratio exceeds 3.00:1.00, (B) 0.375% if the pro forma first lien net leverage ratio is equal to or less than 3.00:1.00 and greater than 2.50:1.00 or (C) 0.25% if the pro forma first lien net leverage ratio is equal to or less than 2.50:1.00, in each case, per annum on unused commitments under the Revolving Credit Facility. We are also required to pay (i) letter of credit fees on the maximum amount that is available to be drawn and/or which is unreimbursed under all outstanding letters of credit, at a rate equal to the applicable margin for SOFR-based loans under the Revolving Credit Facility on a per annum basis and (ii) customary fronting fees and other customary documentary fees in connection with the issuance of letters of credit.

***Mandatory Prepayments***

Subject to certain exceptions, the Borrowers are required to prepay outstanding term loans under the Term Loan Facilities in a principal amount equivalent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% of annual excess cash flow (subject to certain customary deductions including, without limitation, any
optional prepayments or permanent reductions of revolving commitments constituting indebtedness under the Credit Facilities or other first lien debt), which percentage is subject to (i) a step-down to 25% if the first lien net leverage ratio is
less than or equal to 3.00:1.00, but greater than 2.50:1.00 and (ii) a step-down to 0% if the first lien net leverage ratio is less than or equal to 2.50:1.00; provided that such prepayment is required only in the amount (if any) by which such
prepayment would exceed the greater of $25,000,000 and 5.0% of consolidated adjusted EBITDA (as defined in the Credit Agreement) for the relevant measurement period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the net cash proceeds of any incurrence of indebtedness, subject to customary exceptions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of (i) net cash proceeds with respect to certain asset sales and (ii) certain net insurance /
condemnation proceeds, in each case, only and to the extent the aggregate amount of such proceeds in any fiscal year exceeds the greater of $25,000,000 and 5.0% of consolidated adjusted EBITDA (as defined in the Credit Agreement) for the relevant
measurement period, and subject, in each case, to reinvestment rights and certain other customary exceptions.

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***Voluntary Prepayment***

Subject to certain notice requirements, the Borrowers may voluntarily repay outstanding loans under the Credit Facilities, in whole or in part, which may be subject to (x) with respect to loans under the US Term Loan Facility and loans under the EUR Term Loan Facility, a prepayment premium in an amount equal to 1% of the aggregate principal amount of such loans prepaid if the prepayment is made before July 24, 2025, subject to certain exceptions and (y) customary "breakage" costs with respect to EURIBOR, SOFR or CORRA loans.

***Amortization and Final Maturity***

The Term Loan Facilities mature on March 5, 2028, and the Revolving Credit Facility matures on (x) with respect to $7,500,000 of non-extending revolving commitments, March 5, 2026 and (y) with respect to all other revolving commitments, March 5, 2028; *provided* that, with respect to this clause (y), if by a date no later than the 2024 Modified Maturity Date (as defined below), any term loans with an aggregate principal amount in excess of $1,000,000,000 are outstanding and the maturity date applicable to such term loans is earlier than the date that is 90 days after March 5, 2028 (the "2024 Trigger Maturity Date"), such maturity date shall be the later of December 5, 2027 and the date that is 91 days prior to the Trigger Maturity Date (the "2024 Modified Maturity Date"). The loans under the Term Loan Facilities amortize at an annual rate of 1.00% of the initial principal amount of the relevant tranche, payable in quarterly installments.

***Guarantees and Security***

All obligations of the Borrowers under the Credit Facilities are guaranteed by Holdings, Intermediate Dutch Holdings B.V. and, subject to certain customary exceptions (including, without limitation, immaterial subsidiaries), certain wholly-owned subsidiaries of the Borrowers (collectively with the Borrowers, the "Loan Parties"). Such obligations are also secured, subject to certain exceptions, by a first priority security interest in substantially all of the assets of the Loan Parties.

***Certain Covenants and Events of Default***

The Credit Agreement contains a number of restrictive covenants that, subject to certain thresholds, qualifications and exceptions, restrict the ability of Intermediate Dutch Holdings B.V. and its subsidiaries to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness or grant liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer material intellectual property outside of the credit group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends and distributions on, or purchase, redeem, defease, or otherwise acquire or retire for value, our
capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make prepayments or repurchases of any debt above a certain threshold amount that is expressly subordinated with
respect to right of payment to the Credit Facilities ("Restricted Debt");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• agree to restrictions on the payment of certain dividends or the creation of certain liens in support of the
Credit Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make investments, acquisitions, loans and advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in consolidations, amalgamations, mergers, liquidations, dissolutions, or dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• materially alter the conduct of the business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify the subordination terms of Restricted Debt.

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In addition, the Revolving Credit Facility includes a springing financial covenant that will be tested only if the revolving credit exposure exceeds 35% of the aggregate amount of revolving credit commitments as of the last day of any fiscal quarter. If such condition is met, the financial covenant requires Intermediate Dutch Holdings B.V. to maintain a ratio of consolidated first lien debt to consolidated EBITDA (with certain adjustments) no greater than 5.40:1.00 on the last day of such fiscal quarter. The Term Loan Facilities do not include a financial covenant.

The Credit Agreement also contains certain customary representations and warranties, affirmative covenants, reporting obligations and a passive holding company covenant with respect to Holdings. In addition, the lenders under the Credit Agreement are permitted to accelerate the loans and terminate commitments thereunder or exercise other specified remedies available to secured creditors upon the occurrence of certain events of default, subject to certain grace periods and exceptions, which events of default include, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain material indebtedness, certain events of bankruptcy, certain events under the Employee Retirement Income Security Act of 1974, as amended, material judgments and changes of control.

On July 11, 2025, the Credit Agreement was amended, subject to the closing of this initial public offering, to, among other things, (i) increase the aggregate principal amount of the revolving facility to $750.0 million, (ii) extend the maturity date with respect to the revolving facility to July 30, 2030; provided that if by a date no later than the Modified Maturity Date, any term loans borrowed under the Credit Agreement with an aggregate principal amount in excess of $1.0 billion are outstanding and the maturity date applicable to such term loans is earlier than the Trigger Maturity Date, such maturity date shall be the Modified Maturity Date, (iii) reduce the interest rate spread with respect to the revolving facility to a spread of 225 to 275 basis points dependent on certain ratio levels and (iv) reduce the commitment fee rate with respect to the revolving facility to 25 to 37.5 basis points dependent on certain ratio levels.

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**Description of Share Capital** 

The following is a summary of some of the terms of our ordinary shares based on our Articles of Association, as they will become effective upon their amendment prior to the completion of this offering, and the Irish Companies Act.

The following summary is subject to, and is qualified in its entirety by reference to, the provisions of our Articles of Association, the form of which is filed as an exhibit to the registration statement of which this prospectus is a part.

Except as otherwise specified below, references to voting by our shareholders contained in this "Description of Share Capital" are references to voting by holders of ordinary shares entitled to attend and vote generally at general meetings of our shareholders.

**Organization** 

On January 21, 2025, AI Global Investments (Netherlands) PCC Limited acquired Flower Road Limited, an Irish private company with limited liability that was incorporated in Ireland on June 6, 2017 as a dormant company. On January 23, 2025, we renamed such entity NIQ Global Intelligence Limited. On June 12, 2025, NIQ Global Intelligence Limited was re-registered under the Irish Companies Act 2014 as a public limited company and was renamed NIQ Global Intelligence plc. Our affairs will be governed by our Constitution, including our Memorandum and Articles of Association as will be in effect upon the listing of our ordinary shares.

**Objective** 

As provided by and described in our Memorandum of Association, our principal objectives are to carry on the business of a holding company and all associated related activities and to carry on various activities associated with those objectives.

**Share Capital** 

Prior to the completion of this offering, our authorized share capital will be $15,000 and €25,000, divided into 1,500,000,000 ordinary shares with a nominal value of $0.00001 per share, 150,000,000 Preferred Shares with a nominal value of $0.00001 per share and 25,000 Euro deferred shares with a nominal value of €1.00 per share. Upon the completion of this offering and the use of proceeds therefrom, we expect to have 295,000,000 ordinary shares outstanding and no outstanding shares of any other class. The 25,000 Euro deferred shares currently issued and outstanding in our share capital were issued in order to satisfy statutory capitalization requirements for all Irish public limited companies.

In connection with the 2021 Carve-Out Transaction, we issued a warrant to VNU International B.V., an affiliate of Nielsen Holdings, to subscribe for up to 184,284 shares of AI PAVE Dutchco I B.V., subject to adjustment, with an exercise price of $1,627.92 per share, subject to adjustment. Following this offering, the warrant will represent the right to subscribe for up to 17,696,448 ordinary shares of NIQ Global Intelligence plc subject to adjustment, with an exercise price of $16.95 per share, subject to adjustment.

We may issue shares subject to the maximum authorized share capital contained in our Memorandum and Articles of Association. The authorized share capital may be increased or reduced (but not below the number of issued ordinary shares, preferred shares and Euro deferred shares, as applicable) by a resolution approved by a simple majority of the votes of our shareholders cast at a general meeting (referred to under Irish law as an "ordinary resolution") (unless otherwise determined by the directors). The shares comprising our authorized share capital may be divided into shares of any nominal value.

The rights and restrictions to which our ordinary shares will be subject will be prescribed in our Articles of Association. Our Articles of Association entitle our Board of Directors, without shareholder approval, to

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determine the terms of the preferred shares issued by us. The preferred shares may be preferred as to dividends, rights upon liquidation or voting in such manner as our Board of Directors may resolve. The preferred shares may also be redeemable at the option of the holder of the preferred shares or at our option and may be convertible into or exchangeable for shares of any other class or classes of our share capital, depending on the terms of issue of such preferred shares.

Irish law does not recognize fractional shares held of record. Accordingly, our Articles of Association will not provide for the issuance of fractional shares, and our official Irish register will not reflect any fractional shares.

Whenever an alteration or reorganization of our share capital would result in any of our shareholders becoming entitled to fractions of a share, our Board of Directors may, on behalf of those shareholders that would become entitled to fractions of a share, arrange for the sale of the shares representing fractions and the distribution of the net proceeds of sale in due proportion among the shareholders who would have been entitled to the fractions.

**Transfer and Registration of Shares** 

Our share register is maintained by our transfer agent. Registration in this share register will be determinative of membership in us. Any of our shareholders who only hold ordinary shares beneficially will not be the holder of record of such ordinary shares. Instead, the depository or other nominee will be the holder of record of such shares. Accordingly, a transfer of ordinary shares from a person who holds such ordinary shares beneficially to a person who will also hold such ordinary shares beneficially through the same depository or other nominee will not be registered in our official share register, as the depository or other nominee will remain the holder of record of such ordinary shares.

A written instrument of transfer will be required under Irish law in order to register on our official share register any transfer of ordinary shares (i) from a person who holds such ordinary shares directly to any other person or (ii) from a person who holds such ordinary shares beneficially to another person who also will hold such ordinary shares beneficially where the transfer involves a change in the depository or other nominee that is the record owner of the transferred ordinary shares or (iii) from a person who holds such shares beneficially to a person who holds such shares directly. An instrument of transfer will be required for a shareholder who directly holds ordinary shares to transfer those ordinary shares into his or her own broker account (or vice versa). Such instruments of transfer may give rise to Irish stamp duty, which must be paid prior to registration of the transfer on our official Irish share register. However, a shareholder who directly holds ordinary shares may transfer those ordinary shares into his or her own broker account (or vice versa) without giving rise to Irish stamp duty, provided that there is no change in the beneficial ownership of the ordinary shares as a result of the transfer and the transfer into DTC is not made in contemplation of a sale of the ordinary shares by the beneficial owner to a third party.

Accordingly, we strongly recommend that shareholders hold their shares through DTC (or through a broker who holds such shares through DTC).

Any transfer of our ordinary shares that is subject to Irish stamp duty will not be registered in the name of the buyer unless such stamp duty is paid and details of the transfer are provided to our transfer agent. We do not expect to pay any stamp duty on behalf of any acquirer of ordinary shares in our capital. See "Material Tax Considerations—Material Irish Tax Considerations—Stamp Duty." We may, in our absolute discretion, pay (or cause one of our affiliates to pay) any stamp duty.

Our Articles of Association provide that, in the event of any such payment, we (i) may seek reimbursement from the transferor or transferee (at our discretion), (ii) may set-off the amount of the stamp duty against future dividends payable to the transferor or transferee (at our discretion) and (iii) will have a lien against any of our shares in respect of which we have paid stamp duty. Our Articles of Association grant our Board of Directors general discretion to decline to register an instrument of transfer without giving a reason.

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The registration of transfers may be suspended at such times and for such periods, not exceeding 30 days in any year, as our Board of Directors may from time to time determine (except as may be required by law).

**Issuance of Shares** 

We have the authority, pursuant to our Articles of Association, to increase our authorized but unissued share capital by ordinary resolution by creating additional shares of any class or series. An ordinary resolution of our company requires more than 50% of the votes cast at a shareholder meeting by our shareholders entitled to vote at that meeting. As a matter of Irish law, the Board of Directors of a company may issue authorized but unissued new shares without shareholder approval once authorized to do so by the Articles of Association of the company or by an ordinary resolution adopted by the shareholders at a general meeting. The authority conferred can be granted for a maximum period of five years, at which point it must be renewed by the shareholders by an ordinary resolution. Because of this requirement of Irish law, our Articles of Association authorize our Board of Directors to issue new shares up to the amount of our authorized but unissued share capital without shareholder approval for a period of five years from the date our Articles of Association were adopted in substantially the form attached as an exhibit to the registration statement of which this prospectus forms a part. We expect that we will seek to renew such general authority at an annual general meeting before the end of that five-year period. Our Articles of Association authorize our Board of Directors, without shareholder approval, to determine the terms of any class of preferred shares issued by us.

***No Share Certificates***

We do not intend to issue share certificates unless certificates are required by law, any stock exchange, a depository, any operator of any clearance or settlement system or the terms of issue of any class or series of our shares.

Under our Articles of Association, holders of our ordinary shares will have no right to certificates for their ordinary shares, except on request and on such terms as our Board of Directors, at its sole discretion, determines.

Holders' rights to request certificates for ordinary shares are subject to any resolution of our Board of Directors determining otherwise.

***No Sinking Fund***

Our ordinary shares will have no sinking fund provisions.

***No Liability for Further Calls or Assessments***

The ordinary shares to be sold in this offering are duly and validly issued, will be credited as fully paid up and will not be subject to calls for any additional payments (non-assessable).

***Pre-emption Rights, Share Warrants and Share Options***

Under Irish law, certain statutory pre-emption rights apply automatically in favor of our shareholders when our shares are issued for cash. However, we have opted out of these pre-emption rights in our Articles of Association as permitted under Irish law for the maximum period permitted of five years from the date of adoption of the Articles of Association. This opt-out must be renewed after five years under Irish law by a special resolution of the shareholders. A special resolution requires not less than 75% of the votes cast by our shareholders at a meeting of shareholders. We expect that we will seek renewal of the opt-out at an annual general meeting within five years from the date on which our Articles of Association were adopted in substantially the form attached as an exhibit to the registration statement of which this prospectus forms a part. If the opt-out expires and is not

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renewed, shares issued for cash must be offered to our pre-existing shareholders pro rata based on their existing shareholding before the shares can be issued to any new shareholders or pre-existing shareholders in an amount greater than their pro rata entitlements. The statutory pre-emption rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generally do not apply where shares are issued for non-cash consideration
(such as in a stock-for-stock acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not apply to the issuance of non-equity shares (that is, shares that
have the right to participate only up to a specified amount in any dividend and capital distribution, which are sometimes referred to as non-participating shares); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not apply to the issuance of shares pursuant to certain employee compensation plans.

The Irish Companies Act provides that directors may issue share warrants or options without shareholder approval once authorized to do so by the Articles of Association or an ordinary resolution of shareholders. This authority can be granted for a maximum period of five years, after which it must be renewed by the shareholders by an ordinary resolution. Our Articles of Association provide that our Board of Directors is authorized to grant, upon such terms as the board deems advisable, options to purchase (or commitments to issue at a future date) our shares of any class or series, and to cause warrants or other appropriate instruments evidencing such options or commitments to be issued. This authority under the articles will lapse after five years from the date our Articles of Association were adopted in substantially the form attached as an exhibit to the registration statement of which this prospectus forms a part. We expect that we will seek renewal of this authority at an annual general meeting before the end of that five-year period. The board of directors may issue ordinary shares upon exercise of warrants or options or other commitments without shareholder approval or authorization (up to the relevant authorized but unissued share capital). Statutory pre-emption rights will apply to the issuance of warrants and options issued by us unless an opt-out applies or shareholder approval for an opt-out is obtained in the same manner described directly above for our ordinary shares. We will be subject to the New York Stock Exchange listing rules requiring shareholder approval of certain ordinary share issuances. The Irish Takeover Rules may be applicable in certain circumstances and can impact on our ability to issue ordinary shares. See "Risk Factors—Risks Related to Irish Law."

Under Irish law, we are prohibited from allotting shares without consideration. Accordingly, at least the nominal value of the shares issued underlying any restricted share award, restricted share unit, performance share award, bonus share or any other share-based grant must be paid pursuant to the Irish Companies Act.

**Share Repurchases and Redemptions** 

***Overview***

Our Articles of Association provide that any share that we have agreed to acquire shall be deemed to be a redeemable share. Accordingly, for Irish law purposes, the repurchase of shares by us may technically be effected as a redemption of those shares as described below under "Repurchases and Redemptions." If our Articles of Association did not contain such provisions, repurchases by us would be subject to many of the same rules that apply to purchases of our shares by subsidiaries described below under "Purchases by Subsidiaries," including the shareholder approval requirements described below. Except where otherwise noted, when we refer elsewhere in this prospectus to repurchasing or buying back our shares, we are referring to the redemption of shares by us pursuant to the Articles of Association or the purchase of our shares by one of our subsidiaries, in each case in accordance with our Articles of Association and Irish law as described below.

***Repurchases and Redemptions***

Under Irish law, a company can issue redeemable shares and redeem them out of distributable reserves (which are described below under "Dividends") or (if the company proposes to cancel the shares on redemption) the proceeds of a new issue of shares for that purpose. The redemption of redeemable shares may only be made by a public limited company where the nominal value of the issued share capital that is not redeemable is not less than 10% of

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the nominal value of the total issued share capital of the company. All redeemable shares must also be fully paid and the terms of redemption of the shares must provide for payment on redemption. Redeemable shares may, upon redemption, be cancelled or held in treasury. Shareholder approval will not be required to redeem our shares.

We may also be given authority by our shareholders to purchase our shares either on or off market, which would take effect on the same terms and be subject to the same conditions as applicable to purchases by our subsidiaries as described below.

Our Board of Directors will also be entitled to issue preferred shares that may be redeemed either at our option or the option of the shareholder, depending on the terms of such shares. See "Description of Share Capital—Share Capital." Repurchased and redeemed shares may be cancelled or held as treasury shares. The nominal value of treasury shares held by us at any time must not exceed 10% of the nominal value of our issued share capital. While we hold shares as treasury shares, we cannot exercise any voting rights in respect of those shares. Treasury shares may be cancelled by us or re-issued subject to certain conditions.

***Purchases by Subsidiaries***

Under Irish law, it may be permissible for an Irish or non-Irish subsidiary to purchase shares of a company either on-market or off-market. A general authority of the shareholders of a company is required to allow a subsidiary to make on-market purchases of the company's shares; however, as long as this general authority has been granted, no specific shareholder authority is required for a particular on-market purchase of the company's shares by a subsidiary. A company may elect to seek such general authority, which must expire no later than five years after the date on which it was granted, at the first annual general meeting of a company and at subsequent annual general meetings. For an off-market purchase by a subsidiary of a company, the proposed purchase contract must be authorized by special resolution of the shareholders of the company before the contract is entered into. The person whose shares are to be bought back cannot vote in favor of the special resolution and, for at least 21 days prior to the special resolution, the purchase contract must be on display or must be available for inspection by shareholders at the registered office of the company.

The number of shares held by the subsidiaries of a company at any time will count as treasury shares and will be included in any calculation of the permitted treasury share threshold of 10% of the nominal value of the issued share capital of the company. While a subsidiary holds shares of a company, it cannot exercise any voting rights in respect of those shares. The acquisition of the shares of a company by a subsidiary must be funded out of distributable reserves of the subsidiary.

***Dividends***

Under Irish law, dividends and distributions may only be made from distributable reserves. Distributable reserves, broadly, means the accumulated realized profits of a company, less accumulated realized losses of the company on a standalone basis. In addition, no dividend or distribution may be made unless the net assets of a company are not less than the aggregate of the company's called up share capital plus undistributable reserves and the distribution does not reduce the company's net assets below such aggregate. Undistributable reserves include a company's undenominated capital (effectively its share premium and capital redemption reserve) and the amount by which the company's accumulated unrealized profits, so far as not previously utilized by any capitalization, exceed the company's accumulated unrealized losses, so far as not previously written off in a reduction or reorganization of capital. The determination as to whether or not a company has sufficient distributable reserves to fund a dividend must be made by reference to "relevant financial statements" of the company. The "relevant financial statements" are either the last set of unconsolidated annual audited financial statements or unaudited financial statements prepared in accordance with the Irish Companies Act, which give a "true and fair view" of a company's unconsolidated financial position in accordance with accepted accounting practice in Ireland. These "relevant financial statements" must be filed in the Companies Registration Office (the official public registry for companies in Ireland).

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Consistent with Irish law, our Articles of Association authorize our Board of Directors to declare interim dividends without shareholder approval out of funds lawfully available for the purpose, to the extent they appear justified by profits and subject always to the requirement to have distributable reserves at least equal to the amount of the proposed dividend. Our Board of Directors may also recommend a dividend to be approved and declared by our shareholders at a general meeting. Our Board of Directors may direct that the payment be made by distribution of assets, shares or cash and no dividend declared or paid may exceed the amount recommended by the directors. We may pay dividends in any currency but, if we elect to pay dividends, we intend to pay such dividends in U.S. dollars. Our Board of Directors may deduct from any dividend or other moneys payable to any shareholder all sums of money, if any, due from the shareholder to us in respect of our ordinary shares.

Our Board of Directors is also authorized to issue shares in the future with preferred rights to participate in dividends declared by us. The holders of such preference shares may, depending on their terms, rank senior to the holders of our ordinary shares with respect to dividends. The 25,000 Euro deferred shares do not have any right to receive a dividend.

For information about the Irish tax considerations relating to dividend payments, see "Material Tax Considerations—Material Irish Tax Considerations—Income Tax on Dividends Paid on Our Shares."

**Bonus Shares** 

Under our Articles of Association, our Board of Directors may resolve to capitalize any amount credited to our undenominated capital, any of our profits available for distribution or any amount representing unrealized revaluation reserves, and use such amount for the issuance to shareholders of shares as fully paid bonus shares.

**Lien on Shares, Calls on Shares and Forfeiture of Shares** 

Our Articles of Association provide that we will have a first and paramount lien on every share for all debts and liabilities owed by any of our shareholders to us, whether presently due or not, payable in respect of such share. Subject to the terms of their allotment, directors may call for any unpaid amounts in respect of any shares to be paid, and if payment is not made within 14 days after notice demanding payment, we may sell the shares. These provisions are standard inclusions in the articles of association of an Irish company limited by shares such as ours and will only be applicable to our shares that have not been fully paid up.

**Consolidation and Division; Subdivision** 

Under our Articles of Association, we may, by ordinary resolution, divide any or all of our share capital into shares of smaller nominal value than its existing shares (often referred to as a share split) or consolidate any or all of our share capital into shares of larger nominal value than its existing shares (often referred to as a reverse share split).

**Reduction of Share Capital** 

We may, by special resolution, reduce our authorized but unissued share capital. We also may, by special resolution and subject to confirmation by the Irish High Court, reduce our issued share capital and any undenominated share capital. Shortly following this offering, we intend to reduce our issued share capital and undenominated share capital in order to create distributable reserves for us.

**General Meetings of Shareholders** 

We are required under Irish law to hold an annual general meeting at intervals of no more than 15 months, provided that an annual general meeting is held in each calendar year and no more than nine months after our fiscal year-end. Any annual general meeting may be held outside Ireland, provided that technological means are

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provided to enable shareholders to participate in the meeting without leaving Ireland. Any annual general meeting may be held wholly or partly by the use of electronic communications technology, in accordance with the Companies Act 2014.

The only matters that must, as a matter of Irish law, be transacted at an annual general meeting are the presentation of the annual financial statements (including profit and loss account, balance sheet and reports of the directors and auditors), the appointment of auditors and the fixing of the auditor's fees (or delegation of same). If no resolution is made in respect of the reappointment of an auditor at the annual general meeting, the previous auditor will be deemed to have continued in office. At any annual general meeting, only such business may be conducted as has been brought before the meeting (i) in the notice of the meeting, (ii) by or at the direction of the Board of Directors, (iii) in certain circumstances, at the direction of the Irish High Court, (iv) as required by law or (v) such business that the chairman of the meeting determines is properly within the scope of the meeting. In addition, subject to compliance with our Articles of Association, shareholders entitled to vote at an annual general meeting may make nominations of candidates for election to the Board of Directors and propose business to be considered thereat.

Our extraordinary general meetings may be convened (i) by our Board of Directors, (ii) on requisition of the shareholders holding the number of our shares prescribed by the Irish Companies Act (currently 10% of our paid-up share capital carrying voting rights), (iii) in certain circumstances, on requisition of our auditors or (iv) in exceptional cases, by order of the Irish High Court.

Extraordinary general meetings are generally held for the purposes of approving such of our shareholder resolutions as may be required from time to time. The business to be conducted at any extraordinary general meeting must be set forth in the notice of the meeting.

In the case of an extraordinary general meeting requisitioned by our shareholders, the proposed purpose of the meeting must be set out in the requisition notice of the meeting. The requisition notice can propose any business to be considered at the meeting. Under Irish law, upon receipt of this requisition notice, the Board of Directors has 21 days to convene the extraordinary general meeting of our shareholders to vote on the matters set out in the requisition notice. This meeting must be held within two months of receipt of the requisition notice. If the board does not proceed to convene the meeting within such 21-day period, the requisitioning shareholders, or any of them representing more than one-half of the total voting rights of all of them, may themselves convene a meeting, which meeting must be held within three months of the receipt of the requisition notice by the board.

If the Board of Directors becomes aware that our net assets are half or less of the amount of our called-up share capital, the board must, not later than 28 days from the date that it learns of this fact, convene an extraordinary general meeting of our shareholders to be held not later than 56 days from such date.

This meeting must be convened for the purposes of considering what measures, if any, should be taken to address the situation.

At least 21 days' notice of any annual general meeting or general meeting at which a special resolution is proposed and 14 days in all other circumstances must be given to shareholders, each director and our auditors, under our Articles of Association.

**Quorum for Shareholder Meetings** 

Our Articles of Association provide that no business shall be transacted at any general meeting unless a quorum is present. Under our Articles of Association, the presence, in person or by proxy, of two or more shareholders holding at least a majority of the voting power of our issued shares that carry the right to vote at the meeting constitutes a quorum for the conduct of any business at a general meeting.

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The provisions of our Articles of Association relating to general meetings apply to general meetings of the holders of any class of shares except that the necessary quorum is determined by reference to the shares of the holders of the class. Accordingly, for general meetings of holders of a particular class of shares, a quorum consists of two or more shareholders present in person or by proxy holding not less than a majority of the issued and outstanding shares of the class entitled to vote at the meeting in question.

**Voting** 

***Generally***

Holders of our ordinary shares are entitled to one vote per ordinary share held as of the record date for the meeting.

Our Articles of Association provide that all votes at a general meeting will be decided by way of a poll. Voting rights on a poll may be exercised by shareholders registered in our share register as of the record date for the meeting or by a duly appointed proxy of such a registered shareholder, which proxy need not be a shareholder. All proxies must be appointed in accordance with our Articles of Association. Our Articles of Association provide that our Board of Directors may permit the appointment of proxies by the shareholders to be notified to us electronically.

In accordance with our Articles of Association, our Board of Directors may, from time to time, cause us to issue preferred shares. These shares may have such voting rights, if any, as may be specified in the terms of such shares (e.g., they may carry more votes per share or may entitle their holders to a class vote on such matters as may be specified in the terms of the shares).

Treasury shares (i.e., shares held by us) and our shares held by our subsidiaries will not entitle their holders to vote at general meetings of shareholders.

Other than with respect to the election of directors, as described below, except where a greater majority is required by Irish law or our Articles of Association, any question proposed for consideration at any of our general meetings or of any class of shareholders will be decided by an ordinary resolution passed by a simple majority of the votes cast by shareholders entitled to vote at such meeting.

Irish law requires special resolutions of the shareholders at a general meeting to approve certain matters. A special resolution requires not less than 75% of the votes cast by shareholders at a meeting of shareholders.

Examples of matters requiring special resolutions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amending our objects as contained in our memorandum of association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amending our Articles of Association (please see below in relation to an additional approval threshold for
amending certain provisions of our Articles of Association);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving a change of name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorizing the entry into a guarantee or the granting of security in connection with a loan, quasi loan or
credit transaction in favor of a director or connected person of a director (which generally includes a family member or business partner of the director and any entity controlled by the director);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• opting out of pre-emption rights on the issuance of new shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• re-registering from a public limited company to a private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• varying the class rights attaching to classes of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchasing of our own shares off-market;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reducing issued share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• resolving that we be wound up by the Irish courts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• resolving in favor of a shareholders' voluntary winding-up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• re-designating shares into different share classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• setting the re-issue price of treasury shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merging with other Irish companies or with companies incorporated in the EEA, as described below under "
— Acquisitions."

***Action by Written Consent***

Prior to the completion of this offering, our shareholders may pass resolutions that are signed in writing by all shareholders. Upon the completion of this offering, any resolution or action required or permitted to be passed or taken by our shareholders may be effected only at a duly convened annual or extraordinary general meeting of our shareholders and may not be effected by any resolution or consent in writing by such shareholders.

***Variation of Rights Attaching to a Class or Series of Shares***

Under our Articles of Association and the Irish Companies Act, any variation of class rights attaching to our issued shares must be approved by a special resolution passed at a general meeting of the shareholders of the affected class or series or with the consent in writing of the holders of a majority of the issued shares of that class of shares entitled to vote on such variation. The rights conferred upon the holder of any of our pre-existing issued shares shall not be deemed to be varied by the issuance of any preferred shares.

***Record Dates***

Our Articles of Association provide that our Board of Directors may set a record date for the purposes of determining which shareholders are entitled to notice of, or to vote at, a general meeting and the record date shall not be more than sixty (60) days prior to the date of the meeting. If no record date is fixed by the Board of Directors, the date immediately preceding the date on which notice of the meeting is deemed given under our Articles of Association will be the record date for such determination of members.

**Shareholder Proposals** 

Under Irish law, there is no general right for a shareholder to put items on the agenda of an annual general meeting, other than as set out in the Articles of Association of a company. Under our Articles of Association, in addition to any other applicable requirements, for business or nominations to be properly brought by a shareholder before an annual general meeting or an extraordinary general meeting requisitioned by shareholders, such shareholder must have given timely notice thereof in proper written form to our company secretary.

To be timely for an annual general meeting, a shareholder's notice to our secretary as to the business or nominations to be brought before the meeting must be delivered to or mailed and received at our registered office not less than 90 days nor more than 120 days before the first anniversary of the notice convening our annual general meeting for the prior year. In the event that the date of the annual general meeting is changed by more than 30 days from the date contemplated at the time of the previous year's proxy statement, notice by the member must be so delivered by close of business on the day that is not earlier than 120 days prior to such annual general meeting and not later than the later of (a) 90 days prior to the day of the contemplated annual general meeting or (b) ten days after the day on which public announcement of the date of the contemplated annual general meeting is first made by us. In no event shall the public announcement of an adjournment or postponement of an annual general meeting commence a new time period (or extend any time period) for the

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giving of a shareholder's notice. With respect to our first annual general meeting following completion of this offering, notice must be so delivered not later than the 10th day following the day on which public announcement of the date of such meeting is first made by us.

To be timely for business or nominations of a director at an extraordinary general meeting, notice must be delivered, or mailed and received not less than 90 days nor more than 120 days prior to the date of such extraordinary general meeting. If the first public announcement of the date of the extraordinary general meeting is less than 100 days prior to the date of the meeting, notice must be given by close of business 10 days after the day on which the public announcement of the date of the extraordinary general meeting is first made by us.

For nominations to the board, the notice must include all information about the director nominee that is required to be disclosed by SEC rules regarding the solicitation of proxies for the election of directors pursuant to Regulation 14A under the Exchange Act. For other business that a shareholder proposes to bring before the meeting, the notice must include a brief description of the business, the reasons for proposing the business at the meeting and a discussion of any material interest of the shareholder in the business. Whether the notice relates to a nomination to the board of directors or to other business to be proposed at the meeting, the notice also must include information about the shareholder and the shareholder's holdings of our shares. The chairman of the meeting shall have the power and duty to determine whether any business proposed to be brought before the meeting was made or proposed in accordance with these procedures (as set out in our Articles of Association), and if any proposed business is not in compliance with these provisions, to declare that such defective proposal shall be disregarded.

**Shareholders' Suits** 

In Ireland, the decision to institute proceedings on behalf of a company is generally taken by the company's Board of Directors. In certain limited circumstances, a shareholder may be entitled to bring a derivative action on our behalf. The central question at issue in deciding whether a shareholder may be permitted to bring a derivative action is whether, unless the action is brought, a wrong committed against us would otherwise go un-redressed. The cause of action may be against a director, another person or both.

A shareholder may also bring proceedings against us in his or her own name where the shareholder's rights as such have been infringed or where our affairs are being conducted, or the powers of the Board of Directors are being exercised, in a manner oppressive to any shareholder or shareholders or in disregard of their interests as shareholders. Oppression connotes conduct that is burdensome, harsh or wrong. This is an Irish statutory remedy and the court can grant any order it sees fit, including providing for the purchase or transfer of the shares of any shareholder.

Our Articles of Association provide that all actions, other than those related to U.S. securities law, but including, without limitation, (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or employees to us or any of our shareholders, (iii) any action asserting a claim against us arising pursuant to any provision of Irish law or our Articles of Association, and (iv) any dispute or claim arising out of or in connection with the Articles of Association or its subject matter, formation, existence, negotiation, validity or enforceability, shall be brought in the courts of Ireland, which have sole and exclusive jurisdiction to determine such matters.

**Inspection of Books and Records** 

Under Irish law, our shareholders shall have certain rights to inspect our books and records, including the right to: (i) receive a copy of our Memorandum and Articles of Association and any act of the Irish Government that alters our Memorandum and Articles of Association; (ii) inspect and obtain copies of the minutes of general meetings of shareholders (including resolutions adopted at such meetings); (iii) inspect and receive a copy of the register of shareholders, register of directors and secretaries, register of directors' interests and other statutory registers maintained by us; (iv) receive copies of the most recent balance sheets and directors' and auditors' reports which

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have previously been sent to shareholders prior to an annual general meeting; and (v) receive balance sheets of any of our subsidiary companies that have previously been sent to shareholders prior to an annual general meeting for the preceding ten years. Our auditors also have the right to inspect all of our books and records. The auditors' report must be circulated to the shareholders with our Financial Statements (as defined below) at least 21 days before the annual general meeting, and such report must be read to the shareholders at our annual general meeting. The Financial Statements referenced above mean our balance sheet, profit and loss account and, so far as they are not incorporated in the balance sheet or profit and loss account, any group accounts and the directors' and auditors' reports, together with any other document required by law to be annexed to the balance sheet. Our auditors will also have the right to inspect all of our books, records and vouchers.

**Acquisitions** 

There are a number of mechanisms for acquiring an Irish public limited company, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a court-approved scheme of arrangement under the Irish Companies Act. A scheme of arrangement with one or more
classes of shareholders requires a court order from the Irish High Court and the approval of: (i) more than 50% in number of the shareholders of each participating class or series voting on the scheme of arrangement, or (ii) representing
75% or more by value of the shares of such participating class or series held by the shareholders voting on the scheme of arrangement, in each case at the relevant meeting or meetings. A scheme of arrangement, if authorized by the shareholders of
each participating class or series and the court, is binding on all of the shareholders of each participating class or series. Shares held by the acquiring party are not excluded from the tally of a vote on the scheme, but such shares may be
considered to belong to a separate class for the purposes of approving the scheme, in which case the acquiring party's shares would not be voted for the purposes of the separate class approval required from the remaining, non-acquiring shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• through a tender offer by a third party pursuant to the Irish Takeover Rules. Where the holders of 80% or more in
value of a class of our shares (excluding any shares already beneficially owned by the offeror) have accepted an offer for their shares, the remaining shareholders in that class may be statutorily required to also transfer their shares, unless,
within one month, the non-tendering shareholders can obtain an Irish court order otherwise providing. If the offeror has acquired acceptances of 80% of all of our shares but does not exercise this
"squeeze out" right, the non-accepting shareholders also have a statutory right to require the offeror to acquire their shares on the same terms as the original offer, or such other terms as the
offeror and the non-tendering shareholders may agree or on such terms as an Irish court, on application of the offeror or non-tendering shareholder, may order. If our
shares were listed on the Irish Stock Exchange or another regulated stock exchange in the EU, this 80% threshold would be increased to 90%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by way of a transaction with a company incorporated in the EEA under the European Union (Cross-Border
Conversions, Mergers and Divisions) Regulations 2023 (as amended) or with another Irish company under the Irish Companies Act. Such a transaction must be approved by a special resolution and the Irish High Court. Shareholders also may be entitled to
have their shares acquired for cash. See "—Appraisal Rights."

The approval of the Board of Directors, but not shareholder approval, is required for a sale, lease or exchange of all or substantially all of our assets, except that such a transaction between us and one of our directors or a person or entity connected to such a director may require shareholder approval.

**Appraisal Rights** 

Generally, under Irish law, shareholders of an Irish company do not have statutory appraisal rights. If we are being merged as the transferor company with another EEA company under the European Union (Cross-Border Conversions, Mergers and Divisions) Regulations 2023 or if we are being merged with another Irish company

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under the Irish Companies Act, (i) any of our shareholders who voted against the special resolution approving the merger or (ii) if 90% of our shares are held by the successor company, any other of our shareholders, may be entitled to require that the successor company acquire its shares for cash. In addition, a dissenting shareholder in a successful tender offer for an Irish company may, by application to the Irish High Court, object to the compulsory squeeze out provisions.

**Disclosure of Interests in Shares** 

Under the Irish Companies Act, our shareholders must notify us if, as a result of a transaction, (i) the shareholder will be interested in 3% or more of our ordinary shares that carry voting rights or (ii) the shareholder who was interested in 3% or more of the shares will cease to be interested in our ordinary shares that carry voting rights. In addition, where a shareholder is interested in 3% or more of our ordinary shares, the shareholder must notify us of any alteration of its interest that brings its total holding through the nearest whole percentage number, whether an increase or a reduction. All such disclosures must be notified to us within two days of the event that gave rise to the requirement to notify. Where a person fails to comply with the notification requirements described above, no right or interest of any kind whatsoever in respect of any of our ordinary shares held by such person will be enforceable by such person, whether directly or indirectly, by action or legal proceeding. However, such person may apply to the Irish High Court to have the rights attaching to its ordinary shares reinstated. In addition to the disclosure requirement described above, under the Irish Companies Act, we may, by notice in writing, and must, on the requisition of shareholders holding 10% or more of our paid-up capital carrying voting rights, require a person whom we know or have reasonable cause to believe is, or at any time during the three years immediately preceding the date on which such notice is issued was, interested in shares comprised in our relevant share capital to: (i) indicate whether or not it is the case and (ii) where such person holds or has during that time held an interest in our ordinary shares, to give certain further information as may be required by us including particulars of such person or beneficial owner's past or present interests in our ordinary shares.

Any information given in response to the notice is required to be given in writing within such reasonable time as may be specified in the notice.

Where such a notice is served by us on a person who is or was interested in our ordinary shares and that person fails to give us any information required within the reasonable time specified, we may apply to a court for an order directing that the affected ordinary shares be subject to certain restrictions. Under the Irish Companies Act, the restrictions that may be placed on the ordinary shares by the court are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transfer of those ordinary shares or, in the case of unissued shares, any transfer of the right to be issued
with ordinary shares and any issue of such ordinary shares, shall be void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no voting rights shall be exercisable in respect of those ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no further shares shall be issued in respect of those ordinary shares or in pursuance of any offer made to the
holder of those ordinary shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no payment shall be made of any sums due from us on those ordinary shares, whether in respect of capital or
otherwise.

Where our ordinary shares are subject to these restrictions, the court may order the ordinary shares to be sold and may also direct that the ordinary shares shall cease to be subject to these restrictions.

In addition, persons or groups (within the meaning of the Exchange Act) beneficially owning 5% or more of our ordinary shares must comply with the reporting requirements under Section 13 of the Exchange Act.

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**Anti-Takeover Provisions** 

***Shareholder Rights Plans and Share Issuances***

Irish law does not expressly prohibit companies from issuing share purchase rights or adopting a shareholder rights plan as an anti-takeover measure. However, there is no directly relevant case law on the validity of such plans under Irish law.

Our Articles of Association allow our Board of Directors to adopt any shareholder rights plan upon such terms and conditions as the board deems expedient and in our best interest, subject to applicable law, including the Irish Takeover Rules and Substantial Acquisition Rules described below and the requirement for shareholder authorization for the issue of shares described above.

Subject to the Irish Takeover Rules described below and the Irish Companies Act, the Board of Directors also has the power to issue any of our authorized and unissued shares on such terms and conditions as it may determine to be in our best interest. It is possible that the terms and conditions of any issue of shares could discourage a takeover or other transaction that holders of some or a majority of our ordinary shares might believe to be in their best interest or in which holders of our ordinary shares might receive a premium for their shares over the then-market price of the shares.

***Irish Takeover Rules and Substantial Acquisition Rules***

A tender offer by which a third party makes an offer generally to our shareholders or a class of shareholders to acquire shares of any class conferring voting rights will be governed by the Irish Takeover Panel Act 1997 and the Irish Takeover Rules made thereunder and will be regulated by the Irish Takeover Panel (as well as being governed by the Exchange Act and the regulations promulgated thereunder). The "General Principles" of the Irish Takeover Rules and certain important aspects of the Irish Takeover Rules are described below. Takeovers by means of a scheme of arrangement are also generally subject to these regulations.

*General Principles.* The Irish Takeover Rules are based on the following General Principles that will apply to any transaction regulated by the Irish Takeover Panel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the event of an offer, all classes of shareholders of the target company should be afforded equivalent
treatment and, if a person acquires control of a company, the other holders of securities must be protected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of securities in the target company must have sufficient time and information to allow them to make
an informed decision regarding the offer. If the Board of Directors of the target company advises the holders of the securities with respect to the offer, it must advise on the effects of the implementation of the offer on employment, employment
conditions and the locations of the target company's places of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board of a target company must act in the interests of the company as a whole and must not deny the holders
of securities the opportunity to decide on the merits of the offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• false markets must not be created in the securities of the target company or any other company concerned by the
offer in such a way that the rise or fall of the prices of the securities becomes artificial and the normal functioning of the markets is distorted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an offeror can only announce an offer after ensuring that it can fulfill in full any cash consideration offered,
and after taking all reasonable measures to secure the implementation of any other type of consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a target company may not be hindered in the conduct of its affairs for longer than is reasonable by an offer for
its securities. This is a recognition that an offer will disrupt the day-to-day running of a target company, particularly if the offer is hostile and the board of the
target company must divert its attention to resist the offer; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "substantial acquisition" of securities (whether such acquisition is to be effected by one
transaction or a series of transactions) will only be allowed to take place at an acceptable speed and shall be subject to adequate and timely disclosure.

*Mandatory Offer.* Under certain circumstances, a person who acquires ordinary shares or other of our voting rights may be required under the Irish Takeover Rules to make a mandatory cash offer for our remaining outstanding ordinary shares at a price not less than the highest price paid for the shares by the acquirer (or any parties acting in concert with the acquirer) during the previous 12 months. This mandatory bid requirement is triggered if an acquisition of shares would (i) increase the aggregate holding of an acquirer (including the holdings of any parties acting in concert with the acquirer) to shares representing 30% or more of our voting rights, or (ii) in the case of a person holding (together with its concert parties) shares representing 30% or more of our voting rights, after giving effect to the acquisition, increase the percentage of the voting rights held by that person (together with its concert parties) by 0.05% within a 12-month period. Any person (excluding any parties acting in concert with the holder) holding shares representing more than 50% of the voting rights of a company is not subject to these mandatory offer requirements in purchasing additional securities.

*Voluntary Offer; Requirements to Make a Cash Offer and Minimum Price Requirements.* A voluntary offer is a tender offer that is not a mandatory offer. If a person makes a voluntary offer to acquire outstanding ordinary shares of ours, the offer price must be no less than the highest price paid for our shares by that person or its concert parties during the three-month period prior to the commencement of the offer period. The Irish Takeover Panel has the power to extend the "look back" period to 12 months if the Irish Takeover Panel, taking into account the General Principles, believes it is appropriate to do so.

If the offeror or any of its concert parties has acquired our shares of the same class as the shares that are the subject of the voluntary offer (i) during the period of twelve months prior to the commencement of the offer period which represent 10% or more of the nominal value of the issued shares of that class or (ii) at any time after the commencement of the offer period, the offer shall be in cash (or accompanied by a full cash alternative) and the price per share shall be not less than the highest price paid by the offeror or its concert parties for shares (of that class) during, in the case of (i), the period of twelve months prior to the commencement of the offer period and, in the case of (ii), the offer period. The Irish Takeover Panel may apply this rule to an offeror who, together with its concert parties, has acquired less than 10% of the nominal value of the issued shares of the class of shares that is the subject of the offer in the twelve-month period prior to the commencement of the offer period if the Panel, having regard to the General Principles, considers it just and proper to do so.

An offer period will generally commence from the date of the first announcement of an offer or proposed offer. Where an offer period is commenced by the announcement of a possible offer, the potential offeror must, by no later than 42 days following the date of the possible offer announcement, either (i) announce a firm intention to make an offer for us in accordance with Rule 2.7 of the Irish Takeover Rules or (ii) announce that it does not intend to make such an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Irish Takeover Rule applies. This deadline can be extended at our request with the consent of the Irish Takeover Panel in accordance with Rule 2.6(c) of the Irish Takeover Rules.

*Substantial Acquisition Rules.* The Irish Takeover Rules also contain rules governing substantial acquisitions of shares which restrict the speed at which a person may increase his or her holding of shares and rights over shares to an aggregate of between 15% and 30% of the voting rights in our shares. Except in certain circumstances, an acquisition or series of acquisitions of shares or rights over shares representing 10% or more of the voting rights in our shares is prohibited, if such acquisition(s), when aggregated with shares or rights already held, would result in the acquirer holding 15% or more but less than 30% of the voting rights in our shares and such acquisitions are made within a period of seven days. These rules also require accelerated disclosure of certain other acquisitions of shares or rights over shares relating to such holdings.

*Frustrating Action.* Under the Irish Takeover Rules, the Board of Directors is not permitted to take any action that might frustrate an offer for our shares during the course of an offer or at any earlier time at which the board

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has reason to believe an offer is or may be imminent, except as noted below. Potentially frustrating actions such as (i) the issue of shares, options or convertible securities, (ii) material disposals, (iii) entering into contracts other than in the ordinary course of business or (iv) any action, other than seeking alternative offers, which may result in the frustration of an offer, are prohibited during the course of an offer or at any time during which the board has reason to believe that an offer is or may be imminent. Exceptions to this prohibition are available where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the action is approved by our shareholders at a general meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with the consent of the Irish Takeover Panel, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Irish Takeover Panel is satisfied that the action would not constitute a frustrating action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of at least 50% of the voting rights state in writing that they approve the proposed action and would
vote in favor of it at a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the action is in accordance with a contract entered into prior to the announcement of the offer (or prior to a
time at which the board has reason to believe that an offer is or may be imminent); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the decision to take such action was made before the announcement of the offer (or prior to a time at which the
board has reason to believe that an offer is or may be imminent) and has been either at least partially implemented or is in the ordinary course of business.

*Insider Dealing.* The Irish Takeover Rules also provide that no person, other than the offeror who is privy to confidential price-sensitive information concerning an offer made in respect of the acquisition of a company (or a class of its securities) or a contemplated offer, shall deal in relevant securities of the offeree during the period from the time at which such person first has reason to suppose that such an offer, or an approach with a view to such an offer being made, is contemplated to the time of (i) the announcement of such offer or approach or (ii) the termination of discussions relating to such offer, whichever is earlier.

For other provisions that could be considered to have an anti-takeover effect, see "—Transfer and Registration of Shares," "—Issuance of Shares—Pre-emption Rights, Share Warrants and Share Options," "—Voting—Generally," "—Voting—Variation of Rights Attaching to a Class or Series of Shares," "—Disclosure of Interests in Shares" and "—Corporate Governance."

***Business Combinations with Interested Shareholders***

Our Articles of Association provide that, subject to certain exceptions, we may not engage in certain business combinations with any person, other than the Advent Shareholder, the KKR Shareholder, NIM and their respective affiliates, that acquires beneficial ownership of 15% or more of our outstanding voting shares for a period of three years following the date on which such person became a 15% shareholder unless: (i) a committee of our disinterested directors approves the business combination; and (ii) in certain circumstances, the business combination is authorized by a special resolution of disinterested shareholders.

**Corporate Governance** 

***Generally***

Our Articles of Association allocate authority over management of our Company to our Board of Directors. Our Board of Directors may then delegate management to committees of the board or such other persons as it thinks fit. Regardless of any delegation, the Board of Directors will remain responsible, as a matter of Irish law, for the proper management of our affairs. The Board of Directors may create new committees or change the responsibilities of existing committees from time to time.

See "Management—Board Composition and Director Independence."

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***Directors: Term and Appointment***

The Irish Companies Act provides for a minimum of two directors. Our Articles of Association provide that the number of directors will be not less than three and not more than fifteen. The authorized number of directors within the prescribed range will be determined solely by our Board of Directors and does not require approval or ratification by the shareholders in a general meeting. Our directors will be elected by a plurality of the votes of the shares present in person or represented by proxy at the relevant general meeting and entitled to vote on the election of directors. If the number of the directors is reduced below the fixed minimum number, the remaining director or directors may appoint an additional director or additional directors to make up such minimum or may convene a general meeting for the purpose of making such appointment. Casual vacancies may be filled by the Board of Directors.

Our Articles of Association provide that our Board of Directors is divided into three classes serving staggered three-year terms. Shareholders do not have cumulative voting rights. Accordingly, the holder of a majority of the voting rights attaching to our ordinary shares will, as a practical matter, be entitled to control the election of all directors. At each annual general meeting, directors will be elected for a full term of three years to succeed those directors of the relevant class whose terms are expiring.

No person may be appointed director unless nominated in accordance with our Articles of Association. Our Articles of Association provide that, with respect to an annual or extraordinary general meeting of shareholders, nominations of persons for election to our Board of Directors may be made by (i) the affirmative vote of our Board of Directors or a committee thereof, (ii) any shareholder who is entitled to vote at the meeting and who has complied with the advance notice procedures provided for our Articles of Association, or (iii) with respect to election at an extraordinary general meeting requisitioned in accordance with section 178 of the Irish Companies Act, by a shareholder who holds ordinary shares or other shares carrying the general right to vote at general meetings of the company and who makes such nomination in the written requisition of the extraordinary general meeting in accordance with our Articles of Association and the Irish Companies Act relating to nominations of directors and the proper bringing of special business before an extraordinary general meeting.

***Removal of Directors***

The Irish Companies Act provides that, notwithstanding anything contained in the Articles of Association of a company or in any agreement between that company and a director, the shareholders may, by an ordinary resolution, remove a director from office before the expiration of his or her term, provided that notice of any such resolution be given to the shareholders not less than 28 days before the meeting at which the director is to be removed, and the director will be entitled to be heard at such meeting. The power of removal is without prejudice to any claim for damages for breach of contract (e.g., employment agreement) that the director may have against us in respect of his or her removal.

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***Directors' Duties***

Our directors have certain statutory and fiduciary duties. All of our directors have equal and overall responsibility for our management (although directors who also serve as employees will have additional responsibilities and duties arising under their employment agreements and will be expected to exercise a greater degree of skill and diligence than non-executive directors). The principal fiduciary duties include the statutory and common law fiduciary duties of acting in good faith in the interests of our company and exercising due care and skill. Other statutory duties include ensuring the maintenance of proper books of account, having annual accounts prepared, having an annual audit performed, maintaining certain registers and making certain filings as well as the disclosure of personal interests. Particular duties also apply to directors of insolvent companies (for example, the directors could be liable to sanctions where they are deemed by the court to have carried on our business while insolvent, without due regard to the interests of creditors). For public limited companies like us, directors are under a specific duty to ensure that the company secretary is a person with the requisite knowledge and experience to discharge the role.

***Conflicts of Interest***

As a matter of Irish law, a director is under a fiduciary duty to avoid conflicts of interest. Irish law and our Articles of Association provide that: (i) a director may be a director of or otherwise interested in a company relating to us and will not be accountable to us for any remuneration or other benefits received as a result, unless we otherwise direct; (ii) a director or a director's firm may act for us in a professional capacity other than as auditor; and (iii) a director may hold an office or place of profit in us and will not be disqualified from contracting with us. If a director has a personal interest in an actual or proposed contract with us, the director must declare the nature of his or her interest and we are required to maintain a register of such declared interests that must be available for inspection by the shareholders. Such a director may vote on any resolution of the Board of Directors in respect of such a contract, and such a contract will not be voidable solely as a result.

**Indemnification of Directors and Officers; Insurance** 

To the fullest extent permitted by Irish law, our Articles of Association confer an indemnity on our directors and officers. However, this indemnity is limited by the Irish Companies Act, which prescribes that an advance commitment to indemnify only permits a company to pay the costs or discharge the liability of a director or company secretary where judgment is given in favor of the director or company secretary in any civil or criminal action in respect of such costs or liability, or where an Irish court grants relief because the director or company secretary acted honestly and reasonably and ought fairly to be excused. Any provision whereby an Irish company seeks to commit in advance to indemnify its directors or company secretary over and above the limitations imposed by the Irish Companies Act will be void under Irish law, whether contained in its Articles of Association or any contract between the company and the director or company secretary. This restriction does not apply to our executives who are not directors, the company secretary or other persons who would be considered "officers" within the meaning of that term under the Irish Companies Act.

Our Articles of Association also contain indemnification and expense advancement provisions for persons who are not directors or our company secretary.

We are permitted under our Articles of Association and the Irish Companies Act to take out directors' and officers' liability insurance, as well as other types of insurance, for our directors, officers, employees and agents.

Additionally, we and certain of our subsidiaries intend to enter into agreements to indemnify our directors to the maximum extent allowed under applicable law before the completion of the offering. These agreements, among other things, will provide that we will indemnify our directors for certain expenses (including attorneys' fees), judgments, fines and settlement amounts reasonably incurred by such person in any action or proceeding, including any action by or in our right, on account of any services undertaken by such person on our behalf or that person's status as our director.

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Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling the registrant pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Duration; Dissolution; Rights upon Liquidation** 

Our duration will be unlimited. We may be dissolved at any time by way of either a shareholder's voluntary winding up or a creditors' winding up. In the case of a shareholder's voluntary winding up, we must be solvent and a special resolution of the shareholders is required. We may also be dissolved by way of court order on the application of a creditor, or by the Corporate Enforcement Authority in Ireland where our affairs have been investigated by an inspector and it appears from the report or any information obtained by the Corporate Enforcement Authority that we should be wound up.

The rights of the shareholders to a return of our assets on dissolution or winding up, following the settlement of all claims of creditors, may be prescribed in our Articles of Association or the terms of any shares issued by the Board of Directors from time to time. If the Articles of Association and terms of issue of our shares contain no specific provisions in respect of a dissolution or winding up then, subject to the shareholder priorities and the rights of any creditors, the assets will be distributed to shareholders in proportion to the paid-up nominal value of the shares held. Our Articles of Association provide that our ordinary shareholders may be entitled to participate in a winding up, and the method by which the property will be divided shall be determined by the liquidator, subject to a special resolution of the shareholders, but such rights of ordinary shareholders to participate may be subject to the rights of any preference shareholders to participate under the terms of any series or class of preference shares.

**Transfer Agent and Registrar** 

The transfer agent and registrar for our ordinary shares is Computershare Trust Company, N.A.

**Exchange Controls** 

There is no limitation imposed by Irish law or by our Articles of Association on the right of a non-resident to hold or vote our ordinary shares.

**Listing** 

We have applied to list our ordinary shares on the New York Stock Exchange under the symbol "NIQ."

**Differences in Corporate Law** 

We, and our relationships with our shareholders, are governed by Irish corporate law and not by the corporate law of any U.S. state. As a result, our directors and shareholders are subject to different responsibilities, rights and privileges than are available to directors and shareholders of U.S. corporations. To help you understand these differences, we have prepared the following summary comparing certain important provisions of Irish corporate law (as modified by our Articles of Association) with those of Delaware corporate law. Before investing, you should consult your legal advisor regarding the impact of Irish corporate law on your specific circumstances and reasons for investing.

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|  | **Ireland** | **Delaware** |
| &nbsp;&nbsp;&nbsp; Number of Directors | The Irish Companies Act provides for a minimum of two directors for an Irish incorporated public limited company. Our Articles of Association provide that the number of directors will be not less than three and not more than fifteen. The authorized number of directors within the prescribed range will be determined solely by our Board of Directors and does not require approval or ratification by the shareholders in a general meeting. Our shareholders may from time to time increase or reduce the maximum number, or increase the minimum number, of directors by (a) a special resolution amending the Articles of Association or (b) if the Directors have made a recommendation to the shareholders to increase or reduce the minimum or maximum number of Directors, only an Ordinary Resolution is required. Our Articles of Association provide that our Board of Directors is divided into three classes serving staggered three-year terms. | Under Delaware law, a corporation must have at least one director and the number of directors shall be fixed by or in the manner provided in the bylaws. |
| &nbsp;&nbsp;&nbsp; Removal of Directors | Under the Irish Companies Act, the shareholders may, by ordinary resolution, remove a director from office before the expiration of his or her term, provided that notice of any such resolution be given to company not less than 28 days before the meeting at which the director is to be removed, and the director will be entitled to be heard at such meeting.<br>The power of removal is without prejudice to any claim for damages for breach of contract (e.g., employment contract) that the director may have against us in respect of his or her removal.<br>Our Articles of Association also provide that the office of a director will also be vacated if the director is restricted or disqualified to act as a director under the Irish Companies Act; resigns his or her office by notice in writing to us or in writing offers to resign and the directors resolve to accept such offer; or is requested to resign in writing by not less than 75% of the other directors. | Under Delaware law, any director or the entire board of directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except (i) unless the certificate of incorporation provides otherwise, in the case of a corporation whose board of directors is classified, stockholders may effect such removal only for cause, or (ii) in the case of a corporation having cumulative voting, if less than the entire board of directors is to be removed, no director may be removed without cause if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire board of directors, or, if there are classes of directors, at an election of the class of directors of which he is a part. |

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|  | **Ireland** | **Delaware** |
| &nbsp;&nbsp;&nbsp; Vacancies on the Board of Directors | Any vacancy on our Board of Directors, including a vacancy resulting from an increase in the number of directors or from the death, resignation, retirement, disqualification or removal of a director, shall be deemed a casual vacancy. Casual vacancies may be filled by the Board of Directors by an affirmative vote of a majority of the directors, provided that the appointment does not cause the number of directors to exceed the number of directors from time to time fixed by the board in accordance with the Articles of Association.<br>Under our Articles of Association, (a) if the board fills a vacancy where the number of directors has fallen below the minimum number, the director's term expires at the next annual general meeting and (b) if the board fills a vacancy otherwise created, any director of a class of directors elected to fill a vacancy shall have the same remaining term as that of his predecessor. A director retiring shall retain office until the close or adjournment of the meeting.<br>| Under Delaware law, vacancies and newly created directorships may be filled by a majority of the directors then in office (even though less than a quorum) or by a sole remaining director unless (i) otherwise provided in the certificate of incorporation or bylaws of the corporation or (ii) the certificate of incorporation directs that a particular class of stock is to elect such director, in which case a majority of the other directors elected by such class, or a sole remaining director elected by such class, will fill such vacancy. |
| &nbsp;&nbsp;&nbsp; Annual General Meeting | We are required under Irish law to hold annual general meetings at intervals of no more than 15 months, provided that an annual general meeting is held in each calendar year and no more than nine months after our fiscal year-end.<br>The only matters that must, under Irish law, be transacted at an annual general meeting are the presentation of the annual financial statements (including profit and loss account, balance sheet and reports of the directors and auditors), the appointment of auditors and the fixing of the auditor's fees (or delegation of same). If no resolution is made in respect of the reappointment of an auditor at the annual general meeting, the previous auditor will be deemed to have continued in office. | Under Delaware law, the annual meeting of stockholders shall be held at such place, on such date and at such time as may be designated from time to time by the board of directors or as provided in the certificate of incorporation or by the bylaws. |
| &nbsp;&nbsp;&nbsp; General Meeting | Our extraordinary general meetings may be convened (i) by our Board of Directors, (ii) on requisition of the shareholders holding 10% of our paid-up share capital carrying voting rights, (iii) in certain circumstances, on requisition of our auditors, or (iv) in exceptional cases, by order of the Irish High Court. Extraordinary general meetings are generally held for the purposes of approving shareholder resolutions as may be required from time to time.<br>| Under Delaware law, special meetings of the stockholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws. |

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|  | **Ireland** | **Delaware** |
|  | <br> If our Board of Directors becomes aware that our net assets are half or less of the amount of our called-up share capital, the board must, not later than 28 days from the date that it learns of this fact, convene an extraordinary general meeting of our shareholders to be held not later than 56 days from such date. This meeting must be convened for the purposes of considering what measures, if any, should be taken to address the situation. |  |
| &nbsp;&nbsp;&nbsp; Notice of General Meetings | At least 21 days' notice of any annual general meeting or general meeting at which a special resolution is proposed and 14 days in all other circumstances must be given to shareholders, each director and our auditors, under our Articles of Association. General meetings may be called by shorter notice, but only with the consent of our auditors and all of our shareholders entitled to attend and vote thereat.<br>In the case of an extraordinary general meeting convened by our shareholders, the proposed purpose of the meeting must be set out in the requisition notice. Under Irish law, upon receipt of this requisition notice, the Board of Directors has 21 days to convene the extraordinary general meeting of our shareholders to vote on the matters set out in the requisition notice. This meeting must be held within two months of receipt of the requisition notice. If the board does not proceed to convene the meeting within such 21-day period, the requisitioning shareholders, or any of them representing more than one-half of the total voting rights of all of them, may themselves convene a meeting, which meeting must be held within three months of the receipt of the requisition notice by the board. | Under Delaware law, unless otherwise provided in the certificate of incorporation or bylaws, written notice of any meeting of the stockholders must be given to each stockholder entitled to vote at the meeting not less than ten nor more than 60 days before the date of the meeting and shall specify the place, date, hour and purpose or purposes of the meeting. |
| &nbsp;&nbsp;&nbsp; Quorum | The presence, in person or by proxy, of two or more persons holding or representing by proxy at least a majority of the voting power of our issued shares that carry the right to vote at the meeting constitutes a quorum for the conduct of business. Our Articles of Association provide that no business shall be transacted at any general meeting unless a quorum is present.<br>| The certificate of incorporation or bylaws may specify the number of shares, the holders of which shall be present or represented by proxy at any meeting in order to constitute a quorum, but in no event shall a quorum consist of less than one third of the shares entitled to vote at the meeting. In the absence of such specification in the certificate of incorporation or bylaws, |

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|  | **Ireland** | **Delaware** |
|  | | a majority of the shares entitled to vote, present in person or represented by proxy, shall constitute a quorum at a meeting of stockholders. |
| &nbsp;&nbsp;&nbsp; Proxy | Under Irish law, a shareholder may designate another person to attend, speak and vote at a general meeting of the company on their behalf by proxy, which proxy need not be a shareholder.<br>Where interests in shares are held by a nominee trust company, this company may exercise the rights of the beneficial holders on their behalf as their proxy.<br>Voting rights may be exercised by shareholders registered in the share register as of the record date for the meeting or by a duly appointed proxy of such a registered shareholder, which proxy need not be a shareholder. All proxies must be appointed in accordance with our Articles of Association. | Under Delaware law, at any meeting of stockholders, a stockholder may designate another person to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A director of a Delaware corporation may not issue a proxy representing the director's voting rights as a director. |
| &nbsp;&nbsp;&nbsp; Issue of New Shares | The authorized share capital provided for in our Memorandum and Articles of Association may be increased or reduced by ordinary resolution. As a matter of Irish law, the Board of Directors of a company may issue authorized but unissued new shares without shareholder approval once authorized to do so by the Articles of Association of the company or by an ordinary resolution adopted by the shareholders at a general meeting. The authority conferred can be granted for a maximum period of five years, at which point it must be renewed by the shareholders by an ordinary resolution. Because of this requirement of Irish law, our Articles of Association authorize our Board of Directors to issue new shares up to the amount of our authorized but unissued share capital without shareholder approval for a period of five years from the date our Articles of Association were adopted in substantially the form attached as an exhibit to the registration statement of which this prospectus forms a part. We expect that we will seek to renew such general authority at an annual general meeting before the end of that five-year period. Our Articles of Association authorize our Board of Directors, without shareholder<br>| Under Delaware law, if the company's certificate of incorporation so provides, the directors have the power to authorize the issuance of additional stock. The directors may authorize capital stock to be issued for consideration consisting of cash, any tangible or intangible property or any benefit to the company or any combination thereof. |

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|  | **Ireland** | **Delaware** |
|  | approval, to determine the terms of any class of preferred shares issued by us. |  |
| &nbsp;&nbsp;&nbsp; Takeovers | Takeover of certain Irish public companies, including us, are regulated by statutory takeover rules, which are administered by the Irish Takeover Panel.<br>In addition to the merger mechanisms under the European Union (Cross-Border Conversions, Mergers and Divisions) Regulations 2023 and the Irish Companies Act referred to above, Irish law provides two principal ways for the control of a public company to change. The first method involves a public offer for the shares of that company. The number of shares required to vote in favor of a proposal to force minority shareholders of a public company, such as us, is 80% under the Irish Companies Act.<br>The second method of acquiring control of an Irish public company is by a scheme of arrangement. A company proposes the scheme of arrangement to its shareholders, which, if accepted, would result in the company being acquired by a third party. A scheme of arrangement must be approved by a majority in number of shareholders representing 75% in value of the shares of each relevant class actually voting at a general meeting.<br>If the scheme is approved, and subsequently confirmed by the Irish High Court, it becomes binding on all of the target shareholders, regardless of whether they voted on the scheme.<br>A general principle of Irish takeover law is that the directors of a company that is the target of an offer (or of a company which the directors believe will soon be the target of an offer) must refrain from frustrating that offer or depriving shareholders of the opportunity to consider the merits of the offer, unless the shareholders approve of such actions in a general meeting. | Under Delaware law, the Board of Directors may take defensive actions against a takeover if the directors believe in good faith that the takeover is a threat to the company's interests and if the response is reasonable in light of the threat posed by the takeover. However, the board may not use such measures for its own personal interests. For example, a board may institute defensive measures to allow it to negotiate a higher price with the acquirer or prevent shareholders from being coerced into selling at a price that is clearly too low.<br>However, the board may not use such measures just to keep itself in control of the company. In contrast, Irish takeover law only allows the directors to advise shareholders (by way of a publicly available announcement) on the merits and drawbacks of any particular offer and to recommend shareholders to accept or reject such offer. |
| &nbsp;&nbsp;&nbsp; Preemptive Rights | Under Irish law, certain statutory pre-emption rights apply automatically in favor of our shareholders when our shares are issued for cash. However, we have opted out of these pre-emption<br>| Under Delaware law, shareholders have no preemptive rights to subscribe to additional issues of stock or to any security convertible into such stock unless, and except to the extent that, |

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|  | **Ireland** | **Delaware** |
|  | rights in our Articles of Association as permitted under Irish law for the maximum period permitted of five years from the date of adoption of the Articles of Association. This opt-out must be renewed after five years under Irish law by a special resolution of the shareholders. If the opt-out expires and is not renewed, shares issued for cash must be offered to our pre-existing shareholders pro rata based on their existing shareholding before the shares can be issued to any new shareholders or pre-existing shareholders in an amount greater than their pro rata entitlements. | such rights are expressly provided for in the certificate of incorporation. |
| &nbsp;&nbsp;&nbsp; Acquisition of Own Shares | Under Irish law, a company may issue redeemable shares and redeem them out of distributable reserves or the proceeds of a new issue of shares for that purpose. All redeemable shares must also be fully paid and the terms of redemption of the shares must provide for payment on redemption. Redeemable shares may, upon redemption, be cancelled or held in treasury. Shareholder approval will not be required to redeem our shares.<br>We may also be given an additional general authority by our shareholders to purchase our own shares on-market, which would take effect on the same terms and be subject to the same conditions as applicable to purchases by our subsidiaries as described below.<br>Repurchased and redeemed shares may be cancelled or held as treasury shares. The nominal value of treasury shares that we hold at any time must not exceed 10% of the nominal value of our issued share capital. While we hold shares as treasury shares, we cannot exercise any voting rights in respect of those shares. Treasury shares may be cancelled by us or re-issued subject to certain conditions.<br>Under Irish law, it may be permissible for an Irish or non-Irish subsidiary to purchase shares of a company either on-market or off-market. A general authority of the shareholders of a company is required to allow a subsidiary to make on-market purchases of the company's shares; however, as long as this general authority<br>| Under Delaware law, any corporation may purchase or redeem its own shares, except that generally it may not purchase or redeem these shares if the capital of the corporation is impaired at the time or would become impaired as a result of the redemption. A corporation may, however, purchase or redeem out of capital shares that are entitled upon any distribution of its assets to a preference over another class or series of its shares if the shares are to be retired and the capital reduced. |

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|  | **Ireland** | **Delaware** |
|  | has been granted, no specific shareholder authority is required for a particular on-market purchase of the company's shares by a subsidiary. A company may elect to seek such general authority, which must expire no later than five years after the date on which it was granted, at the first annual general meeting of a company and at subsequent annual general meetings. For an off-market purchase by a subsidiary of a company, the proposed purchase contract must be authorized by special resolution of the shareholders of the company before the contract is entered into. The person whose shares are to be bought back cannot vote in favor of the special<br>resolution and, for at least 21 days prior to the special resolution, the purchase contract must be on display or must be available for inspection by shareholders at the registered office of the company. |  |
| &nbsp;&nbsp;&nbsp; Dividends | Under Irish law, dividends and distributions may only be made from distributable reserves which are, generally, a company's accumulated realized profits less its accumulated realized losses. In addition, no distribution or dividend may be made if our net assets are not, or if making such distribution or dividend will cause our net assets to not be, equal to, or in excess of, the aggregate of our called up share capital plus undistributable reserves. Undistributable reserves include the company's undenominated capital and the amount by which a company's accumulated unrealized profits exceeds its accumulated unrealized losses. The determination as to whether or not we have sufficient distributable reserves to fund a dividend must be made by reference to our most recent unconsolidated annual audited financial statements or other financial statements properly prepared in accordance with the Irish Companies Act. The relevant financial statements must be filed in the Companies Registration Office (the official public registry for companies in Ireland). The Articles of Association (as will be in effect upon the listing of our ordinary shares) will authorize our Board of Directors to declare an interim dividend without shareholder approval to the extent they appear justified by profits. Our Board of Directors may also recommend a dividend to be<br>| Under Delaware law, subject to any restriction in the corporation's certificate of incorporation, the Board may declare and pay dividends out of:<br>(1) surplus of the corporation, which is defined as net assets less statutory capital; or<br>(2) if no surplus exists, out of the net profits of the corporation for the year in which the dividend is declared and/or the preceding year;<br>provided, however, that if the capital of the corporation has been diminished to an amount less than the aggregate amount of capital represented by the issued and outstanding stock of all classes having preference upon the distribution of assets, the Board may not declare and pay dividends out of the corporation's net profits until the deficiency in the capital has been repaired. |

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|  | **Ireland** | **Delaware** |
|  | approved and declared by the shareholders at a general meeting, provided that no dividend issued may exceed the amount recommended by the directors. | |
| &nbsp;&nbsp;&nbsp; Alteration of Share Capital | Under our Articles of Association, we may, by ordinary resolution, divide any or all of our share capital into shares of smaller nominal value than its existing shares (often referred to as a share split) or consolidate any or all of our share capital into shares of larger nominal value than its existing shares (often referred to as a reverse share split).<br>We may, by special resolution, reduce our authorized but unissued share capital. We also may, by special resolution and subject to confirmation by the Irish High Court, reduce our issued share capital and any undenominated share capital. | |
| &nbsp;&nbsp;&nbsp; General Provisions Governing a Liquidation; Liquidation Distributions | Our duration will be unlimited. We may be dissolved at any time by way of either a shareholder's voluntary winding up or a creditors' winding up. In the case of a shareholder's voluntary winding up, we must be solvent and a special resolution of the shareholders is required. We may also be dissolved by way of court order on the application of a creditor, or by the Corporate Enforcement Authority in Ireland where our affairs have been investigated by an inspector and it appears from the report or any information obtained by the Corporate Enforcement Authority that we should be wound up.<br>The rights of the shareholders to a return of our assets on dissolution or winding up, following the settlement of all claims of creditors, may be prescribed in our Articles of Association or the terms of any shares issued by the Board of Directors from time to time. | Upon the dissolution of a Delaware corporation, after satisfaction of the claims of creditors, the assets of that corporation would be distributed to stockholders in accordance with their respective interests, including any rights a holder of shares of preference shares may have to preferred distributions upon dissolution or liquidation of the corporation. |
| &nbsp;&nbsp;&nbsp; Liability of Directors and Officers | To the fullest extent permitted by Irish law, our Articles of Association confer an indemnity on our directors and officers. However, this indemnity is limited by the Irish Companies Act, which prescribes that an advance commitment to indemnify only<br>| Under Delaware law, a corporation's certificate of incorporation may include a provision eliminating or limiting the personal liability of a director to the corporation and its stockholders for |

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|  | **Ireland** | **Delaware** |
|  | permits a company to pay the costs or discharge the liability of a director or company secretary where judgment is given in favor of the director or company secretary in any civil or criminal action in respect of such costs or liability, or where an Irish court grants relief because the director or company secretary acted honestly and reasonably and ought fairly to be excused. Any provision whereby an Irish company seeks to commit in advance to indemnify its directors or company secretary over and above the limitations imposed by the Irish Companies Act will be void under Irish law, whether contained in its Articles of Association or any contract between the company and the director or company<br>secretary. This restriction does not apply to our executives who are not directors, the company secretary or other persons who would be considered "officers" within the meaning of that term under the Irish Companies Act.<br>We are permitted under our Articles of Association and the Irish Companies Act to take out directors' and officers' liability insurance, as well as other types of insurance, for our directors, officers, employees and agents. In order to attract and retain qualified directors and officers, we expect to purchase and maintain customary directors' and officers' liability insurance and other types of comparable insurance.<br>We also expect to enter indemnification agreements with our directors and officers with additional indemnification and related rights. | damages arising from a breach of fiduciary duty as a director. However, no provision can limit the liability of a director for:<br>• any breach of the director's duty of loyalty to the corporation or its stockholders;<br>• acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;<br>• intentional or negligent payment of unlawful dividends or stock purchases or redemptions; or<br>• any transaction from which the director derives an improper personal benefit. |
| &nbsp;&nbsp;&nbsp; Inspection of Corporate Records | Under Irish law, members of the general public have the ability to inspect our public documents available at the Irish Companies Registration Office. Our shareholders also have the right to inspect our register of directors and secretaries and minutes of general meetings. Our audited financial statements must be presented to our shareholders at each annual general meeting (and made available to our shareholders in advance of an annual general meeting).<br>| Delaware law permits a shareholder to inspect or obtain copies of a corporation's shareholder list and its other books and records for any purpose reasonably related to his or her interest as a shareholder. |

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|  | **Ireland** | **Delaware** |
|  | <br> The register of members of a company is also open to inspection by shareholders without charge, and by members of the general public on payment of a fee. A company is required to maintain its share register in Ireland. A company is required to keep at its registered office a register of directors and officers that is also open for inspection. Irish law does not, however, provide a general right for shareholders to inspect or obtain copies of any other corporate records. |  |
| &nbsp;&nbsp;&nbsp; Voting Rights | Under our Articles of Association, each holder of our ordinary shares is entitled to one vote for each ordinary share that he or she holds as of the record date for the meeting. The holder(s) of our Euro deferred shares are not entitled to a vote. We may not exercise any voting rights in respect of any shares held as treasury shares. Any shares held by our subsidiaries will count as treasury shares for this purpose, and such subsidiaries cannot therefore exercise any voting rights in respect of those shares.<br>Under our Articles of Association, the election of directors at a general meeting of shareholders will require a plurality of the votes cast at any meeting for the election of directors at which a quorum is present.<br>| Delaware law provides that, unless otherwise provided in the certificate of incorporation, each stockholder is entitled to one vote for each share of capital stock held by such stockholder. |
| &nbsp;&nbsp;&nbsp; Amendment to Articles of Association | Pursuant to Irish law, any amendment to our Memorandum and Articles of Association will require approval by 75% of the votes cast at a meeting of shareholders of which due notice has been given.<br>Pursuant to Irish law, the certificate of incorporation of a company (which simply evidences the date of the company's incorporation and its registered number and the fact that it has been incorporated) may not be amended. | Under Delaware law, a company's certificate of incorporation may be amended if the amendment is approved by both the Board of Directors and the shareholders. Unless a different percentage is provided for in the certificate of incorporation or required by law, a majority of the voting power of the shareholders of the corporation is required to approve an amendment.<br>Under Delaware law, the certificate of incorporation may limit or remove the voting power of a class of the company's shares. However, if the amendment would alter the number of authorized shares or par value or otherwise adversely affect the rights or preference of a class of shares, the holders of shares of that class are entitled to vote, as a class, upon the proposed amendment, without regard to the restriction in the certificate of incorporation.<br>|

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|  | **Ireland** | **Delaware** |
|  |  | <br> Delaware law allows the bylaws of the corporation to be amended either by the stockholders or, if allowed in the certificate of incorporation, by the Board of Directors by a majority of voting power. |
| &nbsp;&nbsp;&nbsp; Shareholder Vote on Certain Transactions | Most shareholder actions or resolutions may be passed by a simple majority of votes cast. Certain actions (including the amendment of the majority of the provisions of our Memorandum and Articles of Association) require approval by 75% of the votes cast at a meeting of shareholders.<br> Pursuant to Irish law, the disposal of or acquisition of assets by a company requires the approval of its Board of Directors only. However, certain acquisitions and disposal of assets may also require shareholder approval. Pursuant to Irish law, shareholder approval in connection with a transaction involving NIQ Global Intelligence plc would be required under the following circumstances:<br>• in connection with a scheme of arrangement, both a court order from the Irish High Court and the approval of a majority in number representing 75% in value of the shareholders present and voting in person or by proxy at a meeting called to approve such a scheme would be required;<br>• in connection with an acquisition of NIQ Global Intelligence plc by way of a merger with an EU company under the European Union (Cross-Border Conversions, Mergers and Divisions) Regulations 2023, approval by a special resolution of the shareholders would be required; and<br>• in connection with a merger with an Irish company under the Irish Companies Act, approval by a special resolution of shareholders would be required. | Generally, under Delaware law, unless the certificate of incorporation provides for the vote of a larger portion of the stock, completion of a merger, consolidation, sale, lease or exchange of all or substantially all of a corporation's assets or dissolution requires:<br>• the approval of the board of directors; and<br>• the approval by the vote of the holders of a majority of the outstanding stock or, if the certificate of incorporation provides for more or less than one vote per share, a majority of the votes of the outstanding stock of the corporation entitled to vote on the matter. |
| &nbsp;&nbsp;&nbsp; Appraisal Rights | Generally, under Irish law, shareholders of an Irish company do not have statutory appraisal rights. If we are being merged as<br> the transferor company with another EEA company under the European Union (Cross-Border Conversions, Mergers and<br>| Under Delaware law, in certain circumstances, appraisal rights allow stockholders to challenge the fairness of a corporate action and, if the Court of Chancery determines that such stockholder is entitled to appraisal, receive the fair market value of such |

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|  | **Ireland** | **Delaware** |
|  | Divisions) Regulations 2023 or if we are being merged with another Irish company under the Irish Companies Act, (i) any of our shareholders who voted against the special resolution approving the merger or (ii) if 90% of our shares are held by the successor company, any other of our shareholders, may be entitled to require that the successor company acquire its shares for cash. In addition, a dissenting shareholder in a successful tender offer for an Irish company may, by application to the Irish High Court, object to the compulsory squeeze out provisions. | stockholders' shares subject to the transaction, as determined by the Court of Chancery. |
| &nbsp;&nbsp;&nbsp; Standard of Conduct for Directors | The directors of NIQ Global Intelligence plc have certain statutory and fiduciary duties as a matter of Irish law, which are due to the Company and not to the Company's individual shareholders. All of the directors have equal and overall responsibility for the management of the Company (although directors who also serve as employees may have additional responsibilities and duties arising under their employment agreements (if applicable), and it is likely that more will be expected of them in compliance with their duties than non-executive directors). The Irish Companies Act provides specifically for certain fiduciary duties of the directors of Irish companies, including duties:<br>• to act in good faith and in the best interests of the company;<br>• to act honestly and responsibly in relation to the company's affairs;<br>• to act in accordance with the company's constitution and to exercise powers only for lawful purposes;<br>• not to misuse the company's property, information and/or opportunity;<br>• not to fetter their independent judgment;<br>• to avoid conflicts of interest;<br>• to exercise care, skill and diligence;<br>| Delaware law does not contain specific provisions setting forth the standard of conduct of a director. The scope of the fiduciary duties of directors is generally determined by the courts of the State of Delaware. In general, directors have a duty to act without self-interest, on a well-informed basis and in a manner they reasonably believe to be in the best interest of the stockholders.<br>Directors of a Delaware corporation owe fiduciary duties of care and loyalty to the corporation and to its shareholders. The duty of care generally requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. In general, but subject to certain exceptions, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Delaware courts have also imposed a heightened standard of conduct upon directors of a Delaware corporation who take any action designed to defeat a threatened change in control of the corporation. |

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|  | **Ireland** | **Delaware** |
|  | <br> • to have regard for the interests of the company's shareholders; and<br>• to have regard to the interests of its creditors where the relevant director believes, or has reasonable cause to believe, that the company is, or is likely to be, unable to pay its debts, or becomes aware of its insolvency.<br>Other statutory duties of directors include ensuring the maintenance of proper books of account, having annual accounts prepared, having an annual audit performed, maintaining certain registers, making certain filings and disclosing personal interests. Directors of public limited companies such as NIQ Global Intelligence plc will have a specific duty to ensure that the company secretary is a person with the skills or resources necessary to discharge his or her statutory duties. Pursuant to Irish law, the question of whether a director has acted properly will typically be assessed on a case-by-case basis with regard to the circumstances surrounding the director's action. Directors may rely on information, opinions, reports or statements, including financial statements and other financial data, prepared or presented by (1) other directors, officers or employees of the company whom the director reasonably believes to be reliable and competent in the matters prepared or presented, (2) legal counsel, public accountants or other persons as to matters the director reasonably believes to be within their professional or expert competence, or (3) a committee of the board of which the director does not serve as to matters within its designated authority, which committee the director reasonably believed to merit confidence. | <br> In addition, under Delaware law, when the board of directors of a Delaware corporation approves the sale or break-up of a corporation, the board of directors may, in certain circumstances, have a duty to obtain the highest value reasonably available to the shareholders. |
| &nbsp;&nbsp;&nbsp; Interested Directors | Pursuant to Irish law, directors who have an interest in a transaction or proposed transaction with the Company must disclose that interest to the Board of Directors when the proposed transaction is first considered (unless such interest has previously been disclosed). Our Articles of Association provide that an interested director may vote on a resolution concerning a matter in which he or she has declared an interest.<br>| Delaware law specifies that if a director has an interest in a transaction, that transaction would be voidable by a court unless either (i) the material facts about the interested director's relationship or interests are disclosed or are known to the Board of Directors and a majority of the disinterested directors authorize the transaction, (ii) the material facts about the interested director's relationship or interests are disclosed or the |

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|  | **Ireland** | **Delaware** |
|  | <br> Pursuant Irish law and as noted above, directors also have a general duty to avoid conflicts of interest. A director may be required to account to the Company for any personal profit he or she has made in breach of this duty unless he or she has been specifically released | stockholders entitled to vote and the transaction is specifically approved in good faith by such stockholders or (iii) the transaction was fair to the company when it was authorized, approved or ratified. In addition, the interested director could be held liable for a transaction in which he or she derived an improper personal benefit. |
| &nbsp;&nbsp;&nbsp; Shareholders' Suits | Under Irish law, our shareholders generally may not sue our directors directly for a breach of duty nor may they sue for wrongs suffered by us.<br>In Ireland, the decision to institute proceedings on behalf of a company is generally taken by the company's Board of Directors. In certain limited circumstances, a shareholder may be entitled to bring a derivative action on our behalf. The central question at issue in deciding whether a shareholder may be permitted to bring a derivative action is whether, unless the action is brought, a wrong committed against the company would otherwise go un-redressed. The cause of action may be against the director, another person, or both.<br>In contrast to a derivative action, Irish law permits an action by a shareholder in his or her own right on the basis of the infringement of his or her personal rights as a shareholder. A shareholder may commence a suit in a representative capacity for him or herself as well as other similarly affected consenting shareholders. Additionally, under Irish law, any shareholder who claims that our affairs are being conducted, or that the powers of our directors are being exercised, in a manner oppressive to his or her interests as a shareholder, may apply to the Irish courts for an appropriate order. | Under Delaware law, a stockholder may initiate a derivative action to enforce a right of a corporation if the corporation fails to enforce the right itself. The complaint must:<br>• state that the plaintiff was a stockholder at the time of the transaction of which the plaintiff complains or that the plaintiffs shares thereafter devolved on the plaintiff by operation of law; and<br>• allege with particularity the efforts made by the plaintiff to obtain the action the plaintiff desires from the directors and the reasons for the plaintiff's failure to obtain the action; or<br>• state the reasons for not making the effort.<br>Additionally, the plaintiff must remain a stockholder through the duration of the derivative suit. The action will not be dismissed or compromised without the approval of the Delaware Court of Chancery. |

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**Shares Eligible for Future Sale** 

Before this offering, there has been no public market for our ordinary shares. As described below, only a limited number of shares currently outstanding will be available for sale immediately after this offering due to contractual and legal restrictions on resale. Nevertheless, future sales of substantial amounts of our ordinary shares, including shares issued upon the exercise of outstanding options or warrants, in the public market after this offering, or the perception that those sales may occur, could cause the prevailing market price for our ordinary shares to fall or impair our ability to raise capital through sales of our equity securities.

As of March 31, 2025, we had 295,000,000 outstanding ordinary shares, after giving effect to the Reorganization and the issuance of ordinary shares in this offering, assuming no exercise by the underwriters of their option to purchase additional shares.

All of the shares to be issued in this offering, including shares sold by the selling shareholders if the underwriters exercise their option to purchase additional shares in this offering, will be freely tradable without restriction under the Securities Act unless purchased by our "affiliates," as that term is defined in Rule 144 under the Securities Act. Shares purchased by our affiliates may not be resold except pursuant to an effective registration statement or an exemption from registration, including the safe harbor under Rule 144 of the Securities Act described below. In addition, following this offering, 33,697,642 ordinary shares issuable pursuant to awards granted under certain of our equity plans that will be covered by a registration statement on Form S-8 will be freely tradable in the public market, subject to certain contractual and legal restrictions described below.

All of the remaining 245,000,000 ordinary shares outstanding after this offering will be "restricted securities," as that term is defined in Rule 144 of the Securities Act, and we expect that substantially all of these restricted securities will be subject to the lock-up agreements described below. These restricted securities may be sold in the public market only if the sale is registered or pursuant to an exemption from registration, such as the safe harbors provided by Rule 144 or Rule 701 of the Securities Act, which are summarized below.

**Lock-Up Restrictions** 

We, the selling shareholders and all of our directors, officers, and the holders of all of our outstanding ordinary shares have agreed that, without the prior written consent of certain of the underwriters, we and they will not, subject to limited exceptions, directly or indirectly sell or dispose of any ordinary shares or any securities convertible into or exchangeable or exercisable for ordinary shares for a period of 180 days after the date of this prospectus. The lock-up restrictions and specified exceptions are described in more detail under "Underwriting (Conflicts of Interest)."

**Rule 144** 

In general, under Rule 144, as currently in effect, beginning 90 days after we become subject to the public company reporting requirements of the Exchange Act, any person who is not our affiliate and who has held their shares for at least six months, including the holding period of any prior owner other than one of our affiliates, may sell shares without restriction, subject to the availability of current public information about us. In addition, under Rule 144, any person who is not our affiliate and has not been our affiliate at any time during the preceding three months and who has held their shares for at least one year, including the holding period of any prior owner other than one of our affiliates, would be entitled to sell an unlimited number of shares immediately upon the closing of this offering without regard to whether current public information about us is available.

Beginning 90 days after we become subject to the public company reporting requirements of the Exchange Act, a person who is our affiliate or who was our affiliate at any time during the preceding three months and who has beneficially owned restricted securities for at least six months, including the holding period of any prior owner other than one of our affiliates, is entitled to sell a number of shares within any three-month period that does not exceed the greater of: (i) 1% of the number of ordinary shares outstanding, which will equal approximately

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2,950,000 shares immediately after this offering; and (ii) the average weekly trading volume of our ordinary shares on the New York Stock Exchange during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Sales under Rule 144 by our affiliates are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about us.

**Rule 701** 

In general, under Rule 701 under the Securities Act, beginning 90 days after we become subject to the public company reporting requirements of the Exchange Act, any of our employees, directors, officers, consultants or advisors who acquired ordinary shares from us in connection with a written compensatory stock or option plan or other written agreement in compliance with Rule 701 is entitled to sell such shares in reliance on Rule 144 but without compliance with certain of the requirements contained in Rule 144. Accordingly, subject to any applicable lock-up restrictions, beginning 90 days after we become subject to the public company reporting requirements of the Exchange Act, under Rule 701 persons who are not our affiliates may resell those shares without complying with the minimum holding period or public information requirements of Rule 144, and persons who are our affiliates may resell those shares without compliance with minimum holding period requirements of Rule 144.

**Equity Incentive Plans** 

Following this offering, we intend to file with the SEC a registration statement on Form S-8 under the Securities Act covering the ordinary shares that are subject to outstanding options and other awards issuable pursuant to our equity incentive plans. Shares covered by such registration statement will be available for sale in the open market following its effective date, subject to certain Rule 144 limitations applicable to affiliates and the terms of lock-up restrictions applicable to those shares.

**Registration Rights** 

Subject to the lock-up restrictions described above, following this offering, certain holders of our ordinary shares may demand that we register the sale of their shares under the Securities Act or, if we file another registration statement under the Securities Act other than a Form S-8 covering securities issuable under our equity plans or on Form S-4, may elect to include their ordinary shares in such registration. Following such registered sales, the shares will be freely tradable without restriction under the Securities Act, unless held by our affiliates. See "Certain Relationships and Related Party Transactions—Registration Rights Agreements."

**10b5-1 Plans** 

After the offering, certain of our employees, including our executive officers, and/or our 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 the offering described above.

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**Material Tax Considerations** 

**Material U.S. Federal Income Tax Considerations** 

The following is a description of material U.S. federal income tax considerations of the acquisition, ownership and disposition of ordinary shares acquired pursuant to this offering by a U.S. Holder, as defined below. This description only applies to ordinary shares held as "capital assets" within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended, or the Code (generally, property held for investment) and does not address, except as explicitly set forth below, aspects of U.S. federal income taxation that may be applicable to U.S. Holders that are subject to special tax rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks or other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grantor trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that will own ordinary shares through partnerships (including any entities or arrangements classified as
partnerships) or other pass-through entities, in each case, for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers or other traders in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Holders that have a functional currency other than the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former citizens and former long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Holders that use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Holders that will hold ordinary shares as part of a position in a straddle or as part of a hedging,
conversion or integrated transaction for U.S. federal income tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct, indirect or constructive owners of 10% or more of our total combined voting power or 10% or more of the
total value of our ordinary shares.

Moreover, this description does not address the 3.8% Medicare contribution tax on net investment income, the U.S. federal estate and gift tax, the alternative minimum tax or any state, local or non-U.S. consequences of the acquisition, ownership and disposition of ordinary shares. We have not received nor do we expect to seek a ruling from the Internal Revenue Service, or IRS regarding any matter discussed herein. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of those set forth below. Each prospective investor should consult its own tax advisors with respect to the U.S. federal, state, local and non-U.S. tax consequences of acquiring, owning and disposing of ordinary shares.

This description is based on the Code, U.S. Treasury Regulations promulgated thereunder and administrative and judicial interpretations thereof, each as available and in effect on the date hereof, all of which are subject to change or differing interpretations, possibly with retroactive effect, which could affect the tax considerations described herein.

For purposes of this description, a U.S. Holder is a beneficial owner of ordinary shares who for U.S. federal income tax purposes is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or individual resident of the United States;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or
organized in or under the laws of the United States or any state thereof, including 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 taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust (i) that has a valid election in effect to be treated as a U.S. person for U.S. federal income tax
purposes or (ii)(a) if a court within the United States can exercise primary supervision over its administration and (b) one or more U.S. persons have the authority to control all of the substantial decisions of that trust.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds ordinary shares, the tax treatment of such partnership and a partner in such partnership generally will depend on the status of the partner and the activities of such partnership. Such partner or partnership should consult its own tax advisors as to the U.S. federal income tax consequences of acquiring, owning and disposing of the ordinary shares.

PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS WITH REGARD TO THE PARTICULAR TAX CONSEQUENCES APPLICABLE TO THEIR SITUATIONS AS WELL AS THE APPLICATION OF ANY STATE, LOCAL, NON-U.S. OR OTHER TAX LAWS, INCLUDING GIFT AND ESTATE TAX LAWS.

***Distributions on ordinary shares***

As described in "Dividend policy," above, following the completion of the offering, our Board of Directors does not intend to pay dividends on our ordinary shares, and we do not anticipate paying any distributions on our ordinary shares in the foreseeable future. However, we expect to reevaluate our dividend policy on a regular basis following this offering and may, subject to compliance with the covenants contained in the agreements governing our credit facilities, the indentures governing our outstanding notes, applicable law and other considerations, determine to pay dividends in the future. If we were to pay any distributions on our ordinary shares, subject to the considerations in "—Passive Foreign Investment Company Considerations," discussed below, such distributions generally would be taxable to a U.S. Holder as foreign-source dividend income, and would generally not be eligible for the dividends received deduction allowed to certain corporations in respect of dividends received from other U.S. corporations. Dividend income generally is taxed as ordinary income. Dividend income may be treated as "qualified dividend income" and subject to tax at a lower capital gains rate with respect to U.S. Holders that are individuals (or certain trusts and estates) if we and our ordinary shares meet certain requirements discussed below.

Distributions, if any, in excess of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles) would be treated as a non-taxable return of capital to the extent of a U.S. Holder's adjusted basis in its ordinary shares and thereafter as capital gain (which rate will depend on the holding period of a U.S. Holder). However, we have not maintained calculations of our earnings and profits (including all of our subsidiaries' earnings and profits) in accordance with U.S. federal income tax principles. U.S. Holders should therefore assume that any distribution paid with respect to ordinary shares would constitute ordinary dividend income. U.S. Holders should consult their own tax advisors regarding the availability of preferential rates on dividends in light of their particular circumstances.

Dividends paid to a non-corporate U.S. Holder by a "qualified foreign corporation" may be considered "qualified dividend income" and thus subject to lower capital gains rates of taxation if certain holding period and other requirements are met. A qualified foreign corporation generally includes a foreign corporation (other than a PFIC or a surrogate foreign corporation as defined under Section 7874 of the Code) if (i) its ordinary shares are readily tradable on an established securities market in the United States or (ii) it is eligible for benefits under a comprehensive U.S. income tax treaty that includes an exchange of information program and which the U.S. Treasury Department has determined is satisfactory for these purposes. Our ordinary shares are expected to be

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readily tradable on an established securities market, the New York Stock Exchange. There can be no assurances, however, that our ordinary shares will be considered readily tradable on an established securities market in the United States in later years. U.S. Holders should consult their own tax advisors regarding the availability of the reduced "qualified dividend income" rate in light of their particular circumstances.

Unless an exemption does not apply, including because of a change in law, dividends paid by an Irish corporation to a U.S. Holder may be subject to Irish dividend withholding tax. A U.S. Holder may be entitled, subject to certain limitations, to a credit against its U.S. federal income tax liability for Irish taxes withheld from dividends. Application of the U.S. foreign tax credit rules are complex. U.S. Holders should consult their own tax advisors concerning the foreign tax credit rules in light of their particular circumstances. See "—Material Irish Tax Considerations—Withholding Tax on Dividends."

U.S. Holders should consult their own tax advisors with respect to the appropriate U.S. federal income tax treatment of any distribution received.

***Sale, exchange, or other taxable disposition of ordinary shares***

Subject to the considerations in "—Passive Foreign Investment Company Considerations," discussed below, upon the sale, exchange, or other taxable disposition of ordinary shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between the amount realized on such disposition and the U.S. Holder's adjusted tax basis in its ordinary shares. Assuming we are not a PFIC and have never been treated as a PFIC during a U.S. Holder's holding period for our ordinary shares, such gain or loss generally will be treated as long-term capital gain or loss if a U.S. Holder's holding period in such ordinary shares exceeds one year at the time of such disposition. Long-term capital gains may be taxed at lower rates than ordinary income for certain non-corporate taxpayers. The deductibility of capital losses is subject to significant limitations. Capital gain or loss, if any, recognized by a U.S. Holder generally will be treated as U.S. source income or loss for U.S. foreign tax credit purposes. A U.S. Holder's initial tax basis in the ordinary shares will generally equal the cost of such ordinary shares. Prospective investors should consult their own tax advisors regarding the U.S. federal income tax treatment of capital gains and capital losses including the availability of the U.S. foreign tax credit based on their particular circumstances.

**Passive Foreign Investment Company Considerations** 

***Status as a PFIC***

Under the Code, a non-U.S. corporation will be classified as a PFIC for any taxable year in which, after the application of certain "look-through" rules with respect to subsidiaries, either (a) 75% or more of our gross income consists of "passive income," or (b) 50% or more of the average quarterly value of our assets consist of assets that produce, or are held for the production of, "passive income" (including cash) (such test described in clause (b), the "Asset Test"). For purposes of the above calculations, a non-U.S. corporation will be treated as if it holds its proportionate share of the assets of, and receive directly its proportionate share of the income of, any other corporation in which it directly or indirectly owns at least 25%, by value, of the shares of such corporation. Passive income includes, among other things, interest, dividends, rents, certain non-active royalties and capital gains.

We do not believe that we were a PFIC for our most recently ended taxable year, and we do not expect to be a PFIC for the foreseeable future. However, the determination of whether or not we are a PFIC in respect of any of our taxable years is a factual determination that cannot be made until the close of the applicable tax year and that is based on the types of income we earn and the value and composition of our assets (including goodwill), all of which are subject to change. Therefore, we can make no assurances that we will not be a PFIC in respect of our current taxable year or in the future. Even if we have determined that we are not a PFIC for a taxable year, there can be no assurance that the IRS will agree with our conclusion or that the IRS would not successfully challenge our position.

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If we are classified as a PFIC, a U.S. Holder may be subject to increased tax liability and an interest charge in respect of any gain a U.S. Holder realizes on the sale or other disposition of ordinary shares and on the receipt of certain "excess distributions" from us. Other adverse U.S. tax consequences may also apply. The adverse consequences resulting from our being classified as a PFIC can be mitigated in some cases if a U.S. Holder is eligible for and timely make either (i) a valid election to treat us as a "qualified electing fund" (a "QEF election") (in which case such U.S. Holder would be required to include in income on a current basis its pro rata share of our ordinary income and net capital gains, but not losses) or (ii) in any year in which our ordinary shares qualify as "marketable stock" for purposes of these rules, a mark-to-market election to include in income each year as ordinary income an amount equal to the increase in value of a U.S. Holder's ordinary shares for that year or a deduction for any decrease in value (but only to the extent of previous mark-to-market gains). In order for a U.S. Holder's to be able to make a QEF election, we would have to provide a U.S. Holder with certain information that we do not expect to provide. U.S. Holder's should consult their own tax advisors regarding the adverse consequences of owning ordinary shares if we were to become a PFIC, and the availability and consequences of making a QEF election or a mark-to-market election in such circumstances. Furthermore, if we are considered a PFIC, a U.S. Holder of ordinary shares may be required to file an IRS Form 8621 on an annual basis.

***U.S. backup withholding tax and information reporting***

Backup withholding and information reporting requirements may apply to distributions on, and to proceeds from the sale, exchange, redemption, or disposition of ordinary shares that are held by U.S. Holders. The payor will be required to backup withhold tax on payments made within the United States, or by a U.S. payor or certain U.S. intermediaries (and certain subsidiaries thereof), on an ordinary share to a U.S. Holder, other than an exempt recipient, if the U.S. Holder fails to furnish its correct taxpayer identification number or otherwise fails to comply with, or establish an exemption from, the backup withholding requirements. In order to establish an exemption from the backup withholding requirements, the U.S. Holder may be required to provide a certification of their exempt status on a duly executed IRS Form W-9.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a U.S. Holder's U.S. federal income tax liability. A U.S. Holder may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for a refund with the IRS and furnishing any required information in a timely manner.

Prospective investors should consult their own tax advisors with respect to such rules and other tax information reporting requirements that may be applicable to them based on their particular circumstances.

***Information Reporting With Respect to Foreign Financial Assets***

Certain U.S. Holders who are individuals and certain entities may be required to report information relating to an interest in our ordinary shares, subject to certain exceptions (including an exception for ordinary shares held in accounts maintained by certain U.S. financial institutions). U.S. Holders should consult their tax advisers regarding whether or not they are obligated to report information relating to their ownership and disposition of ordinary shares.

**THE ABOVE DISCUSSION DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR U.S. HOLDER. YOU ARE STRONGLY URGED TO CONSULT YOUR OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES OF YOUR ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR ORDINARY SHARES.** 

**Material Irish Tax Considerations** 

***Scope of Discussion***

The following is a summary of the material Irish tax considerations for certain beneficial owners of our ordinary shares. The summary is based upon Irish tax laws and the practice of the Irish Revenue Commissioners in effect

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on the date of this prospectus and on correspondence with the Irish Revenue. Changes in law or administrative practice may result in an alteration of the tax considerations described below, possibly with retrospective effect.

The summary does not constitute tax advice and is intended only as a general guide. The summary is not exhaustive and holders of our ordinary shares should consult their own tax advisors about the Irish tax considerations (and tax considerations under the laws of any other relevant jurisdictions) of the acquisition, ownership and disposal of our ordinary shares. The summary applies only to shareholders who will beneficially own our ordinary shares as capital assets and does not apply to other categories of shareholders, such as dealers in securities, trusts, insurance companies, collective investment schemes and individuals who have, or who are deemed to have, acquired our ordinary shares by virtue of an Irish office or employment (performed or carried on to any extent in Ireland).

***Tax on Chargeable Gains***

The current rate of tax on chargeable gains (where applicable) in Ireland is 33%.

A non-Irish resident and non-Irish ordinarily resident individual should not be subject to Irish capital gains tax on a disposal of our ordinary shares provided such shareholder has not at any time used their ordinary shares in or for the purposes of a trade carried on by such shareholder through an Irish branch or agency and has not at any time used, held or acquired for use their ordinary shares by or for the purposes of such an Irish branch or agency.

A holder of ordinary shares who is an individual and who is temporarily non-resident in Ireland for Irish tax purposes may, under Irish anti-avoidance legislation, be liable to Irish tax on any chargeable gain realized on a disposal of ordinary shares during the period in which such individual is non-resident.

A non-individual shareholder who is not resident in Ireland for Irish tax purposes should not be subject to Irish capital gains tax on a disposal of our ordinary shares provided such shareholder has not at any time used their ordinary shares in or for the purposes of a trade carried on by such shareholder through an Irish branch or agency and has not at any time used, held or acquired for use their ordinary shares by or for the purposes of such an Irish branch or agency.

***Stamp Duty***

Unless an exemption applies, the rate of stamp duty (where applicable) on transfers of shares of Irish incorporated companies is typically 1% of the price paid or the market value of the shares acquired, whichever is greater. Where Irish stamp duty arises, it is generally a liability of the transferee.

Irish stamp duty may, depending on the manner in which our shares are held, be payable in respect of transfers of our shares.

***Shares held through DTC***

A transfer of our ordinary shares from a seller who holds such shares beneficially (i.e., through DTC) to a buyer who holds the acquired shares beneficially (i.e., through DTC) which is effected by the debit/credit of book entry interests representing the ordinary shares through DTC will not be subject to Irish stamp duty. On the basis that most of our ordinary shares are expected to be held through DTC, it is anticipated that most transfers of our ordinary shares will be exempt from Irish stamp duty.

We strongly recommend that any person who wishes to acquire our ordinary shares pursuant to the offering acquire such shares beneficially (i.e., through DTC).

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***Shares held outside of DTC or transferred into or out of DTC***

A transfer of our shares where any party to the transfer holds such shares outside of DTC may be subject to Irish stamp duty. Shareholders wishing to transfer their shares into (or out of) DTC may do so without giving rise to Irish stamp duty provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is no change in the beneficial ownership of such shares as a result of the transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transfer into (or out of) DTC is not effected in contemplation of a sale of such shares by a beneficial owner
to a third party.

***Withholding Tax on Dividends***

As noted elsewhere in this prospectus, we do not expect to pay dividends for the foreseeable future. To the extent that we do make dividend payments (or other returns to shareholders that are treated as "distributions" for Irish tax purposes), it should be noted that such distributions made by us will, in the absence of one of many exemptions, be subject to Irish dividend withholding tax ("DWT"), currently at a rate of 25%.

For DWT purposes, a distribution includes any distribution that may be made by us to our shareholders, including cash dividends, non-cash dividends and additional shares taken in lieu of a cash dividend. Where an exemption does not apply in respect of a distribution made to a particular shareholder, we are responsible for withholding DWT at source and remitting the relevant amount to the Irish Revenue.

Notwithstanding the availability of an exemption from DWT listed below, payments of distributions to "associated entities" in jurisdictions that are on the EU list of non-cooperative jurisdictions or zero-tax jurisdictions may be subject to DWT. Association for these purposes generally means a 50% ownership connection (assessed on the basis of share ownership, voting power or entitlement to profits on a distribution) or the ability to participate on the board of directors in a manner that causes, or could cause, the affairs of the company to be conducted in accordance with that person's wishes. Association can also arise where a third entity has such rights or influence in respect of two entities.

*General Exemptions* 

The following is a general overview of the scenarios where it will be possible for us to make payments of dividends without deduction of DWT.

Irish domestic law provides that a non-Irish resident shareholder is not subject to DWT on dividends received from us if such shareholder is beneficially entitled to the dividend and is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person (not being a company) resident for tax purposes in a Relevant Territory (including the U.S.) and is
neither resident nor ordinarily resident in Ireland (for a list of Relevant Territories for DWT purposes, as of January 2025, see below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company resident for tax purposes in a Relevant Territory, provided such company is not under the control,
whether directly or indirectly, of a person or persons who is or are resident in Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company, wherever resident, that is controlled, directly or indirectly, by a person or persons resident in a
Relevant Territory and who is or are (as the case may be) not controlled, directly or indirectly, by a person or persons who is or are not resident in a Relevant Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company, wherever resident, whose principal class of shares (or those of its 75% direct or indirect parent) is
substantially and regularly traded on a stock exchange in Ireland, on a recognized stock exchange in a Relevant Territory or on such other stock exchange approved by the Irish Minister for Finance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company, wherever resident, that is wholly owned, directly or indirectly, by two or more companies where the
principal class of shares of each of such companies is substantially and

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regularly traded on a stock exchange in Ireland, on a recognized stock exchange in a Relevant Territory or on such other stock exchange approved by the Irish Minister for Finance,

and provided that, in all cases noted above (but subject to "Shares Held by U.S. Resident Shareholders" below), we have received from the shareholder, the relevant DWT form(s) prior to the payment of the dividend and such DWT Form(s) remain valid.

In practice, in order to ensure sufficient time to process the receipt of relevant DWT Forms, shareholders, where required, should furnish the relevant DWT Form to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its broker (and the relevant information is further transmitted to a qualifying intermediary appointed by us)
before the record date for the dividend (or such later date before the dividend payment date as may be notified to the shareholder by the broker) if its ordinary shares are held through DTC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our transfer agent at least seven business days before the record date for the dividend if its ordinary shares
are held outside of DTC.

Links to the various DWT Forms are available at: http://www.revenue.ie/en/tax/dwt/forms/index.html. The information on such website does not constitute a part of, and is not incorporated by reference into, this prospectus.

The Company intends to put an agreement in place with a qualifying intermediary which is recognized by the Irish Revenue as a "qualifying intermediary" and which satisfies one of the Irish requirements for dividends to be paid free of DWT to certain shareholders who hold their shares through DTC, as described below. The agreement will generally provide for certain arrangements relating to distributions in respect of those ordinary shares that are held through DTC, which are referred to as the "Deposited Securities." The agreement will provide that the qualifying intermediary shall distribute or otherwise make available to Cede & Co., as nominee for DTC, any cash dividend or other cash distribution with respect to the Deposited Securities, after the Company delivers, or causes to be delivered, to the qualifying intermediary the cash to be distributed.

We will rely on information received directly or indirectly from brokers and our transfer agent in determining where shareholders reside, whether they have provided an address in the United States and whether they have provided the required DWT Forms. Shareholders who are required to file DWT Forms in order to receive their dividends free of DWT should note that such forms are generally valid until December 31 of the fifth year after the year of issue of the forms and new forms must be filed before the expiration of that period in order to continue to enable them to receive dividends without DWT.

For non-Irish resident shareholders that cannot avail themselves of one of Ireland's domestic law exemptions from DWT, it may be possible for such shareholders to rely on the provisions of a double tax treaty to which Ireland is a party to reduce the rate of DWT.

***Shares Held by U.S. Resident Shareholders***

*<u>Shares Held by U.S. Resident Shareholders through DTC</u>*

A submission has been made to the Irish Revenue and Irish Revenue has confirmed that dividends paid on our ordinary shares that are owned by residents of the United States and held beneficially (*i.e*., through DTC) would not be subject to DWT provided that the address of the beneficial owner of the ordinary shares in the records of the broker is in the United States (and such broker has further transmitted the relevant information to a qualifying intermediary appointed by us). We strongly recommend that such shareholders ensure that their information has been properly recorded by their brokers (so that such brokers can further transmit the relevant information to our qualifying intermediary).

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*<u>Shares Held by U.S. Resident Shareholders outside of DTC</u>*

Subject to the transitional arrangements discussed in the immediately following paragraph, all shareholders who are residents of the United States and hold their ordinary shares directly (regardless of when such shareholders acquired their ordinary shares) must provide a valid DWT Form or a valid IRS Form 6166 to receive dividends paid on their ordinary shares without DWT. We strongly recommend that such shareholders ensure that the appropriate DWT Form or IRS Form 6166 is provided to our transfer agent as soon as possible after acquiring their ordinary shares.

Pursuant to the submission made to the Irish Revenue, Irish Revenue has confirmed that holders of our ordinary shares who are residents of the United States who held AI PAVE Dutchco I B.V. shares directly on the date immediately prior to completion of the Reorganization would be given a period of one year from the date on which the last shareholder vote approving the Reorganization is held to provide a valid DWT Form or valid IRS Form 6166 to our transfer agent and that dividends can be paid to these shareholders without deduction of DWT during this transitional one-year period.

If any shareholder who is resident in the United States receives a dividend subject to DWT, he or she should generally be able to make an application for a refund from the Irish Revenue on the prescribed form.

*<u>Shares Held by Residents of "Relevant Territories" Other than the United States</u>*

Subject to the transitional arrangements discussed in the immediately following paragraph, holders of our ordinary shares who are residents of "Relevant Territories," other than the United States, must satisfy one of the exemptions referred to above under the heading "General Exemptions" in order to receive distributions without suffering DWT and provide a valid DWT Form to his or her broker (so that the relevant information can be further transmitted to our qualifying intermediary) (in the case of ordinary shares held beneficially), or to our transfer agent (in the case of ordinary shares held directly). We strongly recommend that such holders of ordinary shares complete the appropriate DWT Forms and provide them to their brokers or our transfer agent, as the case may be, as soon as possible after acquiring their ordinary shares.

Pursuant to the submission made to the Irish Revenue, Irish Revenue has confirmed that holders of our ordinary shares who are residents of "Relevant Territories" other than the United States who held shares in AI PAVE Dutchco I B.V. on the date immediately prior to completion of the Reorganization may be given a period of one year from the date on which the last shareholder vote approving the Reorganization is held, to provide a valid DWT Form to his or her broker or to our transfer agent and that dividends can be paid to these shareholders without deduction of DWT during this transitional one-year period.

If any holder of ordinary shares who is resident in a "Relevant Territory" receives a dividend subject to DWT, he or she may make an application for a refund from the Irish Revenue on the prescribed form.

***Shares Held by Other Persons***

Shareholders that do not fall within any of the categories specifically referred to above may nonetheless fall within other exemptions from DWT.

If any shareholder is exempt from DWT, but receives a dividend subject to DWT, he or she may make an application for a refund from the Irish Revenue on the prescribed form.

Pursuant to the submission made to Irish Revenue, Irish Revenue has confirmed that distributions paid in respect of our ordinary shares held through DTC that are owned by a partnership formed under the laws of a "Relevant Territory" and where all the underlying partners are resident in a "Relevant Territory" will be entitled to exemption from DWT if all of the partners complete the appropriate DWT Forms and provide them to their

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brokers (so that such brokers can further transmit the relevant information to a qualifying intermediary appointed by us). If any partner is not a resident of a "Relevant Territory," no part of the partnership's position is entitled to exemption from DWT.

**LIST OF RELEVANT TERRITORIES FOR THE PURPOSES OF** 

**IRISH DIVIDEND WITHHOLDING TAX (AS OF JANUARY 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  Albania | Finland | Lithuania | Saudi Arabia |
|  Armenia | France | Luxembourg | Serbia |
|  Australia | Georgia | Macedonia | Singapore |
|  Austria | Germany | Malaysia | Slovak Republic |
|  Bahrain | Ghana | Malta | Slovenia |
|  Belarus | Greece | Mexico | South Africa |
|  Belgium | Hong Kong | Moldova | Spain |
|  Bosnia & Herzegovina | Hungary | Montenegro | Sweden |
|  Botswana | Iceland | Morocco | Switzerland |
|  Bulgaria | India | Netherlands | Thailand |
|  Canada | Israel | New Zealand | The Republic Of Turkey |
|  Chile | Italy | Norway | Ukraine |
|  China | Japan | Oman | United Arab Emirates |
|  Croatia | Kazakhstan | Pakistan | United Kingdom |
|  Cyprus | Kenya | Panama | United States |
|  Czech Republic | Korea | Poland | Uzbekistan |
|  Denmark | Kuwait | Portugal | Vietnam |
|  Egypt | Kosovo | Qatar | Zambia |
|  Estonia | Latvia | Romania |  |
|  Ethiopia | Liechtenstein | Russia |  |

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***Income Tax on Dividends Paid on Our Shares***

Irish income tax may arise for certain persons in respect of dividends received from Irish resident companies. A shareholder that is not resident or ordinarily resident in Ireland and that is entitled to an exemption from DWT generally has no liability to Irish income tax or the universal social charge on our dividends. An exception to this position may apply where such shareholder holds our shares through a branch or agency in Ireland through which a trade is carried on.

A shareholder that is not resident or ordinarily resident in Ireland and that is not entitled to an exemption from DWT generally has no additional Irish income tax liability or a liability to the universal social charge. The DWT deducted by us discharges the liability to income tax. An exception to this position may apply where the shareholder holds our shares through a branch or agency in Ireland through which a trade is carried on.

***Capital Acquisitions Tax***

Irish capital acquisitions tax, or CAT, comprises principally gift tax and inheritance tax. CAT could apply to a gift or inheritance of our shares irrespective of the place of residence, ordinary residence or domicile of the parties. This is because our shares are regarded as property situated in Ireland for Irish CAT purposes as our share register must be held in Ireland. The person who receives the gift or inheritance has primary liability for CAT.

CAT is levied at a rate of 33% above certain tax-free thresholds. The appropriate tax-free threshold is dependent upon (i) the relationship between the donor and the donee and (ii) the aggregation of the values of previous

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taxable gifts and inheritances received by the donee from persons within the same group threshold. Gifts and inheritances passing between spouses of the same marriage or civil partners of the same civil partnership are exempt from CAT. Children have a tax-free threshold of €400,000 in respect of taxable gifts or inheritances received from their parents. Our shareholders should consult their own tax advisors as to whether CAT is creditable or deductible in computing any domestic tax liabilities.

There is also a "small gift exemption" from CAT whereby the first €3,000 of the taxable value of all taxable gifts taken by a donee from any one donor, in each calendar year, is exempt from CAT and is also excluded from any future aggregation. This exemption does not apply to an inheritance.

**THE IRISH TAX CONSIDERATIONS SUMMARIZED ABOVE ARE FOR GENERAL INFORMATION ONLY. EACH SHAREHOLDER SHOULD CONSULT HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR CONSEQUENCES THAT MAY APPLY TO SUCH SHAREHOLDER.** 

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**Underwriting (Conflicts of Interest)** 

We are offering the ordinary shares described in this prospectus through a number of underwriters. J.P. Morgan Securities LLC, BofA Securities, Inc. and UBS Securities LLC are acting as representatives of the underwriters. We and the selling shareholders have entered into an underwriting agreement with the underwriters. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has severally agreed to purchase, at the public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus, the number of ordinary shares listed next to its name in the following table:

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| | |
|:---|:---|
| **Name** | **Number of<br>Shares** |
|  J.P. Morgan Securities LLC |  |
|  BofA Securities, Inc. |  |
|  UBS Securities LLC |  |
|  Barclays Capital Inc. |  |
|  RBC Capital Markets, LLC |  |
|  Citigroup Global Markets Inc. |  |
|  Wells Fargo Securities, LLC |  |
|  BNP Paribas Securities Corp. |  |
|  Deutsche Bank Securities Inc. |  |
|  BMO Capital Markets Corp. |  |
|  KKR Capital Markets LLC |  |
|  Robert W. Baird & Co. Incorporated |  |
|  Needham & Company, LLC |  |
|  Stifel, Nicolaus & Company, Incorporated |  |
|  William Blair & Company, L.L.C. |  |
|  Capital One Securities, Inc. |  |
|  Fifth Third Securities, Inc. |  |
|  SMBC Nikko Securities America, Inc. |  |
|  Academy Securities, Inc. |  |
|  Loop Capital Markets LLC |  |
|  Roberts & Ryan, Inc. |  |
|  Total | 50000000 |

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The underwriters are committed to purchase all the ordinary shares offered by us if they purchase any shares. The underwriting agreement also provides that if an underwriter defaults, the purchase commitments of non-defaulting underwriters may also be increased or the offering may be terminated.

The underwriters propose to offer the ordinary shares directly to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of $ per share. Any such dealers may resell shares to certain other brokers or dealers at a discount of up to $ per share from the initial public offering price. After the initial offering of the ordinary shares to the public, if all of the ordinary shares are not sold at the initial public offering price, the underwriters may change the offering price and the other selling terms. Sales of any shares made outside of the United States may be made by affiliates of the underwriters.

The underwriters have an option to buy up to 7,500,000 additional ordinary shares from the selling shareholders to cover sales of shares by the underwriters which exceed the number of shares specified in the table above. The underwriters have 30 days from the date of this prospectus to exercise this option to purchase additional shares. If any shares are purchased with this option to purchase additional shares, the underwriters will purchase shares in approximately the same proportion as shown in the table above. If any additional ordinary shares are purchased, the underwriters will offer the additional shares on the same terms as those on which the ordinary shares are being offered.

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The underwriting fee is equal to the public offering price per ordinary share less the amount paid by the underwriters to us per ordinary share. The underwriting fee is $ per share. The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us and the selling shareholders assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

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| | | |
|:---|:---|:---|
| **Paid by the Company** | **Without**<br>**option to<br>purchase<br>additional<br>shares**<br>**exercise** | **With full**<br>**option to<br>purchase<br>additional<br>shares**<br>**exercise** |
|  Per Share | $| $|
|  Total | $| $|

---

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| | | |
|:---|:---|:---|
| **Paid by the Selling Shareholders** | **Without**<br>**option to<br>purchase<br>additional<br>shares**<br>**exercise** | **With full**<br>**option to<br>purchase<br>additional<br>shares**<br>**exercise** |
|  Per Share | $| $|
|  Total | $| $|

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We estimate that the total expenses of this offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding the underwriting discounts and commissions, will be approximately $20.3 million. We agreed to reimburse the underwriters for expenses relating to the clearance of this offering with the Financial Industry Regulatory Authority, Inc. in an amount up to $30,000 and expenses incurred in connection with the directed share program.

A prospectus in electronic format may be made available on the web sites maintained by one or more underwriters, or selling group members, if any, participating in the offering. The underwriters may agree to allocate a number of shares to underwriters and selling group members for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters and selling group members that may make Internet distributions on the same basis as other allocations.

We have agreed that we will not (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, or submit to, or file with, the Securities and Exchange Commission ("SEC") a registration statement under the Securities Act relating to, any of our ordinary shares or securities convertible into or exercisable or exchangeable for any of our ordinary shares, or publicly disclose the intention to make any offer, sale, pledge, loan, disposition or filing, or (ii) enter into any swap or other arrangement that transfers all or a portion of the economic consequences associated with the ownership of any ordinary shares or any such other securities (regardless of whether any of these transactions are to be settled by the delivery of ordinary shares or such other securities, in cash or otherwise), in each case without the prior written consent of any two of the representatives of the underwriters for a period of 180 days after the date of this prospectus, other than the ordinary shares to be sold in this offering.

The restrictions on our actions, as described above, will not apply to certain transactions, including (i) the issuance of ordinary shares or securities convertible into or exercisable for ordinary shares pursuant to the conversion or exchange of convertible or exchangeable securities or the exercise of warrants or options (including net exercise) or the settlement of restricted stock units (including net settlement), in each case outstanding on the date of this prospectus and described herein; (ii) grants of stock options, stock awards, restricted stock, restricted stock units, or other equity awards and the issuance of ordinary shares or securities convertible into or exercisable or exchangeable for ordinary shares (whether upon the exercise of stock options or

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otherwise) to the Company's employees, officers, directors, advisors, or consultants pursuant to the terms of an equity compensation plan in effect as of the closing of this offering and described herein; (iii) the issuance of up to 10% of the outstanding ordinary shares, or securities convertible into, exercisable for, or which are otherwise exchangeable for, ordinary shares, immediately following the closing of this offering, in acquisitions or other similar strategic transactions, provided that such recipients enter into a substantially similar lock-up agreement with the underwriters; (iv) 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 this prospectus and described herein or any assumed benefit plan pursuant to a merger, acquisition or similar strategic transaction; (v) the issuance of the additional shares to the selling shareholder; or (vi) facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the Company pursuant to Rule 10b5-1 under the Exchange Act for the transfer of ordinary shares, provided that (i) such plan does not provide for the transfer of ordinary shares during the beginning on the date of this prospectus and ending at the close of business 180 days after the date of this prospectus (such period, the "Restricted Period"), and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of ordinary shares may be made under such plan during the Restricted Period.

Our directors and executive officers, and the holders of all our outstanding ordinary shares (such persons, the "lock-up parties") have entered into lock-up agreements with the underwriters prior to the commencement of this offering pursuant to which each lock-up party, with limited exceptions, for a period of 180 days after the date of this prospectus (such period, the "restricted period"), may not (and may not cause any of their direct or indirect affiliates to), without the prior written consent of any two of the representatives of the underwriters, (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any of our ordinary shares or any securities convertible into or exercisable or exchangeable for our ordinary shares (including, without limitation, ordinary shares or such other securities which may be deemed to be beneficially owned by such lock-up parties in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a stock option or warrant (collectively with the ordinary shares, the "lock-up securities")), (2) enter into any hedging, swap or other agreement or transaction that transfers, in whole or in part, any of the economic consequences of ownership of the lock-up securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of lock-up securities, in cash or otherwise, (3) make any demand for, or exercise any right with respect to, the registration of any lock-up securities, or (4) publicly disclose the intention to do any of the foregoing. Such persons or entities have further acknowledged that these undertakings preclude them from engaging in any hedging or other transactions or arrangements (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition or transfer (by any person or entity, whether or not a signatory to such agreement) of any economic consequences of ownership, in whole or in part, directly or indirectly, of any lock-up securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of lock-up securities, in cash or otherwise.

The restrictions described in the immediately preceding paragraph and contained in the lockup agreements between the underwriters and the lock-up parties will not apply, subject in certain cases to various conditions, to certain transactions, such that the lock-up party may:

(a) transfer or dispose of its securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as a bona fide gift or gifts, or for bona fide estate planning purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by will, other testamentary document, or intestacy,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any trust for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party, or if the lock-up party is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to a corporation, partnership, limited liability company, trust or other entity of which the lock-up party and the immediate family of the lock-up party are, directly or indirectly, the legal and beneficial owner of all of the outstanding equity securities or similar interests,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the lock-up party is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act) of the lock-up party, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the lock-up party or affiliates of the lock-up party (including, for the avoidance of doubt, where the lock-up party is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership or any of its affiliates), or (B) as part of a distribution or other transfer to general or limited partners, members or shareholders of, or other holders of equity interests in, the lock-up party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree, separation agreement or court order,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the Company from an employee of the Company upon death, disability or termination of employment, in each case, of such employee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) as part of a sale of the lock-up party's securities including any Company-directed securities purchased by the lock-up party in this offering; provided, however, that if the lock-up party is an officer or director of the Company, this clause (ix) shall not permit sales of any such securities by the lock-up party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the Company in connection with the vesting, settlement, exercise of restricted stock units, options, warrants or other rights to purchase ordinary shares (including, in each case, by way of "net" or "cashless" exercise) or any cancellation and reissuance or similar transaction, including for the payment of exercise price and tax and remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units, options, warrants or rights, provided that any such ordinary shares received upon such exercise, vesting, settlement or cancellation and reissuance or similar transaction (other than any such shares as are transferred or surrendered to the Company in connection with such exercise, vesting or settlement event) shall be subject to the terms of the lock-up agreement, and provided further that any such restricted stock units, options, warrants or rights are held by the lock-up party pursuant to an agreement or equity awards granted under a stock incentive plan, other equity award plan or other equity compensation arrangement, each such agreement, plan or other equity compensation arrangement which is described herein, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) 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 share capital involving a change of control of the Company; provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the lock-up party's securities shall remain subject to the provisions of the lockup agreement;

provided that (A) in the case of any transfer pursuant to clause (a)(i) and (ii), such transfer shall not involve a disposition for value, (B) in the case of any transfer or distribution pursuant to clause (a)(i), (ii), (iii), (iv), (v), (vi) and (vii), each donee, devisee, transferee or distributee shall execute and deliver to the representatives of the underwriters a lock-up letter, (C) in the case of any transfer or distribution pursuant to clause (a) (ii), (iii), (iv), (v), and (ix), no filing by any party (donor, donee, devisee, transferor, transferee, distributer or distributee) under the Exchange Act, or other public announcement shall be required or shall be made voluntarily in connection with such transfer or distribution (other than a filing on a Form 5 made after the expiration of the restricted period referred to above or any required Schedule 13F, Schedule 13G or Schedule 13D filings and any amendments thereto, provided that any such filing that is required to be filed during the restricted period shall clearly indicate in the footnotes thereto the nature and conditions of such

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transfer, and that such shares remain subject to the restrictions set forth herein) and (D) in the case of any transfer, disposition or distribution pursuant to clause (a) (i), (vi), (vii),(viii), and (x) it shall be a condition to such transfer that no public filing, report or announcement shall be voluntarily made and if any filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of ordinary shares in connection with such transfer or distribution shall be legally required during the restricted period, such filing, report or announcement shall clearly indicate in the footnotes thereto the nature and conditions of such transfer (and in connection with such transfer each donee, devisee, transferee or distributee shall execute and deliver to the representatives a lock-up letter);

(b) exercise outstanding options, settle restricted stock units or other equity awards or exercise warrants pursuant to plans or other equity compensation arrangements described herein; provided that any securities received upon such exercise, vesting or settlement shall be subject to the terms of a lockup agreement;

(c) convert outstanding preferred stock, warrants to acquire preferred stock or convertible securities into ordinary shares or warrants to acquire ordinary shares; provided that any such ordinary shares or warrants received upon such conversion shall be subject to the terms of a lockup agreement;

(d) establish trading plans pursuant to Rule 10b5-1 under the Exchange Act for the transfer or disposition of securities; provided that (1) such plans do not provide for the transfer or disposition of securities during the restricted period and (2) no filing by any party under the Exchange Act or other public announcement shall be required or made voluntarily in connection with such trading plan unless such filing, announcement or other disclosure is required and includes a statement to the effect that no transfer of ordinary shares may be made under the plan during the restricted period;

(e) sell the securities to be sold by the lock-up party pursuant to the terms of the underwriting agreement; and

(f) the transfer, conversion, reclassification, redemption or exchange of any securities pursuant to the Reorganization; provided that any securities received in the Reorganization remain subject to the terms of a lockup agreement.

Any two of the representatives of the underwriters, in their sole discretion, may release the securities subject to any of the lock-up agreements with the underwriters described above, in whole or in part at any time.

We and the selling shareholders have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933.

We have applied to have our ordinary shares approved for listing on the New York Stock Exchange under the symbol "NIQ."

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The underwriters have advised us that, pursuant to Regulation M of the Securities Act of 1933, they may also engage in other activities that stabilize, maintain or otherwise affect the price of the ordinary shares, including the imposition of penalty bids. This means that if the representatives of the underwriters purchase ordinary shares in the open market in stabilizing transactions or to cover short sales, the representatives can require the underwriters that sold those shares as part of this offering to repay the underwriting discount received by them.

These activities may have the effect of raising or maintaining the market price of the ordinary shares or preventing or retarding a decline in the market price of the ordinary shares, and, as a result, the price of the ordinary shares may be higher than the price that otherwise might exist in the open market. If the underwriters commence these activities, they may discontinue them at any time. The underwriters may carry out these transactions on the New York Stock Exchange, in the over-the-counter market or otherwise.

Prior to this offering, there has been no public market for our ordinary shares. The initial public offering price will be determined by negotiations between us and the representatives of the underwriters. In determining the initial public offering price, we and the representatives of the underwriters expect to consider a number of factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information set forth in this prospectus and otherwise available to the representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects and the history and prospects for the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an assessment of our management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects for future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general condition of the securities markets at the time of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recent market prices of, and demand for, publicly traded equity securities of generally comparable companies;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors deemed relevant by the underwriters and us.

Neither we nor the underwriters can assure investors that an active trading market will develop for our ordinary shares, or that the ordinary shares will trade in the public market at or above the initial public offering price.

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

Certain of the underwriters and their affiliates have provided in the past to us and our affiliates and may provide from time to time in the future certain commercial banking, financial advisory, investment banking and other services for us and such affiliates in the ordinary course of their business, for which they have received and may continue to receive customary fees and commissions. The underwriters and certain of their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments. In addition, from time to time, certain of the underwriters and their affiliates may effect transactions for their own account or the account of customers, and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the future. Certain of the underwriters and/or certain of their affiliates are lenders and/or agents under the Revolver, and as a result, will receive a portion of the net proceeds from this offering.

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Affiliates of JPM, BofA, UBS and RBC are lenders under our Revolver and affiliates of JPM and BofA are lenders under our US Term Loan Facility. JPM, BofA, UBS and RBC will receive at least 5% of the net proceeds of this offering due to the repayment of borrowings thereunder. Some of the other underwriters (or their affiliates) are also lenders under the Revolver and the US Term Loan Facility and will receive proceeds of this offering due to the repayment of the borrowings thereunder. In addition, affiliates of KCM, an underwriter in this offering, own more than 10% of Acceleratio Topco S.C.A., our principal shareholder. Therefore, JPM, BofA, UBS, RBC and KCM are deemed to have a conflict of interest within the meaning of FINRA Rule 5121. Accordingly, this offering is being conducted in accordance with Rule 5121, which requires, among other things, that a "qualified independent underwriter" participate in the preparation of, and exercise the usual standards of "due diligence" with respect to, the registration statement and this prospectus. Citigroup Global Markets Inc. has agreed to act as a qualified independent underwriter for this offering and to undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, including specifically those inherent in Section 11 thereof. Citigroup Global Markets Inc. will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. We have agreed to indemnify Citigroup Global Markets Inc. against liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the Securities Act. JPM, BofA, UBS, RBC and KCM will not sell our ordinary shares to discretionary accounts without prior written approval of the customers.

**Directed Share Program** 

At our request, the underwriters have reserved for sale up to 5.0% of the ordinary shares offered by this prospectus for sale, at the initial public offering price per share, to certain employees of the Company through a directed share program. The number of ordinary shares available for sale to the general public will be reduced by the number of reserved ordinary shares sold to these individuals. Any reserved ordinary shares not purchased by these individuals will be offered by the underwriters to the general public on the same basis as the other ordinary shares offered under this prospectus. We have agreed to indemnify the underwriters against certain liabilities and expenses, including liabilities under the Securities Act, in connection with the sale of the reserved ordinary shares. The directed share program will be arranged through J.P. Morgan Securities LLC.

**Selling Restrictions Outside the United States** 

***Notice to Prospective Investors in Canada***

The ordinary shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the ordinary shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

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***Notice to Prospective Investors in the European Economic Area***

In relation to each Member State of the European Economic Area (each a "Relevant State"), no ordinary shares have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the ordinary shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation (as defined below), except that offers of ordinary shares may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters; 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 ordinary shares shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, and each person who initially acquires any ordinary shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with us and each of the underwriters that it is a "qualified investor" within the meaning of Article 2(e) of the Prospectus Regulation. In the case of any ordinary shares being offered to a financial intermediary as that term is used in the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the ordinary shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any ordinary shares to the public other than their offer or resale in a Relevant State to qualified investors as so defined or in circumstances in which the prior consent of the underwriters 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 ordinary shares in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any ordinary shares to be offered so as to enable an investor to decide to purchase or subscribe for any ordinary shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

***Notice to Prospective Investors in the United Kingdom***

No ordinary shares have been offered or will be offered pursuant to the offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the ordinary shares which has been approved by the Financial Conduct Authority, except that the ordinary shares may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined under Article 2 of the UK 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 UK Prospectus Regulation), subject to obtaining the prior consent of underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000 ("FSMA"),

*provided* that no such offer of the ordinary shares shall require us or any underwriter to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation and each person who initially acquires any ordinary shares or to whom any offer is made will be

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deemed to have represented, acknowledged and agreed to and with us and each of the underwriters that it is a "qualified investor" within the meaning of Article 2(e) of the UK Prospectus Regulation. In the case of any ordinary shares being offered to a financial intermediary as that term is used in the UK Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the ordinary shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any ordinary shares 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 underwriters 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 ordinary shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any ordinary shares to be offered so as to enable an investor to decide to purchase or subscribe for any Shares and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at persons who are "qualified investors" (as defined in the UK Prospectus Regulation) (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") and/or (ii) who are high net worth companies (or persons to whom it may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons") or otherwise in circumstances which have not resulted and will not result in an offer to the public of the ordinary shares in the United Kingdom within the meaning of the FSMA.

Any person in the United Kingdom that is not a relevant person should not act or rely on the information included in this document or use it as basis for taking any action. In the United Kingdom, any investment or investment activity that this document relates to may be made or taken exclusively by relevant persons.

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**Legal Matters** 

The validity of the issuance of our ordinary shares offered in this prospectus will be passed upon for us by Arthur Cox LLP, Dublin, Ireland, our Irish counsel, and certain other matters will be passed upon for us by Ropes & Gray LLP, Boston, MA. Ropes & Gray LLP and some of its attorneys are limited partners of RGIP, LP, which is an investor in certain investment funds affiliated with Advent International, L.P. and often a co-investor with such funds. Upon the consummation of the offering, RGIP, LP will directly or indirectly own less than 1% of our outstanding ordinary shares. Simpson Thacher & Bartlett LLP, New York, New York, will act as counsel to the underwriters.

**Experts** 

The consolidated financial statements of Intermediate Dutch Holdings B.V. at December 31, 2024 and 2023, and for each of the three years in the period ended December 31, 2024, appearing in this Prospectus and Registration Statement have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

**Enforcement of Judgments** 

It may not be possible to enforce court judgments obtained in the United States against us in Ireland based on the civil liability provisions of the U.S. federal or state securities laws. We have been advised by Arthur Cox LLP, our Irish counsel, that the United States currently does not have a treaty with Ireland providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. The European Union (excluding Denmark) has acceded to the Convention of July 2, 2019 on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters (the "2019 Hague Judgments Convention"). The United States is a signatory to the 2019 Hague Judgments Convention since March 2022, but, as of November 1, 2024 July 18, 2023, it has not ratified it. If the United States ratifies the 2019 Hague Judgments Convention, it will amend the position outlined below in respect of the recognition and enforcement of judgments which fall within the scope of the 2019 Hague Judgments Convention.

The following requirements must be met before a judgment of a U.S. court will be deemed to be enforceable in Ireland:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment must be for a definite sum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment must be final and conclusive; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment must be provided by a court of competent jurisdiction.

An Irish court will also exercise its right to refuse enforcement if the U.S. judgment was obtained by fraud, if the judgment violates Irish public policy, if the judgment is in breach of natural or constitutional justice or if it is irreconcilable with an earlier foreign judgment. There is some uncertainty as to whether the courts of Ireland would recognize or enforce judgments of U.S. courts obtained against us or our directors or officers based on the civil liabilities provisions of the U.S. federal or state securities laws or hear actions against us or those persons based on those laws. Therefore, a final judgment for the payment of money rendered by any U.S. federal or state court based on civil liability, whether or not based solely on U.S. federal or state securities laws, would not automatically be enforceable in Ireland.

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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 with respect to the ordinary shares offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits filed therewith. For further information with respect to us and the ordinary shares offered hereby, please refer to the registration statement and the exhibits filed therewith. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding registrants that file electronically with the SEC. The SEC's website is www.sec.gov.

Upon completion of this offering, we will become subject to the information and periodic reporting requirements of the Exchange Act and, in accordance therewith, we will file periodic reports, proxy statements and other information with the SEC. Such periodic reports, proxy statements and other information will be available for inspection at the website of the SEC referred to above.

We also maintain a website at www.NielsenIQ.com. Upon completion of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on, or that can be accessed through, our website does not constitute a part of this prospectus or the registration statement of which this prospectus forms a part and is not incorporated by reference herein. We have included our website address in this prospectus solely for informational purposes 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 ordinary shares.

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INDEX TO FINANCIAL STATEMENTS OF INTERMEDIATE DUTCH HOLDINGS B.V.

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm (Ernst & Young LLP, PCAOB ID:42)](#fin893022_1) | F-2 |
|  [Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022](#fin893022_2) | F-4 |
|  [Consolidated Statements of Comprehensive Loss for the years ended December 31, 2024, 2023 and 2022](#fin893022_3) | F-5 |
|  [Consolidated Balance Sheets as of December 31, 2024 and 2023](#fin893022_4) | F-6 |
|  [Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022](#fin893022_5) | F-7 |
|  [Consolidated Statements of Equity for the years ended December 31, 2024, 2023 and 2022](#fin893022_6) | F-8 |
|  [Notes to Consolidated Financial Statements of Intermediate Dutch Holdings B.V.](#fin893022_7) | F-9 |
|  [Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024](#fin893022_8) | F-53 |
|  [Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2025 and 2024](#fin893022_9) | F-54 |
|  [Unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024](#fin893022_10) | F-55 |
|  [Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024](#fin893022_11) | F-56 |
|  [Unaudited Condensed Consolidated Statements of Equity for the three months ended March 31, 2025 and 2024](#fin893022_12) | F-57 |
|  [Notes to Unaudited Condensed Consolidated Financial Statements of Intermediate Dutch Holdings B.V.](#fin893022_13) | F-58 |

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**Report of Independent Registered Public Accounting Firm** 

To the Stockholders' and the Management Board of Managing Directors of Intermediate Dutch Holdings B.V.

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated balance sheets of Intermediate Dutch Holdings B.V. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter** 

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter 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 account or disclosures to which it relates.

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|:---|:---|
|  | **Internally Developed Software – Capitalized Costs** |
| Description of the Matter | As discussed in Notes 2 and 6 to the consolidated financial statements, the Company has internally developed software to facilitate its global information processing and client access needs. Internally developed software costs that are incurred in the application development stage are capitalized as an intangible asset.<br>Auditing the Company's capitalization of internally developed software costs requires auditor judgment because the determination involved in assessing the stage of software development for new internally developed software or upgrades and enhancements for existing internally developed software is subjective. |
| How We Addressed the Matter in Our Audit | Our audit procedures included, among others, testing a sample of capitalized internally developed software projects to assess whether the projects were in the application development stage or added upgrades or enhancements to the existing software. For each sample, we inspected the Company's documentation as to why the project met the criteria for capitalization as well as confirmed with project managers and software developers on the nature and status of the projects. |

---

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2018.

Stamford, Connecticut

April 10, 2025

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**INTERMEDIATE DUTCH HOLDINGS B.V.** 

**Consolidated Statements of Operations** 

(in millions, except share data)

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| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** | **2022** |
|  Revenues | $3972.6 | $3341.3 | $2786.4 |
|  Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues (excluding depreciation and amortization shown separately below) | 1771.6 | 1511.5 | 1387.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 1601.2 | 1449.3 | 1197.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 596.7 | 460.9 | 301.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 31.1 | 9.0 | 25.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 98.5 | 34.6 | 60.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | (26.9) | (15.4) | (8.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 4072.2 | 3449.9 | 2964.0 |
|  Operating loss | (99.6) | (108.6) | (177.6) |
|  Interest expense, net | (410.6) | (299.5) | (110.5) |
|  Foreign currency exchange (loss) gain, net | (34.2) | 4.6 | (27.5) |
|  Nonoperating (expense) income, net | (70.8) | (8.1) | 39.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations before income taxes | (615.2) | (411.6) | (275.9) |
|  Income tax expense from continuing operations | (113.7) | (51.8) | (40.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations | (728.9) | (463.4) | (316.2) |
|  Discontinued operations (Note 4): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations before income taxes | 12.5 | 2.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from discontinued operations |  | (11.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from discontinued operations | 12.5 | (9.0) |  |
|  Net loss | (716.4) | (472.4) | (316.2) |
|  Less: Net income attributable to noncontrolling interests | 6.3 | 3.8 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to NIQ | $(722.7) | $(476.2) | $(316.7) |
|  Basic and diluted loss per share from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations attributable to NIQ | $(7.35) | $(4.67) | $(3.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from discontinued operations | 0.12 | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to NIQ | $(7.23) | $(4.76) | $(3.17) |
|  Weighted average basic and diluted NIQ common stock outstanding | 100 | 100 | 100 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

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**INTERMEDIATE DUTCH HOLDINGS B.V.** 

**Consolidated Statements of Comprehensive Loss** 

(in millions)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** | **2022** |
|  Net loss | $(716.4) | $(472.4) | $(316.2) |
|  Other comprehensive (loss) income, net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustments | (97.2) | 69.5 | (7.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit pension plan adjustments | 6.3 | (23.8) | (18.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash flow hedges | (27.5) | (40.1) | 58.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other comprehensive (loss) income | (118.4) | 5.6 | 32.8 |
|  Total comprehensive loss | (834.8) | (466.8) | (283.4) |
|  Less: comprehensive income attributable to noncontrolling interests | 6.3 | 3.8 | 0.5 |
|  Total comprehensive loss attributable to NIQ | $(841.1) | $(470.6) | $(283.9) |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

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**INTERMEDIATE DUTCH HOLDINGS B.V.** 

**Consolidated Balance Sheets** 

(in millions, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| **Assets** |  |  |
|  **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $263.8 | $282.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables, net | 644.9 | 632.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 83.3 | 116.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 136.3 | 123.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current assets held for sale (Note 4) | 62.8 | 393.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** | 1191.1 | 1548.2 |
|  Property and equipment, net | 208.0 | 253.7 |
|  Operating lease right-of-use assets | 179.6 | 231.0 |
|  Intangible assets, net | 2287.6 | 2706.1 |
|  Goodwill | 2209.5 | 2365.9 |
|  Deferred income taxes | 22.2 | 29.9 |
|  Other noncurrent assets | 271.7 | 245.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $6369.7 | $7380.6 |
| **Liabilities and Stockholders' Equity** |  |  |
|  **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $217.1 | $204.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 605.3 | 604.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenues | 273.4 | 267.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term debt and current portion of long-term debt | 121.0 | 103.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 131.5 | 162.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current liabilities held for sale (Note 4) | 17.3 | 59.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** | 1365.6 | 1402.0 |
|  Long-term debt | 3959.8 | 4027.5 |
|  Operating lease liabilities | 196.5 | 240.2 |
|  Deferred income taxes | 109.1 | 154.3 |
|  Other noncurrent liabilities | 251.8 | 225.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 5882.8 | 6049.0 |
|  Commitments and contingencies (Note 19) |  |  |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, €0.01 par value; 100 shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 1970.8 | 1966.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (1685.1) | (962.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive (loss) income | (37.7) | 80.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total NIQ stockholders' equity | 248.0 | 1084.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interests | 238.9 | 247.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total stockholders' equity** | 486.9 | 1331.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and stockholders' equity** | $6369.7 | $7380.6 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

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**INTERMEDIATE DUTCH HOLDINGS B.V.** 

**Consolidated Statements of Cash Flows** 

(in millions)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** | **2022** |
|  **Operating Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(716.4) | $(472.4) | $(316.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 596.7 | 460.9 | 301.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 4.7 | 4.3 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt discount and debt issuance costs | 65.8 | 42.1 | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 31.1 | 9.0 | 25.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash foreign currency exchange loss (gain), net | 63.5 | (10.0) | 30.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on deconsolidation of subsidiaries | 57.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off of unamortized debt discount and debt issuance costs | 35.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of business | (12.4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (35.6) | (38.7) | (36.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from remeasurement of previously held equity interest |  | (15.1) | (11.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating activities, net | (57.7) | 29.5 | (19.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables, net | (54.7) | 0.9 | 77.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | (2.4) | 62.0 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and other current liabilities | 98.5 | (63.7) | (5.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other noncurrent assets and liabilities | (0.8) | (19.7) | (16.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by (used in) operating activities** | **73.9** | **(10.9)** | **61.4** |
|  **Investing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of businesses, net of cash acquired | 20.2 | (1427.7) | (102.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of business, net of cash disposed | 315.6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions to property and equipment | (35.4) | (24.2) | (48.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions to intangible assets | (263.3) | (248.4) | (257.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash deconsolidated from previously controlled subsidiaries | (31.6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in equity securities |  |  | (30.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investing activities, net | 4.1 | (3.4) | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by (used in) investing activities** | **9.6** | **(1703.7)** | **(430.9)** |
|  **Financing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of debt | 1137.6 | 2821.8 | 838.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of debt | (1179.6) | (822.4) | (569.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt issuance costs | (7.6) | (64.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contribution from Parent |  |  | 41.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance leases | (22.3) | (17.8) | (19.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash dividends paid to noncontrolling interests | (14.6) | (11.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financing activities, net | 19.4 | (3.5) | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash (used in) provided by financing activities** | **(67.1)** | **1902.7** | **296.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange-rate changes on cash and cash equivalents | (33.1) | (32.8) | (35.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net (decrease) increase in cash and cash equivalents** | **(16.7)** | **155.3** | **(108.0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents at beginning of period | 282.4 | 144.5 | 252.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash and cash equivalents at end of period** | $**265.7** | $**299.8** | $**144.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: cash and cash equivalents included in current assets held for sale | (1.9) | (17.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash and cash equivalents at end of period as reported on consolidated balance sheet** | $**263.8** | $**282.4** | $**144.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Supplemental Disclosures:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest | $411.4 | $279.2 | $106.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for income taxes | $118.2 | $109.3 | $68.8 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

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**INTERMEDIATE DUTCH HOLDINGS B.V.** 

**Consolidated Statements of Equity** 

(in millions, except share data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common**<br>**Stock**<br>**Shares<sup>(1)</sup>** | **Paid-In<br>Capital<sup>(2)</sup>** | **Accumulated**<br>**Deficit** | **Accumulated<br>Other<br>Comprehensive<br>(Loss) Income** | **Total NIQ<br>Stockholders'<br>Equity** | **Noncontrolling<br>Interests** | **Total<br>Stockholders'<br>Equity** |
|  **Balance as of January 1, 2022** | **100** | $**905.9** | $**(169.5)** | $**42.3** | $**778.7** | $**1.0** | $**779.7** |
|  Net (loss) income |  |  | (316.7) |  | (316.7) | 0.5 | (316.2) |
|  Other comprehensive income |  |  |  | 32.8 | 32.8 |  | 32.8 |
|  Contribution from Parent |  | 41.1 |  |  | 41.1 |  | 41.1 |
|  Share-based compensation |  | 4.4 |  |  | 4.4 |  | 4.4 |
|  **Balance as of December 31, 2022** | **100** | $**951.4** | $**(486.2)** | $**75.1** | $**540.3** | $**1.5** | $**541.8** |
|  Net (loss) income |  |  | (476.2) |  | (476.2) | 3.8 | (472.4) |
|  Other comprehensive income |  |  |  | 5.6 | 5.6 |  | 5.6 |
|  Contribution from Parent<sup>(3)</sup> |  | 1010.4 |  |  | 1010.4 |  | 1010.4 |
|  Share-based compensation |  | 4.3 |  |  | 4.3 |  | 4.3 |
|  Acquisition of subsidiaries |  |  |  |  |  | 253.0 | 253.0 |
|  Cash dividends |  |  |  |  |  | (11.1) | (11.1) |
|  **Balance as of December 31, 2023** | **100** | $**1966.1** | $**(962.4)** | $**80.7** | $**1084.4** | $**247.2** | $**1331.6** |
|  Net (loss) income |  |  | (722.7) |  | (722.7) | 6.3 | (716.4) |
|  Other comprehensive loss |  |  |  | (118.4) | (118.4) |  | (118.4) |
|  Share-based compensation |  | 4.7 |  |  | 4.7 |  | 4.7 |
|  Cash dividends |  |  |  |  |  | (14.6) | (14.6) |
|  **Balance as of December 31, 2024** | **100** | $**1970.8** | $**(1685.1)** | $**(37.7)** | $**248.0** | $**238.9** | $**486.9** |

---

<sup>(1)</sup> In connection with a contribution on March 5, 2021, the Company issued 100 ordinary shares at a par value of €0.01 per share to its parent company, AI PAVE Dutchco III B.V. ("Parent"), a private company with limited liability organized under the laws of the Netherlands.

<sup>(2)</sup> Equity Capital was provided by Parent.

<sup>(3)</sup> Contribution from Parent was a non-cash contribution related to equity consideration transferred as part of the transaction to combine with GfK SE, as described in Note 3. "Acquisitions".

The accompanying notes are an integral part of these Consolidated Financial Statements.

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##### [**Table of Contents**](#toc)
**Notes to Consolidated Financial Statements of Intermediate Dutch Holdings B.V.** 

(in millions, unless otherwise noted)

**1. ORGANIZATION AND DESCRIPTION OF BUSINESS** 

***Organization***

NIQ was created when funds managed by Advent International, L.P. (formerly known as Advent International Corporation) ("Advent") acquired certain subsidiaries of Nielsen Holdings plc ("Nielsen") on March 5, 2021 ("the Advent Acquisition").

Intermediate Dutch Holdings B.V., a private company with limited liability organized under the laws of the Netherlands ("Dutch Holdings"), formed two subsidiaries: Indy US Holdco, LLC ("US Holdco") and Indy Dutch Bidco B.V. ("Dutch Bidco"). Through its subsidiaries, Dutch Holdings acquired Nielsen Consumer Inc., TNC Europe B.V. and The Nielsen Company (Europe) S.àr.l (the "NIQ subsidiaries") from Nielsen. As a result of the Advent Acquisition, Dutch Holdings beneficially owns the NIQ subsidiaries that, with Dutch Holdings, are referred to in these Notes as "NIQ" or "the Company". Dutch Holdings is a wholly owned subsidiary of AI PAVE Dutchco III B.V. ("Parent").

On July 10, 2023, the Company completed a transaction to combine with GfK SE ("GfK"), a European company (societas Europaea) organized under German law ("the GfK Combination"). Pursuant to the terms of the transaction, Dutch Holdings formed Grace HoldCo GmbH ("Grace Holdco") as a wholly owned subsidiary. Grace HoldCo in turn formed Grace Bidco GmbH. Through these subsidiaries, Dutch Holdings acquired GfK. See Note 3. "Acquisitions" for further information on the GfK Combination.

***Description of Business***

NIQ is a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers. NIQ manages a comprehensive and integrated ecosystem – *The NIQ Ecosystem* – which combines proprietary data, best-in-class technology, human intelligence, and highly sophisticated software applications and analytics solutions. NIQ's unified, AI-powered technology platform aggregates, harmonizes and enriches vast amounts of global consumer shopping data from a myriad of diverse sources, generates rich, proprietary reference data and metadata, and provides a global, omnichannel view of consumer shopping behavior – *The Full View*. NIQ's global reach spans over 90 countries covering approximately 85% of the world's population and more than half the world's GDP.

The Company has three reportable segments: (1) Americas, which includes North America and Latin America; (2) EMEA, which includes Europe, the Middle East and Africa and (3) APAC, which includes Asia and the western Pacific region. See Note 17. "Reportable Segments" for more information on reportable segments.

Within its reportable segments, NIQ has two major product offerings: Intelligence (Consumer Measurement) and Activation (Consumer Analytics). Intelligence offerings are comprised of omnichannel measurement, consumer behavior and insights, and retailer solutions products, which are utilized by both consumer brands and retailer clients. These products help clients to measure their market share of consumer purchases across channels, helping them understand what the consumers bought, who the consumer is, where they shopped and how much they bought. Activation offerings include custom analyses designed to help customers ascertain "why" consumers made a certain purchase, guide them on "what to do next" and "who to target" around product introduction and innovation, pricing, promotion strategy and other drivers of growth.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***Basis of Presentation***

The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Consolidated Financial Statements

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include the accounts of the Company and its consolidated subsidiaries. Intercompany transactions and balances have been eliminated. Noncontrolling interests are recorded for entities that are consolidated, but for which NIQ owns less than 100% of the equity interests.

Prior to the GfK Combination, GfK entered into an agreement to sell its Consumer Panel business on July 6, 2023. On January 9, 2024, the Company completed the sale. The operating results of the GfK Consumer Panel business are presented as "Discontinued Operations" in the Consolidated Financial Statements and the assets and liabilities of the GfK Consumer Panel business were classified as "Held for Sale" at December 31, 2023. See Note 4. "Discontinued Operations and Disposals" for further information.

During the year ended December 31, 2024, the Company determined that it can no longer exercise control over its subsidiaries in Russia and deconsolidated the operations of these entities. See Note 4. "Discontinued Operations and Disposals" for further information.

The Company entered into an agreement to sell its ownership interest in Netquest, a panel provider acquired through the GfK Combination, on December 17, 2024. The assets and liabilities of the Netquest business were classified as "Held for Sale" at December 31, 2024. See Note 4. "Discontinued Operations and Disposals" for further information.

***Use of Estimates***

The preparation of the Consolidated Financial Statements of NIQ in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements of NIQ and the reported amounts of revenues and expenses during the reporting periods. Management's estimates are based on historical experience, facts and circumstances available at the time and various other assumptions that are believed to be reasonable. Actual results could differ from those estimates.

***Revenue Recognition***

Revenue is measured based on the consideration specified in a contract with a customer. NIQ recognizes revenue when it satisfies a performance obligation by transferring control of data or services to a customer, which generally occurs over time.

NIQ's revenue is primarily derived from solutions in two product groupings: (i) Intelligence (Consumer Measurement) and (ii) Activation (Consumer Analytics). Intelligence solutions include a combination of NIQ's retail measurement, consumer behavior and insights, and retailer solutions, which are utilized by both consumer brands and retailer clients. Revenues for these services are recognized over the period during which the performance obligations are satisfied as the customer receives and consumes the benefits provided by NIQ and control of the services are transferred to the customer. Activation solutions include customized analytics and predictive models to improve decision making around product, pricing, marketing and supply chain. NIQ's performance under these arrangements do not create an asset with an alternative use to NIQ and generally include an enforceable right to payment for performance completed to date; as such, revenue for these services is typically recognized over time. Revenue for contracts that do not include an enforceable right to payment for performance completed to date is recognized at a point in time when the performance obligation is satisfied, generally upon delivery of the services, and when control of the service is transferred to the customer.

NIQ enters into cooperation arrangements with certain customers, under which the customer provides NIQ with its data in exchange for NIQ's services. NIQ records these transactions at estimated fair value, which is determined based on the fair value of goods or services received, if reasonably estimable. If not reasonably estimable, NIQ considers the fair value of the goods or services surrendered.

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***Cost of revenues (excluding depreciation and amortization)***

Cost of revenues primarily include data acquisition costs, cloud costs, software costs and hardware maintenance costs and personnel related costs associated with these functions.

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

Selling, general, and administrative expenses primarily include personnel-related costs, costs for professional and consultancy services, and occupancy costs.

***Restructuring charges***

Restructuring charges include programs whereby the Company realigns its operations to improve effectiveness and efficiency, such as reducing headcount and consolidating operations. Restructuring charges largely represent severance costs related to employee separation packages which are calculated based on salary levels and past service periods. Severance costs are generally charged to earnings when planned employee terminations are approved.

***Other Operating Income***

Other operating income primarily includes sublease income from NIQ's leasing arrangements, as further discussed in Note 9. "Leases". Other operating income also includes charges to equity method investments to recover costs incurred by the Company for providing technology and other infrastructure services.

***Cash and Cash Equivalents***

Cash and cash equivalents include cash and short-term, highly liquid investments with an original maturity date of three months or less.

***Accounts Receivable and Allowance for Expected Credit Losses***

NIQ extends non-interest-bearing trade credit to its customers in the ordinary course of business. To minimize credit risk, ongoing payment history is continually evaluated for existing customers and the financial condition for new customers whose initial purchase is over a certain value is evaluated to assess credit risk.

NIQ recognizes expected credit losses resulting from the inability of its customers to make required payments through an allowance account that is measured each reporting date. NIQ estimates credit losses over the life of its trade accounts receivable using a combination of historical loss data, current credit conditions, specific customer circumstances and reasonable and supportable forecasts of future economic conditions. As of December 31, 2024 and 2023, the allowance for expected credit losses was $12.1 million and $11.0 million, respectively. The total amount recorded as selling, general and administrative expenses for credit losses was $5.5 million, $6.1 million and $7.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

NIQ has a program in which accounts receivable are sold to third parties. The available capacity under the program is €270.0 million (equivalent to approximately $280.0 million USD as of December 31, 2024), with the underlying transactions accounted for as true sales, without recourse. In instances where the underlying sales transaction has not yet met the criteria for revenue recognition, the transfer is accounted for as a sale of future revenues. The proceeds received for the sale of future revenues are recorded within short-term debt and current portion of long-term debt in the Consolidated Balance Sheets. NIQ maintains servicing responsibilities of the majority of the receivables sold during the year, for which the related costs are not significant.

As of December 31, 2024 and 2023, $146.6 million and $177.0 million, respectively, of previously sold receivables remained outstanding. NIQ recorded costs associated with the factoring program in nonoperating

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(expense) income, net, primarily representing administrative and financing costs which totaled $14.7 million, $15.0 million and $6.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. The proceeds from the sales are reported as operating activities in the Consolidated Statements of Cash Flows and totaled $1.4 billion for the year ended December 31, 2024 and $1.3 billion for the years ended December 31, 2023 and 2022.

***Property and Equipment***

Property and equipment are carried at historical cost less accumulated depreciation. Depreciation expense is determined using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over their useful life or over the term of the related lease, whichever is shorter.

The table below summarizes the estimated useful lives of property and equipment:

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| | |
|:---|:---|
|  | **Useful Life**<br>**(in years)** |
|  Buildings | 25-40 |
|  Information and communication equipment | 2-7 |
|  Furniture, equipment and other | 2-10 |

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***Leases***

The determination of whether an arrangement is, or contains, a lease is performed at the inception of the arrangement. Classification and initial measurement of the right-of-use asset and lease liability are determined at the lease commencement date. The Company does not recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. NIQ's lease terms may include options to extend or terminate the lease when it is reasonably certain that NIQ will exercise that option. NIQ uses the rate implicit in the lease for the discount rate when determining the present value of lease payments whenever that rate is readily determinable. If the rate is not readily determinable, NIQ uses its incremental borrowing rate, which is updated periodically, based on the information available at commencement date. NIQ also has variable lease payments, primarily for items such as common area maintenance and real estate taxes, which are recorded in selling, general and administrative expenses when incurred. The operating lease asset includes the amount of lease liabilities recognized, initial direct costs incurred, prepayments at or before the commencement date and excludes lease incentives received. NIQ has lease agreements with lease and non-lease components, which are generally accounted for together.

***Definite-Lived Intangible Assets***

Definite-lived intangible assets are stated at historical cost less accumulated amortization. Amortization expense is determined using the straight-line method over the estimated useful lives of the assets. NIQ's definite-lived intangible assets primarily relate to computer software (both internally developed and acquired), customer relationships, retail partnerships and trade names and trademarks.

NIQ has purchased and internally developed software to facilitate its global information processing and client access needs. Costs that are related to the conceptual formulation and design of software programs are expensed as incurred. Internally developed software costs that are incurred in the application development stage are capitalized as an intangible asset and are amortized over the estimated useful life.

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The table below summarizes the estimated useful lives of intangibles assets:

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| | |
|:---|:---|
|  | **Useful Life**<br>**(in years)** |
|  Computer software | 3-8 |
|  Customer relationships | 10-15 |
|  Retail partnerships | 10-15 |
|  Trade names and trademarks | 8-15 |
|  Consumer panels | 6-8 |
|  Other intangibles | 3 |

---

***Long-Lived Assets Impairment Assessment***

The Company assesses whether the value of long-lived assets, which include property and equipment, lease right-of-use assets, and definite-lived intangible assets, have been impaired whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Recoverability of assets that are held and used is measured by comparing the sum of the future undiscounted cash flows expected to be derived from an asset (or a group of assets) to their carrying value. If the carrying value of the asset (or the group of assets) exceeds the sum of the future undiscounted cash flows, impairment is considered to exist. If impairment is considered to exist based on undiscounted cash flows, the impairment charge is measured using an estimation of the assets' fair value, typically using a discounted cash flow method. The identification of impairment indicators, the estimation of future cash flows and the determination of fair values for assets (or groups of assets) require management to make significant judgments including projected cash flows and applicable discount rates. These estimates are subject to revision as market conditions and management's assessments change.

For the years ended December 31, 2024, 2023 and 2022, the Company recorded impairment charges totaling $31.1 million, $9.0 million and $25.6 million, respectively. These charges reflected adjustments to operating lease right-of-use assets, property and equipment and definite-lived intangible assets. For the year ended December 31, 2024, management performed an impairment assessment of its long-lived assets in Russia due to a triggering event related to the evolving regulatory environment, which included economic sanctions from the United States, European Union, and other governments as well as a series of local laws issued in Russia aimed at significantly limiting entities operating in the country from communicating with their foreign-owned organizations. In response to these events, the Company recognized an impairment charge of $27.3 million related to long-lived assets in Russia. See Note 4. "Discontinued Operations and Disposals" for information on the deconsolidation of the Company's Russian subsidiaries during the year ended December 31, 2024. The remaining $3.8 million of impairment charges for the year ended December 31, 2024 as well as $9.0 million of impairment charges for the year ended December 31, 2023 related to long-lived assets and leased real estate that the Company no longer plans to use. For the year ended December 31, 2022, the Company measured $16.9 million of the impairment charge using a discounted cash flow method with the remaining $8.7 million of impairment related to long-lived assets that the Company no longer plans to use. The estimate of fair value used primarily unobservable inputs developed by management, including a discount rate of 7.25%, which are categorized as Level 3 in the fair value hierarchy. All impairment charges have been recorded at Corporate, as the charges are not included in internal measures of segment operating performance and any plans to cease use of long-lived assets are centrally directed.

***Goodwill***

Goodwill is tested for impairment on an annual basis or more often if events or circumstances indicate that the carrying amount of such asset may not be recoverable. The Company has designated October 1 as the date in which the annual assessment is performed. Management reviews the recoverability of its goodwill by comparing the reporting unit's estimated fair value with the respective carrying amount. The Company established, and

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continued to evaluate, its reporting units based on its internal reporting structure and defines such reporting units at its operating segment level or one level below. The estimates of fair value are determined using a combination of valuation techniques, primarily an income approach using a discounted cash flow analysis supplemented by a market-based approach.

A discounted cash flow analysis requires the use of various assumptions, including expectations of future cash flows, growth rates, discount rates and tax rates in developing the present value of future cash flow projections. The market-based approach utilizes available market comparisons such as indicative industry multiples that are applied to current year revenue and earnings as well as recent comparable transactions.

As further discussed in Note 6. "Goodwill and Intangible Assets", the Company identified new operating segments during the third quarter of 2024, which changed the composition of its reporting units. Accordingly, the Company reassigned goodwill to the new reporting units using a relative fair value allocation approach. The Company performed a goodwill impairment test immediately before and after it reorganized its reporting structure. Goodwill was tested for impairment on a reporting unit level and the evaluation involved comparing the fair value of each reporting unit to its carrying value. The fair values of the Company's reporting units were determined using a discounted cash flow analysis and consideration was also given to market multiples. There were no impairment losses identified as a result of these tests.

***Investments***

The Company has investments in equity securities that are considered strategically and operationally important to its business. These investments are accounted for under the equity method where the Company has the ability to significantly influence the operations of the entity. For equity method investments, the Company records its proportional ownership percentage of net income or loss in nonoperating (expense) income, net. At December 31, 2024 and 2023, equity method investments were $58.1 million and $65.6 million, respectively, and are included in other noncurrent assets in the Consolidated Balance Sheets. At December 31, 2024 and 2023, there were trade receivables of $11.8 million and $10.2 million, respectively, and trade payables of $4.5 million and $2.3 million, respectively, related to transactions with equity method investments.

Excluding equity method investments, equity securities with a readily determinable fair value are recorded at fair value. Equity securities without a readily determinable fair value are recorded at cost less any impairment. At December 31, 2024 and 2023, the Company held $44.8 million and $45.0 million, respectively, of investments in equity securities without a readily determinable fair value. These amounts represent investments in entities where the Company does not have the ability to significantly influence the operations of the entity and are presented as other noncurrent assets in the Consolidated Balance Sheets.

The Company assessed the investments for indicators of impairment and concluded no such indicators exist.

***Income Taxes***

The Company provides for income taxes utilizing the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each balance sheet date, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in the Consolidated Statements of Operations as an adjustment to income tax expense in the period that includes the enactment date.

The Company recognizes deferred tax assets at amounts that are expected to be realized. To make such determination, management evaluates all positive and negative evidence, including but not limited to, prior, current and future taxable income, tax planning strategies and future reversals of existing taxable temporary

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differences. A valuation allowance is recognized if it is "more-likely-than-not" that some or all of a deferred tax asset will not be realized. The Company regularly assesses the realizability of deferred tax assets.

The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Such tax positions are, based solely on their technical merits, more likely than not to be sustained upon examination by taxing authorities and reflect the largest amount of benefit, determined on a cumulative probability basis that is more likely than not to be realized upon settlement with the applicable taxing authority with full knowledge of all relevant information. Interest and penalties, if any, related to unrecognized tax benefits are recognized in income tax expense.

***Fair Value Measurements***

Assets and liabilities recorded at fair value on a recurring basis consist of derivative instruments and the assets of the Company's defined benefit plans. The fair value of derivative instruments is discussed in Note 11. "Fair Value of Financial Instruments". The fair value of the assets of the Company's defined benefit plans is discussed in Note 15. "Pension and Other Post-Retirement Benefits".

The Company records the fair values of goodwill and long-lived assets on a nonrecurring basis if required by impairment tests applicable to these assets, as described above.

The inputs used in the determination of fair values are categorized according to the fair value hierarchy as being Level 1, Level 2 or Level 3. In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets or liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset or liability. In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability.

***Share-Based Compensation***

***Debt Issuance Costs and Discounts***

Debt issuance costs and discounts are amortized into interest expense over the term of the respective debt instrument using the effective interest method or a method which approximates the effective interest method. Unamortized debt issuance costs and discounts associated with the Company's term loans are presented as a reduction of debt in the Consolidated Balance Sheets. Unamortized debt issuance costs associated with the Company's revolving facility are presented as other assets in the Consolidated Balance Sheets. See Note 10. "Debt" for further information on the Company's debt arrangements.

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***Advertising and Marketing Costs***

Advertising and marketing costs are expensed as incurred and are reflected as selling, general and administrative expenses in the Consolidated Statements of Operations. These costs include all brand advertising, telemarketing, direct mail and other sales promotions associated with marketing research services. For the years ended December 31, 2024, 2023 and 2022, advertising and marketing costs totaled $23.0 million, $22.0 million and $14.7 million, respectively.

***Foreign Currency Translation***

The local currency is the functional currency for most of the Company's operations outside the United States. Assets and liabilities of these operations are translated to U.S. dollars at the exchange rate in effect at the end of each period. Income statement accounts are translated at an exchange rate that approximates the average for the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of other comprehensive (loss) income within stockholders' equity.

Gains and losses from foreign currency transactions are included in net loss for the period. The Company recognized net losses of $34.2 million for the year ended December 31, 2024, net gains of $4.6 million for the year ended December 31, 2023 and net losses of $27.5 million for the year ended December 31, 2022. The gains and losses primarily related to debt obligations denominated in a currency other than an entity's functional currency. See Note 10. "Debt" for further information on the Company's debt arrangements.

***Defined Benefit Pension Plans***

Liabilities and expenses for pension benefits are determined using actuarial methodologies and incorporate significant assumptions, including the interest rate used to discount the future estimated cash flows, the expected long-term rate of return on plan assets and several assumptions relating to the employee workforce (salary increases, retirement age and mortality). Unrealized gains and losses related to the Company's defined benefit pension obligations are recognized as a component of other comprehensive (loss) income within stockholders' equity. See Note 15. "Pension and Other Post-Retirement Benefits" for further information on the Company's defined benefit plans.

***Derivative Instruments and Hedging***

The Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impacts of interest rate risk and foreign exchange risk. To qualify for hedge accounting, the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. NIQ documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions and the hedge effectiveness assessment, both at the hedge inception and on an ongoing basis. Changes in the fair values of derivative instruments are recognized currently in earnings unless specific hedge accounting criteria are met. If specific cash flow hedge accounting criteria are met, NIQ recognizes the changes in fair value of these instruments as a component of other comprehensive (loss) income within stockholders' equity. The Company classifies cash flows related to derivative instruments in a manner consistent with the recognition of the underlying hedged item.

See Note 11. "Fair Value of Financial Instruments" for further information on the Company's derivative instruments.

***Recently Adopted and Recently Issued Accounting Pronouncements***

*Recently Adopted Accounting Pronouncements* 

In November 2023, the Financial Accounting Standards Board ("the FASB") issued Accounting Standards Update ("ASU") 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*,

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which expands segment disclosure requirements for public entities. This ASU updates the requirements for segment reporting to include, among other things, disclosing significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker and included in the measure of segment profit and extending nearly all annual segment reporting requirements to quarterly reporting requirements. The standard is effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this ASU for the year ended December 31, 2024. See Note 17. "Reportable Segments" for more information on reportable segments.

*Recently Issued Accounting Pronouncements Not Yet Adopted* 

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvement to Income Tax Disclosures*, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. The standard is effective for the Company's financial statements issued for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures.

In November 2024, the FASB issued ASU 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*, which requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures.

Other recently issued accounting pronouncements are either not applicable or are not expected to have a material impact on the Company.

**3. ACQUISITIONS** 

**GfK Combination** 

As described in Note 1. "Organization and Description of Business", on July 10, 2023, the Company completed a transaction to combine with GfK. GfK is a global information services company which provides technology-driven data and services to its clients in the consumer technology and durables and retail industries. The combination of NIQ and GfK brought together two companies with highly compatible capabilities and created a global leader in consumer intelligence.

Pursuant to the transaction, the Company paid $1.1 billion in cash consideration to the equity holders of GfK plus issued shares equal to 28% of the equity of the post-combination value of an indirect Parent of the Company. In addition, the Company repaid GfK's closing indebtedness of $458.4 million. The cash consideration was funded with the proceeds from new term loans (as further described in Note 10. "Debt") as well as borrowings under the Revolver.

The estimated fair value of the equity consideration was determined to be approximately $1.0 billion using a combination of an income approach and a market-based approach. These valuation methods used primarily unobservable inputs developed by management, which are categorized as Level 3 in the fair value hierarchy. Specifically, significant inputs included projected revenues and expected operating margins, discount rates and applicable income tax rates. The equity consideration was treated as an equity contribution from Parent and is included in paid-in capital within the Consolidated Balance Sheet.

Prior to the acquisition date, the Company accounted for an interest in a GfK subsidiary as an equity-method investment. The acquisition-date fair value of the previously held equity interest was included in the

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measurement of the consideration transferred, and the Company recognized a gain of $15.1 million as a result of remeasuring its prior equity interest held before the business combination. The gain is reported as a component of nonoperating (expense) income, net for the year ended December 31, 2023.

The total fair value of consideration transferred for the GfK Combination consisted of the following:

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| | |
|:---|:---|
| **(in millions)** | |
|  Cash consideration | $1056.3 |
|  Fair value of equity consideration | 1010.4 |
|  Closing indebtedness | 458.4 |
|  Fair value of previously held equity interest | 21.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total consideration transferred | $2546.7 |
|  Supplemental cash flow disclosure related to acquisitions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for acquisition<sup>(1)</sup> | $1514.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Cash acquired<sup>(2)</sup> | (107.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for acquisition, net of cash acquired | $1407.5 |

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<sup>(1)</sup> Cash paid for acquisition consists of $1,534.9 million during the third quarter of 2023, partially offset by the receipt of $20.2 million post-closing working capital adjustment during the first quarter of 2024. The post-closing working capital adjustment was presented as a component of other receivables in the Consolidated Balance Sheet as of December 31, 2023. 

<sup>(2)</sup> Cash acquired includes cash classified as current assets held for sale, as further described in Note 4. "Discontinued Operations and Disposals".

The GfK Combination was accounted for as a business combination using the acquisition method. Under the acquisition method of accounting, the purchase consideration was allocated to the identified assets acquired and liabilities assumed based on their respective acquisition date fair value, with any excess allocated to goodwill. The Company acquired $27.7 million of goodwill that is deductible for income tax purposes. The resulting goodwill primarily reflects future customer relationships and retail partnerships, as well as any technology developed in the future, the value of the acquired workforce and integration synergies.

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The following table sets forth the allocation of the purchase consideration to the respective fair value of assets acquired and liabilities assumed for the acquisition:

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| | |
|:---|:---|
| **(in millions)** | |
|  **Assets** |  |
|  Cash and cash equivalents | $105.5 |
|  Trade receivables | 131.0 |
|  Other receivables | 18.7 |
|  Prepaid expenses and other current assets | 25.0 |
|  Current assets held for sale<sup>(1)</sup> | 347.0 |
|  Property and equipment | 71.4 |
|  Operating lease right-of-use assets | 111.4 |
|  Intangible assets | 1027.7 |
|  Goodwill | 1586.0 |
|  Deferred income taxes | 8.1 |
|  Other noncurrent assets | 68.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount attributable to assets acquired** | $**3500.3** |
| **Liabilities** |  |
|  Accounts payable | 75.1 |
|  Accrued expenses | 130.4 |
|  Deferred revenues | 92.8 |
|  Other current liabilities | 34.7 |
|  Current liabilities held for sale<sup>(1)</sup> | 44.8 |
|  Operating lease liabilities | 91.6 |
|  Deferred income taxes | 153.9 |
|  Other noncurrent liabilities | 77.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount attributable to liabilities assumed** | $**700.6** |
|  **Fair value of net assets acquired, including goodwill and intangible assets** | $**2799.7** |
|  Noncontrolling interests measured at fair value | (253.0) |
|  | $**2546.7** |

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<sup>(1)</sup> The assets and liabilities of the GfK Consumer Panel business were classified as held for sale upon acquisition, as further described in Note 4. "Discontinued Operations and Disposals".

The purchase price allocation to acquired identifiable intangible assets was as follows:

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| | | |
|:---|:---|:---|
| **(in millions)** | **Fair Value** | **Weighted<br>Average<br>Useful Life<br>(in years)** |
|  Customer relationships | $610.5 | 11 |
|  Retail partnerships | 143.0 | 10 |
|  Computer software | 114.7 | 3 |
|  Trade names and trademarks | 71.5 | 8 |
|  Consumer panels | 55.0 | 8 |
|  Database | 33.0 | 3 |
|  **Total identifiable intangible assets** | $**1027.7** |  |

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The fair value estimates for assets acquired, liabilities assumed and noncontrolling interests were based on income, market and cost valuation methods using primarily unobservable inputs developed by management,

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which are categorized as Level 3 in the fair value hierarchy. Specifically, the fair values of identified intangible assets were estimated using the following valuation methodologies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer relationships – the multi-period excess earnings method

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retail partnerships – the with-and-without method

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Computer software – the relief-from-royalty method

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade names and trademarks – the relief-from-royalty method

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer panels – the cost approach

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Database – the cost approach

Significant inputs used to value the identifiable intangible assets included projected revenues and expected operating margins, customer attrition rates, discount rates, royalty rates and applicable income tax rates.

The results of operations of GfK are included in the consolidated financial statements beginning on July 10, 2023, the transaction date. The results for the years ended December 31, 2023 include approximately $430.2 million of revenues and $7.8 million of operating income for GfK, excluding results of the GfK Consumer Panel business which are presented as discontinued operations.

For the years ended December 31, 2023 and 2022, NIQ incurred $37.6 million and $46.6 million, respectively, of costs related to the GfK Combination, which primarily consisted of advisory, legal and other costs. These costs are included in selling, general and administrative expenses. NIQ also incurred $52.5 million in costs associated with the financing activities for the year ended December 31, 2023, which were in relation to executing term loans and amendments for the Revolver to fund the GfK Combination. These costs either reduced the proceeds received or were capitalized as an asset, as further discussed in Note 10. "Debt".

*Pro Forma Financial Information (Unaudited)* 

The following unaudited pro forma financial information presents combined results of operations for the periods presented, as if the Company had completed the GfK Combination on January 1, 2022. The unaudited pro forma financial information reflects adjustments for debt incurred to complete the GfK Combination, the impact of the fair value of intangible assets acquired and related amortization and other adjustments the Company believes are reasonable for the pro forma presentation. The unaudited pro forma financial information presented below is not necessarily indicative of consolidated results of operations had the GfK Combination occurred at the beginning of fiscal year 2022, nor is it necessarily indicative of future results of operations of the combined company.

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2023** | **2022** |
|  Revenues | $3830.7 | $3710.3 |
|  Loss from continuing operations attributable to NIQ | $(612.7) | $(517.3) |

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The unaudited supplemental pro forma financial information in the table above contains material nonrecurring pro forma adjustments related to (i) removal of interest expense on GfK's debt of $22.5 million and $29.1 million for the years ended December 31 2023 and 2022, respectively, as it is assumed that the business combination occurred and the debt was paid off on January 1, 2022 and (ii) reclassification of a $15.1 million gain from the year ended December 31, 2023 to the year ended December 31, 2022, which relates to the remeasurement of a GfK subsidiary that was accounted for as an equity method investment prior to the acquisition date.

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**Other Acquisitions** 

During the year ended December 31, 2022, the Company acquired certain businesses for aggregate total cash consideration of $105.0 million. The acquisitions were comprised of technology-driven businesses specializing in retail media offerings and the measurement of on-premise beverage sales.

Prior to the acquisition date, the Company accounted for an interest in one of the acquired businesses as an equity-method investment. The acquisition-date fair value of the previously held equity interest was included in the measurement of the consideration transferred, and the Company recognized a gain of $11.7 million as a result of remeasuring its prior equity interest held before the business combination. The gain is reported as a component of nonoperating (expense) income, net for the year ended December 31, 2022.

The purchase consideration for each acquisition was allocated to the assets acquired and liabilities assumed based on their respective acquisition date fair value, with any excess allocated to goodwill. The excess purchase consideration recorded to goodwill is not deductible for income tax purposes. The resulting goodwill primarily reflects future customer relationships, any technology developed in the future and integration synergies.

The following table sets forth the allocation of the aggregate total consideration for other acquisitions to the respective fair value of assets acquired and liabilities assumed:

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| | |
|:---|:---|
| **(in millions)** | |
|  Cash consideration | $105.0 |
|  Fair value of previously held equity interest | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total consideration transferred** | $**118.0** |
| **Assets** |  |
|  Cash and cash equivalents | $5.9 |
|  Trade receivables | 4.6 |
|  Prepaid expenses and other current assets | 0.3 |
|  Intangible assets | 37.0 |
|  Goodwill | 81.5 |
|  Other noncurrent assets | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount attributable to assets acquired** | $**129.5** |
| **Liabilities** |  |
|  Accounts payable | $0.8 |
|  Accrued expenses | 2.7 |
|  Deferred revenues | 0.6 |
|  Deferred income taxes | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount attributable to liabilities assumed** | $**11.5** |
|  **Fair value of net assets acquired, including goodwill and intangible assets** | $**118.0** |

---

The purchase price allocation to aggregate acquired identifiable intangible assets was as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Fair Value** | **Weighted<br>Average<br>Useful Life<br>(in years)** |
|  Computer software | $21.8 | 8 |
|  Customer relationships | 15.2 | 10 |
|  **Total identifiable intangible assets** | $**37.0** |  |

---

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##### [**Table of Contents**](#toc)
The Company incurred aggregate total acquisition costs of $2.5 million which are included in selling, general and administrative expenses. The results for the year ended December 31, 2022 include approximately $15.1 million of aggregated total revenues from the acquired entities.

**4. DISCONTINUED OPERATIONS AND DISPOSALS** 

***Sale of GfK Consumer Panel Business***

To receive European regulatory approvals for the GfK Combination, GfK entered into an agreement to sell its Consumer Panel business on July 6, 2023. On January 9, 2024 (the "Transaction Date"), the Company completed the sale of GfK's Consumer Panel business for cash consideration of €316.6 million (equivalent to approximately $350.0 million USD), subject to final closing adjustments. The Company received proceeds, net of cash disposed, of €278.4 million (equivalent to approximately $301.7 million USD) on the Transaction Date, which were primarily used to repay outstanding borrowings under the Revolver. The Company received an additional €10.0 million (equivalent to approximately $10.9 million USD) during the second quarter of 2024 and an additional €3.0 million (equivalent to approximately $3.3 million USD) during the third quarter of 2024, as a result of certain closing adjustments. The Company recognized a gain from the sale of $12.4 million during the year ended December 31, 2024, which is recorded within discontinued operations.

Beginning with the July 10, 2023 transaction date of the GfK Combination, the newly acquired GfK Consumer Panel business was classified as held for sale and, accordingly, also met criteria to be classified as discontinued operations in the Consolidated Financial Statements. Upon designation as held for sale, the Company did not record any related depreciation and amortization.

In connection with the GfK Consumer Panel transaction, NIQ entered into a transition services agreement to provide certain administrative and operational services. The transition services agreement term is for one year following the closing, with options to extend the term per service for up to an additional two years. The income associated with the transition services agreement is presented as a component of nonoperating (expense) income, net. See Note 18. "Nonoperating (expense) income, net for further information.

***Deconsolidation of Russian Entities***

As described in Note 2. "Summary of Significant Accounting Policies", the evolving regulatory environment in Russia, including economic sanctions from the United States, European Union, and other governments as well as a series of local laws issued in Russia, have impacted the Company's operations in Russia. As a result, the Company has experienced significantly reduced communication with operations in Russia, and the Russian operations have disconnected from the Company's central systems. Although the Company continues to be the record holder of the shares in subsidiaries that operate in Russia, these subsidiaries are overseen solely by management within Russia without day-to-day or other supervision by the Company. While those subsidiaries continue to operate independently in Russia, the Company does not have the power to direct the activities that most significantly impact the economic performance of the Russia operations. As a result, the Company determined that it can no longer exercise control over these entities and deconsolidated its Russia businesses during the year ended December 31, 2024, resulting in a loss of $57.8 million included in nonoperating (expense) income, net.

***Sale of Netquest***

On December 17, 2024, the Company entered into an agreement to sell its ownership interest in Netquest, a panel provider acquired through the GfK Combination, for €54.0 million (equivalent to approximately $55.9 million USD), less certain closing adjustments. The transaction is subject to customary closing conditions and working capital adjustments and was completed on February 3, 2025, as described in Note 21. "Subsequent Events".

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##### [**Table of Contents**](#toc)
Beginning with the December 17, 2024 agreement date, the Netquest business was classified as held for sale. The sale of Netquest did not represent a strategic shift that had a major effect on the Company's operations and financial results, and therefore does not meet the criteria to be classified as discontinued operations. The Netquest business is reported within the EMEA reportable segment.

The assets and liabilities classified as held for sale were as follows:

---

| | |
|:---|:---|
| **(in millions)** | **December 31,<br>2024** |
|  Cash and cash equivalents | $1.9 |
|  Trade receivables, net | 7.9 |
|  Other current assets | 1.9 |
|  Intangible assets, net | 22.2 |
|  Goodwill | 21.1 |
|  Other noncurrent assets | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current assets held for sale | $**62.8** |
|  Accounts payable | $2.8 |
|  Accrued expenses | 8.2 |
|  Other current liabilities | 1.2 |
|  Other noncurrent liabilities | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current liabilities held for sale | $**17.3** |

---

**5. REVENUE** 

NIQ provides data and analytical services through its Intelligence and Activation offerings to customers globally in various end markets within its reportable segments, which consist of Americas, EMEA and APAC. The Company's revenue streams are characterized by multi-year contracts, high contract renewal rates and client diversity. The Company's top five clients represented approximately 11%, 13% and 15% of its revenues for the years ended December 31, 2024, 2023 and 2022, respectively, and no single client accounted for more than 5% of NIQ's revenues.

The following table disaggregates revenue by reportable segment:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  Americas | $1550.2 | $1348.6 | $1151.7 |
|  EMEA | 1731.5 | 1406.6 | 1110.8 |
|  APAC | 690.9 | 586.1 | 523.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | $3972.6 | $3341.3 | $2786.4 |

---

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##### [**Table of Contents**](#toc)
The following table disaggregates revenue by major product offerings and by timing of revenue recognition:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  **Major product offerings** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intelligence | $3184.9 | $2649.9 | $2149.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Activation | 787.7 | 691.4 | 636.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | $3972.6 | $3341.3 | $2786.4 |
|  **Timing of revenue recognition** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data and services transferred over time | $3235.8 | $2818.3 | $2440.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data and services transferred at a point in time | 736.8 | 523.0 | 346.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | $3972.6 | $3341.3 | $2786.4 |

---

Revenues in the United States represented approximately 24% of total revenues for the years ended December 31, 2024, 2023 and 2022. No other individual country's revenues were greater than 10% of total revenues during these periods. Revenues in the Netherlands, the Company's country of domicile, represented approximately 1% of total revenues for the years ended December 31, 2024, 2023 and 2022.

At the inception of a contract, the Company generally expects the period between when it transfers its data and services to its customers and when the customer pays for such services will be one year or less.

Contract assets represent the Company's rights to consideration in exchange for services transferred to a customer that have not been billed as of the reporting date. While the Company's rights to consideration are generally unconditional at the time its performance obligations are satisfied, under certain circumstances the related billing occurs in arrears. At December 31, 2024 and December 31, 2023, $122.8 million and $115.5 million, respectively, of contract assets were recorded as a component of trade receivables, net in the Consolidated Balance Sheets.

Deferred revenues relate to advance consideration received or the right to consideration that is unconditional from customers for which revenue is recognized when the performance obligation is satisfied and control transferred to the customer. At December 31, 2023, $267.9 million of deferred revenues were recorded in the Consolidated Balance Sheet, of which substantially all was recognized as revenue during the year ended December 31, 2024. At December 31, 2024, the balance of deferred revenues was $273.4 million.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring data or services. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions and contractual obligations. Revenue is recorded net of customer discounts, credits and similar charges. The Company periodically provides price concessions or cancellations and uses historical experience to establish a liability for the estimate of expected price adjustments and cancellations, which was $6.4 million and $5.8 million at December 31, 2024 and 2023, respectively.

Remaining performance obligations include both amounts recorded as deferred revenue on the balance sheet as of December 31, 2024 as well as amounts not yet invoiced to customers as of December 31, 2024, largely reflecting future revenue related to signed multi-year arrangements. As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.9 billion. The Company expects to recognize into revenue approximately 56% of this balance within one year, approximately 28% of this balance between one to two years and the remaining amount thereafter.

Incremental direct costs incurred to build the infrastructure to service new contracts are deferred as a contract cost. The balances of such deferred costs were insignificant as of December 31, 2024 and were $2.3 million as of December 31, 2023. These costs are typically amortized through cost of revenues over the original contract period beginning when the infrastructure is ready for its intended use. For the years ended

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##### [**Table of Contents**](#toc)
December 31, 2024, 2023 and 2022, the amortization of these costs was $1.6 million, $5.5 million and $8.0 million, respectively. There was no impairment loss recorded in any of the periods presented.

**6. GOODWILL AND INTANGIBLE ASSETS** 

***Goodwill***

Prior to the completion of the GfK Combination, NIQ had three reportable segments consisting of North America & Global Accounts, International and Consumer Insights. Effective on the date of the GfK Combination, the Company added GfK as a reportable segment. During the third quarter of 2024, the Company transitioned into its new reporting structure which resulted in changes to the Company's operating segments and reporting units. The goodwill of the Company's historical reporting units were reallocated to the new reporting units on a relative fair value basis as of the date of the reorganization, as it is impractical to reallocate goodwill in prior periods. Upon the reorganization, the Company's operating segments now consist of North America and Latin America within the Americas reportable segment, Western Europe and Eastern Europe, Middle East and Africa within the EMEA reportable segment and APAC. The Company assessed goodwill for impairment immediately before and immediately after the reorganization and concluded that there was no goodwill impairment.

The table below summarizes the changes in the carrying amount of goodwill by reportable segment during the periods presented:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Americas** | **EMEA** | **APAC** | **North<br>America &<br>Global<br>Accounts** | **International** | **Consumer<br>Insights** | **GfK** | **Total** |
|  **Balance at December 31, 2022** | $— | $— | $— | $225.1 | $491.3 | $20.3 | $— | $736.7 |
|  Adjustments to goodwill for GfK Combination<sup>(1)</sup> |  |  |  |  |  |  | 1586.0 | 1586.0 |
|  Foreign currency exchange rate changes |  |  |  | 0.3 | 44.1 |  | (1.2) | 43.2 |
|  **Balance at December 31, 2023** |  |  |  | 225.4 | 535.4 | 20.3 | 1584.8 | 2365.9 |
|  Foreign currency exchange rate changes |  |  |  | (0.2) | 0.9 |  | 3.7 | 4.4 |
|  Adjustments to goodwill for disposals<sup>(2)</sup> |  |  |  |  |  |  | (22.3) | (22.3) |
|  Reporting unit reallocation<sup>(3)</sup> | 608.0 | 1209.0 | 531.0 | (225.2) | (536.3) | (20.3) | (1566.2) |  |
|  Balance at September 30, 2024 | 608.0 | 1209.0 | 531.0 |  |  |  |  | 2348.0 |
|  Adjustments to goodwill for disposals<sup>(4)</sup> |  | (21.1) |  |  |  |  |  | (21.1) |
|  Foreign currency exchange rate changes | (9.0) | (91.0) | (17.4) |  |  |  |  | (117.4) |
|  **Balance at December 31, 2024** | $599.0 | $1096.9 | $513.6 | $— | $— | $— | $— | $2209.5 |

---

<sup>(1)</sup> Goodwill related to the GfK Consumer Panel business was classified as held for sale, as further described in Note 4. "Discontinued Operations and Disposals".

<sup>(2)</sup> Adjustments due to the deconsolidation of Russia businesses, as disclosed in Note 4. "Discontinued Operations and Disposals".

<sup>(3)</sup> Represents the reallocation of goodwill as a result of the Company reorganizing its segments.

<sup>(4)</sup> Adjustments related to the Netquest business classified as held for sale, as further described in Note 4. "Discontinued Operations and Disposals".

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##### [**Table of Contents**](#toc)
***Intangible Assets***

The table below summarizes the carrying value of intangible assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| **(in millions)** | **Gross**<br>**Carrying<br>Amount** | **Accumulated**<br>**Amortization** | **Net<br>Carrying<br>Amount** | **Gross**<br>**Carrying<br>Amount** | **Accumulated**<br>**Amortization** | **Net<br>Carrying<br>Amount** |
|  Computer software<sup>(1)</sup> | $1413.2 | $(755.2) | $658.0 | $1212.0 | $(446.6) | $765.4 |
|  Customer relationships<sup>(1)</sup> | 1056.6 | (204.8) | 851.8 | 1146.5 | (126.9) | 1019.6 |
|  Retail partnerships<sup>(1)</sup> | 600.8 | (140.5) | 460.3 | 649.6 | (101.1) | 548.5 |
|  Trade names and trademarks | 274.2 | (64.4) | 209.8 | 287.8 | (43.2) | 244.6 |
|  Consumer panels<sup>(1)</sup> | 60.4 | (22.2) | 38.2 | 82.2 | (16.8) | 65.4 |
|  Other intangibles | 106.8 | (37.3) | 69.5 | 76.3 | (13.7) | 62.6 |
|  | $3512.0 | $(1224.4) | $2287.6 | $3454.4 | $(748.3) | $2706.1 |

---

<sup>(1)</sup> The net carrying amount as of December 31, 2024 excludes $12.8 million of customer relationships, $4.4 million of retail partnerships, $2.8 million of consumer panels and $2.2 million of computer software that are classified as held for sale, as disclosed in Note 4. "Discontinued Operations and Disposals". 

For the years ended December 31, 2024, 2023 and 2022, amortization expense related to intangible assets was $516.8 million, $380.4 million and $227.3 million, respectively. This amount includes amortization expense associated with computer software of $319.3 million, $241.8 million and $141.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.

At December 31, 2024, the net book value of internally developed and purchased software was $652.7 million and $5.3 million, respectively. At December 31, 2023, the net book value of internally developed and purchased software was $756.9 million and $8.5 million, respectively.

The following table sets forth the estimated amortization expense for intangible assets for the next five years and thereafter:

---

| | |
|:---|:---|
| **For the year ending December 31,** | **(in millions)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | $483.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | 441.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027 | 238.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028 | 207.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2029 | 205.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thereafter | 711.7 |
|  | $2287.6 |

---

**7. PROPERTY AND EQUIPMENT** 

The following table sets forth the components of property and equipment:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(in millions)** | **2024** | **2023** |
|  Buildings and leasehold improvements | $139.9 | $151.6 |
|  Information and communication equipment | 271.3 | 245.7 |
|  Furniture, equipment and other | 51.8 | 56.2 |
|  | 463.0 | 453.5 |
|  Less: accumulated depreciation | (255.0) | (199.8) |
|  | $208.0 | $253.7 |

---

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For the years ended December 31, 2024, 2023 and 2022, depreciation expense related to property and equipment was $79.9 million, $80.5 million and $73.8 million, respectively.

Depreciation expense includes finance lease depreciation of $22.2 million, $20.5 million and $21.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. Finance leases, which are composed primarily of information and communication equipment, are further discussed in Note 9. "Leases".

**8. SUPPLEMENTAL BALANCE SHEET INFORMATION** 

Prepaid expenses and other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(in millions)** | **2024** | **2023** |
|  Prepaid expenses | $107.7 | $96.4 |
|  Derivative assets (Note 11) | 11.1 | 5.0 |
|  Debt issuance costs | 2.8 | 4.7 |
|  Other | 14.7 | 16.9 |
|  | $136.3 | $123.0 |

---

Other noncurrent assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(in millions)** | **2024** | **2023** |
|  Equity method investments | $58.1 | $65.6 |
|  Cost method investments | 44.8 | 45.0 |
|  Defined benefit plan assets (Note 15) | 44.1 | 34.5 |
|  Prepaid expenses | 12.6 | 17.1 |
|  Debt issuance costs | 6.3 | 5.9 |
|  Other | 105.8 | 77.7 |
|  | $271.7 | $245.8 |

---

Accrued expenses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(in millions)** | **2024** | **2023** |
|  Payroll and benefit costs | $288.7 | $280.5 |
|  Data and professional services | 161.9 | 179.4 |
|  Restructuring liabilities (Note 14) | 74.4 | 38.1 |
|  Accrued income taxes | 37.2 | 50.5 |
|  Other | 43.1 | 55.8 |
|  | $605.3 | $604.3 |

---

Other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(in millions)** | **2024** | **2023** |
|  Operating lease liabilities (Note 9) | $52.9 | $66.5 |
|  Derivative liabilities (Note 11) | 6.6 | 7.0 |
|  Other | 72.0 | 89.2 |
|  | $131.5 | $162.7 |

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Other noncurrent liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(in millions)** | **2024** | **2023** |
|  Defined benefit plan liabilities (Note 15) | $93.9 | $103.8 |
|  Derivative liabilities (Note 11) | 14.1 | 22.4 |
|  Restructuring liabilities (Note 14) | 4.3 | 2.7 |
|  Other | 139.5 | 96.1 |
|  | $251.8 | $225.0 |

---

**9. LEASES** 

NIQ has operating and finance leases for real estate facilities, servers, computer hardware and other equipment. The Company subleases certain real estate facilities to third parties. The Company's leases expire at various dates through 2038, some of which include options to extend the term for up to five years, and some of which include options to terminate the leases within one year.

The components of lease cost were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  **Lease cost** |  |  |  |
|  Finance lease cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of right-of-use assets | $22.2 | $21.5 | $23.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on lease liabilities | 2.9 | 2.1 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total finance lease cost | 25.1 | 23.6 | 24.7 |
|  Operating lease cost | 71.8 | 59.8 | 55.7 |
|  Short-term lease cost | 1.6 | 1.8 | 1.1 |
|  Sublease income<sup>(1)</sup> | (14.8) | (10.7) | (8.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total lease cost | $83.7 | $74.5 | $73.5 |

---

<sup>(1)</sup> Sublease income is presented as a component of other operating income in the Consolidated Statements of Operations.

Supplemental balance sheet information related to leases was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(in millions)** | **2024** | **2023** |
|  **Operating leases** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets | $179.6 | $231.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 52.9 | 66.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | 196.5 | 240.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating lease liabilities | $249.4 | $306.7 |
|  **Finance leases** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, gross | $133.4 | $123.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated depreciation | (73.2) | (55.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 60.2 | 67.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term debt and current portion of long-term debt | 17.3 | 16.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 21.4 | 27.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total finance lease liabilities | $38.7 | $44.4 |

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The weighted-average remaining lease term and weighted-average discount rate were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  **Weighted-average remaining lease term** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | 11.9 years | 11.8 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance leases | 2.9 years | 3.6 years |
|  **Weighted-average discount rate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | 5.8% | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance leases | 7.3% | 6.4% |

---

The following table sets forth supplemental cash flow information related to leases:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  **Cash paid for amounts included in the measurement of lease liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating cash flows from operating leases | $80.4 | $74.7 | 64.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating cash flows from finance leases | 2.9 | 2.1 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing cash flows from finance leases | 22.3 | 17.8 | 19.2 |
|  **Right-of-use assets obtained in exchange for lease liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating leases | 36.0 | 48.3 | 42.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance leases | 17.5 | 16.4 | 18.8 |

---

Annual maturities of lease liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Operating<br>Leases** | **Finance<br>Leases** |
| 2025 | $66.1 | $19.9 |
| 2026 | 49.3 | 12.6 |
| 2027 | 36.0 | 7.1 |
| 2028 | 29.8 | 1.7 |
| 2029 | 24.0 | 0.3 |
|  Thereafter | 98.1 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total undiscounted lease payments | $303.3 | $44.3 |
|  Less: imputed interest | (53.9) | (5.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total lease liabilities | $249.4 | $38.7 |

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##### [**Table of Contents**](#toc)
**10. DEBT** 

The following table sets forth the Company's outstanding indebtedness:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(in millions)** | **2024** | **2023** |
|  2023 USD Term Loan, less unamortized discount of $66.3 and $97.3 in 2024 and 2023, respectively | $921.4 | $877.7 |
|  2023 EUR Term Loan, less unamortized discount of $36.7 and $54.8 in 2024 and 2023, respectively | 607.3 | 494.4 |
|  2023 Liquidity Term Loan, less unamortized discount of $27.3 and $43.9 in 2024 and 2023, respectively | 441.8 | 428.8 |
|  2021 USD Term Loan, less unamortized discount of $2.1 and $2.8 in 2024 and 2023, respectively | 804.4 | 812.1 |
|  2021 EUR Term Loan, less unamortized discount of $1.3 and $1.8 in 2024 and 2023, respectively | 792.4 | 853.1 |
|  2021 CAD Term Loan, less unamortized discount of $0.2 and $0.3 in 2024 and 2023, respectively | 85.5 | 93.7 |
|  Revolver | 364.0 | 524.8 |
|  Other debt | 31.7 | 30.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | 4048.5 | 4114.7 |
|  Finance leases | 38.7 | 44.4 |
|  Other financing obligations | 47.4 | 48.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt, finance leases and other financing obligations | 4134.6 | 4207.5 |
|  Less: Unamortized debt issuance costs | (53.8) | (76.7) |
|  Less: Short-term debt and current portion of long-term debt | (121.0) | (103.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total long-term debt | $3959.8 | $4027.5 |

---

***Term Loans and Revolver***

The Company, through its subsidiaries, has a credit agreement ("the Credit Agreement"), comprised of term loans and a revolving facility (the "Revolver"). In connection with the Credit Agreement, the Company is party to the Dutch Security Agreement and has pledged bank receivables and intercompany receivables (each as defined in the Dutch Security Agreement). The term loans are comprised of 2023 tranches issued to fund working capital and the GfK Combination and 2021 tranches issued in connection with the Advent Acquisition. The term loans mature on March 5, 2028 and require quarterly principal payments equal to 0.25% of the original principal. At the commencement of the Credit Agreement, the Revolver had a maturity date of March 5, 2026. On June 28, 2024, the Credit Agreement was amended to extend the maturity date of the Revolver to March 5, 2028. The respective terms of each debt arrangement are further described below. See Note 21. "Subsequent Events" for information on amendments to the Credit Agreement during 2025.

*2023 USD Term Loan* 

On July 10, 2023, the Credit Agreement was amended to issue a U.S. Dollar term loan ("2023 USD Term Loan") in the aggregate principal amount of $980.0 million. The 2023 USD Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $107.8 million. At commencement, the 2023 USD Term Loan was subject to interest at term Secured Overnight Financing Rate ("SOFR") plus a spread of 625 basis points.

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On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 USD Term Loan from 625 basis points to 475 basis points. On July 18, 2024, the Credit Agreement was further amended to issue additional debt of $20.0 million within the 2023 USD Term Loan. In connection with these amendments, the Company recognized a loss of $19.6 million, which included $15.7 million for the write-off of unamortized discount and $3.9 million for the write-off of unamortized debt issuance costs. The amounts associated with the write-off were included in nonoperating (expense) income, net.

At December 31, 2024 and 2023, the interest rate for the 2023 USD Term Loan was approximately 9.3% and 11.6%, respectively.

*2023 EUR Term Loan* 

On July 10, 2023, the Credit Agreement was amended to issue a Euro term loan ("2023 EUR Term Loan") in the aggregate principal amount of €500.0 million (equivalent to approximately $550.0 million USD). The 2023 EUR Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of €55.0 million (equivalent to approximately $60.5 million USD). At commencement, the 2023 EUR Term Loan was subject to interest at Euro LIBOR plus a spread of 650 basis points.

On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 EUR Term Loan from 650 basis points to 475 basis points. On July 18, 2024, the Credit Agreement was further amended to issue additional debt of €123.5 million (equivalent to approximately $135.0 million USD) within the 2023 EUR Term Loan. In connection with these amendments, the Company recognized a loss of $6.7 million, which included $5.4 million for the write-off of unamortized discount and $1.3 million for the write-off of unamortized debt issuance costs. The amounts associated with the write-off were included in nonoperating (expense) income, net.

At December 31, 2024 and 2023, the interest rate for the 2023 EUR Term Loan was approximately 7.8% and 10.3%, respectively.

*2023 Liquidity Term Loan* 

On February 28, 2023, the Credit Agreement was amended to issue a U.S. Dollar term loan ("2023 Liquidity Term Loan") in the aggregate principal amount of $475.0 million. The 2023 Liquidity Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $52.3 million. At commencement, the 2023 Liquidity Term Loan was subject to interest at term SOFR plus a spread of 625 basis points.

On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 Liquidity Term Loan from 625 basis points to 475 basis points. In connection with this amendment, the Company recognized a loss of $9.5 million, which included $7.6 million for the write-off of unamortized discount and $1.9 million for the write-off of unamortized debt issuance costs. The amounts associated with the write-off were included in nonoperating (expense) income, net.

At December 31, 2024 and 2023, the interest rate for the 2023 Liquidity Term Loan was approximately 9.3% and 11.6%, respectively.

*2021 USD Term Loan* 

On March 5, 2021, a U.S. Dollar tranche ("2021 USD Term Loan") was issued in the aggregate principal amount of $950.0 million. The 2021 USD Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $4.8 million. From the commencement date through November 29, 2021, the 2021 USD Term Loan was subject to interest at LIBOR plus a spread of 375 to 400 basis points dependent on certain ratio levels.

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On November 30, 2021, the Credit Agreement was amended to issue additional debt within the 2021 EUR Term Loan which is further described below. The Company used the proceeds to pay down the 2021 USD Term Loan by approximately $111.6 million. The amended Credit Agreement also reduced the interest rate spread to a range of 350 to 375 basis points dependent on certain ratio levels. On July 10, 2023, the Credit Agreement was amended to replace LIBOR with term SOFR.

At December 31, 2024 and 2023, the interest rate for the 2021 USD Term Loan was approximately 8.4% and 9.1%, respectively.

*2021 EUR Term Loan* 

On March 5, 2021, a Euro tranche ("2021 EUR Term Loan") was issued in the aggregate principal amount of €545.0 million (equivalent to approximately $650.0 million USD). The 2021 EUR Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of €2.7 million (equivalent to approximately $3.3 million USD). From the commencement date through November 29, 2021, the 2021 EUR Term Loan was subject to interest at Euro LIBOR plus a spread of 350 to 400 basis points dependent on certain ratio levels.

On November 30, 2021, the Credit Agreement was amended to issue additional debt within the 2021 EUR Term Loan of €250.0 million (equivalent to approximately $283.5 million USD). The Company used the proceeds to pay down the 2021 USD Term Loan as described above and to finance other acquisitions. The amended Credit Agreement also reduced the interest rate spread for the 2021 EUR Term Loan to a range of 325 to 375 basis points dependent on certain ratio levels.

At December 31, 2024 and 2023, the interest rate for the 2021 EUR Term Loan was approximately 6.8% and 7.6%, respectively.

*2021 CAD Term Loan* 

On March 5, 2021, a Canadian dollar tranche ("2021 CAD Term Loan") was issued in the aggregate principal amount of C$128.0 million (equivalent to approximately $100.0 million USD). The 2021 CAD Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of C$0.6 million (equivalent to approximately $0.5 million USD). From the commencement date through November 29, 2021, the 2021 CAD Term Loan was subject to interest at Canadian Dollar Offered Rate ("CDOR") plus a spread of 450 to 475 basis points dependent on certain ratio levels.

On November 30, 2021, the Credit Agreement was amended to reduce the interest rate spread to a range of 400 to 425 basis points dependent on certain ratio levels. On June 28, 2024, the Credit Agreement was amended to replace CDOR with term Canadian Overnight Repo Rate Average ("CORRA").

At December 31, 2024 and 2023, the interest rate for the 2021 CAD Term Loan was approximately 7.9% and 9.7%, respectively.

*Revolver* 

On March 5, 2021, the Company entered into a revolving facility. The maximum borrowing capacity was $350.0 million at the commencement of the facility, with the capacity being increased through subsequent amendments to the Credit Agreement. At December 31, 2024 and 2023, the maximum borrowing capacity under the Revolver was $638.3 million, with an available borrowing capacity of $274.3 million.

The commitment fee is 25 to 50 basis points dependent on certain ratio levels. Borrowings are subject to an interest rate spread of 325 to 375 basis points dependent on certain ratio levels. On August 31, 2022, the Credit Agreement was amended to replace LIBOR with term SOFR for borrowings denominated in U.S. dollars.

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At December 31, 2024 and 2023, the weighted-average interest rate for borrowings under the Revolver was approximately 8.1% and 8.3%, respectively.

*Covenant Compliance* 

The Credit Agreement contains various restrictive covenants that, among other things, impose limitations on: (i) the incurrence of additional indebtedness; (ii) creation of liens; (iii) dividend payments or certain other restricted payments or investments and (iv) mergers, consolidations or sales. The Credit Agreement also requires the Company to maintain a certain ratio of Consolidated First Lien Debt to Consolidated Adjusted EBITDA (as defined in the Credit Agreement) if outstanding indebtedness exceeds a certain level. In addition, the Credit Agreement requires mandatory prepayments of the term loans if the Company's excess cash flow (as defined in the Credit Agreement) exceeds a certain level.

The Company was in compliance with all relevant covenants contained in the Credit Agreement as of December 31, 2024.

*Maturity Profile* 

The following table sets forth the aggregate principal repayment requirements for total debt:

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| | |
|:---|:---|
| **(in millions)** | |
| 2025 | $56.3 |
| 2026 | 52.5 |
| 2027 | 38.5 |
| 2028 | 4035.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total payments on debt | 4182.4 |
|  Unamortized debt discounts | (133.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | $4048.5 |

---

***Debt Issuance Costs***

The Company capitalizes costs associated with the issuance of debt, and such costs are amortized over the term of the respective debt instrument. During the years ended December 31, 2024 and 2023, the Company incurred $7.6 million and $64.3 million, respectively, in costs associated with executing amendments related to the term loans and the Revolver.

As of December 31, 2024 and 2023, unamortized debt issuance costs associated with the Company's term loans totaled $53.8 million and $76.7 million, respectively, and were presented as a reduction of debt in the Consolidated Balance Sheets. Unamortized debt issuance costs associated with the Revolver are presented as other assets in the Consolidated Balance Sheets and totaled $9.1 million and $10.6 million as of December 31, 2024 and 2023, respectively.

***Finance Leases***

The Company finances certain assets under finance leases. These assets primarily relate to information and communication equipment which are recorded within property and equipment in the Consolidated Balance Sheets. Liabilities under finance leases are recorded within short-term debt and current portion of long-term debt and long-term debt. See Note 9. "Leases" for more information on finance leases.

***Other Financing Obligations***

Other financing obligations relate to a program in which accounts receivable are sold to third parties, as further discussed in Note 2. "Summary of Significant Accounting Policies".

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**11. FAIR VALUE OF FINANCIAL INSTRUMENTS** 

The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable, accounts payable, outstanding indebtedness, derivative instruments and benefit plan assets. The fair value of the Company's benefit plan assets is disclosed in Note 15. "Pension and Other Post-Retirement Benefits" and except for outstanding indebtedness, the carrying value of the Company's remaining financial instruments approximates fair value due to the short-term nature of the instruments.

The fair value of our debt instruments is measured using observable market information which would be considered Level 2 in the fair value hierarchy. The following table sets forth the carrying value and fair value amounts of the Company's term loans:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
| **(in millions)** | **Carrying<br>Value** | **Fair**<br>**Value** | **Carrying<br>Value** | **Fair**<br>**Value** |
|  Term Loans<sup>(1)(2)</sup> | $3786.7 | $3798.6 | $3760.7 | $3668.8 |

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<sup>(1)</sup> The carrying value of the term loans is presented on a gross basis and excludes unamortized debt discounts.

<sup>(2)</sup> The reported carrying values of other debt instruments approximate their fair values.

The Company is exposed to cash flow interest rate risk on floating-rate debt under its Credit Agreement and periodically uses interest rate swaps, interest rate caps and interest rate collars to hedge this exposure. The Company is also exposed to fluctuations in foreign currency under its Credit Agreement as certain debt obligations are denominated in a currency other than an entity's functional currency. The Company uses cross-currency swaps as a hedge of both the foreign currency and interest rate exposures. The interest rate derivative instruments and cross-currency swaps have expiration dates through February 2026 and February 2028, respectively, and are designated as hedges for accounting purposes.

The Company also uses cross-currency swaps to hedge foreign currency risk of its net investments in certain foreign subsidiaries. These cross-currency swaps have expiration dates through February 2026 and are designated as net investment hedges for accounting purposes.

For derivatives designated as hedges for accounting purposes, the Company reports the after-tax gain or loss from the effective portion of the hedge as a component of accumulated other comprehensive (loss) income and reclassifies it into earnings in the same period or periods in which the hedged transaction affects earnings and within the same income statement line item as the impact of the hedged transaction.

The Company uses foreign exchange forward contracts to minimize the effect of fluctuating foreign-currency denominated accounts on its earnings, which are not designated as hedges for accounting purposes. As such, gains and losses from changes in fair value are recorded directly to earnings. In December 2024, the Company settled outstanding foreign exchange contracts prior to the expiration of their contractual maturities, resulting in the receipt of cash proceeds totaling approximately $20.8 million which are included in operating activities in the Consolidated Statement of Cash Flows.

The Company regularly monitors the creditworthiness of its counterparties to ensure no issues exist that could affect the value of its derivatives. Since the counterparties to derivative instruments have investment-grade credit ratings, the Company considers the counterparty risk to be remote.

In November 2023, the Company settled outstanding interest rate derivative contracts prior to the expiration of their contractual maturities through March 2025, resulting in the receipt of cash proceeds totaling approximately $48.3 million which are included in operating activities in the Consolidated Statement of Cash Flows. As these settled interest rate derivative contracts were designated as hedges, the associated gains are a component of accumulated other comprehensive income and will be reclassified into earnings as the original

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hedged transaction affects earnings. The Company reclassified gains of approximately $34.1 million and $5.6 million into earnings in 2024 and 2023, respectively, and expects to reclassify approximately $8.6 million into earnings in 2025.

The following table presents the notional amounts of the Company's outstanding derivative instruments:

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| | | |
|:---|:---|:---|
| **(in millions)** | **December 31, 2024** | **December 31, 2023** |
|  **Derivatives designated as cash flow hedges** |  |  |
|  Interest rate contracts | $1943.3 | $2013.0 |
|  Cross-currency swaps | 196.8 | 197.6 |
|  **Derivatives designated as net investment hedges** |  |  |
|  Cross-currency swaps | $288.5 | $— |
|  **Derivatives not designated as hedging instruments** |  |  |
|  Foreign exchange contracts | $— | $343.3 |

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The following table sets forth the fair value amounts of derivatives presented in the Consolidated Balance Sheets:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
| **(in millions)** | **Derivative<br>Assets** | **Derivative<br>Liabilities** | **Derivative<br>Assets** | **Derivative<br>Liabilities** |
|  **Derivatives designated as cash flow hedges** |  |  |  |  |
|  Interest rate contracts | $0.3 | $9.3 | $3.1 | $18.6 |
|  Cross-currency swaps | 7.1 | 5.5 | 2.6 | 4.7 |
|  | $7.4 | $14.8 | $5.7 | $23.3 |
|  **Derivatives designated as net investment hedges** |  |  |  |  |
|  Cross-currency swaps | 3.8 | 5.9 |  |  |
|  **Derivatives not designated as hedging instruments** |  |  |  |  |
|  Foreign exchange contracts |  |  | 0.4 | 6.1 |
|  **Total derivatives** | $11.2 | $20.7 | $6.1 | $29.4 |
|  **As reported in the Consolidated Balance Sheets** |  |  |  |  |
|  Prepaid expenses and other current assets | $11.1 | $— | $5.0 | $— |
|  Other noncurrent assets | 0.1 |  | 1.1 |  |
|  Other current liabilities |  | 6.6 |  | 7.0 |
|  Other noncurrent liabilities |  | 14.1 |  | 22.4 |
|  | $11.2 | $20.7 | $6.1 | $29.4 |

---

The fair value of derivative instruments is measured using observable market information. These inputs would be considered Level 2 in the fair value hierarchy. While all of the Company's derivative instruments are subject to master netting arrangements with its counterparties, assets and liabilities related to these contracts are presented on a gross basis within the Consolidated Balance Sheets.

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The following table presents gains (losses) on the Company's interest rate contracts and cross-currency swaps:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Beginning<br>Accumulated<br>Other<br>Comprehensive<br>Gain (Loss)** | **Amount of<br>gains (losses)<br>recognized,<br>net of tax** | **Amount of<br>gains (losses)<br>reclassified<br>into income,<br>net of tax** | **Ending<br>Accumulated<br>Other<br>Comprehensive<br>Gain (Loss)** |
|  **Year ended December 31, 2024:** |  |  |  |  |
|  Designated as cash flow hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $26.7 | $15.5 | $41.4 | $0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps | (2.3) | 18.5 | 20.1 | (3.9) |
|  Designated as net investment hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps | $— | $(1.9) | $— | $(1.9) |
|  **Year ended December 31, 2023:** |  |  |  |  |
|  Designated as cash flow hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $64.5 | $2.0 | $39.8 | $26.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps |  | 2.1 | 4.4 | (2.3) |
|  **Year ended December 31, 2022:** |  |  |  |  |
|  Designated as cash flow hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $6.3 | $65.0 | $6.8 | $64.5 |

---

The following table presents gains (losses) on the Company's foreign exchange contracts:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  **Derivatives not designated as hedging instruments** |  |  |  |
|  Foreign exchange contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts recognized in foreign currency exchange (loss) gain, net | $31.3 | $(6.2) | $(1.3) |

---

**12. EARNINGS PER SHARE** 

Basic earnings per share is computed by dividing income attributable to common stockholders by the weighted-average number of common shares outstanding during the periods. Diluted earnings per share is computed by dividing income attributable to common stockholders by the weighted-average common shares and common share equivalents outstanding during the periods. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method, which includes consideration of equity awards.

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The following table sets forth the computation of basic and diluted earnings per share for the periods presented:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions, except share data)** | **2024** | **2023** | **2022** |
|  Loss from continuing operations | $(728.9) | $(463.4) | $(316.2) |
|  Less: Net income attributable to noncontrolling interests | 6.3 | 3.8 | 0.5 |
|  Loss from continuing operations attributable to NIQ | (735.2) | (467.2) | (316.7) |
|  Income (loss) from discontinued operations | 12.5 | (9.0) |  |
|  Net loss attributable to NIQ | $(722.7) | $(476.2) | $(316.7) |
|  Weighted average basic and diluted NIQ common stock outstanding | 100 | 100 | 100 |
|  **Basic and diluted loss per share from:** |  |  |  |
|  Loss from continuing operations attributable to NIQ | $(7.35) | $(4.67) | $(3.17) |
|  Income (loss) from discontinued operations | 0.12 | (0.09) |  |
|  Net loss attributable to NIQ | $(7.23) | $(4.76) | $(3.17) |

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**13. INCOME TAXES** 

The following table sets forth the components of loss from continuing operations before income taxes by jurisdiction:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  Netherlands | $(183.4) | $(98.1) | $(65.0) |
|  Non-Netherlands | (431.8) | (313.5) | (210.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations before income taxes | $(615.2) | $(411.6) | $(275.9) |

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The following table sets forth the components of income tax expense from continuing operations:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  Current taxes: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | $2.7 | $0.9 | $2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Netherlands | 146.6 | 89.6 | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 149.3 | 90.5 | 77.2 |
|  Deferred taxes: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | (0.1) | (5.2) | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Netherlands | (35.5) | (33.5) | (38.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (35.6) | (38.7) | (36.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from continuing operations | $113.7 | $51.8 | $40.3 |

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NIQ's income tax expense from continuing operations was different from the amount computed by applying the Netherlands statutory tax rate to the underlying loss from continuing operations before income taxes as a result of the following:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  Loss from continuing operations before income taxes | $(615.2) | $(411.6) | $(275.9) |
|  Netherlands statutory tax rate | 25.8% | 25.8% | 25.8% |
|  Benefit for income taxes at the Netherlands statutory rate | $(158.7) | $(106.5) | $(71.2) |
|  Foreign tax rate differential | 24.4 | 20.2 | 15.1 |
|  U.S. state and local taxation | 0.5 | 0.9 | 0.3 |
|  Changes in valuation allowance | 180.7 | 92.4 | 57.5 |
|  Withholding taxes | 32.5 | 38.4 | 34.8 |
|  Non-deductible transaction costs | 4.1 | 6.8 | 6.7 |
|  Gain on equity interest remeasurement |  | (3.4) | (2.2) |
|  Russian deconsolidation | 9.0 |  |  |
|  Change in unrecognized tax benefits | 30.7 | (4.8) | 2.8 |
|  Return to provision adjustment | (1.2) | 4.8 | (0.5) |
|  Tax credits | (5.2) | (3.3) | (2.3) |
|  Other, net | (3.1) | 6.3 | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from continuing operations | $113.7 | $51.8 | $40.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective tax rate | (18.5)% | (12.6)% | (14.6)% |

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The following table sets forth deferred income tax assets and liabilities:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(in millions)** | **2024** | **2023** |
|  Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net operating loss carryforwards | $285.5 | $309.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 236.7 | 130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 42.0 | 19.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits | 42.9 | 43.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit carryforward | 13.9 | 10.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed asset and computer software | 0.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 64.5 | 79.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 37.0 | 39.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax asset | 723.1 | 633.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation allowances | (530.7) | (376.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets, net of valuation allowances | 192.4 | 256.8 |
|  Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | (161.7) | (245.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed asset and computer software |  | (5.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets | (59.1) | (71.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes | (13.5) | (17.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred gains | (42.8) | (44.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (2.2) | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax liability | (279.3) | (381.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net deferred tax liability | $(86.9) | $(124.4) |

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Realization of deferred tax assets is based, in part, on NIQ's judgment and various factors including reversal of deferred tax liabilities, NIQ's ability to generate future taxable income in jurisdictions where such assets have arisen and potential tax planning strategies. Valuation allowances are recorded in order to reduce the deferred tax assets to the amount expected to be realized in the future.

At December 31, 2024 and 2023, NIQ had gross net operating loss carryforwards of approximately $1.3 billion and $1.4 billion, respectively. Additionally, NIQ had net operating loss carryforwards of approximately $285.5 million and $309.8 million at December 31, 2024 and 2023, respectively. Approximately two-thirds of the net operating loss carryforwards are indefinite, while the remainder expire over varying periods. In addition, NIQ had tax credit carryforwards of approximately $13.8 million and $10.9 million at December 31, 2024 and 2023, respectively, which begin to expire in 2026.

In certain jurisdictions, NIQ has operating losses and other tax attributes that, due to the uncertainty of achieving sufficient profits to utilize these operating loss carryforwards and tax credit carryforwards, NIQ currently believes it is more likely than not that a portion of these losses will not be realized. Therefore, NIQ has a valuation allowance of approximately $530.7 million and $376.7 million at December 31, 2024 and 2023, respectively, related to net operating loss carryforwards, tax credit carryforwards and deferred tax assets related to other temporary differences. For the year ended December 31, 2024, the valuation allowance increased by $154.0 million, of which, $166.1 million through tax expense and the remainder through changes in other comprehensive income or foreign currency exchange rates. For the year ended December 31, 2023, the valuation allowance increased by $181.6 million, of which, $108.1 million through tax expense, $57.6 million through purchase accounting, and the remainder through changes in other comprehensive income or foreign currency exchange rates.

With respect to the outside basis differences of "domestic" subsidiaries, in each taxing jurisdiction where a tiered ownership structure exists, NIQ has confirmed that one or more viable tax planning strategies exists in each separate taxing jurisdiction that it could, and would—if required—employ to eliminate any income tax liability on such outside basis differences. In addition, NIQ does not assert that all foreign undistributed earnings will be permanently reinvested, but rather NIQ will, periodically, remit foreign earnings and has provided for withholding taxes of $13.5 million and $17.1 million at December 31, 2024 and 2023, respectively, related to those earnings.

A reconciliation of the beginning and ending amount of gross uncertain tax positions is as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** |
|  Balance as of the beginning of period | 64.4 | 43.5 |
|  Purchase accounting additions |  | 19.9 |
|  Additions for current year positions | 4.1 | 1.4 |
|  Additions for prior year positions | 24.6 | 0.7 |
|  Reductions for prior year positions | (9.1) | (0.2) |
|  Reductions for expiration of statute of limitations |  | (2.6) |
|  Settlements | (11.6) | (0.2) |
|  Foreign currency exchange rate changes | (3.4) | 1.9 |
|  Balance as of the end of the period | $69.0 | $64.4 |

---

At December 31, 2024 and 2023, NIQ had gross uncertain tax positions of $69.0 million and $64.4 million, respectively. The amount of unrecognized tax benefits that would affect the effective tax rate if recognized in the consolidated financial statements as of December 31, 2024 and 2023 was $64.9 million and $55.8 million, respectively. Amounts relating to years prior to 2021 are covered under an indemnification agreement with Nielsen as a result of the Advent Acquisition and, therefore, NIQ has recorded a corresponding indemnification asset of $12.1 million and $6.9 million as of December 31, 2024 and 2023, respectively. It is reasonably possible

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that within the next 12 months certain tax examinations will close, which could result in a change in unrecognized tax benefits, along with related interest and penalties. Furthermore, the amounts ultimately paid may differ from the amounts accrued. An estimate of any possible change cannot be made at this time.

Estimated interest and penalties related to unrecognized tax benefits is classified as a component of provision for income taxes in the Consolidated Statement of Operations. For the years ended December 31, 2024, 2023 and 2022, the Company recognized interest income on unrecognized tax benefits of $8.3 million, $3.5 million and $2.7 million, respectively, which primarily related to the expiration of a position's statute of limitations during the period. As of December 31, 2024 and 2023, NIQ had a liability of $12.4 million and $5.1 million, respectively, for interest expense related to unrecognized tax benefits. Penalties recorded in the provision for income taxes were a benefit of $0.1 million and $0.5 million for the years ended December 31, 2024 and 2023, respectively. Amounts relating to years prior to 2021 are covered under an indemnification agreement with Nielsen as a result of the Advent Acquisition and, therefore, NIQ has recorded a corresponding indemnification asset of $10.9 million and $4.5 million as of December 31, 2024 and 2023, respectively.

The NIQ business files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and in many state and foreign jurisdictions. NIQ is periodically audited by various foreign taxing authorities. NIQ will not be subject to any federal or state income tax examinations for years prior to 2021 due to the acquisition by Advent. NIQ has subsidiaries in Canada, Germany, the United Kingdom and other various countries that are currently under audit for years ranging from 2007 through 2022. As of December 31, 2024, the Company does not believe it is more likely than not that these audits will result in tax liabilities exceeding the amounts already recognized. However, the ultimate resolutions of tax audits are inherently unpredictable. As such, the Company's financial condition and results of operations could be adversely affected in any particular period by the unfavorable resolution of one or more of these audits.

Numerous foreign jurisdictions have agreed to implement the Organization for Economic Co-operation and Development's ("OECD") Pillar 2 global corporate minimum tax rate. NIQ has evaluated the effect of this with respect to 2024 and determined that it did not have any material impacts for the current year. NIQ will continue to assess the impact of these proposals as countries are actively considering changes to their tax laws to adopt certain parts of the OECD's proposal.

**14. RESTRUCTURING ACTIVITIES** 

The following table summarizes activity related to liabilities associated with restructuring activities:

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| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Cost Efficiency<br>Program<sup>(1)</sup>** | **GfK<br>Integration<sup>(2)</sup>** | **Total** |
|  Balance as of January 1, 2023 | $53.9 | $— | $53.9 |
|  Charges | 24.3 | 10.3 | 34.6 |
|  Other adjustments | 0.8 |  | 0.8 |
|  Payments | (42.9) | (5.6) | (48.5) |
|  Balance as of December 31, 2023 | $36.1 | $4.7 | $40.8 |
|  Charges | 20.9 | 77.6 | 98.5 |
|  Other adjustments | (1.3) |  | (1.3) |
|  Payments | (41.6) | (17.7) | (59.3) |
|  Balance as of December 31, 2024 | $14.1 | $64.6 | $78.7 |

---

<sup>(1)</sup> As part of the Company's Transformation Program, the Cost Efficiency Program centers on insourced activity from, and restructured expenses with, third party providers, technology and operational process redesign, labor arbitrage and rationalization, and reduction in non-client-impacting expense. 

<sup>(2)</sup> GfK Integration reflects actions to drive permanent cost savings and operational efficiencies in connection with the GfK Combination.

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All restructuring charges have been recorded at Corporate, as these programs are centrally directed and are not included in internal measures of segment operating performance. Of the $78.7 million in remaining liabilities for restructuring actions, $74.4 million is expected to be paid within one year and is included in accrued expenses within the Consolidated Balance Sheet as of December 31, 2024.

**15. PENSION AND OTHER POST-RETIREMENT BENEFITS** 

***Defined Benefit Plans***

The Company sponsors both funded and unfunded defined benefit pension plans (the "Pension Plans" or "plans") for certain of its employees. This includes various defined benefit plans covering employees in North America, Europe and Asia (together, the "Other" plans). Where permitted by applicable law, the Company reserves the right to change, modify or discontinue the pension plans.

In 2023, the Company completed a settlement of its plan in the Netherlands, the Company's country of domicile, by finalizing an agreement for issuance of a buy-out policy. Accumulated other comprehensive losses of approximately $6.3 million were realized as a result of the settlement, and are reflected as a component of nonoperating (expense) income, net.

In connection with the July 10, 2023 combination with GfK discussed in Note 3. "Acquisitions", the Company assumed various defined benefit pension plans sponsored by GfK. These include defined benefit pension plans covering employees in Europe, Asia and North America. For all defined benefit plans assumed as part of the GfK Combination, the projected benefit obligation ("PBO") and fair value of plan assets were remeasured as of the acquisition date.

The following table presents the changes in benefit obligations, plan assets and funded status for the defined benefit plans:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Netherlands<sup>(1)</sup>** | **Netherlands<sup>(1)</sup>** | **Other** | **Other** | **Total** | **Total** |
| **(in millions)** | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
|  **Change in projected benefit obligation** |  |  |  |  |  |  |
|  Beginning balance | $— | $59.5 | $615 | $448 | $615 | $507.5 |
|  Impact of GfK Combination |  |  |  | 103 |  | 103 |
|  Service cost |  |  | 9.8 | 8.1 | 9.8 | 8.1 |
|  Interest cost |  | 1.2 | 22.9 | 22.3 | 22.9 | 23.5 |
|  Plan participants' contributions |  |  | 1.6 | 1.2 | 1.6 | 1.2 |
|  Actuarial loss (gain) |  | 0.3 | (19.2) | 34.4 | (19.2) | 34.7 |
|  Benefits paid |  | (1.0) | (34.8) | (24.0) | (34.8) | (25.0) |
|  Other |  |  | (3.3) | (0.5) | (3.3) | (0.5) |
|  Curtailments |  |  | (0.7) |  | (0.7) |  |
|  Settlements |  | (61.9) | (10.5) | (3.2) | (10.5) | (65.1) |
|  Amendments |  |  | (0.3) | 0.6 | (0.3) | 0.6 |
|  Foreign currency exchange rate changes |  | 1.9 | (30.6) | 25.1 | (30.6) | 27 |
|  **Ending balance** | $**—** | $**—** | $**549.9** | $**615.0** | $**549.9** | $**615.0** |
| **Change in plan assets** |  |  |  |  |  |  |
|  Beginning balance | $— | $59.5 | $540.2 | $435.5 | $540.2 | $495 |
|  Impact of GfK Combination |  |  |  | 65.2 |  | 65.2 |
|  Actual return on plan assets |  | 1 | 9.5 | 27 | 9.5 | 28 |
|  Employer contributions |  | 0.5 | 14.2 | 14.3 | 14.2 | 14.8 |
|  Plan participants' contributions |  |  | 1.6 | 1.2 | 1.6 | 1.2 |
|  Benefits paid |  | (1.0) | (34.8) | (24.0) | (34.8) | (25.0) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Netherlands<sup>(1)</sup>** | **Netherlands<sup>(1)</sup>** | **Other** | **Other** | **Total** | **Total** |
| **(in millions)** | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
|  Other |  |  |  | (0.5) |  | (0.5) |
|  Settlements |  | (61.9) | (10.5) | (3.2) | (10.5) | (65.1) |
|  Foreign currency exchange rate changes |  | 1.9 | (25.9) | 24.7 | (25.9) | 26.6 |
|  **Ending balance** | $**—** | $**—** | $**494.3** | $**540.2** | $**494.3** | $**540.2** |
|  **Funded status** | $**—** | $**—** | $**(55.6)** | $**(74.8)** | $**(55.6)** | $**(74.8)** |

---

<sup>(1)</sup> As described above, the Company completed a settlement of the Netherlands plan in 2023.

The following table presents the amounts recognized in the Consolidated Balance Sheets and weighted-average assumptions used to determine benefit obligations:

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| | | |
|:---|:---|:---|
|  | **December 31,<sup>(1)</sup>** | **December 31,<sup>(1)</sup>** |
| **(in millions)** | **2024** | **2023** |
|  **Amounts recognized in the Consolidated Balance Sheets** |  |  |
|  Other noncurrent assets | $44.1 | $34.5 |
|  Accrued expenses | (5.8) | (5.5) |
|  Other noncurrent liabilities | (93.9) | (103.8) |
|  Net amount recognized | $(55.6) | $(74.8) |
|  **Weighted-average assumptions used to determine benefit obligations** |  |  |
|  Discount rate | 4.1% | 3.9% |
|  Rate of compensation increase | 3.0% | 3.0% |

---

<sup>(1)</sup> As described above, the Company completed a settlement of the Netherlands plan in 2023. All amounts relate to Other plans at December 31, 2024 and 2023. 

The measurement date for all plans is December 31st. Accordingly, at the end of each fiscal year, the Company determines the discount rate to measure the plan liabilities at their present value. The discount rate is an estimate of the rate at which the benefit obligations could be effectively settled. The discount rate is set by reference to specific analyses using market yields on high-quality corporate bonds and each plan's specific cash flows.

The Company uses the spot-rate approach for its significant retirement benefit plans. Under the spot-rate approach, the Company uses individual spot rates along the yield curve that correspond with the timing of each expected future cash outflow for benefit payments in order to calculate interest cost and service cost within net periodic benefit costs.

The PBO at December 31, 2024 and 2023, was $549.9 million and $615.0 million, respectively. The Company had 36 plans at December 31, 2024 and 38 plans at December 31, 2023 for which the PBO was in excess of the fair value of plan assets. For these plans, the aggregate PBO was $210.8 million and $252.1 million, respectively, and the aggregate fair value of plan assets was $111.1 million and $142.8 million, respectively.

At December 31, 2024 and 2023, the accumulated benefit obligation was $525.4 million and $585.0 million, respectively. The Company had 35 plans at December 31, 2024 and 36 plans at December 31, 2023 for which the accumulated benefit obligation was in excess of the fair value of plan assets. For these plans, the aggregate pension accumulated benefit obligation was $188.2 million and $145.9 million, respectively, and the aggregate fair value of plan assets was $106.0 million and $57.8 million, respectively.

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The following table presents the components of net periodic pension cost (benefit):

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Netherlands<sup>(1)</sup>** | **Netherlands<sup>(1)</sup>** | **Netherlands<sup>(1)</sup>** | **Other** | **Other** | **Other** | **Total** | **Total** | **Total** |
| **(in millions)** | **2024** | **2023** | **2022** | **2024** | **2023** | **2022** | **2024** | **2023** | **2022** |
|  Service cost | $— | $— | $— | $9.8 | $8.1 | $8.2 | $9.8 | $8.1 | $8.2 |
|  Interest cost |  | 1.2 | 0.8 | 22.9 | 22.3 | 11.0 | 22.9 | 23.5 | 11.8 |
|  Expected return on plan assets |  | (1.0) | (2.6) | (24.7) | (20.5) | (21.6) | (24.7) | (21.5) | (24.2) |
|  Amortization of net gain |  |  |  | (0.4) | (1.0) | (0.1) | (0.4) | (1.0) | (0.1) |
|  Amortization of prior service credit |  |  |  |  | (0.1) | (0.1) |  | (0.1) | (0.1) |
|  Curtailments |  |  |  | (0.5) |  |  | (0.5) |  |  |
|  Settlements |  | 6.3 |  | 0.2 | (0.2) | (2.0) | 0.2 | 6.1 | (2.0) |
|  Net periodic pension cost (benefit) | $— | $6.5 | $(1.8) | $7.3 | $8.6 | $(4.6) | $7.3 | $15.1 | $(6.4) |

---

<sup>(1)</sup> As described above, the Company completed a settlement of the Netherlands plan in 2023.

Service cost is reported as a component of selling, general and administrative expenses. The other components of net periodic pension cost (benefit) totaling net benefits of $2.5 million for the year ended December 31, 2024, net costs of $7.0 million for the year ended December 31, 2023 and net benefits of $14.6 million for the year ended December 31, 2022 were presented as a component of nonoperating (expense) income, net.

The following weighted-average actuarial assumptions were used to determine net periodic pension cost (benefit):

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Netherlands<sup>(1)</sup>** | **Netherlands<sup>(1)</sup>** | **Netherlands<sup>(1)</sup>** | **Other** | **Other** | **Other** | **Total** | **Total** | **Total** |
|  | **2024** | **2023** | **2022** | **2024** | **2023** | **2022** | **2024** | **2023** | **2022** |
|  Discount rate | N/A | 4.2% | 1.5% | 3.9% | 4.7% | 2.0% | 3.9% | 4.7% | 1.9% |
|  Rate of compensation increase | N/A | N/A | N/A | 3.0% | 3.3% | 3.1% | 3.0% | 3.3% | 3.1% |
|  Expected return on plan assets | N/A | 4.2% | 4.2% | 5.3% | 4.8% | 3.9% | 5.3% | 4.8% | 4.0% |

---

<sup>(1)</sup> As described above, the Company completed a settlement of the Netherlands plan in 2023.

The expected long-term rate of return on pension plan assets were based on a review of the historical returns of the asset classes in which the assets of the Pension Plans are invested and long-term economic forecast for the type of investments held by the plans. The historical returns on these asset classes were weighted based on the expected long-term allocation of the assets of the Pension Plans.

The actual return on plan assets will vary year to year from this assumption. The difference between the expected return and actual return on plan assets is amortized into expense over the service lives of the plan participants. These amounts are reflected on the balance sheet through charges to accumulated other comprehensive (loss) income, a component of stockholders' equity.

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The following tables set forth the changes and the end of year components of accumulated other comprehensive loss (income) for the defined benefit plans:

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| | |
|:---|:---|
| **(in millions)** | |
|  **Changes to balance:** |  |
|  **Balance at January 1, 2023, before tax effect** | $(2.1) |
|  Prior service cost | 0.6 |
|  Net actuarial loss | 28.7 |
|  Settlements | (6.1) |
|  Amortization of actuarial loss | 1.5 |
|  Amortization of prior service credit | 0.1 |
|  Foreign currency exchange rate changes | 2.7 |
|  **Balance at December 31, 2023, before tax effect** | $25.4 |
|  Prior service credit | (0.4) |
|  Net actuarial gain | (7.4) |
|  Curtailments | 0.6 |
|  Settlements | (0.2) |
|  Amortization of actuarial loss | 0.7 |
|  Foreign currency exchange rate changes | (1.8) |
|  **Balance at December 31, 2024, before tax effect** | $16.9 |

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(in millions)** | **2024** | **2023** |
|  **Components of balance:** |  |  |
|  Prior service cost | $0.1 | $0.5 |
|  Net actuarial loss | 16.8 | 24.9 |
|  Ending balance, before tax effect | $16.9 | $25.4 |
|  Tax effect | 1.7 | (0.5) |
|  Ending balance, after tax effect | $18.6 | $24.9 |

---

Estimated future benefit payments are as follows:

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| | |
|:---|:---|
| **(in millions)** | **Benefit<br>Payments** |
|  For the year ending December 31, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | $34.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027 | 38.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028 | 36.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2029 | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030-2034 | 200.4 |

---

The Company expects to contribute approximately $4.4 million to pension plans in 2025.

The primary objective with regard to the investment of the Pension Plans' assets is to ensure that in each individual plan, sufficient funds are available to satisfy future benefit obligations. For this purpose, asset and liability management studies are made periodically at each pension fund. For each of the Pension Plans, an appropriate mix is determined on the basis of the outcome of these studies, taking into account the national rules and regulations.

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The pension plans' asset mixes for such plans are summarized as follows:

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| | | |
|:---|:---|:---|
|  | **December 31,<sup>(1)</sup>** | **December 31,<sup>(1)</sup>** |
|  | **2024** | **2023** |
|  Equity securities | 22.6% | 15.8% |
|  Fixed income securities | 34.8% | 41.2% |
|  Insurance | 29.6% | 31.8% |
|  Other | 13.0% | 11.2% |
|  Total | 100.0% | 100.0% |

---

<sup>(1)</sup> As described above, the Company completed a settlement of the Netherlands plan in 2023. All amounts relate to Other plans at December 31, 2024 and 2023. 

The following tables set forth the fair value of the pension plan assets by asset category:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **(in millions)** | **Level 1** | **Level 2** | **Level 3** | **NAV<sup>(1)</sup>** | **Total** |
|  Cash and equivalents | $10.9 | $— | $— | $4.4 | $15.3 |
|  Equity securities | 2.3 | 92.6 |  | 17.0 | 111.9 |
|  Fixed income securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | 0.4 | 24.6 |  | 2.9 | 27.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government issued debt | 4.9 | 47.3 |  |  | 52.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability driven investments |  |  |  | 91.6 | 91.6 |
|  Insurance |  | 70.3 |  | 76.2 | 146.5 |
|  Private equity and hedge funds |  | 4.0 |  | 18.6 | 22.6 |
|  Real estate |  | 25.6 |  | 0.7 | 26.3 |
|  Total investments | $18.5 | $264.4 | $— | $211.4 | $494.3 |

---

<sup>(1)</sup> Investments measured at fair value using the net asset value ("NAV") per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the table are intended to reconcile the fair value hierarchy to the total fair value of plan assets. 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| **(in millions)** | **Level 1** | **Level 2** | **Level 3** | **NAV<sup>(1)</sup>** | **Total** |
|  Cash and equivalents | $14.9 | $— | $— | $1.2 | $16.1 |
|  Equity securities | 13.5 | 56.5 |  | 15.2 | 85.2 |
|  Fixed income securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | 9.9 | 64.3 |  | 6.6 | 80.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government issued debt | 17.4 | 30.4 |  |  | 47.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability driven investments |  |  |  | 93.8 | 93.8 |
|  Insurance |  | 82.4 |  | 89.5 | 171.9 |
|  Private equity and hedge funds |  | 0.9 |  | 30.3 | 31.2 |
|  Real estate |  | 12.4 |  | 1 | 13.4 |
|  Total investments | $55.7 | $246.9 | $— | $237.6 | $540.2 |

---

<sup>(1)</sup> Investments measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the table are intended to reconcile the fair value hierarchy to the total fair value of plan assets. 

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The pension plans' assets are measured at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level of any input that is significant to the measurement of fair value. Investments for which fair value is measured using the NAV per share practical expedient are not classified in the fair value hierarchy. These funds are valued at the net asset value of shares held in the underlying funds.

***Defined Contribution Plans***

The Company offers defined contribution plans to certain participants, including in the United States. In the United States, the Company contributes cash to each employee's retirement account in an amount up to 3% of eligible compensation. For the years ended December 31, 2024, 2023 and 2022, total expenses for all defined contribution plans were $41.0 million, $30.5 million and $24.0 million, respectively.

***Deferred Compensation Plan***

The Company participates in a deferred compensation plan that permits select employees to make pre-tax deferrals of compensation. Employees have the option to transfer deferral balances into a variety of investment options. As of December 31, 2024 and 2023, the Company's obligation under the deferred compensation plan was $3.2 million and $2.9 million, respectively, which was included in other noncurrent liabilities in the Consolidated Balance Sheets.

A Rabbi Trust arrangement has been established to provide for the liabilities associated with the deferred compensation plan. The assets are composed of investments in mutual funds. As of December 31, 2024 and 2023, $3.2 million and $2.9 million, respectively, was recorded in other assets in the Consolidated Balance Sheets for this arrangement.

**16. SHARE-BASED COMPENSATION** 

In connection with the Advent Acquisition on March 5, 2021, the Company, Advent and entities created to own the Company implemented a share-based employee compensation plan which permits the grant of certain share-based awards to certain employees, directors and non-employees. At the commencement of such plan, the maximum number of units or shares authorized were 282,353. On March 28, 2022, the share-based employee compensation plan was amended to increase the maximum number of authorized units or shares to 323,055. On July 10, 2023, the share-based employee compensation plan was further amended to increase the maximum number of authorized units or shares to 343,782.

The units or shares may be issued in the form of Class B, Class C, Class D or Class E shares of AI PAVE Dutchco I B.V., an indirect parent of the Company, interests in which are subject to the terms of incentive awards. If any award granted under the plan is cancelled, forfeited or acquired (pursuant to a call, redemption or other right), the units or shares subject to such award will again be available for issuance under the plan. The incentive awards receive distributions after Advent and others receive their invested capital. At December 31, 2024 and 2023, the aggregate pool of shares outstanding for Class B, Class C, Class D and Class E awards totaled 295,074 shares and 277,485 shares, respectively.

The share-based employee compensation plan includes units or shares that are comprised of time-based awards and performance-based awards. Time-based awards vest quarterly in equal amounts over a four or five-year period. The performance-based awards are accounted for as awards with performance conditions and compensation cost is recognized based upon the Company's determination of whether it is probable that the performance conditions will be achieved.

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The Company incurred share-based compensation expense of $4.7 million, $4.3 million and $4.4 million for the years ended December 31, 2024, 2023 and 2022, respectively, which is included in selling, general and administrative expenses for such periods.

The fair values of awards were estimated using the Monte Carlo simulation model and included the following assumptions:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** | **2022** |
|  Expected term (in years) | 2.5 | 3.8 | 4.0 |
|  Expected volatility | 30.0% | 32.0% | 50.0% |
|  Discount for lack of marketability | 12.5% | 15.0% | 25.0% |
|  Risk-free interest rate | 4.3% | 4.2% | 2.4% |

---

The following table sets forth a summary of time-based awards:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** |
|  | **Awards** | **Weighted<br>Average Fair<br>Value** | **Awards** | **Weighted<br>Average Fair<br>Value** | **Awards** | **Weighted<br>Average Fair<br>Value** |
|  Unvested at beginning of year | 62542 | $199.90 | 82440 | $200.85 | 102418 | $173.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted | 22177 | 99.62 | 12795 | 181.78 | 14441 | 384.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vested | (26063) | 179.78 | (21552) | 201.48 | (22826) | 192.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forfeited | (10179) | 157.19 | (11141) | 184.24 | (11593) | 173.74 |
|  Unvested at end of year | 48477 | $177.50 | 62542 | $199.90 | 82440 | $200.85 |

---

As of December 31, 2024, there was $8.6 million of total unrecognized compensation cost related to time-based awards which is expected to be recognized over a weighted-average period of 2 years.

The following table sets forth a summary of performance-based awards:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** |
|  | **Awards** | **Weighted<br>Average Fair<br>Value** | **Awards** | **Weighted<br>Average Fair<br>Value** | **Awards** | **Weighted<br>Average Fair<br>Value** |
|  Unvested at beginning of year | 151742 | $147.34 | 145563 | $157.29 | 143960 | $138.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted | 14648 | 48.08 | 17068 | 57.83 | 16602 | 324.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forfeited | (9057) | 120.82 | (10889) | 166.94 | (14999) | 145.53 |
|  Unvested at end of year | 157333 | $139.69 | 151742 | $147.34 | 145563 | $157.29 |

---

As of December 31, 2024, there was $22.0 million of total unrecognized compensation cost related to performance-based awards. The vesting for these awards is dependent upon certain performance conditions that will only be achieved upon a liquidation event, such as a sale or disposition of the Company at or above a certain targeted amount. Compensation cost will not be recognized until these events are deemed probable to occur.

**17. REPORTABLE SEGMENTS** 

The Company operates through three reportable segments: (1) Americas, which includes North America and Latin America; (2) EMEA, which includes Europe, the Middle East and Africa and (3) APAC, which includes Asia and the western Pacific region. Each segment provides similar services through the Company's Intelligence and Activation offerings but to different geographic regions across the world.

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The Company's chief operating decision maker ("CODM") is the chief executive officer of the Company. The CODM evaluates performance based on the profit measure of Adjusted EBITDA, on both a consolidated and a segment basis. The CODM uses Adjusted EBITDA as the profit measure because it eliminates the impact of certain items that are not considered indicative of the core operations of the Company's business, which is useful to compare operating results between periods. The Company's executive management team also uses Adjusted EBITDA as a compensation measure under the incentive compensation plans. Adjusted EBITDA is also a measure frequently used by securities analysts, investors, and other interested parties in their evaluation of the operating performance of companies similar to NIQ. The Company does not evaluate performance or allocate resources based on segment asset data, and therefore total segment assets are not presented.

The Company incurs corporate costs related to centralized support functions, including those related to technology, treasury, tax, legal and other centralized functions. Corporate expenses not directly identifiable with a reportable segment are reported below to reconcile the reportable segments to the consolidated financial statements.

The following table sets forth revenue, significant segment expenses regularly provided to the CODM and Adjusted EBITDA by reportable segment for the periods presented:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2022** | **2022** | **2022** |
| **(in millions)** | **Americas** | **EMEA** | **APAC** | **Americas** | **EMEA** | **APAC** | **Americas** | **EMEA** | **APAC** |
|  **Revenues** | $1550.2 | $1731.5 | $690.9 | $1348.6 | $1406.6 | $586.1 | $1151.7 | $1110.8 | $523.9 |
|  Less: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data acquisition costs | 354.3 | 310.7 | 116.9 | 307.8 | 284.6 | 105.8 | 286.6 | 255.6 | 103.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other segment costs<sup>(1)</sup> | 758.1 | 972.9 | 423.4 | 662.1 | 745.3 | 359.2 | 629.0 | 574.6 | 318.7 |
|  **Segment Adjusted EBITDA** | $437.8 | $447.9 | $150.6 | $378.7 | $376.7 | $121.1 | $236.1 | $280.6 | $101.7 |

---

<sup>(1)</sup> Other segment costs primarily include personnel-related costs, cloud costs, software and hardware maintenance costs and occupancy costs.

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The following table reconciles Adjusted EBITDA by segment to loss from continuing operations before income taxes, for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  **Adjusted EBITDA by segment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americas | $437.8 | $378.7 | $236.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMEA | 447.9 | 376.7 | 280.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APAC | 150.6 | 121.1 | 101.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total segment Adjusted EBITDA | 1036.3 | 876.5 | 618.4 |
|  Adjustments to reconcile to loss from continuing operations before income taxes: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate expenses not allocated to segments | (295.6) | (280.6) | (193.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | (596.7) | (460.9) | (301.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | (410.6) | (299.5) | (110.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transformation program costs<sup>(1)</sup> | (56.0) | (156.7) | (228.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GfK integration costs<sup>(2)</sup> | (126.3) | (45.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and transaction related costs<sup>(3)</sup> | (17.6) | (11.8) | (31.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange (loss) gain, net | (34.2) | 4.6 | (27.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating items, net<sup>(4)</sup> | (86.4) | (24.9) | 25.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense | (4.7) | (4.3) | (4.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | (31.1) | (9.0) | (25.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to noncontrolling interests | 6.3 | 3.8 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating items, net<sup>(5)</sup> | 1.4 | (3.0) | 2.2 |
|  Loss from continuing operations before income taxes | $(615.2) | $(411.6) | $(275.9) |

---

<sup>(1)</sup> Transformation program costs include employee separation costs as further discussed in Note 14. "Restructuring Activities", as well as additional costs associated with accelerated technology investment and consultancy and advisory fees incurred to evaluate and improve organizational efficiencies and operations. 

<sup>(2)</sup> GfK integration costs include employee separation costs as further discussed in Note 14. "Restructuring Activities", as well as additional costs for consulting fees and integration associated with the GfK Combination.

<sup>(3)</sup> Acquisitions and transaction related costs represent costs incurred in connection with planned and completed acquisitions, including due diligence, transaction, integration and legal related costs primarily relating to GfK, partially offset by any gains resulting from the remeasurement of previously held equity interests held before such acquisitions. These costs also include preparation and readiness costs for capital market transactions. 

<sup>(4)</sup> Consists of adjustments related to: (i) loss on deconsolidation of Russian subsidiaries, (ii) write-off of unamortized debt discount and debt issuance costs, (iii) net periodic pension costs other than service cost, (iv) factoring fees, (v) settlement of tax indemnifications under arrangements with Nielsen and (vi) other nonoperating expense. See Note 18. "Nonoperating (expense) income, net for further information on these adjustments. 

<sup>(5)</sup> Consists primarily of adjustments related to gain/loss on sale of long-lived assets and gain/loss on settlement of asset retirement obligations.

The Company conducts business in the following countries that hold 10% or more of total tangible long-lived assets:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  Germany | 26% | 24% |
|  United States | 23% | 17% |

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Tangible long-lived assets in the Netherlands, the Company's country of domicile, represented less than 1% of total tangible long-lived assets as of December 31, 2024 and 2023.

**18. NONOPERATING (EXPENSE) INCOME, NET** 

The following table sets forth the components of nonoperating (expense) income, net:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(in millions)** | **2024** | **2023** | **2022** |
|  Loss on deconsolidation of subsidiaries (Note 4) | $(57.8) | $— | $— |
|  Write-off of unamortized debt discount and debt issuance costs (Note 10) | (35.8) |  |  |
|  Factoring fees | (14.7) | (15.0) | (6.1) |
|  Net periodic pension benefit (cost), other than service cost | 2.5 | (7.0) | 14.6 |
|  Earnings from equity method investments | 4.7 | 1.8 | 2.3 |
|  Income from transition services agreement | 10.9 |  |  |
|  Gain from remeasurement of previously held equity interest (Note 3) |  | 15.1 | 11.7 |
|  Settlement of tax indemnification | 21.2 | (3.5) | 17.4 |
|  Other | (1.8) | 0.5 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating (expense) income, net | $(70.8) | $(8.1) | $39.7 |

---

**19. COMMITMENTS AND CONTINGENCIES** 

The Company is subject to litigation and other claims in the ordinary course of business. As of December 31, 2024, the Company does not believe there is a reasonable possibility that any material loss exceeding the amounts already recognized for such legal matters has been incurred. However, the ultimate resolutions of these legal matters are inherently unpredictable. As such, the Company's financial condition and results of operations could be adversely affected in any particular period by the unfavorable resolution of one or more of these legal matters.

The Company has entered into contractual obligations related to agreements to purchase data, data processing, cloud services, information technology services, building maintenance, equipment purchasing and various outsourcing contracts. These agreements are not unilaterally cancellable by the Company, are legally enforceable with respect to the Company and the counterparties, and specify fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. The amounts presented below include the minimum annual payments under the Company's purchase obligations that have initial or remaining non-cancelable terms in excess of one year.

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| | |
|:---|:---|
| **(in millions)** | **Contractual**<br>**Obligations** |
|  For the year ending December 31, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | $337.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | 196.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027 | 132.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028 | 117.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2029 | 110.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thereafter | 71.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $964.7 |

---

The Company also has minimum commitments under non-cancelable operating and finance leases. See Note 9. "Leases" for payments required under operating and finance leases.

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As of December 31, 2024, the Company had $13.7 million in outstanding letters of credit.

As of December 31, 2024, the Consolidated Balance Sheet included a receivable to Nielsen of $5.9 million within prepaid expenses and other current assets and a payable to Nielsen of $35.3 million within other noncurrent liabilities. As of December 31, 2023, the Consolidated Balance Sheet included payables to Nielsen of $0.9 million and $12.9 million within other current liabilities and other noncurrent liabilities, respectively. These balances represent estimated payables to Nielsen under tax indemnification arrangements, pursuant to the purchase and sale agreement with Advent, for certain liabilities to various taxing authorities that are expected to be settled in future periods.

**20. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME** 

The following table sets forth the changes in each component of accumulated other comprehensive (loss) income, net of tax:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Foreign<br>Currency<br>Translation** | **Defined**<br>**Benefit Plans** | **Cash Flow<br>Hedges** | **Accumulated<br>Other<br>Comprehensive<br>(Loss) Income** |
|  **Balance as of January 1, 2022** | $19.1 | $16.9 | $6.3 | $42.3 |
|  Foreign currency translation adjustments | (7.4) |  |  | (7.4) |
|  Defined benefit plan adjustments, net of tax of $(3.6) |  | (18.0) |  | (18.0) |
|  Cash flow hedges, net of tax of $— |  |  | 58.2 | 58.2 |
|  **Balance as of December 31, 2022** | 11.7 | (1.1) | 64.5 | 75.1 |
|  Foreign currency translation adjustments | 69.5 |  |  | 69.5 |
|  Defined benefit plan adjustments, net of tax of $(3.7) |  | (23.8) |  | (23.8) |
|  Cash flow hedges, net of tax of $— |  |  | (40.1) | (40.1) |
|  **Balance as of December 31, 2023** | 81.2 | (24.9) | 24.4 | 80.7 |
|  Foreign currency adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustments | (95.3) |  |  | (95.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment hedges | (1.9) |  |  | (1.9) |
|  Defined benefit plan adjustments, net of tax of $2.2 |  | 6.3 |  | 6.3 |
|  Cash flow hedges, net of tax of $— |  |  | (27.5) | (27.5) |
|  **Balance as of December 31, 2024** | $(16.0) | $(18.6) | $(3.1) | $(37.7) |

---

**21. SUBSEQUENT EVENTS** 

On January 24, 2025, the Credit Agreement was amended to reduce the interest rate spreads on the 2023 USD Term Loan, the 2023 EUR Term Loan and the 2023 Liquidity USD Term Loan from 475 basis points to 350 basis points. The amended Credit Agreement also reduced the interest rate spreads on the 2021 USD Term Loan and 2021 EUR Term Loan from 375 basis points to 350 basis points.

On February 3, 2025, the Company completed the sale of its Netquest business and received net proceeds of €54.0 million (equivalent to approximately $56.0 million USD), subject to final closing adjustments. The proceeds were primarily used to repay outstanding borrowings on the Revolver. See Note 4. "Discontinued Operations and Disposals" for further information.

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On April 7, 2025, the Company entered into a definitive agreement to acquire the assets of Gastrograph AI, a market leading discovery and inquiry platform for sensory insights, for cash consideration of $12.5 million. This asset acquisition provides the Company with a differentiated artificial intelligence-based analytical capability. The Company expects to complete the transaction in April 2025. The acquisition is not expected to be material to the Company's Consolidated Statements of Operations.

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**INTERMEDIATE DUTCH HOLDINGS B.V.** 

**Condensed Consolidated Statements of Operations (Unaudited)** 

(in millions, except per share data)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2024** |
|  Revenues | $965.9 | $961.9 |
|  Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues (excluding depreciation and amortization shown separately below) | 430.8 | 444.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 371.7 | 396.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 148.5 | 150.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 0.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | 4.6 | 9.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income | (6.1) | (7.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 950.2 | 994.0 |
|  Operating income (loss) | 15.7 | (32.1) |
|  Interest expense, net | (83.5) | (106.9) |
|  Foreign currency exchange gain (loss), net | 32.0 | (13.1) |
|  Nonoperating (expense) income, net | (12.7) | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations before income taxes | (48.5) | (151.2) |
|  Income tax expense from continuing operations | (23.3) | (31.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations | (71.8) | (182.2) |
|  Discontinued operations (Note 2): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations before income taxes |  | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense from discontinued operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations |  | 9.5 |
|  Net loss | (71.8) | (172.7) |
|  Less: Net income attributable to noncontrolling interests | 1.9 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to NIQ | $(73.7) | $(173.9) |
|  Basic and diluted loss per share from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from continuing operations attributable to NIQ | $(0.74) | $(1.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations |  | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss attributable to NIQ | $(0.74) | $(1.74) |
|  Weighted average basic and diluted NIQ common stock outstanding | 100 | 100 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**INTERMEDIATE DUTCH HOLDINGS B.V.** 

**Condensed Consolidated Statements of Comprehensive Loss (Unaudited)** 

(in millions)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2024** |
|  Net loss | $(71.8) | $(172.7) |
|  Other comprehensive income (loss), net of tax: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustments | (2.3) | (76.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit pension plan adjustments |  | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash flow hedges | (8.9) | 8.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other comprehensive loss | (11.2) | (67.2) |
|  Total comprehensive loss | (83.0) | (239.9) |
|  Less: comprehensive income attributable to noncontrolling interests | 1.9 | 1.2 |
|  Total comprehensive loss attributable to NIQ | $(84.9) | $(241.1) |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**INTERMEDIATE DUTCH HOLDINGS B.V.** 

**Condensed Consolidated Balance Sheets (Unaudited)** 

(in millions, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
|  **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $288.0 | $263.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables, net | 728.6 | 644.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 90.6 | 83.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 210.2 | 136.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current assets held for sale (Note 2) |  | 62.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** | 1317.4 | 1191.1 |
|  Property and equipment, net | 198.4 | 208.0 |
|  Operating lease right-of-use assets | 195.2 | 179.6 |
|  Intangible assets, net | 2264.4 | 2287.6 |
|  Goodwill | 2267.0 | 2209.5 |
|  Deferred income taxes | 22.2 | 22.2 |
|  Other noncurrent assets | 275.0 | 271.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $6539.6 | $6369.7 |
| **Liabilities and Stockholders' Equity** |  |  |
|  **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $188.5 | $217.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 537.4 | 605.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenues | 343.9 | 273.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term debt and current portion of long-term debt | 120.9 | 121.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 162.1 | 131.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current liabilities held for sale (Note 2) |  | 17.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** | 1352.8 | 1365.6 |
|  Long-term debt | 4215.5 | 3959.8 |
|  Operating lease liabilities | 207.4 | 196.5 |
|  Deferred income taxes | 109.6 | 109.1 |
|  Other noncurrent liabilities | 252.1 | 251.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 6137.4 | 5882.8 |
|  Commitments and contingencies (Note 14) |  |  |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, €0.01 par value; 100 shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 1972.1 | 1970.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (1758.8) | (1685.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (48.9) | (37.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total NIQ stockholders' equity | 164.4 | 248.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interests | 237.8 | 238.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total stockholders' equity** | 402.2 | 486.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and stockholders' equity** | $6539.6 | $6369.7 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**INTERMEDIATE DUTCH HOLDINGS B.V.** 

**Condensed Consolidated Statements of Cash Flows (Unaudited)** 

(in millions)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2024** |
|  **Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(71.8) | $(172.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 148.5 | 150.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 1.3 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt discount and debt issuance costs | 15.1 | 17.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 0.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash foreign currency exchange (gain) loss, net | (24.0) | 15.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off of unamortized debt discount and debt issuance costs | 10.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of business | (5.6) | (9.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes |  | (7.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating activities, net | (7.3) | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables, net | (70.0) | (35.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | (83.7) | (93.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and other current liabilities | (65.2) | (11.1) |
| &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; Other noncurrent assets and liabilities | (2.0) | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in operating activities** | **(153.7)** | **(150.6)** |
|  **Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of businesses, net of cash acquired |  | 20.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of business, net of cash disposed | 61.8 | 301.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions to property and equipment | (3.1) | (4.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions to intangible assets | (59.6) | (59.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investing activities, net | (2.8) | (4.1) |
| &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; **Net cash (used in) provided by investing activities** | **(3.7)** | **254.3** |
|  **Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of debt | 392.8 | 565.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of debt | (234.5) | (657.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt issuance costs | (2.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance leases | (4.1) | (4.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash dividends paid to noncontrolling interests | (3.0) | (10.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financing activities, net | 21.4 | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by (used in) financing activities** | **170.1** | **(101.5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange-rate changes on cash and cash equivalents | 11.5 | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in cash and cash equivalents** | **24.2** | **0.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents at beginning of period | 263.8 | 282.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash and cash equivalents at end of period as reported on consolidated balance sheet** | $**288.0** | $**282.7** |
|  **Supplemental Disclosures:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest | $82.5 | $106.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for income taxes | $38.0 | $27.5 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**INTERMEDIATE DUTCH HOLDINGS B.V.** 

**Condensed Consolidated Statements of Equity (Unaudited)** 

(in millions, except share data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common**<br>**Stock**<br>**Shares** | **Paid-In<br>Capital** | **Accumulated**<br>**Deficit** | **Accumulated<br>Other<br>Comprehensive<br>(Loss) Income** | **Total NIQ<br>Stockholders'<br>Equity** | **Noncontrolling<br>Interests** | **Total<br>Stockholders'<br>Equity** |
|  **Balance as of December 31, 2023** | **100** | $**1966.1** | $**(962.4)** | $**80.7** | $**1084.4** | $**247.2** | $**1331.6** |
|  Net (loss) income |  |  | (173.9) |  | (173.9) | 1.2 | (172.7) |
|  Other comprehensive loss |  |  |  | (67.2) | (67.2) |  | (67.2) |
|  Share-based compensation |  | 1.2 |  |  | 1.2 |  | 1.2 |
|  Cash dividends |  |  |  |  |  | (10.0) | (10.0) |
|  **Balance as of March 31, 2024** | **100** | $**1967.3** | $**(1136.3)** | $**13.5** | $**844.5** | $**238.4** | $**1082.9** |
|  **Balance as of December 31, 2024** | **100** | $**1970.8** | $**(1685.1)** | $**(37.7)** | $**248.0** | $**238.9** | $**486.9** |
|  Net (loss) income |  |  | (73.7) |  | (73.7) | 1.9 | (71.8) |
|  Other comprehensive loss |  |  |  | (11.2) | (11.2) |  | (11.2) |
|  Share-based compensation |  | 1.3 |  |  | 1.3 |  | 1.3 |
|  Cash dividends |  |  |  |  |  | (3.0) | (3.0) |
|  **Balance as of March 31, 2025** | **100** | $**1972.1** | $**(1758.8)** | $**(48.9)** | $**164.4** | $**237.8** | $**402.2** |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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##### [**Table of Contents**](#toc)
**Notes to Condensed Consolidated Financial Statements (Unaudited) of Intermediate Dutch Holdings B.V.** 

(in millions, unless otherwise noted)

**1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***Organization***

NIQ was created when funds managed by Advent International, L.P. (formerly known as Advent International Corporation) ("Advent") acquired certain subsidiaries of Nielsen Holdings plc ("Nielsen") on March 5, 2021 ("the Advent Acquisition").

Intermediate Dutch Holdings B.V., a private company with limited liability organized under the laws of the Netherlands ("Dutch Holdings"), formed two subsidiaries: Indy US Holdco, LLC ("US Holdco") and Indy Dutch Bidco B.V. ("Dutch Bidco"). Through its subsidiaries, Dutch Holdings acquired Nielsen Consumer Inc., TNC Europe B.V. and The Nielsen Company (Europe) S.àr.l (the "NIQ subsidiaries") from Nielsen. As a result of the Advent Acquisition, Dutch Holdings beneficially owns the NIQ subsidiaries that, with Dutch Holdings, are referred to in these Notes as "NIQ" or "the Company". Dutch Holdings is a wholly owned subsidiary of AI PAVE Dutchco III B.V. ("Parent").

NIQ is a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers. NIQ manages a comprehensive and integrated ecosystem – The NIQ Ecosystem – which combines proprietary data, best-in-class technology, human intelligence, and highly sophisticated software applications and analytics solutions. NIQ's unified, AI-powered technology platform aggregates, harmonizes and enriches vast amounts of global consumer shopping data from a myriad of diverse sources, generates rich, proprietary reference data and metadata, and provides a global, omnichannel view of consumer shopping behavior – *The Full View*.

***Basis of Presentation***

The unaudited condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Intercompany transactions and balances have been eliminated. Noncontrolling interests are recorded for entities that are consolidated, but for which NIQ owns less than 100% of the equity interests.

On July 10, 2023, the Company completed a transaction to combine with GfK SE ("GfK"), a European company (societas Europaea) organized under German law ("the GfK Combination"). Prior to the GfK Combination, GfK entered into an agreement to sell its Consumer Panel business on July 6, 2023. On January 9, 2024, the Company completed the sale. The operating results of the GfK Consumer Panel business were presented as "Discontinued Operations" in the Consolidated Financial Statements and the assets and liabilities of the GfK Consumer Panel business were classified as "Held for Sale" prior to the sale. See Note 2. "Discontinued Operations and Disposals" for further information.

The Company entered into an agreement to sell its ownership interest in Netquest, a panel provider acquired through the GfK Combination, on December 17, 2024. The assets and liabilities of the Netquest business were classified as "Held for Sale" at December 31, 2024. On February 3, 2025, the Company completed the sale. See Note 2. "Discontinued Operations and Disposals" for further information.

In the second and third quarters of 2024, the Company determined that it can no longer exercise control over its subsidiaries in Russia and deconsolidated the operations of these entities. The results of operations for the Russian subsidiaries are included in the Consolidated Financial Statements for the three months ended March 31, 2024.

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The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to fairly present the Company's financial position, results of operations, and cash flows for the periods presented. The results for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year or any other future annual or interim period.

The unaudited condensed consolidated financial information should be read in conjunction with the audited consolidated annual financial statements and notes thereto for the fiscal year ended December 31, 2024. Capitalized terms not defined herein shall have the meaning set forth in the audited consolidated annual financial statements and notes thereto.

There have been no changes to the significant accounting policies described in the Company's audited consolidated annual financial statements and notes thereto for the fiscal year ended December 31, 2024.

***Recently Adopted and Recently Issued Accounting Pronouncements***

*Recently Adopted Accounting Pronouncements* 

In November 2023, the Financial Accounting Standards Board ("the FASB") issued Accounting Standards Update ("ASU") 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which expands segment disclosure requirements for public entities. This ASU updates the requirements for segment reporting to include, among other things, disclosing significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker and included in the measure of segment profit and extending nearly all annual segment reporting requirements to quarterly reporting requirements. The standard is effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this ASU for the year ended December 31, 2024. See Note 12. "Reportable Segments" for more information on reportable segments.

*Recently Issued Accounting Pronouncements Not Yet Adopted* 

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvement to Income Tax Disclosures*, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. The standard is effective for the Company's financial statements issued for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures.

In November 2024, the FASB issued ASU 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*, which requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on its related disclosures.

Other recently issued accounting pronouncements are either not applicable or are not expected to have a material impact on the Company.

**2. DISCONTINUED OPERATIONS AND DISPOSALS** 

***Sale of GfK Consumer Panel Business***

On January 9, 2024 (the "Transaction Date"), the Company completed the sale of GfK's Consumer Panel business for cash consideration of €316.6 million (equivalent to approximately $350.0 million USD), subject to

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final closing adjustments. The Company received proceeds, net of cash disposed, of €278.4 million (equivalent to approximately $301.7 million USD) on the Transaction Date, which were primarily used to repay outstanding borrowings under the Revolver. The Company received an additional €10.0 million (equivalent to approximately $10.9 million USD) during the second quarter of 2024, an additional €3.0 million (equivalent to approximately $3.3 million USD) during the third quarter of 2024, and an additional €10.5 million (equivalent to approximately $10.9 million USD) during the first quarter of 2025, as a result of certain closing adjustments. The Company recognized a gain from the sale of $12.4 million during the year ended December 31, 2024, of which $9.4 million was recognized during the three months ended March 31, 2024. The gain from the sale is recorded within discontinued operations.

***Sale of Netquest***

On December 17, 2024, the Company entered into an agreement to sell its ownership interest in Netquest, a panel provider acquired through the GfK Combination. On February 3, 2025, the Company completed the sale for cash consideration of €58.1 million (equivalent to approximately $60.3 million USD), subject to final closing adjustments. The Company recognized a gain from the sale of $5.6 million after related transaction costs during the three months ended March 31, 2025, which is recorded within selling, general and administrative expenses.

Beginning with the December 17, 2024 agreement date, the Netquest business was classified as held for sale. The sale of Netquest did not represent a strategic shift that had a major effect on the Company's operations and financial results, and therefore did not meet the criteria to be classified as discontinued operations. The Netquest business was reported within the EMEA reportable segment prior to the sale.

The assets and liabilities classified as held for sale were as follows:

---

| | |
|:---|:---|
| **(in millions)** | **December 31, 2024** |
|  Cash and cash equivalents | $1.9 |
|  Trade receivables, net | 7.9 |
|  Other current assets | 1.9 |
|  Intangible assets, net | 22.2 |
|  Goodwill | 21.1 |
|  Other noncurrent assets | 7.8 |
|  Current assets held for sale | $62.8 |
|  Accounts payable | $2.8 |
|  Accrued expenses | 8.2 |
|  Other current liabilities | 1.2 |
|  Other noncurrent liabilities | 5.1 |
|  Current liabilities held for sale | $17.3 |

---

**3. REVENUE** 

NIQ provides data and analytical services through its Intelligence and Activation offerings to customers globally in various end markets within its reportable segments, which consist of Americas, EMEA and APAC. NIQ's revenue streams are characterized by multi-year contracts, high contract renewal rates and client diversity. No single client accounted for more than 5% of NIQ's revenues.

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The following table disaggregates revenue by reportable segment:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)** | **2025** | **2024** |
|  Americas | $378.3 | $364.3 |
|  EMEA | 418.9 | 430.1 |
|  APAC | 168.7 | 167.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | $965.9 | $961.9 |

---

The following table disaggregates revenue by major product offerings and by timing of revenue recognition:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)** | **2025** | **2024** |
|  **Major product offerings** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intelligence | $797.4 | $793.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Activation | 168.5 | 168.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | $965.9 | $961.9 |
|  **Timing of revenue recognition** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data and services transferred over time | $807.3 | $797.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data and services transferred at a point in time | 158.6 | 164.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | $965.9 | $961.9 |

---

Revenues in the United States represented approximately 25% and 24% of total revenues for the three months ended March 31, 2025 and 2024, respectively. No other individual country's revenues were greater than 10% of total revenues during these periods. Revenues in the Netherlands, the Company's country of domicile, represented approximately 1% of total revenues for the three months ended March 31, 2025 and 2024.

At the inception of a contract, NIQ generally expects the period between when it transfers its data and services to its customers and when the customer pays for such services will be one year or less.

Contract assets represent NIQ's rights to consideration in exchange for services transferred to a customer that have not been billed as of the reporting date. While the Company's rights to consideration are generally unconditional at the time its performance obligations are satisfied, under certain circumstances the related billing occurs in arrears. At March 31, 2025 and December 31, 2024, $175.8 million and $122.8 million, respectively, of contract assets were recorded as a component of trade receivables, net in the Consolidated Balance Sheets.

Deferred revenues relate to advance consideration received or the right to consideration that is unconditional from customers for which revenue is recognized when the performance obligation is satisfied and control transferred to the customer. At December 31, 2024, $273.4 million of deferred revenues were recorded in the Consolidated Balance Sheet, of which substantially all was recognized as revenue during the three months ended March 31, 2025. At March 31, 2025, the balance of deferred revenues was $343.9 million.

Remaining performance obligations include both amounts recorded as deferred revenue on the balance sheet as of March 31, 2025 as well as amounts not yet invoiced to customers as of March 31, 2025, largely reflecting future revenue related to signed multi-year arrangements. As of March 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.8 billion. The Company expects to recognize into revenue approximately 45% of this balance within one year, approximately 33% of this balance between one to two years and the remaining amount thereafter.

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**4. GOODWILL** 

The table below summarizes the changes in the carrying amount of goodwill by reportable segment during the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Americas** | **EMEA** | **APAC** | **Total** |
|  **Balance at December 31, 2024** | $599.0 | $1096.9 | $513.6 | $2209.5 |
|  Foreign currency exchange rate changes | 5.2 | 46.6 | 5.7 | 57.5 |
|  **Balance at March 31, 2025** | $604.2 | $1143.5 | $519.3 | $2267.0 |

---

**5. SUPPLEMENTAL BALANCE SHEET INFORMATION** 

NIQ estimates credit losses over the life of its trade accounts receivable using a combination of historical loss data, current credit conditions, specific customer circumstances and reasonable and supportable forecasts of future economic conditions. As of March 31, 2025 and December 31, 2024, the allowance for expected credit losses was $11.5 million and $12.1 million, respectively. The total amount recorded as selling, general and administrative expenses for credit losses was $1.1 million and $0.9 million for the three months ended March 31, 2025 and 2024, respectively.

Prepaid expenses and other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31, 2025** | **December 31, 2024** |
|  Prepaid expenses | $189.9 | $107.7 |
|  Derivative assets (Note 7) | 5.8 | 11.1 |
|  Debt issuance costs | 2.8 | 2.8 |
|  Other | 11.7 | 14.7 |
|  | $210.2 | $136.3 |

---

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction of the proceeds from the offering. Should the planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the Consolidated Statements of Operations. As of March 31, 2025, deferred offering costs of $6.3 million were recorded to prepaid expenses and other current assets in the Consolidated Balance Sheet. Deferred offering costs were insignificant as of December 31, 2024.

Other noncurrent assets consisted of the following:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31, 2025** | **December 31, 2024** |
|  Equity method investments | $61.7 | $58.1 |
|  Cost method investments | 45.0 | 44.8 |
|  Defined benefit plan assets | 44.9 | 44.1 |
|  Prepaid expenses | 11.4 | 12.6 |
|  Debt issuance costs | 5.8 | 6.3 |
|  Other | 106.2 | 105.8 |
|  | $275.0 | $271.7 |

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Accrued expenses consisted of the following:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31, 2025** | **December 31, 2024** |
|  Payroll and benefit costs | $194.7 | $288.7 |
|  Data and professional services | 180.0 | 161.9 |
|  Restructuring liabilities (Note 10) | 62.9 | 74.4 |
|  Accrued income taxes | 47.5 | 37.2 |
|  Other | 52.3 | 43.1 |
|  | $537.4 | $605.3 |

---

Other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31, 2025** | **December 31, 2024** |
|  Operating lease liabilities | $55.9 | $52.9 |
|  Derivative liabilities (Note 7) | 25.7 | 6.6 |
|  Other | 80.5 | 72.0 |
|  | $162.1 | $131.5 |

---

Other noncurrent liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31, 2025** | **December 31, 2024** |
|  Defined benefit plan liabilities (Note 11) | $96.1 | $93.9 |
|  Derivative liabilities (Note 7) | 17.0 | 14.1 |
|  Restructuring liabilities (Note 10) | 2.5 | 4.3 |
|  Other | 136.5 | 139.5 |
|  | $252.1 | $251.8 |

---

**6. DEBT** 

***Term Loans and Revolver***

The Company, through its subsidiaries, has a credit agreement ("the Credit Agreement"), comprised of term loans and a revolving facility (the "Revolver"). In connection with the Credit Agreement, the Company is party to the Dutch Security Agreement and has pledged bank receivables and intercompany receivables (each as defined in the Dutch Security Agreement). Prior to January 2025, the term loans are comprised of 2023 tranches ("2023 USD Term Loan", "2023 EUR Term Loan" and "2023 Liquidity Term Loan", collectively "2023 Tranches") issued to fund working capital and the GfK Combination and 2021 tranches ("2021 USD Term Loan" and "2021 EUR Term Loan", collectively "2021 Tranches") issued in connection with the Advent Acquisition (collectively, "2023 and 2021 Term Loans").

***2025 Debt Refinancing***

On January 24, 2025, the Credit Agreement was amended to consolidate the 2023 Tranches and the 2021 Tranches into a single USD Term Loan ("USD Term Loan") and a single EUR Term Loan ("EUR Term Loan") (the "2025 Debt Refinancing"). The transaction resulted in a $10.3 million loss related to the write-off of unamortized debt discount and issuance costs, along with the expense of $0.3 million in third-party legal fees. The Company recorded the loss in nonoperating (expense) income, net. The 2021 CAD Term Loan and Revolver remain unchanged as a result of refinancing. The term loans mature on March 5, 2028 and require quarterly principal payments equal to 0.25% of the original principal. The respective terms of each debt arrangement are further described below.

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The following table sets forth the Company's outstanding indebtedness following the 2025 Debt Refinancing:

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| | |
|:---|:---|
| **(in millions)** | **March 31, 2025** |
|  USD Term Loan, less unamortized discount of $82.2 | $2187.8 |
|  EUR Term Loan, less unamortized discount of $36.1 | 1467.5 |
|  2021 CAD Term Loan, less unamortized discount of $0.2 | 85.2 |
|  Revolver | 513.9 |
|  Other debt | 42.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | 4296.5 |
|  Finance leases | 37.9 |
|  Other financing obligations | 51.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt, finance leases and other financing obligations | 4385.9 |
|  Less: Unamortized debt issuance costs | (49.5) |
|  Less: Short-term debt and current portion of long-term debt | (120.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total long-term debt | $4215.5 |

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*USD Term Loan* 

On January 24, 2025, the Credit Agreement was amended to consolidate the outstanding 2021 USD Term Loan, 2023 USD Term Loan and 2023 Liquidity Term Loan into the USD Term Loan. At the time of the amendment the loans had an aggregate principal balance of $2,263.4 million. Immediately following the 2025 Debt Refinancing, the USD Term Loan had a principal balance of $2,270.0 million. The Credit Agreement was also amended to reduce the interest rate spread on the USD Term Loan to 350 basis points.

At March 31, 2025, the interest rate for the USD Term Loan was approximately 7.8%.

*EUR Term Loan* 

On January 24, 2025, the Credit Agreement was amended to consolidate the outstanding 2021 EUR Term Loan and 2023 EUR Term Loan into the EUR Term Loan. At the time of the amendment the loans had an aggregate principal balance of €1,388.5 million (equivalent to approximately $1,459.3 million USD). Immediately following the 2025 Debt Refinancing, the USD Term Loan had a principal balance of €1,390.0 million (equivalent to approximately $1,460.9 million USD). The Credit Agreement was also amended to reduce the interest rate spread on the EUR Term Loan to 350 basis points.

At March 31, 2025, the interest rate for the EUR Term Loan was approximately 6.1%.

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***2023 and 2021 Term Loans***

The respective terms of each debt arrangement are further described below. The following table sets forth the Company's outstanding indebtedness as of December 31, 2024:

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| | |
|:---|:---|
| **(in millions)** | **December 31, 2024** |
|  2023 USD Term Loan, less unamortized discount of $66.3 | $921.4 |
|  2023 EUR Term Loan, less unamortized discount of $36.7 | 607.3 |
|  2023 Liquidity Term Loan, less unamortized discount of $27.3 | 441.8 |
|  2021 USD Term Loan, less unamortized discount of $2.1 | 804.4 |
|  2021 EUR Term Loan, less unamortized discount of $1.3 | 792.4 |
|  2021 CAD Term Loan, less unamortized discount of $0.2 | 85.5 |
|  Revolver | 364.0 |
|  Other debt | 31.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | 4048.5 |
|  Finance leases | 38.7 |
|  Other financing obligations | 47.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt, finance leases and other financing obligations | 4134.6 |
|  Less: Unamortized debt issuance costs | (53.8) |
|  Less: Short-term debt and current portion of long-term debt | (121.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total long-term debt | $3959.8 |

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*2023 USD Term Loan* 

On July 10, 2023, the Credit Agreement was amended to issue a U.S. Dollar term loan ("2023 USD Term Loan") in the aggregate principal amount of $980.0 million. The 2023 USD Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $107.8 million. At commencement, the 2023 USD Term Loan was subject to interest at term Secured Overnight Financing Rate ("SOFR") plus a spread of 625 basis points.

On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 USD Term Loan from 625 basis points to 475 basis points. On July 18, 2024, the Credit Agreement was further amended to issue additional debt of $20.0 million within the 2023 USD Term Loan.

At December 31, 2024, the interest rate for the 2023 USD Term Loan was approximately 9.3%.

*2023 EUR Term Loan* 

On July 10, 2023, the Credit Agreement was amended to issue a Euro term loan ("2023 EUR Term Loan") in the aggregate principal amount of €500.0 million (equivalent to approximately $550.0 million USD). The 2023 EUR Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of €55.0 million (equivalent to approximately $60.5 million USD). At commencement, the 2023 EUR Term Loan was subject to interest at Euro LIBOR plus a spread of 650 basis points.

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On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 EUR Term Loan from 650 basis points to 475 basis points. On July 18, 2024, the Credit Agreement was further amended to issue additional debt of €123.5 million (equivalent to approximately $135.0 million USD) within the 2023 EUR Term Loan.

At December 31, 2024, the interest rate for the 2023 EUR Term Loan was approximately 7.8%.

*2023 Liquidity Term Loan* 

On February 28, 2023, the Credit Agreement was amended to issue a U.S. Dollar term loan ("2023 Liquidity Term Loan") in the aggregate principal amount of $475.0 million. The 2023 Liquidity Term Loan was issued at a price of 89.0% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $52.3 million. At commencement, the 2023 Liquidity Term Loan was subject to interest at term SOFR plus a spread of 625 basis points.

On July 11, 2024, the Credit Agreement was amended to reduce the interest rate spread on the 2023 Liquidity Term Loan from 625 basis points to 475 basis points.

At December 31, 2024, the interest rate for the 2023 Liquidity Term Loan was approximately 9.3%.

*2021 USD Term Loan* 

On March 5, 2021, a U.S. Dollar tranche ("2021 USD Term Loan") was issued in the aggregate principal amount of $950.0 million. The 2021 USD Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of $4.8 million. From the commencement date through November 29, 2021, the 2021 USD Term Loan was subject to interest at LIBOR plus a spread of 375 to 400 basis points dependent on certain ratio levels.

On November 30, 2021, the Credit Agreement was amended to issue additional debt within the 2021 EUR Term Loan which is further described below. The Company used the proceeds to pay down the 2021 USD Term Loan by approximately $111.6 million. The amended Credit Agreement also reduced the interest rate spread to a range of 350 to 375 basis points dependent on certain ratio levels. On July 10, 2023, the Credit Agreement was amended to replace LIBOR with term SOFR.

At December 31, 2024, the interest rate for the 2021 USD Term Loan was approximately 8.4%.

*2021 EUR Term Loan* 

On March 5, 2021, a Euro tranche ("2021 EUR Term Loan") was issued in the aggregate principal amount of €545.0 million (equivalent to approximately $650.0 million USD). The 2021 EUR Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of €2.7 million (equivalent to approximately $3.3 million USD). From the commencement date through November 29, 2021, the 2021 EUR Term Loan was subject to interest at Euro LIBOR plus a spread of 350 to 400 basis points dependent on certain ratio levels.

On November 30, 2021, the Credit Agreement was amended to issue additional debt within the 2021 EUR Term Loan of €250.0 million (equivalent to approximately $283.5 million USD). The Company used the proceeds to pay down the 2021 USD Term Loan as described above and to finance other acquisitions. The amended Credit Agreement also reduced the interest rate spread for the 2021 EUR Term Loan to a range of 325 to 375 basis points dependent on certain ratio levels.

At December 31, 2024, the interest rate for the 2021 EUR Term Loan was approximately 6.8%.

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*2021 CAD Term Loan* 

On March 5, 2021, a Canadian dollar tranche ("2021 CAD Term Loan") was issued in the aggregate principal amount of C$128.0 million (equivalent to approximately $100.0 million USD). The 2021 CAD Term Loan was issued at a price of 99.5% of the aggregate principal amount, which resulted in a discount related to underwriting fees of C$0.6 million (equivalent to approximately $0.5 million USD). From the commencement date through November 29, 2021, the 2021 CAD Term Loan was subject to interest at Canadian Dollar Offered Rate ("CDOR") plus a spread of 450 to 475 basis points dependent on certain ratio levels.

On November 30, 2021, the Credit Agreement was amended to reduce the interest rate spread to a range of 400 to 425 basis points dependent on certain ratio levels. On June 28, 2024, the Credit Agreement was amended to replace CDOR with term Canadian Overnight Repo Rate Average ("CORRA").

At March 31, 2025 and December 31, 2024, the interest rate for the 2021 CAD Term Loan was approximately 7.2% and 7.9%, respectively.

*Revolver* 

On March 5, 2021, the Company entered into a revolving facility. The maximum borrowing capacity was $350.0 million at the commencement of the facility, with the capacity being increased through subsequent amendments to the Credit Agreement. At the commencement of the Credit Agreement, the Revolver had a maturity date of March 5, 2026. On June 28, 2024, the Credit Agreement was amended to extend the maturity date of the Revolver to March 5, 2028. At March 31, 2025 and December 31, 2024, the maximum borrowing capacity under the Revolver was $638.3 million with an available borrowing capacity of $124.4 million and $274.3 million, respectively, due to outstanding proceeds as of the dates reported.

The commitment fee is 25 to 50 basis points dependent on certain ratio levels. Borrowings are subject to an interest rate spread of 325 to 375 basis points dependent on certain ratio levels. On August 31, 2022, the Credit Agreement was amended to replace LIBOR with term SOFR for borrowings denominated in U.S. dollars.

At March 31, 2025 and December 31, 2024, the weighted-average interest rate for borrowings under the Revolver was approximately 7.8% and 8.1%, respectively.

*Covenant Compliance* 

The Credit Agreement contains various restrictive covenants that, among other things, impose limitations on: (i) the incurrence of additional indebtedness; (ii) creation of liens; (iii) dividend payments or certain other restricted payments or investments and (iv) mergers, consolidations or sales. The Credit Agreement also requires the Company to maintain a certain ratio of Consolidated First Lien Debt to Consolidated Adjusted EBITDA (as defined in the Credit Agreement) if outstanding indebtedness exceeds a certain level. In addition, the Credit Agreement requires mandatory prepayments of the term loans if the Company's excess cash flow (as defined in the Credit Agreement) exceeds a certain level.

The Company was in compliance with all relevant covenants contained in the Credit Agreement as of March 31, 2025.

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*Maturity Profile* 

The following table sets forth the aggregate principal repayment requirements for total debt:

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| | |
|:---|:---|
| **(in millions)** | |
| 2025 | $45.8 |
| 2026 | 37.6 |
| 2027 | 23.6 |
| 2028 | 4308.0 |
| 2029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total payments on debt | 4415.0 |
|  Unamortized debt discounts | (118.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt | $4296.5 |

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***Debt Issuance Costs***

The Company capitalizes costs associated with the issuance of debt, and such costs are amortized over the term of the respective debt instrument. During the three months ended March 31, 2025, the Company incurred $2.5 million in costs associated with executing amendments related to the term loans. The Company did not incur such costs for the three months ended March 31, 2024.

As of March 31, 2025 and December 31, 2024, unamortized debt issuance costs associated with the Company's term loans totaled $49.5 million and $53.8 million, respectively, and were presented as a reduction of debt in the Consolidated Balance Sheets. Unamortized debt issuance costs associated with the Revolver are presented as other assets in the Consolidated Balance Sheets and totaled $8.6 million and $9.1 million as of March 31, 2025 and December 31, 2024, respectively.

***Other Financing Obligations***

The Company has a program in which accounts receivable are sold to third parties. The available capacity under the program is €270.0 million (equivalent to approximately $292.1 million USD as of March 31, 2025), with the underlying transactions accounted for as true sales, without recourse. As of March 31, 2025 and December 31, 2024, $166.2 million and $146.6 million, respectively, of previously sold receivables remained outstanding. The Company recorded costs associated with the factoring program in nonoperating (expense) income, net, primarily representing administrative and financing costs which totaled $2.8 million and $3.8 million for the three months ended March 31, 2025 and 2024, respectively. The proceeds from the sales are reported as operating activities in the Consolidated Statements of Cash Flows and totaled $340.1 million and $339.7 million for the three months ended March 31, 2025 and 2024, respectively.

**7. FAIR VALUE OF FINANCIAL INSTRUMENTS** 

The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable, accounts payable, outstanding indebtedness, derivative instruments and benefit plan assets. The fair value of the Company's benefit plan assets is disclosed in Note 15. "Pension and Other Post-Retirement Benefits" to the Company's audited consolidated financial statements. Except for outstanding indebtedness, the carrying value of the Company's remaining financial instruments approximates fair value due to the short-term nature of the instruments.

The Company has investments in equity securities that are considered strategically and operationally important to its business. These investments are accounted for under the equity method where the Company has the ability to significantly influence the operations of the entity. At March 31, 2025 and December 31, 2024, equity method investments were $61.7 million and $58.1 million, respectively, and are included in other noncurrent assets in the Consolidated Balance Sheets. At March 31, 2025 and December 31, 2024, there were

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trade receivables of $11.9 million and $11.8 million, respectively, and trade payables of $2.5 million and $4.5 million, respectively, related to transactions with equity method investments.

Equity securities without a readily determinable fair value are recorded at cost less any impairment. At March 31, 2025 and December 31, 2024, the Company held $45.0 million and $44.8 million, respectively, of investments in equity securities without a readily determinable fair value. These amounts represent investments in entities where the Company does not have the ability to significantly influence the operations of the entity and are presented as other noncurrent assets in the Consolidated Balance Sheets.

The Company assessed the investments for indicators of impairment and concluded no such indicators exist.

The fair value of Company's debt instruments is measured using observable market information which would be considered Level 2 in the fair value hierarchy. The following table sets forth the carrying value and fair value amounts of the Company's term loans:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| **(in millions)** | **Carrying<br>Value** | **Fair**<br>**Value** | **Carrying<br>Value** | **Fair**<br>**Value** |
|  Term Loans<sup>(1)(2)</sup> | $3859.0 | $3565.4 | $3786.7 | $3798.6 |

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<sup>(1)</sup> The carrying value of the term loans is presented on a gross basis and excludes unamortized debt discounts.

<sup>(2)</sup> The reported carrying values of other debt instruments approximate their fair values.

The Company is exposed to cash flow interest rate risk on floating-rate debt under its Credit Agreement and periodically uses interest rate swaps, interest rate caps and interest rate collars to hedge this exposure. The Company is also exposed to fluctuations in foreign currency under its Credit Agreement as certain debt obligations are denominated in a currency other than an entity's functional currency. The Company uses cross-currency swaps as a hedge of both the foreign currency and interest rate exposures. The interest rate derivative instruments and cross-currency swaps have expiration dates through February 2026 and February 2028, respectively, and are designated as hedges for accounting purposes.

The Company also uses cross-currency swaps to hedge foreign currency risk of its net investments in certain foreign subsidiaries. These cross-currency swaps have expiration dates through February 2026 and are designated as net investment hedges for accounting purposes.

For derivatives designated as hedges for accounting purposes, the Company reports the after-tax gain or loss from the effective portion of the hedge as a component of accumulated other comprehensive (loss) income and reclassifies it into earnings in the same period or periods in which the hedged transaction affects earnings and within the same income statement line item as the impact of the hedged transaction.

The Company uses foreign exchange forward contracts to minimize the effect of fluctuating foreign-currency denominated accounts on its earnings, which are not designated as hedges for accounting purposes. As such, gains and losses from changes in fair value are recorded directly to earnings. For the three months ended March 31, 2024, the Company recognized a gain of $8.8 million in foreign currency exchange (loss) gain, net on the Company's foreign exchange contracts. In December 2024, the Company settled its outstanding foreign exchange contracts prior to the expiration of their contractual maturities. Accordingly, no gain or loss on these contracts was recognized in foreign currency exchange (loss) gain, net for the three months ended March 31, 2025.

The Company regularly monitors the creditworthiness of its counterparties to ensure no issues exist that could affect the value of its derivatives. Since the counterparties to derivative instruments have investment-grade credit ratings, the Company considers the counterparty risk to be remote.

In November 2023, the Company settled outstanding interest rate derivative contracts prior to the expiration of their contractual maturities through March 2025. As these settled interest rate derivative contracts were

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designated as hedges, the associated gains are a component of accumulated other comprehensive income and will be reclassified into earnings as the original hedged transaction affects earnings. The Company reclassified gains of $9.2 million and $8.5 million into earnings for the three months ended March 31, 2025 and 2024, respectively. No additional gains will be reclassified into earnings in 2025.

The following table sets forth the fair value amounts of derivatives presented in the Consolidated Balance Sheets:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| **(in millions)** | **Derivative<br>Assets** | **Derivative<br>Liabilities** | **Derivative<br>Assets** | **Derivative<br>Liabilities** |
|  **Derivatives designated as cash flow hedges** |  |  |  |  |
|  Interest rate contracts | $— | $8.4 | $0.3 | $9.3 |
|  Cross-currency swaps | 1.9 | 34.3 | 7.1 | 5.5 |
|  | $1.9 | $42.7 | $7.4 | $14.8 |
|  **Derivatives designated as net investment hedges** |  |  |  |  |
|  Cross-currency swaps | 4.0 |  | 3.8 | 5.9 |
|  **Total derivatives** | $5.9 | $42.7 | $11.2 | $20.7 |
|  **As reported in the Consolidated Balance Sheets** |  |  |  |  |
|  Prepaid expenses and other current assets | $5.8 | $— | $11.1 | $— |
|  Other noncurrent assets | 0.1 |  | 0.1 |  |
|  Other current liabilities |  | 25.7 |  | 6.6 |
|  Other noncurrent liabilities |  | 17.0 |  | 14.1 |
|  | $5.9 | $42.7 | $11.2 | $20.7 |

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The fair value of derivative instruments is measured using observable market information. These inputs would be considered Level 2 in the fair value hierarchy. While all of the Company's derivative instruments are subject to master netting arrangements with its counterparties, assets and liabilities related to these contracts are presented on a gross basis within the Consolidated Balance Sheets.

The following table presents gains (losses) on the Company's interest rate contracts and cross-currency swaps:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Beginning<br>Accumulated<br>Other<br>Comprehensive<br>Gain (Loss)** | **Amount of<br>gains (losses)<br>recognized, net<br>of tax** | **Amount of<br>gains (losses)<br>reclassified<br>into income,<br>net of tax** | **Ending<br>Accumulated<br>Other<br>Comprehensive<br>Gain (Loss)** |
|  **Three Months Ended March 31, 2025:** |  |  |  |  |
|  Designated as cash flow hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $0.8 | $0.2 | $8.5 | $(7.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps | (3.9) | (31.1) | (30.5) | (4.5) |
|  Designated as net investment hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps | $(1.9) | $6.0 | $— | $4.1 |
|  **Three Months Ended March 31, 2024:** |  |  |  |  |
|  Designated as cash flow hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $26.7 | $15.6 | $10.6 | $31.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps | (2.3) | 9.6 | 6.2 | 1.1 |
|  Designated as net investment hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross-currency swaps | $— | $7.4 | $— | $7.4 |

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**8. EARNINGS PER SHARE** 

Basic loss per share is computed by dividing loss attributable to common stockholders by the weighted-average number of common shares outstanding during the periods. Diluted loss per share is computed by giving effect to all potential weighted-average dilutive common stock. The Company did not have any potentially dilutive common shares for the three months ended March 31, 2025 and 2024.

The following table sets forth the computation of basic and diluted loss per share for the periods presented:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions, except share data)** | **2025** | **2024** |
|  Loss from continuing operations | $(71.8) | $(182.2) |
|  Less: Net income attributable to noncontrolling interests | 1.9 | 1.2 |
|  Loss from continuing operations attributable to NIQ | (73.7) | (183.4) |
|  Income from discontinued operations |  | 9.5 |
|  Net loss attributable to NIQ | $(73.7) | $(173.9) |
|  Weighted average basic and diluted NIQ common stock outstanding | 100 | 100 |
|  **Basic and diluted loss per share from:** |  |  |
|  Loss from continuing operations attributable to NIQ | $(0.74) | $(1.83) |
|  Income from discontinued operations |  | 0.09 |
|  Net loss attributable to NIQ | $(0.74) | $(1.74) |

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**9. INCOME TAXES** 

For the three months ended March 31, 2025 and 2024, the effective tax rate was (48)% and (21)%, respectively. The change in NIQ's effective tax rate for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily driven by reduction in the pre-tax book loss and changes in jurisdictional earning.

**10. RESTRUCTURING ACTIVITIES** 

The following table summarizes activity related to liabilities associated with restructuring activities:

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| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Cost Efficiency<br>Program<sup>(1)</sup>** | **GfK<br>Integration<sup>(2)</sup>** | **Total** |
|  **Balance as of December 31, 2024** | $14.1 | $64.6 | $78.7 |
|  Charges | 1.1 | 3.5 | 4.6 |
|  Other adjustments | 0.8 |  | 0.8 |
|  Payments | (9.2) | (9.5) | (18.7) |
|  **Balance as of March 31, 2025** | $6.8 | $58.6 | $65.4 |

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<sup>(1)</sup> As part of the Company's Transformation Program, the Cost Efficiency Program centers on insourced activity from, and restructured expenses with, third party providers, technology and operational process redesign, labor arbitrage and rationalization, and reduction in non-client-impacting expense. 

<sup>(2)</sup> GfK Integration reflects actions to drive permanent cost savings and operational efficiencies in connection with the GfK Combination.

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**11. PENSION AND OTHER POST-RETIREMENT BENEFITS** 

The following table presents the components of net periodic pension cost:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)** | **2025** | **2024** |
|  Service cost | $2.0 | $2.6 |
|  Interest cost | 5.2 | 4.7 |
|  Expected return on plan assets | (6.0) | (5.1) |
|  Amortization of net gain | (0.1) | (0.1) |
|  Net periodic pension cost | $1.1 | $2.1 |

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Service cost is reported as a component of selling, general and administrative expenses. The other components of net periodic pension cost totaling net benefits of $0.9 million and $0.5 million for the three months ended March 31, 2025 and 2024, respectively, were presented as a component of nonoperating (expense) income, net.

**12. REPORTABLE SEGMENTS** 

The Company operates through three reportable segments: (1) Americas, which includes North America and Latin America; (2) EMEA, which includes Europe, the Middle East and Africa and (3) APAC, which includes Asia and the western Pacific region. Each segment provides similar services through the Company's Intelligence and Activation offerings but to different geographic regions across the world.

The Company's chief operating decision maker ("CODM") is the chief executive officer of the Company. The CODM evaluates performance based on revenues and the profit measure of Adjusted EBITDA, on both a consolidated and a segment basis. The CODM uses Adjusted EBITDA as the profit measure because it eliminates the impact of certain items that are not considered indicative of the core operations of the Company's business, which is useful to compare operating results between periods. The Company's executive management team also uses Adjusted EBITDA as a compensation measure under the incentive compensation plans. Adjusted EBITDA is also a measure frequently used by securities analysts, investors, and other interested parties in their evaluation of the operating performance of companies similar to NIQ. The Company does not evaluate performance or allocate resources based on segment asset data, and therefore total segment assets are not presented.

The Company incurs corporate costs related to centralized support functions, including those related to technology, treasury, tax, legal and other centralized functions. Corporate expenses not directly identifiable with a reportable segment are reported below to reconcile the reportable segments to the consolidated financial statements.

The following table sets forth revenue, significant segment expenses regularly provided to the CODM and Adjusted EBITDA by reportable segment for the periods presented:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **(in millions)** | **Americas** | **EMEA** | **APAC** | **Americas** | **EMEA** | **APAC** |
|  **Revenues** | $378.3 | $418.9 | $168.7 | $364.3 | $430.1 | $167.5 |
|  Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data acquisition costs | 86.2 | 72.8 | 28.7 | 89.7 | 78.2 | 29.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other segment costs<sup>(1)</sup> | 181.3 | 226.1 | 102.9 | 192.5 | 242.5 | 98.2 |
|  **Segment Adjusted EBITDA** | $110.8 | $120.0 | $37.1 | $82.1 | $109.4 | $40.0 |

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<sup>(1)</sup> Other segment costs primarily include personnel-related costs, cloud costs, software and hardware maintenance costs and occupancy costs.

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The following table reconciles Adjusted EBITDA by segment to loss from continuing operations before income taxes, for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)** | **2025** | **2024** |
|  **Adjusted EBITDA by segment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americas | $110.8 | $82.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMEA | 120.0 | 109.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APAC | 37.1 | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total segment Adjusted EBITDA | 267.9 | 231.5 |
|  Adjustments to reconcile to loss from continuing operations before income taxes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate expenses not allocated to segments | (79.2) | (77.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | (148.5) | (150.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | (83.5) | (106.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transformation program costs<sup>(1)</sup> | (5.6) | (11.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GfK integration costs<sup>(2)</sup> | (14.7) | (16.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and transaction related costs<sup>(3)</sup> | (5.4) | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange (loss) gain, net | 32.0 | (13.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating items, net<sup>(4)</sup> | (16.6) | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense | (1.3) | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | (0.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to noncontrolling interests | 1.9 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating items, net<sup>(5)</sup> | 5.2 | (0.3) |
|  Loss from continuing operations before income taxes | $(48.5) | $(151.2) |

---

<sup>(1)</sup> Transformation program costs include employee separation costs as further discussed in Note 10. "Restructuring Activities", as well as additional costs associated with accelerated technology investment and consultancy and advisory fees incurred to evaluate and improve organizational efficiencies and operations. 

<sup>(2)</sup> GfK integration costs include employee separation costs as further discussed in Note 10. "Restructuring Activities", as well as additional costs for consulting fees and integration associated with the GfK Combination.

<sup>(3)</sup> Acquisitions and transaction related costs represent costs incurred in connection with planned and completed acquisitions, including due diligence, transaction, integration and legal related costs, partially offset by any gains resulting from the acquisitions. These costs also include preparation and readiness costs for capital market transactions. 

<sup>(4)</sup> Consists of adjustments related to: (i) net periodic pension costs other than service cost, (ii) factoring fees, (iii) Write-off of unamortized debt discount and debt issuance costs, and (iv) other nonoperating expense. See Note 13. "Nonoperating (expense) income, net for further information on these adjustments. 

<sup>(5)</sup> Consists primarily of adjustments related to gain/loss on sale of long-lived assets and gain/loss on settlement of asset retirement obligations.

The Company conducts business in the following countries that hold 10% or more of total tangible long-lived assets:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | **December 31, 2024** |
|  Germany | 27% | 26% |
|  United States | 21% | 23% |

---

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##### [**Table of Contents**](#toc)
Tangible long-lived assets in the Netherlands, the Company's country of domicile, represented less than 1% of total tangible long-lived assets as of March 31, 2025 and December 31, 2024.

**13. NONOPERATING (EXPENSE) INCOME, NET** 

The following table sets forth the components of nonoperating (expense) income, net:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)** | **2025** | **2024** |
|  Write-off of unamortized debt discount and debt issuance costs (Note 6) | $(10.3) | $— |
|  Factoring fees | (2.8) | (3.8) |
|  Net periodic pension benefit (cost), other than service cost | 0.9 | 0.5 |
|  Earnings from equity method investments | 1.1 | 1.4 |
|  Income from transition services agreement | 2.8 | 2.8 |
|  Settlement of tax indemnification | (4.1) |  |
|  Other | (0.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonoperating (expense) income, net | $(12.7) | $0.9 |

---

**14. COMMITMENTS AND CONTINGENCIES** 

The Company is subject to litigation and other claims in the ordinary course of business. As of March 31, 2025, the Company does not believe there is a reasonable possibility that any material loss exceeding the amounts already recognized for such legal matters has been incurred. However, the ultimate resolutions of these legal matters are inherently unpredictable. As such, the Company's financial condition and results of operations could be adversely affected in any particular period by the unfavorable resolution of one or more of these legal matters.

**15. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME** 

The following table sets forth the changes in each component of accumulated other comprehensive (loss) income, net of tax:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Foreign<br>Currency<br>Translation** | **Defined**<br>**Benefit Plans** | **Cash Flow<br>Hedges** | **Accumulated<br>Other<br>Comprehensive<br>(Loss) Income** |
|  **Balance as of December 31, 2023** | $81.2 | $(24.9) | $24.4 | $80.7 |
|  Foreign currency adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustments | (83.5) |  |  | (83.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment hedges | 7.4 |  |  | 7.4 |
|  Defined benefit plan adjustments, net of tax of $— |  | 0.5 |  | 0.5 |
|  Cash flow hedges, net of tax of $— |  |  | 8.4 | 8.4 |
|  **Balance as of March 31, 2024** | 5.1 | (24.4) | 32.8 | 13.5 |
|  **Balance as of December 31, 2024** | (16.0) | (18.6) | (3.1) | (37.7) |
|  Foreign currency adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustments | (8.3) |  |  | (8.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment hedges | 6.0 |  |  | 6.0 |
|  Defined benefit plan adjustments, net of tax of $— |  |  |  |  |
|  Cash flow hedges, net of tax of $— |  |  | (8.9) | (8.9) |
|  **Balance as of March 31, 2025** | $(18.3) | $(18.6) | $(12.0) | $(48.9) |

---

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##### [**Table of Contents**](#toc)
**16. SUBSEQUENT EVENTS** 

On April 7, 2025, the Company entered into a definitive agreement to acquire the assets of Gastrograph AI, a market leading discovery and inquiry platform for sensory insights, for cash consideration of $12.5 million. This asset acquisition provides the Company with a differentiated artificial intelligence-based analytical capability. The Company completed the transaction on April 21, 2025. The acquisition is not expected to be material to the Company's Consolidated Statements of Operations.

On July 11, 2025, the Credit Agreement was amended, subject to the closing of the initial public offering, to, among other things, (i) increase the aggregate principal amount of the revolving facility to $750.0 million, (ii) extend the maturity date with respect to the revolving facility to July 30, 2030; provided that if by a date no later than the Modified Maturity Date (as defined below), any term loans borrowed under the Credit Agreement with an aggregate principal amount in excess of $1.0 billion are outstanding and the maturity date applicable to such term loans is earlier than the date that is 90 days after July 30, 2030 (the "Trigger Maturity Date"), such maturity date shall be the date that is 91 days prior to the Trigger Maturity Date (the "Modified Maturity Date"), (iii) reduce the interest rate spread with respect to the revolving facility to a spread of 225 to 275 basis points dependent on certain ratio levels and (iv) reduce the commitment fee rate with respect to the revolving facility to 25 to 37.5 basis points dependent on certain ratio levels.

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##### [**Table of Contents**](#toc)
***50,000,000 Shares***

## NIQ Global Intelligence plc
***Ordinary Shares***

![LOGO](g893022g00m03.jpg)

**Prospectus** 

---

| | | |
|:---|:---|:---|
| **J.P. Morgan** | **BofA Securities** | **UBS Investment Bank** |

---

---

| | |
|:---|:---|
| **Barclays** | **RBC Capital Markets** |

---

---

| | | |
|:---|:---|:---|
| **Citigroup** | **Wells Fargo Securities** | **BNP PARIBAS** |

---

---

| | | |
|:---|:---|:---|
| **Deutsche Bank Securities** | **BMO Capital Markets** | **KKR** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Baird** | **Needham & Company** | **Stifel** | **William Blair** | **Capital One Securities** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fifth Third Securities** | **SMBC Nikko** | **Academy Securities** | **Loop Capital Markets** | **Roberts & Ryan** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2025** 

**Through and including , 2025 (25 days after the commencement of this offering), all dealers that effect transactions in our ordinary shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to their unsold allotments or subscriptions.** 

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##### [**Table of Contents**](#toc)
**Part II** 

**Information Not Required in Prospectus** 

**Item 13. Other Expenses of Issuance and Distribution** 

The following table sets forth the costs and expenses, other than the underwriting discounts and commissions, payable by the registrant in connection with the sale of ordinary shares being registered. All amounts are estimates except for the SEC registration fee, the FINRA filing fee and the stock exchange listing fee.

---

| | |
|:---|:---|
| **Item** | **Amount to be paid** |
|  SEC registration fee | $183720 |
|  FINRA filing fee | 180500 |
|  Stock exchange listing fee | 325000 |
|  Blue sky fees and expenses | 30000 |
|  Printing and engraving expenses | 850000 |
|  Legal fees and expenses | 9150000 |
|  Accounting fees and expenses | 1400000 |
|  Transfer Agent fees and expenses | 190000 |
|  Miscellaneous expenses | 8037248 |
|  **Total** | $20346468 |

---

**Item 14. Indemnification of Directors and Officers** 

To the fullest extent permitted by Irish law, our Articles of Association confer an indemnity on our directors and officers. However, this indemnity is limited by the Irish Companies Act, which prescribes that an advance commitment to indemnify only permits a company to pay the costs or discharge the liability of a director or company secretary where judgment is given in favor of the director or company secretary in any civil or criminal action in respect of such costs or liability, or where an Irish court grants relief because the director or company secretary acted honestly and reasonably and ought fairly to be excused. Any provision whereby an Irish company seeks to commit in advance to indemnify its directors or company secretary over and above the limitations imposed by the Irish Companies Act will be void under Irish law, whether contained in its Articles of Association or any contract between the company and the director or company secretary. This restriction does not apply to our executives who are not directors, the company secretary or other persons who would be considered "officers" within the meaning of that term under the Irish Companies Act.

Our Articles of Association also contain indemnification and expense advancement provisions for persons who are not directors or our company secretary.

We are permitted under our Articles of Association and the Irish Companies Act to take out directors' and officers' liability insurance, as well as other types of insurance, for our directors, officers, employees and agents. We have obtained and expect to continue to maintain insurance policies under which our directors and officers are insured, within the limits and subject to the limitations of those policies, against certain expenses in connection with the defense of, and certain liabilities that might be imposed as a result of, actions, suits or proceedings to which they are parties by reason of being or having been directors or officers. The coverage provided by these policies may apply whether or not we would have the power to indemnify such person against such liability under the provisions of Irish law.

Additionally, we and certain of our subsidiaries intend to enter into agreements to indemnify our directors to the maximum extent allowed under applicable law before the completion of the offering. These agreements, among other things, will provide that we will indemnify our directors for certain expenses (including attorneys' fees), judgments, fines and settlement amounts reasonably incurred by such person in any action or proceeding, including any action by or in our right, on account of any services undertaken by such person on our behalf or that person's status as our director.

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##### [**Table of Contents**](#toc)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling the registrant pursuant to the foregoing provisions, we have been informed 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 underwriting agreement, the underwriters will agree to indemnify, under certain conditions, us, members of our Board of Directors, members of management and persons who control us within the meaning of the Securities Act, against certain liabilities.

**Item 15. Recent Sales of Unregistered Securities** 

In the three years preceding the filing of this registration statement, AI PAVE Dutchco I B.V. issued the following securities that were not registered under the Securities Act. No underwriters were involved in any of the following transactions. The sales of securities described below were exempt from registration pursuant to Section 4(a)(2) of the Securities Act. Prior to the completion of this offering, these securities will, as part of the Reorganization, be exchanged for our ordinary shares.

**Class A share Issuances** 

In December 2022, AI PAVE Dutchco I B.V. issued an aggregate of 62,951 Class A shares at a price of $542.64 per share, for an aggregate purchase price of $34,159,730.64.

In July 2023, AI PAVE Dutchco I B.V. issued an aggregate of 1,673 Class A shares at a price of $543.00 per share, for an aggregate purchase price of $908,439.00

In July 2023, AI PAVE Dutchco I B.V. issued an aggregate of 676,533 Class A shares as equity consideration in the GfK Combination, in exchange for all issued and outstanding equity interests of GfK.

**Class B share Issuances** 

In November 2024, AI PAVE Dutchco I B.V. issued an aggregate of 12,081 Class B shares at a price of $0.01 per share, for an aggregate purchase price of $120.81.

**Class C share Issuances** 

AI PAVE Dutchco I B.V. issues Class C shares to a management aggregator, AI (Luxembourg) Management & Cy S.C.Sp, which, in turn, grants incentive units to the Company's executives and other employees.

In February 2022, AI PAVE Dutchco I B.V. issued an aggregate of 4,888 Class C shares at a price of $0.01 per share, for an aggregate purchase price of $48.88.

In March 2022, AI PAVE Dutchco I B.V. issued an aggregate of 13,818 Class C shares at a price of $0.01 per share, for an aggregate purchase price of $138.18.

In June 2022, AI PAVE Dutchco I B.V. issued an aggregate of 8,482 Class C shares at a price of $0.01 per share, for an aggregate purchase price of $84.82.

In May 2023, AI PAVE Dutchco I B.V. issued an aggregate of 20,589 Class C shares at a price of $0.01 per share, for an aggregate purchase price of $205.89.

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##### [**Table of Contents**](#toc)
In November 2023, AI PAVE Dutchco I B.V. issued an aggregate of 8,702 Class C shares at a price of $0.01 per share, for an aggregate purchase price of $87.02.

In February 2024, AI PAVE Dutchco I B.V. issued an aggregate of 6,477 Class C shares at a price of $0.01 per share, for an aggregate purchase price of $64.77.

In May 2024, AI PAVE Dutchco I B.V. issued an aggregate of 2,535 Class C share at a price of $0.01 per shares, for an aggregate purchase price of $25.35.

In August 2024, AI PAVE Dutchco I B.V. issued an aggregate of 3,534 Class C shares at a price of $0.01 per share, for an aggregate purchase price of $35.34.

In September 2024, AI PAVE Dutchco I B.V. issued an aggregate of 123 Class C shares at a price of $0.01 per share, for an aggregate purchase price of $1.23.

In November 2024, AI PAVE Dutchco I B.V. issued an aggregate of 564 Class C shares at a price of $0.01 per share, for an aggregate purchase price of $5.64.

**Class D share Issuances** 

AI PAVE Dutchco I B.V. issues Class D shares to a management aggregator, AI (Luxembourg) Management & Cy S.C.Sp, which, in turn, grants incentive units to the Company's executives and other employees.

In June 2023, AI PAVE Dutchco I B.V. issued an aggregate of 2,163 Class D shares.

In November 2024, AI PAVE Dutchco I B.V. issued an aggregate of 490 Class D shares.

The Class D shares were issued for an aggregate purchase price of $104,106.93

**Class E share Issuances** 

AI PAVE Dutchco I B.V. issues Class E shares to a management aggregator, AI (Luxembourg) Management & Cy S.C.Sp, which, in turn, grants incentive units to the Company's executives and other employees.

In June 2023, AI PAVE Dutchco I B.V. issued an aggregate of 1,496 Class E shares.

In October 2024, AI PAVE Dutchco I B.V. issued an aggregate of 4,793 Class E shares.

The Class E shares were issued for an aggregate purchase price of $2,479,680.62.

**Item 16. Exhibits and Financial Statement Schedules** 

**(a) Exhibits** 

See Exhibit Index following the signature page.

**(b) Financial statement schedules** 

Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes thereto.

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##### [**Table of Contents**](#toc)
**Item 17. Undertakings** 

The undersigned Registrant hereby undertakes:

(1) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

(2) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**Exhibit Index** 

---

| | |
|:---|:---|
| **Exhibit**<br> **number** | **Description of exhibit** |
| 1.1 | [Form of Underwriting Agreement](d893022dex11.htm) |
| 3.1 | [Memorandum and Articles of Association](d893022dex31.htm) |
| 4.1\* | [Form of Ordinary Shares Certificate](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex41.htm) |
| 4.2\* | [Registration Rights Agreement, dated March 5, 2021](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex42.htm) |
| 4.3\* | [Registration Rights Agreement, dated July 10, 2023](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex43.htm) |
| 4.4\* | [Form of Shareholders' Agreement](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex44.htm) |
| 4.5\* | [Warrant, dated March 5, 2021](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex45.htm) |
| 5.1 | [Opinion of Arthur Cox LLP](d893022dex51.htm) |
| 10.1\* | [Credit Agreement, dated March 5, 2021 by and among AI PAVE Dutchco III B.V., Intermediate Dutch Holdings B.V., Indy US Holdco, LLC, Nielsen Consumer Inc., Indy Dutch Bidco B.V., the revolving borrowers from time to time party thereto, JPMorgan Chase Bank NA., Kroll Agency Services (US) LLC, and the lenders and issuing banks from time to time party thereto](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex101.htm) |
| 10.2\* | [First Amendment to Credit Agreement, dated November 30, 2021](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex102.htm) |
| 10.3\* | [Second Amendment to Credit Agreement, dated December 3, 2021](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex103.htm) |
| 10.4\* | [Third Amendment to Credit Agreement, dated August 31, 2022](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex104.htm) |
| 10.5\* | [Fourth Amendment to Credit Agreement, dated January 31, 2023](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex105.htm) |
| 10.6\* | [Fifth Amendment to Credit Agreement, dated February 28, 2023](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex106.htm) |
| 10.7\* | [Sixth Amendment to Credit Agreement, dated June 7, 2023](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex107.htm) |

---

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

---

| | |
|:---|:---|
| **Exhibit**<br> **number** | **Description of exhibit** |
| 10.8\* | [Seventh Amendment to Credit Agreement, dated July 10, 2023](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex108.htm) |
| 10.9\* | [Eighth Amendment to Credit Agreement, dated June 28, 2024](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex109.htm) |
| 10.10\* | [Ninth Amendment to Credit Agreement, dated July 11, 2024](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex1010.htm) |
| 10.11\* | [Tenth Amendment to Credit Agreement, dated July 18, 2024](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex1011.htm) |
| 10.12\* | [Eleventh Amendment to Credit Agreement, dated January 24, 2025](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex1012.htm) |
| 10.13 | [Twelfth Amendment to Credit Agreement, dated July 11, 2025](d893022dex1013.htm) |
| 10.14+\* | [Employment Agreement, dated February 12, 2025 by and between Nielsen Consumer LLC and James Peck](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex1013.htm) |
| 10.15+\* | [Employment Agreement, dated February 11, 2025 by and between Nielsen Consumer LLC and Mohit Kapoor](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex1014.htm) |
| 10.16+\* | [Offer Letter, dated March 31, 2022, between Nielsen Consumer LLC and Tracey Massey](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex1015.htm) |
| 10.17+\* | [Offer Letter, dated November 8, 2022, between Nielsen Consumer LLC and Michael Burwell](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex1016.htm) |
| 10.18+\* | [Offer Letter, dated June 27, 2021, between Nielsen Consumer LLC and Shaun Zitting](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex1017.htm) |
| 10.19+ | [NIQ Global Intelligence plc 2025 Equity Incentive Plan](d893022dex1019.htm) |
| 10.20+ | [Form of RSU Agreement under the NIQ Global Intelligence plc 2025 Equity Incentive Plan](d893022dex1020.htm) |
| 10.21+\* | [Nielsen Consumer LLC Severance Policy for United States-Based Senior Executives](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex1020.htm) |
| 10.22+\* | [NielsenIQ U.S. Senior Executive Severance Policy](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex1021.htm) |
| 10.23+ | [Form of Indemnification Agreement](d893022dex1023.htm) |
| 10.24+ | [Form of Restricted Share Award Agreement](d893022dex1024.htm) |
| 21.1\* | [List of Subsidiaries](http://www.sec.gov/Archives/edgar/data/0002054696/000119312525151230/d893022dex211.htm) |
| 23.1 | [Consent of Independent Registered Public Accountant](d893022dex231.htm) |
| 23.2 | [Consent of Arthur Cox LLP (included in Exhibit 5.1)](d893022dex51.htm) |
| 24.1\* | [Power of Attorney (included on signature page)](http://www.sec.gov/Archives/edgar/data/2054696/000119312525151230/d893022ds1.htm#sig) |
| 107 | [Filing Fee Table](d893022dexfilingfees.htm) |

---

\* Previously filed.

+ Indicates a management contract or compensatory plan, contract or arrangement.

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

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Chicago, Illinois on the 14th day of July, 2025.

---

| | |
|:---|:---|
| **NIQ Global Intelligence plc** | **NIQ Global Intelligence plc** |
|  By: | /s/ James Peck |
|  Name: | James Peck |
|  Title: | Chief Executive Officer |

---

**\*\*\*** 

Pursuant to the requirements of the Securities Act of 1933, this amendment to the registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ James Peck<br> James Peck | Chief Executive Officer and Chairman of the Board of Directors<br> (Principal Executive Officer) | July 14, 2025 |
| /s/ Michael Burwell<br> Michael Burwell | Chief Financial Officer<br> (Principal Financial Officer) | July 14, 2025 |
| /s/ Jamie Palm<br> Jamie Palm | Chief Accounting Officer<br> (Principal Accounting Officer) | July 14, 2025 |
| \*<br> Christopher Egan | Director | July 14, 2025 |
| \*<br> Racquel Harris Mason | Director | July 14, 2025 |
| \*<br> Ralf Klein-Bölting | Director | July 14, 2025 |
| \*<br> Samuel Allen Hamood | Director | July 14, 2025 |
| \*<br> Todd Lachman | Director | July 14, 2025 |
| \* <br> Elizabeth Lempres | Director | July 14, 2025 |
| \*<br> Julien Lo | Director | July 14, 2025 |
| \*<br> Christopher Pike | Director | July 14, 2025 |

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

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| \*<br> David Rawlinson | Director | July 14, 2025 |
| \*<br> Charlotte Simonelli | Director | July 14, 2025 |
| \*<br> Gabriela Weiss | Director | July 14, 2025 |
| /s/ John Blenke<br> John Blenke | Authorized Representative in the United States | July 14, 2025 |

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| | |
|:---|:---|
| \*By: | /s/ John Blenke |
|  | John Blenke |
|  | As Attorney-in-Fact |

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## Exhibit 1.1

**Exhibit 1.1** 

NIQ Global Intelligence plc

[•] Ordinary Shares

<u>Underwriting Agreement</u> 

[•], 2025

J.P. Morgan Securities LLC

BofA Securities, Inc.

UBS Securities LLC

As Representatives of the

several Underwriters listed

in Schedule 1 hereto

c/o J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

c/o BofA Securities, Inc.

One Bryant Park

New York, New York, 10036

c/o UBS Securities LLC

1285 Avenue of the Americas

New York, New York 10019

Ladies and Gentlemen:

NIQ Global Intelligence plc, an Irish public limited company (the "Company"), proposes to issue and sell to the several underwriters listed in Schedule 1 hereto (the "Underwriters"), for whom you are acting as representatives (the "Representatives"), an aggregate of [•] ordinary shares, nominal value $0.00001 per share (the "Ordinary Shares"), of the Company (the "Underwritten Shares"). In addition, the shareholder of the Company named in Schedule 2 hereto (the "Selling Shareholder") proposes to sell to the several Underwriters up to an additional [•] Ordinary Shares (the "Option Shares"). The Underwritten Shares and the Option Shares are herein referred to as the "Shares". The Ordinary Shares to be outstanding after giving effect to the issuance and sale of the Shares are referred to herein as the "Stock".

J.P. Morgan Securities LLC (the "Directed Share Underwriter") has agreed to reserve a portion of the Shares to be purchased by it under this Agreement, up to [•] Shares, for sale to the Company's directors, officers, and certain U.S. employees and other parties related to the Company (collectively, "Participants"), as set forth in the Prospectus (as hereinafter defined) under the heading "Underwriting" (the "Directed Share Program"). The Shares to be sold by the Directed Share Underwriter and its affiliates pursuant to the Directed Share Program are referred to hereinafter as the "Directed Shares". Any Directed Shares not orally confirmed for purchase by any Participant by [•] [A/P].M., New York City time on the business day on which this Agreement is executed will be offered to the public by the Underwriters as set forth in the Prospectus.

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The Company hereby confirms the engagement of Citigroup Global Markets Inc. ("Citi") as a "qualified independent underwriter" within the meaning of Rule 5121 ("Rule 5121") of the Financial Industry Regulatory Authority, Inc. ("FINRA") (Citi acting in such capacity, the "QIU"). The QIU agrees with the Company to (i) undertake the legal responsibilities and liabilities of an underwriter under the Securities Act (as defined below), specifically including those inherent in Section 11 of the Securities Act, and (ii) participate in the preparation of the Registration Statement (as defined below) and the Prospectus (as defined below) and exercise the usual standards of "due diligence" in respect thereto. No compensation will be paid to the QIU for its services as a qualified independent underwriter.

The Company and the Selling Shareholder hereby confirm their agreement with the several Underwriters concerning the purchase and issue and/or sale of the Shares, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Registration Statement</u>. The Company has prepared and filed with the U.S. Securities and Exchange Commission (the "Commission") under the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the "Securities Act"), a registration statement on Form S-1 (File No. <u>333-288376</u>), including a prospectus, relating to the Shares. Such registration statement, as amended at the time it became effective, including the information, if any, deemed pursuant to Rule 430A, 430B or 430C under the Securities Act to be part of the registration statement at the time of its effectiveness ("Rule 430 Information"), is referred to herein as the "Registration Statement"; and as used herein, the term "Preliminary Prospectus" means each prospectus included in such registration statement (and any amendments thereto) before effectiveness, any prospectus filed with the Commission pursuant to Rule 424(a) under the Securities Act and the prospectus included in the Registration Statement at the time of its effectiveness that omits Rule 430 Information, and the term "Prospectus" means the prospectus in the form first used (or made available upon request of purchasers pursuant to Rule 173 under the Securities Act) in connection with confirmation of sales of the Shares. If the Company has filed an abbreviated registration statement pursuant to Rule 462(b) under the Securities Act (the "Rule 462 Registration Statement"), then any reference herein to the term "Registration Statement" shall be deemed to include such Rule 462 Registration Statement. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Registration Statement and the Prospectus.

At or prior to the Applicable Time (as defined below), the Company had prepared the following information (collectively with the pricing information set forth on Annex A, the "Pricing Disclosure Package"): a Preliminary Prospectus dated [•], 2025 and each "free-writing prospectus" (as defined pursuant to Rule 405 under the Securities Act) listed on Annex A hereto.

"Applicable Time" means [•] [A/P].M., New York City time, on [•], 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purchase of the Shares</u>. (a) The Company agrees to issue and sell the Underwritten Shares to the several Underwriters as provided in this underwriting agreement (this "Agreement"), and each Underwriter, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase at a price per share of $[•] (the "Purchase Price") from the Company the respective number of Underwritten Shares set forth opposite such Underwriter's name in Schedule 1 hereto.

In addition, the Selling Shareholder agrees to sell, the Option Shares to the several Underwriters as provided in this Agreement, and the Underwriters, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, shall have the option to purchase, severally and not jointly, from the Selling Shareholder the Option Shares at the Purchase Price less an amount per share equal to any dividends or distributions declared by the Company and payable on the Underwritten Shares but not payable on the Option Shares. If any Option Shares are to be purchased, the number of Option Shares to be purchased by each Underwriter shall be the number of Option Shares which bears the same ratio to the aggregate number of Option Shares being purchased as the number of Underwritten Shares set forth opposite the name of such Underwriter in Schedule 1 hereto (or such number increased as set forth in Section 12 hereof) bears to the aggregate number of Underwritten Shares being purchased from the Company by the several Underwriters, subject, however, to such adjustments to eliminate any fractional Shares as the Representatives in their sole discretion shall make.

The Underwriters may exercise the option to purchase Option Shares at any time in whole, or from time to time in part, on or before the thirtieth day following the date of the Prospectus, by written notice from the Representatives to the Company and the Selling Shareholder. Such notice shall set forth the aggregate number of Option Shares as to which the option is being exercised and the date and time when the Option Shares are to be delivered and paid for, which may be the same date and time as the Closing Date (as hereinafter defined) but shall not be earlier than the Closing Date nor later than the tenth full business day (as hereinafter defined) after the date of such notice (unless such time and date are postponed in accordance with the provisions of Section 12 hereof). Any such notice shall be given at least two business days prior to the date and time of delivery specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and the Selling Shareholder understand that the Underwriters intend to make a public offering of the Shares, and initially to offer the Shares on the terms set forth in the Pricing Disclosure Package. The Company and the Selling Shareholder acknowledge and agree that the Underwriters may offer and sell Shares to or through any affiliate of an Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Payment for the Shares, including, to the extent applicable, any Option Shares, shall be made by wire transfer in immediately available funds to the accounts specified by the Company or the Selling Shareholder, as applicable, to the Representatives, in the case of the Underwritten Shares, at the offices of Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, NY 10017 at 10:00 A.M. New York City time on [•], 2025, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representatives, the Company and the Selling Shareholder may agree upon in writing or, in the case of any Option Shares not purchased on the Closing Date, on the date and at the time and place specified by the Representatives in the written notice of the Underwriters' election to purchase such Option Shares. The time and date of such payment for the Underwritten Shares is referred to herein as the "Closing Date", and the time and date for such payment for the Option Shares, if other than the Closing Date, is herein referred to as the "Additional Closing Date".

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Payment for the Shares to be purchased on the Closing Date or the Additional Closing Date, as the case may be, shall be made against delivery to the Representatives for the respective accounts of the several Underwriters of the Shares to be purchased on the Closing Date or the Additional Closing Date, as the case may be, with any transfer taxes payable in connection with the initial issuance and sale of such Shares duly paid, or caused to be duly paid, by the Company and the Selling Shareholder, as applicable. Delivery of the Shares to and by all Parties to this Agreement and further transfers of the Shares by the Underwriters shall be made through the facilities of The Depository Trust Company ("DTC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and the Selling Shareholder, severally and not jointly, acknowledge and agree that the Representatives and the other Underwriters are acting solely in the capacity of an arm's length contractual counterparty to the Company and the Selling Shareholder with respect to the offering of Shares contemplated hereby (including in connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company, the Selling Shareholder or any other person. Additionally, neither the Representatives nor any other Underwriter is advising the Company, the Selling Shareholder or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction with respect to the transactions contemplated hereby. 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. The Company and the Selling Shareholder shall consult with their own advisors concerning such matters and each shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and neither the Representatives nor any other Underwriter shall have any responsibility or liability to the Company or the Selling Shareholder with respect thereto. Any review by the Representatives and the other Underwriters of the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Representatives and the other Underwriters and shall not be on behalf of the Company or the Selling Shareholder. Moreover, the Selling Shareholder acknowledges and agrees that, although the Representatives may be required or choose to provide certain Selling Shareholders with certain Regulation Best Interest and Form CRS disclosures in connection with the offering, the Representatives and the other Underwriters are not making a recommendation to the Selling Shareholder to participate in the offering, enter into a "lock-up" agreement, or sell any Shares at the price determined in the offering, and nothing set forth in such disclosures is intended to suggest that the Representatives or any Underwriter is making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to each Underwriter and the Selling Shareholder that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Preliminary Prospectus.* No order preventing or suspending the use of any Preliminary Prospectus has been issued by the Commission, and each Preliminary Prospectus included in the Pricing Disclosure Package, at the time of filing thereof, complied in all material respects with the Securities Act, and no Preliminary Prospectus included in the Pricing Disclosure Package, at the time of filing thereof, contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u> that the Company makes no representation or warranty with

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respect to any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in any such Preliminary Prospectus, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section 9(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Pricing Disclosure Package*. The Pricing Disclosure Package as of the Applicable Time did not, and as of the Closing Date and as of the Additional Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u> that the Company makes no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in such Pricing Disclosure Package, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section 9(c) hereof. No statement of material fact included in the Prospectus has been omitted from the Pricing Disclosure Package and no statement of material fact included in the Pricing Disclosure Package that is required to be included in the Prospectus has been omitted therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Issuer Free Writing Prospectus.* Other than the Registration Statement, the Preliminary Prospectus and the Prospectus, the Company (including its agents and representatives, other than the Underwriters in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any "written communication" (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Shares (each such communication by the Company or its agents and representatives (other than a communication referred to in clause (i) below) an "Issuer Free Writing Prospectus") other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities Act or Rule 134 under the Securities Act or (ii) the documents listed on Annex A hereto, each electronic road show and any other written communications approved in writing in advance by the Representatives. Each such Issuer Free Writing Prospectus complies in all material respects with the Securities Act, has been or will be (within the time period specified in Rule 433) filed in accordance with the Securities Act (to the extent required thereby) and does not conflict with the information contained in the Registration Statement or the Pricing Disclosure Package, and, when taken together with the Preliminary Prospectus included in the Pricing Disclosure Package, did not, and as of the Closing Date and as of the Additional Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u> that the Company makes no representation or warranty with respect to any statements or omissions made in each such Issuer Free Writing Prospectus or Preliminary Prospectus in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in such Issuer Free Writing Prospectus or Preliminary Prospectus, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section 9(c) hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Testing-the-Waters Materials.* The Company (i) has not alone engaged in any Testing-the-Waters Communications other than Testing-the-Waters Communications with the consent of the Representatives (x) with entities that are qualified institutional buyers ("QIBs") within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act ("IAIs") and otherwise in compliance with the requirements of Section 5(d) of the Securities Act or (y) with entities that the Company reasonably believed to be QIBs or IAIs and otherwise in compliance with the requirements of Rule 163B under the Securities Act and (ii) has not authorized anyone other than the Representatives to engage in Testing-the-Waters Communications. The Company reconfirms that the Representatives have been authorized to act on its behalf in undertaking Testing-the-Waters Communications by virtue of a writing substantially in the form of Exhibit A hereto. The Company has not distributed or approved for distribution any Written Testing-the-Waters Communications other than those listed on Annex B hereto. "Testing-the-Waters Communication" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. "Written Testing-the-Waters Communication" means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act. Any individual Written Testing-the-Waters Communication does not conflict with the information contained in the Registration Statement or the Pricing Disclosure Package, complied in all material respects with the Securities Act, and when taken together with the Pricing Disclosure Package as of the Applicable Time, did not, and as of the Closing Date and as of the Additional Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Registration Statement and Prospectus.* The Registration Statement has been declared effective by the Commission. No order suspending the effectiveness of the Registration Statement has been issued by the Commission, and no proceeding for that purpose or pursuant to Section 8A of the Securities Act against the Company or related to the offering of the Shares has been initiated or threatened by the Commission; as of the applicable effective date of the Registration Statement and any post-effective amendment thereto, the Registration Statement and any such post-effective amendment complied and will comply in all material respects with the Securities Act, and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; and as of the date of the Prospectus and any amendment or supplement thereto and as of the Closing Date and as of the Additional Closing Date, as the case may be, the Prospectus will comply in all material respects with the Securities Act and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u> that the Company makes no representation or warranty with respect to any

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statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement and the Prospectus and any amendment or supplement thereto, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section 9(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Financial Statements.* The financial statements (including the related notes thereto) of the Company and its consolidated subsidiaries included in the Registration Statement, the Pricing Disclosure Package and the Prospectus comply in all material respects with the applicable requirements of the Securities Act and present fairly in all material respects the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles ("GAAP") in the United States applied on a consistent basis throughout the periods covered thereby, and any supporting schedules included in the Registration Statement present fairly in all material respects the information required to be stated therein; and the other financial information included in the Registration Statement, the Pricing Disclosure Package and the Prospectus has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material respects the information shown thereby; all disclosures included in the Registration Statement, the Pricing Disclosure Package and the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of Commission) comply in all material respects with Regulation G of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Item 10 of Regulation S-K of the Securities Act, to the extent applicable; and the <u>pro</u> <u>forma</u> financial information and the related notes thereto included in the Registration Statement, the Pricing Disclosure Package and the Prospectus have been prepared in accordance with the applicable requirements of the Securities Act and the assumptions underlying such <u>pro</u> <u>forma</u> financial information are reasonable and are set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *No Material Adverse Change.* Since the date of the most recent financial statements of the Company included in the Registration Statement, the Pricing Disclosure Package and the Prospectus: (i) there has not been any change in the share capital of the Company (other than (x) the issuance of Ordinary Shares upon exercise of stock options or the settlement of restricted stock units ("RSUs") and warrants described as outstanding in, (y) the grant of options, RSUs or other awards under existing equity incentive plans described in, and (z) and the exchange or conversion of equity securities of any affiliate of the Company for Ordinary Shares on or prior to the Closing Date as described in, the Registration Statement, the Pricing Disclosure Package and the Prospectus), short-term debt or long-term debt of the Company or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class of shares, or any material adverse change, or any development that would or would reasonably be expected to result in a material adverse change, in or affecting the business, properties, management, financial position,

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shareholders' equity, results of operations or prospects of the Company and its subsidiaries taken as a whole; (ii) neither the Company nor any of its subsidiaries has entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole; and (iii) neither the Company nor any of its subsidiaries has sustained any loss or interference with its business that is material to the Company and its subsidiaries taken as a whole and that is either from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, except in each case as otherwise disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Organization and Good Standing.* The Company and each of its subsidiaries have been duly incorporated and/or organized and are validly existing and in good standing under the laws of their respective jurisdictions of organization (or such equivalent concept to the extent it exists under the laws of such jurisdiction), are duly qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the business, properties, management, financial position, shareholders' equity, results of operations or prospects of the Company and its subsidiaries taken as a whole or on the performance by the Company of its obligations under this Agreement (a "Material Adverse Effect"). The Company does not control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in Exhibit 21.1 to the Registration Statement. The subsidiaries listed in Schedule 3 to this Agreement are the only subsidiaries of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Capitalization.* The authorized share capital of the Company is as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus under the heading "Capitalization"; all of the issued share capital of the Company (including the Shares to be sold by the Selling Shareholder) has been duly and validly authorized and issued and is fully paid and non-assessable and are not subject to any pre-emptive or similar rights; except as described in or expressly contemplated by the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no outstanding rights (including, without limitation, pre-emptive rights), warrants or options to acquire, or instruments convertible into or exchangeable for, any shares in the capital of the Company or other equity interest in the Company or any of its subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any shares in the capital of the Company or any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; the share capital of the Company conforms in all material respects to the description thereof contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus; and all the issued share

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capital or other equity interests of each subsidiary owned, directly or indirectly, by the Company have been duly and validly authorized and issued, are fully paid and non-assessable (except, in the case of any foreign subsidiary, for directors' qualifying shares) and are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Equity-Based Incentive Awards.* With respect to each equity-based incentive award (the "Equity Award") granted pursuant to the stock-based compensation plans of the Company and its subsidiaries (the "Company Stock Plans"), each such Equity Award was (i) duly and validly authorized no later than the date on which the grant of such award was by its terms to be effective (the "Grant Date") by all necessary corporate action, and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto, (ii) made in accordance with the terms of the Company Stock Plans, the Exchange Act and all other applicable laws and regulatory rules or requirements, including the rules of the New York Stock Exchange and any other exchange on which Company securities are traded and the Code, and (iii) properly accounted for in accordance with GAAP in the financial statements (including the related notes) of the Company. Each Company Stock Plans has been administered in compliance with its terms and the operational and documentary requirements of Section 409A of the Code and the regulations thereunder, except as would not have a Material Adverse Effect on the Company and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Due Authorization.* The Company has full right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and all corporate action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the consummation by it of the transactions contemplated hereby has been duly and validly taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Underwriting Agreement.* This Agreement has been duly authorized, executed and delivered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *The Shares.* (A) The Underwritten Shares to be issued and sold by the Company hereunder have been duly and validly authorized by the Company and, when issued and delivered and paid for as provided herein, will be duly and validly issued, will be fully paid and non-assessable and will conform, in all material respects, to the descriptions thereof in the Registration Statement, the Pricing Disclosure Package and the Prospectus; and (B) the Option Shares to be sold by the Selling Shareholder hereunder have been duly authorized by the Company, and when issued and delivered and paid for as provided herein, will be duly and validly issued, fully paid and non-assessable and conform, in all material respects, to the descriptions thereof in the Registration Statement, the Pricing Disclosure Package and the Prospectus; and the issuance of the Shares is not subject to any preemptive or similar rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Description of the Underwriting Agreement.* This Agreement conforms in all material respects to the description thereof contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *No Violation or Default.* Neither the Company nor any of its subsidiaries is (i) in violation of its constitution, charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any property or asset of the Company or any of its subsidiaries is subject; or (iii) in violation of any law or statute applicable to the Company or its subsidiaries or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority applicable to the Company or its subsidiaries, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *No Conflicts.* The execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Shares by the Company and the consummation by the Company of the transactions contemplated by this Agreement or the Pricing Disclosure Package and the Prospectus will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, result in the termination, modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right or asset of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any property, right or asset of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the constitution, charter or by-laws or similar organizational documents of the Company or any of its subsidiaries or (iii) result in the violation of any law or statute applicable to the Company or its subsidiaries or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority applicable to the Company or its subsidiaries, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *No Consents Required.* No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Shares by the Company and the consummation by the Company of the transactions contemplated by this Agreement, except for the registration of the Shares under the Securities Act and such consents, approvals, authorizations, orders and registrations or qualifications as may be required by the Financial Industry Regulatory Authority, Inc. ("FINRA") and under applicable state securities laws in connection with the purchase and distribution of the Shares by the Underwriters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Legal Proceedings.* Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings ("Actions") pending to which the Company or any of its subsidiaries is or, to the knowledge of the Company, may be a party or to which any property of the Company or any of its subsidiaries is or may become the subject that, individually or in the aggregate, if determined adversely to the Company or any of its subsidiaries, would reasonably be expected to have a Material Adverse Effect; no such Actions are threatened or, to the knowledge of the Company, contemplated by any governmental or regulatory authority or threatened by others, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and (i) there are no current or pending Actions that are required under the Securities Act to be described in the Registration Statement, the Pricing Disclosure Package or the Prospectus that are not so described in the Registration Statement, the Pricing Disclosure Package and the Prospectus and (ii) there are no statutes, regulations or contracts or other documents that are required under the Securities Act to be filed as exhibits to the Registration Statement or described in the Registration Statement, the Pricing Disclosure Package or the Prospectus that are not so filed as exhibits to the Registration Statement or described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *Independent Accountants*. Ernst & Young LLP, who have certified certain financial statements of the Company and its subsidiaries, is an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *Title to Real and Personal Property.* The Company and its subsidiaries have good and marketable title in fee simple or other comparable valid title to, or have valid rights to lease or otherwise use, all items of real and personal property (other than Intellectual Property, as defined below) that are material to the respective businesses of the Company and its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i) do not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries or (ii) would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *Intellectual Property.* (i) The Company and its subsidiaries own or have the right to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, domain names and other source indicators, copyrights and copyrightable works, know-how, trade secrets, systems, procedures, proprietary or confidential information and all other worldwide intellectual property, industrial property and proprietary rights (collectively, "Intellectual Property") necessary to the conduct of their respective businesses; (ii) the Company's and its subsidiaries' conduct of their respective businesses does not infringe, misappropriate or otherwise violate any Intellectual Property of any person in any material respect; (iii) the Company and its subsidiaries have not received any written notice of any claim relating to Intellectual Property; and (iv) to the knowledge of the Company, the Intellectual Property of the Company and its subsidiaries is not being infringed, misappropriated or otherwise violated by any person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *No Undisclosed Relationships.* No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers, shareholders, customers, suppliers or other affiliates of the Company or any of its subsidiaries, on the other, that is required by the Securities Act to be described in each of the Registration Statement and the Prospectus and that is not so described in such documents and in the Pricing Disclosure Package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *Investment Company Act.* The Company is not and, after giving effect to the offering, issuance and sale of the Shares and the application of the proceeds thereof received by the Company as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be required to register as an "investment company" or an entity "controlled" by an "investment company" within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the "Investment Company Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Taxes.* The Company and its subsidiaries have paid all U.S national, federal, state, local and non-U.S. taxes required to be paid and filed all tax returns required to be paid or filed through the date hereof, in each case except for such failures to pay or file that would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect or except as currently being contested in good faith; and except as otherwise disclosed in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, there is no tax deficiency that has been, or would reasonably be expected to be, asserted against the Company or any of its subsidiaries or any of their respective properties or assets that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) *Licenses and Permits.* The Company and its subsidiaries possess all licenses, sub-licenses, certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, except where the failure to possess or make the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and except as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither the Company nor any of its subsidiaries has received notice of any revocation or modification of any such license, sub-license, certificate, permit or authorization or has any reason to believe that any such license, sub-license, certificate, permit or authorization will not be renewed in the ordinary course.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) *No Labor Disputes.* No labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of its or its subsidiaries' principal suppliers, contractors or customers, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received any notice of cancellation or termination with respect to any collective bargaining agreement to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *Certain Environmental Matters*. (i) The Company and its subsidiaries (x) are in compliance with all, and have not violated any, applicable federal, state, local and foreign laws (including common law), rules, regulations, requirements, decisions, judgments, decrees, orders and other legally enforceable requirements relating to pollution or the protection of human health or safety, the environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants, applicable to the Company and its subsidiaries (collectively, "Environmental Laws"); (y) have received and are in compliance with all, and have not violated any, permits, licenses, certificates or other authorizations or approvals required of them under any Environmental Laws to conduct their respective businesses; and (z) have not received notice of any actual or potential liability or obligation under or relating to, or any actual or potential violation of, 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 have no knowledge of any event or condition that would reasonably be expected to result in any such notice; (ii) there are no costs or liabilities associated with Environmental Laws of or relating to the Company or its subsidiaries, except in the case of each of (i) and (ii) above, for any such matter as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (iii) except as described in each of the Pricing Disclosure Package and the Prospectus, (x) there is no proceeding that is pending, or that is known to be contemplated, against the Company or any of its subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such proceeding regarding which it is reasonably believed no monetary sanctions of $300,000 or more will be imposed, (y) the Company and its subsidiaries are not aware of any facts or issues regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants, that would reasonably be expected to have a Material Adverse Effect, and (z) none of the Company or its subsidiaries anticipates material capital expenditures relating to any Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) *Compliance with ERISA*. (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 or any member of its "Controlled Group" (defined as any entity, whether or not incorporated, that is under common control with the Company within the meaning of Section 4001(a)(14) of ERISA or any entity that would be regarded as a single employer with the Company under Section 414(b),(c),(m) or (o) of 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

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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 303(i) of ERISA) and no Plan that is a "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA is in "endangered status" or "critical status" (within the meaning of Sections 304 and 305 of ERISA) (v) the fair market value of the assets of each Plan that is subject to the funding rules of Section 412 of the Code of Section 302 of ERISA 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 and the regulations promulgated thereunder) 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 reasonably be expected to cause the loss of such qualification; (viii) neither the Company nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guarantee Corporation, in the ordinary course and without default) in respect of a Plan (including a "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA); and (ix) none of the following events has occurred or is reasonably likely to occur: (A) a material increase in the aggregate amount of contributions required to be made to all Plans by the Company or its Controlled Group affiliates in the current fiscal year of the Company and its Controlled Group affiliates compared to the amount of such contributions made in the Company's and its Controlled Group affiliates' most recently completed fiscal year; or (B) a material increase in the Company and its subsidiaries' "accumulated post-retirement benefit obligations" (within the meaning of Accounting Standards Codification Topic 715-60) compared to the amount of such obligations in the Company and its subsidiaries' most recently completed fiscal year, except in each case with respect to the events or conditions set forth in (i) through (ix) hereof, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) *Disclosure Controls*. The Company and its subsidiaries maintain an effective system of "disclosure controls and procedures" (as defined in Rule 13a-15(e) of the Exchange Act) that complies with the requirements of the Exchange Act and that has been designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company's management as appropriate to allow timely decisions regarding required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) *Accounting Controls.* The Company and its subsidiaries maintain systems of "internal control over financial reporting" (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. The Company and its subsidiaries maintain internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no material weaknesses or significant deficiencies in the Company's internal controls (it being understood that the Company is not required as of the date hereof to comply with Section 404 of the Sarbanes-Oxley Act (as defined below)). The Company's auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which have adversely affected or are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) *Insurance.* The Company and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including business interruption insurance, which insurance is in amounts and insures against such losses and risks as, in the Company's reasonable judgment, are adequate to protect the Company and its subsidiaries and their respective businesses, except where the failure to carry such insurance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and neither the Company nor any of its subsidiaries has (i) received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) *Cybersecurity; Data Protection.* The Company and its subsidiaries' information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, "<u>IT Systems</u>") are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company and its subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants. The Company and its subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation,

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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, nor any incidents under internal review or investigations relating to the same. The Company and its subsidiaries are presently in material compliance 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. The Company and its subsidiaries have taken all reasonably necessary actions to prepare to comply with all applicable laws and regulations with respect to Personal Data that have been announced as of the date hereof as becoming effective within 12 months after the date hereof, and for which any non-compliance with same would be reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) *No Unlawful Payments.* Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the knowledge of the Company, any employee, agent, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, the Criminal Justice (Corruption Offences) Act 2018 of Ireland, as amended, or any other law, regulation, order, decree or directive having the force of law and relating to anti-bribery or anti-corruption (collectively, the "Anti-Corruption Laws"); or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) *Compliance with Anti-Money Laundering Laws*. The operations of the Company and each of its subsidiaries are and have been conducted at all times in compliance with all applicable financial recordkeeping and reporting requirements including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct

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Terrorism Act of 2001 (USA PATRIOT Act), and applicable anti-money laundering statutes of jurisdictions where the Company or any of its 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 (collectively, the "Anti-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 Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *No Conflicts with Sanctions Laws.* Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries, nor, to the knowledge of the Company, any employee, agent, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is currently or, since April 24, 2019, has been the subject or the target of any economic or financial sanctions, trade embargoes or similar restrictions 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, persons identified on OFAC's list of Specially Designated Nationals and Blocked Persons (the "SDN List"), the United Nations Security Council, the European Union (and any of its Member States), His Majesty's Treasury, or other relevant sanctions authority (collectively, "Sanctions"), nor, is the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, the Crimea, so-called Donetsk People's Republic (DNR), and so-called Luhansk People's Republic (LNR) regions of Ukraine, the non-government controlled oblasts of Kherson and Zaporizhzhia, Cuba, Iran, and North Korea (each, a "Sanctioned Country"). Since April 24, 2019, the Company and each of its subsidiaries, have not engaged in and are not now engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country, or otherwise in violation of applicable Sanctions then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) *No Conflicts with Outbound Investment Rules.* Neither the Company nor any of its subsidiaries is or has any present intention to become, and the Company and its subsidiaries will take reasonable measures to avoid becoming, a "covered foreign person," as that term is used in the regulations administered and enforced, together with any related public guidance issued, by the United States Treasury Department under U.S. Executive Order 14105 of August 9, 2023, or any similar law or regulation, as of the date of this Agreement, and as codified at 31 C.F.R. § 850.101 et seq. (the "Outbound Investment Rules"). Neither the Company nor any of its subsidiaries currently engages, or has any present intention to engage in the future, and the Company and its subsidiaries will take reasonable measures to avoid engaging, directly or indirectly, in (i) a "covered activity" or a "covered transaction," as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, if the Company were any United States citizen, lawful permanent resident, entity organized under the laws of the United States or any jurisdiction within the United States, including

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any foreign branch of any such entity, or any person in the United States (a "U.S. Person"). Notwithstanding the representations and warranties above, neither the Company nor any of its subsidiaries shall engage in any other activity that would cause the Underwriters and Selling Shareholder to be in violation of the Outbound Investment Rules or cause the Underwriters and Selling Shareholder to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) *Policies and Procedures*. The Company and its subsidiaries have instituted, maintained and enforced, and will continue to maintain and enforce policies and procedures designed to promote and ensure compliance with Sanctions, Anti-Money Laundering Laws, and Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) *No Restrictions on Subsidiaries*. No subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, other than the Credit Agreement, dated as of March 5, 2021 (as amended through that certain Eleventh Amendment to Credit Agreement, dated as of January 24, 2025), by and among AI PAVE Dutchco III B.V., Intermediate Dutch Holdings B.V., US Holdco, Nielsen Consumer Inc., Indy Dutch Bidco B.V., the revolving borrowers from time to time party thereto, JPMorgan Chase Bank NA., as the administrative agent and the U.S. collateral agent, Kroll Agency Services (US) LLC, as non-US Collateral Agent and the lenders and issuing banks from time to time party thereto, from paying any dividends to the Company, from making any other distribution on such subsidiary's capital stock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary's properties or assets to the Company or any other subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) *No Broker's Fees.* Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or any Underwriter for a brokerage commission, finder's fee or like payment in connection with the offering and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) *No Registration Rights*. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no person has the right to require the Company or any of its subsidiaries to register any securities for sale under the Securities Act by reason of the filing of the Registration Statement with the Commission, the issuance and sale of the Shares by the Company or, to the knowledge of the Company, the sale of the Shares to be sold by the Selling Shareholder hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) *No Stabilization.* Neither the Company nor any of its subsidiaries or affiliates has taken, directly or indirectly, any action designed to or that would reasonably be expected to cause or result in any stabilization or manipulation of the price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) *Margin Rules*. Neither the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by the Company as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) *Forward-Looking Statements.* No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included in any of the Registration Statement, the Pricing Disclosure Package 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;&nbsp;&nbsp;&nbsp;&nbsp;(rr) *Statistical and Market Data.* Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Sarbanes-Oxley Act. The Company has taken all necessary actions such that, upon the effectiveness of the Registration Statement, it will be in compliance with all provisions of the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated in connection therewith (the "Sarbanes-Oxley Act"), with which the Company is required to comply at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) *Status under the Securities Act*. At the time of filing the 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 Securities Act) of the Shares and at the date hereof, the Company was not and is not an "ineligible issuer," as defined in Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) *Directed Share Program*. The Company represents and warrants that (i) the Registration Statement, the Pricing Disclosure Package and the Prospectus, any Preliminary Prospectus and any Issuer Free Writing Prospectuses comply in all material respects, and any further amendments or supplements thereto will comply in all material respects, with any applicable laws or regulations of foreign jurisdictions in which the Pricing Disclosure Package, the Prospectus, any Preliminary Prospectus and any Issuer Free Writing Prospectus, as amended or supplemented, if applicable, are distributed in connection with the Directed Share Program, and that (ii) no authorization, approval, consent, license, order, registration or qualification of or with any government, governmental instrumentality or court, other than such as have been obtained, is necessary under the securities laws and regulations of foreign jurisdictions in which the Directed Shares are offered outside the United States. The Company has not offered, or caused the Underwriters to offer, Shares to any person pursuant to the Directed Share Program with the specific intent to unlawfully influence (i) a customer or supplier of the Company to alter the customer or supplier's level or type of business with the Company, or (ii) a trade journalist or publication to write or publish favorable information about the Company or its products.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) *Stamp Taxes*. No stamp duties or other issuance or transfer taxes are payable by or on behalf of the Underwriters in Ireland, the United States or any political subdivision or taxing authority thereof solely in connection with (A) the execution, delivery and performance of this Agreement, (B) the issuance, sale and / or delivery of the Shares by the Company to the Underwriters and to the Selling Shareholder in the manner contemplated by this Agreement and the Prospectus or (C) the re-sale and delivery by the Underwriters of the Shares as contemplated herein and in the Prospectus where any such re-sale and delivery by the Underwriters of the Shares is effected by an instruction to transfer book-entry interests representing the Shares through the securities settlement system operated by DTC and the Shares are dealt in on the Exchange at the time of such re-sale and delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) *No Immunity*. Neither the Company nor any of its subsidiaries or their properties or assets has immunity under Irish law, U.S. federal or New York state law from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any Irish, U.S. federal or New York state court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court with respect to their respective obligations, liabilities or any other matter under or arising out of or in connection herewith; and, to the extent that the Company or any of its subsidiaries or any of its properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings arising out of, or relating to the transactions contemplated by this Agreement, may at any time be commenced, the Company has, pursuant to Section 18(c) of this Agreement, waived, and it will waive, or will cause its subsidiaries to waive, such right to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) *Enforcement of Foreign Judgments*. Any final judgment for a fixed or determined sum of money rendered by any U.S. federal or New York state court located in the State of New York having jurisdiction under its own laws in respect of any suit, action or proceeding against the Company based upon this Agreement would be declared enforceable against the Company by the courts of Ireland, always subject to the applicable laws and procedures governing the enforcement of foreign judgments in Ireland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) *Valid Choice of Law*. The choice of laws of the State of New York as the governing law of this Agreement is a valid choice of law under the laws of Ireland and will be honored by the courts of Ireland, subject to the restrictions described under the caption "Enforcement of Judgements" in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The Company has the power to submit, and pursuant to Section 18(c) of this Agreement, has legally, validly, effectively and irrevocably submitted, to the personal jurisdiction of each New York state and United States federal court sitting in the City of New York and has validly and irrevocably waived any objection to the laying of venue of any suit, action or proceeding brought in such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) *Indemnification and Contribution*. The indemnification and contribution provisions set forth in Section 9 hereof do not contravene Irish law or public policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) *Passive Foreign Investment Company*. The Company was not a "passive foreign investment company" ("PFIC") as defined in Section 1297 of the Code for its most recently completed taxable year and, based on the Company's current projected income, assets and activities, the Company does not expect to be classified as a PFIC for any subsequent taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) *Dividends*. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no approvals are currently required in Ireland in order for the Company to pay dividends or other distributions declared by the Company to the holders of Shares. Under current laws and regulations of Ireland, any amount payable with respect to the Shares upon liquidation of the Company or upon redemption thereof and dividends and other distributions declared and payable on the share capital of the Company may be paid by the Company in United States dollars or euros and freely transferred out of Ireland, and, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no such payments made to the holders thereof or therein who are non-residents of Ireland will be subject to income, withholding or other taxes under laws and regulations of Ireland or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in Ireland or taxing authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) *Legality*. The legality, validity, enforceability or admissibility into evidence of any of the Registration Statement, the Pricing Disclosure Package, the Prospectus, this Agreement or the Shares in Ireland is not dependent upon such document being submitted into, filed or recorded with any court or other authority in any such jurisdiction on or before the date hereof or that any tax, imposition or charge be paid in any such jurisdiction on or in respect of any such document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) *Legal Action*. A holder of the Shares and each Underwriter are each entitled to sue as plaintiff in the court of the jurisdiction of formation and domicile of the Company for the enforcement of their respective rights under this Agreement and the Shares and such access to such courts will not be subject to any conditions which are not applicable to residents of such jurisdiction or a company incorporated in such jurisdiction except that plaintiffs not residing in Ireland may be required to guarantee payment of a possible order for payment of costs or damages at the request of the defendant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) *DAC6.* No transaction contemplated by this Agreement nor any transaction to be carried out by the Company and the Selling Shareholder in connection with any transaction contemplated by this Agreement meets any hallmark set out in Annex IV of the Council Directive of 25 May 2018 (2018/822/EU) amending Council Directive 2011/16/EU.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties of the Selling Shareholder</u>. The Selling Shareholder represents and warrants to each Underwriter and the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Required Consents; Authority*. All consents, approvals, authorizations and orders necessary for the execution and delivery by the Selling Shareholder of this Agreement and for the sale and delivery of the Shares to be sold by the Selling Shareholder hereunder, have been obtained, except such that would not, individually or in the aggregate, reasonably be expected to materially impair the ability of such Selling Shareholder to consummate the transactions contemplated by this Agreement; and the Selling Shareholder has full right, power and authority to enter into this Agreement and to sell, assign, transfer and deliver the Shares to be sold by the Selling Shareholder hereunder; this Agreement has been duly authorized, executed and delivered by or on behalf of the Selling Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *No Conflicts*. The execution, delivery and performance by the Selling Shareholder of this Agreement, the sale of the Shares to be sold by the Selling Shareholder and the consummation by the Selling Shareholder of the transactions contemplated herein or therein will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, result in the termination, modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right or asset of the Selling Shareholder pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Selling Shareholder is a party or by which the Selling Shareholder is bound or to which any of the property, right or asset of the Selling Shareholder is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of the Selling Shareholder or (iii) result in the violation of any law or statute applicable to the Selling Shareholder or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory agency having jurisdiction over the Selling Shareholder, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Selling Shareholder to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Title to Shares.* The Selling Shareholder is, and will be, immediately prior to the Closing Date or the Additional Closing Date, as the case may be, the beneficial owner of, and has, and will have immediately prior to the Closing Date or the Additional Closing Date, as the case may be, good and valid title to, the Shares to be sold at the Closing Date or the Additional Closing Date, as the case may be, by the Selling Shareholder hereunder, free and clear of all liens, encumbrances, equities or adverse claims and has all authorization and approval required by law to enter into this Agreement and to sell, transfer and deliver the Shares to be sold by the Selling Shareholder; and, such Shares will, immediately prior to the Closing Date, be represented as book-entry interests representing the Shares through the securities settlement system operated by DTC upon the transfer of book-entry interests representing such Shares to the Underwriters and payment therefor pursuant hereto, good and valid title to such Shares, free and clear of all liens, encumbrances, equities or adverse claims, will pass to the several Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *No Stabilization.* The Selling Shareholder has not taken and will not take, directly or indirectly, any action designed to or that would reasonably be expected to cause or result in any stabilization or manipulation of the price of the Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Pricing Disclosure Package*. The Pricing Disclosure Package, at the Applicable Time did not, and as of the Closing Date and as of the Additional Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the representations and warranties set forth in this Section 4(e) are limited in all respects to statements and omissions made in reliance upon and in conformity with information relating to the Selling Shareholder furnished to the Company in writing by the Selling Shareholder expressly for use in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and any amendment or supplement thereto, it being understood and agreed that the only such information furnished by the Selling Shareholder consists of (A) the legal name, address and the number and type of shares of capital stock owned by the Selling Shareholder (including any information about beneficial ownership, voting power and investment control of such shares) before and after the offering, and (B) the other information (excluding percentages) with respect to the Selling Shareholder which appears in the table (and corresponding footnotes) under the caption "Principal and Selling Shareholders" in the Registration Statement, any Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus (the "Selling Shareholder Information").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Issuer Free Writing Prospectus and Written Testing-the-Waters Communication.* Other than the Registration Statement, the Preliminary Prospectus and the Prospectus, the Selling Shareholder (including its agents and representatives, other than the Underwriters in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any Issuer Free Writing Prospectus or Written Testing-the-Waters Communication, other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities Act or Rule 134 under the Securities Act or (ii) the documents listed on Annex A or Annex B hereto, each electronic road show and any other written communications approved in writing in advance by the Company and the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Registration Statement and Prospectus.* To the extent that any statements or omissions made in the Registration Statement, the Preliminary Prospectus and the Prospectus and any amendment or supplement thereto are made in reliance upon and in conformity with the Selling Shareholder Information relating to the Selling Shareholder, such Registration Statement and Preliminary Prospectus did, and the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus will, as of the date of the Prospectus and any amendment or supplement thereto and as of the Closing Date and as of the Additional Closing Date, as the case may be, not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u> that the representations and warranties set forth in this Section 4(g) are limited in all respects to the Selling Shareholder Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Organization and Good Standing.* The Selling Shareholder has, to the extent applicable, been duly incorporated or organized and is validly existing and in good standing under the laws of Guernsey.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Private and Commercial Acts*. The Selling Shareholder is subject to civil and commercial law with respect to its obligations under this Agreement and the execution, delivery and performance of this Agreement by it constitutes private and commercial acts rather than public or governmental acts. It does not have immunity (sovereign or otherwise) from set-off, the jurisdiction of any court or any legal process in any court (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Stamp Taxes*. No stamp duties or other issuance or transfer taxes are payable by or on behalf of the Underwriters in Ireland, the United States or any political subdivision or taxing authority thereof solely in connection with (A) the execution, delivery and performance by the Selling Shareholder of this Agreement, (B) the sale and delivery of the Shares by the Selling Shareholder to the Underwriters in the manner contemplated by this Agreement and the Prospectus or (C) the re-sale and delivery by the Underwriters of such Shares as contemplated herein and in the Prospectus, where any sale and delivery of the Shares by the Selling Shareholder to the Underwriters, and any such re-sale and delivery by the Underwriters of such Shares, is effected by an instruction to transfer book-entry interests representing such Shares through the securities settlement system operated by DTC and the Shares are dealt in on the Exchange at the time of such sale and delivery by the Selling Shareholder or such re-sale and delivery by the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Enforcement of Foreign Judgments*. Any final judgment for a fixed or determined sum of money rendered by any U.S. federal or New York state court located in the State of New York having jurisdiction under its own laws in respect of any suit, action or proceeding against the Selling Shareholder based upon this Agreement would be declared enforceable against the Selling Shareholder by the courts of Ireland, without reconsideration or reexamination of the merits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Valid Choice of Law*. The Selling Shareholder has the power to submit, and pursuant to Section 18(e) of this Agreement, has legally, validly, effectively and irrevocably submitted, to the personal jurisdiction of each New York state and United States federal court sitting in the City of New York and has validly and irrevocably waived any objection to the laying of venue of any suit, action or proceeding brought in such court.

&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;(n) *Currency*. To the extent any payment is to be made by the Selling Shareholder pursuant to this Agreement, the Selling Shareholder has access, subject to the laws of Ireland, to the internal currency market in Ireland and, to the extent necessary, valid agreements with Irish commercial banks for purchasing U.S. dollars to make payments of amounts which may be payable under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Further Agreements of the Company</u>. The Company covenants and agrees with each Underwriter that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Required Filings.* The Company will file the final Prospectus with the Commission within the time periods specified by Rule 424(b) and Rule 430A, 430B or 430C under the Securities Act, will file any Issuer Free Writing Prospectus to the extent required by Rule 433 under the Securities Act; and the Company will furnish copies of the Prospectus and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the Underwriters in New York City prior to 10:00 A.M., New York City time, on the business day next succeeding the date of this Agreement (or such later time as may be agreed by the Company and the Representatives) in such quantities as the Representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delivery of Copies.* The Company will deliver, without charge, (i) to the Representatives, one signed copy of the Registration Statement as originally filed and each amendment thereto, in each case including all exhibits and consents filed therewith; and (ii) to each Underwriter (A) a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) and (B) during the Prospectus Delivery Period (as defined below), as many copies of the Prospectus (including all amendments and supplements thereto and each Issuer Free Writing Prospectus) as the Representatives may reasonably request. As used herein, the term "Prospectus Delivery Period" means such period of time after the first date of the public offering of the Shares as in the opinion of counsel for the Underwriters a prospectus relating to the Shares is required by law to be delivered (or required to be delivered but for Rule 172 under the Securities Act) in connection with sales of the Shares by any Underwriter or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Amendments or Supplements, Issuer Free Writing Prospectuses.* Before using, authorizing, approving, referring to or filing any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration Statement, the Pricing Disclosure Package or the Prospectus, the Company will furnish to the Representatives and counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, amendment or supplement for review and will not use, authorize, approve, refer to or file any such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the Representatives reasonably object in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Notice to the Representatives.* The Company will advise the Representatives promptly, and confirm such advice in writing, (i) when the Registration Statement has become effective; (ii) when any amendment to the Registration Statement has been filed or becomes effective; (iii) when any supplement to the Pricing Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication or any amendment to the Prospectus has been filed or distributed; (iv) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or the receipt of any comments from the Commission relating to the Registration Statement or any other request by the Commission for any additional information including, but not limited to, any request for information concerning any Testing-the-Waters Communication; (v) of the issuance by the Commission or any other governmental or regulatory authority of any order suspending the effectiveness of the Registration Statement or preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure Package or the Prospectus or any Written Testing-the-Waters Communication or the initiation or threatening of any proceeding for that purpose or pursuant to Section 8A of the Securities Act; (vi) of the

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occurrence of any event or development within the Prospectus Delivery Period as a result of which the Prospectus, any of the Pricing Disclosure Package or any Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus, the Pricing Disclosure Package or any such Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication is delivered to a purchaser, not misleading; and (vii) of the receipt by the Company of any notice with respect to any suspension of the qualification of the Shares for offer, issue and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure Package or the Prospectus or any Written Testing-the-Waters Communication or suspending any such qualification of the Shares and, if any such order is issued, will obtain as soon as possible the withdrawal thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Ongoing Compliance.* (1) If during the Prospectus Delivery Period (i) any event or development shall occur or condition shall exist as a result of which the Prospectus as then amended or supplemented would 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 existing when the Prospectus is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Prospectus to comply with law, the Company will promptly notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission and furnish to the Underwriters and to such dealers as the Representatives may designate such amendments or supplements to the Prospectus as may be necessary so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus will comply with law and (2) if at any time prior to the Closing Date (i) any event or development shall occur or condition shall exist as a result of which the Pricing Disclosure Package as then amended or supplemented would 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 existing when the Pricing Disclosure Package is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Pricing Disclosure Package to comply with law, the Company will promptly notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission (to the extent required) and furnish to the Underwriters and to such dealers as the Representatives may designate, such amendments or supplements to the Pricing Disclosure Package as may be necessary so that the statements in the Pricing Disclosure Package as so amended or supplemented will not, in the light of the circumstances existing when the Pricing Disclosure Package is delivered to a purchaser, be misleading or so that the Pricing Disclosure Package will comply with law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Blue Sky Compliance.* The Company will use its reasonable best efforts, in cooperation with the Representatives, to qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request and will continue such qualifications in effect so long as required for distribution of the Shares; <u>provided</u> that the Company shall not be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Earning Statement.* The Company will make generally available to its security holders and the Representatives as soon as practicable an earning statement that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the "effective date" (as defined in Rule 158) of the Registration Statement, provided that the Company will be deemed to have complied with such requirement by furnishing such earnings statement on the Commission's Electronic Data Gathering, Analysis and Retrieval System (or any successor system) ("EDGAR").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Clear Market.* For a period of 180 days after the date of the Prospectus, the Company will not (i) offer, pledge, allot, issue sell, contract to sell, sell any option or contract to subscribe for, purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, or submit to, or file with, the Commission a registration statement under the Securities Act relating to, any Stock or any securities convertible into or exercisable or exchangeable for Stock, or publicly disclose the intention to undertake any of the foregoing, 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 any two of the Representatives on behalf of the Underwriters, other than the Shares to be issued and sold hereunder.

The restrictions described above do not apply to (i) the issuance of Ordinary Shares or securities convertible into or exercisable for Ordinary Shares pursuant to the conversion or exchange of convertible or exchangeable securities or the exercise of warrants or options (including net exercise) or the settlement of RSUs (including net settlement), in each case outstanding on the date of this Agreement and described in the Prospectus; (ii) grants of stock options, stock awards, restricted stock, RSUs, or other equity awards and the issuance of Ordinary Shares or securities convertible into or exercisable or exchangeable for Ordinary Shares (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 as of the Closing Date and described in the Prospectus; (iii) the issuance of up to 10% of the outstanding Ordinary Shares, or securities convertible into, exercisable for, or which are otherwise exchangeable for, Ordinary Shares, immediately following the Closing Date, in acquisitions or other similar strategic transactions, provided that such recipients enter into a substantially similar lock-up

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agreement with the Underwriters; (iv) 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 this Agreement and described in the Prospectus or any assumed benefit plan pursuant to a merger, acquisition or similar strategic transaction; (v) the issuance of the Option Shares to the Selling Shareholder; or (vi) facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the Company pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Ordinary Shares, provided that (i) such plan does not provide for the transfer of Ordinary Shares during the beginning on the date of this Agreement and ending at the close of business 180 days after the date of the Prospectus (such period, the "Restricted Period"), and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Ordinary Shares may be made under such plan during the Restricted Period.

If any two of the Representatives on behalf of the Underwriters agree to release or waive the restrictions set forth in a lock-up letter described in Section 8(o) hereof for an officer or director of the Company and provides the Company with notice of the impending release or waiver substantially in the form of Exhibit B hereto at least three business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver substantially in the form of Exhibit C 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Use of Proceeds.* The Company will apply the net proceeds from the sale of the Shares as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus under the heading "Use of proceeds". The Company will not directly or knowingly 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 that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) 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, Anti-Money Laundering Laws, or Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *No Stabilization.* Neither the Company, nor its subsidiaries nor any of its controlled affiliates will take, directly or indirectly, any action designed to or that would reasonably be expected to cause or result in any stabilization or manipulation of the price of the Stock. To the Company's knowledge, no other affiliates of the Company will take, directly or indirectly, any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Exchange Listing.* The Company will use its reasonable best efforts to list, subject to notice of issuance, the Shares on the New York Stock Exchange (the "Exchange").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Reports.* For a period of three years from the date of this Agreement, the Company will furnish to the Representatives, as soon as they are available, copies of all reports or other communications (financial or other) furnished to holders of the Shares, and copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange or automatic quotation system; *provided* the Company will be deemed to have furnished such reports and financial statements to the Representatives to the extent they are filed on EDGAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Record Retention*. The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Filings.* The Company will file with the Commission such reports as may be required by Rule 463 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Directed Share Program.* The Company will comply with all applicable securities and other laws, rules and regulations in each jurisdiction in which the Directed Shares are offered in connection with the Directed Share Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Tax Indemnity*. The Company will indemnify and hold harmless, or cause one of its subsidiaries to indemnify and hold harmless, joint and severally, the Underwriters against any documentary, stamp, registration or similar issuance tax, including any interest and penalties (other than interest and penalties which would not have arisen but for the Underwriters' failure to file any tax return and/or account for any such tax promptly after receiving an amount equal to such tax from the Company), arising on (i) the issuance, sale or transfer of the Shares by the Company to the Underwriters, including, for the avoidance of doubt, the issue by the Company of such Shares to Cede & Co. or any nominee designated by DTC, (ii) the re-sale and delivery by the Underwriters of the Shares to be sold by the Company or the Selling Shareholder to the purchasers thereof in the manner contemplated by this Agreement and the Prospectus provided that such re-sale and delivery by the Underwriters is effected by an instruction to transfer book-entry interests representing the Shares through the securities settlement system operated by DTC and the Shares are dealt in on the Exchange at the time of such re-sale and delivery, and (iii) the execution and delivery of this Agreement. All indemnity payments to be made by the Company hereunder in respect of this Section 5(r) shall be made without withholding or deduction for or on account of any present or future Irish taxes, duties or governmental charges whatsoever unless the Company is compelled by law to deduct or withhold such taxes, duties or charges. In that event, except for any net income, capital gains or franchise taxes imposed on the Underwriters by Ireland or the United States or any political subdivision or taxing authority thereof or therein as a result of any present or former connection (other than any connection resulting from the transactions contemplated by this Agreement) between the Underwriters and the jurisdiction imposing such withholding or deductions, the Company shall pay such additional amounts as may be necessary in order to ensure that the net amounts received after such withholding or deductions shall equal the amounts that would have been received if no withholding or deduction had been made. If applicable, and upon reasonable request, the Company shall provide to the Representatives evidence of such payment of taxes, duties or charges made to the relevant governmental authority within thirty (30) days thereof and shall also provide to the Representatives any official tax receipt or other documentation issued by the appropriate governmental authorities with respect to such payment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Further Agreements of the Selling Shareholder</u>. The Selling Shareholder covenants and agrees with each Underwriter that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *No Stabilization.* The Selling Shareholder will not take, directly or indirectly, any action designed to or that would reasonably be expected to cause or result in any stabilization or manipulation of the price of the Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Tax Form.* It will deliver to the Representatives prior to or at the Closing Date a properly completed and executed United States Treasury Department Form W-9 (or other applicable form or statement specified by the Treasury Department regulations in lieu thereof) in order to facilitate the Underwriters' documentation of their compliance with the reporting and withholding provisions of the Tax Equity and Fiscal Responsibility Act of 1982 with respect to the transactions herein contemplated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Tax Indemnity*. It will indemnify and hold harmless the Underwriters against any documentary, stamp, registration or similar issuance tax, including any interest and penalties (other than interest and penalties which would not have arisen but for the Underwriters failing to file any tax return and/or account for any such tax promptly after receiving an amount equal to such tax from the Selling Shareholder), arising on (i) the sale and transfer of the Shares by the Selling Shareholder to the Underwriters, including, for the avoidance of doubt, the issue by the Company of such Shares to Cede & Co. or any nominee designated by DTC, (ii) the re-sale and delivery by the Underwriters of the Shares to be sold by the Selling Shareholder to the purchasers thereof in the manner contemplated by this Agreement and the Prospectus provided that such re-sale and delivery by the Underwriters is effected by an instruction to transfer book-entry interests representing the Shares through the securities settlement system operated by DTC and the Shares are dealt in on the Exchange at the time of such re-sale and delivery, and (iii) the execution and delivery of this Agreement. All indemnity payments to be made by the Selling Shareholder hereunder in respect of this Section 6(c) shall be made without withholding or deduction for or on account of any present or future Irish taxes, duties or governmental charges whatsoever unless the Selling Shareholder is compelled by law to deduct or withhold such taxes, duties or charges. In that event, except for any net income, capital gains or franchise taxes imposed on the Underwriters by Ireland or the United States or any political subdivision or taxing authority thereof or therein as a result of any present or former connection (other than any connection resulting from the transactions contemplated by this Agreement) between the Underwriters and the jurisdiction imposing such withholding or deductions, the Selling Shareholder shall pay such additional amounts as may be necessary in order to ensure that the net amounts received after such withholding or deductions shall equal the amounts that would have been received if no withholding or deduction had been made. If applicable, and upon reasonable request, the Selling Shareholder shall provide to the Representatives evidence of such payment of taxes, duties or charges made to the relevant governmental authority within thirty (30) days thereof and shall also provide to the Representatives any official tax receipt or other documentation issued by the appropriate governmental authorities with respect to such payment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Use of Proceeds*. It will not directly or knowingly indirectly use any part of the proceeds of the sale of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to a subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject of target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) 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, Anti-Money Laundering Laws or Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Certain Agreements of the Underwriters</u>. Each Underwriter hereby severally represents and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has not used, authorized use of, referred to or participated in the planning for use of and will not use, authorize use of, refer to or participate in the planning for use of, any "free writing prospectus", as defined in Rule 405 under the Securities Act (which term includes use of any written information furnished to the Commission by the Company and not incorporated by reference into the Registration Statement and any press release issued by the Company) other than (i) a free writing prospectus that contains no "issuer information" (as defined in Rule 433(h)(2) under the Securities Act) that was not included (including through incorporation by reference) in the Preliminary Prospectus or a previously filed Issuer Free Writing Prospectus, (ii) any Issuer Free Writing Prospectus listed on Annex A or prepared pursuant to Section 3(c) or Section 4(c) above (including any electronic road show), or (iii) any free writing prospectus prepared by such Underwriter and approved by the Company in advance in writing (each such free writing prospectus referred to in clauses (i) or (iii), an "Underwriter Free Writing Prospectus").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has not and will not, without the prior written consent of the Company, use any free writing prospectus that contains the final terms of the Shares unless such terms have previously been included in a free writing prospectus filed with the Commission; <u>provided</u> that the Underwriters may use a term sheet substantially in the form of Annex C hereto without the consent of the Company; <u>provided</u>, <u>further</u>, that any Underwriter using such term sheet shall notify the Company, and provide a copy of such term sheet to the Company, prior to, or substantially concurrently with, the first use of such term sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is not subject to any pending proceeding under Section 8A of the Securities Act with respect to the offering (and will promptly notify the Company and the Selling Shareholder if any such proceeding against it is initiated or threatened during the Prospectus Delivery Period).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Conditions of Underwriters' Obligations.</u> The obligation of each Underwriter to purchase the Underwritten Shares on the Closing Date or the Option Shares on the Additional Closing Date, as the case may be, as provided herein is subject to the performance by the Company in the case of the Closing Date, and the Company and each of the Selling Shareholder, in the case of the Additional Closing Date, of their respective covenants and other obligations hereunder and to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Registration Compliance; No Stop Order.* No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose or pursuant to Section 8A under the Securities Act shall be pending before or threatened by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely filed with the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433 under the Securities Act) and in accordance with Section 5(a) hereof; and all requests by the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Representations and Warranties.* The respective representations and warranties of the Company and the Selling Shareholder contained herein shall be true and correct on the date hereof and on and as of the Closing Date or the Additional Closing Date, as the case may be; and the statements of the Company and its officers and the Selling Shareholder and its officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date or the Additional Closing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Downgrade.* Subsequent to the earlier of (A) the Applicable Time and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded any debt securities, convertible securities or preferred shares issued or guaranteed by the Company or any of its subsidiaries by any "nationally recognized statistical rating organization", as such term is defined under Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of any such debt securities or preferred shares issued or guaranteed by the Company or any of its subsidiaries (other than an announcement with positive implications of a possible upgrading).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *No Material Adverse Change.* No event or condition of a type described in Section 3(g) hereof shall have occurred or shall exist, which event or condition is not described in the Pricing Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus (excluding any amendment or supplement thereto) and the effect of which in the judgment of the Representatives makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date or the Additional Closing Date, as the case may be, on the terms and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Officer's Certificate.* The Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, (x) a certificate, which shall be delivered on behalf of the Company and not the signatories in their individual capacity, of the chief financial officer or chief accounting officer of the Company and one additional senior executive officer of the Company who is reasonably satisfactory to the

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Representatives (i) confirming that such officers have reviewed the Registration Statement, the Pricing Disclosure Package and the Prospectus and, to the knowledge of such officers, the representations of the Company set forth in Sections 3(b) and 3(d) hereof are true and correct and that the other representations and warranties of the Company in this Agreement are true and correct, (ii) confirming that the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date or the Additional Closing Date, as the case may be, and (iii) to the effect set forth in paragraphs (a), (c) and (d) above and (y) in the case of the Additional Closing Date, a certificate of the Selling Shareholder, in form and substance reasonably satisfactory to the Representatives, (A) confirming that the representations of the Selling Shareholder set forth in Section 4 hereof are true and correct and (B) confirming that the Selling Shareholder has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Additional Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Comfort Letters.* On the date of this Agreement and on the Closing Date or the Additional Closing Date, as the case may be, Ernst & Young LLP shall have furnished to the Representatives, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, containing statements and information of the type customarily included in accountants' "comfort letters" to underwriters with respect to the financial statements and certain financial information contained in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus; provided, that the letter delivered on the Closing Date or the Additional Closing Date, as the case may be, shall use a "cut-off" date no more than two business days prior to such Closing Date or such Additional Closing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the date of this Agreement and on the Closing Date or the Additional Closing Date, as the case may be, the Company shall have furnished to the Representatives a certificate, dated the respective dates of delivery thereof and addressed to the Underwriters, of its chief financial officer with respect to certain financial data contained in the Pricing Disclosure Package and the Prospectus, providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Opinion and 10b-5 Statement of U.S. Counsel for the Company.* Ropes & Gray LLP, counsel for the Company, shall have furnished to the Representatives, at the request of the Company, their written opinion and 10b-5 statement, dated the Closing Date or the Additional Closing Date, as the case may be, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Opinion of Irish Counsel for the Company.* Arthur Cox LLP, Irish counsel for the Company, shall have furnished to the Representatives, at the request of the Company, their written opinion, dated the Closing Date or the Additional Closing Date, as the case may be, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Opinion of Counsel for the Selling Shareholders.* If applicable, Carey Olsen (Guernsey) LLP and Ropes & Gray LLP, each counsel for the Selling Shareholder, shall have furnished to the Representatives, at the request of the Selling Shareholder, their written opinions, dated the Additional Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Opinion and 10b-5 Statement of U.S. Counsel for the Underwriters.* The Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, an opinion and 10b-5 statement, addressed to the Underwriters, of Simpson Thacher & Bartlett LLP, U.S. counsel for the Underwriters, with respect to such matters as the Representatives may reasonably request, and such counsel shall have received such documents 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;&nbsp;&nbsp;&nbsp;&nbsp;(l) *No Legal Impediment to Issuance and/or Sale.* No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any U.S. federal, state or non-U.S. governmental or regulatory authority that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent the issuance or sale of the Shares by the Company or the sale of the Shares by the Selling Shareholder, as applicable; and no injunction or order of any U.S. federal, state or non-U.S. court shall have been issued that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent the issuance or sale of the Underwritten Shares by the Company or the sale of the Option Shares by the Selling Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Good Standing*. The Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, satisfactory evidence of the good standing of the Company, Nielsen Consumer Inc., Nielsen Consumer LLC and GfK SE in their respective jurisdictions of organization (or such equivalent concept to the extent it exists under the laws of such jurisdictions), in each case in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Exchange Listing.* The Shares to be delivered on the Closing Date or the Additional Closing Date, as the case may be, shall have been approved for listing on the New York Stock Exchange, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Lock-up Agreements*. The "lock-up" agreements, each substantially in the form of Exhibit D hereto, between you and certain shareholders, officers and directors of the Company, including the Selling Shareholder, relating to sales and certain other dispositions of Stock or certain other securities, delivered to you on or before the date hereof, shall be in full force and effect on the Closing Date or the Additional Closing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Additional Documents.* On or prior to the Closing Date or the Additional Closing Date, as the case may be, the Company and the Selling Shareholder shall have furnished to the Representatives such further certificates and documents as the Representatives may reasonably request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification and Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification of the Underwriters by the Company.* The Company agrees to indemnify and hold harmless, or cause one of its subsidiaries to indemnify and hold harmless, joint and severally, each Underwriter, its affiliates, directors and officers and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other reasonable expenses incurred and documented in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, not misleading, or (ii) any untrue statement or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Preliminary Prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Securities Act, any Written Testing-the-Waters Communication, any road show as defined in Rule 433(h) under the Securities Act (a "road show") or any Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended), or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in paragraph (c) below.

The Company also agrees to indemnify and hold harmless, Citi, its affiliates, directors and officers and each person, if any, who controls Citi within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities incurred as a result of Citi's participation as the QIU in connection with the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification of the Underwriters by the Selling Shareholder.* The Selling Shareholder agrees to indemnify and hold harmless each Underwriter, its affiliates, directors and officers and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with the Selling Shareholder Information; and provided further that the aggregate amount of the Selling Shareholder's liability pursuant to this Section 9(b) and Section 9(e) or otherwise hereunder shall be limited to an amount equal to the aggregate net proceeds (after underwriting commissions and discounts but before expenses) received by the Selling Shareholder from the sale of Shares sold by the Selling Shareholder hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Indemnification of the Company and the Selling Shareholder.* Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who signed the Registration Statement and each person, if any, who controls the Company or any Selling Shareholder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and the Selling Shareholder to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, the Prospectus (or any amendment or supplement thereto), any Preliminary Prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication, any road show or any Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended), 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 concession and reallowance figures appearing in the [third] paragraph under the caption "Underwriting" and the information contained in the [fifteenth and sixteenth] paragraph under the caption "Underwriting".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Notice and Procedures.* If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to the preceding paragraphs of this Section 9, such person (the "Indemnified Person") shall promptly notify the person against whom such indemnification may be sought (the "Indemnifying Person") in writing; <u>provided</u> that the failure to notify the Indemnifying Person 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 <u>provided, further,</u> that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under the preceding paragraphs of this Section 9. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section that the Indemnifying Person may designate in such proceeding and shall pay the reasonable and documented fees and expenses in such proceeding and shall pay the reasonable and documented fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded based on upon written advice of counsel that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would, in the opinion of counsel, be inappropriate due to actual or potential differing interests between them. It is understood and

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agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the reasonable and documented fees and expenses of more than one separate firm (in addition to any necessary local counsel) for all Indemnified Persons, and that all such reasonable and documented fees and expenses shall be paid or reimbursed as they are incurred; <u>provided, however,</u> that if indemnity may be sought pursuant to the second paragraph of Section 9(a) above in respect of such proceeding, then in addition to one such separate firm of the Underwriters, their affiliates, directors, officers and such control persons of the Underwriters the Indemnifying Person shall be liable for the reasonable and documented fees and expenses of not more than one separate firm (in addition to any necessary local counsel) for Citi in its capacity as the QIU, its affiliates, directors, officers and all persons, if any, who control Citi within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act. Any such separate firm for any Underwriter, its affiliates, directors and officers and any control persons of such Underwriter shall be designated in writing by the Representatives and any such separate firm for the Company, its directors, its officers who signed the Registration Statement and any control persons of the Company shall be designated in writing by the Company and any such separate firm for the Selling Shareholders shall be designated in writing by the Selling Shareholder. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person 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 the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement, unless, in each case, the amount of such fees and expenses is being actively contested in writing in good faith by such Indemnifying Person. No Indemnifying Person shall, without the written consent of the Indemnified Person (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Contribution.* If the indemnification provided for in paragraphs (a), (b) or (c) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein (other than as a result of the limitations imposed on indemnification set forth therein), then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company or the Selling Shareholder, as applicable, on the one hand, and the Underwriters or Citi in its capacity as the QIU, as the case may be, on the other, from the offering of the Shares or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to

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reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company or the Selling Shareholder, as applicable, on the one hand, and the Underwriters or Citi in its capacity as the QIU, as the case may be, on the other, in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company or the Selling Shareholder, on the one hand, and the Underwriters or Citi in its capacity as the QIU, as the case may be, on the other, shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Company or the Selling Shareholder from the sale of the Shares and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in the table on the cover of the Prospectus bear to the aggregate offering price of the Shares. The relative fault of the Company or the Selling Shareholder, on the one hand, and the Underwriters or Citi in its capacity as the QIU, as the case may be, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Selling Shareholder or by the Underwriters or Citi in its capacity as the QIU, as the case may be, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Limitation on Liability.* The Company, the Selling Shareholder and the Underwriters agree that it would not be just and equitable if contribution pursuant to paragraph (e) above were determined by <u>pro</u> <u>rata</u> allocation (even if the Selling Shareholder or the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (e) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (e) above shall be deemed to include, subject to the limitations set forth above, any reasonable and documented legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of paragraphs (e) and (f), in no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter with respect to the offering of the Shares exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. In no event shall the aggregate liability of the Selling Shareholder under this Agreement exceed the limit set forth in Section 9(b). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters' obligations to contribute pursuant to paragraphs (e) and (f) are several in proportion to their respective purchase obligations hereunder and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Non-Exclusive Remedies.* The remedies provided for in this Section 9 paragraphs (a) through (f) are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Directed Share Program Indemnification.* The Company agrees to indemnify and hold harmless the Directed Share Underwriter, its affiliates, directors and officers and each person, if any, who controls the Directed Share Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (each a "Directed Share Underwriter Entity")

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from and against any and all losses, claims, damages and liabilities (including, without limitation, any reasonable and documented legal fees and other expenses incurred in connection with defending or investigating any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred) (i) caused by any untrue statement or alleged untrue statement of a material fact contained in any material prepared by or with the consent of the Company for distribution to Participants in connection with the Directed Share Program or caused by any omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; (ii) caused by the failure of any Participant to pay for and accept delivery of Directed Shares that the Participant agreed to purchase; or (iii) related to, arising out of, or in connection with the Directed Share Program, other than losses, claims, damages or liabilities (or expenses relating thereto) that are finally judicially determined to have resulted from the bad faith or gross negligence of the Directed Share Underwriter Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In case any proceeding (including any governmental investigation) shall be instituted involving any Directed Share Underwriter Entity in respect of which indemnity may be sought pursuant to paragraph (g) above, the Directed Share Underwriter Entity seeking indemnity shall promptly notify the Company in writing and the Company, upon request of the Directed Share Underwriter Entity, shall retain counsel reasonably satisfactory to the Directed Share Underwriter Entity to represent the Directed Share Underwriter Entity and any others the Company may designate in such proceeding and shall pay the reasonable and documented fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Directed Share Underwriter Entity shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Directed Share Underwriter Entity unless (i) the Company and such Directed Share Underwriter Entity shall have mutually agreed to the retention of such counsel, (ii) the Company has failed within a reasonable time to retain counsel reasonably satisfactory to such Directed Share Underwriter Entity, (iii) the Directed Share Underwriter Entity shall have reasonably concluded, based on written advice of counsel, that there may be legal defenses available to it that are different from or in addition to those available to the Company or (iv) the named parties to any such proceeding (including any impleaded parties) include both the Company and the Directed Share Underwriter Entity and representation of both parties by the same counsel would be inappropriate, in the opinion of counsel, due to actual or potential differing interests between them. The Company shall not, in respect of the legal expenses of the Directed Share Underwriter Entities in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any necessary local counsel) for all Directed Share Underwriter Entities. The Company shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, the Company agrees to indemnify the Directed Share Underwriter Entities from and against any loss or liability by reason of such settlement. The Company shall not, without the prior written consent of the Directed Share Underwriter, effect any settlement of any pending or threatened proceeding in respect of which any Directed Share Underwriter Entity is or could have been a party and indemnity could have been sought hereunder by such Directed Share Underwriter Entity, unless (x) such settlement includes an unconditional release of the Directed Share Underwriter Entities from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of the Directed Share Underwriter Entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To the extent the indemnification provided for in paragraph (h) above is unavailable to a Directed Share Underwriter Entity or insufficient in respect of any losses, claims, damages or liabilities referred to therein (other than as a result of the limitation imposed on indemnification set forth therein), then the Company in lieu of indemnifying the Directed Share Underwriter Entity thereunder, shall contribute to the amount paid or payable by the Directed Share Underwriter Entity as a result of such losses, claims, damages or liabilities (1) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Directed Share Underwriter Entities on the other hand from the offering of the Directed Shares or (2) if the allocation provided by clause 9(j)(1) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 9(j)(1) above but also the relative fault of the Company on the one hand and of the Directed Share Underwriter Entities on the other hand in connection with any statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Directed Share Underwriter Entities on the other hand in connection with the offering of the Directed Shares shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Directed Shares (before deducting expenses) and the total underwriting discounts and commissions received by the Directed Share Underwriter Entities for the Directed Shares, bear to the aggregate public offering price of the Directed Shares. If the loss, claim, damage or liability is caused by an untrue or alleged untrue statement of material fact or the omission or alleged omission to state a material fact, the relative fault of the Company on the one hand and the Directed Share Underwriter Entities on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement or the omission or alleged omission relates to information supplied by the Company or by the Directed Share Underwriter Entities and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company and the Directed Share Underwriter Entities agree that it would be not just or equitable if contribution pursuant to paragraph (j) above were determined by pro rata allocation (even if the Directed Share Underwriter Entities were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (j) above. The amount paid or payable by the Directed Share Underwriter Entities as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any reasonable and documented legal or other expenses reasonably incurred by the Directed Share Underwriter Entities in connection with investigating or defending such any action or claim. Notwithstanding the provisions of paragraph (j) above, no Directed Share Underwriter Entity shall be required to contribute any amount in excess of the amount by which the total price at which the Directed Shares distributed to the public were offered to the public exceeds the amount of any damages that such Directed Share Underwriter Entity has otherwise been required to pay. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in paragraphs (h) through (k) are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The indemnity and contribution provisions contained in paragraphs (h) through (k) shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Directed Share Underwriter Entity or the Company, its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Directed Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Effectiveness of Agreement</u>. This Agreement shall become effective as of the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Termination</u>. This Agreement may be terminated in the absolute discretion of the Representatives, by written notice to the Company and the Selling Shareholder, if after the execution and delivery of this Agreement and on or prior to the Closing Date or, in the case of the Option Shares, prior to the Additional Closing Date (i) trading generally shall have been suspended or materially limited on or by any of the New York Stock Exchange or The Nasdaq Stock Market; (ii) trading of any securities issued or guaranteed by the Company shall have been suspended on any national securities exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by U.S. federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representatives, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, issuance, sale or delivery of the Shares on the Closing Date or the Additional Closing Date, as the case may be, on the terms and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Defaulting Underwriter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, on the Closing Date or the Additional Closing Date, as the case may be, any Underwriter defaults on its obligation to purchase the Shares that it has agreed to purchase hereunder on such date, the non-defaulting Underwriters may in their discretion arrange for the purchase of such Shares by other persons satisfactory to the Company and the Selling Shareholder on the terms contained in this Agreement. If, within 36 hours after any such default by any Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such Shares, then the Company and the Selling Shareholder shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Underwriters to purchase such Shares on such terms. If other persons become obligated or agree to purchase the Shares of a defaulting Underwriter, either the non-defaulting Underwriters or the Company and the Selling Shareholder may postpone the Closing Date or the Additional Closing Date, as the case may be, for up to five full business days in order to effect any changes that in the opinion of counsel for the Company, counsel for the Selling Shareholder or counsel for the Underwriters may be necessary in the Registration Statement and the Prospectus or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to the Registration Statement and the Prospectus that effects any such changes. As used in this Agreement, the term "Underwriter" includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 12, purchases Shares that a defaulting Underwriter agreed but failed to purchase.

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&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 the non-defaulting Underwriters, the Company and the Selling Shareholder as provided in paragraph (a) above, the aggregate number of Shares that remain unpurchased on the Closing Date or the Additional Closing Date, as the case may be, does not exceed one-eleventh of the aggregate number of Shares to be purchased on such date, then the Company and the Selling Shareholder shall have the right to require each non-defaulting Underwriter to purchase the number of Shares that such Underwriter agreed to purchase hereunder on such date plus such Underwriter's pro rata share (based on the number of Shares that such Underwriter agreed to purchase on such date) of the Shares of such defaulting Underwriter or Underwriters for which such arrangements have not been made.

&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 the non-defaulting Underwriters, the Company and the Selling Shareholder as provided in paragraph (a) above, the aggregate number of Shares that remain unpurchased on the Closing Date or the Additional Closing Date, as the case may be, exceeds one-eleventh of the aggregate amount of Shares to be purchased on such date, or if the Company and the Selling Shareholder shall not exercise the right described in paragraph (b) above, then this Agreement or, with respect to any Additional Closing Date, the obligation of the Underwriters to purchase Shares on the Additional Closing Date, as the case may be, shall terminate without liability on the part of the non-defaulting Underwriters. Any termination of this Agreement pursuant to this Section 12 shall be without liability on the part of the Company and the Selling Shareholder, except that the Company will continue to be liable for the payment of expenses as set forth in Section 13 hereof and except that the provisions of Section 9 hereof shall not terminate and shall remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have to the Company, the Selling Shareholder or any non-defaulting Underwriter for damages caused by its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Payment of Expenses</u>*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company will pay or cause to be paid all costs and expenses incident to the performance of its obligations hereunder, including without limitation, (i) the costs incident to the authorization, issuance, sale, preparation and delivery of the Shares and any stamp duties, similar taxes or duties or other taxes payable in that connection; (ii) the costs incident to the preparation, printing and filing under the Securities Act of the Registration Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus, any Pricing Disclosure Package and the Prospectus (including all exhibits, amendments and supplements thereto) and the distribution thereof; (iii) the fees and expenses of the Company's counsel and independent accountants; (iv) the fees and expenses incurred in connection with the registration or qualification and determination of eligibility for investment of the Shares under the laws of such jurisdictions as the Representatives may designate and the preparation, printing and distribution of a Blue Sky Memorandum (including the related reasonable fees and expenses of counsel for the Underwriters, which shall not exceed $10,000); (v) the cost of preparing share certificates; (vii) the costs and charges of any transfer agent and any registrar; (vii) all expenses and application fees incurred in

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connection with any filing with, and clearance of the offering by, FINRA (including the fees and expenses of Citi, acting as the QIU), provided that disbursements of counsel for the Underwriters pursuant to this clause (vii) shall not exceed $30,000; (viii) all expenses incurred by the Company in connection with any "road show" presentation to potential investors, provided, however, that the cost of any aircraft chartered in connection with the road show utilized for travel by personnel of the Company and personnel of one or more Representatives shall be paid 50% by the Underwriters and 50% by the Company; (ix) all expenses and application fees related to the listing of the Shares on the Exchange. and (x) all of the fees and disbursements of counsel incurred by the Underwriters in connection with the Directed Share Program and stamp duties, similar taxes or duties or other taxes, if any, incurred by the Underwriters in connection with the Directed Share Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If (i) this Agreement is terminated pursuant to clause (ii) of Section 11, (ii) the Company or the Selling Shareholder for any reason fail to tender the Shares for delivery to the Underwriters or (iii) the Underwriters decline to purchase the Shares for any reason permitted under this Agreement, the Company agrees to reimburse the Underwriters for all reasonable and documented out-of-pocket costs and expenses (including the reasonable and documented fees and expenses of their counsel) reasonably incurred by the Underwriters in connection with this Agreement and the offering contemplated hereby, provided that in the case of a termination pursuant to Section 12 hereto, the Company shall only reimburse the non-defaulting Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the performance by the Underwriters of any of their obligations under this Agreement shall represent for VAT purposes under any applicable law the making by the Underwriters of any supply of goods or services to the Company or the Selling Shareholder and the Underwriters are required to account to the relevant tax authority for VAT (to the extent applicable), the Company and/or the Selling Shareholder shall pay to the Underwriters, in addition to the amounts otherwise payable by the Company and/or the Selling Shareholder pursuant to this Agreement, an amount equal to the VAT chargeable on any such supply of goods and services and the Underwriters shall issue the Company and/or the Selling Shareholder (to the extent applicable) with an appropriate VAT invoice in respect of the supply to which the payment relates. Where a sum (a "Relevant Sum") is paid or reimbursed to the Underwriters pursuant to this Agreement in respect of any cost, expense or other amount and that cost, expense or other amount includes an amount in respect of VAT where a part of the VAT amount is irrecoverable VAT, then the Company and the Selling Shareholder, to the extent applicable, shall, in addition, pay an amount equal to the irrecoverable VAT to the Underwriters. For the purposes of this Agreement, "VAT" means value added tax as provided for in the Value-Added Tax Consolidation Act 2010 ("VATCA") and subordinate legislation made under VATCA as amended, modified or re-enacted (whether before or after the date of this Agreement) and any similar sales, consumption, use or turnover tax whether within Ireland or elsewhere in the world. For the purposes of this Agreement, "irrecoverable VAT" means any amount in respect of VAT which a party has incurred and in respect of which that party is not entitled to a refund (by way of credit or repayment) from the relevant Tax Authority pursuant to and determined in accordance with Chapter 1 of Part 8 of the VATCA and any regulations made under that Act or similar provisions elsewhere in the world.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Persons Entitled to Benefit of Agreement</u>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and any controlling persons referred to herein and the affiliates of each Underwriter referred to in Section 9 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Shares from any Underwriter shall be deemed to be a successor merely by reason of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Survival</u>. The respective indemnities, rights of contribution, representations, warranties and agreements of the Company, the Selling Shareholder and the Underwriters contained in this Agreement or made by or on behalf of the Company, the Selling Shareholder or the Underwriters pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Shares and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Company, the Selling Shareholder or the Underwriters or the directors, officers, controlling persons or affiliates referred to in Section 9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Certain Defined Terms</u>. For purposes of this Agreement, (a) except where otherwise expressly provided, the term "affiliate" has the meaning set forth in Rule 405 under the Securities Act; (b) the term "business day" means any day other than a day on which banks are permitted or required to be closed in New York City; (c) the term "subsidiary" has the meaning set forth in Rule 405 under the Securities Act; and (d) the term "significant subsidiary" has the meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Compliance with USA Patriot Act</u>. 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 and the Selling Shareholder, 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;18. <u>Miscellaneous</u>.

(a) *Notices.* All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Underwriters shall be given to the Representatives: c/o J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179 (fax: (212) 622-8358), Attention: Equity Syndicate Desk; c/o BofA Securities, Inc., One Bryant Park, New York, New York 10036, email: dg.ecm_execution_services@bofa.com, Attention: Syndicate Department, with a copy to dg.ecm_legal@bofa.com, attention: ECM Legal; and c/o UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attention: Syndicate (tel.: 212-713-2626). Notices to the Company shall be given to it at NIQ Global Intelligence plc, 200 West Jackson Boulevard, Chicago, IL 60606; Attention: John Blenke (John.Blenke@nielseniq.com). Notices to the Selling Shareholder shall be given at AI Global Investments (Netherlands) PCC Limited—Pave Cell, c/o Advent International, L.P. 800 Boylston Street Boston, Massachusetts 02199; Attention: S. Christopher Egan; Amanda M. Morrison.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Governing Law.* This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Submission to Jurisdiction*. Each of the Company and the Selling Shareholder hereby submit to the exclusive jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the Company and the Selling Shareholder waive any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding in such courts. Each of the Company and the Selling Shareholder agree that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and the Selling Shareholder, as applicable, and may be enforced in any court to the jurisdiction of which Company and the Selling Shareholder, as applicable, is subject by a suit upon such judgment. The Company and the Selling Shareholder irrevocably appoint Cogency Global Inc., located 122 E. 42nd Street, 18<sup>th</sup> Floor, , New York, New York 10168, as its authorized agent in the Borough of Manhattan in The City of New York upon which process may be served in any such suit or proceeding, and agrees that service of process upon such authorized agent, and written notice of such service to the Company or the Selling Shareholder, as the case may be, by the person serving the same to the address provided in this Section 18(c), shall be deemed in every respect effective service of process upon the Company and the Selling Shareholder in any such suit or proceeding. Each of the Company and the Selling Shareholder hereby represent and warrant that such authorized agent has accepted such appointment and has agreed to act as such authorized agent for service of process. Each of the Company and the Selling Shareholder further agree to take any and all action as may be necessary to maintain such designation and appointment of such authorized agent in full force and effect for a period of three years from the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Judgment Currency*. The Company and the Selling Shareholder agree to indemnify each Underwriter, its directors, officers, affiliates and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any loss incurred by such Underwriter as a result of any judgment or order being given or made for any amount due hereunder and such judgment or order being expressed and paid in a currency (the "<u>judgment currency</u>") other than U.S. dollars and as a result of any variation as between (i) the rate of exchange at which the U.S. dollar amount is converted into the judgment currency for the purpose of such judgment or order, and (ii) the rate of exchange at which such indemnified person is able to purchase U.S. dollars with the amount of the judgment currency actually received by the indemnified person. The foregoing indemnity shall constitute a separate and independent obligation of the Company and the Selling Shareholder and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term "rate of exchange" shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Waiver of Immunity*. To the extent that the Company or the Selling Shareholder has or hereafter may acquire any immunity (sovereign or otherwise) from jurisdiction of any court of (i) Ireland, (ii) the United States or the State of New York, (iii) any jurisdiction in which it owns or leases property or assets or from any legal process (whether through service of notice,

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attachment prior to judgment, attachment in aid of execution, execution, set-off or otherwise) with respect to themselves or their respective property and assets or this Agreement, the Company and the Selling Shareholder hereby irrevocably waives such immunity in respect of its obligations under this Agreement to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Waiver of Jury Trial.* Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Recognition of the U.S. Special Resolution Regimes*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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.

As used in this Section 18(g):

"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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Counterparts.* This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Amendments or Waivers.* No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Headings.* The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

------

If the foregoing is in accordance with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| NIQ GLOBAL INTELLIGENCE PLC | NIQ GLOBAL INTELLIGENCE PLC |
| By: |  |
|  | Name: |
|  | Title: |
| SELLING SHAREHOLDER | SELLING SHAREHOLDER |
| AI GLOBAL INVESTMENTS (NETHERLANDS) PCC LIMITED—PAVE CELL | AI GLOBAL INVESTMENTS (NETHERLANDS) PCC LIMITED—PAVE CELL |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| Accepted: As of the date first written above | Accepted: As of the date first written above |
| J.P. MORGAN SECURITIES LLC | J.P. MORGAN SECURITIES LLC |
| BOFA SECURITIES, INC. | BOFA SECURITIES, INC. |
| UBS SECURITIES LLC | UBS SECURITIES LLC |
| Acting severally on behalf of themselves and on behalf of the several Underwriters listed in Schedule 1 hereto. | Acting severally on behalf of themselves and on behalf of the several Underwriters listed in Schedule 1 hereto. |
| J.P. MORGAN SECURITIES LLC | J.P. MORGAN SECURITIES LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

------

---

| | |
|:---|:---|
|  BOFA SECURITIES, INC. | BOFA SECURITIES, INC. |
| By: |  |
|  | Name: |
|  | Title: |
|  UBS SECURITIES LLC | UBS SECURITIES LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

------

Schedule 1

---

| | |
|:---|:---|
| Underwriter | Number of Shares |
| J.P. Morgan Securities LLC |  |
| BofA Securities, Inc. |  |
| UBS Securities LLC |  |
| Barclays Capital Inc. |  |
| RBC Capital Markets, LLC |  |
| BMO Capital Markets Corp. |  |
| BNP Paribas Securities Corp. |  |
| Citigroup Global Markets Inc. |  |
| Deutsche Bank Securities Inc. |  |
| KKR Capital Markets LLC |  |
| Wells Fargo Securities, LLC |  |
| Robert W. Baird & Co. Incorporated |  |
| Capital One Securities, Inc. |  |
| Fifth Third Securities, Inc. |  |
| Needham & Company, LLC |  |
| SMBC Nikko Securities America, Inc. |  |
| Stifel, Nicolaus & Company, Incorporated |  |
| William Blair & Company, L.L.C. |  |
| Academy Securities, Inc. |  |
| Loop Capital Markets LLC |  |
| Roberts & Ryan, Inc. |  |
|  | Total |

---

------

Schedule 2

---

| | |
|:---|:---|
| Selling Shareholder: | Number of<br>Option Shares: |
| AI Global Investments (Netherlands) PCC Limited—Pave Cell |  |

---

------

Schedule 3

**<u>Subsidiaries of the Registrant</u>**

---

| | |
|:---|:---|
| **Entity** | **Jurisdiction** |
| A.C. Nielsen (N.Z.) ULC | New Zealand |
| A.C. Nielsen Chile Limitada | Chile |
| A.C. Nielsen Company Limited | United Kingdom |
| A.C. Nielsen Company, S.L. | Spain |
| A.C. Nielsen de Colombia Ltda. | Colombia |
| A.C. Nielsen do Brasil Ltda. | Brazil |
| A.C. Nielsen Finland Oy | Finland |
| A.C. Nielsen Gesellschaft m.b.H. | Austria |
| A.C. Nielsen of Ireland Limited | Ireland |
| A.C. Nielsen P.R. LLC | Puerto Rico |
| A.C. Nielsen Portugal- Estudos de Mercado- Unipessoal, Lda. | Portugal |
| A3 Distrib SAS | France |
| AC Nielsen de Venezuela S.A. | Venezuela |
| AC Nielsen El Salvador, S.A. de C.V. | El Salvador |
| AC Nielsen Mexico LLC | Delaware |
| AC Nielsen SAS | France |
| Acceleratio Holdco S.à r.l. | Luxembourg |
| ACNielsen (Nederland) B.V. | Netherlands |
| ACNielsen (Singapore) Pte. Ltd. | Singapore |
| ACNielsen (Tanzania) Ltd. | Tanzania |
| ACNielsen AB | Sweden |
| ACNielsen AMER Algeria EURL | Algeria |
| ACNielsen Bel | Belarus |
| ACNielsen Bulgaria Ltd | Bulgaria |
| ACNielsen Cayman Islands Colombia Ltd. | Cayman Islands |
| ACNielsen Centroamerica, S.A. | Guatemala |
| ACNielsen Company of Canada | Canada |
| ACNielsen Costa Rica S.A. | Costa Rica |
| ACNielsen Cyprus Limited | Cyprus |

---

------

---

| | |
|:---|:---|
| ACNielsen Czech Republic s.r.o. | Czech Republic |
| ACNielsen d.o.o. | Croatia |
| ACNielsen d.o.o. | Serbia |
| ACNielsen Dominicana, SRL | Dominican Republic |
| ACNielsen Ecuador S.A. | Ecuador |
| ACNielsen Eesti OÜ | Estonia |
| ACNielsen Group Limited | Hong Kong |
| ACNielsen Holdings Limited | Hong Kong |
| ACNielsen Honduras S.A. de C.V. | Honduras |
| ACNielsen Kazakhstan LLP | Kazakhstan |
| ACNielsen Kenya Limited | Kenya |
| ACNielsen Latvia SIA | Latvia |
| ACNIELSEN Limited Liability Company | Russia |
| ACNielsen Nicaragua, S.A. | Nicaragua |
| ACNielsen Nigeria Limited | Nigeria |
| ACNielsen Norge AS | Norway |
| ACNielsen Pakistan (Private) Limited | Pakistan |
| ACNielsen Panama, S.A. | Panama |
| ACNielsen Piackutató Kft. | Hungary |
| ACNielsen Polska Sp. z o.o. | Poland |
| ACNielsen raziskovalna druzba, d.o.o. | Slovenia |
| ACNielsen Romania srl | Romania |
| ACNielsen SARL | Morocco |
| ACNielsen Slovakia s.r.o. | Slovakia |
| ACNielsen Uganda Limited | Uganda |
| ACNielsen Ukraine Limited Liability Company | Ukraine |
| AMER Research Limited | Cyprus |
| Art Holding (Brazil) C.V. | Netherlands |
| Brandbank Limited | United Kingdom |
| CGA Nielsen (Global) Limited | United Kingdom |
| CGA Strategy Limited | United Kingdom |

---

------

---

| | |
|:---|:---|
| China Market Monitor Co., Ltd. | China |
| CiValue Systems Ltd. | Israel |
| Consumer Canvas, LLC | Delaware |
| DataMia LLC | Delaware |
| Empresa de Servicios AC Nielsen S.A. | Bolivia |
| G F K Egypt LTD | Egypt |
| GfK Adimark Chile S.A. | Chile |
| GfK ANZ PTY LTD | Australia |
| GfK Arastirma Hizmetleri A.S. | Turkey |
| GfK Asia Pte Ltd | Singapore |
| GfK Australia Fieldwork Pty. Ltd. | Australia |
| GfK Austria GmbH | Austria |
| GfK Bangladesh Pvt. Ltd. | Bangladesh |
| GfK Belgium N.V. | Belgium |
| GfK Bulgaria Market Research Institute EOOD | Bulgaria |
| GfK CE Argentina S.A. | Argentina |
| GfK Custom Research Brasil Pesquisa de Mercado Ltda. | Brazil |
| GfK Czech, s r.o. | Czech Republic |
| GfK Danmark A/S | Demark |
| GfK Ecuador Investigacion de Mercado Cia. Ltda. | Ecuador |
| GfK EMER Ad Hoc Research, S.L. | Spain |
| GfK Entertainment AG | Switzerland |
| GfK Entertainment GmbH | Germany |
| GfK Etilize (Private) Limited | Pakistan |
| GfK Etilize, Inc. | Delaware |
| GfK GeoMarketing GmbH | Germany |
| GfK GmbH | Germany |
| GfK GmbH | Germany |
| GFK HELLAS E.P.E. | Greece |
| GfK Hungária Piackutató Kft. | Hungary |
| GfK Insight Japan KK | Japan |

---

------

---

| | |
|:---|:---|
| GfK Italia S.r.l. | Italy |
| GFK LATINOAMERICA HOLDING, S.L. | Spain |
| GfK Malta Holding Limited | Malta |
| GfK Market Consulting (Beijing) Co. Ltd. | China |
| GfK Marketing Services Japan Ltd | Japan |
| GfK Mexico S.A.P.I. de C.V. | Mexico |
| GfK Middle East and Africa FZ-LLC | United Arab Emirates |
| GfK Middle East CR Holding GmbH | Germany |
| GfK Middle East FZ-LLC | United Arab Emirates, Saudi Arabia |
| GfK Mode Pvt Ltd | India |
| GfK Myanmar Company Limited | Myanmar |
| GfK Netherlands B.V. | Netherlans |
| Gfk Nielsen India Private Limited | India |
| GfK Philippines Corporation | Philippines |
| GfK Polonia Sp. z o.o. | Poland |
| GfK PORTUGAL - Marketing Services SA | Portugal |
| GfK Research Dynamics, Inc. | Canada |
| GfK Retail & Technology Israel Ltd. | Israel |
| GFK Retail &Technology Egypt, L.L.C. | Egypt |
| GfK Retail and Technology (Cyprus) LTD | Cyprus |
| GfK Retail and Technology (Thailand) Ltd. | Thailand |
| GfK Retail and Technology Argentina S.A. | Argentina |
| GfK Retail and Technology Asia Holding B.V. | Netherlands |
| GfK Retail and Technology Chile Limitada | Chile |
| GfK Retail and Technology China Co. Ltd. | China |
| GfK Retail and Technology Colombia Limitada | Colombia |
| GfK Retail and Technology Espana, S.A. | Spain |
| GfK Retail and Technology France SAS | France |
| GfK Retail and Technology Hong Kong Limited | Hong Kong |
| GfK Retail and Technology Korea Ltd. | South Korea |

---

------

---

| | |
|:---|:---|
| GfK Retail and Technology Malaysia Sdn. Bhd. | Malaysia |
| GfK Retail and Technology Market Research Vietnam Limited | Vietnam |
| GfK Retail and Technology North Africa SARL | Morocco |
| GfK Retail and Technology Panama, S.A. | Panama |
| GfK Retail and Technology Peru S.A.C. | Peru |
| GfK Retail and Technology Taiwan Ltd | Taiwan |
| GfK Retail and Technology UK Holding Limited | United Kingdom |
| GfK Retail and Technology UK Ltd. | United Kingdon |
| GfK Romania-Institut de Cercetare de Piata S.R.L. | Romania |
| GFK SLOVENIJA, tržne raziskave d.o.o. | Slovenia |
| GfK South Africa (Pty) Ltd | South Africa |
| GfK Sverige Aktiebolag | Sweden |
| GfK Switzerland AG | Switzerland |
| GfK Turkey Danismanlik ve Pazar Arastirma Hizmetleri A.S. | Turkey |
| GfK U.K. Holding Limited | United Kingdom |
| GfK U.K. Limited | United Kingdom |
| GfK Ukraine | Ukraine |
| GfK US MRI, LLC | Delaware |
| Grace BidCo GmbH | Germany |
| Grace HoldCo GmbH | Germany |
| IFR South America, S.A. | Argentina |
| Indy Dutch Bidco B.V. | Netherlands |
| Indy US Holdco, LLC | Delaware |
| Institut Français de Recherche-I.F.R. S.A.S | France |
| Intercampus-Recolha, Tratamento E Distribuição De Informação, S.A. | Portugal |
| Intermediate Dutch Holdings B.V. | Netherlands |
| Limited Liability Company International Institute of Marketing and Social Research | Russia |
| Marketingscan (France) SAS | France |
| Media Focus Schweiz GmbH | Switzerland |
| Memrb Retail Tracking Services Limited | Cyprus |
| Metris-Métodos De Recolha E Investigação Social, S.A. | Portugal |

---

------

---

| | |
|:---|:---|
| National Consumer Panel, LLC | Delaware |
| Nielsen Arastirma Hizmetleri Limited Sirket | Turkey |
| Nielsen Book Services Limited | United Kingdom |
| Nielsen Connect Australia Pty Ltd | Australia |
| Nielsen Consultancy LLC | Qatar |
| Nielsen Consumer Greece Single Member S.A. | Greece |
| Nielsen Consumer LLC | Delaware |
| Nielsen Consumer, Inc. | Delaware |
| Nielsen Data Factory LLC | Russia |
| Nielsen Egypt LLC | Egypt |
| Nielsen for Consultancies Limited Liability Company | Jordan |
| Nielsen for Market Research LLC | Oman |
| Nielsen Holding Saudi Limited or Nielsen Holding Saudi Company Limited | Saudi Arabia |
| Nielsen I Q Lanka (Private) Limited | Sri Lanka |
| Nielsen Innovate B.V. | Netherlands |
| Nielsen Innovate Fund, LP | Israel |
| Nielsen Innovate Ltd. | Israel |
| Nielsen Innovate Singapore Pte. Ltd | Singapore |
| Nielsen Market Research Services FZ-LLC | United Arab Emirates |
| Nielsen MMRD (Myanmar) Company., Ltd. | Myanmar |
| Nielsen MMRD Holdings Pte. Ltd. | Singapore |
| Nielsen Precima B.V. | Netherlands |
| Nielsen Precima, LLC | Delaware |
| Nielsen S.R.L. | Peru |
| Nielsen Services Japan GK | Japan |
| Nielsen Services Poland Sp. z o.o. | Poland |
| Nielsen Tunisie SARL | Tunisia |
| Nielsen Uruguay (US), LLC | Delaware |
| NielsenIQ (Belgium) SRL | Belgium |
| NielsenIQ (Denmark) ApS | Denmark |

---

------

---

| | |
|:---|:---|
| NielsenIQ (Germany) GmbH | Germany |
| NielsenIQ (Guangzhou) LTD | China |
| NielsenIQ (Hong Kong) Limited | Hong Kong |
| NielsenIQ (India) Private Limited | India |
| NielsenIQ (Malaysia) Sdn. Bhd. | Malaysia |
| NielsenIQ (Singapore) Holdings Pte. Ltd. | Singapore |
| NielsenIQ (Singapore) Pte. Ltd | Singapore |
| NielsenIQ (Switzerland) GmbH | Switzerland |
| NielsenIQ (Thailand) Limited | Thailand |
| NielsenIQ (Vietnam), Ltd. | Vietnam |
| NielsenIQ Holding France SAS | France |
| NielsenIQ Holdings, L.L.C. | Delaware |
| NielsenIQ Italy S.r.l. | Italy |
| NielsenIQ Japan | Japan |
| NielsenIQ Korea Ltd | South Korea |
| NielsenIQ México Services, S. de R.L. de C.V. | Mexico |
| NielsenIQ Philippines, Inc. | Philippines |
| NielsenIQ Services France SAS | France |
| NielsenIQ Services Germany GmbH | Germany |
| NielsenIQ Services Italy S.r.l. | Italy |
| NielsenIQ Services Korea Ltd. | South Korea |
| NielsenIQ Services Sweden AB | Sweden |
| NielsenIQ South Africa (Pty) Ltd | South Africa |
| NielsenIQ South America S.R.L. | Argentina |
| NielsenIQ Sub Holding Company | Canada |
| NielsenIQ Sub Holdings I B.V. | Netherlands |
| NielsenIQ Taiwan Ltd. | Taiwan |
| Panel International SA LLC | Delaware |
| PT. GfK Retail and Technology Indonesia | Indonesia |
| PT. Nielseniq Services Indonesia | Indonesia |
| Simmons Research, LLC | Delaware |
| The Nielsen Company (Bangladesh) Ltd. | Bangladesh |

---

------

---

| | |
|:---|:---|
| The Nielsen Company (Europe) Sàrl | Switzerland |
| The Nielsen Company Nepal Pvt Ltd. | Nepal |
| The Nielsen Company Paraguay S.R.L. | Paraguay |
| TNC Europe B.V. | Netherlands |
| UAB ACNielsen Baltics | Lithuania |
| Unrollme LLC | Delaware |
| Viewerslogic Ltd | Israel |

---

Annex A

**a. Pricing Disclosure Package** 

[To include each Issuer Free Writing Prospectus to be included in the Pricing Disclosure Package]

**b. Pricing Information Provided Orally by Underwriters** 

$[•] per share

Number of Underwritten Shares: [•]

Number of Option Shares: [•]

------

Annex B

<u>Written Testing-the-Waters Communications</u> 

Testing-the-waters presentation dated March 2025.

Testing-the-waters presentation dated April 2025.

Testing-the-waters presentation dated June 2025.

------

Annex C

<u>Pricing Term Sheet</u> 

------

Exhibit A

AUTHORIZATION LETTER

J.P. Morgan Securities LLC

BofA Securities, Inc.

UBS Securities LLC

In reliance on Rule 163B under the Securities Act of 1933, as amended (the "Act"), NIQ Global Intelligence Limited (the "Issuer") hereby authorizes each of J.P. Morgan Securities LLC ("J.P. Morgan"), BofA Securities, Inc. ("BofA") and UBS Securities LLC ("UBS") and each of their affiliates and their respective employees, to engage on behalf of the Issuer in oral and written communications with potential investors that are reasonably believed to be "qualified institutional buyers", as defined in Rule 144A under the Act, or institutions that are "accredited investors", within the meaning of Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the Act, to determine whether such investors might have an interest in the Issuer's contemplated initial public offering ("Testing-the-Waters Communications").

A "Written Testing-the Waters Communication" means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Act. Each of J.P. Morgan, BofA and UBS, individually and not jointly, agrees that it shall not distribute any Written Testing-the-Waters Communication that has not been approved by the Issuer, other than communications that are purely logistical in nature.

Until the earlier of the Issuer informing J.P. Morgan, BofA and UBS that it is no longer proceeding with an initial public offering and the consummation of such offering, if at any time following the distribution of any Written Testing-the-Waters Communication there occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Issuer will promptly notify each of J.P. Morgan, BofA and UBS and will promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

Nothing in this authorization is intended to limit or otherwise affect the ability of each of J.P. Morgan, BofA and UBS and each of their affiliates and their respective employees, to engage in communications in which they could otherwise lawfully engage in the absence of this authorization, including, without limitation, any written communication containing only one or more of the statements specified under Rule 134(a) under the Act. This authorization shall remain in effect until the Issuer has provided to J.P. Morgan, BofA and UBS a written notice revoking this authorization. All notices as described herein shall be sent by email to the attention of [\*\*\*].

------

Exhibit B

**[Form of Waiver of Lock-up]** 

**[ ]** 

NIQ Global Intelligence plc

Public Offering of Ordinary 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;, 20__

[Name and Address of

Officer or Director

Requesting Waiver]

Dear Mr./Ms. [Name]:

This letter is being delivered to you in connection with the offering by NIQ Global Intelligence plc (the "Company") of ______ ordinary shares, $___ nominal value (the "Ordinary Shares"), of the Company and the lock-up letter dated __________________, 2025 (the "Lock-up Letter"), executed by you in connection with such offering, and your request for a [waiver] [release] dated __________________, 2025, with respect to ______Ordinary Shares (the "Shares").

[ ] hereby agree to [waive] [release] the transfer restrictions set forth in the Lock-up Letter, but only with respect to the Shares, effective __________________, 20__; <u>provided</u>, <u>however</u>, that such [waiver] [release] is conditioned on the Company announcing the impending [waiver] [release] by press release through a major news service at least two business days before effectiveness of such [waiver] [release]. This letter will serve as notice to the Company of the impending [waiver] [release].

Except as expressly [waived] [released] hereby, the Lock-up Letter shall remain in full force and effect.

Yours very truly,

cc: Company

------

Exhibit C

**[Form of Press Release\*]** 

**NIQ Global Intelligence plc** 

**[Date]** 

NIQ Global Intelligence plc ("NIQ") announced today that [ ], [the lead book-running manager] in the Company's recent public sale of ordinary shares, is [waiving] [releasing] a lock-up restriction with respect to of the Company's ordinary shares held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on ____________________, 20__, and the ordinary 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.** 

------

Exhibit D

FORM OF LOCK-UP AGREEMENT

____ __, 2025

J.P. Morgan Securities LLC

BofA Securities, Inc.

UBS Securities LLC

As Representatives of the

several Underwriters listed

in Schedule 1 to the Underwriting

Agreement referred to below

c/o J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

c/o BofA Securities, Inc.

One Bryant Park

New York, New York, 10036

c/o UBS Securities LLC

1285 Avenue of the Americas

New York, New York 10019

Re: NIQ Global Intelligence plc — Public Offering

Ladies and Gentlemen:

The undersigned understands that you, as representatives (the "Representatives) of the several Underwriters (as defined below), propose to enter into an underwriting agreement (the "Underwriting Agreement") with NIQ Global Intelligence plc, an Irish public limited company (the "Company") and the Selling Shareholders listed on Schedule 2 to the Underwriting Agreement, providing for the public offering (the "Public Offering") by the several Underwriters named in Schedule 1 to the Underwriting Agreement (the "Underwriters"), of ordinary shares, with a nominal value of $0.00001 per share (the "Ordinary Shares"), of the Company (the "Securities"). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Underwriting Agreement.

------

In consideration of the Underwriters' agreement to purchase and make the Public Offering of the Securities, and for other good and valuable consideration receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of any two of the Representatives on behalf of the Underwriters, the undersigned will not, and will not cause any direct or indirect affiliate to, during the period beginning on the date of this letter agreement (this "Letter Agreement") and ending at the close of business 180 days after the date of the final prospectus relating to the Public Offering (the "Prospectus") (such period, the "Restricted Period"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares (including without limitation, Ordinary Shares or such other securities which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and securities which may be issued upon exercise of a stock option or warrant) (collectively with the Ordinary Shares, the "Lock-Up Securities"), (2) enter into any hedging, swap or other agreement or transaction that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise, (3) make any demand for, or exercise any right with respect to the registration of any Lock-Up Securities, or (4) publicly disclose the intention to do any of the foregoing. The undersigned acknowledges and agrees that the foregoing precludes the undersigned from

------

engaging in any hedging or other transactions or arrangements (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition or transfer (whether by the undersigned or any other person) of any economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Lock-Up Securities, in cash or otherwise. The undersigned further confirms that it has furnished the Representatives with the details of any transaction the undersigned is a party to as of the date hereof (or that the undersigned caused a direct or indirect affiliate to enter into), which transaction would have been restricted by this Letter Agreement if it had been entered into by the undersigned (or such affiliate) during the Restricted Period.

Notwithstanding the foregoing, the undersigned may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer or dispose of the undersigned's Lock-Up Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as a bona fide gift or gifts, or for bona fide estate planning purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by will, other testamentary document, or intestacy,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any trust 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 to the estate of a beneficiary of such trust (for purposes of this Letter Agreement, "immediate family" shall mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to a corporation, partnership, limited liability company, trust or other entity of which the undersigned and the immediate family of the undersigned are, directly or indirectly, the legal and beneficial owner of all of the outstanding equity securities or similar interests,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where the undersigned is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership or any of its affiliates), or (B) as part of a distribution or other transfer to general or limited partners, members or shareholders of, or other holders of equity interests in, the undersigned,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree, separation agreement or court order,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the Company from an employee of the Company upon death, disability or termination of employment, in each case, of such employee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) as part of a sale of the undersigned's Lock-Up Securities including, for the avoidance of doubt, any Company-directed securities purchased by the undersigned in the Public Offering (any such securities, the "Directed Shares"); provided, however, that if the undersigned is an officer or director of the Company, this clause (ix) shall not permit sales of any Directed Shares so acquired by the undersigned,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the Company in connection with the vesting, settlement, exercise of restricted stock units, options, warrants or other rights to purchase Ordinary Shares (including, in each case, by way of "net" or "cashless" exercise) or any cancellation and reissuance or similar transaction, including for the payment of exercise price and tax and remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units, options, warrants or rights, provided that any such Ordinary Shares received upon such exercise, vesting, settlement or cancellation and reissuance or similar transaction (other than any such shares as are transferred or surrendered to the Company in connection with such exercise, vesting or settlement event) shall be subject to the terms of this Letter Agreement, and provided further that any such restricted stock units, options, warrants or rights are held by the undersigned pursuant to an agreement or equity awards granted under a stock incentive plan, other equity award plan or other equity compensation arrangement, each such agreement, plan or other equity compensation arrangement which is described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) 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 share capital involving a Change of Control (as defined below) 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 share capital 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)); <u>provided</u> 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 Letter Agreement;

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<u>provided</u> that (A) in the case of any transfer pursuant to clause (a)(i) and (ii), such transfer shall not involve a disposition for value, (B) in the case of any transfer or distribution pursuant to clause (a)(i), (ii), (iii), (iv), (v), (vi) and (vii), each donee, devisee, transferee or distributee shall execute and deliver to the Representatives a lock-up letter in the form of this Letter Agreement, (C) in the case of any transfer or distribution pursuant to clause (a) (ii), (iii), (iv), (v), and (ix), no filing by any party (donor, donee, devisee, transferor, transferee, distributer or distributee) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or other public announcement shall be required or shall be made voluntarily in connection with such transfer or distribution (other than a filing on a Form 5 made after the expiration of the Restricted Period referred to above or any required Schedule 13F, Schedule 13G or Schedule 13D filings and any amendments thereto, provided that any such filing that is required to be filed during the Restricted Period shall clearly indicate in the footnotes thereto the nature and conditions of such transfer, and that such shares remain subject to the restrictions set forth herein) and (D) in the case of any transfer, disposition or distribution pursuant to clause (a) (i), (vi), (vii),(viii), and (x) it shall be a condition to such transfer that no public filing, report or announcement shall be voluntarily made and if any filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of Ordinary Shares in connection with such transfer or distribution shall be legally required during the Restricted Period, such filing, report or announcement shall clearly indicate in the footnotes thereto the nature and conditions of such transfer (and in connection with such transfer each donee, devisee, transferee or distributee shall execute and deliver to the Representatives a lock-up letter in the form of this Letter 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;(b) exercise outstanding options, settle restricted stock units or other equity awards or exercise warrants pursuant to plans or other equity compensation arrangements described in the Registration Statement, the Pricing Disclosure Package and the Prospectus; provided that any Lock-Up Securities received upon such exercise, vesting or settlement shall be subject to the terms of this Letter Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert outstanding preferred stock, warrants to acquire preferred stock or convertible securities into Ordinary Shares or warrants to acquire Ordinary Shares; provided that any such Ordinary Shares or warrants received upon such conversion shall be subject to the terms of this Letter Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) establish trading plans pursuant to Rule 10b5-1 under the Exchange Act for the transfer or disposition of shares of Lock-Up Securities; <u>provided</u> that (1) such plans do not provide for the transfer or disposition of Lock-Up Securities during the Restricted Period and (2) no filing by any party under the Exchange Act or other public announcement shall be required or made voluntarily in connection with such trading plan unless such filing, announcement or other disclosure is required and includes a statement to the effect that no transfer of Ordinary Shares may be made under the plan during the Restricted Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) sell the Securities to be sold by the undersigned pursuant to the terms of the Underwriting Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the transfer, conversion, reclassification, redemption or exchange of any securities pursuant to the Reorganization (as defined in the Prospectus); provided that any Lock-Up Securities received in the Reorganization remain subject to the terms of this Letter Agreement.

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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 Securities Exchange Act of 1934, as amended (the "Exchange Act")) 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) at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, any two of the Representatives on behalf of the Underwriters 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 through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted by any two of the Representatives on behalf of the Underwriters, hereunder to any such officer or director shall only be effective two business days after the publication date of such announcement. The provisions of this paragraph will not apply if (a) 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 (b) the transferee has agreed in writing to be bound by the same terms described in this letter to the extent and for the duration that such terms remain in effect at the time of the transfer.

In furtherance of the foregoing, the Company, and any duly appointed transfer agent for the registration or transfer of the securities described herein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Letter Agreement.

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The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Letter Agreement. All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned.

The undersigned acknowledges and agrees that the Underwriters have not provided any recommendation or investment advice nor have the Underwriters solicited any action from the undersigned with respect to the Public Offering of the Securities and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the Representatives may be required or choose to provide certain Regulation Best Interest and Form CRS disclosures to you in connection with the Public Offering, the Representatives and the other Underwriters are not making a recommendation to you to participate in the Public Offering, enter into this Letter Agreement, or sell any Shares at the price determined in the Public Offering, and nothing set forth in such disclosures is intended to suggest that the Representatives or any Underwriter is making such a recommendation.

The undersigned understands that, if the Underwriting Agreement does not become effective by August 15, 2025 (provided, however, that the undersigned agrees that this Letter Agreement shall be automatically extended by three months if the Company provides written notice to the undersigned that the Company is still pursuing the Public Offering contemplated by the Underwriting Agreement), or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment

------

for and delivery of the Ordinary Shares to be sold thereunder, the undersigned shall be released from all obligations under this Letter Agreement. The undersigned understands that the Underwriters are entering into the Underwriting Agreement and proceeding with the Public Offering in reliance upon this Letter Agreement.

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This Letter Agreement and any claim, controversy or dispute arising under or related to this Letter Agreement shall be governed by and construed in accordance with the laws of the State of New York.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| [NAME OF SHAREHOLDER] | [NAME OF SHAREHOLDER] |
| By: |  |
|  | Name: |
|  | Title: |

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## Exhibit 3.1

**Exhibit 3.1** 

**Companies Act 2014** 

**PUBLIC LIMITED COMPANY** 

**CONSTITUTION** 

**of** 

**NIQ GLOBAL INTELLIGENCE PUBLIC LIMITED COMPANY** 

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**Cert. No.:** 

**Companies Act 2014** 

**PUBLIC LIMITED COMPANY** 

**MEMORANDUM OF ASSOCIATION** 

**of** 

**NIQ GLOBAL INTELLIGENCE PUBLIC LIMITED COMPANY** 

**(as amended by special resolution dated July 2025 with effect from July 22, 2025)** 

1. The name of the Company is NIQ Global Intelligence Public Limited Company.

2. The Company is a public limited company, registered under Part 17 of the Companies Act 2014.

3. The objects for which the Company is established are:

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| | |
|:---|:---|
| 3.1 (a) | To carry on the business of global consumer intelligence services and to research, develop, design, produce, supply, sell, distribute, provide and promote solutions to clients and to hold intellectual property rights and to do all things usually dealt in by persons carrying on the above mentioned businesses or any of them or that may be required in connection with any of the said businesses.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To carry on the business of a holding company and to co-ordinate the
administration, finances and activities of any subsidiary companies or associated companies, to do all lawful acts and things whatsoever that are necessary or convenient in carrying on the business of such a holding company and in particular to
carry on in all its branches the business of a management services company, to act as managers and to direct or coordinate the management of other companies or of the business, property and estates of any company or person and to undertake and carry
out all such services in connection therewith as may be deemed expedient by the Board and to exercise its powers as a shareholder of other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 To acquire shares, stocks, debentures, debenture stock, bonds, and other obligations and securities by original
subscription, tender, purchase, exchange or otherwise and to subscribe for the same either conditionally or otherwise, and to guarantee the subscription thereof and to exercise and enforce all rights and powers conferred by or incidental to the
ownership thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 To facilitate and encourage the creation, issue or conversion of and to offer for public subscription shares,
stocks, debentures, debenture stocks, bonds, and other obligations, and securities and to act as trustees in connection with any such securities and to take part in the conversion of business concerns and undertakings into companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 To purchase or by any other means acquire any freehold, leasehold or other property and in particular lands,
tenements and hereditaments of any tenure, whether subject or not to any charges or incumbrances, for any estate or interest whatsoever, and any rights, privileges or easements over or in respect of any property, and any buildings, factories, mills,
works, wharves, roads, machinery, engines, plant, live and dead stock, barges, vessels or things, and any real or personal property or rights whatsoever which may be necessary for, or may conveniently be used with, or may enhance the value or
property of the Company, and to hold or to sell, let, alienate, mortgage, charge or otherwise deal with all or any such freehold, leasehold, or other property, lands, tenements or hereditaments, rights, privileges or easements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 To sell or otherwise dispose of any of the property or investments of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 To establish and contribute to any scheme for the purchase of shares in the Company to be held for the benefit
of the Company's employees and to lend or otherwise provide money to such schemes or the Company's employees or the employees of any of its subsidiary or associated companies to enable them to purchase shares of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 To grant, convey, transfer or otherwise dispose of any property or asset of the Company of whatever nature or
tenure for such price, consideration, sum or other return whether equal to or less than the market value thereof and whether by way of gift or otherwise as the Directors may deem fit and to grant any fee, farm grant or lease or to enter into any
agreement for letting or hire of any such property or asset for a rent or return equal to or less than the market or rack rent therefor or at no rent and subject to or free from covenants and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 To acquire and undertake the whole or any part of the business, good-will and assets of any person, firm or
company carrying on or proposing to carry on any business related to any of the businesses which the Company is authorised to carry on, and as part of the consideration for such acquisition to undertake all or any of the liabilities of such person,
firm or company, or to acquire an interest in, amalgamate with, or enter into any arrangement for sharing profits, or for co-operation, or for limiting competition or for mutual assistance with any such
person, firm or company and to give or accept by way of consideration for any of the acts or things aforesaid or property acquired, any shares, stocks, debentures, debenture stock, bonds, and other obligations or securities that may be agreed upon,
and to hold and retain or sell, mortgage or deal with any shares, debentures, debenture stock or securities so received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 To apply for, purchase or otherwise acquire any patents, brevets d'invention, licences, concessions and
the like conferring any exclusive or non-exclusive or limited rights to use or any secret or other information as to any invention which may seem capable of being used for any of the purposes of the Company or
the acquisition of which may seem calculated directly or indirectly to benefit the Company, and to use, exercise, develop or grant licences in respect of or otherwise turn to account the property, rights or information so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 To enter into partnership or into any arrangement for sharing profits, union of interests, co-operation, joint venture, reciprocal concession or otherwise with any person or company carrying on or engaged in or about to carry on or engage in any business or transaction which the Company is authorised to
carry on or engage in or any business or transaction capable of being conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 To invest and deal with the moneys of the Company in such manner as may from time to time be determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 To lend money to and guarantee the performance of the contracts or obligations of any company, firm or person,
and the repayment of the capital and principal of, and dividends, interest or premiums payable on, any shares, stocks, debentures, debenture stock, bonds, and other obligations or securities of any company, whether having objects similar to those of
the Company or not, and to give all kinds of indemnities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 To engage in currency exchange and interest rate transactions including, but not limited to, dealings in
foreign currency, spot and forward rate exchange contracts, futures, options, forward rate agreements, swaps, caps, floors, collars and any other foreign exchange or interest rate hedging arrangements and such other instruments as are similar to, or
derived from, any of the foregoing whether for the purpose of making a profit or avoiding a loss or managing a currency or interest rate exposure or any other exposure or for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 To guarantee, support or secure, whether by personal covenant or by mortgaging or charging all or any part of
the undertaking, property and assets (both present and future) and uncalled capital of the Company, or by both such methods, the performance of the obligations of, and the repayment or payment of the principal amounts of and premiums, interest and
dividends on any securities of, any person, firm or company including (without prejudice to the generality of the foregoing) any company which is for the time being the Company's holding company as defined by the Acts or a subsidiary as therein
defined of any such holding company or otherwise associated with the Company in business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 To borrow or secure the payment of money in such manner as the Company shall think fit, and in particular by
the issue of shares, stocks, debentures, debenture stocks, bonds, and other obligations or securities of all kinds, either perpetual or terminable and either redeemable or otherwise and to secure the repayment of any money borrowed, raised or owing
by trust deed, mortgage, charge, or lien upon the whole or any part of the Company's property or assets (whether present or future) including its uncalled capital, and also by a similar trust deed, mortgage, charge or lien to secure and
guarantee the performance by the Company of any obligation or liability it may undertake.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 To draw, make, accept, endorse, discount, execute, negotiate and issue promissory notes, bills of exchange,
bills of lading, warrants, debentures and other negotiable or transferable instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 To subscribe for, take, purchase or otherwise acquire and hold shares or other interests in, or securities of
any other company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 To hold in trust as trustees or as nominees and to deal with, manage and turn to account, any real or personal
property of any kind, and in particular shares, stocks, debentures, debenture stocks, bonds, and other obligations, securities, policies, book debts, claims and choses in actions, lands, buildings, hereditaments, business concerns and undertakings,
mortgages, charges, annuities, patents, licences, and any interest in real or personal property, and any claims against such property or against any person or company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 To constitute any trusts with a view to the issue of preferred and deferred or other special stocks or
securities based on or representing any shares, stocks and other assets specifically appropriated for the purpose of any such trust and to settle and regulate and if thought fit to undertake and execute any such trusts and to issue, dispose of or
hold any such preferred, deferred or other special stocks or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 To give any guarantee in relation to the payment of any debentures, debenture stock, bonds, and other
obligations or securities and to guarantee the payment of interest thereon or of dividends on any stocks or shares of any company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 To construct, erect and maintain buildings, houses, flats, shops and all other works, erections, and things of
any description whatsoever either upon the lands acquired by the Company or upon other lands and to hold, retain as investments or to sell, let, alienate, mortgage, charge or deal with all or any of the same and generally to alter, develop and
improve the lands and other property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 To provide for the welfare of persons in the employment of or holding office under or formerly in the
employment of or holding office under the Company including Directors and ex-Directors of the Company and the spouses, civil partners, widows, widowers and families, dependants or connections of such persons
by grants of money, pensions or other payments and by forming and contributing to pension, provident or benefit funds or profit sharing or co-partnership schemes for the benefit of such persons and to form,
subscribe to or otherwise aid charitable, benevolent, religious, scientific, national or other institutions, exhibitions or objects which shall have any moral or other claims to support or aid by the Company by reason of the locality of its
operation or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 To remunerate by cash payments or allotment of shares or securities of the Company credited as fully paid up or
otherwise any person or company for services rendered or to be rendered to the Company whether in the conduct or management of its business, or in placing or assisting to place or guaranteeing the placing of any of the shares of the Company's
capital, or any debentures or other securities of the Company or in or about the formation or promotion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 To enter into and carry into effect any arrangement for joint working in business or for sharing of profits or
for amalgamation with any other company or association or any partnership or person carrying on any business within the objects of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 To distribute in specie or otherwise as may be resolved, any assets of the Company among its members and in
particular the shares, debentures or other securities of any other company belonging to the Company or of which the Company may have the power of disposing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 To vest any real or personal property, rights or interest acquired or belonging to the Company in any person or
company on behalf of or for the benefit of the Company, and with or without any declared trust in favour of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 To transact or carry on any business which may seem to be capable of being conveniently carried on in
connection with any of these objects or calculated directly or indirectly to enhance the value of or facilitate the realisation of or render profitable any of the Company's property or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 To accept stock or shares in or debentures, mortgages or securities of any other company in payment or part
payment for any services rendered or for any sale made to or debt owing from any such company, whether such shares shall be wholly or partly paid up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 To pay all costs, charges and expenses incurred or sustained in or about the promotion and establishment of the
Company or which the Company shall consider to be preliminary thereto and to issue shares as fully or in part paid up, and to pay out of the funds of the Company all brokerage and charges incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 To procure the Company to be registered or recognised in any part of the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 To do all or any of the matters hereby authorised in any part of the world or in conjunction with or as trustee
or agent for any other company or person or by or through any factors, trustees or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 To make gifts, pay gratuities or grant bonuses to current and former Directors (including substitute
directors), officers or employees of the Company or to make gifts or pay gratuities to any person on their behalf or to charitable organisations, trusts or other bodies corporate nominated by any such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 To do all such other things that the Company may consider incidental or conducive to the attainment of the
above objects or as are usually carried on in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 To carry on any business which the Company may lawfully engage in and to do all such things incidental or
conducive to the business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 To make or receive gifts by way of capital contribution or otherwise.

The objects set forth in any sub-clause of this clause shall be regarded as independent objects and shall not, except where the context expressly so requires, be in any way limited or restricted by reference to or inference from the terms of any other sub-clause, or by the name of the Company. None of such sub-clauses or the objects therein specified or the powers thereby conferred shall be deemed subsidiary or auxiliary merely to the objects mentioned in the first sub-clause of this clause, but the Company shall have full power to exercise all or any of the powers conferred by any part of this clause in any part of the world notwithstanding that the business, property or acts proposed to be transacted, acquired or performed do not fall within the objects of the first sub-clause of this clause.

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| | |
|:---|:---|
| NOTE: | It is hereby declared that the word "**company**" in this clause, except where used in reference to the Company shall be deemed to include any partnership or other body of persons whether incorporated or not incorporated and whether domiciled in Ireland or elsewhere and the intention is that the objects specified in each paragraph of this clause shall except where otherwise expressed in such paragraph be in no way limited or restricted by reference to or inference from the terms of any other paragraph.  |

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4. The liability of the members is limited.

5. The share capital of the Company is US$16,500 divided into 1,500,000,000 Ordinary Shares of US$0.00001 each and
150,000,000 Preferred Shares of US$0.00001 each and €25,000 divided into 25,000 Euro Deferred Shares of €1.00 each.

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6. The shares forming the capital, increased or reduced, may be increased or reduced and be divided into such
classes and issued with any special rights, privileges and conditions or with such qualifications as regards preference, dividend, capital, voting or other special incidents, and be held upon such terms as may be attached thereto or as may from time
to time be provided by the original or any substituted or amended articles of association and regulations of the Company for the time being, but so that where shares are issued with any preferential or special rights attached thereto such rights
shall not be alterable otherwise than pursuant to the provisions of the Company's articles of association for the time being.

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**Companies Act 2014** 

**PUBLIC LIMITED COMPANY** 

**ARTICLES OF ASSOCIATION** 

**of** 

**NIQ GLOBAL INTELLIGENCE PUBLIC LIMITED COMPANY** 

**(as amended by special resolution dated • 2025 with effect from • 2025)** 

**PRELIMINARY** 

1. The provisions set out in these Articles of Association shall constitute the whole of the regulations
applicable to the Company and no "**optional provision**" as defined by section 1007(2) of the Companies Act 2014 (with the exception of sections 83 and 84 and 117(9) of the Companies Act 2014) shall apply to the Company.

2. (a) In these articles:

"**Act**" or "**Acts**" means the Companies Act 2014, all enactments which are to be read as one with, or construed or read together as one with, the Act and every statutory modification and re-enactment thereof for the time being in force.

"**Acting in Concert**" has the meaning given to it in Rule 2.1(a) and Rule 3.3 of Part A of the Takeover Rules.

"**address**" includes any number or address used for the purposes of communication by way of electronic mail or other electronic communication.

"**articles**" means the articles of association of which this article 2 forms part, as the same may be amended and may be from time to time.

"**Assistant Secretary**" means any person appointed by the Secretary and/or the Board from time to time to assist the Secretary.

"**Chairperson**" means the Director who is elected by the Directors from time to time to preside as chairperson at all meetings of the Board or the person who is selected by the Directors from time to time to preside as chairperson at general meetings of the Company (as applicable).

"**Clear Days**" in relation to the period of notice, means that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect.

"**Company**" means the above-named company.

"**Concert Party**" means, in relation to any person, a party who is deemed or presumed to be Acting in Concert with that person for the purposes of the Takeover Rules.

"**Directors**" or "**Board**" means the directors from time to time and for the time being of the Company or the directors present at a meeting of the board of directors and includes any person occupying the position of director by whatever name called.

"**electronic communication**" has the meaning given to those words in the Electronic Commerce Act 2000.

"**electronic signature**" has the meaning given to those words in the Electronic Commerce Act 2000.

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"**Exchange**" means any securities exchange or other system on which the shares of the Company may be listed or otherwise authorised for trading from time to time.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, of the United States of America.

"**Group**" means the Company and its subsidiaries from time to time.

"**Holder**" in relation to any share, means the member whose name is entered in the Register as the holder of the share or, where the context permits, the members whose names are entered in the Register as the joint holders of shares.

"**Interest in a Security**" has the meaning given to such term in section 1 of the Irish Takeover Panel Act 1997 and "**Interest in Securities**" shall be construed accordingly.

"**Office**" means the registered office from time to time and for the time being of the Company as the Board from time to time decides.

"**Ordinary Resolution**" means a resolution passed by a simple majority of the votes cast by members of the Company as, being entitled to do so, vote in person or by proxy at a general meeting of the Company, subject to any alternative definition in the Acts.

"**public announcement**" means disclosure in a press release reported by a national news service (or similar broad manner of distribution) or in a document publicly filed by the Company with the U.S. Securities and Exchange Commission pursuant to Section 13(a), 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder.

"**Register**" means the register of members to be kept as required in accordance the Act.

"**Restricted Shareholder**" means a member of the Company or other person who is restricted from holding an Interest in Securities without a Takeover Rules Event occurring by virtue of Rule 9 of the Takeover Rules or a member or person who would be so restricted but for the limitations on voting rights set out under article 5, provided that where two or more persons are deemed or presumed (and such presumption has not been rebutted) to be Acting in Concert for the purpose of Rule 9 of the Takeover Rules, only the person who acquired the Interest in Securities which, but for the application of article 5, would trigger the Takeover Rules Event shall be deemed to be a Restricted Shareholder in respect only of such number of the person's Interest in Securities which, but for the application of article 5, would trigger the Takeover Rules Event.

"**Reversal Event**" means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the transfer of the relevant Ordinary Shares from a Restricted Shareholder to a shareholder or other person who
is not a Restricted Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an event whereby a Restricted Shareholder ceases to be restricted from holding an Interest in Securities, by
virtue of Rule 9 of the Takeover Rules, except in these circumstances the number of Ordinary Shares upon which the restrictions set out in article 5 shall be reversed shall be the maximum number of Ordinary Shares upon which any restrictions can be
reversed without the former Restricted Shareholder becoming a Restricted Shareholder on the Reversal Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Restricted Shareholder of the Company undertaking a Takeover Rules Event and the Takeover Panel consenting to
the restrictions in article 5 being reversed in respect of some or all of the relevant Ordinary Shares, in which case the only Ordinary Shares upon which the restrictions set out in article 5 shall be reversed shall be those in respect of which the
Takeover Panel has consented to such reversal of restrictions.

"**seal**" means the common seal of the Company.

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"**Secretary**" means any person appointed to perform the duties of the secretary of the Company.

"**share**" means any share in the share capital of the Company.

"**Shareholder Rights Plan**" means a shareholder rights plan providing for the right of members to purchase securities of the Company in the event of any proposed acquisition of the securities where such acquisition is not approved or recommended by the Board.

"**Special Resolution**" means a special resolution of the Company's members within the meaning of the Act.

"**Takeover Panel**" means the Irish Takeover Panel established under the Irish Takeover Panel Act 1997.

"**Takeover Rules**" means the Takeover Panel Act 1997, Takeover Rules 2022.

"**Takeover Rules Event**" means either of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Restricted Shareholder and/or its Concert Parties (if any) extending an offer to the holders of each class of
shares of the Company in accordance with Rule 9 of the Takeover Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company obtaining approval of the Takeover Panel for a waiver of Rule 9 of the Takeover Rules in respect of
a Restricted Shareholder or any of its Concert Parties (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expressions in these articles referring to writing shall be construed, unless the contrary intention appears,
as including references to printing, lithography, photography and any other modes of representing or reproducing words in a visible form except as provided in these articles and/or where it constitutes writing in electronic form sent to the Company,
and the Company has agreed to its receipt in such form. Expressions in these articles referring to execution of any document shall include any mode of execution whether under seal or under hand or any mode of electronic signature as shall be
approved by the Directors. Expressions in these articles referring to receipt of any electronic communications shall, unless the contrary intention appears, be limited to receipt in such manner as the Company has approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the contrary intention appears, words or expressions contained in these articles shall bear the same
meaning as in the Acts or in any statutory modification thereof in force at the date at which these articles become binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A reference to a statute or statutory provision shall be construed as a reference to the laws of Ireland unless
otherwise specified and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any subordinate legislation made under it including all regulations, by-laws, orders and codes made thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any repealed statute or statutory provision which it re-enacts (with or
without modification); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any statute or statutory provision which modifies, consolidates, re-enacts or supersedes it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The masculine gender shall include the feminine and neuter, and vice versa, and the singular number shall
include the plural, and vice versa, and words importing persons shall include firms or companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Reference to "**US$**" shall mean the currency of the United States of America and to
" **€**" shall mean the currency of Ireland.

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**SHARE CAPITAL** 

3. The share capital of the Company is US$16,500 divided into 1,500,000,000 Ordinary Shares of US$0.00001 each and
150,000,000 Preferred Shares of US$0.00001 each and €25,000 divided into 25,000 Euro Deferred Shares of €1.00 each.

**ORDINARY SHARES** 

4. The rights and restrictions attaching to the Ordinary Shares shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to the right of the Company to set record dates for the purposes of determining the identity of members
entitled to notice of and/or to vote at a general meeting, the right to attend and speak at any general meeting of the Company and to exercise one vote per Ordinary Share held at any general meeting of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to participate pro rata in all dividends declared by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right, in the event of the Company's winding up, to participate pro rata in the total assets of the
Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the rights attaching to the Ordinary Shares may be subject to the terms of issue of any series or class of
Preferred Shares allotted by the Directors from time to time in accordance with article 7.

5. If a Restricted Shareholder acquires an Interest in Securities, unless the Restricted Shareholder elects to
acquire such Interest in Securities with a Takeover Rules Event occurring, the following restrictions shall attach to the relevant Ordinary Shares, from the time of issue until a Reversal Event occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Ordinary Shares shall carry no rights to receive notice of or to attend or vote at any general meeting of
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) save as provided herein, such Ordinary Shares shall rank pari passu at all times and in all respects with all
other Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the reversal of such restrictions shall be automatically effected immediately upon and subject to a Reversal
Event, without the requirement of any approval by the Board or any shareholders of the Company.

**EURO DEFERRED SHARES** 

6. The Euro Deferred Shares shall have the rights and privileges and be subject to the restrictions set out in
this article 6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to article 6(b), the Euro Deferred Shares shall rank pari passu in all respects with the Ordinary
Shares, such that in advance of the exercise of article 6(b), the rights attaching to the Euro Deferred Shares shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the right of the Company to set record dates for the purposes of determining the identity of members
entitled to notice of and/or to vote at a general meeting, the right to attend and speak at any general meeting of the Company and to exercise one vote per Euro Deferred Share held at any general meeting of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the right to participate pro rata in all dividends declared by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right, in the event of the Company's winding up, to participate pro rata in the total assets of the
Company; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the rights attaching to the Euro Deferred Shares may be subject to the terms of issue of any series or class of
Preferred Shares allotted by the Directors from time to time in accordance with article 7; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately on the issue of any Ordinary Shares pursuant to the acquisition by the Company of 100% of the
issued share capital of AI PAVE Dutchco I B.V. in exchange for the issuance of Ordinary Shares to AI PAVE Dutchco I B.V.'s existing shareholders, the Euro Deferred Shares shall have the following rights and privileges and shall be subject to
the restrictions set out in this article 6(b) without the requirement of any approval by the Board or any shareholders of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Euro Deferred Shares are non-voting shares and do not convey upon
the Holder the right to be paid a dividend or to receive notice of or to attend, vote or speak at a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Euro Deferred Shares confer the right on a return of capital, on a winding-up or otherwise, only to the repayment of the nominal value paid up on the Euro Deferred Shares after repayment of the nominal value of the Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Director (the "**Agent**") is appointed as the attorney of the Holder of any Euro Deferred
Share, with an irrevocable instruction to execute all or any forms of transfer and/or renunciation and/or other documents in the Agent's discretion in relation to the Euro Deferred Shares in favour of the Company or as it may direct and to
deliver such forms of transfer and/or renunciation and/or other documents together with any certificate(s) and/or other documents for registration and to do all such other acts and things as may in the reasonable opinion of the Agent be necessary or
expedient for the purpose of, or in connection with, the purchase by the Company of the Euro Deferred Shares for nil consideration or such other consideration as the Board may determine and to vest the said Euro Deferred Shares in the Company.

**PREFERRED SHARES** 

7. The Directors are authorised to issue all or any of the authorised but unissued Preferred Shares from time to
time in one or more classes or series, and to fix for each such class or series such voting power, full or limited, or no voting power, and such designations, preferences and relative, participating, optional or other special rights and such
qualifications, limitations or restrictions thereof, as shall be stated and expressed in the resolution or resolutions adopted by the Board providing for the issuance of such class or series, including, without limitation, the authority to provide
that any such class or series may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) redeemable at the option of the Company, or the Holders, or both, with the manner of the redemption to be set
by the Board, and redeemable at such time or times, including upon a fixed date, and at such price or prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entitled to receive dividends (which may be cumulative or non-cumulative) at such rates, on such conditions and at such times, and payable in preference to, or in such relation to, the dividends payable on any other class or classes of shares or any other series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) entitled to such rights upon the dissolution of, or upon any distribution of the assets of, the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) convertible into, or exchangeable for, shares of any other class or classes of shares, or of any other series
of the same or any other class or classes of shares, of the Company at such price or prices or at such rates of exchange and with such adjustments as the Directors determine,

which rights and restrictions may be as stated in such resolution or resolutions of the Directors as determined by them in accordance with this article 7. The Board may at any time before the allotment of any Preferred Share by further resolution in any way amend the designations, preferences, rights, qualifications, limitations or restrictions, or vary or revoke the designations of such Preferred Shares.

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8. The rights conferred upon the Holder of any pre-existing shares in the
share capital of the Company shall be deemed not to be varied by the creation, issue and allotment of Preferred Shares in accordance with article 7.

**SHARE RIGHTS** 

9. Without prejudice to any special rights previously conferred on the Holders of any existing shares or class of
shares, any share in the Company may be issued with such preferred or deferred or other special rights or such restrictions, whether in regard to dividend, voting, return of capital or otherwise, as the Company may from time to time by Ordinary
Resolution determine.

10. Unless the Board specifically elects to treat such acquisition as a purchase for the purposes of the Act, the
shares and any class of the shares shall be deemed to be a redeemable share on, and from the time of, the existence or creation of an agreement, transaction or trade between the Company and any third party pursuant to which the Company acquires or
will acquire the shares or any class of the shares, or an interest in the shares or any class of the shares, from such third party. In these circumstances, the acquisition of such shares or interest in shares by the Company, save where acquired
otherwise than for valuable consideration in accordance with the Act, shall constitute the redemption of a redeemable share in accordance with the Acts. No resolution, whether special or otherwise, shall be required to be passed to deem any share a
redeemable share.

11. Subject to the provisions of the Acts and the other provisions of this article, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pursuant to the Acts, issue any shares of the Company which are to be redeemed or are liable to be redeemed at
the option of the Company or the member on such terms and in such manner as may be determined by the Company in general meeting (by Special Resolution) on the recommendation of the Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to and in accordance with the provisions of the Acts and without prejudice to any relevant special
rights attached to any class of shares, pursuant to the Acts, purchase or redeem any of its own shares (including any redeemable shares and without any obligation to purchase on any pro rata basis as between members or members of the same class) and
may cancel any shares so purchased or redeemed (as applicable) or hold them as treasury shares (as defined by the Acts) and may reissue any such shares as shares of any class or classes.

**VARIATION OF RIGHTS** 

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| | |
|:---|:---|
| 12. (a) | Without prejudice to the authority conferred on the Directors pursuant to article 7, if at any time the share capital is divided into different classes of shares, the rights attached to any class may, whether or not the Company is being wound up, be varied or abrogated with the sanction of a Special Resolution passed at a separate general meeting of the Holders of the shares of that class, provided that, if the relevant class of Holders has only one Holder, that person present in person or by proxy, shall constitute the necessary quorum for such a meeting. To every such meeting the provisions of article 47 shall apply.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The redemption or purchase of Preferred Shares or any class of preferred shares shall not constitute a
variation of rights of the preferred Holders where the redemption or purchase of the preferred shares has been authorised solely by a resolution of the ordinary Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The issue, redemption or purchase of any of the Preferred Shares each shall not constitute a variation of the
rights of the Holders of Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The issue of preferred shares or any class of Preferred Shares which rank *pari passu* with, or junior to,
any existing Preferred Shares or class of Preferred Shares shall not constitute a variation of the existing Preferred Shares or class of Preferred Shares.

13. The rights conferred upon the Holders of the shares of any class issued with preferred or other rights shall
not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking *pari passu* therewith.

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**ALLOTMENT AND ISSUE OF SHARES** 

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| | |
|:---|:---|
| 14. (a) | Subject to the provisions of these articles relating to new shares, the shares shall be at the disposal of the Directors, and they may (subject to the provisions of the Acts) allot, grant options over or otherwise dispose of them or any indirect interests therein to such persons, on such terms and conditions and at such times as they may consider to be in the best interests of the Company and its members, but so that no share shall be issued at a discount save in accordance with the Acts, and so that, in the case of shares offered to the public for subscription, the amount payable on application on each Share shall not be less than one-quarter of the nominal amount of the share and the whole of any premium thereon. To the extent permitted by the Acts, shares may also be allotted by a committee of the Directors or by any other person where such committee or person is so authorised by the Directors.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any requirement to obtain the approval of members under any laws or regulations to which the Company
is subject, the Board is authorised, from time to time, in its discretion, to grant such persons, for such periods and upon such terms as the Board deems advisable, options to purchase or subscribe for such number of shares of any class or classes
or of any series of any class as the Board may deem advisable, and to cause warrants or other appropriate instruments evidencing such options to be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Directors are hereby generally and unconditionally authorised to exercise all the powers of the Company to
allot relevant securities within the meaning of section 1021 of the Act. The maximum amount of relevant securities which may be allotted under the authority hereby conferred shall be the amount of the authorised but unissued share capital of the
Company at the date of adoption of these articles. The authority hereby conferred shall expire on the date which is five (5) years after the date of adoption of these articles unless and to the extent that such authority is renewed, revoked or
extended prior to such date. The Company may before such expiry make an offer or agreement which would or might require relevant securities to be allotted after such expiry and the Directors may allot relevant securities in pursuance of such offer
or agreement, notwithstanding that the authority hereby conferred has expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Directors are hereby empowered pursuant to sections 1022 and 1023 of the Act to allot equity securities
(within the meaning of the said section 1023) for cash pursuant to the authority conferred by article 14(c) as if section 1022(1) of the Act did not apply to any such allotment. The authority conferred by this article 14(d) shall expire on the date
which is five (5) years after the date of adoption of these articles unless previously renewed, varied or revoked; provided that the Company may before the expiry of such authority make an offer or agreement which would or might require equity
securities to be allotted for cash after such expiry and the Directors may allot equity securities for cash in pursuance of such an offer or agreement as if the power conferred by this article 14(d) had not expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in these articles shall preclude the Directors from recognising a renunciation of the allotment of any
shares by any allottee in favour of some other person.

15. If by the conditions of allotment of any share the whole or part of the amount or issue price thereof shall be
payable by instalments, every such instalment when due shall be paid to the Company by the person who for the time being shall be the Holder of the share.

16. The Company may pay commission to any person in consideration of a person subscribing or agreeing to subscribe,
whether absolutely or conditionally, for any shares in the Company or procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in the Company on such terms and subject to such conditions as the Directors may
determine, including, without limitation, by paying cash or allotting and issuing fully or partly paid shares or any combination of the two. The Company may also, on any issue of shares, pay such brokerage as may be lawful.

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**REGISTER** 

17. The Company shall maintain or cause to be maintained the Register in accordance with the Act.

18. If the Board considers it necessary or appropriate, the Company may establish and maintain a duplicate Register
at such location or locations within or outside Ireland as the Board thinks fit. The original Register shall be treated as the register of members of the Company for the purposes of these articles and the Act.

19. The Company, or any agent(s) appointed by it to maintain the duplicate Register in accordance with these
articles, shall as soon as practicable and on a regular basis record or procure the recording in the original Register of all transfers of shares effected on any duplicate Register and shall at all times maintain the original Register in such manner
as to show at all times the members for the time being and the shares respectively held by them, in all respects in accordance with the Act.

**NON-RECOGNITION OF TRUSTS** 

20. Except as required by law, no person shall be recognised by the Company as holding any share upon any trust,
and the Company shall not be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share or any interest in any fractional part of a share or (except only as
by these articles or by law otherwise provided) any other rights in respect of any share except an absolute right to the entirety thereof in the Holder.

**SHARE CERTIFICATES** 

21. Unless otherwise provided for by the Board or the rights attaching to or by the terms of issue of any
particular shares, or to the extent required by any stock exchange, depository, or any operator of any clearance or settlement system, no person whose name is entered as a member in the Register of Members shall be entitled to receive a share
certificate for all his or her or her shares of each class held by him (nor on transferring a part of holding, to a certificate for the balance).

22. Any share certificate, if issued, shall specify the number of shares in respect of which it is issued and the
amount paid thereon or the fact that they are fully paid, as the case may be, and may otherwise be in such form as shall be determined by the Board. Such certificates may be under seal. All certificates for shares shall be consecutively numbered or
otherwise identified and shall specify the shares to which they relate. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered in the Register of Members of
the Company. All certificates surrendered to the Company for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled. In respect of a share
or shares held jointly by several persons, the Company shall not be bound to issue a certificate or certificates to each such person, and the issue and delivery of a certificate or certificates to one of several joint holders shall be sufficient
delivery to all such holders.

23. If a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms (if any) as to
evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating such evidence, as the Board may prescribe, and, in the case of defacement or wearing out, upon delivery of the old certificate.

**LIEN** 

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| | |
|:---|:---|
| 24. (a) | The Company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) payable at a fixed time or called in respect of that share. The Directors, at any time, may declare any share to be wholly or in part exempt from the provisions of this article. The Company's lien on a share shall extend to all moneys payable in respect of it. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 24 are disapplied.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may sell in such manner as the Directors determine any share on which the Company has a lien if a
sum in respect of which the lien exists is presently payable and is not paid within fourteen (14) Clear Days after notice demanding payment, and stating that if the notice is not complied with the share may be sold, has been given to the Holder
of the share or to the person entitled to it by reason of the death or bankruptcy of the Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To give effect to a sale, the Directors may authorise some person to execute an instrument of transfer of the
share sold to, or in accordance with the directions of, the purchaser. The transferee shall be entered in the Register as the Holder of the share comprised in any such transfer and he or she shall not be bound to see to the application of the
purchase moneys nor shall his or her title to the share be affected by any irregularity in or invalidity of the proceedings in reference to the sale, and after the name of the transferee has been entered in the Register, the remedy of any person
aggrieved by the sale shall be in damages only and against the Company exclusively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the sum for
which the lien exists as is presently payable and any residue (upon surrender to the Company for cancellation of the certificate for the shares sold and subject to a like lien for any moneys not presently payable as existed upon the shares before
the sale) shall be paid to the person entitled to the shares at the date of the sale.

**CALLS ON SHARES** 

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| | |
|:---|:---|
| 25. (a) | Subject to the terms of allotment, the Directors may make calls upon the members in respect of any moneys unpaid on their shares, including shares where the conditions of allotment provide for payment at fixed times, and each member (subject to receiving at least fourteen (14) Clear Days' notice specifying when and where payment is to be made) shall pay to the Company as required by the notice the amount called on his or her shares. A call may be required to be paid by instalments. A call may be revoked before receipt by the Company of a sum due thereunder, in whole or in part and payment of a call may be postponed in whole or in part. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 25 are disapplied.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A call shall be deemed to have been made at the time when the resolution of the Directors authorising the call
was passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The joint Holders of a share shall be jointly and severally liable to pay all calls in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a call remains unpaid after it has become due and payable the person from whom it is due and payable shall
pay interest on the amount unpaid from the day it became due until it is paid at the rate fixed by the terms of allotment of the share or in the notice of the call or, if no rate is fixed, at the appropriate rate (as defined by the Act) but the
Directors may waive payment of the interest wholly or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An amount payable in respect of a share on allotment or at any fixed date, whether in respect of nominal value
or as an instalment of a call, shall be deemed to be a call and if it is not paid the provisions of these articles shall apply as if that amount had become due and payable by virtue of a call.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the terms of allotment, the Directors may make arrangements on the issue of shares for a difference
between the Holders in the amounts and times of payment of calls on their shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Directors, if they think fit, may receive from any member willing to advance the same all or any part of
the moneys uncalled and unpaid upon any shares held by him, and upon all or any of the moneys so advanced may pay (until the same would, but for such advance, become payable) interest at such rate, not exceeding (unless the Company in general
meeting otherwise directs) fifteen percent per annum, as may be agreed upon between the Directors and the member paying such sum in advance.

**FORFEITURE** 

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| | |
|:---|:---|
| 26. (a) (i) | If a member fails to pay any call or instalment of a call on the day appointed for payment thereof, the Directors, at any time thereafter and during such times as any part of the call or instalment remains unpaid, may serve a notice on him requiring payment of so much of the call or instalment as is unpaid together with any interest which may have accrued.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The notice shall name a further day (not earlier than the expiration of fourteen (14) Clear Days from the
date of service of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment at or before the time appointed the shares in respect of
which the call was made will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the requirements of any such notice as aforesaid are not complied with then, at any time thereafter before
the payment required by the notice has been made, any shares in respect of which the notice has been given may be forfeited by a resolution of the Directors to that effect. The forfeiture shall include all dividends or other moneys payable in
respect of the forfeited shares and not paid before forfeiture. The Directors may accept a surrender of any share liable to be forfeited hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On the trial or hearing of any action for the recovery of any money due for any call it shall be sufficient to
prove that the name of the member sued is entered in the Register as the Holder, or one of the Holders, of the shares in respect of which such debt accrued, that the resolution making the call is duly recorded in the minute book and that notice of
such call was duly given to the member sued, in pursuance of these articles, and it shall not be necessary to prove the appointment of the Directors who made such call nor any other matters whatsoever, but the proof of the matters aforesaid shall be
conclusive evidence of the debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A forfeited share may be sold or otherwise disposed of on such terms and in such manner as the Directors think
fit and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes of its disposal such a share is to be transferred to any person, the Directors may authorise some
person to execute an instrument of transfer of the share to that person. The Company may receive the consideration, if any, given for the share on any sale or disposition thereof and may execute a transfer of the share in favour of the person to
whom the share is sold or disposed of and thereupon he or she shall be registered as the Holder of the share and shall not be bound to see to the application of the purchase money, if any, nor shall his or her title to the share be affected by any
irregularity or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A person whose shares have been forfeited shall cease to be a member in respect of the forfeited shares, but
nevertheless shall remain liable to pay to the Company all moneys which, at the date of forfeiture, were payable by him to the Company in respect of the shares, without any deduction or allowance for the value of the shares at the time of forfeiture
but his or her liability shall cease if and when the Company shall have received payment in full of all such moneys in respect of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A statutory declaration that the declarant is a Director or the Secretary of the Company, and that a share in
the Company has been duly forfeited on the date stated in the declaration, shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of these articles as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal value of the share or by way of premium, as if the same had been payable by
virtue of a call duly made and notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Directors may accept the surrender of any share which the Directors have resolved to have been forfeited
upon such terms and conditions as may be agreed and, subject to any such terms and conditions, a surrendered share shall be treated as if it has been forfeited.

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**TRANSFER OF SHARES** 

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| | |
|:---|:---|
| 27. (a) | The instrument of transfer of any share may be executed for and on behalf of the transferor by the Secretary, an Assistant Secretary or any such person that the Secretary or an Assistant Secretary nominates for that purpose (whether in respect of specific transfers or pursuant to a general standing authorisation), and the Secretary, Assistant Secretary or the relevant nominee shall be deemed to have been irrevocably appointed agent for the transferor of such share or shares with full power to execute, complete and deliver in the name of and on behalf of the transferor of such share or shares all such transfers of shares held by the members in the share capital of the Company. Any document which records the name of the transferor, the name of the transferee, the class and number of shares agreed to be transferred, the date of the agreement to transfer shares and the price per share, shall, once executed by the transferor or the Secretary, Assistant Secretary or the relevant nominee as agent for the transferor, and by the transferee where required by the Act, be deemed to be a proper instrument of transfer for the purposes of the Act. The transferor shall be deemed to remain the Holder of the share until the name of the transferee is entered on the Register in respect thereof, and neither the title of the transferee nor the title of the transferor shall be affected by any irregularity or invalidity in the proceedings in reference to the sale should the Directors so determine.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company, at its absolute discretion, may, or may procure that a subsidiary of the Company shall, pay Irish
stamp duty arising on a transfer of shares on behalf of the transferee of such shares of the Company. If stamp duty resulting from the transfer of shares in the Company which would otherwise be payable by the transferee is paid by the Company or any
subsidiary of the Company on behalf of the transferee, then in those circumstances, the Company shall, on its behalf or on behalf of its subsidiary (as the case may be), be entitled to (i) seek reimbursement of the stamp duty from the
transferee or transferor, (ii) set-off the stamp duty against any dividends payable to the transferee of those shares and (iii) claim a first and paramount lien on the shares on which stamp duty has
been paid by the Company or its subsidiary for the amount of stamp duty paid. The Company's lien shall extend to all dividends paid on those shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions of these articles and subject to any provision of the Acts, title to any shares
in the Company may also be evidenced and transferred without a written instrument in accordance with the Acts or any regulations made thereunder. The Directors shall have power to permit any class of shares to be held in uncertificated form and to
implement any arrangements they think fit for such evidencing and transfer which accord with such regulations and in particular shall, where appropriate, be entitled to disapply or modify all or part of the provisions in these articles with respect
to the requirement for written instruments of transfer and share certificates (if any), in order to give effect to such regulations.

28. Subject to such of the restrictions of these articles and to such of the conditions of issue of any share
warrants as may be applicable, the shares of any member and any share warrant may be transferred by instrument in writing in any usual or common form or any other form which the Directors may approve.

29. (a) The Directors in their absolute discretion and without assigning any reason therefor may decline to register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transfer of a share which is not fully paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any transfer to or by a minor or person of unsound mind,

but this shall not apply to a transfer of such a share resulting from a sale of the share through a stock exchange on which the share is listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may decline to recognise any instrument of transfer unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the instrument of transfer is accompanied by the certificate of the shares to which it relates (if any) (which
shall upon registration of the transfer be cancelled) and such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the instrument of transfer is in respect of one class of share only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the instrument of transfer is properly stamped (in circumstances where stamping is required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a fee of €10 or such lesser sum is paid to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the instrument of transfer is in favour of not more than four transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) it is lodged at the Office or at such other place as the Directors may appoint;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Board is satisfied, acting reasonably, that all applicable consents, authorisations, permissions or
approvals of any governmental body or agency in Ireland or any other applicable jurisdiction required to be obtained under relevant law prior to such transfer have been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Board is satisfied, acting reasonably, that the transfer would not violate the terms of any agreement to
which the Company (or any of its subsidiaries) and the transferor are party or subject.

30. If the Directors refuse to register a transfer, they shall, within two (2) months after the date on which
the transfer was lodged with the Company, send to the transferee notice of the refusal.

31. Upon every transfer of shares the certificate (if any) held by the transferor shall be given up to be
cancelled, and shall forthwith be cancelled accordingly, and subject to article 21 a new certificate may be issued without charge to the transferee in respect of the shares transferred to him, and if any of the shares included in the certificate so
given up shall be retained by the transferor, a new certificate in respect thereof may be issued to him without charge. The Company shall be entitled to retain the instrument(s) of transfer.

32. Registration of transfers may be suspended at such times and for such period, not exceeding in the whole thirty
(30) days in each year, as the Directors may from time to time determine subject to the requirements of the Acts.

33. All instruments of transfer shall upon their being lodged with the Company remain the property of the Company
and the Company shall be entitled to retain them.

34. Subject to the provisions of these articles, whenever as a result of an alteration or re-organisation of share capital of the Company or otherwise any members would become entitled to fractions of a share, the Directors may sell or cause to be sold, on behalf of those members, the shares representing
the fractions for the best price reasonably obtainable to any person and distribute the proceeds of sale (subject to any applicable tax and abandoned property laws) in due proportion among those members, and the Directors may authorise some person
to execute an instrument of transfer of the shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall his or her title to the shares be affected by
any irregularity in or invalidity of the proceedings in reference to the sale.

**TRANSMISSION OF SHARES** 

35. In the case of the death of a member, the survivor or survivors where the deceased was a joint Holder, and the
personal representatives of the deceased where he or she was a sole Holder, shall be the only persons recognised by the Company as having any title to his or her interest in the shares; but nothing herein contained shall release the estate of a
deceased joint Holder from any liability in respect of any share which had been jointly held by him with other persons. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as
articles 35 to 38 are disapplied.

36. Any person becoming entitled to a share in consequence of the death or bankruptcy of a member may, upon such
evidence being produced as may from time to time properly be required by the Directors and subject as herein provided, elect either to be registered himself as Holder of the share or to have some person nominated by him registered as the transferee
thereof, but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the shares by that member before his or her death or bankruptcy, as the case may be.

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37. If the person so becoming entitled elects to be registered himself, he or she shall deliver or send to the
Company a notice in writing signed by him stating that he or she so elects. If he or she elects to have another person registered, he or she shall testify his or her election by executing to that person a transfer of the share. All the limitations,
restrictions and provisions of these regulations relating to the right to transfer and the registration of transfers of shares shall be applicable to any such notice or transfer as aforesaid as if the death or bankruptcy of the member had not
occurred and the notice of transfer were a transfer signed by that member.

38. A person becoming entitled to a share by reason of the death or bankruptcy of the Holder shall be entitled to
the same dividends and other advantages to which he or she would be entitled if he or she were the registered Holder of the share, except that he or she shall not, before being registered as a member in respect of the share, be entitled in respect
of it to exercise any right conferred by membership in relation to the meetings of the Company, so, however, that the Directors may at any time give notice requiring such person to elect either to be registered himself or to transfer the share, and
if the notice is not complied with within ninety (90) days, the Directors may thereupon withhold payment of all dividends, bonuses or other moneys payable in respect of the share until the requirements of the notice have been complied with.

**ALTERATION OF CAPITAL** 

39. The Company may from time to time by Ordinary Resolution increase the authorised share capital by such sum, to
be divided into shares of such amount, as the resolution shall prescribe.

40. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subdivide its existing shares, or any of them, into shares of smaller amount than is fixed by the memorandum of
association subject, nevertheless, to the Acts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be
taken by any person and reduce the amount of its authorised share capital by the amount of the shares so cancelled.

41. Subject to the provisions of the Acts, the Company may by Special Resolution reduce its company capital
(including its share capital, any capital redemption reserve fund or any share premium account or undenominated capital account) in any way it thinks expedient and, without prejudice to the generality of the foregoing, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extinguish or reduce the liability on any of its shares in respect of share capital not paid up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) either with or without extinguishing or reducing liability on any of its shares, cancel any paid up company
capital which is lost or unrepresented by available assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) either with or without extinguishing or reducing liability on any of its shares, pay off any paid up company
capital which is in excess of the wants of the Company,

and in relation to such reductions, the Company may by Special Resolution determine the terms upon which the reduction is to be effected, including in the case of a reduction of part only of any class of shares, those shares to be affected.

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**RECORD DATES** 

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| | |
|:---|:---|
| 42. (a) | The Directors may from time to time fix a record date for the purposes of determining the rights of members to notice of and/or to vote at any general meeting of the Company. The record date shall not precede the date upon which the resolution fixing the record date is adopted by the Directors, and the record date shall be not more than sixty (60) nor less than ten (10) days before the date of such meeting. If no record date is fixed by the Directors, the record date for determining members entitled to notice of or to vote at a meeting of the members shall be the close of business on the day next preceding the day on which notice is given. Unless the Directors determine otherwise, a determination of members of record entitled to notice of or to vote at a meeting of members shall apply to any adjournment or postponement of the meeting.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Directors may determine the members entitled to receive payment of any dividend or other
distribution or allotment of any rights or the members entitled to exercise any rights in respect of any change, conversion or exchange of shares, or for the purpose of any other lawful action, the Board may fix a record date, which record date
shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty (60) days prior to such action. If no record date is fixed, the record date for determining members for
such purpose shall be at the close of business on the day on which the Directors adopt the resolution relating thereto.

**GENERAL MEETINGS** 

43. The Company shall in each year hold a general meeting as its annual general meeting in addition to any other
meeting in that year, and shall specify the meeting as such in the notices calling it. Not more than fifteen (15) months shall elapse between the date of one annual general meeting of the Company and that of the next. This article shall not
apply in the case of the first general meeting, in respect of which the Company shall convene the meeting within the time periods required by the Acts.

44. Subject to the Acts, all general meetings of the Company may be held outside of Ireland, or by means of remote
communication as provided in article 59.

45. All general meetings other than annual general meetings shall be called extraordinary general meetings.

46. The Directors may, whenever they think fit, convene an extraordinary general meeting, and extraordinary general
meetings shall also be convened on such requisition, or in default may be convened by such requisitionists, as provided in section 178(3) of the Acts.

47. All provisions of these articles relating to general meetings of the Company shall, *mutatis mutandis*,
apply to every separate general meeting of the Holders of any class of shares in the capital of the Company, except that the necessary quorum shall be two (2) or more persons holding or representing by proxy (whether or not such Holder actually
exercises his or her voting rights in whole, in part or at all at the relevant general meeting) at least a majority in nominal value of the issued shares of the class or, at any adjourned meeting of such Holders, Holders holding or representing by
proxy (whether or not any such Holder actually exercises his or her voting rights in whole, in part or at all at the relevant general meeting) at least a majority in nominal value of the issued shares of the class, shall be deemed to constitute a
meeting.

48. A Director shall be entitled, notwithstanding that he or she is not a member, to attend and speak at any
general meeting and at any separate meeting of the Holders of any class of shares in the Company.

**NOTICE OF GENERAL MEETINGS** 

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| | |
|:---|:---|
| 49. (a) | Subject to the provisions of the Acts allowing a general meeting to be called by shorter notice, an annual general meeting and an extraordinary general meeting called for the passing of a Special Resolution shall be called by not less than twenty-one (21) Clear Days' notice and all other extraordinary general meetings shall be called by not less than fourteen (14) Clear Days' notice.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice convening a general meeting shall specify the time and place of the meeting and, in the case of
special business, the general nature of that business and, in reasonable prominence, that a member entitled to attend and vote is entitled to appoint a proxy to attend, speak and vote in his or her place and that a proxy need not be a member of the
Company. It shall also give particulars of any Directors who are to retire at the meeting and of any persons who are

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recommended by the Directors for appointment or re-appointment as Directors at the meeting or in respect of whom notice has been duly given to the Company of the intention to propose them for appointment or re-appointment as Directors at the meeting. Provided that the latter requirement shall only apply where the intention to propose the person has been received by the Company in accordance with the provisions of these articles. Subject to any restrictions imposed on any shares, the notice of the meeting shall be given to all the members of the Company as of the record date set by the Directors and to the Directors and the Company's auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The accidental omission to give notice of a meeting to, or the non-receipt of notice of a meeting by, any person entitled to receive notice shall not invalidate the proceedings at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In cases where instruments of proxy are sent out with notices, the accidental omission to send such instrument
of proxy to, or the non-receipt of such instrument of proxy by, any person entitled to receive notice shall not invalidate any resolution passed or any proceeding at any such meeting. A member present, either
in person or by proxy, at any general meeting of the Company or of the Holders of any class of shares in the Company, will be deemed to have received notice of that meeting and, where required, of the purpose for which it was called.

50. Where, by any provision contained in the Acts, extended notice is required of a resolution, the resolution
shall not be effective (except where the Directors have resolved to submit it) unless notice of the intention to move it has been given to the Company not less than twenty-eight (28) days (or such shorter period as the Acts permit) before the
meeting at which it is moved, and the Company shall give to the members notice of any such resolution as required by and in accordance with the provisions of the Acts.

**PROCEEDINGS AT GENERAL MEETINGS** 

51. All business shall be deemed special that is transacted at an extraordinary general meeting, and also all that
is transacted at an annual general meeting, with the exception of declaring a dividend, the consideration of the company's statutory financial statements and the reports of the Directors and the statutory auditors, the review by the members of
the Company's affairs (to the extent required by the Acts), the election of Directors, the re-appointment of the retiring auditors and the authorisation of the Directors to fix the statutory
auditors' remuneration.

52. Except where a greater majority is required by the Act or these articles, where a plurality is required as set
forth in article 116 or for frequency on "say-on-pay" advisory votes in accordance with the requirements of section 14A of the Exchange Act and related rules
of the U.S. Securities and Exchange Commission, any question proposed for consideration at any general meeting of the Company or of any class of Holders shall be decided by an Ordinary Resolution.

53. At any annual general meeting of the members, only such nominations of persons for election to the Board shall
be made, and only such other business shall be conducted or considered, as shall have been properly brought before the meeting. For nominations to be properly made at an annual general meeting, and proposals of other business to be properly brought
before an annual general meeting, nominations and proposals of other business must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specified in the Company's notice of meeting (or any supplement thereto) given by or at the direction of
the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise properly made at the annual general meeting, by or at the direction of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise properly requested to be brought before the annual general meeting by a member of the Company in
accordance with these articles.

For nominations of persons for election to the Board or proposals of other business to be properly requested by a member to be made at an annual general meeting, a member must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be a member at the time of giving of notice of such annual general meeting by or at the direction of the Board
and, at the time of the annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be entitled to vote at such annual general meeting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent applicable, in the case of nominations of persons for election to the Board, comply with Rule 14a-19; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) comply with the procedures set forth in these articles as to such business or nomination.

The immediately preceding sentence shall be the exclusive means for a member to make nominations or other business proposals (other than matters properly brought under Rule 14a-8 under the Exchange Act and included in the Company's notice of meeting) before an annual general meeting of members.

54. At any extraordinary general meeting of the members, only such business shall be conducted or considered as
shall have been properly brought before the meeting pursuant to the Company's notice of meeting. To be properly brought before an extraordinary general meeting, proposals of business must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specified in the Company's notice of meeting (or any supplement thereto) given by or at the direction of
the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise properly brought before the extraordinary general meeting, by or at the direction of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise properly brought before the meeting by any members of the Company pursuant to the valid exercise of
power granted to them under the Acts.

55. Nominations of persons for election to the Board may be made at an extraordinary general meeting of members at
which directors are to be elected pursuant to the Company's notice of meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by or at the direction of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by any members of the Company pursuant to the valid exercise of power granted to them under the Acts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provided that the Board has determined that directors shall be elected at such meeting, by any member of the
Company who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a member at the time of giving of notice of such extraordinary general meeting and at the time of the
extraordinary general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is entitled to vote at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent applicable, in the case of nominations of persons for election to the Board, comply with Rule 14a-19; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) complies with the procedures set forth in these articles as to such nomination.

The immediately preceding sentence shall be the exclusive means for a member to make nominations (other than matters properly brought under Rule 14a-8 under the Exchange Act and included in the Company's notice of meeting) before an extraordinary general meeting of members.

56. Except as otherwise provided by law, the memorandum of association or these articles, the Chairperson of any
general meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the general meeting was made or proposed, as the case may be, in accordance with these articles and, if any proposed
nomination or other business is not in compliance with these articles, to declare that no action shall be taken on such nomination or other proposal and such nomination or other proposal shall be disregarded.

57. No business shall be transacted at any general meeting unless a quorum is present at the time when the meeting
proceeds to business. Two (2) or more persons holding or representing by proxy (whether or not such person actually exercises his or her voting rights in whole, in part or at all at the relevant general meeting), at least a majority of the
voting power of the Company on the relevant record date shall constitute a quorum.

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58. Any general meeting duly called at which a quorum is not present shall be adjourned and the Company shall
provide notice pursuant to article 49 in the event that such meeting is to be reconvened. If within 5 minutes (or such longer time as the chairman of the meeting may determine to wait) after the time appointed for any adjourned meeting a quorum is
not present, the meeting may be further adjourned to such other day and such other time and place as the chairman of the meeting may determine and the Company shall provide notice pursuant to article 49 in the event that such meeting is to be
reconvened. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 58 are disapplied.

59. If the Board wishes to make this facility available to members of the Company for a specific or all general
meetings of the Company, a member may participate in any general meeting of the Company by means of telephone, video, electronic or similar communication equipment by way of which all persons participating in such meeting can communicate with each
other simultaneously and instantaneously and such participation shall be deemed to constitute presence in person at the meeting. In addition, the Company need not hold a general meeting at a physical venue but may, at the discretion of the Board,
conduct the meeting wholly or partly by the use of electronic communications technology in accordance with Section 176A of the Act.

60. The Chairperson, if any, of the Board, or any other person selected by the Board from time to time to preside
as chairperson of general meetings of the Company, shall preside as Chairperson at every general meeting of the Company, or if there is no such Chairperson, or if he or she is not present within fifteen (15) minutes after the time appointed for
the holding of the meeting or is unwilling to act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors may select such other person as they see fit to preside as Chairperson of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Directors present at the meeting may elect one of their number to be Chairperson of the meeting.

61. If at any meeting no Director is willing to act as Chairperson or if no Director is present within fifteen
(15) minutes after the time appointed for holding the meeting, the members present shall choose one of their number to be Chairperson of the meeting.

62. No amendment may be made to a resolution, at or before the time when it is put to a vote, unless the
Chairperson of the meeting in his or her absolute discretion decides that the amendment or the amended resolution may properly be put to a vote at that meeting.

63. If the Chairperson of the meeting rules a resolution or an amendment to a resolution admissible or out of order
(as the case may be), the proceedings of the meeting or on the resolution in question shall not be invalidated by any error in his or her ruling. Any ruling by the Chairperson of the meeting in relation to a resolution or an amendment to a
resolution shall be final and conclusive.

64. The Chairperson may, with the consent of any meeting at which a quorum is present, and shall if so directed by
the meeting, adjourn the meeting from time to time and from place to place without notice other than by announcement of the time and place of the adjourned meeting by the Chairperson of the meeting. The Chairperson of the meeting may at any time
without the consent of the meeting adjourn the meeting to another time and/or place if, in his or her opinion, it would facilitate the conduct of the business of the meeting to do so or if he or she is so directed by the Board. Save as aforesaid, it
shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting. The terms of any optional provisions of the Acts or any replacement enactment covering substantially the same subject matter as
this article 64 are disapplied.

65. At any general meeting a resolution put to the vote of the meeting shall be decided on a poll. The Board or the
Chairperson may determine the manner in which the poll is to be taken and the manner in which the votes are to be counted.

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66. The Board may, before any general meeting, determine the manner in which the poll is to be taken and the manner
in which votes are to be counted. To the extent not so determined by the Board, such matters shall be determined by the Chairperson of the meeting.

67. No notice need be given of a poll not taken immediately. The result of the poll shall be deemed to be the
resolution of the general meeting at which the poll was demanded. On a poll a member entitled to more than one (1) vote need not use all his/her votes or cast all the votes he/she uses in the same way.

68. Where there is an equality of votes, the Chairperson of the meeting at which the poll takes place shall not be
entitled to a second or casting vote.

69. Unless the Directors otherwise determine, no member shall be entitled to vote at any general meeting or any
separate meeting of the Holders of any class of shares in the Company, either in person or by proxy, or to exercise any privilege as a member in respect of any share held by him unless all monies then payable by him in respect of that share have
been paid.

70. The Board may, and at any general meeting the Chairperson of such meeting may, make such arrangement and impose
any requirement or restriction that the Board or he/she considers appropriate concerning the conduct of general meetings, including without prejudice to the generality of the foregoing, measures concerning security, health and safety and any such
arrangements, requirements and/or restrictions shall bind all members. The Board and, at any general meeting, the Chairperson of such meeting are entitled to refuse entry to, or remove, a person who refuses to comply with any such arrangements,
requirements and/or restrictions.

**ADVANCE NOTICE OF MEMBER BUSINESS AND NOMINATIONS** 

71. Without qualification or limitation, subject to article 84, for any nominations or any other business to be
properly brought before an annual general meeting by a member pursuant to article 51, the member must have given timely notice thereof (including, in the case of nominations, the completed and signed questionnaire, representation and agreement
required by article 85), and timely updates and supplements thereof, in writing to the Secretary, and such other business must otherwise be a proper matter for member action.

72. To be timely, a member's notice for any nominations or any other business to be properly brought before an
annual general meeting by a member pursuant to article 53 shall be delivered to the Secretary at the Office not earlier than the close of business on the 120<sup>th</sup> day and not later than the close of
business on the 90<sup>th</sup> day prior to the first anniversary of the day of release to shareholders of the Company's proxy statement issued pursuant to Section 14(a) of the Exchange Act in
respect of the preceding year's annual general meeting; provided, however, that in the event that the date of the annual general meeting is changed by more than thirty (30) days from the date contemplated at the time of the previous
year's proxy statement, notice by the member must be so delivered by the close of business on the day that is not less than the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one hundred and fifty (150) days prior to the day of the contemplated annual general meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ten (10) days after the day on which public announcement of the date of the contemplated annual general
meeting is first made by the Company,

provided, further, that with respect to the first annual general meeting of the Company in respect of which a proxy statement is issued pursuant to Section 14(a) of the Exchange Act, notice by the member must be so delivered before the close of business on the day that is ten (10) days after the day on which public announcement of the date of such meeting is first made by the Company. In no event shall any adjournment or postponement of an annual general meeting, or the public announcement thereof, commence a new time period for the giving of a member's notice as described above.

73. Notwithstanding anything in article 72 to the contrary, in the event that the number of directors to be elected
to the Board is increased by the Board, and there is no public announcement by the Company naming all of the nominees for director or specifying the size of the increased Board at least one hundred and thirty (130) days prior to the first
anniversary of the day of release to shareholders of the Company's

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74. In addition, to be considered timely, a member's notice shall further be updated and supplemented, if
necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or
postponement thereof, and such update and supplement shall be delivered to the Secretary at the Office not later than five (5) business days after the record date for the meeting in the case of the update and supplement required to be made as
of the record date, and not later than eight (8) business days prior to the date for the meeting or any adjournment or postponement thereof in the case of the update and supplement required to be made as of ten (10) business days prior to
the meeting or any adjournment or postponement thereof.

75. Subject to article 84, in the event the Company calls an extraordinary general meeting of members for the
purpose of electing one or more directors to the Board, any member may nominate a person or persons (as the case may be) for election to such position(s) as specified in the Company's notice of meeting, provided that the member gives timely
notice thereof (including the completed and signed questionnaire, representation and agreement required by article 85), and timely updates and supplements thereof, in writing, to the Secretary.

76. To be timely, a member's notice for any nomination to be properly brought before such an extraordinary
general meeting shall be delivered to the Secretary at the Office by not earlier than the close of business on the 120<sup>th</sup> day prior to the date of such extraordinary general meeting and not later
than the close of business on the later of the 90<sup>th</sup> day prior to the date of such extraordinary general meeting or, if the first public announcement of the date of such extraordinary general
meeting is less than one hundred (100) days prior to the date of such extraordinary general meeting, by the close of business on the day that is ten (10) days after the day on which public announcement of the date of the extraordinary
general meeting and of the nominees proposed by the Board to be elected at such meeting is first made by the Company. In no event shall any adjournment or postponement of an extraordinary general meeting, or the public announcement thereof, commence
a new time period for the giving of a member's notice as described above.

77. In addition, to be considered timely, a member's notice shall further be updated and supplemented, if
necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or
postponement thereof, and such update and supplement shall be delivered to the Secretary at the Office not later than five (5) business days after the record date for the meeting in the case of the update and supplement required to be made as
of the record date, and not later than eight (8) business days prior to the date for the meeting, any adjournment or postponement thereof in the case of the update and supplement required to be made as of ten (10) business days prior to
the meeting or any adjournment or postponement thereof.

78. To be in proper form, a member's notice (whether given pursuant to articles 71-74 or articles 75-77) to the Secretary must include the following, as applicable:

79. As to the member giving the notice and the beneficial owner (as contemplated by Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder), if any, on whose behalf the nomination or proposal is made, a member's notice must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of such member, as they appear on the Company's books, of such beneficial owner, if
any, and of their respective affiliates or associates or others acting in concert therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the class or series and number of shares of the Company which are, directly or indirectly, owned beneficially
and of record by such member, such beneficial owner and their respective affiliates or associates or others acting in concert therewith;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any option, warrant, convertible security, share appreciation right, or similar right with an exercise or
conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Company or with a value derived in whole or in part from the value of any class or series of shares of the Company, or any
derivative or synthetic arrangement having the characteristics of a long position in any class or series of shares of the Company, or any contract, derivative, swap or other transaction or series of transactions designed to produce economic benefits
and risks that correspond substantially to the ownership of any class or series of shares of the Company, including due to the fact that the value of such contract, derivative, swap or other transaction or series of transactions is determined by
reference to the price, value or volatility of any class or series of shares of the Company, whether or not such instrument, contract or right shall be subject to settlement in the underlying class or series of shares of the Company, through the
delivery of cash or other property, or otherwise, and without regard to whether the member, the beneficial owner, if any, or any affiliates or associates or others acting in concert therewith, may have entered into transactions that hedge or
mitigate the economic effect of such instrument, contract or right, or any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Company (any of the foregoing, a
" **Derivative Instrument**") directly or indirectly owned beneficially by such member, the beneficial owner, if any, or any affiliates or associates or others acting in concert therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any proxy, contract, arrangement, understanding, or relationship pursuant to which such member has a right to
vote any class or series of shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any agreement, arrangement, understanding, relationship or otherwise, including any repurchase or similar so-called "**stock borrowing**" agreement or arrangement, involving such member, directly or indirectly, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or
otherwise) of any class or series of the shares of the Company by, manage the risk of share price changes for, or increase or decrease the voting power of, such member with respect to any class or series of the shares of the Company, or which
provides, directly or indirectly, the opportunity to profit or share in any profit derived from any decrease in the price or value of any class or series of the shares of the Company (any of the foregoing, a "**Short Interest** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any rights to dividends on the shares of the Company owned beneficially by such member that are separated or
separable from the underlying shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any proportionate interest in shares of the Company or Derivative Instruments held, directly or indirectly, by
a general or limited partnership in which such member is a general partner or, directly or indirectly, beneficially owns an interest in a general partner of such general or limited partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any performance-related fees (other than an asset-based fee) that such member is entitled to based on any
increase or decrease in the value of shares of the Company or Derivative Instruments, if any, including without limitation any such interests held by members of such member's immediate family sharing the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any direct or indirect interest of such member in any contract with the Company, any affiliate of the Company
(including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a representation as to whether or not the member intends or is part of a group that intends to solicit proxies
in support of director nominees other than the Company's director nominees in accordance with Rule 14a-19 promulgated under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any other information relating to such member and beneficial owner, if any, that would be required to be
disclosed in a proxy statement and form or proxy or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election of directors in a contested election pursuant to
Section 14 of the Exchange Act and the rules and regulations promulgated thereunder.

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Notwithstanding, and in addition to, the foregoing provisions of this article 79, a member who has submitted a nomination for a person to serve on the Board shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder, including, but not limited to, Rule 14a-19 of the Exchange Act, with respect to the matters set forth in these articles. If a member fails to comply with any applicable requirements of the Exchange Act, including, but not limited to, Rule 14a-19 promulgated thereunder, such member's proposed nomination shall be deemed to have not been made in compliance with these articles and shall be disregarded. Further, notwithstanding the foregoing provisions of these articles, unless otherwise required by law, (i) no member shall solicit proxies in support of director nominees other than the Company's director nominees unless such member has complied with this article 79 and Rule 14a-19 promulgated under the Exchange Act in connection with the solicitation of such proxies, including the provision to the Company of notices required thereunder in a timely manner, and (ii) if any member (A) provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act, (B) subsequently fails to comply with the requirements of Rule 14a-19(a)(2) or Rule 14a-19(a)(3) promulgated under the Exchange Act, including the provision to the Company of notices required thereunder in a timely manner, and (C) no other member has provided notice pursuant to, and in compliance with, Rule 14a-19 under the Exchange Act that it intends to solicit proxies in support of the election of such proposed nominee in accordance with Rule 14a-19(b) under the Exchange Act, then the Company shall disregard such nomination and no vote on the election of such proposed nominee shall occur. Upon request by the Company, if any member provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act, such member shall deliver to the Company, no later than five (5) business days prior to the applicable meeting date, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act.

80. If the notice relates to any business other than the nomination of a director or directors that the member
proposes to bring before the meeting, a member's notice must, in addition to the matters set forth in article 79 above, also set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a brief description of the business desired to be brought before the meeting, the reasons for conducting such
business at the meeting and any material interest of such member and beneficial owner, if any, in such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the text of the proposal or business (including the text of any resolutions proposed for consideration and, in
the event that such proposal or business includes a proposal to amend these articles, the text of the proposed amendment); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a description of all agreements, arrangements and understandings between such member and beneficial owner, if
any, and any other person or persons (including their names) in connection with the proposal of such business by such member.

81. As to each person, if any, whom the member proposes to nominate for election or re-election to the Board, a member's notice must, in addition to the matters set forth in article 79 above, also set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all information relating to such person that would be required to be disclosed in a proxy statement or other
filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder (including such
person's written consent to being named in the proxy statement as a nominee and to serving as a director if elected); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a description of all direct and indirect compensation and other material monetary agreements, arrangements and
understandings during the past three (3) years, and any other material relationships, between or among such member and beneficial owner, if any, and their respective affiliates and associates, or others acting in concert therewith, on the one
hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item
404 promulgated under Regulation S-K under the Exchange Act if the member making the nomination and any beneficial owner on whose behalf the nomination is made, if any, or any affiliate or associate thereof or
person acting in concert therewith, were the "**registrant**" for purposes of such rule and the nominee were a director or executive officer of such registrant.

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82. With respect to each person, if any, whom the member proposes to nominate for election or re-election to the Board, a member's notice must, in addition to the matters set forth in articles 79 and 81 above, also include a completed and signed questionnaire, representation and agreement required by
article 85 of these articles. The Company may require any proposed nominee to furnish such other information as may reasonably be required by the Company to determine the eligibility of such proposed nominee to serve as an independent director of
the Company or that could be material to a reasonable member's understanding of the independence, or lack thereof, of such nominee.

83. Notwithstanding the provisions of these articles, a member shall also comply with all applicable requirements
of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in articles 71-85; provided, however, that any references in these articles to the Exchange Act or the rules
promulgated thereunder are not intended to and shall not limit the separate and additional requirements set forth in these articles with respect to nominations or proposals as to any other business to be considered pursuant to articles 51-56. Any member directly or indirectly soliciting proxies from other members must use a proxy card colour other than white; white proxy cards shall be reserved for exclusive use by the Board.

84. Nothing in these articles shall be deemed to affect any rights (i) of members to request inclusion of
proposals in the Company's proxy statement pursuant to Rule 14a-8 under the Exchange Act or (ii) of members of the Company to bring business before an extraordinary general meeting pursuant to the
valid exercise of power granted to them under the Acts. Subject to Rule 14a-8 under the Exchange Act, nothing in these articles shall be construed to permit any member, or give any member the right, to include
or have disseminated or described in the Company's proxy statement any nomination of director or directors or any other business proposal.

85. Subject to the rights of members of the Company to propose nominations at an extraordinary general meeting
pursuant to the valid exercise of power granted to them under the Acts, to be eligible to be a nominee for election or re-election as a director of the Company, a person must deliver (in accordance with the
time periods prescribed for delivery of notice under articles 71 – 84) to the Secretary at the Office a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on
whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request), and a written representation and agreement (in the form provided by the Secretary upon written request) that such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not and will not become a party to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person
or entity as to how such person, if elected as a director of the Company, will act or vote on any issue or question (a "**Voting Commitment**") that has not been disclosed to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a
director of the Company, with such person's fiduciary duties under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not and will not become a party to any agreement, arrangement or understanding with any person or entity
other than the Company with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director that has not been disclosed therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination
is being made, would be in compliance, if elected as a director of the Company, and will comply with all applicable corporate governance, conflict of interest, confidentiality and share ownership and trading policies and guidelines of the Company
publicly disclosed from time to time.

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**VOTES OF MEMBERS** 

86. Subject to any special rights or restrictions as to voting for the time being attached by or in accordance with
these articles to any class of shares, on a poll every member who is present in person or by proxy shall have one vote for each share of which he or she is the Holder.

87. When there are joint Holders, the vote of the senior who tenders a vote, whether in person or by proxy, shall
be accepted to the exclusion of the votes of the other joint Holders; and for this purpose, seniority shall be determined by the order in which the names stand in the Register.

88. A member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction
(whether in Ireland or elsewhere) in matters concerning mental disorder, may vote, by his or her committee, receiver, guardian or other person appointed by that court and any such committee, receiver, guardian or other person may vote by proxy.
Evidence to the satisfaction of the Directors of the authority of the person claiming to exercise the right to vote shall be received at the Office, or at such other address as is specified in accordance with these articles for the receipt of
appointments of proxy, not less than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting at which the right to vote is to be exercised and in default the right to vote shall not be exercisable. The
terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 88 are disapplied.

89. No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at
which the vote objected to is given or tendered, and every vote not disallowed at such meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the Chairperson of the meeting, whose decision shall be final
and conclusive.

90. Votes may be given either personally or by proxy.

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| | |
|:---|:---|
| 91. (a) | Every member entitled to attend and vote at a general meeting may appoint a proxy to attend, speak and vote on his or her behalf and may appoint more than one proxy to attend, speak and vote at the same meeting. The appointment of a proxy shall be in any form which the Directors may approve, subject to compliance with any requirements as to form prescribed by the Acts and the Exchange Act, and shall be signed by or on behalf of the appointer. A body corporate must sign a form of proxy under its common seal (if applicable) or under the hand of a duly authorised officer or attorney thereof. A proxy need not be a member of the Company. The appointment of a proxy in electronic or other form shall only be effective in such manner as the Directors may approve, subject to any requirements of the Acts. An instrument or other form of communication appointing or evidencing the appointment of a proxy or a corporate representative (other than a standing proxy or representative) together with such evidence as to its due execution as the Directors may from time to time require, shall be returned to the address or addresses stated in the notice of meeting or adjourned meeting or any other information or communication by such time or times as may be specified in the notice of meeting or adjourned meeting or in any other such information or communication (which times may differ when more than one place is so specified) or, if no such time is specified, at any time prior to the holding of the relevant meeting or adjourned meeting at which the appointee proposes to vote, and, subject to the Acts, if not so delivered the appointment shall not be treated as valid.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, the Directors may from time to time permit appointments of a proxy to be made
by means of an electronic or internet communication or facility and may in a similar manner permit supplements to, or amendments or revocations of, any such electronic or internet communication or facility to be made. For the avoidance of doubt,
such appointments of proxy as made by electronic or internet communication or facility as permitted by the Directors will be deemed to be deposited at the place specified for such purpose once received by the Company. The Directors may in addition
prescribe the method of determining the time at which any such electronic or internet communication or facility is to be treated as deposited at the place specified for such purpose. The Directors may treat any such electronic or internet
communication or facility which purports to be or is expressed to be sent on behalf of a Holder of a share as sufficient evidence of the authority of the person sending that instruction to send it on behalf of that Holder.

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92. A body corporate which is a member of the Company may authorise such person as it thinks fit to act as its
representative at any meeting of the Company or of any class of members of the Company and the person so authorised shall be entitled to exercise the same powers on behalf of the body corporate which he or she represents as that body corporate could
exercise if it were an individual member of the Company. The Company may require evidence from the body corporate of the due authorisation of such person to act as the representative of the relevant body corporate.

93. An appointment of proxy relating to more than one meeting (including any adjournment thereof) having once been
received by the Company for the purposes of any meeting shall not require to be delivered, deposited or received again by the Company for the purposes of any subsequent meeting to which it relates.

94. Receipt by the Company of an appointment of proxy in respect of a meeting shall not preclude a member from
attending and voting at the meeting or at any adjournment thereof. An appointment proxy shall be valid, unless the contrary is stated therein, as well for any adjournment of the meeting as for the meeting to which it relates.

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| | |
|:---|:---|
| 95. (a) | A vote given or poll demanded in accordance with the terms of an appointment of proxy or a resolution authorising a representative to act on behalf of a body corporate shall be valid notwithstanding the death or insanity of the principal, or the revocation of the appointment of proxy or of the authority under which the proxy was appointed or of the resolution authorising the representative to act or transfer of the share in respect of which the proxy was appointed or the authorisation of the representative to act was given, provided that no intimation in writing (whether in electronic form or otherwise) of such death, insanity, revocation or transfer shall have been received by the Company at the Office, before the commencement of the meeting or adjourned meeting at which the appointment of proxy is used or at which the representative acts; provided, however, that where such intimation is given in electronic form it shall have been received by the Company at least twenty-four (24) hours (or such lesser time as the Directors may specify) before the commencement of the meeting.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may send, at the expense of the Company, by post, electronic mail or otherwise, to the members
forms for the appointment of a proxy (with or without stamped envelopes for their return) for use at any general meeting or at any class meeting, either in blank or nominating any one or more of the Directors or any other persons in the alternative.

96. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll.

**DIRECTORS** 

97. The number of Directors shall not be less than three (3) nor more than fifteen (15) with the exact
number to be determined from time to time solely by the Board at its discretion. The continuing Directors may act notwithstanding any vacancy in their body, provided that if the number of the Directors is reduced below the prescribed minimum the
remaining Director or Directors shall appoint forthwith an additional Director or additional Directors to make up such minimum or shall convene a general meeting of the Company for the purpose of making such appointment. If, at any annual general
meeting of the Company, the number of Directors is reduced below the prescribed minimum due to the failure of any Directors to be re-elected, then in those circumstances, the three Directors which receive the
highest number of votes in favour of re-election shall be re-elected and shall remain Directors until such time as additional Directors have been appointed to replace
them as Directors. If, at any annual general meeting of the Company, the number of Directors is reduced below the prescribed minimum in any circumstances where one Director is re-elected, then that Director
shall hold office until the next annual general meeting and the Director which (excluding the re-elected Director) receives the highest number of votes in favour of re-election shall be re-elected and shall remain a Director until such time as one or more additional Directors have been appointed to replace him or her. If there are
no Director or Directors able or willing to act then any two members may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed shall hold office (subject to the provisions of the Acts and these
articles) only until the conclusion of the annual general meeting of the Company next following such appointment unless he or she is re-elected during such meeting. The terms of any optional provisions of the
Act or any replacement enactment covering substantially the same subject matter as this article 97 are disapplied.

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98. Each Director, not being an employee, may be paid a fee for their services and each Director who is an employee
of the Company or the Group shall be paid remuneration (to include benefits in kind) for their employment. The fee or remuneration paid to each Director shall be at such rate and on such basis as may from time to time be determined by the Board. The
Directors may also be paid all travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the Directors or any committee of the Directors or general meetings of the Company or in connection with the
business of the Company. The amount, rate or basis of the fees, remuneration or expenses paid to the Directors shall not require approval or ratification by the Company in general meeting. The terms of any optional provisions of the Act or any
replacement enactment covering substantially the same subject matter as this article 98 are disapplied.

99. If any Director shall be called upon to perform extra services which in the opinion of the Directors are
outside the scope of the ordinary duties of a Director, the Company may remunerate such Director either by a fixed sum or by a percentage of profits or otherwise as may be determined by a resolution passed at a meeting of the Directors and such
remuneration may be either in addition to or in substitution for any other remuneration to which he or she may be entitled as a Director.

100. No shareholding qualification for Directors shall be required. A Director (whether or not a member of the
Company) shall be entitled to attend and speak at general meetings.

101. Unless the Company otherwise directs, a Director of the Company may be or become a Director or other officer
of, or otherwise interested in, any company promoted by the Company or in which the Company may be interested as Holder or otherwise, and no such Director shall be accountable to the Company for any remuneration or other benefits received by him as
a Director or officer of, or from his or her interest in, such other company.

**BORROWING POWERS** 

102. Subject to the Acts, the Directors may exercise all the powers of the Company to borrow or raise money, and to
mortgage or charge its undertaking, property, assets and uncalled capital or any part thereof and to issue debentures, debenture stock and other securities whether outright or as collateral security for any debt, liability or obligation of the
Company or of any third party, without any limitation as to amount.

**POWERS AND DUTIES OF THE DIRECTORS** 

103. The business of the Company shall be managed by the Directors, who may pay all expenses incurred in promoting
and registering the Company and may exercise all such powers of the Company as are not, by the Acts or by these articles, required to be exercised by the Company in general meeting, subject, nevertheless, to any of these articles and to the
provisions of the Acts. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as articles 103 to 113 are disapplied.

104. The Directors may from time to time and at any time by power of attorney appoint any company, firm or person or
body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the
Directors under these articles) and for such period and subject to such conditions as they may think fit, and any such power of attorney may contain such provisions for the protection of persons dealing with any such attorney as the Directors may
think fit, and may also authorise any such attorney to delegate all or any of the powers, authorities and discretions vested in him.

105. The Company may exercise the powers conferred by the Acts with regard to having an official seal for use abroad
and such powers shall be vested in the Directors.

106. A Director who is in any way, whether directly or indirectly, interested in a contract or proposed contract
with the Company shall declare the nature of his or her interest at a meeting of the Directors in accordance with the Acts.

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107. A Director may vote in respect of any contract, appointment or arrangement in which he or she is interested,
and he or she shall be counted in the quorum present at the meeting.

108. A Director may hold and be remunerated in respect of any other office or place of profit under the Company or
any other company in which the Company may be interested (other than the office of auditor of the Company or any subsidiary thereof) in conjunction with his or her office of Director for such period and on such terms as to remuneration and otherwise
as the Directors may determine, and no Director or intending Director shall be disqualified by his or her office from contracting or being interested, directly or indirectly, in any contract or arrangement with the Company or any such other company
either with regard to his or her tenure of any such other office or place of profit or as vendor, purchaser or otherwise nor shall any Director so contracting or being so interested be liable to account to the Company for any profits and advantages
accruing to him from any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established.

109. The Directors may exercise the voting powers conferred by shares of any other company held or owned by the
Company in such manner in all respects as they think fit and in particular they may exercise their voting powers in favour of any resolution appointing the Directors or any of them as Directors or officers of such other company or providing for the
payment of remuneration or pensions to the Directors or officers of such other company.

110. Any Director may act by himself or his or her firm in a professional capacity for the Company, and he or she or
his or her firm shall be entitled to remuneration for professional services as if he or she were not a Director, but nothing herein contained shall authorise a Director or his or her firm to act as auditor to the Company.

111. All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for
money paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, by such person or persons and in such manner as the Directors shall from time to time by resolution determine.

112. The Directors shall cause minutes to be made in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the names of the Directors present at each meeting of the Directors and of any committee of the Directors;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of all resolutions and proceedings at all meetings of the Company and of the Directors and of committees of
Directors.

113. The Directors may procure the establishment and maintenance of or participate in, or contribute to any non-contributory or contributory pension or superannuation fund, scheme or arrangement or life assurance scheme or arrangement for the benefit of, and pay, provide for or procure the grant of donations, gratuities,
pensions, allowances, benefits or emoluments to any persons (including Directors or other officers) who are or shall have been at any time in the employment or service of the Company or of any company which is or was a subsidiary of the Company or
of the predecessor in business of the Company or any such subsidiary or holding Company and the spouses, widows, families, relatives or dependants of any such persons. The Directors may also procure the establishment and subsidy of or subscription
to and support of any institutions, associations, clubs, funds or trusts calculated to be for the benefit of any such persons as aforesaid or otherwise to advance the interests and wellbeing of the Company or of any such other Company as aforesaid,
or its members, and payments for or towards the insurance of any such persons as aforesaid and subscriptions or guarantees of money for charitable or benevolent objects or for any exhibition or for any public, general or useful object. Provided that
any Director shall be entitled to retain any benefit received by him under this article, subject only, where the Acts require, to disclosure to the members and the approval of the Company in general meeting.

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**DISQUALIFICATION OF DIRECTORS** 

114. The office of a Director shall be vacated ipso facto if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is restricted or disqualified to act as a Director under the Acts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) resigns his or her office by notice in writing to the Company or in writing offers to resign and the Directors
resolve to accept such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is removed from office under article 117.

The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 114 are disapplied.

**APPOINTMENT, ROTATION AND REMOVAL OF DIRECTORS** 

115. The Directors shall be divided into three classes, designated Class I, Class II and Class III.
The initial division of the Board into classes shall be made by the decision of the affirmative vote of a majority of the Directors in office and each class need not be of equal size or number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The term of the initial Class I directors shall terminate at the conclusion of the Company's first
annual general meeting of the Company in respect of which a proxy statement is issued pursuant to Section 14(a) of the Exchange Act; the term of the initial Class II directors shall terminate on the conclusion of the Company's second
annual general meeting of the Company in respect of which a proxy statement is issued pursuant to Section 14(a) of the Exchange Act; and the term of the initial Class III directors shall terminate on the conclusion of the Company's
third annual general meeting of the Company in respect of which a proxy statement is issued pursuant to Section 14(a) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At each annual general meeting of the Company beginning with the Company's first annual general meeting of
the Company in respect of which a proxy statement is issued pursuant to Section 14(a) of the Exchange Act, all of the Directors of the class of directors whose term expires on the conclusion of that annual general meeting shall retire from
office, unless re-elected, and successors to that class of directors shall be elected for a three-year term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The resolution appointing any Director must designate the Director as a Class I, Class II or
Class III Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Every Director of the class retiring shall be eligible to stand for re-election at an annual general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the number of Directors is changed, any increase or decrease shall be apportioned among the classes so as to
maintain the number of Directors in each class as nearly equal as possible or as the Chairperson may otherwise direct. In no case will a decrease in the number of Directors shorten the term of any incumbent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Director shall hold office until the conclusion of the annual general meeting for the year in which his or
her term expires and until his or her successor shall be elected and shall qualify, subject however, to prior death, resignation, retirement, disqualification or removal from office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any vacancy on the Board, including a vacancy that results from an increase in the number of directors or from
the death, resignation, retirement, disqualification or removal of a Director, shall be deemed a casual vacancy. Subject to the terms of any one or more classes or series of preferred shares, any casual vacancy shall only be filled by the decision
of a majority of the Board then in office, provided that a quorum is present and provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with these articles as the maximum number of
Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any Director of such class elected to fill a vacancy shall hold office for a term that shall coincide with the
remaining term of that class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Director retiring at a meeting shall, unless otherwise determined by the Board, retain office until the close
or adjournment of the meeting.

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116. Each of the Director nominees shall be voted upon as a separate resolution and the Directors shall be elected
by a plurality of the votes of the shares present in person or represented by proxy at any such meeting and entitled to vote on the election of Directors.

117. The Company may from time to time increase or reduce the minimum or maximum number of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by Special Resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Directors have made a recommendation to the shareholders to increase or reduce the minimum or maximum
number of Directors, only an Ordinary Resolution is required.

118. The Company may, by Ordinary Resolution, of which extended notice has been given in accordance with the Acts,
remove any Director before the expiration of his or her period of office notwithstanding anything in these articles or in any agreement between the Company and such Director. Such removal shall be without prejudice to any claim such Director may
have for damages for breach of any contract of service between him and the Company. Section 144(3)(e) of the Act shall not apply in the case of any Director removed pursuant to this article.

119. The Directors may appoint a person who is willing to act to be a Director, either to fill a vacancy (in
accordance with article 115(g)) or as an additional Director, provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with these articles as the maximum number of Directors. A Director so
appointed shall hold office for a term that shall coincide with the remaining term of the class of that Director.

120. The Directors are not entitled to appoint alternate directors and the terms of any optional provisions of the
Act or any replacement enactment covering substantially the same subject matter as this article 120 are disapplied.

121. The Directors may appoint any person to fill the following positions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Chairperson of the Board:

If the Directors have elected a Director to be the Chairperson, the Chairperson shall preside at all meetings of the Board and, if the Directors so elect, at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vice-Chairperson:

If the Directors have elected a Director to be the Vice-Chairperson, the Vice-Chairperson shall have such duties as the Chairperson of the Board shall, from time to time, determine and shall, unless the Directors determine otherwise, fulfil the role of the Chairperson of the Board in the temporary absence or incapacity of the Chairperson of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Secretary:

It shall be the duty of the Secretary to make and keep records of the votes, doings and proceedings of all meetings of the members and Board of the Company, and of its committees, and to authenticate records of the Company. The Secretary shall be appointed by the Directors for such term, at such remuneration and upon such conditions as they may think fit; and any Secretary so appointed may be removed by them.

A provision of the Acts or these articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as, or in place of, the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Assistant Secretaries:

The Assistant Secretaries shall have such duties as the Secretary and/or the Board shall determine. Any Assistant Secretary shall be appointed by the Secretary and/or the Directors for such term, at such remuneration and upon such conditions as they may think fit; and any Assistant Secretary so appointed may be removed by them.

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The powers and duties of all such officers are at all times subject to the control of the Directors, and any such officer may be removed at any time at the pleasure of the Board.

In addition to the Board's power to delegate to committees pursuant to article 126, the Board may delegate any of its powers to any individual Director or member of the management of the Company or any of its subsidiaries as it sees fit; any such individual shall, in the exercise of the powers so delegated, conform to any regulations that may be imposed on them by the Board.

**PROCEEDINGS OF DIRECTORS** 

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| 122. (a) | The Directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they may think fit. The quorum necessary for the transaction of the business of the Directors shall be a majority of the Directors in office at the time when the meeting is convened. Questions arising at any meeting shall be decided by a majority of the Directors present. Each director present and voting shall have one vote. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 122 are disapplied.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Director may participate in a meeting of the Directors by means of telephonic or other such communication
whereby all persons participating in the meeting can hear each other speak, and participation in a meeting in this manner shall be deemed to constitute presence in person at such meeting and any director may be situated in any part of the world for
any such meeting.

123. The Chairperson of the Board or any two of the Directors may, and the Secretary on the requisition of the
Chairperson of the Board or any two of the Directors shall, at any time summon a meeting of the Directors. Any provision of an enactment permitting the Secretary to summon a meeting of the Directors on the requisition of a Director acting alone
shall not apply to the Company.

124. The continuing Directors may act notwithstanding any vacancy in their number but, if and so long as their
number is reduced below the number fixed by or pursuant to these articles as the minimum number of Directors, the continuing Directors or Director may act for the purpose of increasing the number of Directors to that number or of summoning a general
meeting of the Company but for no other purpose.

125. The Directors may elect a Chairperson of their meetings and determine the period for which he or she is to hold
office. Any Director may be elected no matter by whom he or she was appointed but if no such Chairperson is elected, or if at any meeting the Chairperson is not present within fifteen (15) minutes after the time appointed for holding the same,
the Directors present may choose one of their number to be Chairperson of the meeting. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 125 are disapplied.

126. The Board may from time to time designate committees of the Board, with such powers and duties as the Board may
decide to confer on such committees, and shall, for those committees and any others provided for herein, elect a director or directors to serve as the member or members, designating, if it desires, other directors as alternate members who may
replace any absent or disqualified member at any meeting of the committee. Adequate provision shall be made for notice to members of all meetings; a majority of the members shall constitute a quorum unless the committee shall consist of one or two
members, in which event one member shall constitute a quorum; and all matters shall be determined by a majority vote of the members present. Action may be taken by any committee without a meeting if all members thereof consent thereto in writing,
and the writing or writings are filed with the minutes of the proceedings of such committees.

127. A committee may elect a Chairperson of its meeting. If no such Chairperson is elected, or if at any meeting the
Chairperson is not present within fifteen (15) minutes after the time appointed for holding the same, the members present may choose one of their number to be Chairperson of the meeting.

128. All acts done by any meeting of the Directors or of a committee of Directors or by any person acting as a
Director shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such Director or person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such person had
been duly appointed and was qualified to be a Director.

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129. Notwithstanding anything in these articles or in the Acts which might be construed as providing to the
contrary, notice of every meeting of the Directors shall be given to all Directors either by mail not less than forty-eight (48) hours before the date of the meeting, by telephone, email, or any other electronic means on not less than
twenty-four (24) hours' notice, or on such shorter notice as person or persons calling such meeting may deem necessary or appropriate and which is reasonable in the circumstances. Any director may waive any notice required to be given
under these articles, and the attendance of a director at a meeting shall be deemed to be a waiver by such Director.

130. A resolution or other document in writing (in electronic form or otherwise) signed (whether by electronic
signature, advanced electronic signature or otherwise as approved by the Directors) by (a) all of the Directors entitled to receive notice of a meeting of Directors or of a committee of Directors or (b) a majority of the Directors where
notice in accordance with article 129 of the resolution or other document in writing has been given to all Directors entitled to receive notice of a meeting of Directors or of a committee of Directors, shall be as valid as if it had been passed at a
meeting of Directors or (as the case may be) a committee of Directors duly convened and held, and may consist of several documents in the like form each signed by one or more Directors, and such resolution or other document or documents when duly
signed may be delivered or transmitted (unless the Directors shall otherwise determine either generally or in any specific case) by facsimile transmission, electronic mail or some other similar means of transmitting the contents of documents. The
terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 130 are disapplied.

**THE SEAL** 

131. Any seal of the Company shall be used only by the authority of the Directors, a committee authorised by the
Directors to exercise such authority or by any one or more persons severally or jointly so authorised by the Directors or such a committee, and the use of the seal shall be deemed to be authorised for these purposes where the matter or transaction
pursuant to which the seal is to be used has been so authorised.

132. Any instrument to which a Company's seal shall be affixed shall be signed by any one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any person authorised to sign by (i) the Directors or (ii) a committee,

and the countersignature of a second such person shall not be required, provided however that in respect of certificates under the seal for shares, debentures or other securities of the Company no such signatures shall be required and the Directors shall make such regulations as they think fit regarding procedures to be followed in respect of the sealing of such certificates.

133. The Company may have one or more duplicate common seals or official seals for use in different locations
including for use abroad.

**DIVIDENDS AND RESERVES** 

134. The Company in general meeting may declare dividends, but no dividends shall exceed the amount recommended by
the Directors. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as articles 134 to 143.

135. The Directors may from time to time pay to the members such interim dividends as appear to the Directors to be
justified by the profits of the Company.

136. No dividend or interim dividend shall be paid otherwise than in accordance with the provisions of the Acts.

137. The Directors may, before recommending any dividend, set aside out of the profits of the Company such sums as
they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for any purpose to which the profits of the Company may be properly applied and pending such application may at the like discretion either be
employed in the business of the Company or be held as cash or cash equivalents or be invested in such investments as the Directors may lawfully determine. The Directors may also, without placing the same to reserve, carry forward any profits which
they may think it prudent not to distribute.

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138. Subject to the rights of persons, if any, entitled to shares with special rights as to dividend, all dividends
shall be declared and paid according to the amounts paid or credited as paid on the shares in respect whereof the dividend is paid. All dividends shall be apportioned and paid proportionately to the amounts paid or credited as paid on the shares
during any portion or portions of the period in respect of which the dividend is paid; but if any share is issued on terms providing that it shall rank for dividend as from a particular date, such share shall rank for dividend accordingly.

139. The Directors may deduct from any dividend payable to any member all sums of money (if any) immediately payable
by him to the Company in relation to the shares of the Company.

140. Any general meeting declaring a dividend or bonus and any resolution of the Directors declaring an interim
dividend may direct payment of such dividend or bonus or interim dividend wholly or partly by the distribution of specific assets and in particular of paid up shares, debentures or debenture stocks of any other company or in any one or more of such
ways, and the Directors shall give effect to such resolution, and where any difficulty arises in regard to such distribution, the Directors may settle the same as they think expedient, and in particular may fix the value for distribution of such
specific assets or any part thereof and may determine that cash payments shall be made to any members upon the footing of the value so fixed, in order to adjust the rights of all the parties, and may vest any such specific assets in trustees as may
seem expedient to the Directors.

141. Any dividend or other moneys payable in respect of any share may be paid by cheque or warrant sent by post, at
the risk of the person or persons entitled thereto, to the registered address of the Holder or, where there are joint Holders, to the registered address of that one of the joint Holders who is first named on the members Register or to such person
and to such address as the Holder or joint Holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent and payment of the cheque or warrant shall be a good discharge to the Company.
Any joint Holder or other person jointly entitled to a share as aforesaid may give receipts for any dividend or other moneys payable in respect of the share. Any such dividend or other distribution may also be paid by any other method (including
payment in a currency other than US$, electronic funds transfer, direct debit, bank transfer or by means of a relevant system) which the Directors consider appropriate and any member who elects for such method of payment shall be deemed to have
accepted all of the risks inherent therein. The debiting of the Company's account in respect of the relevant amount shall be evidence of good discharge of the Company's obligations in respect of any payment made by any such methods.

142. No dividend shall bear interest against the Company.

143. If the Directors so resolve, any dividend which has remained unclaimed for twelve (12) years from the date
of its declaration shall be forfeited and cease to remain owing by the Company. The payment by the Directors of any unclaimed dividend or other moneys payable in respect of a share into a separate account shall not constitute the Company a trustee
in respect thereof.

**ACCOUNTS** 

144. (a) The Company shall cause to be kept accounting records, whether in the form of documents, electronic form or otherwise, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) correctly record and explain the transactions of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will at any time enable the financial position of the Company to be determined with reasonable accuracy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will enable the Directors to ensure that any balance sheet, profit and loss account or income and expenditure
account of the Company complies with the requirements of the Acts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) will enable the accounts of the Company to be readily and properly audited.

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Books of account shall be kept on a continuous and consistent basis and entries therein shall be made in a timely manner and be consistent from year to year. Accounting records shall not be deemed to be kept if there are not kept such accounting records as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions.

The Company may send by post, electronic mail or any other means of electronic communication a summary financial statement to its members or persons nominated by any member. The Company may meet, but shall be under no obligation to meet, any request from any of its members to be sent additional copies of its full report and accounts or summary financial statement or other communications with its members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The books of account shall be kept at the Office or, subject to the provisions of the Acts, at such other place
as the Directors think fit and shall be open at all reasonable times to the inspection of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In accordance with the provisions of the Acts, the Directors shall cause to be prepared and to be laid before
the annual general meeting of the Company from time to time such profit and loss accounts, balance sheets, group accounts and reports as are required by the Acts to be prepared and laid before such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of every balance sheet (including every document required by law to be annexed thereto) which is to be
laid before the annual general meeting of the Company together with a copy of the Directors' report and auditors' report shall be sent by post, electronic mail or any other means of communication (electronic or otherwise), not less than twenty-one (21) Clear Days before the date of the annual general meeting, to every person entitled under the provisions of the Acts to receive them; provided that in the case of those documents sent by
electronic mail or any other means of electronic communication, such documents shall be sent with the consent of the recipient, to the address of the recipient notified to the Company by the recipient for such purposes.

145. The Directors shall determine from time to time whether and to what extent and at what times and places and
under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of members, not being Directors, and no member (not being a Director) shall have any right of inspecting any account or book or
document of the Company except as conferred by the Acts or authorised by the Directors or by the Company in general meeting. No member shall be entitled to require discovery of or any information respecting any detail of the Company's trading,
or any matter which is or may be in the nature of a trade secret, mystery of trade, or secret process which may relate to the conduct of the business of the Company and which in the opinion of the Directors it would be inexpedient in the interests
of the members of the Company to communicate to the public.

**CAPITALISATION OF PROFITS** 

146. Without prejudice to any powers conferred on the Directors as aforesaid and subject to the Directors'
authority to issue and allot shares under article 14(a), the Directors may resolve to capitalise any part of the amount for the time being standing to the credit of any of the Company's reserve accounts (including, but not limited to, any
capital redemption reserve fund, share premium account or other reserve account not available for distribution) or to the credit of the profit and loss account which is not available for distribution by applying such sum in paying up in full
unissued shares to be allotted as fully paid bonus shares to those members of the Company who would have been entitled to that sum if it were distributable and had been distributed by way of dividend (and in the same proportions). Whenever such a
resolution is passed in pursuance of this article, the Directors shall make all appropriations and applications of the amounts resolved to be capitalised thereby and all allotments and issues of fully paid shares or debentures, if any. Any such
capitalisation will not require approval or ratification by the members of the Company. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 146 are
disapplied.

147. Without prejudice to any powers conferred on the Directors by these articles, and subject to the
Directors' authority to issue and allot shares under article 14(a), the Directors may resolve that any sum for the time being standing to the credit of any of the Company's reserve accounts (including any reserve account available for
distribution) or to the credit of the profit and loss account be capitalised and applied on

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behalf of the members who would have been entitled to receive that sum if it had been distributed by way of dividend (and in the same proportions) either in or towards paying up amounts for the time being unpaid on any shares held by them respectively, or in paying up in full unissued shares or debentures of the Company of a nominal amount equal to the sum capitalised (such shares or debentures to be allotted and distributed and credited as fully paid up to and amongst such Holders in the proportions aforesaid) or partly in one way and partly in another, so, however, that the only purposes for which sums standing to the credit of the capital redemption reserve fund or the share premium account shall be applied shall be those permitted by the Acts.

148. The Directors may from time to time at their discretion, subject to the provisions of the Acts and, in
particular, to their being duly authorised pursuant to the Acts, to allot the relevant shares, offer to the Holders of Ordinary Shares the right to elect to receive in lieu of any dividend or proposed dividend or part thereof an allotment of
additional Ordinary Shares credited as fully paid. In any such case the following provisions shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The basis of allotment shall be determined by the Directors so that, as nearly as may be considered convenient
in the Directors' absolute discretion, the value (calculated by reference to the average quotation) of the additional Ordinary Shares (excluding any fractional entitlement) to be allotted in lieu of any amount of dividend shall equal such
amount. For such purpose the "**average quotation**" of an Ordinary Share shall be the average of the five amounts resulting from determining whichever of the following (paragraphs (i), (ii) or (iii) specified below) in respect of
Ordinary Shares shall be appropriate for each of the first five (5) business days on which Ordinary Shares are quoted "**ex**" the relevant dividend and as determined from the information published by the Exchange reporting the
business done on each of these five (5) business days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if there shall be more than one dealing reported for the day, the average of the prices at which such dealings
took place; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there shall be only one dealing reported for the day, the price at which such dealing took place; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if there shall not be any dealing reported for the day, the average of the closing bid and offer prices for the
day;

and if there shall be only a bid (but not an offer) or an offer (but not a bid) price reported, or if there shall not be any bid or offer price reported, for any particular day then that day shall not count as one of the said five (5) business days for the purposes of determining the average quotation. If the means of providing the foregoing information as to dealings and prices by reference to which the average quotation is to be determined is altered or is replaced by some other means, then the average quotation shall be determined on the basis of the equivalent information published by the relevant authority in relation to dealings on the Exchange or its equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors shall give notice in writing (whether in electronic form or otherwise) to the Holders of Ordinary
Shares of the right of election offered to them and shall send with or following such notice forms of election and specify the procedure to be followed and the place at which, and the latest date and time by which, duly completed forms of election
must be lodged in order to be effective. The Directors may also issue forms under which Holders may elect in advance to receive new Ordinary Shares instead of dividends in respect of future dividends not yet declared (and, therefore, in respect of
which the basis of allotment shall not yet have been determined).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The dividend (or that part of the dividend in respect of which a right of election has been offered) shall not
be payable on Ordinary Shares in respect of which the right of election as aforesaid has been duly exercised (the "**Subject Ordinary Shares**") and in lieu thereof additional Ordinary Shares (but not any fraction of a share) shall be
allotted to the Holders of the Subject Ordinary Shares on the basis of allotment determined aforesaid and for such purpose the Directors shall capitalise, out of such of the sums standing to the credit of any of the Company's reserves
(including any capital redemption reserve fund or share premium account) or to the

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credit of the profit and loss account as the Directors may determine, a sum equal to the aggregate nominal amount of additional Ordinary Shares to be allotted on such basis and apply the same in paying up in full the appropriate number of unissued Ordinary Shares for allotment and distribution to and amongst the Holders of the Subject Ordinary Shares on such basis.

149. (a) The additional Ordinary Shares allotted pursuant to articles 146, 147 or 148 shall rank *pari passu* in all respects with the fully paid Ordinary Shares then in issue save only as regards participation in the relevant dividend or share election in lieu.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may do all acts and things considered necessary or expedient to give effect to any capitalisation
pursuant to articles 146, 147 or 148 with full power to the Directors to make such provisions as they think fit where shares would otherwise have been distributable in fractions (including provisions whereby, in whole or in part, fractional
entitlements are disregarded and the benefit of fractional entitlements accrues to the Company rather than to the Holders concerned). The Directors may authorise any person to enter on behalf of all the Holders interested into an agreement with the
Company providing for such capitalisation and matters incidental thereto and any agreement made under such authority shall be effective and binding on all concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Directors may on any occasion determine that rights of election shall not be offered to any Holders of
Ordinary Shares who are citizens or residents of any territory where the making or publication of an offer of rights of election or any exercise of rights of election or any purported acceptance of the same would or might be unlawful, and in such
event the provisions aforesaid shall be read and construed subject to such determination.

**AUDIT** 

150. Statutory auditors shall be appointed and their duties regulated in accordance with the Acts.

**NOTICES** 

151. Any notice to be given, served, sent or delivered pursuant to these articles shall be in writing (whether in
electronic form or otherwise).

152. (a) A notice or document to be given, served, sent or delivered in pursuance of these articles may be given to, served on or delivered to any member by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by handing same to him or his or her authorised agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by leaving the same at his or her registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by sending the same by the post in a pre-paid cover addressed to him at
his or her registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by sending, with the consent of the member, the same by means of electronic mail or other means of electronic
communication approved by the Directors, with the consent of the member, to the address of the member notified to the Company by the member for such purpose (or if not so notified, then to the address of the member last known to the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) by publication of an electronic record of it on a website and notification of such publication (which shall
include the address of the website, the place on the website where the document may be found, and how the document may be accessed on the website) by any of the methods set out in paragraphs (i) to (iv) of this article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of these articles and the Act, a document shall be deemed to have been sent to a member if a
notice is given, served, sent or delivered to the member and the notice specifies the website or hotlink or other electronic link at or through which the member may obtain a copy of the relevant document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where a notice or document is given, served or delivered pursuant to sub-paragraph (a)(i) or (ii) of this article, the giving, service or delivery thereof shall be deemed to have been effected at the time the same was handed to the member or his or her authorised agent, or
left at his or her registered address (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where a notice or document is given, served or delivered pursuant to sub-paragraph (a)(iii) of this article, the giving, service or delivery thereof shall be deemed to have been effected at the expiration of twenty-four (24) hours after the cover containing it was posted.
In proving service or delivery it shall be sufficient to prove that such cover was properly addressed, stamped and posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Where a notice or document is given, served or delivered pursuant to sub-paragraph (a)(iv) of this article, the giving, service or delivery thereof shall be deemed to have been effected at the expiration of forty-eight (48) hours after despatch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any notice to be given, served, sent or delivered pursuant to these articles shall be treated as sent to a
person not less than twenty-one (21) Clear Days before the date of a meeting if the documents are published on the website throughout a period beginning at least twenty-one (21) days before the date of the meeting and ending with the conclusion of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every legal personal representative, committee, receiver, *curator bonis* or other legal curator, assignee
in bankruptcy, examiner or liquidator of a member shall be bound by a notice given as aforesaid if sent to the last registered address of such member, or, in the event of notice given or delivered pursuant to sub-paragraph (a)(iv), if sent to the address notified by the Company by the member for such purpose notwithstanding that the Company may have notice of the death, mental incapacity, bankruptcy, liquidation or
disability of such member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything contained in this article the Company shall not be obliged to take account of or make
any investigations as to the existence of any suspension or curtailment of postal services within or in relation to all or any part of any jurisdiction or other area other than Ireland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any requirement in these articles for the consent of a member in regard to the receipt by such member of
electronic mail or other means of electronic communications approved by the Directors, including the receipt of the Company's audited accounts and the reports of the Directors and the statutory auditors thereon, shall be deemed to have been
satisfied where the Company has written to the member informing him/her of its intention to use electronic communications for such purposes and the member has not, within four weeks of the issue of such notice, served an objection in writing on the
Company to such proposal. Where a member has given, or is deemed to have given, his/her consent to the receipt by such member of electronic mail or other means of electronic communications approved by the Directors, he/she may revoke such consent at
any time by requesting the Company to communicate with him/her in documented form; provided, however, that such revocation shall not take effect until five (5) days after written notice of the revocation is received by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Without prejudice to the provisions of sub-paragraphs (a)(i) and
(a)(ii) of this article, if at any time by reason of the suspension or curtailment of postal services in any territory, the Company is unable effectively to convene a general meeting by notices sent through the post, a general meeting may be
convened by a public announcement and such notice shall be deemed to have been duly served on all members entitled thereto at noon on the day on which the said public announcement is made. In any such case the Company shall put a full copy of the
notice of the general meeting on its website.

153. A notice may be given by the Company to the joint Holders of a share by giving the notice to the joint Holder
whose name stands first in the Register in respect of the share and notice so given shall be sufficient notice to all the joint Holders.

154. (a) Every person who becomes entitled to a share shall before his or her name is entered in the Register in respect of the share, be bound by any notice in respect of that share which has been duly given to a person from whom he or she derives his or her title.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A notice may be given by the Company to the persons entitled to a share in consequence of the death or
bankruptcy of a member by sending or delivering it, in any manner authorised by these articles for the giving of notice to a member, addressed to them at the address, if any, supplied by them for that purpose. Until such an address has been
supplied, a notice may be given in any manner in which it might have been given if the death or bankruptcy had not occurred.

155. The signature (whether electronic signature, an advanced electronic signature or otherwise) to any notice to be
given by the Company may be written (in electronic form or otherwise) or printed.

156. A member present, either in person or by proxy, at any meeting of the Company or the Holders of any class of
shares in the Company shall be deemed to have received notice of the meeting and, where requisite, of the purposes for which it was called.

**WINDING UP** 

157. If the Company shall be wound up and the assets available for distribution among the members as such shall be
insufficient to repay the whole of the paid up or credited as paid up share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the members in proportion to the capital paid up or credited as paid up
at the commencement of the winding up on the shares held by them respectively. And if in a winding up the assets available for distribution among the members shall be more than sufficient to repay the whole of the share capital paid up or credited
as paid up at the commencement of the winding up, the excess shall be distributed among the members in proportion to the capital at the commencement of the winding up paid up or credited as paid up on the said shares held by them respectively.
Provided that this article shall not affect the rights of the Holders of shares issued upon special terms and conditions.

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|:---|:---|
| 158. (a) | In case of a sale by the liquidator under section 260 of the Act, the liquidator may by the contract of sale agree so as to bind all the members for the allotment to the members directly of the proceeds of sale in proportion to their respective interests in the Company and may further by the contract limit a time at the expiration of which obligations or shares not accepted or required to be sold shall be deemed to have been irrevocably refused and be at the disposal of the Company, but so that nothing herein contained shall be taken to diminish, prejudice or affect the rights of dissenting members conferred by the said section.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The power of sale of the liquidator shall include a power to sell wholly or partially for debentures, debenture
stock, or other obligations of another company, either then already constituted or about to be constituted for the purpose of carrying out the sale.

159. If the Company is wound up, the liquidator, with the sanction of a Special Resolution and any other sanction
required by the Acts, may divide among the members in specie or kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not), and, for such purpose, may value any assets and determine how
the division shall be carried out as between the members or different classes of members. The liquidator, with the like sanction, may vest the whole or any part of such assets in trustees upon such trusts for the benefit of the contributories as,
with the like sanction, he or she determines, but so that no member shall be compelled to accept any assets upon which there is a liability.

**INDEMNITY** 

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| | |
|:---|:---|
| 160. (a) | Subject to the provisions of and so far as may be admitted by the Acts, every Director and the Secretary of the Company shall be entitled to be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred by him in the execution and discharge of his or her duties or in relation thereto including any liability incurred by him in defending any proceedings, civil or criminal, which relate to anything done or omitted or alleged to have been done or omitted by him as an officer or employee of the Company and in which judgement is given in his or her favour (or the proceedings are otherwise disposed of without any finding or admission of any material breach of duty on his or her part) or in which he or she is acquitted or in connection with any application under any statute for relief from liability in respect of any such act or omission in which relief is granted to him by the Court.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors shall have power to purchase and maintain for any Director, the Secretary or any employees of the
Company or its subsidiaries insurance against any such liability as referred to in the Acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As far as is permissible under the Acts, the Company shall indemnify any current or former executive officer of
the Company (excluding any present or former Directors of the Company or Secretary of the Company), or any person who is serving or has served at the request of the Company as a director or executive officer of another company, joint venture, trust
or other enterprise, including any Company subsidiary (each individually, a "**Covered Person** "), against any expenses, including attorney's fees, judgements, fines, and amounts paid in settlement actually and reasonably incurred
by him or her in connection with any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, to which he or she was or is threatened to be made a party, or is otherwise involved (a
" **proceeding** "), by reason of the fact that he or she is or was a Covered Person; provided, however, that this provision shall not indemnify any Covered Person against any liability arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any fraud or dishonesty in the performance of such Covered Person's duty to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Covered Person's conscious, intentional or wilful breach of the obligation to act honestly and in
good faith with a view to the best interests of the Company.

Notwithstanding the preceding sentence, this section shall not extend to any matter which would render it void pursuant to the Acts or to any person holding the office of auditor in relation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of any threatened, pending or completed action, suit or proceeding by or in the name of the
Company, the Company shall indemnify each Covered Person against expenses, including attorneys' fees, actually and reasonably incurred in connection with the defence or the settlement thereof, except no indemnification shall be made in respect
of any claim, issue or matter as to which such person shall have been adjudged to be liable for fraud or dishonesty in the performance of his or her or her duty to the Company, or for conscious, intentional or wilful breach of his or her or her
obligation to act honestly and in good faith with a view to the best interests of the Company, unless and only to the extent that the High Court of Ireland or the court in which such action or suit was brought shall determine upon application that
despite the adjudication of liability, but in view of all the circumstances of the case, such Covered Person is fairly and reasonably entitled to indemnity for such expenses as the court shall deem proper. Notwithstanding the preceding sentence,
this section shall not extend to any matter which would render it void pursuant to the Acts or to any person holding the office of auditor in relation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any indemnification under this article (unless ordered by a court) shall be made by the Company only as
authorised in the specific case upon a determination that indemnification of the Covered Person is proper in the circumstances because such person has met the applicable standard of conduct set forth in this article. Such determination shall be made
by any person or persons having the authority to act on the matter on behalf of the Company. To the extent, however, that any Covered Person has been successful on the merits or otherwise in defence of any proceeding, or in defence of any claim,
issue or matter therein, such Covered Person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith, without necessity of authorisation in the specific case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As far as permissible under the Acts, expenses, including attorneys' fees, incurred in defending any
proceeding for which indemnification is permitted pursuant to this article shall be paid by the Company in advance of the final disposition of such proceeding upon receipt by the Board of an undertaking by the particular indemnitee to repay such
amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Company pursuant to these articles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It being the policy of the Company that indemnification of the persons specified in this article shall be made
to the fullest extent permitted by law, the indemnification provided by this article shall not be deemed exclusive (a) of any other rights to which those seeking indemnification or advancement of expenses may be entitled under these articles,
any agreement, any insurance purchased by the Company, vote of members or disinterested directors, or pursuant to the direction (however embodied) of any court of competent jurisdiction, or otherwise, both as to action in his or her or her official
capacity and as to action in another capacity while holding such office, or (b) of the power of the Company to indemnify any person who is or was an employee or agent of the Company or of another company, joint venture, trust or other
enterprise which he or she is serving or has served at the request of the Company, to the same extent and in the same situations and subject to the same determinations as are hereinabove set forth. As used in this article, references to the
" **Company**" include all constituent companies in a scheme of arrangement, consolidation or merger in which the Company or a predecessor to the Company by scheme of arrangement, consolidation or merger was involved. The indemnification
provided by this article shall continue as to a person who has ceased to be a Covered Person and shall inure to the benefit of their heirs, executors, and administrators.

**UNTRACED HOLDERS** 

161. (a) The Company shall be entitled to sell at the best price reasonably obtainable any share or stock of a member or any share or stock to which a person is entitled by transmission if and provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a period of twelve (12) years (not less than three dividends having been declared and paid) no cheque
or warrant sent by the Company through the post in a prepaid letter addressed to the member or to the person entitled by transmission to the share or stock at his or her address on the Register or other last known address given by the member or the
person entitled by transmission to which cheques and warrants are to be sent has been cashed and no communication has been received by the Company from the member or the person entitled by transmission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the expiration of the said period of twelve (12) years the Company has given notice by advertisement in
a leading Dublin newspaper and a newspaper circulating in the area in which the address referred to in paragraph (a) of this article is located of its intention to sell such share or stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company has not during the further period of three (3) months after the date of the advertisement and
prior to the exercise of the power of sale received any communication from the member or person entitled by transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To give effect to any such sale the Company may appoint any person to execute as transferor an instrument of
transfer of such share or stock and such instrument of transfer shall be as effective as if it had been executed by the registered Holder of or person entitled by transmission to such share or stock. The Company shall account to the member or other
person entitled to such share or stock for the net proceeds of such sale by carrying all monies in respect thereof to a separate account which shall be a permanent debt of the Company and the Company shall be deemed to be a debtor and not a trustee
in respect thereof for such member or other person. Monies carried to such separate account may either be employed in the business of the Company or invested in such investments (other than shares of the Company or its holding company if any) as the
Directors may from time to time think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent necessary in order to comply with any laws or regulations to which the Company is subject in
relation to escheatment, abandonment of property or other similar or analogous laws or regulations ()"**Applicable Escheatment Laws** "), the Company may deal with any share of any member and any unclaimed cash payments relating to such
share in any manner which it sees fit, including (but not limited to) transferring or selling such share and transferring to third parties any unclaimed cash payments relating to such share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may only exercise the powers granted to it in sub-paragraph (a) above in circumstances where it has complied with, or procured compliance with, the required procedures (as set out in the Applicable Escheatment Laws) with respect to attempting to identify and locate the relevant member of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any stock transfer form to be executed by the Company in order to sell or transfer a share pursuant to sub-paragraph (a) may be executed in accordance with article 27(a).

**DESTRUCTION OF DOCUMENTS** 

162. The Company may implement such document destruction policies as it so chooses in relation to any type of
documents (whether in paper, electronic or other formats), and in particular (without limitation to the foregoing) may destroy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any dividend mandate or any variation or cancellation thereof or any notification of change of name or address,
at any time after the expiry of two (2) years from the date such mandate variation, cancellation or notification was recorded by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any instrument of transfer of shares which has been registered, at any time after the expiry of six
(6) years from the date of registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other document on the basis of which any entry in the Register was made, at any time after the expiry of
six (6) years from the date an entry in the Register was first made in respect of it,

and it shall be presumed conclusively in favour of the Company that every share certificate (if any) so destroyed was a valid certificate duly and properly sealed and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company provided always that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the foregoing provisions of this article shall apply only to the destruction of a document in good faith and
without express notice to the Company that the preservation of such document was relevant to a claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nothing contained in this article shall be construed as imposing upon the Company any liability in respect of
the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (a) above are not fulfilled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) references in this article to the destruction of any document include references to its disposal in any manner.

**SALE, LEASE OR EXCHANGE OF ASSETS** 

163. The Directors are hereby expressly authorised to sell, lease or exchange all or substantially all of the
Company's property and assets, including the Company's goodwill and its corporate franchises, upon such terms and conditions and for such consideration, which may consist in whole or in part of money or other property, including shares of
stock in, and/or other securities of, any other company or companies, as the Directors deem expedient and for the best interests of the Company subject to authorisation by an Ordinary Resolution of members and any additional vote required by article
164. Notwithstanding authorisation or consent to a proposed sale, lease or exchange of the Company's property and assets by the members, the Board may abandon such sale, lease or exchange without further action of the members, subject to the
rights, if any, of third parties under any contract relating thereto. Notwithstanding the foregoing, no resolution adopted by the members shall be required for a sale, lease or exchange of property and assets of the Company to a subsidiary. For the
purposes of this article 163:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the property and assets of the Company include the property and assets of any subsidiary of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**subsidiary**" means any entity wholly owned and controlled, directly or indirectly, by the
Company and includes, without limitation, companies, partnerships, limited partnerships, limited liability partnerships, limited liability companies, and/or statutory trusts.

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**BUSINESS COMBINATION** 

164. (a) Notwithstanding anything to the contrary contained in these articles, the Company shall not engage in any business combination with any Interested Member for a period of three (3) years following the time that such member became an Interested Member, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to such time the Directors approved either the business combination or the transaction which resulted in
the member becoming an Interested Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon consummation of the transaction which resulted in the member becoming an Interested Member, the Interested
Member owned at least eighty-five per cent (85%) of the voting shares of the Company outstanding at the time the transaction commenced, excluding for purposes of determining the voting shares outstanding (but not the outstanding voting shares owned
by the Interested Member) those shares owned (A) by persons who are directors and also officers and (B) employee shares plans in which employee participants do not have the right to determine confidentially whether shares held subject to
the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at or subsequent to such time that the business combination is approved by the Directors and authorised by way
of Special Resolution without the Interested Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors shall have the power and duty to determine, on the basis of information known to them after
reasonable inquiry, all facts necessary to determine compliance with this article, including, without limitation, (i) whether a Person is an Interested Member, (ii) the number of shares or other securities beneficially owned by any Person,
(iii) whether a Person is an Affiliate or Associate of another, and (iv) the fair market value of the Company's securities or securities of any subsidiary of the Company, and the good faith determination of the Directors on such
matters shall be conclusive and binding for all the purposes of this article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this article only, the term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Affiliate**" means a person that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Associate** ", when used to indicate a relationship with any person, means: (A) any
company, partnership, unincorporated association or other entity of which such person is a director, officer or partner or is, directly or indirectly, the owner of twenty per cent (20%) or more of any class of voting shares; (B) any trust or
other estate in which such person has at least a twenty per cent (20%) beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity; and (C) any relative or spouse of such person, or any relative of such
spouse, who has the same residence as such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**business combination** ", when used in reference to any company and any Interested Member of
such company, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any scheme of arrangement, merger or consolidation of the Company or any direct or indirect majority-owned
subsidiary of the Company with (1) the Interested Member, or (2) any other company, partnership, unincorporated association or other entity if the scheme of arrangement, merger or consolidation is caused by the Interested Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of
transactions), except proportionately as a member of such company, to or with the Interested Member, whether as part of a dissolution or otherwise, of assets of the Company or of any direct or indirect majority-owned subsidiary of the Company which
assets have an aggregate market value equal to ten per cent (10%) or more of either the aggregate market value of all the assets of the Company determined on a consolidated basis or the aggregate market value of all the outstanding shares of the
Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any transaction which results in the issuance or transfer by the Company or by any direct or indirect
majority-owned subsidiary of the Company of any shares of the Company or of such subsidiary to the Interested Member, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible
into shares of such company or any such subsidiary which securities were outstanding prior to the time that the Interested Member became such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) pursuant to a dividend or distribution paid or made, or the exercise, exchange or conversion of securities
exercisable for, exchangeable for or convertible into shares of such company or any such subsidiary which security is distributed, pro rata to all Holders of a class or series of shares of such company subsequent to the time the Interested Member
became such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) pursuant to an exchange offer by the Company to purchase shares made on the same terms to all Holders of said
shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) any issuance or transfer of shares by the Company;

provided however, that in no case under items (III) and (IV) of this sub-paragraph shall there be an increase in the Interested Member's proportionate share of the shares of any class or series of the Company or of the voting shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any transaction involving the Company or any direct or indirect majority-owned subsidiary of the Company which
has the effect, directly or indirectly, of increasing the proportionate share of the shares of any class or series, or securities convertible into the shares of any class or series, of the Company or of any such subsidiary which is owned by the
Interested Member, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares of shares not caused, directly or indirectly, by the Interested Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any receipt by the Interested Member of the benefit, directly or indirectly (except proportionately as a member
of such company), of any loans, advances, guarantees, pledges or other financial benefits (other than those expressly permitted in sub-paragraphs (A) – (D) of this paragraph) provided by or through the
Company or any direct or indirect majority-owned subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**control** ", including the terms "**controlling** ", "**controlled by**" and "**under common control with** ", means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting shares, by
contract or otherwise. A person who is the owner of twenty per cent (20%) or more of the outstanding voting shares of any company, partnership, unincorporated association or other entity shall be presumed to have control of such entity, in the
absence of proof by a preponderance of the evidence to the contrary. Notwithstanding the foregoing, a presumption of control shall not apply where such person holds voting shares, in good faith and not for the purpose of circumventing this article,
as an agent, bank, broker, nominee, custodian or trustee for one or more owners who do not individually or as a group have control of such entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Interested Member**" means any Person, including its Affiliates and Associates (other than the
Company and any direct or indirect majority-owned subsidiary of the Company), that is, or was at any time within the three (3)-year period immediately prior to the date in question, the Owner of fifteen per cent (15%) or more of the outstanding
voting shares of the Company; provided, however, that the term "Interested Member" shall not include (i) AI Global Investments (Netherlands) PCC Limited, Acceleratio Topco S.C.A., Nürnberg Institut für Markentscheidungen e.V
and their respective successors, Transferees and Affiliates, or (ii) any person whose ownership of shares in excess of the fifteen per cent (15%) limitation set forth herein is the result of action taken solely by the Company; provided that
such person shall be an Interested Member if thereafter such person acquires additional voting shares of the Company, except as a result of further corporate action not caused, directly or indirectly, by such person. For the purpose of determining
whether a person is an Interested Member, the voting shares of the Company deemed to be outstanding shall include shares deemed to be owned by the person through application of (ix) of this subsection but shall not include any other
unissued shares of such company which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**Person**" means any individual, company, partnership, unincorporated association or other
entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**Shares**" means, with respect to any company, capital shares and, with respect to any other
entity, any equity interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "**Transferees**" means any Person who (i) becomes a beneficial owner of Ordinary Shares upon
having purchased such Ordinary Shares from AI Global Investments (Netherlands) PCC Limited, Acceleratio Topco S.C.A., or Nürnberg Institut für Markentscheidungen e.V or an investment fund affiliated with AI Global Investments (Netherlands)
PCC Limited, Acceleratio Topco S.C.A. and (ii) is designated in writing by the transferor as a "Transferee" and a copy of such writing is provided to the Company at or prior to the time of such purchase; provided, however, that a
purchaser of Ordinary Shares in a registered offering or in a transaction effected pursuant to Rule 144 under the Securities Act of 1933, as amended, (or any similar or successor provision thereto) shall not be a "Transferee."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) "**Voting shares**" means, with respect to any company, shares of any class or series entitled to
vote generally in the election of directors and, with respect to any entity that is not a company, any equity interest entitled to vote generally in the election of the governing body of such entity. Every reference to a percentage of voting shares
shall refer to such percentage of the votes of such voting shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Owner** ", including the terms "**own**" and "**owned** ", when used
with respect to any Shares, means a person that individually or with or through any of its Affiliates or Associates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) beneficially owns such Shares, directly or indirectly; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) the right to acquire such Shares (whether such right is exercisable immediately or only after the passage of
time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise; provided, however, that a person shall not be deemed the Owner of Shares tendered pursuant
to a tender or exchange offer made by such person or any of such person's affiliates or associates until such tendered Shares are accepted for purchase or exchange; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the right to vote such shares pursuant to any agreement, arrangement or understanding; provided, however, that
a person shall not be deemed the Owner of any Shares because of such person's right to vote such Shares if the agreement, arrangement or understanding to vote such shares arises solely from a revocable proxy or consent given in response to a
proxy or consent solicitation made to 10 or more persons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting
pursuant to a revocable proxy or consent as described in item (II) of sub-paragraph (B) of this paragraph), or disposing of such Shares with any other person that beneficially owns, or whose
Affiliates or Associates beneficially own, directly or indirectly, such Shares.

**SHAREHOLDER RIGHTS PLAN** 

165. The Board is hereby expressly authorised to adopt any Shareholder Rights Plan, upon such terms and conditions
as the Board deems expedient and in the best interests of the Company, subject to applicable law, including the grant of rights (including approving the execution of any documents relating to the grant of such rights) to subscribe for ordinary
shares or preferred shares in the share capital of the Company in accordance with the terms of any Shareholder Rights Plan. The Directors or any duly appointed committee thereof may effect an exchange of rights in accordance with such Shareholder
Rights Plan.

**GOVERNING LAW AND JURISDICTION** 

---

| | |
|:---|:---|
| 166. (a) | Subject to article 166(c), unless the Board or any committee of the Directors approves the selection of an alternate forum, the courts of Ireland shall, to the fullest extent permitted by applicable law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Director, officer or other employee of the Company to the Company or the members, (iii) any action asserting a claim against the Company arising pursuant to any provision of Irish law or this Constitution and (iv) any dispute or claim arising out of or in connection with this Constitution or its subject matter, formation, existence, negotiation, validity, termination or enforceability (including non-contractual obligations, disputes or claims) (each an "**Irish Proceeding**").  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any action the subject matter of an Irish Proceeding is filed in a court outside the jurisdiction of Ireland
(a "**Foreign Action** "), in the name of any person or entity (a "**Claiming Party**") without the prior approval of the Board or any committee of the Directors in the manner described above in article 166(a), such Claiming
Party shall be deemed to have consented to the jurisdiction of the courts of Ireland in connection with any action brought by the Company in any such courts to enforce article 166(a) above (an "**Enforcement Action**") and having
service of process made upon such Claiming Party in any such Enforcement Action by service upon such Claiming Party's counsel in the Foreign Action as agent for such Claiming Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Company consents in writing to the selection of an alternative forum, the federal district courts of
the United States of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Exchange Act or the Securities Act 1933 of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any person or entity purchasing or otherwise acquiring any interest in any security of the Company shall be
deemed to have notice of and consented to the provisions of this article 166 and waived any argument relating the grounds of venue or the inconvenience of the forums referenced above in connection with any Irish Proceeding.

------

We, the persons whose names and addresses are subscribed, wish to be formed into a company in pursuance of this constitution, and we agree to take number of share(s) in the capital of the Company set opposite each name.

---

| | | |
|:---|:---|:---|
| **Name and Address of<br>Subscribers** | **Number of Ordinary shares of €1.00 each taken by each subscriber** | **Number of Ordinary shares of €1.00 each taken by each subscriber** |
| PAULA HORAN<br> 85 CASTLEFARM<br> SHANKILL<br> CO. DUBLIN | 50 | ![LOGO](g893022g01a50.jpg) <br>|
| Company Director |  |  |
| ANDREW LAMBE<br> 55 MOUNT PROSPECT DRIVE<br> CLONTARF<br> DUBLIN 3 | 50 | ![LOGO](g893022g00a50.jpg) <br>|
| Company Director |  |  |
| Total Shares | 100 |  |

---

Signatures in writing of the above subscribers, attested by witness as provided for below; or in authentication in the manner referred to in section 888.

Dated: 31 May 2017

---

| |
|:---|
| **Witness to the above signatures: -** |
| PHILIP HAYDEN<br> THE BLACK CHURCH<br> ST. MARY'S PLACE<br> DUBLIN 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g893022g02g50.jpg) <br>|

---

## Exhibit 5.1

**Exhibit 5.1** 

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| | |
|:---|:---|
| ![LOGO](g893022dsp56.jpg) | ![LOGO](g893022dsp1a.jpg) |

---

14 July 2025

**PRIVATE AND CONFIDENTIAL** 

Board of Directors

NIQ Global Intelligence plc

10 Earlsfort Terrace

Dublin 2

D02 T380

Ireland

---

| | |
|:---|:---|
| **Re:** | **NIQ Global Intelligence PLC (the "Company")**  |

---

To whom it may concern:

1. **Basis of Opinion** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 We are acting as Irish counsel to the Company, registered number 605526, a public company limited by shares,
incorporated under the laws of Ireland, in connection with the registration statement on Form S-1 (No. 333-288376) filed with the United States Securities and Exchange
Commission (the "**SEC**") under the Securities Act of 1933, as amended, (the "**Securities Act**") on 14 July 2025 (the "**Registration Statement** "). We refer in particular to the registration by the
Company of up to 57,500,000 ordinary shares of US$0.00001 each (the "**Securities** "), pursuant to the Registration Statement and the underwriting agreement to be entered into between the Company and the underwriters named therein (the
" **Underwriting Agreement**") which are to be issued in connection with their initial public offering on the New York Stock Exchange (the "**IPO** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 This Opinion is confined to and given in all respects on the basis of the laws of Ireland (meaning Ireland
exclusive of Northern Ireland) in force as at the date of this Opinion as currently applied by the courts of Ireland. We have made no investigations of, and we express no opinion as to the laws of, any other jurisdiction or their effect on this
Opinion. This Opinion speaks only as of its date. We assume no obligation to update this Opinion at any time in the future or to advise you of any change in law, change in interpretation of law or change in the practice of the Irish Revenue
Commissioners which may occur after the date of this Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 This Opinion is also strictly confined to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the matters expressly stated herein at paragraph 2 below and is not to be read as extending by implication or
otherwise to any other matter;

![LOGO](g893022dsp1b.jpg)

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![LOGO](g893022dsp2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the documents listed in Schedule 1 to this Opinion (the "**Documents** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the searches listed at 1.6 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 In giving this Opinion, we have examined and relied on copies of the Documents sent to us by email in pdf or
other electronic format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 In giving this Opinion, we leave relied upon the Officer's Certificate (as defined in Schedule 1 to this
Opinion) and the Searches (as defined below) and we give this Opinion expressly on the terms that no further investigation or diligence in respect of any matter referred to in the Officer's Certificate or the Searches is required of us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 For the purpose of giving this Opinion, we have caused to be made the following legal searches against the
Company on 14 July 2025 (collectively the "**Searches** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the file of the Company maintained by the Registrar of Companies in Dublin (the "**CRO**") for
mortgages, debentures or similar charges or notices thereof and for the appointment of any receiver, examiner or liquidator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the Judgments Office of the High Court for unsatisfied judgments, orders, decrees and the like for the five
years immediately preceding the date of the search; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the Central Office of the High Court in Dublin for any proceedings and petitions filed in the last two
years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 This Opinion is governed by and is to be construed in accordance with the laws of Ireland as interpreted by the
courts of Ireland at the date of this Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 No opinion is expressed as to the taxation consequences of any of the matters referred to in the Registration
Statement or the transactions referred to therein or contemplated thereby.

2. **Opinion** 

Subject to the assumptions set out in this Opinion and to any matters not disclosed to us, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 the Company is a public limited company, is duly incorporated and validly existing under the laws of Ireland
and has the requisite corporate authority to issue the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 the Securities, when issued by the Company in accordance with the terms of the Registration Statement and the
Underwriting Agreement, will have been duly authorised pursuant to resolutions of the board of directors of the Company or a duly appointed committee thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 on completion of the IPO, and the subscription and payment therefor by the relevant subscribers in the manner
contemplated by the Registration Statement, the Securities will be validly issued, fully paid or credited as fully paid and non-assessable (which term means that no further sums are required to be paid by the
holders thereof in connection with the issue of the Securities).

------

![LOGO](g893022dsp2.jpg)

3. **Assumptions** 

For the purpose of giving this Opinion we assume the following, without any responsibility on our part if any assumption proves to have been untrue as we have not verified independently any assumption:

*Registration Statement and the Securities* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 that the Registration Statement will have become effective under the Securities Act and that the Company
complies with the statements set out therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 that the Underwriting Agreement will have become effective and binding on the parties thereto and the relevant
subscribers will actually pay in full all amounts that they have agreed to pay to purchase the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 that the Securities will be issued (the "**Securities Issuance Event**") in accordance with the appropriate resolutions and authorities of the shareholders and directors of the Company to be passed prior to the issue of the Securities ()"**Closing**") and in accordance with the terms
of the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 there shall be no fraud on the part of the Company and its respective officers, employees, agents and advisers
and that the Company will effect the Securities Issuance Event in good faith, for its legitimate and bona fide business purposes. We have further assumed that: (i) the Company will be fully solvent at the time of and immediately following the
Securities Issuance Event; (ii) no resolution or petition for the appointment of a liquidator or examiner will be passed or presented prior to the Securities Issuance Event; (iii) no receiver will have been appointed in relation to any of
the assets or undertaking of the Company prior to the Securities Issuance Event, and (iv) no composition in satisfaction of debts, scheme of arrangement, or compromise or arrangement with creditors or members (or any class of creditors or members)
will be proposed, sanctioned or approved in relation to the Company prior to the Securities Issuance Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 that completion of the IPO will be consummated as described in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 that (i) the Securities will be quoted on the New York Stock Exchange at the time of their issue or
(ii) the Securities will on consummation of the completion of the IPO not derive their value or the greater part of their value directly or indirectly from land in Ireland, minerals in Ireland or any rights, interests or other assets in
relation to mining or minerals or the searching for minerals or exploration or exploitation rights on the Irish continental shelf;

*Authenticity and bona fides* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 the completeness and authenticity of all Documents submitted to us as originals or copies of originals (and in
the case of copies, conformity to the originals of such copies), the genuineness of all signatories, stamps and seals thereon and where incomplete or draft Documents have been submitted to us that the original executed versions of such Documents are
identical to the last draft of the Documents submitted to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 that the copies produced to us of minutes of meetings and/or resolutions correctly record the proceedings at
such meetings and/or the subject matter which they purport to record and that any meetings referred to in such copies were duly convened, duly quorate and held, that those present at any such meetings were entitled to attend and vote at the meeting
and acted bona fide throughout and that no further resolutions have been passed or other action taken which would or might alter the effectiveness thereof;

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![LOGO](g893022dsp2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 that there is, at the relevant time of the Securities Issuance Event, no matter affecting the authority of the
directors to effect the Securities Issuance Event, not disclosed by the Constitution of the Company or the resolutions produced to us, which would have any adverse implications in relation to the opinions expressed in this Opinion;

*Constitution and Resolutions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 that the draft Constitution of the Company at Schedule 2 to this Opinion will be the form of constitution in
place on Closing, and, as at Closing, that there shall be no other terms governing the Securities other than those set out in the Constitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 all director and shareholder resolutions required to authorise the Securities Issuance Event will have been
validly passed prior to Closing, and shall not have been revoked, rescinded or amended;

*Accuracy of Searches and Warranties* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 the accuracy and completeness of the information disclosed in the Searches and that such information has not
since the time of such Searches or enquiry been altered. It should be noted that searches at the CRO, do not necessarily reveal whether or not a prior charge has been created or a resolution has been passed or any other action taken for the winding-up of or the appointment of a receiver or an examiner to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 the truth, completeness and accuracy of all representations and statements as to factual matters contained in
the Documents.

4. **Disclosure** 

This Opinion is addressed to you in connection with the registration of the Securities with the SEC. We hereby consent to the inclusion of this Opinion as an exhibit to the Registration Statement to be filed with the SEC and to the use of our name in the proxy statement/prospectus that forms part of the Registration Statement.

Yours faithfully,

<u>/s/ Arthur Cox LLP</u> 

ARTHUR COX LLP

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![LOGO](g893022dsp2.jpg)

**SCHEDULE 1** 

**DOCUMENTS EXAMINED** 

1. The Registration Statement and the documents incorporated by reference therein.

2. A draft of the Underwriting Agreement.

3. An extract of the resolutions of the board of directors of the Company dated 23 June 2025 approving the
issue of the Securities.

4. An extract of the resolutions of the board of directors of the Company dated 23 June 2025 approving the
final version of the Registration Statement.

5. An extract of the draft resolutions in writing of the shareholders of the Company to be approved prior to the
IPO approving the adoption of the Company's Constitution.

6. A copy of the Constitution of the Company in the form to be effective on Closing.

7. An Officer's Certificate of the secretary of the Company dated on or around 14 July 2025
(" **Officer ' s Certificate** ").

8. A copy of the Certificate of Incorporation of the Company dated 6 June 2017, Certificate of Incorporation
on Change of Name dated 23 January 2025 and Certificate of Incorporation of the Company on registration as a public limited company under the Companies Act 2014 of Ireland dated 12 June 2025.

9. Letter of Status from the CRO in respect of the Company dated 10 July 2025.

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![LOGO](g893022dsp2.jpg)

**SCHEDULE 2** 

**CONSTITUTION** 

------

**Companies Act 2014** 

**PUBLIC LIMITED COMPANY** 

**CONSTITUTION** 

**of** 

**NIQ GLOBAL INTELLIGENCE PUBLIC LIMITED COMPANY** 

------

**Cert. No.:** 

**Companies Act 2014** 

**PUBLIC LIMITED COMPANY** 

**MEMORANDUM OF ASSOCIATION** 

**of** 

**NIQ GLOBAL INTELLIGENCE PUBLIC LIMITED COMPANY** 

**(as amended by special resolution dated • 2025 with effect from • 2025)** 

1. The name of the Company is NIQ Global Intelligence Public Limited Company.

2. The Company is a public limited company, registered under Part 17 of the Companies Act 2014.

3. The objects for which the Company is established are:

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| | |
|:---|:---|
| 3.1 (a) | To carry on the business of global consumer intelligence services and to research, develop, design, produce, supply, sell, distribute, provide and promote solutions to clients and to hold intellectual property rights and to do all things usually dealt in by persons carrying on the above mentioned businesses or any of them or that may be required in connection with any of the said businesses.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To carry on the business of a holding company and to co-ordinate the
administration, finances and activities of any subsidiary companies or associated companies, to do all lawful acts and things whatsoever that are necessary or convenient in carrying on the business of such a holding company and in particular to
carry on in all its branches the business of a management services company, to act as managers and to direct or coordinate the management of other companies or of the business, property and estates of any company or person and to undertake and carry
out all such services in connection therewith as may be deemed expedient by the Board and to exercise its powers as a shareholder of other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 To acquire shares, stocks, debentures, debenture stock, bonds, and other obligations and securities by original
subscription, tender, purchase, exchange or otherwise and to subscribe for the same either conditionally or otherwise, and to guarantee the subscription thereof and to exercise and enforce all rights and powers conferred by or incidental to the
ownership thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 To facilitate and encourage the creation, issue or conversion of and to offer for public subscription shares,
stocks, debentures, debenture stocks, bonds, and other obligations, and securities and to act as trustees in connection with any such securities and to take part in the conversion of business concerns and undertakings into companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 To purchase or by any other means acquire any freehold, leasehold or other property and in particular lands,
tenements and hereditaments of any tenure, whether subject or not to any charges or incumbrances, for any estate or interest whatsoever, and any rights, privileges or easements over or in respect of any property, and any buildings, factories, mills,
works, wharves, roads, machinery, engines, plant, live and dead stock, barges, vessels or things, and any real or personal property or rights whatsoever which may be necessary for, or may conveniently be used with, or may enhance the value or
property of the Company, and to hold or to sell, let, alienate, mortgage, charge or otherwise deal with all or any such freehold, leasehold, or other property, lands, tenements or hereditaments, rights, privileges or easements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 To sell or otherwise dispose of any of the property or investments of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 To establish and contribute to any scheme for the purchase of shares in the Company to be held for the benefit
of the Company's employees and to lend or otherwise provide money to such schemes or the Company's employees or the employees of any of its subsidiary or associated companies to enable them to purchase shares of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 To grant, convey, transfer or otherwise dispose of any property or asset of the Company of whatever nature or
tenure for such price, consideration, sum or other return whether equal to or less than the market value thereof and whether by way of gift or otherwise as the Directors may deem fit and to grant any fee, farm grant or lease or to enter into any
agreement for letting or hire of any such property or asset for a rent or return equal to or less than the market or rack rent therefor or at no rent and subject to or free from covenants and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 To acquire and undertake the whole or any part of the business, good-will and assets of any person, firm or
company carrying on or proposing to carry on any business related to any of the businesses which the Company is authorised to carry on, and as part of the consideration for such acquisition to undertake all or any of the liabilities of such person,
firm or company, or to acquire an interest in, amalgamate with, or enter into any arrangement for sharing profits, or for co-operation, or for limiting competition or for mutual assistance with any such
person, firm or company and to give or accept by way of consideration for any of the acts or things aforesaid or property acquired, any shares, stocks, debentures, debenture stock, bonds, and other obligations or securities that may be agreed upon,
and to hold and retain or sell, mortgage or deal with any shares, debentures, debenture stock or securities so received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 To apply for, purchase or otherwise acquire any patents, brevets d'invention, licences, concessions and
the like conferring any exclusive or non-exclusive or limited rights to use or any secret or other information as to any invention which may seem capable of being used for any of the purposes of the Company or
the acquisition of which may seem calculated directly or indirectly to benefit the Company, and to use, exercise, develop or grant licences in respect of or otherwise turn to account the property, rights or information so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 To enter into partnership or into any arrangement for sharing profits, union of interests, co-operation, joint venture, reciprocal concession or otherwise with any person or company carrying on or engaged in or about to carry on or engage in any business or transaction which the Company is authorised to
carry on or engage in or any business or transaction capable of being conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 To invest and deal with the moneys of the Company in such manner as may from time to time be determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 To lend money to and guarantee the performance of the contracts or obligations of any company, firm or person,
and the repayment of the capital and principal of, and dividends, interest or premiums payable on, any shares, stocks, debentures, debenture stock, bonds, and other obligations or securities of any company, whether having objects similar to those of
the Company or not, and to give all kinds of indemnities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 To engage in currency exchange and interest rate transactions including, but not limited to, dealings in
foreign currency, spot and forward rate exchange contracts, futures, options, forward rate agreements, swaps, caps, floors, collars and any other foreign exchange or interest rate hedging arrangements and such other instruments as are similar to, or
derived from, any of the foregoing whether for the purpose of making a profit or avoiding a loss or managing a currency or interest rate exposure or any other exposure or for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 To guarantee, support or secure, whether by personal covenant or by mortgaging or charging all or any part of
the undertaking, property and assets (both present and future) and uncalled capital of the Company, or by both such methods, the performance of the obligations of, and the repayment or payment of the principal amounts of and premiums, interest and
dividends on any securities of, any person, firm or company including (without prejudice to the generality of the foregoing) any company which is for the time being the Company's holding company as defined by the Acts or a subsidiary as therein
defined of any such holding company or otherwise associated with the Company in business.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 To borrow or secure the payment of money in such manner as the Company shall think fit, and in particular by
the issue of shares, stocks, debentures, debenture stocks, bonds, and other obligations or securities of all kinds, either perpetual or terminable and either redeemable or otherwise and to secure the repayment of any money borrowed, raised or owing
by trust deed, mortgage, charge, or lien upon the whole or any part of the Company's property or assets (whether present or future) including its uncalled capital, and also by a similar trust deed, mortgage, charge or lien to secure and
guarantee the performance by the Company of any obligation or liability it may undertake.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 To draw, make, accept, endorse, discount, execute, negotiate and issue promissory notes, bills of exchange,
bills of lading, warrants, debentures and other negotiable or transferable instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 To subscribe for, take, purchase or otherwise acquire and hold shares or other interests in, or securities of
any other company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 To hold in trust as trustees or as nominees and to deal with, manage and turn to account, any real or personal
property of any kind, and in particular shares, stocks, debentures, debenture stocks, bonds, and other obligations, securities, policies, book debts, claims and choses in actions, lands, buildings, hereditaments, business concerns and undertakings,
mortgages, charges, annuities, patents, licences, and any interest in real or personal property, and any claims against such property or against any person or company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 To constitute any trusts with a view to the issue of preferred and deferred or other special stocks or
securities based on or representing any shares, stocks and other assets specifically appropriated for the purpose of any such trust and to settle and regulate and if thought fit to undertake and execute any such trusts and to issue, dispose of or
hold any such preferred, deferred or other special stocks or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 To give any guarantee in relation to the payment of any debentures, debenture stock, bonds, and other
obligations or securities and to guarantee the payment of interest thereon or of dividends on any stocks or shares of any company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 To construct, erect and maintain buildings, houses, flats, shops and all other works, erections, and things of
any description whatsoever either upon the lands acquired by the Company or upon other lands and to hold, retain as investments or to sell, let, alienate, mortgage, charge or deal with all or any of the same and generally to alter, develop and
improve the lands and other property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 To provide for the welfare of persons in the employment of or holding office under or formerly in the
employment of or holding office under the Company including Directors and ex-Directors of the Company and the spouses, civil partners, widows, widowers and families, dependants or connections of such persons
by grants of money, pensions or other payments and by forming and contributing to pension, provident or benefit funds or profit sharing or co-partnership schemes for the benefit of such persons and to form,
subscribe to or otherwise aid charitable, benevolent, religious, scientific, national or other institutions, exhibitions or objects which shall have any moral or other claims to support or aid by the Company by reason of the locality of its
operation or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 To remunerate by cash payments or allotment of shares or securities of the Company credited as fully paid up or
otherwise any person or company for services rendered or to be rendered to the Company whether in the conduct or management of its business, or in placing or assisting to place or guaranteeing the placing of any of the shares of the Company's
capital, or any debentures or other securities of the Company or in or about the formation or promotion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 To enter into and carry into effect any arrangement for joint working in business or for sharing of profits or
for amalgamation with any other company or association or any partnership or person carrying on any business within the objects of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 To distribute in specie or otherwise as may be resolved, any assets of the Company among its members and in
particular the shares, debentures or other securities of any other company belonging to the Company or of which the Company may have the power of disposing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 To vest any real or personal property, rights or interest acquired or belonging to the Company in any person or
company on behalf of or for the benefit of the Company, and with or without any declared trust in favour of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 To transact or carry on any business which may seem to be capable of being conveniently carried on in
connection with any of these objects or calculated directly or indirectly to enhance the value of or facilitate the realisation of or render profitable any of the Company's property or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 To accept stock or shares in or debentures, mortgages or securities of any other company in payment or part
payment for any services rendered or for any sale made to or debt owing from any such company, whether such shares shall be wholly or partly paid up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 To pay all costs, charges and expenses incurred or sustained in or about the promotion and establishment of the
Company or which the Company shall consider to be preliminary thereto and to issue shares as fully or in part paid up, and to pay out of the funds of the Company all brokerage and charges incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 To procure the Company to be registered or recognised in any part of the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 To do all or any of the matters hereby authorised in any part of the world or in conjunction with or as trustee
or agent for any other company or person or by or through any factors, trustees or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 To make gifts, pay gratuities or grant bonuses to current and former Directors (including substitute
directors), officers or employees of the Company or to make gifts or pay gratuities to any person on their behalf or to charitable organisations, trusts or other bodies corporate nominated by any such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 To do all such other things that the Company may consider incidental or conducive to the attainment of the
above objects or as are usually carried on in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 To carry on any business which the Company may lawfully engage in and to do all such things incidental or
conducive to the business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 To make or receive gifts by way of capital contribution or otherwise.

The objects set forth in any sub-clause of this clause shall be regarded as independent objects and shall not, except where the context expressly so requires, be in any way limited or restricted by reference to or inference from the terms of any other sub-clause, or by the name of the Company. None of such sub-clauses or the objects therein specified or the powers thereby conferred shall be deemed subsidiary or auxiliary merely to the objects mentioned in the first sub-clause of this clause, but the Company shall have full power to exercise all or any of the powers conferred by any part of this clause in any part of the world notwithstanding that the business, property or acts proposed to be transacted, acquired or performed do not fall within the objects of the first sub-clause of this clause.

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| | |
|:---|:---|
| NOTE: | It is hereby declared that the word "**company**" in this clause, except where used in reference to the Company shall be deemed to include any partnership or other body of persons whether incorporated or not incorporated and whether domiciled in Ireland or elsewhere and the intention is that the objects specified in each paragraph of this clause shall except where otherwise expressed in such paragraph be in no way limited or restricted by reference to or inference from the terms of any other paragraph.  |

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4. The liability of the members is limited.

5. The share capital of the Company is US$16,500 divided into 1,500,000,000 Ordinary Shares of US$0.00001 each and
150,000,000 Preferred Shares of US$0.00001 each and €25,000 divided into 25,000 Euro Deferred Shares of €1.00 each.

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6. The shares forming the capital, increased or reduced, may be increased or reduced and be divided into such
classes and issued with any special rights, privileges and conditions or with such qualifications as regards preference, dividend, capital, voting or other special incidents, and be held upon such terms as may be attached thereto or as may from time
to time be provided by the original or any substituted or amended articles of association and regulations of the Company for the time being, but so that where shares are issued with any preferential or special rights attached thereto such rights
shall not be alterable otherwise than pursuant to the provisions of the Company's articles of association for the time being.

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**Companies Act 2014** 

**PUBLIC LIMITED COMPANY** 

**ARTICLES OF ASSOCIATION** 

**of** 

**NIQ GLOBAL INTELLIGENCE PUBLIC LIMITED COMPANY** 

**(as amended by special resolution dated • 2025 with effect from • 2025)** 

**PRELIMINARY** 

1. The provisions set out in these Articles of Association shall constitute the whole of the regulations
applicable to the Company and no "**optional provision**" as defined by section 1007(2) of the Companies Act 2014 (with the exception of sections 83 and 84 and 117(9) of the Companies Act 2014) shall apply to the Company.

2. (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In these articles:

"**Act**" or "**Acts**" means the Companies Act 2014, all enactments which are to be read as one with, or construed or read together as one with, the Act and every statutory modification and re-enactment thereof for the time being in force.

"**Acting in Concert**" has the meaning given to it in Rule 2.1(a) and Rule 3.3 of Part A of the Takeover Rules.

"**address**" includes any number or address used for the purposes of communication by way of electronic mail or other electronic communication.

"**articles**" means the articles of association of which this article 2 forms part, as the same may be amended and may be from time to time.

"**Assistant Secretary**" means any person appointed by the Secretary and/or the Board from time to time to assist the Secretary.

"**Chairperson**" means the Director who is elected by the Directors from time to time to preside as chairperson at all meetings of the Board or the person who is selected by the Directors from time to time to preside as chairperson at general meetings of the Company (as applicable).

"**Clear Days**" in relation to the period of notice, means that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect.

"**Company**" means the above-named company.

"**Concert Party**" means, in relation to any person, a party who is deemed or presumed to be Acting in Concert with that person for the purposes of the Takeover Rules.

"**Directors**" or "**Board**" means the directors from time to time and for the time being of the Company or the directors present at a meeting of the board of directors and includes any person occupying the position of director by whatever name called.

"**electronic communication**" has the meaning given to those words in the Electronic Commerce Act 2000.

"**electronic signature**" has the meaning given to those words in the Electronic Commerce Act 2000.

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"**Exchange**" means any securities exchange or other system on which the shares of the Company may be listed or otherwise authorised for trading from time to time.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, of the United States of America.

"**Group**" means the Company and its subsidiaries from time to time.

"**Holder**" in relation to any share, means the member whose name is entered in the Register as the holder of the share or, where the context permits, the members whose names are entered in the Register as the joint holders of shares.

"**Interest in a Security**" has the meaning given to such term in section 1 of the Irish Takeover Panel Act 1997 and "**Interest in Securities**" shall be construed accordingly.

"**Office**" means the registered office from time to time and for the time being of the Company as the Board from time to time decides.

"**Ordinary Resolution**" means a resolution passed by a simple majority of the votes cast by members of the Company as, being entitled to do so, vote in person or by proxy at a general meeting of the Company, subject to any alternative definition in the Acts.

"**public announcement**" means disclosure in a press release reported by a national news service (or similar broad manner of distribution) or in a document publicly filed by the Company with the U.S. Securities and Exchange Commission pursuant to Section 13(a), 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder.

"**Register**" means the register of members to be kept as required in accordance the Act.

"**Restricted Shareholder**" means a member of the Company or other person who is restricted from holding an Interest in Securities without a Takeover Rules Event occurring by virtue of Rule 9 of the Takeover Rules or a member or person who would be so restricted but for the limitations on voting rights set out under article 5, provided that where two or more persons are deemed or presumed (and such presumption has not been rebutted) to be Acting in Concert for the purpose of Rule 9 of the Takeover Rules, only the person who acquired the Interest in Securities which, but for the application of article 5, would trigger the Takeover Rules Event shall be deemed to be a Restricted Shareholder in respect only of such number of the person's Interest in Securities which, but for the application of article 5, would trigger the Takeover Rules Event.

"**Reversal Event**" means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the transfer of the relevant Ordinary Shares from a Restricted Shareholder to a shareholder or other person who
is not a Restricted Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an event whereby a Restricted Shareholder ceases to be restricted from holding an Interest in Securities, by
virtue of Rule 9 of the Takeover Rules, except in these circumstances the number of Ordinary Shares upon which the restrictions set out in article 5 shall be reversed shall be the maximum number of Ordinary Shares upon which any restrictions can be
reversed without the former Restricted Shareholder becoming a Restricted Shareholder on the Reversal Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Restricted Shareholder of the Company undertaking a Takeover Rules Event and the Takeover Panel consenting to
the restrictions in article 5 being reversed in respect of some or all of the relevant Ordinary Shares, in which case the only Ordinary Shares upon which the restrictions set out in article 5 shall be reversed shall be those in respect of which the
Takeover Panel has consented to such reversal of restrictions.

"**seal**" means the common seal of the Company.

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"**Secretary**" means any person appointed to perform the duties of the secretary of the Company.

"**share**" means any share in the share capital of the Company.

"**Shareholder Rights Plan**" means a shareholder rights plan providing for the right of members to purchase securities of the Company in the event of any proposed acquisition of the securities where such acquisition is not approved or recommended by the Board.

"**Special Resolution**" means a special resolution of the Company's members within the meaning of the Act.

"**Takeover Panel**" means the Irish Takeover Panel established under the Irish Takeover Panel Act 1997.

"**Takeover Rules**" means the Takeover Panel Act 1997, Takeover Rules 2022.

"**Takeover Rules Event**" means either of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Restricted Shareholder and/or its Concert Parties (if any) extending an offer to the holders of each class of
shares of the Company in accordance with Rule 9 of the Takeover Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company obtaining approval of the Takeover Panel for a waiver of Rule 9 of the Takeover Rules in respect of
a Restricted Shareholder or any of its Concert Parties (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expressions in these articles referring to writing shall be construed, unless the contrary intention appears,
as including references to printing, lithography, photography and any other modes of representing or reproducing words in a visible form except as provided in these articles and/or where it constitutes writing in electronic form sent to the Company,
and the Company has agreed to its receipt in such form. Expressions in these articles referring to execution of any document shall include any mode of execution whether under seal or under hand or any mode of electronic signature as shall be
approved by the Directors. Expressions in these articles referring to receipt of any electronic communications shall, unless the contrary intention appears, be limited to receipt in such manner as the Company has approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the contrary intention appears, words or expressions contained in these articles shall bear the same
meaning as in the Acts or in any statutory modification thereof in force at the date at which these articles become binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A reference to a statute or statutory provision shall be construed as a reference to the laws of Ireland unless
otherwise specified and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any subordinate legislation made under it including all regulations, by-laws, orders and codes made thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any repealed statute or statutory provision which it re-enacts (with or
without modification); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any statute or statutory provision which modifies, consolidates, re-enacts or supersedes it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The masculine gender shall include the feminine and neuter, and vice versa, and the singular number shall
include the plural, and vice versa, and words importing persons shall include firms or companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Reference to "**US$**" shall mean the currency of the United States of America and to
" **€**" shall mean the currency of Ireland.

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**SHARE CAPITAL** 

3. The share capital of the Company is US$16,500 divided into 1,500,000,000 Ordinary Shares of US$0.00001 each and
150,000,000 Preferred Shares of US$0.00001 each and €25,000 divided into 25,000 Euro Deferred Shares of €1.00 each.

**ORDINARY SHARES** 

4. The rights and restrictions attaching to the Ordinary Shares shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to the right of the Company to set record dates for the purposes of determining the identity of members
entitled to notice of and/or to vote at a general meeting, the right to attend and speak at any general meeting of the Company and to exercise one vote per Ordinary Share held at any general meeting of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to participate pro rata in all dividends declared by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right, in the event of the Company's winding up, to participate pro rata in the total assets of the
Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the rights attaching to the Ordinary Shares may be subject to the terms of issue of any series or class of
Preferred Shares allotted by the Directors from time to time in accordance with article 7.

5. If a Restricted Shareholder acquires an Interest in Securities, unless the Restricted Shareholder elects to
acquire such Interest in Securities with a Takeover Rules Event occurring, the following restrictions shall attach to the relevant Ordinary Shares, from the time of issue until a Reversal Event occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Ordinary Shares shall carry no rights to receive notice of or to attend or vote at any general meeting of
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) save as provided herein, such Ordinary Shares shall rank pari passu at all times and in all respects with all
other Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the reversal of such restrictions shall be automatically effected immediately upon and subject to a Reversal
Event, without the requirement of any approval by the Board or any shareholders of the Company.

**EURO DEFERRED SHARES** 

6. The Euro Deferred Shares shall have the rights and privileges and be subject to the restrictions set out in
this article 6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to article 6(b), the Euro Deferred Shares shall rank pari passu in all respects with the Ordinary
Shares, such that in advance of the exercise of article 6(b), the rights attaching to the Euro Deferred Shares shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the right of the Company to set record dates for the purposes of determining the identity of members
entitled to notice of and/or to vote at a general meeting, the right to attend and speak at any general meeting of the Company and to exercise one vote per Euro Deferred Share held at any general meeting of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the right to participate pro rata in all dividends declared by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the right, in the event of the Company's winding up, to participate pro rata in the total assets of the
Company; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the rights attaching to the Euro Deferred Shares may be subject to the terms of issue of any series or class of
Preferred Shares allotted by the Directors from time to time in accordance with article 7; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately on the issue of any Ordinary Shares pursuant to the acquisition by the Company of 100% of the
issued share capital of AI PAVE Dutchco I B.V. in exchange for the issuance of Ordinary Shares to AI PAVE Dutchco I B.V.'s existing shareholders, the Euro Deferred Shares shall have the following rights and privileges and shall be subject to
the restrictions set out in this article 6(b) without the requirement of any approval by the Board or any shareholders of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Euro Deferred Shares are non-voting shares and do not convey upon
the Holder the right to be paid a dividend or to receive notice of or to attend, vote or speak at a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Euro Deferred Shares confer the right on a return of capital, on a winding-up or otherwise, only to the repayment of the nominal value paid up on the Euro Deferred Shares after repayment of the nominal value of the Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Director (the "**Agent**") is appointed as the attorney of the Holder of any Euro Deferred
Share, with an irrevocable instruction to execute all or any forms of transfer and/or renunciation and/or other documents in the Agent's discretion in relation to the Euro Deferred Shares in favour of the Company or as it may direct and to
deliver such forms of transfer and/or renunciation and/or other documents together with any certificate(s) and/or other documents for registration and to do all such other acts and things as may in the reasonable opinion of the Agent be necessary or
expedient for the purpose of, or in connection with, the purchase by the Company of the Euro Deferred Shares for nil consideration or such other consideration as the Board may determine and to vest the said Euro Deferred Shares in the Company.

**PREFERRED SHARES** 

7. The Directors are authorised to issue all or any of the authorised but unissued Preferred Shares from time to
time in one or more classes or series, and to fix for each such class or series such voting power, full or limited, or no voting power, and such designations, preferences and relative, participating, optional or other special rights and such
qualifications, limitations or restrictions thereof, as shall be stated and expressed in the resolution or resolutions adopted by the Board providing for the issuance of such class or series, including, without limitation, the authority to provide
that any such class or series may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) redeemable at the option of the Company, or the Holders, or both, with the manner of the redemption to be set
by the Board, and redeemable at such time or times, including upon a fixed date, and at such price or prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entitled to receive dividends (which may be cumulative or non-cumulative) at such rates, on such conditions and at such times, and payable in preference to, or in such relation to, the dividends payable on any other class or classes of shares or any other series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) entitled to such rights upon the dissolution of, or upon any distribution of the assets of, the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) convertible into, or exchangeable for, shares of any other class or classes of shares, or of any other series
of the same or any other class or classes of shares, of the Company at such price or prices or at such rates of exchange and with such adjustments as the Directors determine,

which rights and restrictions may be as stated in such resolution or resolutions of the Directors as determined by them in accordance with this article 7. The Board may at any time before the allotment of any Preferred Share by further resolution in any way amend the designations, preferences, rights, qualifications, limitations or restrictions, or vary or revoke the designations of such Preferred Shares.

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8. The rights conferred upon the Holder of any pre-existing shares in the
share capital of the Company shall be deemed not to be varied by the creation, issue and allotment of Preferred Shares in accordance with article 7.

**SHARE RIGHTS** 

9. Without prejudice to any special rights previously conferred on the Holders of any existing shares or class of
shares, any share in the Company may be issued with such preferred or deferred or other special rights or such restrictions, whether in regard to dividend, voting, return of capital or otherwise, as the Company may from time to time by Ordinary
Resolution determine.

10. Unless the Board specifically elects to treat such acquisition as a purchase for the purposes of the Act, the
shares and any class of the shares shall be deemed to be a redeemable share on, and from the time of, the existence or creation of an agreement, transaction or trade between the Company and any third party pursuant to which the Company acquires or
will acquire the shares or any class of the shares, or an interest in the shares or any class of the shares, from such third party. In these circumstances, the acquisition of such shares or interest in shares by the Company, save where acquired
otherwise than for valuable consideration in accordance with the Act, shall constitute the redemption of a redeemable share in accordance with the Acts. No resolution, whether special or otherwise, shall be required to be passed to deem any share a
redeemable share.

11. Subject to the provisions of the Acts and the other provisions of this article, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pursuant to the Acts, issue any shares of the Company which are to be redeemed or are liable to be redeemed at
the option of the Company or the member on such terms and in such manner as may be determined by the Company in general meeting (by Special Resolution) on the recommendation of the Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to and in accordance with the provisions of the Acts and without prejudice to any relevant special
rights attached to any class of shares, pursuant to the Acts, purchase or redeem any of its own shares (including any redeemable shares and without any obligation to purchase on any pro rata basis as between members or members of the same class) and
may cancel any shares so purchased or redeemed (as applicable) or hold them as treasury shares (as defined by the Acts) and may reissue any such shares as shares of any class or classes.

**VARIATION OF RIGHTS** 

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| | |
|:---|:---|
| 12. (a) | Without prejudice to the authority conferred on the Directors pursuant to article 7, if at any time the share capital is divided into different classes of shares, the rights attached to any class may, whether or not the Company is being wound up, be varied or abrogated with the sanction of a Special Resolution passed at a separate general meeting of the Holders of the shares of that class, provided that, if the relevant class of Holders has only one Holder, that person present in person or by proxy, shall constitute the necessary quorum for such a meeting. To every such meeting the provisions of article 47 shall apply.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The redemption or purchase of Preferred Shares or any class of preferred shares shall not constitute a
variation of rights of the preferred Holders where the redemption or purchase of the preferred shares has been authorised solely by a resolution of the ordinary Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The issue, redemption or purchase of any of the Preferred Shares each shall not constitute a variation of the
rights of the Holders of Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The issue of preferred shares or any class of Preferred Shares which rank *pari passu* with, or junior to,
any existing Preferred Shares or class of Preferred Shares shall not constitute a variation of the existing Preferred Shares or class of Preferred Shares.

13. The rights conferred upon the Holders of the shares of any class issued with preferred or other rights shall
not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking *pari passu* therewith.

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**ALLOTMENT AND ISSUE OF SHARES** 

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| | |
|:---|:---|
| 14. (a) | Subject to the provisions of these articles relating to new shares, the shares shall be at the disposal of the Directors, and they may (subject to the provisions of the Acts) allot, grant options over or otherwise dispose of them or any indirect interests therein to such persons, on such terms and conditions and at such times as they may consider to be in the best interests of the Company and its members, but so that no share shall be issued at a discount save in accordance with the Acts, and so that, in the case of shares offered to the public for subscription, the amount payable on application on each Share shall not be less than one-quarter of the nominal amount of the share and the whole of any premium thereon. To the extent permitted by the Acts, shares may also be allotted by a committee of the Directors or by any other person where such committee or person is so authorised by the Directors.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any requirement to obtain the approval of members under any laws or regulations to which the Company
is subject, the Board is authorised, from time to time, in its discretion, to grant such persons, for such periods and upon such terms as the Board deems advisable, options to purchase or subscribe for such number of shares of any class or classes
or of any series of any class as the Board may deem advisable, and to cause warrants or other appropriate instruments evidencing such options to be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Directors are hereby generally and unconditionally authorised to exercise all the powers of the Company to
allot relevant securities within the meaning of section 1021 of the Act. The maximum amount of relevant securities which may be allotted under the authority hereby conferred shall be the amount of the authorised but unissued share capital of the
Company at the date of adoption of these articles. The authority hereby conferred shall expire on the date which is five (5) years after the date of adoption of these articles unless and to the extent that such authority is renewed, revoked or
extended prior to such date. The Company may before such expiry make an offer or agreement which would or might require relevant securities to be allotted after such expiry and the Directors may allot relevant securities in pursuance of such offer
or agreement, notwithstanding that the authority hereby conferred has expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Directors are hereby empowered pursuant to sections 1022 and 1023 of the Act to allot equity securities
(within the meaning of the said section 1023) for cash pursuant to the authority conferred by article 14(c) as if section 1022(1) of the Act did not apply to any such allotment. The authority conferred by this article 14(d) shall expire on the date
which is five (5) years after the date of adoption of these articles unless previously renewed, varied or revoked; provided that the Company may before the expiry of such authority make an offer or agreement which would or might require equity
securities to be allotted for cash after such expiry and the Directors may allot equity securities for cash in pursuance of such an offer or agreement as if the power conferred by this article 14(d) had not expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in these articles shall preclude the Directors from recognising a renunciation of the allotment of any
shares by any allottee in favour of some other person.

15. If by the conditions of allotment of any share the whole or part of the amount or issue price thereof shall be
payable by instalments, every such instalment when due shall be paid to the Company by the person who for the time being shall be the Holder of the share.

16. The Company may pay commission to any person in consideration of a person subscribing or agreeing to subscribe,
whether absolutely or conditionally, for any shares in the Company or procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in the Company on such terms and subject to such conditions as the Directors may
determine, including, without limitation, by paying cash or allotting and issuing fully or partly paid shares or any combination of the two. The Company may also, on any issue of shares, pay such brokerage as may be lawful.

**REGISTER** 

17. The Company shall maintain or cause to be maintained the Register in accordance with the Act.

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18. If the Board considers it necessary or appropriate, the Company may establish and maintain a duplicate Register
at such location or locations within or outside Ireland as the Board thinks fit. The original Register shall be treated as the register of members of the Company for the purposes of these articles and the Act.

19. The Company, or any agent(s) appointed by it to maintain the duplicate Register in accordance with these
articles, shall as soon as practicable and on a regular basis record or procure the recording in the original Register of all transfers of shares effected on any duplicate Register and shall at all times maintain the original Register in such manner
as to show at all times the members for the time being and the shares respectively held by them, in all respects in accordance with the Act.

**NON-RECOGNITION OF TRUSTS** 

20. Except as required by law, no person shall be recognised by the Company as holding any share upon any trust,
and the Company shall not be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share or any interest in any fractional part of a share or (except only as
by these articles or by law otherwise provided) any other rights in respect of any share except an absolute right to the entirety thereof in the Holder.

**SHARE CERTIFICATES** 

21. Unless otherwise provided for by the Board or the rights attaching to or by the terms of issue of any
particular shares, or to the extent required by any stock exchange, depository, or any operator of any clearance or settlement system, no person whose name is entered as a member in the Register of Members shall be entitled to receive a share
certificate for all his or her or her shares of each class held by him (nor on transferring a part of holding, to a certificate for the balance).

22. Any share certificate, if issued, shall specify the number of shares in respect of which it is issued and the
amount paid thereon or the fact that they are fully paid, as the case may be, and may otherwise be in such form as shall be determined by the Board. Such certificates may be under seal. All certificates for shares shall be consecutively numbered or
otherwise identified and shall specify the shares to which they relate. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered in the Register of Members of
the Company. All certificates surrendered to the Company for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled. In respect of a share
or shares held jointly by several persons, the Company shall not be bound to issue a certificate or certificates to each such person, and the issue and delivery of a certificate or certificates to one of several joint holders shall be sufficient
delivery to all such holders.

23. If a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms (if any) as to
evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating such evidence, as the Board may prescribe, and, in the case of defacement or wearing out, upon delivery of the old certificate.

**LIEN** 

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| | |
|:---|:---|
| 24. (a) | The Company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) payable at a fixed time or called in respect of that share. The Directors, at any time, may declare any share to be wholly or in part exempt from the provisions of this article. The Company's lien on a share shall extend to all moneys payable in respect of it. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 24 are disapplied.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may sell in such manner as the Directors determine any share on which the Company has a lien if a
sum in respect of which the lien exists is presently payable and is not paid within fourteen (14) Clear Days after notice demanding payment, and stating that if the notice is not complied with the share may be sold, has been given to the Holder
of the share or to the person entitled to it by reason of the death or bankruptcy of the Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To give effect to a sale, the Directors may authorise some person to execute an instrument of transfer of the
share sold to, or in accordance with the directions of, the purchaser. The transferee shall be entered in the Register as the Holder of the share comprised in any such transfer and he or she shall not be bound to see to the application of the
purchase moneys nor shall his or her title to the share be affected by any irregularity in or invalidity of the proceedings in reference to the sale, and after the name of the transferee has been entered in the Register, the remedy of any person
aggrieved by the sale shall be in damages only and against the Company exclusively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the sum for
which the lien exists as is presently payable and any residue (upon surrender to the Company for cancellation of the certificate for the shares sold and subject to a like lien for any moneys not presently payable as existed upon the shares before
the sale) shall be paid to the person entitled to the shares at the date of the sale.

**CALLS ON SHARES** 

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| | |
|:---|:---|
| 25. (a) | Subject to the terms of allotment, the Directors may make calls upon the members in respect of any moneys unpaid on their shares, including shares where the conditions of allotment provide for payment at fixed times, and each member (subject to receiving at least fourteen (14) Clear Days' notice specifying when and where payment is to be made) shall pay to the Company as required by the notice the amount called on his or her shares. A call may be required to be paid by instalments. A call may be revoked before receipt by the Company of a sum due thereunder, in whole or in part and payment of a call may be postponed in whole or in part. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 25 are disapplied.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A call shall be deemed to have been made at the time when the resolution of the Directors authorising the call
was passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The joint Holders of a share shall be jointly and severally liable to pay all calls in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a call remains unpaid after it has become due and payable the person from whom it is due and payable shall
pay interest on the amount unpaid from the day it became due until it is paid at the rate fixed by the terms of allotment of the share or in the notice of the call or, if no rate is fixed, at the appropriate rate (as defined by the Act) but the
Directors may waive payment of the interest wholly or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An amount payable in respect of a share on allotment or at any fixed date, whether in respect of nominal value
or as an instalment of a call, shall be deemed to be a call and if it is not paid the provisions of these articles shall apply as if that amount had become due and payable by virtue of a call.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the terms of allotment, the Directors may make arrangements on the issue of shares for a difference
between the Holders in the amounts and times of payment of calls on their shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Directors, if they think fit, may receive from any member willing to advance the same all or any part of
the moneys uncalled and unpaid upon any shares held by him, and upon all or any of the moneys so advanced may pay (until the same would, but for such advance, become payable) interest at such rate, not exceeding (unless the Company in general
meeting otherwise directs) fifteen percent per annum, as may be agreed upon between the Directors and the member paying such sum in advance.

**FORFEITURE** 

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| | |
|:---|:---|
| 26. (a) (i) | If a member fails to pay any call or instalment of a call on the day appointed for payment thereof, the Directors, at any time thereafter and during such times as any part of the call or instalment remains unpaid, may serve a notice on him requiring payment of so much of the call or instalment as is unpaid together with any interest which may have accrued.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The notice shall name a further day (not earlier than the expiration of fourteen (14) Clear Days from the
date of service of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment at or before the time appointed the shares in respect of
which the call was made will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the requirements of any such notice as aforesaid are not complied with then, at any time thereafter before
the payment required by the notice has been made, any shares in respect of which the notice has been given may be forfeited by a resolution of the Directors to that effect. The forfeiture shall include all dividends or other moneys payable in
respect of the forfeited shares and not paid before forfeiture. The Directors may accept a surrender of any share liable to be forfeited hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On the trial or hearing of any action for the recovery of any money due for any call it shall be sufficient to
prove that the name of the member sued is entered in the Register as the Holder, or one of the Holders, of the shares in respect of which such debt accrued, that the resolution making the call is duly recorded in the minute book and that notice of
such call was duly given to the member sued, in pursuance of these articles, and it shall not be necessary to prove the appointment of the Directors who made such call nor any other matters whatsoever, but the proof of the matters aforesaid shall be
conclusive evidence of the debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A forfeited share may be sold or otherwise disposed of on such terms and in such manner as the Directors think
fit and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes of its disposal such a share is to be transferred to any person, the Directors may authorise some
person to execute an instrument of transfer of the share to that person. The Company may receive the consideration, if any, given for the share on any sale or disposition thereof and may execute a transfer of the share in favour of the person to
whom the share is sold or disposed of and thereupon he or she shall be registered as the Holder of the share and shall not be bound to see to the application of the purchase money, if any, nor shall his or her title to the share be affected by any
irregularity or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A person whose shares have been forfeited shall cease to be a member in respect of the forfeited shares, but
nevertheless shall remain liable to pay to the Company all moneys which, at the date of forfeiture, were payable by him to the Company in respect of the shares, without any deduction or allowance for the value of the shares at the time of forfeiture
but his or her liability shall cease if and when the Company shall have received payment in full of all such moneys in respect of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A statutory declaration that the declarant is a Director or the Secretary of the Company, and that a share in
the Company has been duly forfeited on the date stated in the declaration, shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of these articles as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal value of the share or by way of premium, as if the same had been payable by
virtue of a call duly made and notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Directors may accept the surrender of any share which the Directors have resolved to have been forfeited
upon such terms and conditions as may be agreed and, subject to any such terms and conditions, a surrendered share shall be treated as if it has been forfeited.

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**TRANSFER OF SHARES** 

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| | |
|:---|:---|
| 27. (a) | The instrument of transfer of any share may be executed for and on behalf of the transferor by the Secretary, an Assistant Secretary or any such person that the Secretary or an Assistant Secretary nominates for that purpose (whether in respect of specific transfers or pursuant to a general standing authorisation), and the Secretary, Assistant Secretary or the relevant nominee shall be deemed to have been irrevocably appointed agent for the transferor of such share or shares with full power to execute, complete and deliver in the name of and on behalf of the transferor of such share or shares all such transfers of shares held by the members in the share capital of the Company. Any document which records the name of the transferor, the name of the transferee, the class and number of shares agreed to be transferred, the date of the agreement to transfer shares and the price per share, shall, once executed by the transferor or the Secretary, Assistant Secretary or the relevant nominee as agent for the transferor, and by the transferee where required by the Act, be deemed to be a proper instrument of transfer for the purposes of the Act. The transferor shall be deemed to remain the Holder of the share until the name of the transferee is entered on the Register in respect thereof, and neither the title of the transferee nor the title of the transferor shall be affected by any irregularity or invalidity in the proceedings in reference to the sale should the Directors so determine.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company, at its absolute discretion, may, or may procure that a subsidiary of the Company shall, pay Irish
stamp duty arising on a transfer of shares on behalf of the transferee of such shares of the Company. If stamp duty resulting from the transfer of shares in the Company which would otherwise be payable by the transferee is paid by the Company or any
subsidiary of the Company on behalf of the transferee, then in those circumstances, the Company shall, on its behalf or on behalf of its subsidiary (as the case may be), be entitled to (i) seek reimbursement of the stamp duty from the
transferee or transferor, (ii) set-off the stamp duty against any dividends payable to the transferee of those shares and (iii) claim a first and paramount lien on the shares on which stamp duty has
been paid by the Company or its subsidiary for the amount of stamp duty paid. The Company's lien shall extend to all dividends paid on those shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions of these articles and subject to any provision of the Acts, title to any shares
in the Company may also be evidenced and transferred without a written instrument in accordance with the Acts or any regulations made thereunder. The Directors shall have power to permit any class of shares to be held in uncertificated form and to
implement any arrangements they think fit for such evidencing and transfer which accord with such regulations and in particular shall, where appropriate, be entitled to disapply or modify all or part of the provisions in these articles with respect
to the requirement for written instruments of transfer and share certificates (if any), in order to give effect to such regulations.

28. Subject to such of the restrictions of these articles and to such of the conditions of issue of any share
warrants as may be applicable, the shares of any member and any share warrant may be transferred by instrument in writing in any usual or common form or any other form which the Directors may approve.

29. (a) The Directors in their absolute discretion and without assigning any reason therefor may decline to register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transfer of a share which is not fully paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any transfer to or by a minor or person of unsound mind,

but this shall not apply to a transfer of such a share resulting from a sale of the share through a stock exchange on which the share is listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may decline to recognise any instrument of transfer unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the instrument of transfer is accompanied by the certificate of the shares to which it relates (if any) (which
shall upon registration of the transfer be cancelled) and such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the instrument of transfer is in respect of one class of share only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the instrument of transfer is properly stamped (in circumstances where stamping is required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a fee of €10 or such lesser sum is paid to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the instrument of transfer is in favour of not more than four transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) it is lodged at the Office or at such other place as the Directors may appoint;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Board is satisfied, acting reasonably, that all applicable consents, authorisations, permissions or
approvals of any governmental body or agency in Ireland or any other applicable jurisdiction required to be obtained under relevant law prior to such transfer have been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Board is satisfied, acting reasonably, that the transfer would not violate the terms of any agreement to
which the Company (or any of its subsidiaries) and the transferor are party or subject.

30. If the Directors refuse to register a transfer, they shall, within two (2) months after the date on which
the transfer was lodged with the Company, send to the transferee notice of the refusal.

31. Upon every transfer of shares the certificate (if any) held by the transferor shall be given up to be
cancelled, and shall forthwith be cancelled accordingly, and subject to article 21 a new certificate may be issued without charge to the transferee in respect of the shares transferred to him, and if any of the shares included in the certificate so
given up shall be retained by the transferor, a new certificate in respect thereof may be issued to him without charge. The Company shall be entitled to retain the instrument(s) of transfer.

32. Registration of transfers may be suspended at such times and for such period, not exceeding in the whole thirty
(30) days in each year, as the Directors may from time to time determine subject to the requirements of the Acts.

33. All instruments of transfer shall upon their being lodged with the Company remain the property of the Company
and the Company shall be entitled to retain them.

34. Subject to the provisions of these articles, whenever as a result of an alteration or re-organisation of share capital of the Company or otherwise any members would become entitled to fractions of a share, the Directors may sell or cause to be sold, on behalf of those members, the shares representing
the fractions for the best price reasonably obtainable to any person and distribute the proceeds of sale (subject to any applicable tax and abandoned property laws) in due proportion among those members, and the Directors may authorise some person
to execute an instrument of transfer of the shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall his or her title to the shares be affected by
any irregularity in or invalidity of the proceedings in reference to the sale.

**TRANSMISSION OF SHARES** 

35. In the case of the death of a member, the survivor or survivors where the deceased was a joint Holder, and the
personal representatives of the deceased where he or she was a sole Holder, shall be the only persons recognised by the Company as having any title to his or her interest in the shares; but nothing herein contained shall release the estate of a
deceased joint Holder from any liability in respect of any share which had been jointly held by him with other persons. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as
articles 35 to 38 are disapplied.

36. Any person becoming entitled to a share in consequence of the death or bankruptcy of a member may, upon such
evidence being produced as may from time to time properly be required by the Directors and subject as herein provided, elect either to be registered himself as Holder of the share or to have some person nominated by him registered as the transferee
thereof, but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the shares by that member before his or her death or bankruptcy, as the case may be.

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37. If the person so becoming entitled elects to be registered himself, he or she shall deliver or send to the
Company a notice in writing signed by him stating that he or she so elects. If he or she elects to have another person registered, he or she shall testify his or her election by executing to that person a transfer of the share. All the limitations,
restrictions and provisions of these regulations relating to the right to transfer and the registration of transfers of shares shall be applicable to any such notice or transfer as aforesaid as if the death or bankruptcy of the member had not
occurred and the notice of transfer were a transfer signed by that member.

38. A person becoming entitled to a share by reason of the death or bankruptcy of the Holder shall be entitled to
the same dividends and other advantages to which he or she would be entitled if he or she were the registered Holder of the share, except that he or she shall not, before being registered as a member in respect of the share, be entitled in respect
of it to exercise any right conferred by membership in relation to the meetings of the Company, so, however, that the Directors may at any time give notice requiring such person to elect either to be registered himself or to transfer the share, and
if the notice is not complied with within ninety (90) days, the Directors may thereupon withhold payment of all dividends, bonuses or other moneys payable in respect of the share until the requirements of the notice have been complied with.

**ALTERATION OF CAPITAL** 

39. The Company may from time to time by Ordinary Resolution increase the authorised share capital by such sum, to
be divided into shares of such amount, as the resolution shall prescribe.

40. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subdivide its existing shares, or any of them, into shares of smaller amount than is fixed by the memorandum of
association subject, nevertheless, to the Acts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be
taken by any person and reduce the amount of its authorised share capital by the amount of the shares so cancelled.

41. Subject to the provisions of the Acts, the Company may by Special Resolution reduce its company capital
(including its share capital, any capital redemption reserve fund or any share premium account or undenominated capital account) in any way it thinks expedient and, without prejudice to the generality of the foregoing, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extinguish or reduce the liability on any of its shares in respect of share capital not paid up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) either with or without extinguishing or reducing liability on any of its shares, cancel any paid up company
capital which is lost or unrepresented by available assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) either with or without extinguishing or reducing liability on any of its shares, pay off any paid up company
capital which is in excess of the wants of the Company,

and in relation to such reductions, the Company may by Special Resolution determine the terms upon which the reduction is to be effected, including in the case of a reduction of part only of any class of shares, those shares to be affected.

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**RECORD DATES** 

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| | |
|:---|:---|
| 42. (a) | The Directors may from time to time fix a record date for the purposes of determining the rights of members to notice of and/or to vote at any general meeting of the Company. The record date shall not precede the date upon which the resolution fixing the record date is adopted by the Directors, and the record date shall be not more than sixty (60) nor less than ten (10) days before the date of such meeting. If no record date is fixed by the Directors, the record date for determining members entitled to notice of or to vote at a meeting of the members shall be the close of business on the day next preceding the day on which notice is given. Unless the Directors determine otherwise, a determination of members of record entitled to notice of or to vote at a meeting of members shall apply to any adjournment or postponement of the meeting.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Directors may determine the members entitled to receive payment of any dividend or other
distribution or allotment of any rights or the members entitled to exercise any rights in respect of any change, conversion or exchange of shares, or for the purpose of any other lawful action, the Board may fix a record date, which record date
shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty (60) days prior to such action. If no record date is fixed, the record date for determining members for
such purpose shall be at the close of business on the day on which the Directors adopt the resolution relating thereto.

**GENERAL MEETINGS** 

43. The Company shall in each year hold a general meeting as its annual general meeting in addition to any other
meeting in that year, and shall specify the meeting as such in the notices calling it. Not more than fifteen (15) months shall elapse between the date of one annual general meeting of the Company and that of the next. This article shall not
apply in the case of the first general meeting, in respect of which the Company shall convene the meeting within the time periods required by the Acts.

44. Subject to the Acts, all general meetings of the Company may be held outside of Ireland, or by means of remote
communication as provided in article 59.

45. All general meetings other than annual general meetings shall be called extraordinary general meetings.

46. The Directors may, whenever they think fit, convene an extraordinary general meeting, and extraordinary general
meetings shall also be convened on such requisition, or in default may be convened by such requisitionists, as provided in section 178(3) of the Acts.

47. All provisions of these articles relating to general meetings of the Company shall, *mutatis mutandis*,
apply to every separate general meeting of the Holders of any class of shares in the capital of the Company, except that the necessary quorum shall be two (2) or more persons holding or representing by proxy (whether or not such Holder actually
exercises his or her voting rights in whole, in part or at all at the relevant general meeting) at least a majority in nominal value of the issued shares of the class or, at any adjourned meeting of such Holders, Holders holding or representing by
proxy (whether or not any such Holder actually exercises his or her voting rights in whole, in part or at all at the relevant general meeting) at least a majority in nominal value of the issued shares of the class, shall be deemed to constitute a
meeting.

48. A Director shall be entitled, notwithstanding that he or she is not a member, to attend and speak at any
general meeting and at any separate meeting of the Holders of any class of shares in the Company.

**NOTICE OF GENERAL MEETINGS** 

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| | |
|:---|:---|
| 49. (a) | Subject to the provisions of the Acts allowing a general meeting to be called by shorter notice, an annual general meeting and an extraordinary general meeting called for the passing of a Special Resolution shall be called by not less than twenty-one (21) Clear Days' notice and all other extraordinary general meetings shall be called by not less than fourteen (14) Clear Days' notice.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice convening a general meeting shall specify the time and place of the meeting and, in the case of
special business, the general nature of that business and, in reasonable prominence, that a member entitled to attend and vote is entitled to appoint a proxy to attend, speak and vote in his or her place and that a proxy need not be a member of the
Company. It shall also give particulars of any Directors who are to retire at the meeting and of any persons who are

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recommended by the Directors for appointment or re-appointment as Directors at the meeting or in respect of whom notice has been duly given to the Company of the intention to propose them for appointment or re-appointment as Directors at the meeting. Provided that the latter requirement shall only apply where the intention to propose the person has been received by the Company in accordance with the provisions of these articles. Subject to any restrictions imposed on any shares, the notice of the meeting shall be given to all the members of the Company as of the record date set by the Directors and to the Directors and the Company's auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The accidental omission to give notice of a meeting to, or the non-receipt of notice of a meeting by, any person entitled to receive notice shall not invalidate the proceedings at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In cases where instruments of proxy are sent out with notices, the accidental omission to send such instrument
of proxy to, or the non-receipt of such instrument of proxy by, any person entitled to receive notice shall not invalidate any resolution passed or any proceeding at any such meeting. A member present, either
in person or by proxy, at any general meeting of the Company or of the Holders of any class of shares in the Company, will be deemed to have received notice of that meeting and, where required, of the purpose for which it was called.

50. Where, by any provision contained in the Acts, extended notice is required of a resolution, the resolution
shall not be effective (except where the Directors have resolved to submit it) unless notice of the intention to move it has been given to the Company not less than twenty-eight (28) days (or such shorter period as the Acts permit) before the
meeting at which it is moved, and the Company shall give to the members notice of any such resolution as required by and in accordance with the provisions of the Acts.

**PROCEEDINGS AT GENERAL MEETINGS** 

51. All business shall be deemed special that is transacted at an extraordinary general meeting, and also all that
is transacted at an annual general meeting, with the exception of declaring a dividend, the consideration of the company's statutory financial statements and the reports of the Directors and the statutory auditors, the review by the members of
the Company's affairs (to the extent required by the Acts), the election of Directors, the re-appointment of the retiring auditors and the authorisation of the Directors to fix the statutory
auditors' remuneration.

52. Except where a greater majority is required by the Act or these articles, where a plurality is required as set
forth in article 116 or for frequency on "say-on-pay" advisory votes in accordance with the requirements of section 14A of the Exchange Act and related rules
of the U.S. Securities and Exchange Commission, any question proposed for consideration at any general meeting of the Company or of any class of Holders shall be decided by an Ordinary Resolution.

53. At any annual general meeting of the members, only such nominations of persons for election to the Board shall
be made, and only such other business shall be conducted or considered, as shall have been properly brought before the meeting. For nominations to be properly made at an annual general meeting, and proposals of other business to be properly brought
before an annual general meeting, nominations and proposals of other business must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specified in the Company's notice of meeting (or any supplement thereto) given by or at the direction of
the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise properly made at the annual general meeting, by or at the direction of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise properly requested to be brought before the annual general meeting by a member of the Company in
accordance with these articles.

For nominations of persons for election to the Board or proposals of other business to be properly requested by a member to be made at an annual general meeting, a member must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be a member at the time of giving of notice of such annual general meeting by or at the direction of the Board
and, at the time of the annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be entitled to vote at such annual general meeting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent applicable, in the case of nominations of persons for election to the Board, comply with Rule 14a-19; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) comply with the procedures set forth in these articles as to such business or nomination.

The immediately preceding sentence shall be the exclusive means for a member to make nominations or other business proposals (other than matters properly brought under Rule 14a- 8 under the Exchange Act and included in the Company's notice of meeting) before an annual general meeting of members.

54. At any extraordinary general meeting of the members, only such business shall be conducted or considered as
shall have been properly brought before the meeting pursuant to the Company's notice of meeting. To be properly brought before an extraordinary general meeting, proposals of business must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specified in the Company's notice of meeting (or any supplement thereto) given by or at the direction of
the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise properly brought before the extraordinary general meeting, by or at the direction of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise properly brought before the meeting by any members of the Company pursuant to the valid exercise of
power granted to them under the Acts.

55. Nominations of persons for election to the Board may be made at an extraordinary general meeting of members at
which directors are to be elected pursuant to the Company's notice of meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by or at the direction of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by any members of the Company pursuant to the valid exercise of power granted to them under the Acts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provided that the Board has determined that directors shall be elected at such meeting, by any member of the
Company who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a member at the time of giving of notice of such extraordinary general meeting and at the time of the
extraordinary general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is entitled to vote at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent applicable, in the case of nominations of persons for election to the Board, comply with Rule 14a-19; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) complies with the procedures set forth in these articles as to such nomination.

The immediately preceding sentence shall be the exclusive means for a member to make nominations (other than matters properly brought under Rule 14a-8 under the Exchange Act and included in the Company's notice of meeting) before an extraordinary general meeting of members.

56. Except as otherwise provided by law, the memorandum of association or these articles, the Chairperson of any
general meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the general meeting was made or proposed, as the case may be, in accordance with these articles and, if any proposed
nomination or other business is not in compliance with these articles, to declare that no action shall be taken on such nomination or other proposal and such nomination or other proposal shall be disregarded.

57. No business shall be transacted at any general meeting unless a quorum is present at the time when the meeting
proceeds to business. Two (2) or more persons holding or representing by proxy (whether or not such person actually exercises his or her voting rights in whole, in part or at all at the relevant general meeting), at least a majority of the
voting power of the Company on the relevant record date shall constitute a quorum.

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58. Any general meeting duly called at which a quorum is not present shall be adjourned and the Company shall
provide notice pursuant to article 49 in the event that such meeting is to be reconvened. If within 5 minutes (or such longer time as the chairman of the meeting may determine to wait) after the time appointed for any adjourned meeting a quorum is
not present, the meeting may be further adjourned to such other day and such other time and place as the chairman of the meeting may determine and the Company shall provide notice pursuant to article 49 in the event that such meeting is to be
reconvened. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 58 are disapplied.

59. If the Board wishes to make this facility available to members of the Company for a specific or all general
meetings of the Company, a member may participate in any general meeting of the Company by means of telephone, video, electronic or similar communication equipment by way of which all persons participating in such meeting can communicate with each
other simultaneously and instantaneously and such participation shall be deemed to constitute presence in person at the meeting. In addition, the Company need not hold a general meeting at a physical venue but may, at the discretion of the Board,
conduct the meeting wholly or partly by the use of electronic communications technology in accordance with Section 176A of the Act.

60. The Chairperson, if any, of the Board, or any other person selected by the Board from time to time to preside
as chairperson of general meetings of the Company, shall preside as Chairperson at every general meeting of the Company, or if there is no such Chairperson, or if he or she is not present within fifteen (15) minutes after the time appointed for the
holding of the meeting or is unwilling to act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors may select such other person as they see fit to preside as Chairperson of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Directors present at the meeting may elect one of their number to be Chairperson of the meeting.

61. If at any meeting no Director is willing to act as Chairperson or if no Director is present within fifteen (15)
minutes after the time appointed for holding the meeting, the members present shall choose one of their number to be Chairperson of the meeting.

62. No amendment may be made to a resolution, at or before the time when it is put to a vote, unless the
Chairperson of the meeting in his or her absolute discretion decides that the amendment or the amended resolution may properly be put to a vote at that meeting.

63. If the Chairperson of the meeting rules a resolution or an amendment to a resolution admissible or out of order
(as the case may be), the proceedings of the meeting or on the resolution in question shall not be invalidated by any error in his or her ruling. Any ruling by the Chairperson of the meeting in relation to a resolution or an amendment to a
resolution shall be final and conclusive.

64. The Chairperson may, with the consent of any meeting at which a quorum is present, and shall if so directed by
the meeting, adjourn the meeting from time to time and from place to place without notice other than by announcement of the time and place of the adjourned meeting by the Chairperson of the meeting. The Chairperson of the meeting may at any time
without the consent of the meeting adjourn the meeting to another time and/or place if, in his or her opinion, it would facilitate the conduct of the business of the meeting to do so or if he or she is so directed by the Board. Save as aforesaid, it
shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting. The terms of any optional provisions of the Acts or any replacement enactment covering substantially the same subject matter as
this article 64 are disapplied.

65. At any general meeting a resolution put to the vote of the meeting shall be decided on a poll. The Board or the
Chairperson may determine the manner in which the poll is to be taken and the manner in which the votes are to be counted.

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66. The Board may, before any general meeting, determine the manner in which the poll is to be taken and the manner
in which votes are to be counted. To the extent not so determined by the Board, such matters shall be determined by the Chairperson of the meeting.

67. No notice need be given of a poll not taken immediately. The result of the poll shall be deemed to be the
resolution of the general meeting at which the poll was demanded. On a poll a member entitled to more than one (1) vote need not use all his/her votes or cast all the votes he/she uses in the same way.

68. Where there is an equality of votes, the Chairperson of the meeting at which the poll takes place shall not be
entitled to a second or casting vote.

69. Unless the Directors otherwise determine, no member shall be entitled to vote at any general meeting or any
separate meeting of the Holders of any class of shares in the Company, either in person or by proxy, or to exercise any privilege as a member in respect of any share held by him unless all monies then payable by him in respect of that share have
been paid.

70. The Board may, and at any general meeting the Chairperson of such meeting may, make such arrangement and impose
any requirement or restriction that the Board or he/she considers appropriate concerning the conduct of general meetings, including without prejudice to the generality of the foregoing, measures concerning security, health and safety and any such
arrangements, requirements and/or restrictions shall bind all members. The Board and, at any general meeting, the Chairperson of such meeting are entitled to refuse entry to, or remove, a person who refuses to comply with any such arrangements,
requirements and/or restrictions.

**ADVANCE NOTICE OF MEMBER BUSINESS AND NOMINATIONS** 

71. Without qualification or limitation, subject to article 84, for any nominations or any other business to be
properly brought before an annual general meeting by a member pursuant to article 51, the member must have given timely notice thereof (including, in the case of nominations, the completed and signed questionnaire, representation and agreement
required by article 85), and timely updates and supplements thereof, in writing to the Secretary, and such other business must otherwise be a proper matter for member action.

72. To be timely, a member's notice for any nominations or any other business to be properly brought before an
annual general meeting by a member pursuant to article 53 shall be delivered to the Secretary at the Office not earlier than the close of business on the 120<sup>th</sup> day and not later than the close of
business on the 90<sup>th</sup> day prior to the first anniversary of the day of release to shareholders of the Company's proxy statement issued pursuant to Section 14(a) of the Exchange Act in
respect of the preceding year's annual general meeting; provided, however, that in the event that the date of the annual general meeting is changed by more than thirty (30) days from the date contemplated at the time of the previous
year's proxy statement, notice by the member must be so delivered by the close of business on the day that is not less than the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one hundred and fifty (150) days prior to the day of the contemplated annual general meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ten (10) days after the day on which public announcement of the date of the contemplated annual general
meeting is first made by the Company,

provided, further, that with respect to the first annual general meeting of the Company in respect of which a proxy statement is issued pursuant to Section 14(a) of the Exchange Act, notice by the member must be so delivered before the close of business on the day that is ten (10) days after the day on which public announcement of the date of such meeting is first made by the Company. In no event shall any adjournment or postponement of an annual general meeting, or the public announcement thereof, commence a new time period for the giving of a member's notice as described above.

73. Notwithstanding anything in article 72 to the contrary, in the event that the number of directors to be elected
to the Board is increased by the Board, and there is no public announcement by the Company naming all of the nominees for director or specifying the size of the increased Board at least one hundred and thirty (130) days prior to the first
anniversary of the day of release to shareholders of the Company's

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74. In addition, to be considered timely, a member's notice shall further be updated and supplemented, if
necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or
postponement thereof, and such update and supplement shall be delivered to the Secretary at the Office not later than five (5) business days after the record date for the meeting in the case of the update and supplement required to be made as
of the record date, and not later than eight (8) business days prior to the date for the meeting or any adjournment or postponement thereof in the case of the update and supplement required to be made as of ten (10) business days prior to the
meeting or any adjournment or postponement thereof.

75. Subject to article 84, in the event the Company calls an extraordinary general meeting of members for the
purpose of electing one or more directors to the Board, any member may nominate a person or persons (as the case may be) for election to such position(s) as specified in the Company's notice of meeting, provided that the member gives timely
notice thereof (including the completed and signed questionnaire, representation and agreement required by article 85), and timely updates and supplements thereof, in writing, to the Secretary.

76. To be timely, a member's notice for any nomination to be properly brought before such an extraordinary
general meeting shall be delivered to the Secretary at the Office by not earlier than the close of business on the 120<sup>th</sup> day prior to the date of such extraordinary general meeting and not later
than the close of business on the later of the 90<sup>th</sup> day prior to the date of such extraordinary general meeting or, if the first public announcement of the date of such extraordinary general
meeting is less than one hundred (100) days prior to the date of such extraordinary general meeting, by the close of business on the day that is ten (10) days after the day on which public announcement of the date of the extraordinary
general meeting and of the nominees proposed by the Board to be elected at such meeting is first made by the Company. In no event shall any adjournment or postponement of an extraordinary general meeting, or the public announcement thereof, commence
a new time period for the giving of a member's notice as described above.

77. In addition, to be considered timely, a member's notice shall further be updated and supplemented, if
necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or
postponement thereof, and such update and supplement shall be delivered to the Secretary at the Office not later than five (5) business days after the record date for the meeting in the case of the update and supplement required to be made as
of the record date, and not later than eight (8) business days prior to the date for the meeting, any adjournment or postponement thereof in the case of the update and supplement required to be made as of ten (10) business days prior to the
meeting or any adjournment or postponement thereof.

78. To be in proper form, a member's notice (whether given pursuant to articles 71-74 or articles 75-77) to
the Secretary must include the following, as applicable:

79. As to the member giving the notice and the beneficial owner (as contemplated by Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder), if any, on whose behalf the nomination or proposal is made, a member's notice must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of such member, as they appear on the Company's books, of such beneficial owner, if
any, and of their respective affiliates or associates or others acting in concert therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the class or series and number of shares of the Company which are, directly or indirectly, owned beneficially
and of record by such member, such beneficial owner and their respective affiliates or associates or others acting in concert therewith;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any option, warrant, convertible security, share appreciation right, or similar right with an exercise or
conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Company or with a value derived in whole or in part from the value of any class or series of shares of the Company, or any
derivative or synthetic arrangement having the characteristics of a long position in any class or series of shares of the Company, or any contract, derivative, swap or other transaction or series of transactions designed to produce economic benefits
and risks that correspond substantially to the ownership of any class or series of shares of the Company, including due to the fact that the value of such contract, derivative, swap or other transaction or series of transactions is determined by
reference to the price, value or volatility of any class or series of shares of the Company, whether or not such instrument, contract or right shall be subject to settlement in the underlying class or series of shares of the Company, through the
delivery of cash or other property, or otherwise, and without regard to whether the member, the beneficial owner, if any, or any affiliates or associates or others acting in concert therewith, may have entered into transactions that hedge or
mitigate the economic effect of such instrument, contract or right, or any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Company (any of the foregoing, a
" **Derivative Instrument**") directly or indirectly owned beneficially by such member, the beneficial owner, if any, or any affiliates or associates or others acting in concert therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any proxy, contract, arrangement, understanding, or relationship pursuant to which such member has a right to
vote any class or series of shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any agreement, arrangement, understanding, relationship or otherwise, including any repurchase or similar so-called "**stock borrowing**" agreement or arrangement, involving such member, directly or indirectly, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or
otherwise) of any class or series of the shares of the Company by, manage the risk of share price changes for, or increase or decrease the voting power of, such member with respect to any class or series of the shares of the Company, or which
provides, directly or indirectly, the opportunity to profit or share in any profit derived from any decrease in the price or value of any class or series of the shares of the Company (any of the foregoing, a "**Short Interest** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any rights to dividends on the shares of the Company owned beneficially by such member that are separated or
separable from the underlying shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any proportionate interest in shares of the Company or Derivative Instruments held, directly or indirectly, by
a general or limited partnership in which such member is a general partner or, directly or indirectly, beneficially owns an interest in a general partner of such general or limited partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any performance-related fees (other than an asset-based fee) that such member is entitled to based on any
increase or decrease in the value of shares of the Company or Derivative Instruments, if any, including without limitation any such interests held by members of such member's immediate family sharing the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any direct or indirect interest of such member in any contract with the Company, any affiliate of the Company
(including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a representation as to whether or not the member intends or is part of a group that intends to solicit proxies
in support of director nominees other than the Company's director nominees in accordance with Rule 14a-19 promulgated under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any other information relating to such member and beneficial owner, if any, that would be required to be
disclosed in a proxy statement and form or proxy or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election of directors in a contested election pursuant to
Section 14 of the Exchange Act and the rules and regulations promulgated thereunder.

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Notwithstanding, and in addition to, the foregoing provisions of this article 79, a member who has submitted a nomination for a person to serve on the Board shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder, including, but not limited to, Rule 14a-19 of the Exchange Act, with respect to the matters set forth in these articles. If a member fails to comply with any applicable requirements of the Exchange Act, including, but not limited to, Rule 14a- 19 promulgated thereunder, such member's proposed nomination shall be deemed to have not been made in compliance with these articles and shall be disregarded. Further, notwithstanding the foregoing provisions of these articles, unless otherwise required by law, (i) no member shall solicit proxies in support of director nominees other than the Company's director nominees unless such member has complied with this article 79 and Rule 14a-19 promulgated under the Exchange Act in connection with the solicitation of such proxies, including the provision to the Company of notices required thereunder in a timely manner, and (ii) if any member (A) provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act, (B) subsequently fails to comply with the requirements of Rule 14a-19(a)(2) or Rule 14a-19(a)(3) promulgated under the Exchange Act, including the provision to the Company of notices required thereunder in a timely manner, and (C) no other member has provided notice pursuant to, and in compliance with, Rule 14a-19 under the Exchange Act that it intends to solicit proxies in support of the election of such proposed nominee in accordance with Rule 14a-19(b) under the Exchange Act, then the Company shall disregard such nomination and no vote on the election of such proposed nominee shall occur. Upon request by the Company, if any member provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act, such member shall deliver to the Company, no later than five (5) business days prior to the applicable meeting date, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act.

80. If the notice relates to any business other than the nomination of a director or directors that the member
proposes to bring before the meeting, a member's notice must, in addition to the matters set forth in article 79 above, also set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a brief description of the business desired to be brought before the meeting, the reasons for conducting such
business at the meeting and any material interest of such member and beneficial owner, if any, in such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the text of the proposal or business (including the text of any resolutions proposed for consideration and, in
the event that such proposal or business includes a proposal to amend these articles, the text of the proposed amendment); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a description of all agreements, arrangements and understandings between such member and beneficial owner, if
any, and any other person or persons (including their names) in connection with the proposal of such business by such member.

81. As to each person, if any, whom the member proposes to nominate for election or re-election to the Board, a member's notice must, in addition to the matters set forth in article 79 above, also set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all information relating to such person that would be required to be disclosed in a proxy statement or other
filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder (including such
person's written consent to being named in the proxy statement as a nominee and to serving as a director if elected); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a description of all direct and indirect compensation and other material monetary agreements, arrangements and
understandings during the past three (3) years, and any other material relationships, between or among such member and beneficial owner, if any, and their respective affiliates and associates, or others acting in concert therewith, on the one
hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item
404 promulgated under Regulation S-K under the Exchange Act if the member making the nomination and any beneficial owner on whose behalf the nomination is made, if any, or any affiliate or associate thereof or
person acting in concert therewith, were the "**registrant**" for purposes of such rule and the nominee were a director or executive officer of such registrant.

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82. With respect to each person, if any, whom the member proposes to nominate for election or re-election to the Board, a member's notice must, in addition to the matters set forth in articles 79 and 81 above, also include a completed and signed questionnaire, representation and agreement required by
article 85 of these articles. The Company may require any proposed nominee to furnish such other information as may reasonably be required by the Company to determine the eligibility of such proposed nominee to serve as an independent director of
the Company or that could be material to a reasonable member's understanding of the independence, or lack thereof, of such nominee.

83. Notwithstanding the provisions of these articles, a member shall also comply with all applicable requirements
of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in articles 71-85; provided, however, that any references in these articles to the Exchange Act or the rules promulgated thereunder are not intended
to and shall not limit the separate and additional requirements set forth in these articles with respect to nominations or proposals as to any other business to be considered pursuant to articles 51-56. Any member directly or indirectly soliciting
proxies from other members must use a proxy card colour other than white; white proxy cards shall be reserved for exclusive use by the Board.

84. Nothing in these articles shall be deemed to affect any rights (i) of members to request inclusion of
proposals in the Company's proxy statement pursuant to Rule 14a-8 under the Exchange Act or (ii) of members of the Company to bring business before an extraordinary general meeting pursuant to the
valid exercise of power granted to them under the Acts. Subject to Rule 14a-8 under the Exchange Act, nothing in these articles shall be construed to permit any member, or give any member the right, to include
or have disseminated or described in the Company's proxy statement any nomination of director or directors or any other business proposal.

85. Subject to the rights of members of the Company to propose nominations at an extraordinary general meeting
pursuant to the valid exercise of power granted to them under the Acts, to be eligible to be a nominee for election or re-election as a director of the Company, a person must deliver (in accordance with the
time periods prescribed for delivery of notice under articles 71 – 84) to the Secretary at the Office a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on
whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request), and a written representation and agreement (in the form provided by the Secretary upon written request) that such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not and will not become a party to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person
or entity as to how such person, if elected as a director of the Company, will act or vote on any issue or question (a "**Voting Commitment**") that has not been disclosed to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a
director of the Company, with such person's fiduciary duties under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not and will not become a party to any agreement, arrangement or understanding with any person or entity
other than the Company with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director that has not been disclosed therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination
is being made, would be in compliance, if elected as a director of the Company, and will comply with all applicable corporate governance, conflict of interest, confidentiality and share ownership and trading policies and guidelines of the Company
publicly disclosed from time to time.

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**VOTES OF MEMBERS** 

86. Subject to any special rights or restrictions as to voting for the time being attached by or in accordance with
these articles to any class of shares, on a poll every member who is present in person or by proxy shall have one vote for each share of which he or she is the Holder.

87. When there are joint Holders, the vote of the senior who tenders a vote, whether in person or by proxy, shall
be accepted to the exclusion of the votes of the other joint Holders; and for this purpose, seniority shall be determined by the order in which the names stand in the Register.

88. A member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction
(whether in Ireland or elsewhere) in matters concerning mental disorder, may vote, by his or her committee, receiver, guardian or other person appointed by that court and any such committee, receiver, guardian or other person may vote by proxy.
Evidence to the satisfaction of the Directors of the authority of the person claiming to exercise the right to vote shall be received at the Office, or at such other address as is specified in accordance with these articles for the receipt of
appointments of proxy, not less than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting at which the right to vote is to be exercised and in default the right to vote shall not be exercisable. The
terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 88 are disapplied.

89. No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at
which the vote objected to is given or tendered, and every vote not disallowed at such meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the Chairperson of the meeting, whose decision shall be final
and conclusive.

90. Votes may be given either personally or by proxy.

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| | |
|:---|:---|
| 91. (a) | Every member entitled to attend and vote at a general meeting may appoint a proxy to attend, speak and vote on his or her behalf and may appoint more than one proxy to attend, speak and vote at the same meeting. The appointment of a proxy shall be in any form which the Directors may approve, subject to compliance with any requirements as to form prescribed by the Acts and the Exchange Act, and shall be signed by or on behalf of the appointer. A body corporate must sign a form of proxy under its common seal (if applicable) or under the hand of a duly authorised officer or attorney thereof. A proxy need not be a member of the Company. The appointment of a proxy in electronic or other form shall only be effective in such manner as the Directors may approve, subject to any requirements of the Acts. An instrument or other form of communication appointing or evidencing the appointment of a proxy or a corporate representative (other than a standing proxy or representative) together with such evidence as to its due execution as the Directors may from time to time require, shall be returned to the address or addresses stated in the notice of meeting or adjourned meeting or any other information or communication by such time or times as may be specified in the notice of meeting or adjourned meeting or in any other such information or communication (which times may differ when more than one place is so specified) or, if no such time is specified, at any time prior to the holding of the relevant meeting or adjourned meeting at which the appointee proposes to vote, and, subject to the Acts, if not so delivered the appointment shall not be treated as valid.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, the Directors may from time to time permit appointments of a proxy to be made
by means of an electronic or internet communication or facility and may in a similar manner permit supplements to, or amendments or revocations of, any such electronic or internet communication or facility to be made. For the avoidance of doubt,
such appointments of proxy as made by electronic or internet communication or facility as permitted by the Directors will be deemed to be deposited at the place specified for such purpose once received by the Company. The Directors may in addition
prescribe the method of determining the time at which any such electronic or internet communication or facility is to be treated as deposited at the place specified for such purpose. The Directors may treat any such electronic or internet
communication or facility which purports to be or is expressed to be sent on behalf of a Holder of a share as sufficient evidence of the authority of the person sending that instruction to send it on behalf of that Holder.

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92. A body corporate which is a member of the Company may authorise such person as it thinks fit to act as its
representative at any meeting of the Company or of any class of members of the Company and the person so authorised shall be entitled to exercise the same powers on behalf of the body corporate which he or she represents as that body corporate could
exercise if it were an individual member of the Company. The Company may require evidence from the body corporate of the due authorisation of such person to act as the representative of the relevant body corporate.

93. An appointment of proxy relating to more than one meeting (including any adjournment thereof) having once been
received by the Company for the purposes of any meeting shall not require to be delivered, deposited or received again by the Company for the purposes of any subsequent meeting to which it relates.

94. Receipt by the Company of an appointment of proxy in respect of a meeting shall not preclude a member from
attending and voting at the meeting or at any adjournment thereof. An appointment proxy shall be valid, unless the contrary is stated therein, as well for any adjournment of the meeting as for the meeting to which it relates.

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| | |
|:---|:---|
| 95. (a) | A vote given or poll demanded in accordance with the terms of an appointment of proxy or a resolution authorising a representative to act on behalf of a body corporate shall be valid notwithstanding the death or insanity of the principal, or the revocation of the appointment of proxy or of the authority under which the proxy was appointed or of the resolution authorising the representative to act or transfer of the share in respect of which the proxy was appointed or the authorisation of the representative to act was given, provided that no intimation in writing (whether in electronic form or otherwise) of such death, insanity, revocation or transfer shall have been received by the Company at the Office, before the commencement of the meeting or adjourned meeting at which the appointment of proxy is used or at which the representative acts; provided, however, that where such intimation is given in electronic form it shall have been received by the Company at least twenty-four (24) hours (or such lesser time as the Directors may specify) before the commencement of the meeting.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may send, at the expense of the Company, by post, electronic mail or otherwise, to the members
forms for the appointment of a proxy (with or without stamped envelopes for their return) for use at any general meeting or at any class meeting, either in blank or nominating any one or more of the Directors or any other persons in the alternative.

96. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll.

**DIRECTORS** 

97. The number of Directors shall not be less than three (3) nor more than fifteen (15) with the exact
number to be determined from time to time solely by the Board at its discretion. The continuing Directors may act notwithstanding any vacancy in their body, provided that if the number of the Directors is reduced below the prescribed minimum the
remaining Director or Directors shall appoint forthwith an additional Director or additional Directors to make up such minimum or shall convene a general meeting of the Company for the purpose of making such appointment. If, at any annual general
meeting of the Company, the number of Directors is reduced below the prescribed minimum due to the failure of any Directors to be re-elected, then in those circumstances, the three Directors which receive the
highest number of votes in favour of re-election shall be re-elected and shall remain Directors until such time as additional Directors have been appointed to replace
them as Directors. If, at any annual general meeting of the Company, the number of Directors is reduced below the prescribed minimum in any circumstances where one Director is re-elected, then that Director
shall hold office until the next annual general meeting and the Director which (excluding the re-elected Director) receives the highest number of votes in favour of re-election shall be re-elected and shall remain a Director until such time as one or more additional Directors have been appointed to replace him or her. If there are
no Director or Directors able or willing to act then any two members may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed shall hold office (subject to the provisions of the Acts and these
articles) only until the conclusion of the annual general meeting of the Company next following such appointment unless he or she is re-elected during such meeting. The terms of any optional provisions of the
Act or any replacement enactment covering substantially the same subject matter as this article 97 are disapplied.

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98. Each Director, not being an employee, may be paid a fee for their services and each Director who is an employee
of the Company or the Group shall be paid remuneration (to include benefits in kind) for their employment. The fee or remuneration paid to each Director shall be at such rate and on such basis as may from time to time be determined by the Board. The
Directors may also be paid all travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the Directors or any committee of the Directors or general meetings of the Company or in connection with the
business of the Company. The amount, rate or basis of the fees, remuneration or expenses paid to the Directors shall not require approval or ratification by the Company in general meeting. The terms of any optional provisions of the Act or any
replacement enactment covering substantially the same subject matter as this article 98 are disapplied.

99. If any Director shall be called upon to perform extra services which in the opinion of the Directors are
outside the scope of the ordinary duties of a Director, the Company may remunerate such Director either by a fixed sum or by a percentage of profits or otherwise as may be determined by a resolution passed at a meeting of the Directors and such
remuneration may be either in addition to or in substitution for any other remuneration to which he or she may be entitled as a Director.

100. No shareholding qualification for Directors shall be required. A Director (whether or not a member of the
Company) shall be entitled to attend and speak at general meetings.

101. Unless the Company otherwise directs, a Director of the Company may be or become a Director or other officer
of, or otherwise interested in, any company promoted by the Company or in which the Company may be interested as Holder or otherwise, and no such Director shall be accountable to the Company for any remuneration or other benefits received by him as
a Director or officer of, or from his or her interest in, such other company.

**BORROWING POWERS** 

102. Subject to the Acts, the Directors may exercise all the powers of the Company to borrow or raise money, and to
mortgage or charge its undertaking, property, assets and uncalled capital or any part thereof and to issue debentures, debenture stock and other securities whether outright or as collateral security for any debt, liability or obligation of the
Company or of any third party, without any limitation as to amount.

**POWERS AND DUTIES OF THE DIRECTORS** 

103. The business of the Company shall be managed by the Directors, who may pay all expenses incurred in promoting
and registering the Company and may exercise all such powers of the Company as are not, by the Acts or by these articles, required to be exercised by the Company in general meeting, subject, nevertheless, to any of these articles and to the
provisions of the Acts. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as articles 103 to 113 are disapplied.

104. The Directors may from time to time and at any time by power of attorney appoint any company, firm or person or
body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the
Directors under these articles) and for such period and subject to such conditions as they may think fit, and any such power of attorney may contain such provisions for the protection of persons dealing with any such attorney as the Directors may
think fit, and may also authorise any such attorney to delegate all or any of the powers, authorities and discretions vested in him.

105. The Company may exercise the powers conferred by the Acts with regard to having an official seal for use abroad
and such powers shall be vested in the Directors.

106. A Director who is in any way, whether directly or indirectly, interested in a contract or proposed contract
with the Company shall declare the nature of his or her interest at a meeting of the Directors in accordance with the Acts.

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107. A Director may vote in respect of any contract, appointment or arrangement in which he or she is interested,
and he or she shall be counted in the quorum present at the meeting.

108. A Director may hold and be remunerated in respect of any other office or place of profit under the Company or
any other company in which the Company may be interested (other than the office of auditor of the Company or any subsidiary thereof) in conjunction with his or her office of Director for such period and on such terms as to remuneration and otherwise
as the Directors may determine, and no Director or intending Director shall be disqualified by his or her office from contracting or being interested, directly or indirectly, in any contract or arrangement with the Company or any such other company
either with regard to his or her tenure of any such other office or place of profit or as vendor, purchaser or otherwise nor shall any Director so contracting or being so interested be liable to account to the Company for any profits and advantages
accruing to him from any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established.

109. The Directors may exercise the voting powers conferred by shares of any other company held or owned by the
Company in such manner in all respects as they think fit and in particular they may exercise their voting powers in favour of any resolution appointing the Directors or any of them as Directors or officers of such other company or providing for the
payment of remuneration or pensions to the Directors or officers of such other company.

110. Any Director may act by himself or his or her firm in a professional capacity for the Company, and he or she or
his or her firm shall be entitled to remuneration for professional services as if he or she were not a Director, but nothing herein contained shall authorise a Director or his or her firm to act as auditor to the Company.

111. All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for
money paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, by such person or persons and in such manner as the Directors shall from time to time by resolution determine.

112. The Directors shall cause minutes to be made in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the names of the Directors present at each meeting of the Directors and of any committee of the Directors;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of all resolutions and proceedings at all meetings of the Company and of the Directors and of committees of
Directors.

113. The Directors may procure the establishment and maintenance of or participate in, or contribute to any non-contributory or contributory pension or superannuation fund, scheme or arrangement or life assurance scheme or arrangement for the benefit of, and pay, provide for or procure the grant of donations, gratuities,
pensions, allowances, benefits or emoluments to any persons (including Directors or other officers) who are or shall have been at any time in the employment or service of the Company or of any company which is or was a subsidiary of the Company or
of the predecessor in business of the Company or any such subsidiary or holding Company and the spouses, widows, families, relatives or dependants of any such persons. The Directors may also procure the establishment and subsidy of or subscription
to and support of any institutions, associations, clubs, funds or trusts calculated to be for the benefit of any such persons as aforesaid or otherwise to advance the interests and wellbeing of the Company or of any such other Company as aforesaid,
or its members, and payments for or towards the insurance of any such persons as aforesaid and subscriptions or guarantees of money for charitable or benevolent objects or for any exhibition or for any public, general or useful object. Provided that
any Director shall be entitled to retain any benefit received by him under this article, subject only, where the Acts require, to disclosure to the members and the approval of the Company in general meeting.

**DISQUALIFICATION OF DIRECTORS** 

114. The office of a Director shall be vacated ipso facto if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is restricted or disqualified to act as a Director under the Acts; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) resigns his or her office by notice in writing to the Company or in writing offers to resign and the Directors
resolve to accept such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is removed from office under article 117.

The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 114 are disapplied.

**APPOINTMENT, ROTATION AND REMOVAL OF DIRECTORS** 

115. The Directors shall be divided into three classes, designated Class I, Class II and Class III.
The initial division of the Board into classes shall be made by the decision of the affirmative vote of a majority of the Directors in office and each class need not be of equal size or number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The term of the initial Class I directors shall terminate at the conclusion of the Company's first
annual general meeting of the Company in respect of which a proxy statement is issued pursuant to Section 14(a) of the Exchange Act; the term of the initial Class II directors shall terminate on the conclusion of the Company's second
annual general meeting of the Company in respect of which a proxy statement is issued pursuant to Section 14(a) of the Exchange Act; and the term of the initial Class III directors shall terminate on the conclusion of the Company's
third annual general meeting of the Company in respect of which a proxy statement is issued pursuant to Section 14(a) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At each annual general meeting of the Company beginning with the Company's first annual general meeting of
the Company in respect of which a proxy statement is issued pursuant to Section 14(a) of the Exchange Act, all of the Directors of the class of directors whose term expires on the conclusion of that annual general meeting shall retire from
office, unless re-elected, and successors to that class of directors shall be elected for a three-year term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The resolution appointing any Director must designate the Director as a Class I, Class II or
Class III Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Every Director of the class retiring shall be eligible to stand for re-election at an annual general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the number of Directors is changed, any increase or decrease shall be apportioned among the classes so as to
maintain the number of Directors in each class as nearly equal as possible or as the Chairperson may otherwise direct. In no case will a decrease in the number of Directors shorten the term of any incumbent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Director shall hold office until the conclusion of the annual general meeting for the year in which his or
her term expires and until his or her successor shall be elected and shall qualify, subject however, to prior death, resignation, retirement, disqualification or removal from office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any vacancy on the Board, including a vacancy that results from an increase in the number of directors or from
the death, resignation, retirement, disqualification or removal of a Director, shall be deemed a casual vacancy. Subject to the terms of any one or more classes or series of preferred shares, any casual vacancy shall only be filled by the decision
of a majority of the Board then in office, provided that a quorum is present and provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with these articles as the maximum number of
Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any Director of such class elected to fill a vacancy shall hold office for a term that shall coincide with the
remaining term of that class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Director retiring at a meeting shall, unless otherwise determined by the Board, retain office until the close
or adjournment of the meeting.

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116. Each of the Director nominees shall be voted upon as a separate resolution and the Directors shall be elected
by a plurality of the votes of the shares present in person or represented by proxy at any such meeting and entitled to vote on the election of Directors.

117. The Company may from time to time increase or reduce the minimum or maximum number of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by Special Resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Directors have made a recommendation to the shareholders to increase or reduce the minimum or maximum
number of Directors, only an Ordinary Resolution is required.

118. The Company may, by Ordinary Resolution, of which extended notice has been given in accordance with the Acts,
remove any Director before the expiration of his or her period of office notwithstanding anything in these articles or in any agreement between the Company and such Director. Such removal shall be without prejudice to any claim such Director may
have for damages for breach of any contract of service between him and the Company. Section 144(3)(e) of the Act shall not apply in the case of any Director removed pursuant to this article.

119. The Directors may appoint a person who is willing to act to be a Director, either to fill a vacancy (in
accordance with article 115(g)) or as an additional Director, provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with these articles as the maximum number of Directors. A Director so
appointed shall hold office for a term that shall coincide with the remaining term of the class of that Director.

120. The Directors are not entitled to appoint alternate directors and the terms of any optional provisions of the
Act or any replacement enactment covering substantially the same subject matter as this article 120 are disapplied.

121. The Directors may appoint any person to fill the following positions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Chairperson of the Board:

If the Directors have elected a Director to be the Chairperson, the Chairperson shall preside at all meetings of the Board and, if the Directors so elect, at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vice-Chairperson:

If the Directors have elected a Director to be the Vice-Chairperson, the Vice-Chairperson shall have such duties as the Chairperson of the Board shall, from time to time, determine and shall, unless the Directors determine otherwise, fulfil the role of the Chairperson of the Board in the temporary absence or incapacity of the Chairperson of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Secretary:

It shall be the duty of the Secretary to make and keep records of the votes, doings and proceedings of all meetings of the members and Board of the Company, and of its committees, and to authenticate records of the Company. The Secretary shall be appointed by the Directors for such term, at such remuneration and upon such conditions as they may think fit; and any Secretary so appointed may be removed by them.

A provision of the Acts or these articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as, or in place of, the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Assistant Secretaries:

The Assistant Secretaries shall have such duties as the Secretary and/or the Board shall determine. Any Assistant Secretary shall be appointed by the Secretary and/or the Directors for such term, at such remuneration and upon such conditions as they may think fit; and any Assistant Secretary so appointed may be removed by them.

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The powers and duties of all such officers are at all times subject to the control of the Directors, and any such officer may be removed at any time at the pleasure of the Board.

In addition to the Board's power to delegate to committees pursuant to article 126, the Board may delegate any of its powers to any individual Director or member of the management of the Company or any of its subsidiaries as it sees fit; any such individual shall, in the exercise of the powers so delegated, conform to any regulations that may be imposed on them by the Board.

**PROCEEDINGS OF DIRECTORS** 

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| | |
|:---|:---|
| 122. (a) | The Directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they may think fit. The quorum necessary for the transaction of the business of the Directors shall be a majority of the Directors in office at the time when the meeting is convened. Questions arising at any meeting shall be decided by a majority of the Directors present. Each director present and voting shall have one vote. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 122 are disapplied.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Director may participate in a meeting of the Directors by means of telephonic or other such communication
whereby all persons participating in the meeting can hear each other speak, and participation in a meeting in this manner shall be deemed to constitute presence in person at such meeting and any director may be situated in any part of the world for
any such meeting.

123. The Chairperson of the Board or any two of the Directors may, and the Secretary on the requisition of the
Chairperson of the Board or any two of the Directors shall, at any time summon a meeting of the Directors. Any provision of an enactment permitting the Secretary to summon a meeting of the Directors on the requisition of a Director acting alone
shall not apply to the Company.

124. The continuing Directors may act notwithstanding any vacancy in their number but, if and so long as their
number is reduced below the number fixed by or pursuant to these articles as the minimum number of Directors, the continuing Directors or Director may act for the purpose of increasing the number of Directors to that number or of summoning a general
meeting of the Company but for no other purpose.

125. The Directors may elect a Chairperson of their meetings and determine the period for which he or she is to hold
office. Any Director may be elected no matter by whom he or she was appointed but if no such Chairperson is elected, or if at any meeting the Chairperson is not present within fifteen (15) minutes after the time appointed for holding the same,
the Directors present may choose one of their number to be Chairperson of the meeting. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 125 are disapplied.

126. The Board may from time to time designate committees of the Board, with such powers and duties as the Board may
decide to confer on such committees, and shall, for those committees and any others provided for herein, elect a director or directors to serve as the member or members, designating, if it desires, other directors as alternate members who may
replace any absent or disqualified member at any meeting of the committee. Adequate provision shall be made for notice to members of all meetings; a majority of the members shall constitute a quorum unless the committee shall consist of one or two
members, in which event one member shall constitute a quorum; and all matters shall be determined by a majority vote of the members present. Action may be taken by any committee without a meeting if all members thereof consent thereto in writing,
and the writing or writings are filed with the minutes of the proceedings of such committees.

127. A committee may elect a Chairperson of its meeting. If no such Chairperson is elected, or if at any meeting the
Chairperson is not present within fifteen (15) minutes after the time appointed for holding the same, the members present may choose one of their number to be Chairperson of the meeting.

128. All acts done by any meeting of the Directors or of a committee of Directors or by any person acting as a
Director shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such Director or person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such person had
been duly appointed and was qualified to be a Director.

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129. Notwithstanding anything in these articles or in the Acts which might be construed as providing to the
contrary, notice of every meeting of the Directors shall be given to all Directors either by mail not less than forty-eight (48) hours before the date of the meeting, by telephone, email, or any other electronic means on not less than
twenty-four (24) hours' notice, or on such shorter notice as person or persons calling such meeting may deem necessary or appropriate and which is reasonable in the circumstances. Any director may waive any notice required to be given
under these articles, and the attendance of a director at a meeting shall be deemed to be a waiver by such Director.

130. A resolution or other document in writing (in electronic form or otherwise) signed (whether by electronic
signature, advanced electronic signature or otherwise as approved by the Directors) by (a) all of the Directors entitled to receive notice of a meeting of Directors or of a committee of Directors or (b) a majority of the Directors where
notice in accordance with article 129 of the resolution or other document in writing has been given to all Directors entitled to receive notice of a meeting of Directors or of a committee of Directors, shall be as valid as if it had been passed at a
meeting of Directors or (as the case may be) a committee of Directors duly convened and held, and may consist of several documents in the like form each signed by one or more Directors, and such resolution or other document or documents when duly
signed may be delivered or transmitted (unless the Directors shall otherwise determine either generally or in any specific case) by facsimile transmission, electronic mail or some other similar means of transmitting the contents of documents. The
terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 130 are disapplied.

**THE SEAL** 

131. Any seal of the Company shall be used only by the authority of the Directors, a committee authorised by the
Directors to exercise such authority or by any one or more persons severally or jointly so authorised by the Directors or such a committee, and the use of the seal shall be deemed to be authorised for these purposes where the matter or transaction
pursuant to which the seal is to be used has been so authorised.

132. Any instrument to which a Company's seal shall be affixed shall be signed by any one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any person authorised to sign by (i) the Directors or (ii) a committee,

and the countersignature of a second such person shall not be required, provided however that in respect of certificates under the seal for shares, debentures or other securities of the Company no such signatures shall be required and the Directors shall make such regulations as they think fit regarding procedures to be followed in respect of the sealing of such certificates.

133. The Company may have one or more duplicate common seals or official seals for use in different locations
including for use abroad.

**DIVIDENDS AND RESERVES** 

134. The Company in general meeting may declare dividends, but no dividends shall exceed the amount recommended by
the Directors. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as articles 134 to 143.

135. The Directors may from time to time pay to the members such interim dividends as appear to the Directors to be
justified by the profits of the Company.

136. No dividend or interim dividend shall be paid otherwise than in accordance with the provisions of the Acts.

137. The Directors may, before recommending any dividend, set aside out of the profits of the Company such sums as
they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for any purpose to which the profits of the Company may be properly applied and pending such application may at the like discretion either be
employed in the business of the Company or be held as cash or cash equivalents or be invested in such investments as the Directors may lawfully determine. The Directors may also, without placing the same to reserve, carry forward any profits which
they may think it prudent not to distribute.

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138. Subject to the rights of persons, if any, entitled to shares with special rights as to dividend, all dividends
shall be declared and paid according to the amounts paid or credited as paid on the shares in respect whereof the dividend is paid. All dividends shall be apportioned and paid proportionately to the amounts paid or credited as paid on the shares
during any portion or portions of the period in respect of which the dividend is paid; but if any share is issued on terms providing that it shall rank for dividend as from a particular date, such share shall rank for dividend accordingly.

139. The Directors may deduct from any dividend payable to any member all sums of money (if any) immediately payable
by him to the Company in relation to the shares of the Company.

140. Any general meeting declaring a dividend or bonus and any resolution of the Directors declaring an interim
dividend may direct payment of such dividend or bonus or interim dividend wholly or partly by the distribution of specific assets and in particular of paid up shares, debentures or debenture stocks of any other company or in any one or more of such
ways, and the Directors shall give effect to such resolution, and where any difficulty arises in regard to such distribution, the Directors may settle the same as they think expedient, and in particular may fix the value for distribution of such
specific assets or any part thereof and may determine that cash payments shall be made to any members upon the footing of the value so fixed, in order to adjust the rights of all the parties, and may vest any such specific assets in trustees as may
seem expedient to the Directors.

141. Any dividend or other moneys payable in respect of any share may be paid by cheque or warrant sent by post, at
the risk of the person or persons entitled thereto, to the registered address of the Holder or, where there are joint Holders, to the registered address of that one of the joint Holders who is first named on the members Register or to such person
and to such address as the Holder or joint Holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent and payment of the cheque or warrant shall be a good discharge to the Company.
Any joint Holder or other person jointly entitled to a share as aforesaid may give receipts for any dividend or other moneys payable in respect of the share. Any such dividend or other distribution may also be paid by any other method (including
payment in a currency other than US$, electronic funds transfer, direct debit, bank transfer or by means of a relevant system) which the Directors consider appropriate and any member who elects for such method of payment shall be deemed to have
accepted all of the risks inherent therein. The debiting of the Company's account in respect of the relevant amount shall be evidence of good discharge of the Company's obligations in respect of any payment made by any such methods.

142. No dividend shall bear interest against the Company.

143. If the Directors so resolve, any dividend which has remained unclaimed for twelve (12) years from the date
of its declaration shall be forfeited and cease to remain owing by the Company. The payment by the Directors of any unclaimed dividend or other moneys payable in respect of a share into a separate account shall not constitute the Company a trustee
in respect thereof.

**ACCOUNTS** 

144. (a) The Company shall cause to be kept accounting records, whether in the form of documents, electronic form or otherwise, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) correctly record and explain the transactions of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will at any time enable the financial position of the Company to be determined with reasonable accuracy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will enable the Directors to ensure that any balance sheet, profit and loss account or income and expenditure
account of the Company complies with the requirements of the Acts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) will enable the accounts of the Company to be readily and properly audited.

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Books of account shall be kept on a continuous and consistent basis and entries therein shall be made in a timely manner and be consistent from year to year. Accounting records shall not be deemed to be kept if there are not kept such accounting records as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions.

The Company may send by post, electronic mail or any other means of electronic communication a summary financial statement to its members or persons nominated by any member. The Company may meet, but shall be under no obligation to meet, any request from any of its members to be sent additional copies of its full report and accounts or summary financial statement or other communications with its members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The books of account shall be kept at the Office or, subject to the provisions of the Acts, at such other place
as the Directors think fit and shall be open at all reasonable times to the inspection of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In accordance with the provisions of the Acts, the Directors shall cause to be prepared and to be laid before
the annual general meeting of the Company from time to time such profit and loss accounts, balance sheets, group accounts and reports as are required by the Acts to be prepared and laid before such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of every balance sheet (including every document required by law to be annexed thereto) which is to be
laid before the annual general meeting of the Company together with a copy of the Directors' report and auditors' report shall be sent by post, electronic mail or any other means of communication (electronic or otherwise), not less than twenty-one (21) Clear Days before the date of the annual general meeting, to every person entitled under the provisions of the Acts to receive them; provided that in the case of those documents sent by
electronic mail or any other means of electronic communication, such documents shall be sent with the consent of the recipient, to the address of the recipient notified to the Company by the recipient for such purposes.

145. The Directors shall determine from time to time whether and to what extent and at what times and places and
under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of members, not being Directors, and no member (not being a Director) shall have any right of inspecting any account or book or
document of the Company except as conferred by the Acts or authorised by the Directors or by the Company in general meeting. No member shall be entitled to require discovery of or any information respecting any detail of the Company's trading,
or any matter which is or may be in the nature of a trade secret, mystery of trade, or secret process which may relate to the conduct of the business of the Company and which in the opinion of the Directors it would be inexpedient in the interests
of the members of the Company to communicate to the public.

**CAPITALISATION OF PROFITS** 

146. Without prejudice to any powers conferred on the Directors as aforesaid and subject to the Directors'
authority to issue and allot shares under article 14(a), the Directors may resolve to capitalise any part of the amount for the time being standing to the credit of any of the Company's reserve accounts (including, but not limited to, any
capital redemption reserve fund, share premium account or other reserve account not available for distribution) or to the credit of the profit and loss account which is not available for distribution by applying such sum in paying up in full
unissued shares to be allotted as fully paid bonus shares to those members of the Company who would have been entitled to that sum if it were distributable and had been distributed by way of dividend (and in the same proportions). Whenever such a
resolution is passed in pursuance of this article, the Directors shall make all appropriations and applications of the amounts resolved to be capitalised thereby and all allotments and issues of fully paid shares or debentures, if any. Any such
capitalisation will not require approval or ratification by the members of the Company. The terms of any optional provisions of the Act or any replacement enactment covering substantially the same subject matter as this article 146 are disapplied.

147. Without prejudice to any powers conferred on the Directors by these articles, and subject to the
Directors' authority to issue and allot shares under article 14(a), the Directors may resolve that any sum for the time being standing to the credit of any of the Company's reserve accounts (including any reserve account available for
distribution) or to the credit of the profit and loss account be capitalised and applied on

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behalf of the members who would have been entitled to receive that sum if it had been distributed by way of dividend (and in the same proportions) either in or towards paying up amounts for the time being unpaid on any shares held by them respectively, or in paying up in full unissued shares or debentures of the Company of a nominal amount equal to the sum capitalised (such shares or debentures to be allotted and distributed and credited as fully paid up to and amongst such Holders in the proportions aforesaid) or partly in one way and partly in another, so, however, that the only purposes for which sums standing to the credit of the capital redemption reserve fund or the share premium account shall be applied shall be those permitted by the Acts.

148. The Directors may from time to time at their discretion, subject to the provisions of the Acts and, in
particular, to their being duly authorised pursuant to the Acts, to allot the relevant shares, offer to the Holders of Ordinary Shares the right to elect to receive in lieu of any dividend or proposed dividend or part thereof an allotment of
additional Ordinary Shares credited as fully paid. In any such case the following provisions shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The basis of allotment shall be determined by the Directors so that, as nearly as may be considered convenient
in the Directors' absolute discretion, the value (calculated by reference to the average quotation) of the additional Ordinary Shares (excluding any fractional entitlement) to be allotted in lieu of any amount of dividend shall equal such
amount. For such purpose the "**average quotation**" of an Ordinary Share shall be the average of the five amounts resulting from determining whichever of the following (paragraphs (i), (ii) or (iii) specified below) in respect of
Ordinary Shares shall be appropriate for each of the first five (5) business days on which Ordinary Shares are quoted "**ex**" the relevant dividend and as determined from the information published by the Exchange reporting the
business done on each of these five (5) business days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if there shall be more than one dealing reported for the day, the average of the prices at which such dealings
took place; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there shall be only one dealing reported for the day, the price at which such dealing took place; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if there shall not be any dealing reported for the day, the average of the closing bid and offer prices for the
day;

and if there shall be only a bid (but not an offer) or an offer (but not a bid) price reported, or if there shall not be any bid or offer price reported, for any particular day then that day shall not count as one of the said five (5) business days for the purposes of determining the average quotation. If the means of providing the foregoing information as to dealings and prices by reference to which the average quotation is to be determined is altered or is replaced by some other means, then the average quotation shall be determined on the basis of the equivalent information published by the relevant authority in relation to dealings on the Exchange or its equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors shall give notice in writing (whether in electronic form or otherwise) to the Holders of Ordinary
Shares of the right of election offered to them and shall send with or following such notice forms of election and specify the procedure to be followed and the place at which, and the latest date and time by which, duly completed forms of election
must be lodged in order to be effective. The Directors may also issue forms under which Holders may elect in advance to receive new Ordinary Shares instead of dividends in respect of future dividends not yet declared (and, therefore, in respect of
which the basis of allotment shall not yet have been determined).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The dividend (or that part of the dividend in respect of which a right of election has been offered) shall not
be payable on Ordinary Shares in respect of which the right of election as aforesaid has been duly exercised (the "**Subject Ordinary Shares**") and in lieu thereof additional Ordinary Shares (but not any fraction of a share) shall be
allotted to the Holders of the Subject Ordinary Shares on the basis of allotment determined aforesaid and for such purpose the Directors shall capitalise, out of such of the sums standing to the credit of any of the Company's reserves
(including any capital redemption reserve fund or share premium account) or to the

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credit of the profit and loss account as the Directors may determine, a sum equal to the aggregate nominal amount of additional Ordinary Shares to be allotted on such basis and apply the same in paying up in full the appropriate number of unissued Ordinary Shares for allotment and distribution to and amongst the Holders of the Subject Ordinary Shares on such basis.

149. (a) The additional Ordinary Shares allotted pursuant to articles 146, 147 or 148 shall rank *pari passu* in all respects with the fully paid Ordinary Shares then in issue save only as regards participation in the relevant dividend or share election in lieu.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may do all acts and things considered necessary or expedient to give effect to any capitalisation
pursuant to articles 146, 147 or 148 with full power to the Directors to make such provisions as they think fit where shares would otherwise have been distributable in fractions (including provisions whereby, in whole or in part, fractional
entitlements are disregarded and the benefit of fractional entitlements accrues to the Company rather than to the Holders concerned). The Directors may authorise any person to enter on behalf of all the Holders interested into an agreement with the
Company providing for such capitalisation and matters incidental thereto and any agreement made under such authority shall be effective and binding on all concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Directors may on any occasion determine that rights of election shall not be offered to any Holders of
Ordinary Shares who are citizens or residents of any territory where the making or publication of an offer of rights of election or any exercise of rights of election or any purported acceptance of the same would or might be unlawful, and in such
event the provisions aforesaid shall be read and construed subject to such determination.

**AUDIT** 

150. Statutory auditors shall be appointed and their duties regulated in accordance with the Acts.

**NOTICES** 

151. Any notice to be given, served, sent or delivered pursuant to these articles shall be in writing (whether in
electronic form or otherwise).

152. (a) A notice or document to be given, served, sent or delivered in pursuance of these articles may be given to, served on or delivered to any member by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by handing same to him or his or her authorised agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by leaving the same at his or her registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by sending the same by the post in a pre-paid cover addressed to him at
his or her registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by sending, with the consent of the member, the same by means of electronic mail or other means of electronic
communication approved by the Directors, with the consent of the member, to the address of the member notified to the Company by the member for such purpose (or if not so notified, then to the address of the member last known to the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) by publication of an electronic record of it on a website and notification of such publication (which shall
include the address of the website, the place on the website where the document may be found, and how the document may be accessed on the website) by any of the methods set out in paragraphs (i) to (iv) of this article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of these articles and the Act, a document shall be deemed to have been sent to a member if a
notice is given, served, sent or delivered to the member and the notice specifies the website or hotlink or other electronic link at or through which the member may obtain a copy of the relevant document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where a notice or document is given, served or delivered pursuant to sub-paragraph (a)(i) or (ii) of this article, the giving, service or delivery thereof shall be deemed to have been effected at the time the same was handed to the member or his or her authorised agent, or
left at his or her registered address (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where a notice or document is given, served or delivered pursuant to sub-paragraph (a)(iii) of this article, the giving, service or delivery thereof shall be deemed to have been effected at the expiration of twenty-four (24) hours after the cover containing it was posted.
In proving service or delivery it shall be sufficient to prove that such cover was properly addressed, stamped and posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Where a notice or document is given, served or delivered pursuant to sub-paragraph (a)(iv) of this article, the giving, service or delivery thereof shall be deemed to have been effected at the expiration of forty-eight (48) hours after despatch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any notice to be given, served, sent or delivered pursuant to these articles shall be treated as sent to a
person not less than twenty-one (21) Clear Days before the date of a meeting if the documents are published on the website throughout a period beginning at least twenty-one (21) days before the date of the meeting and ending with the conclusion of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every legal personal representative, committee, receiver, *curator bonis* or other legal curator, assignee
in bankruptcy, examiner or liquidator of a member shall be bound by a notice given as aforesaid if sent to the last registered address of such member, or, in the event of notice given or delivered pursuant to sub-paragraph (a)(iv), if sent to the address notified by the Company by the member for such purpose notwithstanding that the Company may have notice of the death, mental incapacity, bankruptcy, liquidation or
disability of such member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything contained in this article the Company shall not be obliged to take account of or make
any investigations as to the existence of any suspension or curtailment of postal services within or in relation to all or any part of any jurisdiction or other area other than Ireland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any requirement in these articles for the consent of a member in regard to the receipt by such member of
electronic mail or other means of electronic communications approved by the Directors, including the receipt of the Company's audited accounts and the reports of the Directors and the statutory auditors thereon, shall be deemed to have been
satisfied where the Company has written to the member informing him/her of its intention to use electronic communications for such purposes and the member has not, within four weeks of the issue of such notice, served an objection in writing on the
Company to such proposal. Where a member has given, or is deemed to have given, his/her consent to the receipt by such member of electronic mail or other means of electronic communications approved by the Directors, he/she may revoke such consent at
any time by requesting the Company to communicate with him/her in documented form; provided, however, that such revocation shall not take effect until five (5) days after written notice of the revocation is received by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Without prejudice to the provisions of sub-paragraphs (a)(i) and
(a)(ii) of this article, if at any time by reason of the suspension or curtailment of postal services in any territory, the Company is unable effectively to convene a general meeting by notices sent through the post, a general meeting may be
convened by a public announcement and such notice shall be deemed to have been duly served on all members entitled thereto at noon on the day on which the said public announcement is made. In any such case the Company shall put a full copy of the
notice of the general meeting on its website.

153. A notice may be given by the Company to the joint Holders of a share by giving the notice to the joint Holder
whose name stands first in the Register in respect of the share and notice so given shall be sufficient notice to all the joint Holders.

154. (a) Every person who becomes entitled to a share shall before his or her name is entered in the Register in respect of the share, be bound by any notice in respect of that share which has been duly given to a person from whom he or she derives his or her title.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A notice may be given by the Company to the persons entitled to a share in consequence of the death or
bankruptcy of a member by sending or delivering it, in any manner authorised by these articles for the giving of notice to a member, addressed to them at the address, if any, supplied by them for that purpose. Until such an address has been
supplied, a notice may be given in any manner in which it might have been given if the death or bankruptcy had not occurred.

155. The signature (whether electronic signature, an advanced electronic signature or otherwise) to any notice to be
given by the Company may be written (in electronic form or otherwise) or printed.

156. A member present, either in person or by proxy, at any meeting of the Company or the Holders of any class of
shares in the Company shall be deemed to have received notice of the meeting and, where requisite, of the purposes for which it was called.

**WINDING UP** 

157. If the Company shall be wound up and the assets available for distribution among the members as such shall be
insufficient to repay the whole of the paid up or credited as paid up share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the members in proportion to the capital paid up or credited as paid up
at the commencement of the winding up on the shares held by them respectively. And if in a winding up the assets available for distribution among the members shall be more than sufficient to repay the whole of the share capital paid up or credited
as paid up at the commencement of the winding up, the excess shall be distributed among the members in proportion to the capital at the commencement of the winding up paid up or credited as paid up on the said shares held by them respectively.
Provided that this article shall not affect the rights of the Holders of shares issued upon special terms and conditions.

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|:---|:---|
| 158. (a) | In case of a sale by the liquidator under section 260 of the Act, the liquidator may by the contract of sale agree so as to bind all the members for the allotment to the members directly of the proceeds of sale in proportion to their respective interests in the Company and may further by the contract limit a time at the expiration of which obligations or shares not accepted or required to be sold shall be deemed to have been irrevocably refused and be at the disposal of the Company, but so that nothing herein contained shall be taken to diminish, prejudice or affect the rights of dissenting members conferred by the said section.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The power of sale of the liquidator shall include a power to sell wholly or partially for debentures, debenture
stock, or other obligations of another company, either then already constituted or about to be constituted for the purpose of carrying out the sale.

159. If the Company is wound up, the liquidator, with the sanction of a Special Resolution and any other sanction
required by the Acts, may divide among the members in specie or kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not), and, for such purpose, may value any assets and determine how
the division shall be carried out as between the members or different classes of members. The liquidator, with the like sanction, may vest the whole or any part of such assets in trustees upon such trusts for the benefit of the contributories as,
with the like sanction, he or she determines, but so that no member shall be compelled to accept any assets upon which there is a liability.

**INDEMNITY** 

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| | |
|:---|:---|
| 160. (a) | Subject to the provisions of and so far as may be admitted by the Acts, every Director and the Secretary of the Company shall be entitled to be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred by him in the execution and discharge of his or her duties or in relation thereto including any liability incurred by him in defending any proceedings, civil or criminal, which relate to anything done or omitted or alleged to have been done or omitted by him as an officer or employee of the Company and in which judgement is given in his or her favour (or the proceedings are otherwise disposed of without any finding or admission of any material breach of duty on his or her part) or in which he or she is acquitted or in connection with any application under any statute for relief from liability in respect of any such act or omission in which relief is granted to him by the Court.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors shall have power to purchase and maintain for any Director, the Secretary or any employees of the
Company or its subsidiaries insurance against any such liability as referred to in the Acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As far as is permissible under the Acts, the Company shall indemnify any current or former executive officer of
the Company (excluding any present or former Directors of the Company or Secretary of the Company), or any person who is serving or has served at the request of the Company as a director or executive officer of another company, joint venture, trust
or other enterprise, including any Company subsidiary (each individually, a "**Covered Person** "), against any expenses, including attorney's fees, judgements, fines, and amounts paid in settlement actually and reasonably incurred
by him or her in connection with any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, to which he or she was or is threatened to be made a party, or is otherwise involved (a
" **proceeding** "), by reason of the fact that he or she is or was a Covered Person; provided, however, that this provision shall not indemnify any Covered Person against any liability arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any fraud or dishonesty in the performance of such Covered Person's duty to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Covered Person's conscious, intentional or wilful breach of the obligation to act honestly and in
good faith with a view to the best interests of the Company.

Notwithstanding the preceding sentence, this section shall not extend to any matter which would render it void pursuant to the Acts or to any person holding the office of auditor in relation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of any threatened, pending or completed action, suit or proceeding by or in the name of the
Company, the Company shall indemnify each Covered Person against expenses, including attorneys' fees, actually and reasonably incurred in connection with the defence or the settlement thereof, except no indemnification shall be made in respect
of any claim, issue or matter as to which such person shall have been adjudged to be liable for fraud or dishonesty in the performance of his or her or her duty to the Company, or for conscious, intentional or wilful breach of his or her or her
obligation to act honestly and in good faith with a view to the best interests of the Company, unless and only to the extent that the High Court of Ireland or the court in which such action or suit was brought shall determine upon application that
despite the adjudication of liability, but in view of all the circumstances of the case, such Covered Person is fairly and reasonably entitled to indemnity for such expenses as the court shall deem proper. Notwithstanding the preceding sentence,
this section shall not extend to any matter which would render it void pursuant to the Acts or to any person holding the office of auditor in relation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any indemnification under this article (unless ordered by a court) shall be made by the Company only as
authorised in the specific case upon a determination that indemnification of the Covered Person is proper in the circumstances because such person has met the applicable standard of conduct set forth in this article. Such determination shall be made
by any person or persons having the authority to act on the matter on behalf of the Company. To the extent, however, that any Covered Person has been successful on the merits or otherwise in defence of any proceeding, or in defence of any claim,
issue or matter therein, such Covered Person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith, without necessity of authorisation in the specific case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As far as permissible under the Acts, expenses, including attorneys' fees, incurred in defending any
proceeding for which indemnification is permitted pursuant to this article shall be paid by the Company in advance of the final disposition of such proceeding upon receipt by the Board of an undertaking by the particular indemnitee to repay such
amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Company pursuant to these articles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It being the policy of the Company that indemnification of the persons specified in this article shall be made
to the fullest extent permitted by law, the indemnification provided by this article shall not be deemed exclusive (a) of any other rights to which those seeking indemnification or advancement of expenses may be entitled under these articles,
any agreement, any insurance purchased by the Company, vote of members or disinterested directors, or pursuant to the direction (however embodied) of any court of competent jurisdiction, or otherwise, both as to action in his or her or her official
capacity and as to action in another capacity while holding such office, or (b) of the power of the Company to indemnify any person who is or was an employee or agent of the Company or of another company, joint venture, trust or other
enterprise which he or she is serving or has served at the request of the Company, to the same extent and in the same situations and subject to the same determinations as are hereinabove set forth. As used in this article, references to the
" **Company**" include all constituent companies in a scheme of arrangement, consolidation or merger in which the Company or a predecessor to the Company by scheme of arrangement, consolidation or merger was involved. The indemnification
provided by this article shall continue as to a person who has ceased to be a Covered Person and shall inure to the benefit of their heirs, executors, and administrators.

**UNTRACED HOLDERS** 

161. (a) The Company shall be entitled to sell at the best price reasonably obtainable any share or stock of a member or any share or stock to which a person is entitled by transmission if and provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a period of twelve (12) years (not less than three dividends having been declared and paid) no cheque
or warrant sent by the Company through the post in a prepaid letter addressed to the member or to the person entitled by transmission to the share or stock at his or her address on the Register or other last known address given by the member or the
person entitled by transmission to which cheques and warrants are to be sent has been cashed and no communication has been received by the Company from the member or the person entitled by transmission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the expiration of the said period of twelve (12) years the Company has given notice by advertisement in
a leading Dublin newspaper and a newspaper circulating in the area in which the address referred to in paragraph (a) of this article is located of its intention to sell such share or stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company has not during the further period of three (3) months after the date of the advertisement and
prior to the exercise of the power of sale received any communication from the member or person entitled by transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To give effect to any such sale the Company may appoint any person to execute as transferor an instrument of
transfer of such share or stock and such instrument of transfer shall be as effective as if it had been executed by the registered Holder of or person entitled by transmission to such share or stock. The Company shall account to the member or other
person entitled to such share or stock for the net proceeds of such sale by carrying all monies in respect thereof to a separate account which shall be a permanent debt of the Company and the Company shall be deemed to be a debtor and not a trustee
in respect thereof for such member or other person. Monies carried to such separate account may either be employed in the business of the Company or invested in such investments (other than shares of the Company or its holding company if any) as the
Directors may from time to time think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent necessary in order to comply with any laws or regulations to which the Company is subject in
relation to escheatment, abandonment of property or other similar or analogous laws or regulations ()"**Applicable Escheatment Laws** "), the Company may deal with any share of any member and any unclaimed cash payments relating to such
share in any manner which it sees fit, including (but not limited to) transferring or selling such share and transferring to third parties any unclaimed cash payments relating to such share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may only exercise the powers granted to it in sub-paragraph (a) above in circumstances where it has complied with, or procured compliance with, the required procedures (as set out in the Applicable Escheatment Laws) with respect to attempting to identify and locate the relevant member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any stock transfer form to be executed by the Company in order to sell or transfer a share pursuant to sub-paragraph (a) may be executed in accordance with article 27(a).

**DESTRUCTION OF DOCUMENTS** 

162. The Company may implement such document destruction policies as it so chooses in relation to any type of
documents (whether in paper, electronic or other formats), and in particular (without limitation to the foregoing) may destroy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any dividend mandate or any variation or cancellation thereof or any notification of change of name or address,
at any time after the expiry of two (2) years from the date such mandate variation, cancellation or notification was recorded by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any instrument of transfer of shares which has been registered, at any time after the expiry of six
(6) years from the date of registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other document on the basis of which any entry in the Register was made, at any time after the expiry of
six (6) years from the date an entry in the Register was first made in respect of it,

and it shall be presumed conclusively in favour of the Company that every share certificate (if any) so destroyed was a valid certificate duly and properly sealed and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company provided always that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the foregoing provisions of this article shall apply only to the destruction of a document in good faith and
without express notice to the Company that the preservation of such document was relevant to a claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nothing contained in this article shall be construed as imposing upon the Company any liability in respect of
the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (a) above are not fulfilled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) references in this article to the destruction of any document include references to its disposal in any manner.

**SALE, LEASE OR EXCHANGE OF ASSETS** 

163. The Directors are hereby expressly authorised to sell, lease or exchange all or substantially all of the
Company's property and assets, including the Company's goodwill and its corporate franchises, upon such terms and conditions and for such consideration, which may consist in whole or in part of money or other property, including shares of
stock in, and/or other securities of, any other company or companies, as the Directors deem expedient and for the best interests of the Company subject to authorisation by an Ordinary Resolution of members and any additional vote required by article
164. Notwithstanding authorisation or consent to a proposed sale, lease or exchange of the Company's property and assets by the members, the Board may abandon such sale, lease or exchange without further action of the members, subject to the
rights, if any, of third parties under any contract relating thereto. Notwithstanding the foregoing, no resolution adopted by the members shall be required for a sale, lease or exchange of property and assets of the Company to a subsidiary. For the
purposes of this article 163:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the property and assets of the Company include the property and assets of any subsidiary of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**subsidiary**" means any entity wholly owned and controlled, directly or indirectly, by the
Company and includes, without limitation, companies, partnerships, limited partnerships, limited liability partnerships, limited liability companies, and/or statutory trusts.

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**BUSINESS COMBINATION** 

164. (a) Notwithstanding anything to the contrary contained in these articles, the Company shall not engage in any business combination with any Interested Member for a period of three (3) years following the time that such member became an Interested Member, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to such time the Directors approved either the business combination or the transaction which resulted in
the member becoming an Interested Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon consummation of the transaction which resulted in the member becoming an Interested Member, the Interested
Member owned at least eighty-five per cent (85%) of the voting shares of the Company outstanding at the time the transaction commenced, excluding for purposes of determining the voting shares outstanding (but not the outstanding voting shares owned
by the Interested Member) those shares owned (A) by persons who are directors and also officers and (B) employee shares plans in which employee participants do not have the right to determine confidentially whether shares held subject to the
plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at or subsequent to such time that the business combination is approved by the Directors and authorised by way
of Special Resolution without the Interested Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors shall have the power and duty to determine, on the basis of information known to them after
reasonable inquiry, all facts necessary to determine compliance with this article, including, without limitation, (i) whether a Person is an Interested Member, (ii) the number of shares or other securities beneficially owned by any Person,
(iii) whether a Person is an Affiliate or Associate of another, and (iv) the fair market value of the Company's securities or securities of any subsidiary of the Company, and the good faith determination of the Directors on such
matters shall be conclusive and binding for all the purposes of this article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this article only, the term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Affiliate**" means a person that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Associate** ", when used to indicate a relationship with any person, means: (A) any
company, partnership, unincorporated association or other entity of which such person is a director, officer or partner or is, directly or indirectly, the owner of twenty per cent (20%) or more of any class of voting shares; (B) any trust or
other estate in which such person has at least a twenty per cent (20%) beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity; and (C) any relative or spouse of such person, or any relative of such
spouse, who has the same residence as such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**business combination** ", when used in reference to any company and any Interested Member of
such company, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any scheme of arrangement, merger or consolidation of the Company or any direct or indirect majority-owned
subsidiary of the Company with (1) the Interested Member, or (2) any other company, partnership, unincorporated association or other entity if the scheme of arrangement, merger or consolidation is caused by the Interested Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of
transactions), except proportionately as a member of such company, to or with the Interested Member, whether as part of a dissolution or otherwise, of assets of the Company or of any direct or indirect majority-owned subsidiary of the Company which
assets have an aggregate market value equal to ten per cent (10%) or more of either the aggregate market value of all the assets of the Company determined on a consolidated basis or the aggregate market value of all the outstanding shares of the
Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any transaction which results in the issuance or transfer by the Company or by any direct or indirect
majority-owned subsidiary of the Company of any shares of the Company or of such subsidiary to the Interested Member, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible
into shares of such company or any such subsidiary which securities were outstanding prior to the time that the Interested Member became such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) pursuant to a dividend or distribution paid or made, or the exercise, exchange or conversion of securities
exercisable for, exchangeable for or convertible into shares of such company or any such subsidiary which security is distributed, pro rata to all Holders of a class or series of shares of such company subsequent to the time the Interested Member
became such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) pursuant to an exchange offer by the Company to purchase shares made on the same terms to all Holders of said
shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) any issuance or transfer of shares by the Company;

provided however, that in no case under items (III) and (IV) of this sub-paragraph shall there be an increase in the Interested Member's proportionate share of the shares of any class or series of the Company or of the voting shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any transaction involving the Company or any direct or indirect majority-owned subsidiary of the Company which
has the effect, directly or indirectly, of increasing the proportionate share of the shares of any class or series, or securities convertible into the shares of any class or series, of the Company or of any such subsidiary which is owned by the
Interested Member, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares of shares not caused, directly or indirectly, by the Interested Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any receipt by the Interested Member of the benefit, directly or indirectly (except proportionately as a member
of such company), of any loans, advances, guarantees, pledges or other financial benefits (other than those expressly permitted in sub-paragraphs (A) – (D) of this paragraph) provided by or through the
Company or any direct or indirect majority-owned subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**control** ", including the terms "**controlling** ", "**controlled by**" and "**under common control with** ", means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting shares, by
contract or otherwise. A person who is the owner of twenty per cent (20%) or more of the outstanding voting shares of any company, partnership, unincorporated association or other entity shall be presumed to have control of such entity, in the
absence of proof by a preponderance of the evidence to the contrary. Notwithstanding the foregoing, a presumption of control shall not apply where such person holds voting shares, in good faith and not for the purpose of circumventing this article,
as an agent, bank, broker, nominee, custodian or trustee for one or more owners who do not individually or as a group have control of such entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Interested Member**" means any Person, including its Affiliates and Associates (other than the
Company and any direct or indirect majority-owned subsidiary of the Company), that is, or was at any time within the three (3)-year period immediately prior to the date in question, the Owner of fifteen per cent (15%) or more of the outstanding
voting shares of the Company; provided, however, that the term "Interested Member" shall not include (i) AI Global Investments (Netherlands) PCC Limited, Acceleratio Topco S.C.A., Nürnberg Institut für Markentscheidungen e.V
and their respective successors, Transferees and Affiliates, or (ii) any person whose ownership of shares in excess of the fifteen per cent (15%) limitation set forth herein is the result of action taken solely by the Company; provided that
such person shall be an Interested Member if thereafter such person acquires additional voting shares of the Company, except as a result of further corporate action not caused, directly or indirectly, by such person. For the purpose of determining
whether a person is an Interested Member, the voting shares of the Company deemed to be outstanding shall include shares deemed to be owned by the person through application of (ix) of this subsection but shall not include any other unissued
shares of such company which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**Person**" means any individual, company, partnership, unincorporated association or other
entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**Shares**" means, with respect to any company, capital shares and, with respect to any other
entity, any equity interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "**Transferees**" means any Person who (i) becomes a beneficial owner of Ordinary Shares upon
having purchased such Ordinary Shares from AI Global Investments (Netherlands) PCC Limited, Acceleratio Topco S.C.A., or Nürnberg Institut für Markentscheidungen e.V or an investment fund affiliated with AI Global Investments (Netherlands)
PCC Limited, Acceleratio Topco S.C.A. and (ii) is designated in writing by the transferor as a "Transferee" and a copy of such writing is provided to the Company at or prior to the time of such purchase; provided, however, that a
purchaser of Ordinary Shares in a registered offering or in a transaction effected pursuant to Rule 144 under the Securities Act of 1933, as amended, (or any similar or successor provision thereto) shall not be a "Transferee."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) "**Voting shares**" means, with respect to any company, shares of any class or series entitled to
vote generally in the election of directors and, with respect to any entity that is not a company, any equity interest entitled to vote generally in the election of the governing body of such entity. Every reference to a percentage of voting shares
shall refer to such percentage of the votes of such voting shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Owner** ", including the terms "**own**" and "**owned** ", when used
with respect to any Shares, means a person that individually or with or through any of its Affiliates or Associates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) beneficially owns such Shares, directly or indirectly; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) the right to acquire such Shares (whether such right is exercisable immediately or only after the passage of
time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise; provided, however, that a person shall not be deemed the Owner of Shares tendered pursuant
to a tender or exchange offer made by such person or any of such person's affiliates or associates until such tendered Shares are accepted for purchase or exchange; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the right to vote such shares pursuant to any agreement, arrangement or understanding; provided, however, that
a person shall not be deemed the Owner of any Shares because of such person's right to vote such Shares if the agreement, arrangement or understanding to vote such shares arises solely from a revocable proxy or consent given in response to a
proxy or consent solicitation made to 10 or more persons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting
pursuant to a revocable proxy or consent as described in item (II) of sub-paragraph (B) of this paragraph), or disposing of such Shares with any other person that beneficially owns, or whose
Affiliates or Associates beneficially own, directly or indirectly, such Shares.

**SHAREHOLDER RIGHTS PLAN** 

165. The Board is hereby expressly authorised to adopt any Shareholder Rights Plan, upon such terms and conditions
as the Board deems expedient and in the best interests of the Company, subject to applicable law, including the grant of rights (including approving the execution of any documents relating to the grant of such rights) to subscribe for ordinary
shares or preferred shares in the share capital of the Company in accordance with the terms of any Shareholder Rights Plan. The Directors or any duly appointed committee thereof may effect an exchange of rights in accordance with such Shareholder
Rights Plan.

**GOVERNING LAW AND JURISDICTION** 

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| | |
|:---|:---|
| 166. (a) | Subject to article 166(c), unless the Board or any committee of the Directors approves the selection of an alternate forum, the courts of Ireland shall, to the fullest extent permitted by applicable law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Director, officer or other employee of the Company to the Company or the members, (iii) any action asserting a claim against the Company arising pursuant to any provision of Irish law or this Constitution and (iv) any dispute or claim arising out of or in connection with this Constitution or its subject matter, formation, existence, negotiation, validity, termination or enforceability (including non-contractual obligations, disputes or claims) (each an "**Irish Proceeding**").  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any action the subject matter of an Irish Proceeding is filed in a court outside the jurisdiction of Ireland
(a "**Foreign Action** "), in the name of any person or entity (a "**Claiming Party**") without the prior approval of the Board or any committee of the Directors in the manner described above in article 166(a), such Claiming
Party shall be deemed to have consented to the jurisdiction of the courts of Ireland in connection with any action brought by the Company in any such courts to enforce article 166(a) above (an "**Enforcement Action**") and having
service of process made upon such Claiming Party in any such Enforcement Action by service upon such Claiming Party's counsel in the Foreign Action as agent for such Claiming Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Company consents in writing to the selection of an alternative forum, the federal district courts of
the United States of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Exchange Act or the Securities Act 1933 of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any person or entity purchasing or otherwise acquiring any interest in any security of the Company shall be
deemed to have notice of and consented to the provisions of this article 166 and waived any argument relating the grounds of venue or the inconvenience of the forums referenced above in connection with any Irish Proceeding.

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We, the persons whose names and addresses are subscribed, wish to be formed into a company in pursuance of this constitution, and we agree to take the number of share(s) in the capital of the Company set opposite each name.

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| | | |
|:---|:---|:---|
| **Name and Address of Subscribers** | **Number of Ordinary shares of €1.00 each taken by each subscriber** | **Number of Ordinary shares of €1.00 each taken by each subscriber** |
| PAULA HORAN | 50 |  |
| 85 CASTLEFARM |  |  |
| SHANKILL |  |  |
| CO. DUBLIN |  |  |
| Company Director |  | /s/ Paula Horan |
| ANDREW LAMBE | 50 |  |
| 55 MOUNT PROSPECT DRIVE |  |  |
| CLONTARF |  |  |
| DUBLIN 3 |  |  |
| Company Director |  | /s/ Andrew Lambe |
| Total Shares | 100 |  |

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Signatures in writing of the above subscribers, attested by witness as provided for below; or in authentication in the manner referred to in section 888.

Dated: 31 May 2017

**Witness to the above signatures: -** 

PHILIP HAYDEN

THE BLACK CHURCH

ST. MARY'S PLACE

DUBLIN 7

<u>/s/ Philip Hayden</u>

## Exhibit 10.13

**Exhibit 10.13** 

**EXECUTION VERSION** 

<u>TWELFTH AMENDMENT TO CREDIT AGREEMENT</u> 

This TWELFTH AMENDMENT TO CREDIT AGREEMENT, dated as of July 11, 2025 (this "<u>Twelfth Amendment</u>"), by and among AI PAVE Dutchco III B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) organized under the laws of the Netherlands ("<u>Holdings</u>"), Intermediate Dutch Holdings B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) organized under the laws of the Netherlands ("<u>Intermediate Dutch Holdings</u>"), Indy US Holdco, LLC, a Delaware limited liability company ("<u>US Top Borrower</u>"), Nielsen Consumer Inc., a Delaware corporation (the "<u>US Borrower</u>" and the "<u>Borrower Representative</u>"), Indy Dutch Bidco B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) organized under the laws of the Netherlands ("<u>Dutch Borrower</u>", and together with US Top Borrower and US Borrower, the "<u>Term Borrowers</u>"), the Revolving Borrowers party hereto (together with the Term Borrowers, the "<u>Borrowers</u>"), the Loan Guarantors party hereto, each financial institution identified on the signature pages hereto as an "Twelfth Amendment Revolving Lender" (collectively, the "<u>Twelfth Amendment Revolving Lenders</u>"), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the "<u>Administrative Agent</u>") and US collateral agent (in such capacity, the "<u>US Collateral Agent</u>") and Kroll Agency Services (US) LLC, as non-US collateral agent (in such capacity, the "<u>Non-US Collateral Agent</u>" and, together with the Administrative Agent and the US Collateral Agent, collectively, the "<u>Agents</u>"). Capitalized terms not otherwise defined in this Twelfth Amendment have the same meanings as specified in the Amended Credit Agreement (as defined below).

<u>RECITALS</u> 

WHEREAS, Holdings, Intermediate Dutch Holdings, the US Top Borrower, the US Borrower, the Dutch Borrower, the Revolving Borrowers from time to time party thereto, the lenders and issuing banks from time to time party thereto and the Agents have entered into that certain Credit Agreement, dated as of March 5, 2021 (as amended by that certain First Amendment to Credit Agreement, dated as of November 30, 2021, as further amended by that certain Second Amendment to Credit Agreement, dated as of December 3, 2021, as further amended by that certain Third Amendment to Credit Agreement, dated as of August 31, 2022, as further amended by that certain Fourth Amendment to Credit Agreement, dated as of January 31, 2023, as further amended by that certain Fifth Amendment to Credit Agreement, dated as of February 28, 2023, as further amended by that certain Sixth Amendment to Credit Agreement, dated as of June 7, 2023, as further amended by that certain Seventh Amendment to Credit Agreement, dated as of July 10, 2023, as further amended by that certain Eighth Amendment to Credit Agreement, dated as of June 28, 2024, as further amended by that certain Ninth Amendment to Credit Agreement, dated as of July 11, 2024, as further amended by that certain Tenth Amendment to Credit Agreement, dated as of July 18, 2024, as further amended by that certain Eleventh Amendment to Credit Agreement, dated as of January 24, 2025, and as further amended, restated, amended and restated, supplemented or otherwise modified and in effect prior to the date hereof, together with all exhibits and schedules attached thereto, the "<u>Existing Credit Agreement</u>");

WHEREAS, Holdings, Intermediate Dutch Holdings, the Borrowers, the Administrative Agent, the US Collateral Agent, the Non-US Collateral Agent and each of the Twelfth Amendment Revolving Lenders have agreed to amend the Existing Credit Agreement as hereinafter set forth (the Existing Credit Agreement as amended hereby, the "<u>Amended Credit Agreement</u>");

WHEREAS, on the Twelfth Amendment Effective Date (as defined below), the Borrowers intend to obtain Extended Revolving Credit Commitments, permitted to be incurred pursuant to Section 2.23 of the Existing Credit Agreement, pursuant to this Twelfth Amendment in the form of Twelfth Amendment Revolving Commitments (as defined below), which will constitute a new Class of Revolving Credit Commitments and replace in full the Eighth Amendment Revolving Commitments (as defined in the Existing Credit Agreement); and

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WHEREAS, pursuant to Sections 2.22 and 2.23(c) of the Existing Credit Agreement, the Borrower Representative has requested, and each Twelfth Amendment Revolving Lender party to this Twelfth Amendment has agreed, to, on the Twelfth Amendment Effective Date, (x) provide to the Borrowers Twelfth Amendment Revolving Commitments in an aggregate principal amount equal to $750,000,000 (of which $111,733,333.33 constitutes an Incremental Revolving Facility pursuant to Section 2.22 of the Existing Credit Agreement) and (y) extend the Initial Revolving Credit Maturity Date on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

SECTION 1. <u>Twelfth Amendment Revolving Commitment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions set forth herein, on the Twelfth Amendment Effective Date, each Twelfth Amendment Revolving Lender commits to provide the Twelfth Amendment Revolving Commitments in an aggregate principal amount equal to such Twelfth Amendment Revolving Lender's Twelfth Amendment Revolving Commitment as set forth opposite such Twelfth Amendment Revolving Lender's name on <u>Schedule I</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With effect from and including the Twelfth Amendment Effective Date, each Twelfth Amendment Revolving Lender shall (i) be party to the Amended Credit Agreement as a "Lender", a "Twelfth Amendment Revolving Lender" and a "Revolving Lender", (ii) have a commitment to provide Twelfth Amendment Revolving Loans in accordance with the terms hereof and (iii) have all of the rights and obligations of a "Lender", a "Twelfth Amendment Revolving Lender" and a "Revolving Lender" under the Amended Credit Agreement and the other Loan Documents, and the Twelfth Amendment Revolving Commitments shall form a separate Class of Revolving Commitments from, and shall replace in full, the Eighth Amendment Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Revolving Loans or Swingline Loans are outstanding or any Letters of Credit are issued on the Twelfth Amendment Effective Date, the Twelfth Amendment Revolving Lenders agree to purchase its pro rata share of any outstanding Revolving Loans and purchase participations in any outstanding Swingline Loans and issued Letters of Credit, in each case in an amount equal to such Twelfth Amendment Revolving Lender's Applicable Percentage of such outstanding Revolving Loans, outstanding Swingline Loans or issued Letters of Credit, in each case, in accordance with Section 2.22(f)(i) of the Amended Credit Agreement.

SECTION 2. <u>Amendments to the Existing Credit Agreement</u>.

Subject to the satisfaction (or waiver) of the conditions precedent set forth in <u>Section 3(b)</u> below, on and after the Twelfth Amendment Effective Date, the Existing Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following examples: stricken text or stricken text) and to add (x) the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>) and (y) the single-underlined text (indicated textually in the same manner as the following example: <u>single-underlined text</u>) as set forth in <u>Annex I</u> attached hereto.

SECTION 3. <u>Conditions to the Twelfth Amendment Signing Date and the Twelfth Amendment Effective Date</u>. (a) The effectiveness of this Twelfth Amendment (other than the amendments set forth in <u>Sections 1</u> and <u>2</u> hereof) is subject to the satisfaction (or waiver) of the following conditions and this Twelfth Amendment shall become effective on the time at which such conditions are satisfied or waived (such date, the "<u>Twelfth Amendment Signing Date</u>"):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Twelfth Amendment shall have been duly executed by each Loan Party, each Agent and the Twelfth Amendment Revolving Lenders (which may include a copy transmitted by facsimile or other electronic method);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent (or its counsel) shall have received, on behalf of the Twelfth Amendment Revolving Lenders on the Twelfth Amendment Signing Date, a customary written opinion of Weil, Gotshal & Manges LLP, in its capacity as special counsel for the Loan Parties, dated as of the Twelfth Amendment Signing Date and addressed to the Agents and the Twelfth Amendment Revolving Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Administrative Agent shall have received, on behalf of the Twelfth Amendment Revolving Lenders, a certificate of a Responsible Officer of each Borrower (or the Borrower Representative on its respective behalf), dated as of the Twelfth Amendment Signing Date, which shall (I) certify that (A) attached thereto is a true and complete copy of the resolutions, written consent or extract of minutes of a meeting, as applicable, of the board of directors or similar governing body of such Borrower authorizing the execution, delivery and performance of this Twelfth Amendment, and (B) such resolutions or written consent have not been modified, rescinded or amended and are in full force and effect and (II) certify that either (A)(1) attached thereto is a true and complete copy of (x) the certificate of incorporation (or equivalent governing document) of such Borrower and (y) the by-laws (or similar governing document) of such Borrower and (2) such documents have not been amended (except as otherwise attached to such certificate and certified therein as being the only amendment thereto as of such date) or (B) the certificate of incorporation (or similar governing document) and bylaws (or similar governing document) of such Borrower have not been amended, repealed, modified or restated since the delivery of the certificate described in the Eleventh Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the representations and warranties of each Loan Party in <u>Section 4</u> shall be true and correct in all material respects on and as of the Twelfth Amendment Signing Date (except in the case of any such representation or warranty which expressly relates to a given earlier date or earlier period, in which case such representation or warranty is made as of the respective earlier date or for the respective earlier period, as the case may be); <u>provided</u>, that, any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates or for such respective periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no Event of Default exists on the Twelfth Amendment Signing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Administrative Agent shall have received, on behalf of the Twelfth Amendment Revolving Lenders, a certificate from a Responsible Officer of the Borrower Representative certifying as to the satisfaction of the conditions set forth in <u>clauses (iv</u>) and <u>(v)</u> of this <u>Section 3(a)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Administrative Agent shall have received, on behalf of the Twelfth Amendment Revolving Lenders, at least three Business Days prior to the Twelfth Amendment Signing Date, (I) all documentation and other information required by regulatory authorities with respect to the Loan Parties under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and (II) to the extent any Borrower qualifies as a "legal entity customer" under 31 C.F.R. § 1010.230, a customary certification for such Borrower regarding beneficial ownership in relation to such Borrower, in each case of <u>clauses (I)</u> and <u>(II)</u>, that has been reasonably requested by any Lender in writing at least ten Business Days in advance of the Twelfth Amendment Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The effectiveness of the amendments set forth in <u>Sections 1</u> and <u>2</u> hereof is subject to the satisfaction (or waiver) of the following conditions and shall become effective on the time at which such conditions are satisfied or waived (such date, the "<u>Twelfth Amendment Effective Date</u>"):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Twelfth Amendment Signing Date shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon consummation of an IPO, which shall have been consummated on or prior to December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Administrative Agent shall have received a certificate from a Responsible Officer of the Borrower Representative certifying that an IPO has been consummated.

SECTION 4. <u>Representations and Warranties</u>. To induce the other parties hereto to enter into this Twelfth Amendment, each Borrower hereby makes the representations and warranties in Article 3 of the Existing Credit Agreement and each other Loan Document to the Administrative Agent and the Lenders party hereto, in each case on and as of the Twelfth Amendment Signing Date (except in the case of any such representation or warranty which expressly relates to a given earlier date or earlier period, in which case such representation or warranty is made as of the respective earlier date or for the respective earlier period, as the case may be); <u>provided</u>, that, any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates or for such respective periods.

SECTION 5. <u>Effects on Loan Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended herein or contemplated hereby, each Loan Document continues to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and effectiveness of this Twelfth Amendment does not operate as a waiver of any right, power or remedy of any Lender or any Agent under any of the Loan Documents, nor in any way limit, impair or otherwise affect the rights and remedies of the Lenders or the Agents under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Each of Holdings, Intermediate Dutch Holdings, each Borrower and each Subsidiary Guarantor acknowledges and agrees that on and after the Twelfth Amendment Signing Date, this Twelfth Amendment constitutes a Loan Document for all purposes under the Amended Credit Agreement and (ii) each of Holdings, Intermediate Dutch Holdings, each Borrower and each Subsidiary Guarantor hereby acknowledges and confirms all of its obligations and liabilities under the Existing Credit Agreement and each other Loan Document to which it is a party, in each case after giving effect to this Twelfth Amendment, and acknowledges and agrees that such obligations and liabilities continue in full force and effect on a continuous basis in respect of, and to secure, the Obligations under the Existing Credit Agreement and the other Loan Documents, in each case after giving effect to this Twelfth Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On and after the Twelfth Amendment Signing Date, (i) each reference in the Amended Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or words of like import referring to the Existing Credit Agreement, and each reference in the other Loan Documents to "the Credit Agreement", "the Existing Credit Agreement", "thereunder", "thereof" or words of like import referring to the Existing Credit Agreement shall mean and be a reference to the Amended Credit Agreement, (ii) this Twelfth Amendment and the Amended Credit Agreement shall be read together and construed as a single instrument and (iii) the amendments constituted by this Twelfth Amendment shall, collectively, constitute an "Extension Amendment" and an "Incremental Facility Amendment", in each case, under and as defined in the Existing Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing herein shall be deemed to entitle Holdings, Intermediate Dutch Holdings, any Borrower nor any Subsidiary Guarantor to a further consent to, or a further waiver, amendment, modification or other change of, any term, condition, obligation, covenant or agreement contained in the Amended Credit Agreement or any other Loan Document in similar or different circumstances.

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SECTION 6. <u>Amendments; Execution in Counterparts; Severability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Twelfth Amendment may not be amended nor may any provision hereof be waived except in accordance with the provisions of Section 1.13, Section 2.23 and Section 9.02 of the Amended Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent any provision of this Twelfth Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this Twelfth Amendment in any jurisdiction.

SECTION 7. <u>Governing Law; Waiver of Jury Trial; Jurisdiction</u>. THIS TWELFTH AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS TWELFTH AMENDMENT, WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The provisions of Sections 9.10(b), 9.10(c), 9.10(d) and 9.11 of the Existing Credit Agreement are incorporated herein by reference, *mutatis mutandis*.

SECTION 8. <u>Headings</u>. Section headings in this Twelfth Amendment are included herein for convenience of reference only, are not part of this Twelfth Amendment and shall not affect the construction of, or to be taken into consideration in interpreting, this Twelfth Amendment.

SECTION 9. <u>Counterparts</u>. This Twelfth 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 to this Twelfth Amendment by facsimile or by email as a ".pdf" or ".tif" attachment shall be effective as delivery of a manually executed counterpart of this Twelfth Amendment. It is understood and agreed that, subject to any Requirement of Law, the words "execution", "signed", "signature", "delivery" and words of like import in or relating to any Loan Document shall be deemed to include any Electronic Signature, delivery or the keeping of any record in electronic form, each of which shall have the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system 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 similar state laws based on the Uniform Electronic Transactions Act.

SECTION 10. <u>Guarantor Consent and Reaffirmation</u>. Each Loan Guarantor hereby (i) consents to the amendment of the Existing Credit Agreement effected hereby, (ii) acknowledges and agrees that all of its obligations under the Existing Credit Agreement, the Collateral Documents and the other Loan Documents to which it is a party (in each case, to the extent applicable, as amended hereby, are reaffirmed and remain in full force and effect), (iii) reaffirms (A) each Lien granted by it to the Collateral Agents for the benefit of the Secured Parties and (B) any guarantee made by it pursuant to the Loan Guaranty, (iv) acknowledges and agrees that the grant of a security interest by it as set forth in the applicable Security Agreement and/or any other applicable Collateral Document remains in full force and effect and continues to secure the obligations of the Loan Parties under the Amended Credit Agreement and (v) nothing contained in this Twelfth Amendment shall be construed as a substitution or novation of the obligations outstanding under the Existing Credit Agreement or the other Loan Documents, which remain in full force and effect, except as modified hereby.

SECTION 11. <u>Appointment of Arrangers</u>. The Borrowers hereby appoint JPMorgan Chase Bank, N.A., BofA Securities, Inc. (or any of its designated affiliates), UBS Securities LLC, Barclays Bank PLC, Royal Bank of Canada, Wells Fargo Securities, LLC (acting through one or more of its branches or its affiliates as it deems appropriate), Citigroup Global Markets Inc., Deutsche Bank Securities Inc., BNP Paribas Securities Corp., BMO Capital Markets Corp., KKR Capital Markets LLC, Fifth Third Bank, National Association, Capital One, National Association, Sumitomo Mitsui Banking Corporation and HSBC Securities (USA) Inc. as lead arrangers and joint bookrunners in connection with this Twelfth Amendment (in such capacity, collectively, the "<u>Twelfth Amendment Arrangers</u>"). The Twelfth Amendment Arrangers shall not have any right, power,

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obligation, liability, responsibility or duty under this Twelfth Amendment except in their respective capacity as Agent, if applicable. Without limiting the foregoing, the Twelfth Amendment Arrangers shall not have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Twelfth Amendment Arrangers or other Persons so identified in deciding to enter into this Twelfth Amendment or in taking or not taking action hereunder.

[Remainder of page intentionally left blank.]

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IN WITNESS WHEREOF, the parties hereto have caused this Twelfth Amendment to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.

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| | |
|:---|:---|
| <u>HOLDINGS</u>: | <u>HOLDINGS</u>: |
| AI PAVE DUTCHCO III B.V. | AI PAVE DUTCHCO III B.V. |
| By: | /s/ J.A. Nuccio |
| Name: | J.A. Nuccio |
| Title: Director | Title: Director |
| By: | /s/ L. Kruimer |
| Name: | L. Kruimer |
| Title: Director | Title: Director |
| <u>INTERMEDIATE DUTCH HOLDINGS:</u> | <u>INTERMEDIATE DUTCH HOLDINGS:</u> |
| INTERMEDIATE DUTCH HOLDINGS B.V. | INTERMEDIATE DUTCH HOLDINGS B.V. |
| By: | /s/ Peter Schaedelbauer |
| Name: Peter Schaedelbauer – Under powers of attorney from Intermediate Dutch Holdings B.V. and Nielsen Consumer LLC | Name: Peter Schaedelbauer – Under powers of attorney from Intermediate Dutch Holdings B.V. and Nielsen Consumer LLC |
| Title: Authorized Signatory | Title: Authorized Signatory |
| <u>US TOP BORROWER:</u> | <u>US TOP BORROWER:</u> |
| INDY US HOLDCO, LLC | INDY US HOLDCO, LLC |
| By: | /s/ Peter Schaedelbauer |
| Name: Peter Schaedelbauer | Name: Peter Schaedelbauer |
| Title: Vice President and Treasurer | Title: Vice President and Treasurer |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| <u>US BORROWER & BORROWER REPRESENTATIVE:</u> | <u>US BORROWER & BORROWER REPRESENTATIVE:</u> |
| NIELSEN CONSUMER, INC. | NIELSEN CONSUMER, INC. |
| By: | /s/ Peter Schaedelbauer |
| Name: | Peter Schaedelbauer |
| Title: | Senior Vice President and Treasurer |
| <u>DUTCH BORROWER:</u> | <u>DUTCH BORROWER:</u> |
| INDY DUTCH BIDCO B.V. | INDY DUTCH BIDCO B.V. |
| By: | /s/ Peter Schaedelbauer |
| Name: | Peter Schaedelbauer |
| Title: | Authorized Signatory |
| <u>REVOLVING BORROWERS:</u> | <u>REVOLVING BORROWERS:</u> |
| NIELSEN CONSUMER LLC | NIELSEN CONSUMER LLC |
| By: | /s/ Peter Schaedelbauer |
| Name: | Peter Schaedelbauer |
| Title: | SVP – Treasurer |
| GFK GMBH | GFK GMBH |
| By: | /s/ Michael Mueller |
| Name: | Michael Mueller |
| Title: | Managing Director |
| By: | /s/ Joerg Leissner |
| Name: | Joerg Leissner |
| Title: | Authorized Signatory (*Prokurist*) |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| <u>SUBSIDIARY GUARANTORS</u>: | <u>SUBSIDIARY GUARANTORS</u>: |
| NIELSEN PRECIMA, LLC | NIELSEN PRECIMA, LLC |
| By: | /s/ Peter Schaedelbauer |
| Name: Peter Schaedelbauer | Name: Peter Schaedelbauer |
| Title: Senior Vice President and Treasurer | Title: Senior Vice President and Treasurer |
| THE NIELSEN COMPANY (EUROPE) SÀRL | THE NIELSEN COMPANY (EUROPE) SÀRL |
| By: | /s/ Emilie Darolles |
| Name: Emilie Darolles | Name: Emilie Darolles |
| Title: | Authorized Signatory |
| TNC EUROPE B.V. | TNC EUROPE B.V. |
| By: | /s/ Gerard Hasselt-Kerkhof |
| Name: Gerard Hasselt-Kerkhof | Name: Gerard Hasselt-Kerkhof |
| Title: | Director |
| NIELSENIQ SUB HOLDINGS I B.V. | NIELSENIQ SUB HOLDINGS I B.V. |
| By: | /s/ Gerard Hasselt-Kerkhof |
| Name: Gerard Hasselt-Kerkhof | Name: Gerard Hasselt-Kerkhof |
| Title: | Director |
| By: | /s/ Frank Wanschers |
| Name: Frank Wanschers | Name: Frank Wanschers |
| Title: | Director |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| ACNIELSEN (NEDERLAND) B.V. | ACNIELSEN (NEDERLAND) B.V. |
| By: | /s/ Gerard Hasselt-Kerkhof |
| Name: Gerard Hasselt-Kerkhof | Name: Gerard Hasselt-Kerkhof |
| Title: | Director |
| NIELSEN PRECIMA B.V. | NIELSEN PRECIMA B.V. |
| By: | /s/ Gerard Hasselt-Kerkhof |
| Name: Gerard Hasselt-Kerkhof | Name: Gerard Hasselt-Kerkhof |
| Title: | Director |
| By: | /s/ R.J. de Greef |
| Name: R.J. de Greef | Name: R.J. de Greef |
| Title: | Director |
| GRACE HOLDCO GMBH | GRACE HOLDCO GMBH |
| By: | /s/ Thomas Vovats |
| Name: Thomas Kovats Managing | Name: Thomas Kovats Managing |
| Title: | Director |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| GRACE BIDCO GMBH | GRACE BIDCO GMBH |
| By: | /s/ Peter Schaedelbauer |
| Name: Peter Schaedelbauer | Name: Peter Schaedelbauer |
| Title: | Managing Director |
| GFK MIDDLE EAST CR HOLDING GMBH | GFK MIDDLE EAST CR HOLDING GMBH |
| By: | /s/ Thomas Vovats |
| Name: Thomas Kovats | Name: Thomas Kovats |
| Title: | Managing Director |
| GFK ENTERTAINMENT GMBH | GFK ENTERTAINMENT GMBH |
| By: | /s/ Mathias Giloth |
| Name: Mathias Giloth | Name: Mathias Giloth |
| Title: | Managing Director |
| GFK GEOMARKETING GMBH | GFK GEOMARKETING GMBH |
| By: | /s/ Doris Vera Luisa Steffen |
| Name: Doris Vera Luisa Steffen | Name: Doris Vera Luisa Steffen |
| Title: | Managing Director |
| ACCELERATIO HOLDCO SÀRL | ACCELERATIO HOLDCO SÀRL |
| By: | /s/ Thomas Vovats |
| Name: Thomas Kovats | Name: Thomas Kovats |
| Title: | Manager |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| JPMORGAN CHASE BANK, N.A., as the Administrative Agent, the US Collateral Agent, the Swingline Lender and an Issuing Bank | JPMORGAN CHASE BANK, N.A., as the Administrative Agent, the US Collateral Agent, the Swingline Lender and an Issuing Bank |
| By: | /s/ Christopher Beery |
|  | Name: Christopher Beery |
|  | Title: Vice President |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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|:---|:---|
| KROLL AGENCY SERVICES (US) LLC, as the Non-US Collateral Agent | KROLL AGENCY SERVICES (US) LLC, as the Non-US Collateral Agent |
| By: | /s/ Jay Polcari |
|  | Name: Jay Polcari |
|  | Title: Transaction Management |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| JPMORGAN CHASE BANK, N.A., as a Twelfth Amendment Revolving Lender | JPMORGAN CHASE BANK, N.A., as a Twelfth Amendment Revolving Lender |
| By: | /s/ Christopher Beery |
|  | Name: Christopher Beery |
|  | Title: Vice President |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| BANK OF AMERICA, N.A., as a Twelfth Amendment Revolving Lender | BANK OF AMERICA, N.A., as a Twelfth Amendment Revolving Lender |
| By: | /s/ Gregory Roetting |
|  | Name: Gregory Roetting |
|  | Title: Managing Director |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| UBS AG, STAMFORD BRANCH, as a Twelfth Amendment Revolving Lender | UBS AG, STAMFORD BRANCH, as a Twelfth Amendment Revolving Lender |
| By: | /s/ Larcy Naval |
|  | Name: Larcy Naval |
|  | Title: Director |
| By: | /s/ Joselin Fernandes |
|  | Name: Joselin Fernandes |
|  | Title: Director |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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|:---|:---|
| BARCLAYS BANK PLC, as a Twelfth Amendment Revolving Lender | BARCLAYS BANK PLC, as a Twelfth Amendment Revolving Lender |
| By: | /s/ Nicholas Sibaya |
|  | Name: Nicholas Sibayan |
|  | Title: Vice President |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| ROYAL BANK OF CANADA, as a Twelfth Amendment Revolving Lender | ROYAL BANK OF CANADA, as a Twelfth Amendment Revolving Lender |
| By: | /s/ Alfonse Simone |
|  | Name: Alfonse Simone |
|  | Title: Authorized Signatory |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| CITIBANK, N.A., as a Twelfth Amendment Revolving Lender | CITIBANK, N.A., as a Twelfth Amendment Revolving Lender |
| By: | /s/ Albert Sutton |
|  | Name: Albert Sutton |
|  | Title: Vice President |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| HSBC BANK USA, NATIONAL ASSOCIATION, as a Twelfth Amendment Revolving Lender | HSBC BANK USA, NATIONAL ASSOCIATION, as a Twelfth Amendment Revolving Lender |
| By: | /s/ Tim Haalvaldsen |
|  | Name: Tim Haalvaldsen |
|  | Title: Vice President |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| WELLS FARGO BANK, N.A., as a Twelfth Amendment Revolving Lender | WELLS FARGO BANK, N.A., as a Twelfth Amendment Revolving Lender |
| By: | /s/ Nathan Paouncic |
|  | Name: Nathan Paouncic |
|  | Title: Executive Director |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| BNP PARIBAS, as a Twelfth Amendment Revolving Lender | BNP PARIBAS, as a Twelfth Amendment Revolving Lender |
| By: | /s/ Eve Ravelojaona |
|  | Name: Eve Ravelojaona |
|  | Title: Director |
| By: | /s/ Mike Kowalczuk |
|  | Name: Mike Kowlczuk |
|  | Title: Managing Director |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| DEUTSCHE BANK AG NEW YORK BRANCH, as a Twelfth Amendment Revolving Lender | DEUTSCHE BANK AG NEW YORK BRANCH, as a Twelfth Amendment Revolving Lender |
| By: | /s/ Philip Tancorra |
|  | Name: Philip Tancorra |
|  | Title: Director |
| By: | /s/ Suzan Onal |
|  | Name: Suzan Onal |
|  | Title: Director |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| BANK OF MONTREAL, as a Twelfth Amendment Revolving Lender | BANK OF MONTREAL, as a Twelfth Amendment Revolving Lender |
| By: | /s/ Andrew Berryman |
|  | Name: Andrew Berryman |
|  | Title: Director |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| KKR CORPORATE LENDING LLC, as a Twelfth Amendment Revolving Lender | KKR CORPORATE LENDING LLC, as a Twelfth Amendment Revolving Lender |
| By: | /s/ John Knox |
|  | Name: John Knox |
|  | Title: CFO |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| CAPITAL ONE, NATIONAL ASSOCIATION, as a Twelfth Amendment Revolving Lender | CAPITAL ONE, NATIONAL ASSOCIATION, as a Twelfth Amendment Revolving Lender |
| By: | /s/ Andrew Yochem |
|  | Name: Andrew Yochem |
|  | Title: Duly Authorized Signatory |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Twelfth Amendment Revolving Lender | FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Twelfth Amendment Revolving Lender |
| By: | /s/ Nick Meece |
|  | Name: Nick Meece |
|  | Title: Principal |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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| | |
|:---|:---|
| SUMITOMO MITSUI BANKING CORPORATION, as a Twelfth Amendment Revolving Lender | SUMITOMO MITSUI BANKING CORPORATION, as a Twelfth Amendment Revolving Lender |
| By: | /s/ Victoria Weber |
|  | Name: Victoria Weber |
|  | Title: Executive Director |

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[Signature Page to Twelfth Amendment to Credit Agreement]

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<u>ANNEX I</u> 

AMENDED CREDIT AGREEMENT

*[Attached]* 

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ANNEX I TO ELEVENTH<u>TWELFTH</u> AMENDMENT TO CREDIT AGREEMENT

CREDIT AGREEMENT

as amended by

that certain First Amendment to Credit Agreement, dated as of November 30, 2021,

that certain Second Amendment to Credit Agreement, dated as of December 3, 2021,

that certain Third Amendment to Credit Agreement, dated as of August 31, 2022,

that certain Fourth Amendment to Credit Agreement, dated as of January 31, 2023,

that certain Fifth Amendment to Credit Agreement, dated as of February 28, 2023,

that certain Sixth Amendment to Credit Agreement, dated as of June 7, 2023,

that certain Seventh Amendment to Credit Agreement, dated as of July 10, 2023,

that certain Eighth Amendment to Credit Agreement, dated as of June 28, 2024,

that certain Ninth Amendment to Credit Agreement, dated as of July 11, 2024,

that certain Tenth Amendment to Credit Agreement, dated as of July 18, 2024, and

that certain Eleventh Amendment to Credit Agreement, dated as of January 24, 2025<u>, and</u>

<u>that certain Twelfth Amendment to Credit Agreement, dated as of July 11, 2025,</u>

dated as of March 5, 2021

among

INDY US BIDCO, LLC,

as the US Borrower and the Borrower Representative,

INDY US HOLDCO, LLC,

as the US Top Borrower,

INDY DUTCH BIDCO B.V.,

as the Dutch Borrower,

EACH OTHER BORROWER PARTY HERETO,

together with the US Borrower, the US Top Borrower and the Dutch Borrower,

as the Borrowers,

AI PAVE DUTCHCO III B.V.,

as Holdings,

INTERMEDIATE DUTCH HOLDINGS B.V.,

as Intermediate Dutch Holdings,

THE FINANCIAL INSTITUTIONS PARTY HERETO

as Lenders and Issuing Banks,

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent, US Collateral Agent, an Issuing Bank and the Swingline Lender,

and

KROLL AGENCY SERVICES (US) LLC,

as Non-US Collateral Agent,

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BOFA SECURITIES, INC., UBS SECURITIES LLC, BARCLAYS BANK PLC, DEUTSCHE BANK SECURITIES INC., HSBC SECURITIES (USA) INC., RBC CAPITAL MARKETS<sup>1</sup>, MUFG BANK, LTD., WELLS FARGO SECURITIES, LLC, FIFTH THIRD BANK, NATIONAL ASSOCIATION, BMO CAPITAL MARKETS CORP., BNP PARIBAS SECURITIES CORP., CAPITAL ONE, NATIONAL ASSOCIATION, MIZUHO BANK, LTD., SUMITOMO MITSUI BANKING CORPORATION AND TD SECURITIES (USA) LLC,

as Joint Lead Arrangers and Joint Bookrunners

<sup>1</sup> RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada and its<u> </u>affiliates.

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  | ARTICLE 1 |  |
|  DEFINITIONS | DEFINITIONS | 7 |
|  Section 1.01. | Defined Terms | 7 |
|  Section 1.02. | Classification of Loans and Borrowings | 104 |
|  Section 1.03. | Terms Generally | 104 |
|  Section 1.04. | Accounting Terms; GAAP | 106 |
|  Section 1.05. | Effectuation of Transactions | 107 |
|  Section 1.06. | Timing of Payment of Performance | 107 |
|  Section 1.07. | Times of Day | 107 |
|  Section 1.08. | Currency Equivalents Generally | 107 |
|  Section 1.09. | Cashless Rollovers | 108 |
|  Section 1.10. | Alternate Currencies | 108 |
|  Section 1.11. | Agreed Security Principles | 109 |
|  Section 1.12. | Certain Calculations and Tests | 109 |
|  Section 1.13. | Effect of Benchmark Transition Event | 111 |
|  Section 1.14. | Certain Determinations | 113 |
|  Section 1.15. | Conflicts | 113 |
|  Section 1.16. | Foreign Law Terms and Interpretive Principles | 114 |
|  Section 1.17. | Initial Internal Reorganizations | 117 |
|  | ARTICLE 2 |  |
|  THE CREDITS | THE CREDITS | 117 |
|  Section 2.01. | Commitments | 117 |
|  Section 2.02. | Loans and Borrowings | 118 |
|  Section 2.03. | Requests for Borrowings | 119 |
|  Section 2.04. | Swingline Loans | 120 |
|  Section 2.05. | Letters of Credit | 121 |
|  Section 2.06. | [Reserved] | 127 |
|  Section 2.07. | Funding of Borrowings | 127 |
|  Section 2.08. | Type; Interest Elections | 127 |
|  Section 2.09. | Termination and Reduction of Commitments | 128 |
|  Section 2.10. | Repayment of Loans; Evidence of Debt | 129 |
|  Section 2.11. | Prepayment of Loans | 130 |
|  Section 2.12. | Fees | 137 |
|  Section 2.13. | Interest | 139 |
|  Section 2.14. | Alternate Rate of Interest; Replacement of Term SOFR or Term SOFR Successor Rate | 140 |
|  Section 2.15. | Increased Costs | 144 |
|  Section 2.16. | Break Funding Payments | 145 |
|  Section 2.17. | Taxes | 146 |
|  Section 2.18. | Payments Generally; Allocation of Proceeds; Sharing of Payments | 149 |
|  Section 2.19. | Mitigation Obligations; Replacement of Lenders | 151 |
|  Section 2.20. | Illegality | 152 |
|  Section 2.21. | Defaulting Lenders | 153 |
|  Section 2.22. | Incremental Credit Extensions | 155 |
|  Section 2.23. | Extensions of Loans and Revolving Credit Commitments | 161 |
|  Section 2.24. | Additional Revolving Borrowers | 163 |
|  Section 2.25. | Ancillary Facilities | 164 |
|  Section 2.26. | Appointment of the Borrower Representative | 168 |

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| | | |
|:---|:---|:---|
| ARTICLE 3 | ARTICLE 3 |  |
|  REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | 169 |
|  Section 3.01. | Organization; Powers | 169 |
|  Section 3.02. | Authorization; Enforceability | 169 |
|  Section 3.03. | Governmental Approvals; No Conflicts | 169 |
|  Section 3.04. | Financial Condition; No Material Adverse Effect | 169 |
|  Section 3.05. | Properties | 170 |
|  Section 3.06. | Litigation and Environmental Matters | 170 |
|  Section 3.07. | Compliance with Laws | 170 |
|  Section 3.08. | Investment Company Status | 171 |
|  Section 3.09. | Taxes | 171 |
|  Section 3.10. | ERISA | 171 |
|  Section 3.11. | Disclosure | 171 |
|  Section 3.12. | Solvency | 171 |
|  Section 3.13. | Subsidiaries | 172 |
|  Section 3.14. | Security Interest in Collateral | 172 |
|  Section 3.15. | Labor Disputes | 172 |
|  Section 3.16. | Federal Reserve Regulations | 172 |
|  Section 3.17. | Sanctions; PATRIOT ACT and FCPA | 172 |
|  | ARTICLE 4 |  |
|  CONDITIONS | CONDITIONS | 173 |
|  Section 4.01. | Closing Date | 173 |
|  Section 4.02. | Each Credit Extension | 177 |
|  | ARTICLE 5 |  |
|  AFFIRMATIVE COVENANTS | AFFIRMATIVE COVENANTS | 177 |
|  Section 5.01. | Financial Statements and Other Reports | 177 |
|  Section 5.02. | Existence | 180 |
|  Section 5.03. | Payment of Taxes | 180 |
|  Section 5.04. | Maintenance of Properties | 180 |
|  Section 5.05. | Insurance | 180 |
|  Section 5.06. | Inspections | 181 |
|  Section 5.07. | Maintenance of Book and Records | 181 |
|  Section 5.08. | Compliance with Laws | 181 |
|  Section 5.09. | Environmental | 182 |
|  Section 5.10. | Designation of Subsidiaries | 182 |
|  Section 5.11. | Use of Proceeds | 182 |
|  Section 5.12. | Covenant to Guarantee Obligations and Provide Security | 183 |
|  Section 5.13. | Maintenance of Ratings | 188 |
|  Section 5.14. | Further Assurances | 188 |
|  Section 5.15. | Post-Closing Covenant | 189 |
|  Section 5.16. | Transactions with Affiliates | 189 |
|  Section 5.17. | Fiscal Year | 191 |
|  Section 5.18. | Nature of Business | 192 |
|  Section 5.19. | Lender Calls | 192 |

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| | | |
|:---|:---|:---|
|  | ARTICLE 6 |  |
|  NEGATIVE COVENANTS | NEGATIVE COVENANTS | 192 |
|  Section 6.01. | Indebtedness | 192 |
|  Section 6.02. | Liens | 198 |
|  Section 6.03. | [Reserved] | 202 |
|  Section 6.04. | Restricted Payments; Restricted Debt Payments | 202 |
|  Section 6.05. | Burdensome Agreements | 207 |
|  Section 6.06. | Investments | 208 |
|  Section 6.07. | Fundamental Changes; Disposition of Assets | 212 |
|  Section 6.08. | Amendments of or Waivers with Respect to Restricted Debt | 216 |
|  Section 6.09. | Holdings | 216 |
|  Section 6.10. | Financial Covenant | 217 |
|  Section 6.11. | [Reserved] | 218 |
|  Section 6.12. | Eighth Amendment Extending Revolving Facility Covenants | 218 |
|  | ARTICLE 7 |  |
|  EVENTS OF DEFAULT | EVENTS OF DEFAULT | 219 |
|  Section 7.01. | Events of Default | 219 |
|  | ARTICLE 8 |  |
|  THE AGENTS | THE AGENTS | 223 |
|  Section 8.01. | Appointment and Authorization of Agent | 223 |
|  Section 8.02. | Rights as a Lender | 224 |
|  Section 8.03. | Exculpatory Provisions | 224 |
|  Section 8.04. | Exclusive Right to Enforce Rights and Remedies | 225 |
|  Section 8.05. | Reliance by Agent | 226 |
|  Section 8.06. | Delegation of Duties | 226 |
|  Section 8.07. | Successor Agent | 226 |
|  Section 8.08. | Non-Reliance on Agents, the Arrangers or the Other Lenders | 227 |
|  Section 8.09. | Collateral and Guarantee Matters | 228 |
|  Section 8.10. | Intercreditor Agreements | 229 |
|  Section 8.11. | Indemnification of Agent | 230 |
|  Section 8.12. | Withholding Taxes | 230 |
|  Section 8.13. | Administrative Agent May File Proofs of Claim | 230 |
|  Section 8.14. | Acknowledgement of Foreign Law Terms and Interpretive Principles | 231 |
|  Section 8.15. | Banking Services Obligations and Secured Hedging Obligations | 231 |
|  | ARTICLE 9 |  |
|  MISCELLANEOUS | MISCELLANEOUS | 231 |
|  Section 9.01. | Notices | 231 |
|  Section 9.02. | Waivers; Amendments | 234 |
|  Section 9.03. | Expenses; Indemnity | 243 |
|  Section 9.04. | Waiver of Claim | 244 |
|  Section 9.05. | Successors and Assigns | 245 |
|  Section 9.06. | Survival | 253 |
|  Section 9.07. | Counterparts; Integration; Effectiveness | 253 |

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| | | |
|:---|:---|:---|
|  Section 9.08. | Severability | 253.0 |
|  Section 9.09. | Right of Setoff | 253.0 |
|  Section 9.10. | Governing Law; Jurisdiction; Consent to Service of Process | 254.0 |
|  Section 9.11. | Waiver of Jury Trial | 255.0 |
|  Section 9.12. | Headings | 255.0 |
|  Section 9.13. | Confidentiality | 255.0 |
|  Section 9.14. | No Fiduciary Duty | 257.0 |
|  Section 9.15. | Several Obligations | 257.0 |
|  Section 9.16. | USA PATRIOT Act | 257.0 |
|  Section 9.17. | Disclosure of Agent Conflicts | 257.0 |
|  Section 9.18. | Appointment for Perfection | 258.0 |
|  Section 9.19. | Interest Rate Limitation | 258.0 |
|  Section 9.20. | Intercreditor Agreements | 258.0 |
|  Section 9.21. | Conflicts | 258.0 |
|  Section 9.22. | Release of Guarantors | 258.0 |
|  Section 9.23. | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 259.0 |
|  Section 9.24. | Certain ERISA Matters | 259.0 |
|  Section 9.25. | Judgment Currency | 260.0 |
|  Section 9.26. | Parallel Debt | 260.0 |
|  Section 9.27. | Acknowledgement Regarding Any Supported QFCs | 261.0 |
|  Section 9.28. | Erroneous Payments | 261.0 |

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| | |
|:---|:---|
| SCHEDULES: |  |
| Schedule 1.01(a) | Commitment Schedule |
| Schedule 1.01(b) | Dutch Auction |
| Schedule 1.01(c) | Mortgages |
| Schedule 1.01(d) | Agreed Security Principles |
| Schedule 3.05 | Fee Owned Real Estate Assets |
| Schedule 3.13 | Subsidiaries |
| Schedule 4.01(b) | Local Counsel Opinions |
| Schedule 5.10 | Unrestricted Subsidiaries |
| Schedule 5.15 | Post-Closing Obligations |
| Schedule 6.01 | Existing Indebtedness |
| Schedule 6.02 | Existing Liens |
| Schedule 6.06 | Existing Investments |
| Schedule 9.01 | Borrowers' Website Address for Electronic Delivery |
| EXHIBITS: |  |
| Exhibit A-1 | Form of Affiliated Lender Assignment and Assumption |
| Exhibit A-2 | Form of Assignment and Assumption |
| Exhibit B | Form of Borrowing Request |
| Exhibit C | Form of Intellectual Property Security Agreement |
| Exhibit D | Form of Compliance Certificate |
| Exhibit E | Form of First Lien Intercreditor Agreement |
| Exhibit F | Form of Revolving Borrower Joinder |
| Exhibit G | Form of Junior Lien Intercreditor Agreement |
| Exhibit H | Form of Interest Election Request |
| Exhibit I | Form of Loan Guaranty |
| Exhibit J | Form of Perfection Certificate |
| Exhibit K | Form of Joinder Agreement |
| Exhibit L | Form of Promissory Note |
| Exhibit M | Form of US Pledge and Security Agreement |
| Exhibit N | Form of Letter of Credit Request |
| Exhibit O-1 | Form of Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For US Federal Income Tax Purposes) |
| Exhibit O-2 | Form of Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For US Federal Income Tax Purposes) |
| Exhibit O-3 | Form of Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For US Federal Income Tax Purposes) |
| Exhibit O-4 | Form of Tax Compliance Certificate (For Foreign Participants That Are Partnerships For US Federal Income Tax Purposes) |
| Exhibit P | Form of Solvency Certificate |

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CREDIT AGREEMENT

CREDIT AGREEMENT, dated as of March 5, 2021 (this "<u>Agreement</u>"), by and among AI PAVE Dutchco III B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands ("<u>Holdings</u>"), Intermediate Dutch Holdings B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands ("<u>Intermediate Dutch Holdings</u>"), Indy US Holdco, LLC, a Delaware limited liability company ("<u>US Top Borrower</u>"), Indy US Bidco, LLC, a Delaware limited liability company ("<u>US Bidco</u>" and, prior to the consummation of the Closing US Merger (as defined below), the US Borrower), Nielsen Consumer Inc., a Delaware corporation (the "<u>US Target</u>" and, following the consummation of the Closing US Merger, the US Borrower), Indy Dutch Bidco B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands ("<u>Dutch Borrower</u>"), the Revolving Borrowers from time to time party hereto (together with any other Restricted Subsidiary designated hereunder as an Additional Revolving Borrower pursuant to the terms hereof), the Lenders from time to time party hereto, the Issuing Banks from time to time party hereto, JPMorgan Chase Bank, N.A. ("<u>JPMorgan</u>") in its capacities as administrative agent for the Lenders (in such capacity and together with its successors and assigns, the "<u>Administrative Agent</u>"), US collateral agent for the Secured Parties (in such capacity and together with its successors and assigns, the "<u>US Collateral Agent</u>"), an Issuing Bank and the Swingline Lender and Kroll Agency Services (US) LLC in its capacity as non-US collateral agent for the Secured Parties (in such capacity and together with its successors and assigns, the "<u>Non-US Collateral Agent</u>").

RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pursuant to the terms of the Acquisition Agreement, (i) (x) US Bidco will acquire all of the issued and outstanding Capital Stock of the US Target and (y) immediately thereafter US Bidco shall merge (the "<u>Closing US Merger</u>") with and into the US Target, with the US Target as the surviving entity, (ii) the Dutch Borrower will acquire all of the issued and outstanding Capital Stock of (x) TNC Europe B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands (the "<u>Dutch Target</u>") and (y) The Nielsen Company (Europe) Sàrl, a limited liability company (société à responsabilité limitée) incorporated and organized under the laws of Switzerland (the "<u>Swiss Target</u>" and together with the US Target and the Dutch Target, the "<u>Target</u>"), and (iii) the Dutch Borrower will acquire and become the "lender" under the Swiss Note (as defined in the Acquisition Agreement) (the foregoing <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u>, collectively the "<u>Closing Date Acquisition</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Substantially concurrently with the consummation of the Closing Date Acquisition, the Target and its subsidiaries that are guarantors and/or security providers under the Seller Debt Facilities (as defined in the Acquisition Agreement) (in each case, other than letters of credit or bank guarantees issued in respect of obligations of the Target and its subsidiaries that are replaced, backstopped, cash collateralized or with respect to which other arrangements have been made in accordance with the terms of such Seller Debt Facilities), will be released from their obligations thereunder and all Liens and guarantees granted by the Target and/or its subsidiaries thereunder will be terminated (the "<u>Closing Date Releases</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To fund a portion of the consideration for the Acquisition, the Borrowers have requested that the Lenders extend credit under this Agreement in the form of (x) Initial Term Loans on the Closing Date consisting of (1) a Dollar tranche in the aggregate principal amount of $950,000,000, (2) a Euro tranche in the aggregate principal amount of €545,000,000 and (3) a Canadian Dollar tranche in the aggregate principal amount of C$128,000,000 and (y) an Initial Revolving Facility with an available amount of $350,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Revolving Facility will include the ability of the Revolving Lenders (or any of their Affiliates) to provide one or more Ancillary Facilities from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Lenders (including the 2021 Repricing Term Loan Lenders, the 2021 Incremental Euro Term Loan Lender, the Fifth Amendment Incremental Term Lenders, the Seventh Amendment Incremental Lenders, the Ninth Amendment Refinancing Term Lenders and the Eleventh Amendment Refinancing Term Lenders) are willing to extend such credit to the Borrowers on the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows:

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ARTICLE 1

DEFINITIONS

Section 1.01. <u>Defined Terms</u>. As used in this Agreement, the following terms have the meanings specified below:

"<u>2021 Incremental Euro Term Loan</u>" has the meaning assigned to such term in the First Amendment.

"<u>2021 Incremental Euro Term Loan Lender</u>" has the meaning assigned to such term in the First Amendment.

"<u>2021 Repricing Dollar Term Loan Lender</u>" means any Lender that holds a 2021 Repricing Dollar Term Loan.

"<u>2021 Repricing Dollar Term Loans</u>" has the meaning assigned to such term in the First Amendment.

"<u>2021 Repricing Euro Term Loans</u>" has the meaning assigned to such term in the First Amendment (and includes, for the avoidance of doubt, the 2021 Incremental Euro Term Loans).

"<u>2021 Repricing Term Loan Lender</u>" means any Lender that holds a 2021 Repricing Dollar Term Loan or a 2021 Repricing Euro Term Loan.

"<u>2021 Repricing Term Loans</u>" means the 2021 Repricing Euro Term Loans, the 2021 Repricing Dollar Term Loans and the Tranche B-3 Term Loans.

"<u>2023 Incremental Dollar Term Lenders</u>" means each Lender with an outstanding 2023 Incremental Dollar Term Loan.

"<u>2023 Incremental Dollar Term Loans</u>" means the Fifth Amendment Dollar Incremental Term Loans and the Seventh Amendment Dollar Incremental Term Loans.

"<u>2023 Incremental Term Loan Lenders</u>" means each Lender with an outstanding 2023 Incremental Term Loan.

"<u>2023 Incremental Term Loans</u>" means the 2023 Incremental Dollar Term Loans and the Seventh Amendment Euro Incremental Term Loans.

"<u>2023 MFN Provision</u>" has the meaning assigned to such term in <u>Section 2.22(a)(v)(B)</u>.

"<u>ABR</u>", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to the Alternate Base Rate.

"<u>Acceleratio</u>" means Acceleratio Holdco S.à r.l., a private limited liability company (société à responsabilité limitée), incorporated and existing under the laws of Luxembourg, having its registered office at 2, rue Edward Steichen, L-2540 Luxembourg, registered with the RCSL under number B210752.

"<u>Acceptable Debtor-In-Possession Financings</u>" means any debtor-in-possession or similar financing (a) incurred by Holdings, Intermediate Dutch Holdings or a Restricted Subsidiary following a voluntary petition by Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries under or in connection with any Debtor Relief Law and (b) approved pursuant to an order of an applicable court under any Debtor Relief Law; <u>provided</u>, that, in the event that all or any portion of such debtor-in-possession financing is provided by a Lender or an Affiliate thereof, each Lender (as of the time of incurrence thereof) shall have been offered an opportunity to participate in such debtor in-possession financing on a pro rata basis.

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"<u>ACH</u>" means automated clearing house transfers.

"<u>Acquisition</u>" means the Closing Date Acquisition and, if any, each Potential Subsequent Acquisition and the other transactions contemplated by the Acquisition Agreement.

"<u>Acquisition Agreement</u>" means that certain Stock Purchase Agreement, dated as of October 31, 2020 (and as amended pursuant to that certain Letter Agreement, dated as of March 5, 2021), by and among the US Borrower, the Dutch Borrower and Nielsen Holdings PLC.

"<u>Additional Agreement</u>" has the meaning assigned to such term in <u>Article 8</u>.

"<u>Additional Commitment</u>" means any commitment hereunder added pursuant to <u>Sections 2.22</u>, <u>2.23</u> and/or <u>9.02(c)</u>.

"<u>Additional Loans</u>" means any Additional Revolving Loan and any Additional Term Loan.

"<u>Additional Revolving Borrower</u>" means any Restricted Subsidiary as may be requested by the Borrower Representative to become an Additional Revolving Borrower in accordance with <u>Section 2.24</u>.

"<u>Additional Revolving Credit Commitments</u>" means any Revolving Credit Commitment added pursuant to <u>Sections 2.22</u>, <u>2.23</u> and/or <u>9.02(c)(ii)</u>; <u>provided</u> that, with respect to any Additional Revolving Credit Commitment of any Lender, other than for purposes of determining the Required Lenders or Required Revolving Lenders at any time, if such Lender is an Ancillary Lender, such Additional Revolving Credit Commitment is decreased by the amount of such Lender's Ancillary Commitment (and is increased to the extent that any such Ancillary Commitment is reduced, cancelled or terminated).

"<u>Additional Revolving Credit Exposure</u>" means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time of all Additional Revolving Loans of such Lender, <u>plus</u> the aggregate outstanding amount at such time of such Lender's LC Exposure and Swingline Exposure, in each case, attributable to its Additional Revolving Credit Commitment.

"<u>Additional Revolving Incremental Amount</u>" has the meaning assigned to such term in clause (a)(iii) of the definition of "Incremental Cap".

"<u>Additional Revolving Lender</u>" means any Lender with an Additional Revolving Credit Commitment or any Additional Revolving Credit Exposure.

"<u>Additional Revolving Loans</u>" means any revolving loan added hereunder pursuant to <u>Section 2.22</u>, <u>2.23</u> and/or <u>9.02(c)(ii)</u>.

"<u>Additional Term Lender</u>" means any Lender with an Additional Term Loan Commitment or an outstanding Additional Term Loan.

"<u>Additional Term Loan Commitment</u>" means any term commitment added pursuant to <u>Sections 2.22</u>, <u>2.23</u> and/or <u>9.02(c)(i)</u>.

"<u>Additional Term Loans</u>" means any term loan added pursuant to <u>Section 2.22</u>, <u>2.23</u> and/or <u>9.02(c)(i)</u>.

"<u>Adjusted Term SOFR Rate</u>" means, for purposes of any calculation, the rate per annum equal to (a) the Term SOFR Rate for such calculation, plus (b) the Term SOFR Adjustment; *<u>provided</u>*, that in no event shall the Adjusted Term SOFR Rate be less than (i) 0.00% in the case of the Eighth<u>Twelfth</u> Amendment Revolving Loans or (ii) 0.50% in the case of the Eleventh Amendment Dollar Refinancing Term Loans.

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"<u>Adjustment</u>" has the meaning assigned to such term in Section 1.13(a).

"<u>Adjustment Date</u>" means the date of delivery of financial statements required to be delivered pursuant to <u>Section 5.01(a)</u> or <u>Section 5.01(b)</u>, as applicable.

"<u>Administrative Agent</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>Administrative Agent Fee Letter</u>" means that certain administrative agent fee letter dated as of the Eighth Amendment Effective Date, by and among the Borrower Representative, the Administrative Agent and the US Collateral Agent.

"<u>Administrative Questionnaire</u>" means a customary administrative questionnaire in the form provided by the Administrative Agent.

"<u>Advent</u>" means Advent International, L.P.

"<u>Adverse Proceeding</u>" means any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries) at law or in equity, or before or by any Governmental Authority, domestic or foreign (including any Environmental Claim), whether pending or, to the knowledge of Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries, threatened in writing, against or affecting Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries or any property of Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affiliate</u>" means, as applied to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with, that Person. No Person shall be an "Affiliate" of Intermediate Dutch Holdings solely because it is an unrelated portfolio company of the Sponsor and none of the Agents, the Arrangers, the Project Grace Arrangers, the Ninth Amendment Lead Arrangers, the Eleventh Amendment Lead Arrangers, <u>the Twelfth Amendment Lead Arrangers,</u> any Lender (other than any Affiliated Lender or any Debt Fund Affiliate) or any of their respective Affiliates shall be considered an Affiliate of Intermediate Dutch Holdings or any subsidiary thereof.

"<u>Affiliated Lender</u>" means any Non-Debt Fund Affiliate, Intermediate Dutch Holdings and/or any subsidiary of Intermediate Dutch Holdings.

"<u>Affiliated Lender Assignment and Assumption</u>" means (a) an assignment and assumption entered into by a Lender and an Affiliated Lender (with the consent of any party whose consent is required by <u>Section 9.05</u>) and accepted by the Administrative Agent in the form of <u>Exhibit A-1</u> and/or (b) any other form approved by the Administrative Agent and the Borrower Representative.

"<u>Affiliated Lender Cap</u>" has the meaning assigned to such term in <u>Section 9.05(g)(iv)</u>.

"<u>Agents</u>" means, collectively, the Administrative Agent, the US Collateral Agent and the Non-US Collateral Agent.

"<u>Agreed Security Principles</u>" means the principles set forth on <u>Schedule 1.01(d)</u> and the provisions of <u>Section 5.12(d)</u>.

"<u>Agreement</u>" has the meaning assigned to such term in the preamble to this Credit Agreement.

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"<u>Agreement Currency</u>" has the meaning assigned to such term in <u>Section 9.25</u>.

"<u>Agency Resignation Agreement</u>" means the Agency Resignation Agreement, dated as of the Eighth Amendment Effective Date, by and among the Borrowers, Holdings, Intermediate Dutch Holdings, the Agents and the Previous Agent.

"<u>Alternate Base Rate</u>" means, for any day, a rate per annum equal to the highest of (a) the Federal Funds Effective Rate in effect on such day plus 0.50%, (b) to the extent ascertainable, the Published LIBO Rate (which rate shall be calculated based upon an Interest Period of one month and shall be determined on a daily basis and, for the avoidance of doubt, the Published LIBO Rate for any day shall be based on the rate determined on such day at 11:00 a.m. (London time)) <u>plus</u> 1.00%, (c) the Prime Rate and (d) 1.00%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Published LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Published LIBO Rate. Notwithstanding anything to the contrary herein and solely in connection with any Term SOFR Rate Loan, each reference to "Published LIBO Rate" in this definition of "Alternate Base Rate" shall be deemed to be a reference to the "Adjusted Term SOFR Rate".

"<u>Alternate Currency</u>" means Euros, Canadian Dollars and, in the case of Revolving Loans, Letters of Credit and Swingline Loans, each other currency that is approved in accordance with <u>Section 1.10</u>.

"<u>Ancillary Borrower</u>" and "<u>Ancillary Borrowers</u>" means all or any of the Revolving Borrowers and/or any direct or indirect Wholly-Owned Restricted Subsidiary of Intermediate Dutch Holdings.

"<u>Ancillary Commencement Date</u>" means, with respect to any Ancillary Facility, the date (which must be a Business Day prior to the Maturity Date for the Revolving Facility related to the Ancillary Facility) on which such Ancillary Facility is first made available.

"<u>Ancillary Commitment</u>" means, with respect to any Ancillary Lender and any Ancillary Facility, the maximum applicable Dollar Equivalent amount which such Ancillary Lender has agreed (whether or not subject to the satisfaction of conditions precedent) to make available from time to time under an Ancillary Facility in accordance with <u>Section 2.25</u> hereof to the extent such amount has not been cancelled or reduced under this Agreement or the Ancillary Documents relating to such Ancillary Facility.

"<u>Ancillary Document</u>" means each document, instrument or agreement relating to or evidencing the terms of an Ancillary Facility.

"<u>Ancillary Facility</u>" means (a) any overdraft, automated payment, check drawing and/or other current account facility, (b) any short term loan facility, (c) any foreign exchange facility, (d) any standby letter of credit, documentary letter of credit, suretyship, suretyship on first demand, guarantee and/or bonding facility or any other instrument to provide a contingent liability, (e) any derivatives facility, (f) any notional cash pooling, cash concentration, target balancing, cash/overdraft netting, liquidity management or other cash management facility, (g) stay, customs, appeal, performance and/or return of money bonds or similar obligations and/or (g) any other facility or financial accommodation that may be required or appropriate in connection with the business of Intermediate Dutch Holdings and/or any of its Restricted Subsidiaries, in each case, that is made available by an Ancillary Lender in accordance with <u>Section 2.25</u>.

"<u>Ancillary Lender</u>" means each Revolving Lender (or Affiliate of a Revolving Lender, or branch of any Revolving Lender or of an Affiliate of any Revolving Lender) that makes available an Ancillary Facility in accordance with <u>Section 2.25</u>.

"<u>Ancillary Obligations</u>" means all obligations in respect of Ancillary Outstandings (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding).

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"<u>Ancillary Outstandings</u>" means, at any time, with respect to any Ancillary Lender and any Ancillary Facility then in effect, the aggregate of the Dollar Equivalent (as calculated in accordance with this Agreement) of the sum (without duplication) of the following amounts outstanding under such Ancillary Facility, (a) the principal amount owing under each overdraft facility and on-demand short term loan facility (net of any credit balance on any account of any Borrower under any Ancillary Facility with the relevant Ancillary Lender to the extent that such credit balance is freely available to be set-off by such Ancillary Lender against liabilities owing by such Borrower under such Ancillary Facility), (b) the aggregate stated amount available to be drawn under each guaranty, bond and letter of credit provided or issued under such Ancillary Facility plus any unreimbursed amounts in respect of drawings under each such guaranty, bond and letter of credit (with the amount available to be drawn under any guaranty, bond or letter of credit to be determined in a manner substantially similar to how amounts available to be drawn under Letters of Credit or Bank Guarantees are calculated hereunder), (c) all net obligations owing to such Ancillary Lender under any derivatives facility and (d) the amount fairly representing the aggregate exposure (excluding interest and similar charges) of such Ancillary Lender under each other type of accommodation provided under such Ancillary Facility, in each case as determined by such Ancillary Lender acting reasonably in accordance with its normal banking practice and the terms of the relevant Ancillary Document, in each case of the foregoing clauses (a) through (d), net of any cash cover for that Ancillary Facility and any credit balances on any account of any Ancillary Borrower with the Ancillary Lender making available that Ancillary Facility to the extent that the credit balances are freely available to be set-off by that Ancillary Lender against liabilities owed to it by that Ancillary Borrower and in each case as determined by such Ancillary Lender, acting reasonably and in accordance with the relevant Ancillary Document, or (if not provided for in the relevant Ancillary Document), after consultation with the relevant Ancillary Borrower, in accordance with its normal banking practice and in accordance with the relevant Ancillary Document.

"<u>Applicable Ancillary Borrower</u>" means any Revolving Borrower and/or any direct or indirect Wholly-Owned Restricted Subsidiary of Intermediate Dutch Holdings, in each case, that is a borrower, counterpart or similar, under an Ancillary Facility.

"<u>Applicable Borrower</u>" means any Term Borrower and/or any Revolving Borrower, as the context may require.

"<u>Applicable Percentage</u>" means, (a) with respect to any Term Lender of any Class, a percentage equal to a fraction the numerator of which is the aggregate outstanding principal amount of the Term Loans and unused Additional Term Loan Commitments of such Term Lender under the applicable Class and the denominator of which is the aggregate outstanding principal amount of the Term Loans and unused Term Commitments of all Term Lenders under the applicable Class and (b) with respect to any Revolving Lender of any Class, the percentage of the aggregate amount of the Revolving Credit Commitments of such Class represented by such Lender's Revolving Credit Commitment of such Class; <u>provided</u> that (i) for purposes of <u>Section 2.21</u> and otherwise herein (except with respect to <u>Section 2.11(a)(ii)</u>), when there is a Defaulting Lender, such Defaulting Lender's Revolving Credit Commitment shall be disregarded for any relevant calculation and (ii) when any Revolving Lender (or its applicable Affiliate) provides Ancillary Commitments under a certain Class of Revolving Credit Commitments, the Applicable Percentage with respect to any Obligations outstanding under such Revolving Credit Commitments prior to the incurrence of the obligations under such Ancillary Facility shall be calculated without giving effect to the reduction in the Total Revolving Credit Commitments of such Class as a result of the incurrence of such Ancillary Commitment until (1) the end of the Interest Period then in effect or (2) the next Credit Extension with respect to Revolving Credit Commitments of such Class, at which point, the Applicable Percentage shall be calculated after giving effect to the reduction in the Total Revolving Credit Commitments of such Class as a result of the incurrence of such Ancillary Commitment. In the case of <u>clause (b)</u>, in the event that the Revolving Credit Commitments of any Class have expired or been terminated, the Applicable Percentage of any Revolving Lender of such Class shall be determined on the basis of the Revolving Credit Exposure of such Revolving Lender attributable to its Revolving Credit Commitment of such Class, giving effect to any assignment thereof.

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"<u>Applicable Rate</u>" means, for any day, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Tranche B-1 Term Loan at any time prior to the First Amendment Effective Date, the rate per annum applicable to the Type of Loans in the table set forth below under the caption "ABR Spread for Tranche B-1 Term Loans" or "LIBO Rate Spread for Tranche B-1 Term Loans", as the case may be, based upon the applicable First Lien Net Leverage Ratio:

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| | | |
|:---|:---|:---|
| First Lien Net Leverage Ratio | ABR Spread for Tranche B-1 Term<br>Loans | LIBO Rate Spread for Tranche B-1<br>Term Loans |
|  <u>Category 1</u><br> Greater than 1.75 to 1.00 | 3.00% | 4.00% |
|  <u>Category 2</u><br> Less than or equal to 1.75 to 1.00 | 2.75% | 3.75% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Tranche B-2 Term Loan at any time prior to the First Amendment Effective Date, the rate per annum applicable to the Type of Loans in the table set forth below under the caption "LIBO Rate Spread for Tranche B-2 Loans" based upon the applicable First Lien Net Leverage Ratio:

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| | |
|:---|:---|
| First Lien Net Leverage Ratio | LIBO Rate Spread for Tranche B-2 Term Loans |
|  <u>Category 1</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater than 1.75 to 1.00 | 4.00% |
|  <u>Category 2</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than or equal to 1.75 to 1.00 and greater than 1.25 to 1.00 | 3.75% |
|  <u>Category 3</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than or equal to 1.25 to 1.00 | 3.50% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Tranche B-3 Term Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time prior to the First Amendment Effective Date, the rate per annum applicable to the Type of Loans in the table set forth below under the caption "Canadian Prime Rate Spread for Tranche B-3 Term Loans" or "LIBO Rate Spread for Tranche B-3 Term Loans", as the case may be, based upon the applicable First Lien Net Leverage Ratio:

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| | | |
|:---|:---|:---|
| First Lien Net Leverage Ratio | Canadian Prime Rate Spread for<br>Tranche B-3 Term Loans | LIBO Rate Spread for Tranche B-3<br>Term Loans |
|  <u>Category 1</u><br> Greater than 1.75 to 1.00 | 3.75% | 4.75% |
|  <u>Category 2</u><br> Less than or equal to 1.75 to 1.00 | 3.50% | 4.50% |

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and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time on and after the First Amendment Effective Date, the rate per annum applicable to the Type of Loans in the table set forth below under the caption "Canadian Prime Rate Spread for Tranche B-3 Term Loans" or "LIBO Rate and Daily Simple CORRA Spread for Tranche B-3 Term Loans", as the case may be, based upon the applicable First Lien Net Leverage Ratio:

------

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| | | |
|:---|:---|:---|
| First Lien Net Leverage Ratio | Canadian Prime Rate Spread for<br>Tranche B-3 Term Loans | LIBO Rate and Daily Simple<br>CORRA Spread for<br>Tranche B-3 Term Loans |
|  <u>Category 1</u><br> Greater than 1.75 to 1.00 | 3.25% | 4.25% |
|  <u>Category 2</u><br> Less than or equal to 1.75 to 1.00 | 3.00% | 4.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time prior to the First Amendment Effective Date, any Initial Revolving Loan, the rate per annum applicable to the relevant Type of Loans in the table set forth below under the caption "ABR and Canadian Prime Rate Spread for Initial Revolving Loans" or "LIBO Rate Spread for Initial Revolving Loans", as the case may be, based upon the First Lien Net Leverage Ratio:

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| | | |
|:---|:---|:---|
| First Lien Net Leverage Ratio | ABR, Canadian Prime Rate and<br>Overnight Rate Spread for Initial<br>Revolving Loans (including<br>Swingline Loans) | LIBO Rate Spread for Initial<br>Revolving Loans |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Category 1</u><br> Greater than 1.75 to 1.00 | 3.00% | 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Category 2</u><br> Less than or equal to 1.75 to 1.00 and greater than 1.25 to 1.00 | 2.75% | 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Category 3</u><br> Less than or equal to 1.25 to 1.00 | 2.50% | 3.50% |

---

; (ii) at any time on and after the First Amendment Effective Date but prior to the Third Amendment Effective Date, the rate per annum applicable to the relevant Type of Loans in the table set forth below under the caption "ABR and Canadian Prime Rate Spread for Initial Revolving Loans" or "LIBO Rate Spread for Initial Revolving Loans", as the case may be, based upon the First Lien Net Leverage Ratio:

---

| | | |
|:---|:---|:---|
| First Lien Net Leverage Ratio | ABR, Canadian Prime Rate and<br>Overnight Rate Spread for Initial<br>Revolving Loans (including<br>Swingline Loans) | LIBO Rate Spread for Initial<br>Revolving Loans |
|  <u>Category 1</u><br> Greater than 1.75 to 1.00 | 2.75% | 3.75% |
|  <u>Category 2</u><br> Less than or equal to 1.75 to 1.00 and greater than 1.25 to 1.00 | 2.50% | 3.50% |
|  <u>Category 3</u><br> Less than or equal to 1.25 to 1.00 | 2.25% | 3.25% |

---

------

; (iii) at any time on and after the Third Amendment Effective Date but prior to the Eighth Amendment Effective Date, the rate per annum applicable to the relevant Type of Loans in the table set forth below under the caption "ABR and Canadian Prime Rate Spread for Initial Revolving Loans", "LIBO Rate Spread for Initial Revolving Loans denominated in Alternate Currencies" or "Adjusted Term SOFR Rate Spread for Initial Revolving Loans denominated in Dollars", as the case may be, based upon the First Lien Net Leverage Ratio:

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| | | | |
|:---|:---|:---|:---|
| First Lien Net Leverage Ratio | ABR, Canadian Prime Rate<br>and Overnight Rate Spread<br>for Initial Revolving Loans<br>(including Swingline Loans) | LIBO Rate Spread for<br>Initial Revolving Loans<br>denominated in Alternate<br>Currencies | Adjusted Term SOFR Rate<br>Spread for Initial Revolving<br>Loans denominated in<br>Dollars |
|  <u>Category 1</u><br> Greater than 1.75 to 1.00 | 2.75% | 3.75% | 3.75% |
|  <u>Category 2</u><br> Less than or equal to 1.75 to 1.00 and greater than<br> 1.25 to 1.00 | 2.50% | 3.50% | 3.50% |
|  <u>Category 3</u><br> Less than or equal to 1.25 to 1.00 | 2.25% | 3.25% | 3.25% |

---

; and (iv) at any time on and after the Eighth <u>Amendment Effective Date but prior to the Twelfth</u> Amendment Effective Date, the rate per annum applicable to the relevant Type of Loans in the table set forth below under the caption "ABR, Canadian Prime Rate Spread and Overnight Rate Spread for Eighth Amendment Revolving Loans (including Swingline Loans)", "LIBO Rate and Daily Simple CORRA Spread for Eighth Amendment Revolving Loans denominated in Alternate Currencies" or "Adjusted Term SOFR Rate Spread for Eighth Amendment Revolving Loans denominated in Dollars", as the case may be, based upon the First Lien Net Leverage Ratio:

---

| | | | |
|:---|:---|:---|:---|
| First Lien Net Leverage Ratio | ABR, Canadian Prime Rate<br>and Overnight Rate Spread<br>for Eighth Amendment<br>Revolving Loans (including<br>Swingline Loans) | LIBO Rate and Daily<br>Simple CORRA Spread<br>for Eighth Amendment<br>Revolving Loans<br>denominated in Alternate<br>Currencies | Adjusted Term SOFR Rate<br>Spread for Eighth<br>Amendment Revolving<br>Loans denominated in<br>Dollars |
|  <u>Category 1</u><br> Greater than 1.75 to 1.00 | 2.75% | 3.75% | 3.75% |
|  <u>Category 2</u><br> Less than or equal to 1.75 to 1.00 and greater than<br> 1.25 to 1.00 | 2.50% | 3.50% | 3.50% |
|  <u>Category 3</u><br> Less than or equal to 1.25 to 1.00 | 2.25% | 3.25% | 3.25% |

---

------

<u>; and (v) at any time on and after the Twelfth Amendment Effective Date, the rate per annum applicable to the relevant Type of Loans in the table set forth below under the caption "ABR, Canadian Prime Rate Spread and Overnight Rate Spread for Twelfth Amendment</u> <u>Revolving Loans (including Swingline Loans)"</u><u>, "LIBO Rate and Daily Simple CORRA Spread for Twelfth Amendment Revolving Loans denominated in Alternate Currencies" or "Adjusted Term SOFR Rate Spread for Twelfth Amendment Revolving Loans denominated in Dollars", as the case may be, based upon the First Lien Net Leverage Ratio:</u>

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| | | | |
|:---|:---|:---|:---|
| **<u>First Lien Net Leverage Ratio</u>** | **<u>A</u><u>BR, Canadian Prime Rate <br>and Overnight Rate Spread<br>for Twelfth Amendment<br>Revolving Loans (including<br>Swingline Loans)</u>** | **<u>LIBO Rate and Daily<br>Simple CORRA Spread<br>for Twelfth Amendment<br>Revolving Loans<br>denominated in Alternate<br>Currencies</u>** | **<u>Adjusted Term SOFR Rate<br>Spread for Twelfth<br>Amendment Revolving<br>Loans denominated in<br>Dollars</u>** |
|  <u>Category 1</u><br> <u>Greater than 2.50 to 1.00</u> | <u>1.75</u>% | <u>2.75</u>% | <u>2.75</u>% |
|  <u>Category 2</u><br> <u>Less than or equal to 2.50 to 1.00 and greater than 2.00 to 1.00</u> | <u>1.50</u>% | <u>2.50</u>% | <u>2.50</u>% |
|  <u>Category 3</u><br> <u>Less than or equal to 2.00 to 1.00</u> | <u>1.25</u>% | <u>2.25</u>% | <u>2.25</u>% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any 2021 Repricing Dollar Term Loans at any time prior to the Eleventh Amendment Effective Date, the rate per annum applicable to the relevant Type of Loans in the table set forth below under the caption "ABR Spread for 2021 Repricing Dollar Term Loan" or "Adjusted Term SOFR Rate Spread for 2021 Repricing Dollar Term Loan", as the case may be, based upon the First Lien Net Leverage Ratio:

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| | | |
|:---|:---|:---|
| First Lien Net Leverage Ratio | ABR Spread for 2021 Repricing<br>Dollar Term Loan | Adjusted Term SOFR Rate Spread<br>for 2021 Repricing Dollar Term<br>Loan |
|  <u>Category 1</u><br> Greater than 1.75 to 1.00 | 2.75% | 3.75% |
|  <u>Category 2</u><br> Less than or equal to 1.75 to 1.00 | 2.50% | 3.50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any 2021 Repricing Euro Term Loan at any time after the First Amendment Effective Date but prior to the Eleventh Amendment Effective Date, the rate per annum applicable to the relevant Type of Loans in the table set forth below under the caption "LIBO Rate Spread for 2021 Repricing Euro Term Loan", based upon the First Lien Net Leverage Ratio:

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| | |
|:---|:---|
| First Lien Net Leverage Ratio | LIBO Rate Spread for 2021 Repricing Euro Term<br>Loan |
|  <u>Category 1</u><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater than 1.75 to 1.00 | 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Category 2</u><br> Less than or equal to 1.75 to 1.00 and greater than 1.25 to 1.00 | 3.50% |
|  <u>Category 3</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than or equal to 1.25 to 1.00 | 3.25% |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any 2023 Incremental Dollar Term Loan at any time prior to the Ninth Amendment Effective Date, (i) 6.25% per annum with respect to Term SOFR Rate Loans and (ii) 5.25% per annum with respect to ABR Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Seventh Amendment Euro Incremental Term Loan at any time prior to the Ninth Amendment Effective Date, 6.50% per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Ninth Amendment Dollar Refinancing Term Loan at any time on and after the Ninth Amendment Effective Date but prior to the Eleventh Amendment Effective Date, (i) 4.75% per annum with respect to Term SOFR Rate Loans and (ii) 3.75% per annum with respect to ABR Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Ninth Amendment Euro Refinancing Term Loan at any time on and after the Ninth Amendment Effective Date but prior to the Eleventh Amendment Effective Date, 4.75% per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Eleventh Amendment Dollar Refinancing Term Loan at any time on and after the Eleventh Amendment Effective Date, the rate per annum applicable to the relevant Type of Loans in the table set forth below under the caption "ABR Spread for Eleventh Amendment Dollar Refinancing Term Loan" or "Adjusted Term SOFR Rate Spread for Eleventh Amendment Dollar Refinancing Term Loan", as the case may be, based upon the First Lien Gross Leverage Ratio; <u>provided</u> that, upon the occurrence of the first IPO after the Eleventh Amendment Effective Date, the Applicable Rate with respect to any Eleventh Amendment Dollar Refinancing Term Loan shall be permanently reduced by 0.25%:

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| | | |
|:---|:---|:---|
| First Lien Gross Leverage Ratio | ABR Spread for Eleventh<br>Amendment Dollar<br>Refinancing Term Loan | Adjusted Term SOFR Rate<br>Spread for Eleventh Amendment<br>Dollar Refinancing Term Loan |
|  <u>Category 1</u><br> Greater than 3.90 to 1.00 | 2.50% | 3.50% |
|  <u>Category 2</u><br> Less than or equal to 3.90 to 1.00 | 2.25% | 3.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any Eleventh Amendment Euro Refinancing Term Loan at any time on and after the Eleventh Amendment Effective Date, the rate per annum applicable to the relevant Type of Loans in the table set forth below under the caption "LIBO Rate Spread for Eleventh Amendment Euro Refinancing Term Loan", based upon the First Lien Gross Leverage Ratio; <u>provided</u> that, upon the occurrence of the first IPO after the Eleventh Amendment Effective Date, the Applicable Rate with respect to any Eleventh Amendment Euro Refinancing Term Loan shall be permanently reduced by 0.25%:

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| | |
|:---|:---|
| First Lien Gross Leverage Ratio | LIBO Rate Spread for Eleventh Amendment Euro<br>Refinancing Term Loan |
|  <u>Category 1</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater than 3.90 to 1.00 | 3.50% |
|  <u>Category 2</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than or equal to 3.90 to 1.00 and greater than 3.40 to 1.00 | 3.25% |
|  <u>Category 3</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than or equal to 3.40 to 1.00 | 3.00% |

---

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The Applicable Rate with respect to any Tranche B-1 Term Loan, Tranche B-2 Term Loan, Tranche B-3 Term Loan, Initial Revolving Loan (including any Swingline Loan), Eighth<u>Twelfth</u> Amendment Revolving Loan (including any Swingline Loan), 2021 Repricing Dollar Term Loans, 2021 Repricing Euro Term Loans, Eleventh Amendment Dollar Refinancing Term Loans and Eleventh Amendment Euro Refinancing Term Loans shall be adjusted quarterly on a prospective basis on each Adjustment Date based upon the First Lien Net Leverage Ratio or the First Lien Gross Leverage Ratio, as applicable, in accordance with the table above; <u>provided</u>, that until the first Adjustment Date following the completion of at least one full Fiscal Quarter ended after the Closing Date, the "Applicable Rate" for any Tranche B-1 Term Loan, Tranche B-2 Term Loan, <u>and/or</u> Tranche B-3 Term Loan and/or any Initial Revolving Loan shall be the applicable rate per annum set forth in <u>Category 1</u> of the applicable table set forth above; <u>provided</u>, <u>further</u> that, at the election of (i) with respect to the Tranche B-1 Term Loans that are LIBO Rate Loans, the Required Tranche B-1 Term Loan Lenders, (ii) with respect to the Tranche B-2 Term Loans that are LIBO Rate Loans, the Required Tranche B-2 Term Loan Lenders, (iii) with respect to Tranche B-3 Term Loans that are LIBO Rate Loans, the Required Tranche B-3 Term Lenders, (iv) with respect to the Initial Revolving Loans (including Swingline Loans) and the Eighth<u>Twelfth</u> Amendment Revolving Loans (including Swingline Loans), the Required Revolving Lenders, (v) with respect to 2021 Repricing Dollar Term Loans that are Term SOFR Rate Loans, the Required 2021 Repricing Dollar Term Loan Lenders, (vi) with respect to 2021 Repricing Euro Term Loans that are LIBO Rate Loans, the Required 2021 Repricing Euro Term Loan Lenders, (vii) with respect to Eleventh Amendment Dollar Refinancing Term Loans that are Term SOFR Rate Loans, the Required Eleventh Amendment Dollar Refinancing Term Loan Lenders and (viii) with respect to Eleventh Amendment Euro Refinancing Term Loans that are LIBO Rate Loans, the Required Eleventh Amendment Euro Refinancing Term Loan Lenders, as applicable, if financial statements are not delivered when required pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, as applicable, the "Applicable Rate" for any Tranche B-1 Term Loan, Tranche B-2 Term Loan, Tranche B-3 Term Loan, Initial Revolving Loan, Eighth<u>Twelfth</u> Amendment Revolving Loan, Swingline Loan, 2021 Repricing Euro Term Loans, 2021 Repricing Dollar Term Loans, Eleventh Amendment Dollar Refinancing Term Loans or Eleventh Amendment Euro Refinancing Term Loans shall be the rate per annum set forth in the applicable table above in Category 1 until such financial statements are delivered in compliance with <u>Section 5.01(a)</u> or (b), as applicable.

"<u>Applicable Revolving Borrower</u>" means any Revolving Borrower, as the context may require.

"<u>Applicable Revolving Credit Percentage</u>" means, with respect to any Revolving Lender at any time, the percentage of the Total Revolving Credit Commitment at such time represented by such Revolving Lender's Revolving Credit Commitments at such time; <u>provided</u> that (i) for purposes of <u>Section 2.21</u>, when there is a Defaulting Lender, any such Defaulting Lender's Revolving Credit Commitment shall be disregarded in the relevant calculations and (ii) when any Revolving Lender (or its applicable Affiliate) provides Ancillary Commitments under a certain Class of Revolving Credit Commitments, the Applicable Revolving Credit Percentage with respect to any Obligations outstanding under such Revolving Credit Commitments prior to the incurrence of the obligations under such Ancillary Facility shall be calculated without giving effect to the reduction in the Total Revolving Credit Commitments of such Class as a result of the incurrence of such Ancillary Commitment until (1) the end of the Interest Period then in effect or (2) the next Credit Extension with respect to Revolving Credit Commitments of such Class, at which point, the Applicable Revolving Credit Percentage shall be calculated after giving effect to the reduction in the Total Revolving Credit Commitments of such Class as a result of the incurrence of such Ancillary Commitment. In the event that (a) the Revolving Credit Commitments of any Class have expired or been terminated in accordance with the terms hereof (other than pursuant to <u>Article 7</u>), the Applicable Revolving Credit Percentage shall be recalculated without giving effect to the Revolving Credit Commitments of such Class or (b) the Revolving Credit Commitments of all Classes have terminated (or the Revolving Credit Commitments of any Class have terminated pursuant to <u>Article 7</u>), the Applicable Revolving Credit Percentage shall be determined based upon the Revolving Credit Commitments (or the Revolving Credit Commitments of such Class) most recently in effect, giving effect to any assignments thereof.

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"<u>Approved Fund</u>" means, with respect to any Lender, any Person (other than a natural Person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities and is administered, advised or managed by (a) such Lender, (b) any Affiliate of such Lender or (c) any entity or any Affiliate of any entity that administers, advises or manages such Lender.

"<u>Approved Jurisdiction</u>" means the US, the Netherlands, Canada, Mexico, the United Kingdom and Germany and, in each case, any state, province, territory or other similar local unit therein.

"<u>Arrangers</u>" means BofA Securities, Inc., UBS Securities LLC, Barclays Bank PLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., RBC Capital Markets, MUFG Bank, Ltd., Wells Fargo Securities, LLC, Fifth Third Bank, National Association, BMO Capital Markets Corp., BNP Paribas Securities Corp., Capital One, National Association, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation and TD Securities (USA) LLC, in their respective capacities as joint lead arrangers and joint bookrunners hereunder.

"<u>Assignment Agreement</u>" means, collectively, each Assignment and Assumption and each Affiliated Lender Assignment and Assumption.

"<u>Assignment and Assumption</u>" means (a) an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by <u>Section 9.05</u>), and accepted by the Administrative Agent in the form of <u>Exhibit A-2</u> and/or (b) any other form approved by the Administrative Agent and the Borrower Representative.

"<u>Available Amount</u>" means, at any time, an amount equal to, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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) the greater of $196,800,000 and 40% of Consolidated Adjusted EBITDA as of the end of the most recently ended Test Period; <u>plus</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) an amount, not less than zero for any period, equal to the Retained Excess Cash Flow Amount (<u>provided</u>, that the Retained Excess Cash Flow Amount shall not be available for any Restricted Payment pursuant to <u>Section 6.04(a)(iii)(A)</u> or any Restricted Debt Payment pursuant to <u>Section 6.04(b)(vi)(A)</u>, in each case, if an Event of Default under <u>Sections 7.01(a)</u>, <u>(f)</u> or <u>(g)</u> exists at the time of declaration of such Restricted Payment); <u>plus</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;(iii) (A) the amount of any capital contribution in respect of Qualified Capital Stock or the proceeds of any issuance of Qualified Capital Stock after the Closing Date (other than any amount (1) constituting a Cure Amount or an Available Excluded Contribution Amount, (2) received from Intermediate Dutch Holdings or any Restricted Subsidiary or (3) consisting of the proceeds of any loan or advance made pursuant to <u>Section 6.06(h)(ii)</u>) received or deemed to be received as Cash equity by Intermediate Dutch Holdings or any of its Restricted Subsidiaries, <u>plus</u> (B) the fair market value, as determined by the Borrower Representative in good faith, of Cash Equivalents, marketable securities or other property received or deemed to be received by Intermediate Dutch Holdings or any Restricted Subsidiary as a capital contribution in respect of Qualified Capital Stock or in return for any issuance of Qualified Capital Stock (other than any amount (1) constituting a Cure Amount or an Available Excluded Contribution Amount or (2) received from Intermediate Dutch Holdings or any Restricted Subsidiary), in each case, during the period from and including the day immediately following the Closing Date through and including such time; <u>plus</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;(iv) the aggregate principal amount of any Indebtedness (including any Disqualified Capital Stock), of Intermediate Dutch Holdings or any Restricted Subsidiary issued after the Closing Date (other than Indebtedness or such Disqualified Capital Stock issued to Intermediate Dutch Holdings or any Restricted Subsidiary), which has been converted into or exchanged for Capital Stock of Intermediate Dutch Holdings, any Restricted Subsidiary or any Parent Company

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that does not constitute Disqualified Capital Stock, together with the fair market value of any Cash Equivalents and the fair market value (as determined by the Borrower Representative in good faith) of any assets received by Intermediate Dutch Holdings or such Restricted Subsidiary upon such exchange or conversion, in each case, during the period from and including the day immediately following the Closing Date through and including such time; <u>plus</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;(v) the Net Proceeds received by Intermediate Dutch Holdings or any Restricted Subsidiary during the period from and including the day immediately following the Closing Date through and including such time in connection with the Disposition to any Person (other than Intermediate Dutch Holdings or any Restricted Subsidiary) of any Investment made pursuant to <u>Section 6.06(r)(i)</u>; <u>plus</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;(vi) to the extent not already reflected as a return of capital with respect to such Investment for the purposes of determining the amount of such Investment (pursuant to the definition thereof) the proceeds received (or deemed to be received) by Intermediate Dutch Holdings or any Restricted Subsidiary during the period from and including the day immediately following the Closing Date through and including such time in connection with cash returns, cash profits, cash distributions and similar cash amounts, including cash principal repayments and interest payments of loans, in each case, received in respect of any Investment made after the Closing Date pursuant to <u>Section 6.06(r)(i)</u>; <u>plus</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;(vii) an amount equal to the sum of (A) the amount of any Investment by Intermediate Dutch Holdings or any Restricted Subsidiary pursuant to <u>Section 6.06(r)(i)</u> in any Unrestricted Subsidiary or any other Person (other than Intermediate Dutch Holdings or any Restricted Subsidiary) that has been re-designated as or has become, as applicable, a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or is liquidated, wound up or dissolved into, Intermediate Dutch Holdings or any Restricted Subsidiary and (B) the fair market value (as determined by the Borrower Representative in good faith) of the assets (including cash or Cash Equivalents) of any Unrestricted Subsidiary or any other Person (other than Intermediate Dutch Holdings or any Restricted Subsidiary) that have been distributed, conveyed or otherwise transferred to Intermediate Dutch Holdings or any Restricted Subsidiary, in each case, during the period from and including the day immediately following the Closing Date through and including such time; <u>plus</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;(viii) to the extent not already included in the Retained Excess Cash Flow Amount the aggregate amount of any Cash dividend or other Cash distribution received (or deemed received) by Intermediate Dutch Holdings or any Restricted Subsidiary from any Unrestricted Subsidiary after the Closing Date; <u>plus</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;(ix) the amount of any Declined Proceeds; <u>plus</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;(x) the amount of any Retained Asset Sale Proceeds; <u>plus</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;(xi) the fair market value of any First Lien Debt and/or Junior Lien Debt that has been contributed to Intermediate Dutch Holdings and/or any of its Restricted Subsidiaries in accordance with <u>Section 9.05(g)</u> (or any comparable provision under any definitive documentation governing such First Lien Debt and/or Junior Lien Debt, as applicable); <u>plus</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;(xii) the aggregate face amount of any Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary that is cancelled, released or otherwise terminated by virtue of the incurrence or assumption by any Unrestricted Subsidiary of any such Indebtedness, including by way of an "exchange" or similar transaction; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an amount equal to the sum of (i) Restricted Payments made pursuant to <u>Section 6.04(a)(iii)(A)</u>, <u>plus</u> (ii) Restricted Debt Payments made pursuant to <u>Section 6.04(b)(vi)(A)</u>, <u>plus</u> (iii) Investments made pursuant to <u>Section 6.06(r)(i)</u>, in each case, after the Closing Date and prior to such time or contemporaneously therewith.

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"<u>Available Excluded Contribution Amount</u>" means the aggregate amount of Cash or Cash Equivalents or the fair market value of other assets (as determined by the Borrower Representative in good faith, but excluding any Cure Amount and/or any Contribution Indebtedness Amount) received (or deemed received) by Intermediate Dutch Holdings or any of its Restricted Subsidiaries after the Closing Date from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contributions (or deemed contributions) of assets (including cash) in respect of Qualified Capital Stock of Intermediate Dutch Holdings (other than any amount received from any Restricted Subsidiary); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sale or issuance of Qualified Capital Stock of Intermediate Dutch Holdings (other than (x) to any Restricted Subsidiary, (y) pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or (z) with the proceeds of any loan or advance made pursuant to <u>Section 6.06(h)(ii)</u>),

in each case, designated by the Borrower Representative as an Available Excluded Contribution Amount on or promptly after the date on which the relevant capital contribution is made (or deemed to be made) or the relevant proceeds are received (or deemed to be received), as the case may be, and which are excluded from the calculation of the Available Amount.

"<u>Available RP Capacity Amount</u>" means, at any time, the aggregate amount of Restricted Payments that may be made at such time pursuant to <u>Sections 6.04(a)(iii</u>)(A), <u>(x)</u> and/or <u>(xi)</u>.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current benchmark, as applicable, (a) if such benchmark is a term rate, any tenor for such benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such benchmark pursuant to this Agreement, in each case, as of such date.

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliate (other than through liquidation, administration or other insolvency proceedings).

"<u>Banking Services</u>" means each and any of the following services: commercial credit cards, stored value cards, purchasing cards, treasury management services, netting services, overdraft protections, check drawing services, automated payment services (including depository, overdraft, controlled disbursement, ACH transactions, return items and interstate depository network services), employee credit card programs, cash pooling services, supply chain and/or supplier financing services and any arrangement and/or service similar to any of the foregoing and/or otherwise in connection with Cash management and Deposit Accounts.

"<u>Banking Services Obligations</u>" means any and all obligations of any Loan Party, whether absolute or contingent and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under any arrangement (but excluding any arrangement documenting any Ancillary Facilities) in connection with Banking Services that is in effect on the Closing Date or entered into at any time on or after the Closing Date between any Loan Party and (a) a counterparty that is (or is an

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Affiliate of) the Administrative Agent, any Lender or any Arranger as of the Closing Date or at the time such arrangement is entered into and/or (b) any other Person designated by the Borrower Representative to the Administrative Agent, in each case of this clause (b), that have been designated to the Administrative Agent in writing by the Borrower Representative as being Banking Services Obligations; it being understood that in the case of the foregoing clauses (a) and (b), each such provider of Banking Services shall be deemed (A) to appoint the Administrative Agent as its agent under the applicable Loan Documents and (B) to agree to be bound by the provisions of <u>Article 8</u>, <u>Section 9.03</u> and <u>Section 9.10</u> and any applicable Intercreditor Agreement as if it were a Lender.

"<u>Bankruptcy Code</u>" means Title 11 of the United States Code (11 USC § 101 *et seq*.), as it has been, or may be, amended, from time to time.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"<u>BHC Act Affiliate</u>" means an "affiliate" (as defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)).

"<u>Board</u>" means the Board of Governors of the Federal Reserve System of the US.

"<u>Borrower</u>" and "<u>Borrowers</u>" means all or any of the Term Borrowers and Revolving Borrowers.

"<u>Borrower Materials</u>" has the meaning assigned to such term in <u>Section 9.01(d)</u>.

"<u>Borrower Representative</u>" has the meaning assigned to such term in <u>Section 2.26(a)</u>.

"<u>Borrowing</u>" means any Loans of the same Type and Class made, converted or continued on the same date and, in the case of LIBO Rate Loans or Term SOFR Rate Loans, as to which a single Interest Period is in effect.

"<u>Borrowing Request</u>" means a request by the Applicable Borrower for a Borrowing in accordance with <u>Section 2.03</u> and substantially in the form attached hereto as <u>Exhibit B</u> or such other form that is reasonably acceptable to the Administrative Agent and the Applicable Borrower.

"<u>Burdensome Agreement</u>" has the meaning assigned to such term in <u>Section 6.05</u>.

"<u>Business Day</u>" means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City, the Netherlands, London, Frankfurt, or, solely in the case of the Tranche B-3 Terms Loans, Toronto, Ontario or Victoria, British Columbia are authorized or required by law to remain closed; <u>provided</u> that (x) when used in connection with Loans denominated in Canadian Dollars, in relation to the calculation or computation of CORRA, the term "Business Day" shall also exclude any day on which commercial banks in Toronto are authorized or required by law to remain closed and (y) when used in connection with a LIBO Rate Loan, the term "Business Day" shall also exclude (i) any day that is not a US Government Securities Business Day, (ii) with respect to any LIBO Rate Loans denominated in Euros, any day which is not a TARGET Day and (iii) with respect to any LIBO Rate Loans denominated in any Alternate Currency (other than Canadian Dollars), any day on which banks are not open for dealings in deposits in such currency in the London interbank market.

"<u>Business Material Adverse Effect</u>" has the meaning assigned to such term in the Acquisition Agreement.

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"<u>Business Optimization Initiative</u>" has the meaning assigned to such term in the definition of "Consolidated Adjusted EBITDA".

"<u>Calculation Period</u>" means an Excess Cash Flow Period or an Excess Cash Flow Interim Period, as applicable.

"<u>Canadian Benchmark</u>" means, initially, the Term CORRA Reference Rate; <u>provided</u> that solely if a Canadian Benchmark Transition Event has occurred with respect to the Term CORRA Reference Rate, Daily Simple CORRA or the then-current Canadian Benchmark, then "Canadian Benchmark" means the applicable Canadian Benchmark Replacement to the extent that such Canadian Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 2.14(e)(i)</u>.

"<u>Canadian Benchmark Replacement</u>" means, with respect to any Canadian Benchmark Transition Event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where a Canadian Benchmark Transition Event has occurred with respect to Term CORRA Reference Rate, Daily Simple CORRA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where a Canadian Benchmark Transition Event has occurred with respect to a Canadian Benchmark other than the Term CORRA Reference Rate, the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower Representative giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Canadian Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Canadian Benchmark Replacement Adjustment.

If the Canadian Benchmark Replacement as determined pursuant to <u>clause (a)</u> or <u>(b)</u> above would be less than the 0.0%, the Canadian Benchmark Replacement will be deemed to be 0.0% for the purposes of this Agreement and the other Loan Documents.

Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Term CORRA Reelection Event, and the delivery of a Term CORRA Notice, on the applicable Canadian Benchmark Replacement Date the "Canadian Benchmark Replacement" shall revert to and shall be deemed to be the Term CORRA Reference Rate.

"<u>Canadian Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Canadian Benchmark with a Canadian Unadjusted 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 Representative giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Canadian Benchmark with the applicable Canadian Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Canadian Benchmark with the applicable Canadian Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time.

"<u>Canadian Benchmark Replacement Date</u>" means a date and time determined by the Administrative Agent (in consultation with the Borrower Representative), which date shall be no later than the earliest to occur of the following events with respect to the then-current Canadian Benchmark:

&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 <u>clause (a)</u> or <u>(b)</u> of the definition of "Canadian 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 Canadian Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Canadian 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;(b) in the case of <u>clause (c)</u> of the definition of "Canadian Benchmark Transition Event," the first date on which such Canadian Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Canadian Benchmark (or such component thereof) to be no longer representative; <u>provided</u> that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such <u>clause (c)</u> and even if any Available Tenor of such Canadian Benchmark (or such component thereof) continues to be provided on such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a Term CORRA Reelection Event, the date that is thirty days after the date a Term CORRA Notice (if any) is provided to the Lenders and the Borrowers pursuant to <u>Section 2.14</u>.

For the avoidance of doubt, the "Canadian Benchmark Replacement Date" will be deemed to have occurred in the case of <u>clause (a)</u> or <u>(b)</u> with respect to any Canadian Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Canadian Benchmark (or the published component used in the calculation thereof).

"<u>Canadian Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Canadian Benchmark:

&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 Canadian 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 Canadian Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Canadian Benchmark (or such component thereof);

&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 Canadian Benchmark (or the published component used in the calculation thereof), the Bank of Canada, an insolvency official with jurisdiction over the administrator for such Canadian Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Canadian Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Canadian Benchmark (or such component), which states that the administrator of such Canadian Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Canadian Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Canadian 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;(c) a public statement or publication of information by the regulatory supervisor for the administrator of such Canadian Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Canadian Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Canadian Benchmark Transition Event" will be deemed to have occurred with respect to any Canadian Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Canadian Benchmark (or the published component used in the calculation thereof).

"<u>Canadian Benchmark Unavailability Period</u>" means, the period (if any) (a) beginning at the time that a Canadian Benchmark Replacement Date has occurred if, at such time, no Canadian Benchmark Replacement has replaced the then-current Canadian Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 2.14(e)</u> and (b) ending at the time that a Canadian Benchmark Replacement has replaced the then-current Canadian Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 2.14(e)</u>.

"<u>Canadian Dollars</u>" or "<u>C$</u>" means the lawful currency of Canada.

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"<u>Canadian Dollar Lenders</u>" has the meaning assigned to such term in the Eighth Amendment.

"<u>Canadian Prime Rate</u>" means, for any day, a rate per annum equal to the highest of (a) the variable per annum rate of interest designated by the Administrative Agent (acting through its Canada branch) as its prime rate for commercial loans, as in effect from time to time, for Canadian Dollar loans in Canada, and (b) the rate of interest per annum that is equal to the sum of the 1-month Term CORRA, <u>plus</u> 1.00% per annum; <u>provided</u> that in no event shall the Canadian Prime Rate be less than 0.00%.

"<u>Canadian Unadjusted Benchmark Replacement</u>" means the applicable Canadian Benchmark Replacement excluding the related Canadian Benchmark Replacement Adjustment.

"<u>Capital Expenditures</u>" means, with respect to Intermediate Dutch Holdings and its Restricted Subsidiaries for any period, the aggregate amount, without duplication, of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capital Leases) that would, in accordance with GAAP, are, or are required to be included as, capital expenditures on the consolidated statement of cash flows of Intermediate Dutch Holdings and its Restricted Subsidiaries for such period.

"<u>Capital Lease</u>" 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; <u>provided</u>, that for the avoidance of doubt, the amount of obligations attributable to any Capital Lease shall be the amount thereof accounted for as a liability in accordance with GAAP.

"<u>Capital Stock</u>" means any and all shares, account 115, interests, participations, preferred equity certificates, convertible preferred equity certificates 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, but excluding for the avoidance of doubt any Indebtedness convertible into or exchangeable for any of the foregoing.

"<u>Captive Insurance Subsidiary</u>" means any Restricted Subsidiary of Intermediate Dutch Holdings that is subject to regulation as an insurance company (or any Restricted Subsidiary thereof).

"<u>Cash</u>" means money, currency or a credit balance in any Deposit Account, in each case determined in accordance with GAAP.

"<u>Cash Equivalents</u>" means, as at any date of determination, (a) readily marketable securities (i) issued or directly and unconditionally guaranteed or insured as to interest and principal by the US government or (ii) issued by any agency or instrumentality of the US the obligations of which are backed by the full faith and credit of the US, in each case maturing within one year after such date and, in each case, repurchase agreements and reverse repurchase agreements relating thereto, (b) readily marketable direct obligations issued by any state of the US or any political subdivision of any such state or any public instrumentality thereof or by any foreign government, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-2 from S&P, at least P-2 from Moody's or at least "A" from Fitch (or, if at any time neither S&P, Moody's nor Fitch shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency) and, in each case, repurchase agreements and reverse repurchase agreements relating thereto, (c) commercial paper maturing no more than one year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-2 from S&P, at least P-2 from Moody's or at least "F2" from Fitch (or, if at any time neither S&P, Moody's nor Fitch shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency), (d) deposits, money market deposits, time deposit accounts, certificates of deposit or bankers' acceptances (or similar instruments) maturing within one year after such date and issued or accepted by any Lender or by any bank organized under, or authorized to operate as a bank under, the laws of the US, any state thereof or the District of Columbia or any political subdivision thereof or any foreign bank or its branches or agencies in each case organized under, or authorized to operate as bank under, the laws of any jurisdiction in which any subsidiary is organized or has operations and that has capital and surplus of not less than $100,000,000 and, in each case, repurchase agreements and reverse repurchase agreements relating thereto, (e) securities with maturities

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of six months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank having capital and surplus of not less than $100,000,000, (f) shares of any investment fund that has (i) substantially all of its assets invested in the types of investments referred to in <u>clauses (a)</u> through <u>(e)</u> above, (ii) net assets of not less than $250,000,000 and (iii) a rating of at least A-2 from S&P, at least P-2 from Moody's or at least "A" from Fitch (or, if at any time either S&P, Moody's or Fitch are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency) and (g) solely with respect to any Captive Insurance Subsidiary, any investment that such Captive Insurance Subsidiary is not prohibited to make in accordance with applicable law. "Cash Equivalents" shall also include (x) Investments of the type and maturity described in <u>clauses (a)</u> through <u>(g)</u> above of foreign obligors, which Investments or obligors (or the parent companies thereof) have the ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (y) other short-term Investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in Investments that are analogous to the Investments described in <u>clauses (a)</u> through <u>(g)</u> and in this paragraph.

"<u>Change in Law</u>" means (a) the adoption of any law, treaty, rule or regulation after the Closing Date, (b) any change in any law, treaty, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender or any Issuing Bank (or, for purposes of <u>Section 2.15(b)</u>, by any lending office of such Lender or such Issuing Bank or by such Lender's or such Issuing Bank's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date (other than any such request, guideline or directive to comply with any law, rule or regulation that was in effect on the Closing Date). For purposes of this definition and <u>Section 2.15</u>, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or US or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case described in <u>clauses (a)</u>, <u>(b)</u> and <u>(c)</u> above, be deemed to be a Change in Law, regardless of the date enacted, adopted, issued or implemented.

"<u>Change of Control</u>" means the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to an IPO, the Permitted Holders ceasing to beneficially own, either directly or indirectly (within the meaning of Rule 13d-3 and Rule 13d-5 under the Exchange Act), Capital Stock representing more than 50% of the total voting power of all of the outstanding voting common stock of Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time on or after an IPO, a Responsible Officer of the Borrower Representative becomes aware of the acquisition by any Person or group (as used in this definition, within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) (including any group acting for the purpose of acquiring, holding or disposing of Securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), but excluding (i) any employee benefit plan and/or Person acting as the trustee, agent or other fiduciary or administrator therefor, (ii) one or more Permitted Holders and (iii) any underwriter in connection with any IPO), of voting common stock representing more than (A) 35% of the total voting power of all of the outstanding voting common stock of a Specified IPO Entity and (B) the percentage of the total voting power of all of the outstanding voting common stock of a Specified IPO Entity owned, directly or indirectly, beneficially by the Permitted Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after the Closing Date and prior to the consummation of any IPO, (i) Intermediate Dutch Holdings ceasing to be a direct or indirect Wholly-Owned Subsidiary of Holdings, (ii) US Top Borrower ceases to be a direct or indirect Wholly-Owned Subsidiary of Intermediate Dutch Holdings, (iii) Dutch Borrower ceases to be a direct or indirect Wholly-Owned Subsidiary of Intermediate Dutch Holdings and/or (iv) US Borrower ceases to be a direct or indirect Wholly-Owned Subsidiary of US Top Borrower.

For purposes of this definition, (1) a Person or group shall not be deemed to beneficially own Capital Stock or voting power subject to a stock or asset purchase agreement, merger agreement or similar agreement (or voting or similar agreement related thereto) until the consummation of the acquisition of the Capital Stock or voting power pursuant to the transactions contemplated by such agreement, (2) if any group includes one or more Permitted Holders, the issued and outstanding Capital Stock of the relevant Person that are directly or indirectly owned by the

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Permitted Holders that are part of such group shall not be treated as being beneficially owned by such group or any other member of such group for purposes of this definition, (3) a Person or group will not be deemed to beneficially own the Capital Stock of another Person as a result of its ownership of the Capital Stock or other securities of such other Person's parent company (or any related contractual right) unless it beneficially owns or controls 50% or more of the total voting power of the Capital Stock entitled to vote for the election of directors of such Person's parent company having a majority of the aggregate votes on the board of directors (or equivalent governing body) of such Person's parent company and (4) it is understood and agreed that any transaction resulting in a Successor Borrower or Successor Holdings in accordance with the terms hereof shall not give rise to a Change of Control.

"<u>Charge</u>" means any charge, expense, cost, accrual, reserve or loss of any kind.

"<u>Charged Amounts</u>" has the meaning assigned to such term in <u>Section 9.19</u>.

"<u>Class</u>", when used with respect to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Tranche B-1 Term Loans, Tranche B-2 Term Loans, Tranche B-3 Term Loans, 2021 Repricing Dollar Term Loans, 2021 Repricing Euro Term Loans, 2023 Incremental Dollar Term Loans, Seventh Amendment Euro Incremental Term Loans, Ninth Amendment Dollar Refinancing Term Loans, Ninth Amendment Euro Refinancing Term Loans, Eleventh Amendment Dollar Refinancing Term Loans, Eleventh Amendment Euro Refinancing Term Loans, Additional Term Loans of any series established as a separate "Class" pursuant to <u>Section 2.22</u>, <u>2.23</u> and/or <u>9.02(c)(i)</u>, Initial Revolving Loans, Eighth<u>Twelfth</u> Amendment Revolving Loans, Additional Revolving Loans of any series established as a separate "Class" pursuant to <u>Section 2.22</u>, <u>2.23</u> and/or <u>9.02(c)(ii)</u> or Swingline Loans, (b) any Commitment, refers to whether such Commitment is a Tranche B-1 Commitment, a Tranche B-2 Commitment, a Tranche B-3 Commitment, a Fifth Amendment Dollar Incremental Term Loan Commitment, a Seventh Amendment Dollar Incremental Term Loan Commitment, a Seventh Amendment Euro Incremental Term Loan Commitment, an Additional Term Loan Commitment of any series established as a separate "Class" pursuant to <u>Section 2.22</u>, <u>2.23</u> and/or <u>9.02(c)(i)</u>, an Initial Revolving Credit Commitment, an Eighth<u>a Twelfth</u> Amendment Revolving Commitment, an Additional Revolving Credit Commitment of any series established as a separate "Class" pursuant to <u>Section 2.22</u>, <u>2.23</u> and/or <u>9.02(c)(ii)</u> or a commitment to make Swingline Loans, (c) any Lender, refers to whether such Lender has a Loan or Commitment of a particular Class and (d) any Revolving Credit Exposure, refers to whether such Revolving Credit Exposure is attributable to a Revolving Credit Commitment of a particular Class. For the avoidance of doubt, the Fifth Amendment Dollar Incremental Term Loans and the Seventh Amendment Dollar Incremental Term Loans constitute a single Class for purposes of this Agreement and the other Loan Documents.

"<u>Closing Date</u>" means March 5, 2021, the date on which the conditions specified in <u>Section 4.01</u> were satisfied (or waived in accordance with <u>Section 9.02</u>), it being understood and agreed that the consummation of each Potential Subsequent Acquisition, if any, shall not be a condition to the occurrence of the Closing Date.

"<u>Closing Date Acquisition</u>" has the meaning assigned to such term in the recitals to this Agreement and includes the Closing US Merger.

"<u>Closing Date Material Adverse Effect</u>" has the meaning assigned to the term "<u>Business Material Adverse Effect</u>" in the Acquisition Agreement, as in effect on October 31, 2020 and giving effect to any amendment, waiver or consent permitted under <u>Section 4.01(l)</u>.

"<u>Closing Date Releases</u>" has the meaning assigned to such term in the recitals to this Agreement.

"<u>Closing US Merger</u>" has the meaning assigned to such term in the recitals to this Agreement.

"<u>CME</u>" means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator reasonably satisfactory to the Administrative Agent and the Borrower Representative).

"<u>Code</u>" means the Internal Revenue Code of 1986.

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"<u>Collateral</u>" means any and all property of any Loan Party subject (or purported to be subject) to a Lien under any Collateral Document and any and all other property of any Loan Party, now existing or hereafter acquired, that is or becomes subject (or purported to be subject) to a Lien pursuant to any Collateral Document to secure the Secured Obligations. For the avoidance of doubt, in no event shall "Collateral" include any Excluded Asset.

"<u>Collateral Agent</u>" means, the US Collateral Agent or the Non-US Collateral Agent, as the context may require, and "Collateral Agents" means the US Collateral Agent and the Non-US Collateral Agent, collectively.

"<u>Collateral and Guarantee Requirement</u>" means, at any time, subject, in all cases, to (x) the applicable limitations set forth in this Agreement and/or any other Loan Document, (including the Agreed Security Principles, the terms of the last paragraph of <u>Section 4.01</u> and the terms of any applicable Intercreditor Agreement) and (y) the time periods (and extensions thereof) set forth in <u>Section 5.12</u> and/or <u>Section 5.15</u>, as applicable, the requirement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the Closing 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) in the case of any Domestic Subsidiary (including the US Top Borrower and the US Borrower), the US Collateral Agent shall have received (A) each applicable Collateral Document and the Loan Guaranty, duly executed by each Domestic Subsidiary party thereto, (B) a pledge of all of the Capital Stock (together, in the case of Capital Stock that is certificated, with undated stock or similar powers for each such certificate executed in blank by a Responsible Officer of the pledgor thereof), listed on <u>Schedule 3</u> to the Perfection Certificate, (C) each Material Debt Instrument listed on <u>Schedule 4</u> to the Perfection Certificate, endorsed (without recourse) in blank or accompanied by executed transfer form in blank by the pledgor 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;(ii) in the case of Holdings, Intermediate Dutch Holdings and the Dutch Borrower, the Non-US Collateral Agent shall have received (A) each applicable Collateral Document and the Loan Guaranty, duly executed by Holdings, Intermediate Dutch Holdings and the Dutch Borrower, (B) a pledge of all of the Capital Stock of (w) Intermediate Dutch Holdings by Holdings, (x) the Dutch Borrower by Intermediate Dutch Holdings, (y) US Top Borrower by Intermediate Dutch Holdings and (z) the Swiss Target by the Dutch Borrower and any other document customary under local Requirements of Law, (C) a pledge by Intermediate Dutch Holdings and the Dutch Borrower of any Deposit Account maintained by such Person in the Netherlands and (D) a pledge by Intermediate Dutch Holdings and the Dutch Borrower any Material Dutch Intercompany Receivables of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after the Closing Date, in the case of any Restricted Subsidiary that is required to become (or otherwise becomes) a Loan Party after the Closing Date, the applicable Collateral Agent shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&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 any Domestic Subsidiary (other than any Discretionary Guarantor), (A) a Joinder Agreement, (B) if the respective Restricted Subsidiary required to comply with the requirements set forth in this definition pursuant to <u>Section 5.12</u> owns registrations of or applications for US Patents, Trademarks and/or Copyrights that constitute Collateral, an Intellectual Property Security Agreement, (C) a completed Perfection Certificate, (D) Uniform Commercial Code financing statements in appropriate form for filing in such jurisdictions as the US Collateral Agent may reasonably request, (E) an executed joinder to each applicable Intercreditor Agreement in substantially the form attached as an exhibit thereto or such other form to which the US Collateral Agent may reasonably agree and (F) each item of Collateral that such Restricted Subsidiary is required to deliver under <u>Section 4.02</u> of the US Security Agreement (which, for the avoidance of doubt, shall be delivered within the time periods set forth in <u>Section 5.12(a)</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;(ii) in the case of any Dutch Subsidiary (other than any Discretionary Guarantor), (A) a Joinder Agreement and (B) such security agreement as may be required to confer on the Non-US Collateral Agent security over (1) the Capital Stock of any first tier Restricted Subsidiary of such Dutch Subsidiary (other than any Excluded Subsidiary), (2) any Deposit Account maintained by such Person in the Netherlands and (3) any Material Dutch Intercompany Receivables (which, for the avoidance of doubt, shall be delivered within the time periods set forth in <u>Section 5.12(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;(iii) in the case of the Swiss Target and any Swiss Subsidiary (other than any Discretionary Guarantor), (A) a Joinder Agreement and (B) such security agreement as may be required to confer on the Non-US Collateral Agent security over (1) the Capital Stock of any first tier Restricted Subsidiary of such Person (other than any Excluded Subsidiary), (2) any Deposit Account maintained by such Person in Switzerland and (3) any Material Swiss Intercompany Receivable (which, for the avoidance of doubt, shall be delivered within the time periods set forth in <u>Section 5.12(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;(iv) in the case of any German Subsidiary (other than any Discretionary Guarantor), (A) a Joinder Agreement and (B) such security agreement as may be required to confer on the Non-US Collateral Agent security over (1) the Capital Stock of any first tier Restricted Subsidiary of such Person (other than any Excluded Subsidiary), (2) any Deposit Account maintained by such Person in Germany and (3) any Material German Intercompany Receivable (which, for the avoidance of doubt, shall be delivered within the time periods set forth in <u>Section 5.12(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;(v) (A) in the case of Acceleratio, (1) a Joinder Agreement and (2) such security agreement as may be required to confer on the Non-US Collateral Agent security over the Capital Stock of any first tier Restricted Subsidiary of such Person that is a Specified German Loan Party (other than any Excluded Subsidiary) (which, for the avoidance of doubt, shall be delivered within the time periods set forth in <u>Section 5.12(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;(vi) in the case of any subsidiary that has been designated as a Discretionary Guarantor (A) with respect to any such subsidiary that is a US Subsidiary, the documents described in <u>clause (b)(i)</u> above, (B) with respect to any such subsidiary that is a Dutch Subsidiary, the documents described in <u>clause (b)(ii)</u> above, (C) with respect to any such subsidiary that is a Swiss Subsidiary, the documents described in <u>clause (b)(iii)</u> above, (D) with respect to any such subsidiary that is a German Subsidiary, the documents described in <u>clause (b)(iv)</u> above and (E) with respect to any such subsidiary that is a Foreign Subsidiary (other than a Dutch Subsidiary, Swiss Subsidiary or German Subsidiary), (1) a Joinder Agreement and (2) such other documentation relating to such categories of assets (other than Excluded Assets) as the Borrower Representative and the applicable Collateral Agent may reasonably agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any Material Real Estate Asset acquired after the Closing Date the US Collateral Agent shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&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) evidence that (1) a counterpart of a Mortgage with respect to such Material Real Estate Asset has been duly executed, acknowledged and delivered by the relevant Loan Party and such Mortgage and, to the extent the same does not serve as a fixture filing in the relevant jurisdiction, any corresponding UCC or equivalent fixture filing, each in form suitable for filing or recording in all filing or recording offices that the US Collateral Agent may reasonably deem necessary in order to create a valid and subsisting Lien on such Material Real Estate Asset in favor of the US Collateral Agent for the benefit of the Secured Parties, (2) such Mortgage and any corresponding UCC or equivalent fixture filings have been duly recorded or filed or delivered for recordation or filing, as applicable and (3) all filing and recording taxes and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the US Collateral Agent and (B) a Flood Certificate; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) customary legal opinions of local counsel for the relevant Loan Party or the US Collateral Agent (in accordance with customary practice in the relevant jurisdiction) in the jurisdiction in which such Material Real Estate Asset is located, and if applicable, in the jurisdiction of formation of the relevant Loan Party, in each case as the US Collateral Agent may reasonably request.

Notwithstanding any provision of any Loan Document to the contrary, (a) if any mortgage tax or similar tax or charge is or will be owed on the entire amount of the Obligations evidenced hereby, then, to the extent permitted by, and in accordance with, applicable Requirements of Law, the amount of such mortgage tax or similar tax or charge shall be calculated based on the lesser of (x) the amount of the Obligations allocated to the applicable Material Real Estate Asset and (y) the fair market value of the applicable Material Real Estate Asset at the time the Mortgage is entered into and determined in a manner reasonably acceptable to the US Collateral Agent and the Borrower Representative, which in the case of <u>clause (y)</u> will result in a limitation of the Obligations secured by the Mortgage to such amount and (b) no Loan Party will be required to procure title insurance or any survey with respect to any Mortgaged Property. For the avoidance of doubt, Holdings and its subsidiaries shall not be required pursuant to this Agreement or any other Loan Document to comply with a "collateral coverage", "guarantor coverage" or similar requirement.

"<u>Collateral Documents</u>" means, collectively, (a) each Security Agreement, (b) each Mortgage, (c) each Intellectual Property Security Agreement, (d) any supplement to any of the foregoing delivered to the applicable Collateral Agent pursuant to the definition of "Collateral and Guarantee Requirement", (e) the Perfection Certificate (including any Perfection Certificate delivered to the Collateral Agents pursuant to the definition of "Collateral and Guarantee Requirement") and (f) each of the other instruments and documents pursuant to which any Loan Party grants (or purports to grant) a Lien on any Collateral as security for payment of the Secured Obligations.

"<u>Commercial Letter of Credit</u>" means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Intermediate Dutch Holdings or any of its subsidiaries in the ordinary course of business of such Person.

"<u>Commercial Tort Claim</u>" has the meaning set forth in Article 9 of the UCC.

"<u>Commitment</u>" means, with respect to each Lender, such Lender's Initial Term Loan Commitment, Fifth Amendment Dollar Incremental Term Loan Commitment, Seventh Amendment Incremental Term Loan Commitment, Initial Revolving Credit Commitment, Eighth<u>Twelfth</u> Amendment Revolving Commitment and Additional Commitment, as applicable, in effect as of such time.

"<u>Commitment Fee Rate</u>" means, on any date (a) with respect to the Initial Revolving Credit Commitments and the Eighth<u>Twelfth</u> Amendment Revolving Commitments, the applicable rate per annum set forth below based upon the First Lien Net Leverage Ratio; provided, that until the first Adjustment Date following the completion of at least one full Fiscal Quarter after the Closing<u>Twelfth Amendment Effective</u> Date, "Commitment Fee Rate" shall be the applicable rate per annum set forth below in Category 1 and (b) with respect to Additional Revolving Credit Commitments of any Class, the rate or rates per annum specified in the applicable Refinancing Amendment, Incremental Facility Amendment or Extension Amendment:

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| | |
|:---|:---|
| First Lien Net Leverage Ratio | Commitment Fee Rate |
|  <u>Category 1</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greater than 3.00<u>3.25</u> to 1.00 | 0.50<u>0.375</u>% |
|  <u>Category 2</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equal to or less than 3.00 to 1.00 and greater than 2.50 to 1.00 | 0.375% |
|  <u>Category 3</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equal to or less than 2.50<u>3.25</u> to 1.00 | 0.25% |

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The Commitment Fee Rate with respect to the Initial Revolving Credit Commitment and the Eighth<u>Twelfth</u> Amendment Revolving Commitment shall be adjusted quarterly on a prospective basis on each Adjustment Date based upon the First Lien Net Leverage Ratio in accordance with the table set forth above; <u>provided</u> that if financial statements are not delivered when required pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, as applicable, at the election of the Required Revolving Lenders, the Commitment Fee Rate shall be the rate per annum set forth above in <u>Category 1</u> until such financial statements are delivered in compliance with <u>Section 5.01(a)</u> or <u>(b)</u>, as applicable.

"<u>Commitment Schedule</u>" means the Schedule attached hereto as <u>Schedule 1.01(a)</u>.

"<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 USC. § 1 *et seq*.).

"<u>Company Competitor</u>" means any competitor of Holdings, any Borrower and/or any of its or their subsidiaries (including the Target and/or any of its subsidiaries).

"<u>Competitor Debt Fund Affiliate</u>" means, with respect to any Company Competitor or any Affiliate thereof, any debt fund, investment vehicle, regulated bank entity or unregulated lending entity (in each case, other than any Disqualified Lending Institution or any Excluded Party) that is (a) primarily engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business for financial investment purposes (but not with a view towards owning the borrower or issuer of any such loan or similar extension of credit) and (b) managed, sponsored or advised by any person that is controlling, controlled by or under common control with the relevant Company Competitor or Affiliate thereof, but only to the extent that no personnel involved with the investment in the relevant Company Competitor or its Affiliates, or the management, control or operation thereof, (i) makes (or has the right to make or participate with others in making) investment decisions on behalf of, or otherwise cause the direction of the investment policies of, such debt fund, investment vehicle, regulated bank entity or unregulated entity or (ii) has access to any information (other than information that is publicly available) relating to Holdings, Intermediate Dutch Holdings, any Borrower and/or any entity that forms part of their respective businesses (including any of their respective subsidiaries).

"<u>Compliance Certificate</u>" means a Compliance Certificate substantially in the form of <u>Exhibit D</u> or such other form to which the Borrower Representative and the Administrative Agent may reasonably agree.

"<u>Confidential Information</u>" has the meaning assigned to such term in <u>Section 9.13</u>.

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consolidated Adjusted EBITDA</u>" means, with respect to any Person on a consolidated basis for any period, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Net Income for such period; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent not otherwise included in the determination of Consolidated Net Income for such period, the amount of any proceeds of any business interruption insurance policy (whether or not then received so long as such Person in good faith expects to receive such proceeds); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without duplication, those amounts which, in the determination of Consolidated Net Income for such period, have been deducted for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Interest Expense; <u>plus</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) losses or discounts on sales of receivables and related assets in connection with any Receivables Facility; <u>plus</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;(iii) Taxes paid and any provision for Taxes, including income, capital, federal, provincial, state, franchise, excise, value added and similar Taxes, property Taxes, foreign withholding Taxes and foreign unreimbursed value added Taxes (including penalties and interest related to any such Tax or arising from any Tax examination, and including pursuant to any Tax sharing arrangement or as a result of any intercompany distribution) of such Person paid or accrued during such period; <u>plus</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;(iv) (A) all depreciation and amortization (including, without limitation, amortization of goodwill, software and other intangible assets), (B) all impairment Charges, including any bad debt expense, and (C) all asset write-offs and/or write-downs, including any amortization or write-off of (1) intangible assets and non-cash organization costs, (2) deferred financing and debt issuance fees, costs and expenses, (3) capitalized expenditures (including capitalized software expenditures), customer acquisition costs and incentive payments, (4) media development costs, conversion costs and contract acquisition costs, (5) the amortization of original issue discount resulting from the issuance or incurrence of Indebtedness at less than par, (6) the amortization of favorable or unfavorable lease assets or liabilities and/or (7) capitalized fees relating to any Receivables Facility; <u>plus</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;(v) any earn-out and/or contingent consideration obligation (including those accounted for as bonuses, compensation or otherwise) and any adjustment thereof incurred in connection with the Transactions and/or any acquisition and/or other Investment (whether or not consummated) which is paid or accrued during such period and, in each case, adjustments thereof; <u>plus</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;(vi) any non-cash Charge, including the excess of GAAP rent expense over actual cash rent paid during such period due to the use of straight line rent for GAAP purposes (<u>provided</u>, that to the extent that any such non-cash Charge represents an accrual or reserve for any potential cash item in any future period, (A) such Person may elect not to add back such non-cash Charge in the current period and (B) to the extent such Person elects to add back such non-cash Charge in the current period, the cash payment in respect thereof in such future period shall not be added back to Consolidated Adjusted EBITDA to such extent); <u>plus</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;(vii) any non-cash compensation Charge and/or any other non-cash Charge arising from the granting of any stock option or similar arrangement (including any profits interest), the granting of any stock appreciation right and/or similar arrangement (including any repricing, amendment, modification, substitution or change of any such stock option, stock appreciation right, profits interest or similar arrangement); <u>plus</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;(viii) (A) Transaction Costs, (B) any Charge incurred in connection with any transaction (in each case, whether or not consummated and whether or not permitted under this Agreement), including (1) any issuance and/or incurrence of Indebtedness (including any Charge that would constitute a Public Company Cost), any Receivables Facility (including commissions, discounts, yield, interest expense and similar fees and charges relating thereto) and/or any issuance and/or offering of Capital Stock (including, in each case, by any Parent Company), any acquisition or other Investment, any Disposition, any recapitalization, any merger, consolidation or amalgamation, any option buyout or any repayment, redemption, refinancing, amendment or modification of Indebtedness (including any amortization or write-off of debt issuance or deferred financing costs, premiums and prepayment penalties) or any similar transaction, (2) in connection with any IPO (whether or not consummated), including any Charge that would constitute a Public Company Cost and/or (3) equipment leases and/or equipment financings, (C) the amount of any Charge that is actually reimbursed or reimbursable by any third party pursuant to any indemnification or reimbursement provision or similar agreement (including any purchase price adjustment) or insurance; <u>provided</u> that in respect of any Charge that is added back in reliance on this <u>clause (C)</u>, the relevant Person in good faith expects to receive reimbursement for such Charge and/or (D) Public Company Costs; <u>plus</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;(ix) any Charge or deduction that is associated with any Restricted Subsidiary and attributable to any non-controlling interest and/or minority interest of any third party; <u>plus</u> (x) without duplication of any amount referred to in <u>clause (b)</u> above, the amount of (A) any Charge to the extent that a corresponding amount is received in cash by such Person from a Person other than such Person or any Restricted Subsidiary of such Person under any agreement providing for reimbursement of such Charge or (B) any Charge with respect to any liability or casualty event, business interruption or any product recall, (i) so long as such Person has submitted in good faith, and reasonably expects to receive payment in connection with, a claim for reimbursement of such amounts under its relevant insurance policy or (ii) without duplication of any amount included in a prior period under <u>clause (B)(i)</u> above, to the extent such Charge is covered by insurance proceeds received in cash during such period (it being understood that if the amount received in cash under any such agreement in any period exceeds the amount of any Charge paid during such period such excess amounts received may be carried forward and applied against any Charge in any future period); <u>plus</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;(xi) (A) the amount of management, monitoring, consulting, transaction and advisory fees and related indemnities and/or expenses (including reimbursements) pursuant to any sponsor management agreement (including prior to the Closing Date) and any payment made to any Investor (and/or its Affiliates or management companies) for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities and/or payments to outside directors of any Borrower, Intermediate Dutch Holdings or any Parent Company actually paid by or on behalf of, or accrued by, such Person or any of its subsidiaries; <u>provided</u>, that such payment is permitted under this Agreement and (B) to the extent the relevant payment is permitted hereunder, the amount of any payment to any holder of any option in respect of the Capital Stock of any Borrower, Intermediate Dutch Holdings and/or any Parent Company in lieu of a Restricted Payment, which payment is made to compensate such optionholder as if it was an equity holder at the time of the relevant Restricted Payment; <u>plus</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;(xii) any Charge attributable to the undertaking and/or implementation of new initiatives, business optimization activities, cost savings initiatives, cost rationalization programs, operating improvements and/or expense reductions and/or synergies and/or similar initiatives and/or programs (including in connection with any integration, operational improvement, restructuring or transition, any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, any facility opening and/or pre-opening), any inventory optimization program and/or any curtailment, any business optimization Charge, any Charge relating to the destruction of equipment, any restructuring and/or integration Charge (including any Charge relating to any Tax restructuring), any Charge relating to the closure or consolidation of any facility (including but not limited to rent termination costs, moving costs and legal costs), any systems implementation Charge, any severance Charge, any Charge relating to any strategic initiative, any signing Charge, any Charge relating to any retention or completion bonus, any expansion and/or relocation Charge, any Charge associated with any modification to any pension or post-retirement employee benefit plan, any software or intellectual property development Charge, any Charge associated with system design, update and/or establishment, any upgrade Charge, any platform optimization Charge, any new system implementation Charge, any startup and/or expansion Charge (including administrative, overhead, staffing and related costs and expenses), any Charge in connection with new and/or expanded operations, any Charge in connection with unused warehouse space, any Charge relating to a new contract, any consulting Charge, or any corporate development Charge, any Charge incurred in connection with software, product and/or intellectual property development, any Charge relating to any distribution network and/or sales channel, any Charge in connection with any exit from, wind down or termination of any line of business, any Charge related to any customer dispute and/or any Charge in connection with the implementation, replacement, development or upgrade of any operational, reporting and/or information technology system and/or technology initiative; <u>plus</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;(xiii) any Charge incurred or accrued in connection with any single or one-time event, including in connection with (A) the Acquisition (whether incurred or accrued on or after the Closing Date), any acquisition or similar Investment consummated after the Closing Date, (B) the closing, consolidation, opening or reconfiguration of any facility during such period (C) any restructuring Charge and/or (D) one-time consulting costs or expenses; <u>plus</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;(xiv) any Charge relating to entry into a new market or the sale of products in new locations (including, without limitation, start-up costs, slotting fees (including in connection with the buyout of existing merchandise), new fixture freight costs, initial testing and registration costs in new markets, the cost of feasibility studies, travel costs for employees engaged in activities relating to any or all of the foregoing and the allocation of general and administrative support in connection with any and all of the foregoing); <u>plus</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;(xv) any other add-back, adjustment and/or exclusion of the type reflected in (i) the Financial Model, (ii) the Target Quality of Earnings Report, (iii) the Cost Outs Report and/or (iv) any other quality of earnings report prepared by any independent registered public accountant of recognized national standing or any other accounting firm reasonably acceptable to the Administrative Agent, in each case, delivered to the Administrative Agent (including, for the avoidance of doubt, in connection with any acquisition or similar investment after the Closing Date) (a "<u>Future Quality of Earnings Report</u>") (this <u>clause (c)(xv)</u>, the "<u>QofE Adjustment</u>"); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent not included in Consolidated Net Income for such period, cash actually received (or any netting arrangement resulting in reduced cash expenditures) during such period in respect of any non-cash income or gain that was deducted in the calculation of Consolidated Adjusted EBITDA (including any component definition) for any previous period and not added back; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the full pro forma "run rate" expected cost savings, operating expense reductions, operational improvements, business optimization, restructuring and cost synergies (collectively, "<u>Run-Rate Synergies</u>") (net of the amount of actual amounts realized) that are reasonably identifiable (in the good faith determination of such Person) related to (A) the Transactions, (B) any asset sale, merger or other business combination, Investment, Disposition, operating improvement, expense reduction, restructuring, cost savings initiative and/or any initiative similar to any of the foregoing (including the entry into or renegotiation of any contract and/or other arrangement (including any such contract and/or other arrangement in respect of which binding commitments have been provided)) and/or specified transaction (each, a "<u>Business Optimization Initiative</u>"), in each case, consummated or implemented prior to or on the Closing Date and (C) any Business Optimization Initiative consummated, implemented or expected to be consummated or implemented after the Closing Date; <u>provided</u> that, with respect to <u>clause (C)</u>, the relevant action resulting in (or substantial steps towards the relevant action that would result in) such Run-Rate Synergies must either be taken or expected to be taken within 36 months following the applicable date of determination (this <u>clause (e)</u>, the "<u>Run Rate Adjustment</u>"); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent not otherwise included in calculating Consolidated Net Income, the amount of any distribution received by such Person from any Unrestricted Subsidiary; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pro forma "run-rate" adjustments in an amount of any incremental contract value (if positive) of the relevant Person and its Restricted Subsidiaries that such Person in good faith reasonably believes would have been or will be realized or achieved as a contribution to Consolidated Adjusted EBITDA from (1) any increased pricing or volume initiative and/or (2) the entry into (and performance under) (i) any binding and effective new agreement with any new customer and/or (ii) if the same generates incremental contract value, any new agreement (or any amendment to any existing agreement) with any existing customer (collectively <u>clauses (1)</u> and <u>(2)</u>, "<u>New Contracts</u>") during the relevant period if the relevant New Contract had been effective and performance thereunder had commenced as of the beginning of the relevant period (which incremental contract value shall be calculated on a pro forma basis as though the full run rate effect of such incremental contract value had been realized as a contribution to Consolidated Adjusted EBITDA on the first day of such period), including, without limitation, such incremental contract value attributable to any New Contract that is in excess of (but without duplication of) the contract value attributable to any New Contract that has been actually realized as a contribution to Consolidated Adjusted EBITDA during such period; <u>minus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any amount which, in the determination of Consolidated Net Income for such period, has been added for any non-cash income or non-cash gain, all as determined in accordance with GAAP; <u>provided</u> that if any non-cash income or non-cash gain represents an accrual or deferred income in respect of potential cash items in any future period, such Person may determine not to deduct the relevant non-cash gain or income in the then-current period; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of any cash payment made during such period in respect of any non-cash accrual, reserve or other non-cash Charge that (A) is accounted for in a prior period, (B) was added to Consolidated Net Income to determine Consolidated Adjusted EBITDA for such prior period and (C) does not otherwise reduce Consolidated Net Income for the current period.

Notwithstanding anything to the contrary herein, it is agreed that for the purpose of calculating the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio, the Total Net Leverage Ratio, the Interest Coverage Ratio and/or the amount of any basket based on a percentage of Consolidated Adjusted EBITDA for any period that includes any Fiscal Quarter listed in the table set forth below, Consolidated Adjusted EBITDA for any Fiscal Quarter referenced in the table below shall be deemed to be the sum of (i) the amount set forth opposite such Fiscal Quarter in the table set forth below (which amount for each such Fiscal Quarter does not include adjustments in respect of any Specified EBITDA Adjustments and/or the Run Rate Adjustment) and (ii) each Specified EBITDA Adjustment and the Run Rate Adjustment for such Fiscal Quarter (in each case, as determined by the Borrower Representative in accordance with the definitions thereof), in each case, as adjusted on a Pro Forma Basis; provided, that the Borrower Representative may elect not to calculate any Specified EBITDA Adjustment the QofE Adjustment and/or the Run Rate Adjustment on a quarterly basis and add such adjustment as described in clause (ii) above and instead calculate and apply such Specified EBITDA Adjustment QofE Adjustment and/or such Run Rate Adjustment for the four fiscal quarter period comprising the applicable Test Period. It is understood and agreed for the avoidance of doubt that the "deemed" Consolidated Adjusted EBITDA numbers set forth in this paragraph (including the table set forth below) shall not reduce the amount available under any cap set forth in this definition of "Consolidated Adjusted EBITDA".

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| | |
|:---|:---|
| Fiscal Quarter Ending | Consolidated Adjusted EBITDA |
|  March 31, 2020 | $44000000 |
|  June 30, 2020 | $74000000 |
|  September 30, 2020 | $107000000 |
|  December 31, 2020 | $167000000 |

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"<u>Consolidated First Lien Debt</u>" means, as to any Person at any date of determination, the aggregate principal amount of Consolidated Total Debt outstanding on such date that is secured by a Lien on substantially all of the Collateral on a first priority basis.

"<u>Consolidated Interest Expense</u>" means, with respect to any Person for any period, the sum of (a) consolidated total interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued and whether or not capitalized, (including, without limitation and without duplication, amortization of any debt issuance cost, original issue discount, any premium paid to obtain payment, financial assurance or similar bonds, any interest capitalized during construction, any non-cash interest payment, the interest component of any deferred payment obligation, the interest component of any payment under any Capital Lease (regardless of whether accounted for as interest expense under GAAP), any commission, discount and/or other fee or charge owed with respect to any letter of credit and/or bankers' acceptance, any fee and/or expense paid to the Administrative Agent in connection with its services hereunder, any other bank, administrative agency (or trustee) and/or financing fee, to the extent not otherwise included in consolidated total interest expense, customary commissions, discounts, yield and other fees and charges (including interest expense) relating to any Receivables Facility and any cost associated with any surety bond in connection with financing activities (whether amortized or immediately expensed)) <u>plus</u> (b) any

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cash dividend paid or payable in respect of Disqualified Capital Stock during such period other than to such Person or any Restricted Subsidiary of such Person, <u>plus</u> (c) any net losses or obligations arising from any Hedge Agreement and/or other derivative financial instrument issued by such Person for the benefit of such Person or its subsidiaries, in each case, determined on a consolidated basis for such period. For purposes of this definition, interest in respect of any Capital Lease shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capital Lease in accordance with GAAP.

"<u>Consolidated Net Income</u>" means, in respect of any period and as determined for any Person (the "<u>Subject Person</u>") on a consolidated basis, an amount equal to the sum of net income, determined in accordance with GAAP, but excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the income of any Person (other than the Subject Person or a Restricted Subsidiary of the Subject Person) in which any other Person (other than the Subject Person or any Restricted Subsidiary of the Subject Person) has a joint interest, except to the extent of the amount of dividends, distributions or other payments (including any ordinary course dividend, distribution or other payment) paid in cash (or to the extent converted into cash) to the Subject Person or any of its Restricted Subsidiaries by such Person during such period and (ii) the loss of any Person (other than the Subject Person or a Restricted Subsidiary of the Subject Person (or a Person who, if a subsidiary of the Subject Person, would be a Restricted Subsidiary of the Subject Person)) in which any other Person (other than the Subject Person or any of its Restricted Subsidiaries) has a joint interest, other than to the extent that the Subject Person or any of its Restricted Subsidiaries has contributed Cash or Cash Equivalents to such Person in respect of such loss during such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any gain or Charge attributable to any asset Dispositions (including asset retirement costs and including any abandonment of assets) or of returned surplus assets outside the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) any Charge from (A) any extraordinary item (as determined in good faith by such Person) and/or (B) any unusual, non-recurring, infrequent and/or exceptional item (as determined in good faith by such Person) and/or (ii) any Charge attributable to and/or payment of any legal settlement, fine, judgment or order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any net gain or Charge with respect to, or in connection with, (i) any disposed, abandoned, divested and/or discontinued asset, property or operation and/or discontinued operation (other than, at the option of such Person, any gain or Charge relating to any asset, property or operation held for sale or pending the divestiture and/or termination thereof), (ii) any disposal, abandonment, divestiture and/or discontinuation of any asset, property or operation outside the ordinary course of business (including any asset retirement cost) (other than, at the option of such Person, any gain or Charge relating to assets or properties held for sale or pending the divestiture or termination thereof) and/or (iii) any facility that has been closed during such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) any write-off or amortization made of any deferred financing cost and/or premium paid and (ii) any Charge attributable to the early extinguishment of Indebtedness (and the termination of any associated Hedge Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) any Charge incurred as a result of, pursuant to or in connection with any management equity plan, bonus or other incentive plan, profits interest plan or stock option plan or any other management or employee benefit plan or agreement, pension plan or other long-term or post-employment plan (including any post-employment benefit scheme which has been agreed to with the relevant pension trustee), any stock subscription or shareholder agreement, any employee benefit trust, any employment benefit scheme or any similar equity plan or agreement (including any deferred compensation arrangement) and (ii) any Charge incurred in connection with the rollover, acceleration or payout of Capital Stock held by management; <u>provided</u>, that, in the case of <u>clause (ii)</u>, to the extent that any such Charge is a cash charge, such Charge shall only be excluded to the extent the same is funded with net cash proceeds contributed to relevant Person as a capital contribution or as a result of the sale or issuance of Qualified Capital Stock;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Charge that is established, adjusted and/or incurred, as applicable, (i) within 12 months after the Closing Date that is required to be established, adjusted or incurred, as applicable, as a result of the Transactions in accordance with GAAP, (ii) within 12 months after the closing of any other acquisition or similar Investment (including any Potential Subsequent Acquisition) that is required to be established, adjusted or incurred, as applicable, as a result of such acquisition in accordance with GAAP or (iii) as a result of any change in, or the adoption or modification of, accounting principles and/or policies in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) the effects of adjustments (including the effects of such adjustments pushed down to the relevant Person and its subsidiaries) in component amounts required or permitted by GAAP (including in the inventory, property and equipment, leases, rights fee arrangements, software, goodwill, intangible assets, in-process research and development, deferred revenue, advanced billing and debt line items thereof), resulting from the application of purchase accounting, recapitalization accounting and/or acquisition method accounting, as applicable, in relation to the Transactions or any consummated acquisition or other similar Investment or the amortization or write-off of any amount thereof, and (ii) the cumulative effect of changes (effected through cumulative effect adjustment or retroactive application) in, and/or any change resulting from the adoption or modification of, accounting principles or policies made in such period in accordance with GAAP which affect Consolidated Net Income (except that, if such Person determines in good faith that the cumulative effects thereof are not material to the interests of the Lenders, the effects of any change, adoption or modification of any such principles or policies may be included in any subsequent period after the Fiscal Quarter in which such change, adoption or modification was made);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solely for the purpose of calculating Excess Cash Flow, the income or loss of any Person accrued prior to the date on which such Person becomes a Restricted Subsidiary of such Person or is merged into or consolidated with such Person or any Restricted Subsidiary of such Person or the date that such other Person's assets are acquired by such Person or any Restricted Subsidiary of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) any realized or unrealized net gain and/or loss in the fair market value of (A) any obligation under any Hedge Agreement as determined in accordance with GAAP and/or (B) any other derivative instrument pursuant to, in the case of this <u>clause (B)</u>, Financial Accounting Standards Board's Accounting Standards Codification No. 815-Derivatives and Hedging, and/or (ii) any realized or unrealized foreign currency translation or transaction gain or loss (including any currency re-measurement of Indebtedness, any net gain or loss resulting from Hedge Agreements for currency exchange risk associated with the foregoing or any other currency related risk and any gain or loss resulting from any intercompany Indebtedness, any foreign currency translation or transaction or any other currency-related risk); <u>provided</u>, that notwithstanding anything to the contrary herein, any realized gain or loss in respect of any Designated Operational FX Hedge shall be included in the calculation of Consolidated Net Income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any deferred Tax expense associated with any tax deduction or net operating loss arising as a result of the Transactions, or the release of any valuation allowance related to any such item;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any non-cash (and, with respect to <u>clause (ii)</u>, cash) Charge (including any implementation Charge) (other than any write-down of current assets) (including non-cash compensation expense and any amount representing any non-cash adjustment) required by the application of (i) FASB Statement No. 144, (ii) FASB Statement No. 141R, (iii) FASB Statement No. 142 and (iv) Accounting Standards Update No. 2014-09, *Revenue from Contracts with Customers*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any cash or non-cash Charge required by the application of FASB Statement No. 141R to be expensed by such Person and/or any Restricted Subsidiary during the applicable period; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (i) any one-time cumulative effect adjustment resulting from any change in accounting for revenue required by Accounting Standards Codification 606 or its replacement) and/or (ii) any Charge incurred in connection with the implementation of ASC 606.

"<u>Consolidated Secured Debt</u>" means, as to any Person at any date of determination, the aggregate principal amount of Consolidated Total Debt outstanding on such date that is secured by a Lien on substantially all of the Collateral.

"<u>Consolidated Total Assets</u>" means, at any date, all amounts 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 applicable Person at such date.

"<u>Consolidated Total Debt</u>" means, as to any Person at any date of determination, the aggregate principal amount of all third party debt for borrowed money (including LC Disbursements that have not been reimbursed within three Business Days and the outstanding principal balance of all third party Indebtedness for borrowed money of such Person represented by notes, bonds and similar instruments and excluding, for the avoidance of doubt, undrawn letters of credit and/or bank guarantees), as such amount may be adjusted to reflect the effect (as determined by the Borrower Representative in good faith) of any Debt FX Hedge, calculated on a mark-to-market basis; <u>provided</u>, that "Consolidated Total Debt" shall be calculated (a) net of the Unrestricted Cash Amount and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) excluding (i) any obligation, liability or indebtedness of such Person if, upon or prior to the maturity thereof, such Person has irrevocably deposited with the proper Person in trust or escrow the necessary funds (or evidences of indebtedness) for the payment, redemption or satisfaction of such obligation, liability or indebtedness, and thereafter such funds and evidences of such obligation, liability or indebtedness or other security so deposited are not included in the calculation of the Unrestricted Cash Amount, (ii) Indebtedness comprised of Revolving Loans borrowed for working capital purposes, (iii) Capital Leases, (iv) purchase money Indebtedness, (v) any Indebtedness the proceeds of which are held in Escrow and (vi) the principal amount of any Indebtedness with respect to which an irrevocable deposit of necessary funds for the payment, redemption or satisfaction of such Indebtedness has been made.

"<u>Consolidated Working Capital</u>" means, as at any date of determination, the excess of Current Assets over Current Liabilities.

"<u>Contractual Obligation</u>" 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.

"<u>Contribution Indebtedness Amount</u>" has the meaning assigned to such term in <u>Section 6.01(r)</u>.

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto.

"<u>Copyright</u>" means the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright whether published or unpublished, copyright registrations and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing.

"<u>CORRA</u>" means the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator).

"<u>CORRA Administrator</u>" means the Bank of Canada (or any successor administrator).

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"<u>CORRA Borrowings</u>" means Term CORRA Borrowings and, solely after a Canadian Benchmark Transition Event, Daily Simple CORRA Borrowings.

"<u>CORRA Determination Day</u>" has the meaning specified in the definition of "Daily Simple CORRA".

"<u>Cost Outs Report</u>" means the operational cost assessment report with respect to the Target Business, dated as of October 14, 2020.

"<u>Covered Entity</u>" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Covered Party</u>" has the meaning assigned to such term in <u>Section 9.27</u>.

"<u>Credit Extension</u>" means each of (a) the making of a Revolving Loan or Swingline Loan (other than any Letter of Credit Reimbursement Loan or any Revolving Loan resulting from the application of <u>Section 2.04(b)</u>) or (b) the issuance, amendment, modification, renewal or extension of any Letter of Credit (other than any such amendment, modification, renewal or extension that does not increase the Stated Amount of the relevant Letter of Credit).

"<u>Credit Facilities</u>" means the Revolving Facility and the Term Facility.

"<u>Cure Amount</u>" has the meaning assigned to such term in <u>Section 6.10(b)</u>.

<u>"Cure Deadline" has the meaning assigned to such term in Section 6.10(b).</u>

"<u>Cure Right</u>" has the meaning assigned to such term in <u>Section 6.10(b)</u>.

"<u>Current Assets</u>" means, at any date, (a) all assets of Intermediate Dutch Holdings and its Restricted Subsidiaries which under GAAP would be classified as current assets (excluding any (i) cash or Cash Equivalents (including cash and Cash Equivalents held on deposit for third parties by Intermediate Dutch Holdings and/or any Restricted Subsidiary), (ii) permitted loans to third parties, (iii) deferred bank fees and derivative financial instruments related to Indebtedness, (iv) the current portion of current and deferred Taxes and (v) management fees receivables) and (b) in the event that any Receivables Facility is accounted for off-balance sheet, (i) gross receivables subject to such Receivables Facility <u>minus</u> (ii) collections against the amounts sold pursuant to such Receivables Facility.

"<u>Current Liabilities</u>" means, at any date, all liabilities of Intermediate Dutch Holdings and its Restricted Subsidiaries which under GAAP would be classified as current liabilities, other than (i) short term debts, including current maturities of long term debt, (ii) outstanding revolving loans and letter of credit exposure, (iii) accruals of Consolidated Interest Expense (excluding Consolidated Interest Expense that is due and unpaid), (iv) obligations in respect of derivative financial instruments related to Indebtedness, (v) the current portion of current and deferred Taxes, (vi) liabilities in respect of unpaid earnouts or unpaid acquisition, disposition or refinancing related expenses, deferred purchase price holdbacks, (vii) accruals relating to restructuring reserves, (viii) liabilities in respect of funds of third parties on deposit with Intermediate Dutch Holdings and/or any Restricted Subsidiary, (ix) management fees payables, (x) the current portion of any Capital Lease Obligation, (xi) the current portion of any other long term liability for Indebtedness, (xii) accrued settlement costs, (xiii) non-cash compensation costs and expenses, (xiv) deferred revenue arising from cash receipts that are earmarked for specific projects and (xv) any other liabilities that are not Indebtedness and will not be settled in Cash or Cash Equivalents during the next succeeding twelve month period after such date.

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"<u>Customary Bridge Loans</u>" means bridge loans with a maturity date of not longer than one year; <u>provided</u> that (a) the Weighted Average Life to Maturity of any loan, note, security or other Indebtedness which is exchanged for or otherwise replaces (or is to be exchanged for or otherwise replace) such bridge loans is not shorter than the Weighted Average Life to Maturity of any Class of then-existing Term Loans and (b) the final maturity date of any loan, note, security or other Indebtedness which is exchanged for or otherwise replaces (or is to be exchanged for or otherwise replace) such bridge loans is not earlier than the Latest Term Loan Maturity Date on the date of the issuance or incurrence thereof.

"<u>Customary Term A Loans</u>" means term loans that (a) have scheduled amortization of 2.50% or more per annum, (b) a final maturity date of five years or less and (c) are primarily syndicated to commercial and/or investment banks (as determined by the Borrower Representative in good faith).

"<u>Daily Simple CORRA</u>" means, for any day a ("<u>CORRA Rate Day</u>"), a rate per annum equal to CORRA for the day (such day "<u>CORRA Determination Date</u>") that is five Business Days prior to (i) if such CORRA Rate Day is a Business Day, such CORRA Rate Day or (ii) if such CORRA Rate Day is not a Business Day, the Business Day immediately preceding such CORRA Rate Day, in each case, as such CORRA is published by the CORRA Administrator on the CORRA Administrator's website. Any change in Daily Simple CORRA due to a change in CORRA shall be effective from and including the effective date of such change in CORRA without notice to the Borrowers. If by 5:00 p.m. (Toronto time) on any given CORRA Determination Date, CORRA in respect of such CORRA Determination Date has not been published on the CORRA Administrator's website and a Canadian Benchmark Replacement Date with respect to the Daily Simple CORRA has not occurred, then CORRA for such CORRA Determination Date will be CORRA as published in respect of the first preceding Business Day for which such CORRA was published on the CORRA Administrator's website, so long as such first preceding Business Day is not more than five Business Days prior to such CORRA Determination Date; <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; <u>provided</u>, <u>further</u>, that, if Daily Simple CORRA as so determined shall be less than 0.00% per annum, then Daily Simple CORRA shall be deemed to be 0.00% per annum.

"<u>Daily Simple CORRA Borrowing</u>" means, as to any Borrowing, Daily Simple CORRA Loans comprising such Borrowing.

"<u>Daily Simple CORRA Loan</u>" means a Loan that bears interest at a rate based on Daily Simple CORRA.

"<u>Daily Simple SOFR</u>" means, for any day (as used in this definition, a "<u>SOFR Day</u>"), a rate per annum equal to SOFR for the day that is five US Government Securities Business Days prior to (a) if such SOFR Day is a US Government Securities Business Day, such SOFR Day or (b) if such SOFR Day is not a US Government Securities Business Day, the US Government Securities Business Day immediately preceding such SOFR Day, in each case, as SOFR is published by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York's Website (or any successor source). Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

"<u>De Minimis ECF Threshold</u>" has the meaning assigned to such term in <u>Section 2.11(b)(i)</u>.

"<u>De Minimis Proceeds Threshold</u>" has the meaning assigned to such term in <u>Section 2.11(b)(ii)</u>.

"<u>Debt Fund Affiliate</u>" means any Affiliate of Advent (other than a natural Person) that is a bona fide debt fund or other investment vehicle (in each case with one or more bona fide investors to whom its managers owe fiduciary duties independent of their fiduciary duties to Advent) that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course.

"<u>Debt FX Hedge</u>" means any Hedge Agreement entered into for the purpose of hedging currency related risks in respect of any Indebtedness of the type described in the definition of "Consolidated Total Debt".

"<u>Debtor Relief Laws</u>" means the Bankruptcy Code of the US, and all other liquidation, conservatorship, bankruptcy, general assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the US, the Netherlands, Switzerland or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

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"<u>Declined Proceeds</u>" has the meaning assigned to such term in <u>Section 2.11(b)(v)</u>.

"<u>Default</u>" means any event or condition which upon notice, lapse of time or both would become an Event of Default.

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Defaulting Lender</u>" means any Person that has (a) defaulted in (or is otherwise unable to perform) its obligations under this Agreement, including its obligations, (x) to make a Loan within two Business Days of the date required to be made by it hereunder or (y) to fund its participation in a Letter of Credit or Swingline Loan required to be funded by it hereunder within two Business Days of the date such obligation arose or such Loan or Letter of Credit or Swingline Loan was required to be made or funded, unless, in the case of <u>subclause (x)</u> above, such Person notifies the Administrative Agent in writing that such failure is the result of such Person's good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) notified the Administrative Agent, any Issuing Bank or the Swingline Lender or the Borrower Representative in writing that it does not intend to satisfy or perform any such obligation or has made a public statement to the effect that it does not intend to comply with its funding or other obligations under this Agreement or under agreements in which it commits to extend credit generally (unless such writing indicates that such position is based on such Person's good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan cannot be satisfied), (c) failed, within two Business Days after the request of the Administrative Agent or the Borrower Representative, to confirm in writing that it will comply with the terms of this Agreement relating to its obligations to fund any prospective Loan and/or any participation in any then outstanding Letter of Credit or Swingline Loans; <u>provided</u> that such Person shall cease to be a Defaulting Lender pursuant to this <u>clause (c)</u> upon receipt of such written confirmation by the Administrative Agent, (d) become (or any parent company thereof has become) insolvent or been determined by any Governmental Authority having regulatory authority over such Person or its assets, to be insolvent, or the assets or management of which has been taken over by any Governmental Authority or (e)(i) become (or any parent company thereof has become) either the subject of (A) a bankruptcy or insolvency proceeding or (B) a Bail-In Action, (ii) has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or (iii) has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in, any such proceeding or appointment, unless in the case of any Person subject to this <u>clause (e)</u>, the Borrower Representative and the Administrative Agent have each determined that such Person intends, and has all approvals required to enable it (in form and substance satisfactory to the Borrower Representative and the Administrative Agent), to continue to perform its obligations hereunder; <u>provided</u> that no Person shall be deemed to be a Defaulting Lender solely by virtue of the ownership or acquisition of any Capital Stock in such Person or its parent by any Governmental Authority; <u>provided</u> that such action does not result in or provide such Person with immunity from the jurisdiction of courts within the US or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contract or agreement to which such Person is a party. In the event that the Administrative Agent determines that a Lender is a Defaulting Lender pursuant to the foregoing, such determination shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <u>Section 2.21(e)</u>) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower Representative, each Issuing Bank, each Swingline Lender and each other Lender promptly following such determination.

"<u>Delaware Divided LLC</u>" means any Delaware LLC which has been formed upon the consummation of a Delaware LLC Division.

"<u>Delaware LLC</u>" means any limited liability company organized or formed under the laws of the State of Delaware.

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"<u>Delaware LLC Division</u>" means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act.

"<u>Deposit Account</u>" 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.

"<u>Derivative Transaction</u>" means (a) any interest-rate transaction, including any interest-rate swap, basis swap, forward rate agreement, interest rate option (including a cap, collar or floor), and any other instrument linked to interest rates that gives rise to similar credit risks (including when-issued securities and forward deposits accepted), (b) any exchange-rate transaction, including any cross-currency interest-rate swap, any forward foreign-exchange contract, any currency option, and any other instrument linked to exchange rates that gives rise to similar credit risks, (c) any equity derivative transaction, including any equity-linked swap, any equity-linked option, any forward equity-linked contract, and any other instrument linked to equities that gives rise to similar credit risk and (d) any commodity (including precious metal) derivative transaction, including any commodity-linked swap, any commodity-linked option, any forward commodity-linked contract, and any other instrument linked to commodities that gives rise to similar credit risks; <u>provided</u>, that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees, members of management, managers or consultants of Intermediate Dutch Holdings or its subsidiaries shall be a Derivative Transaction.

"<u>Designated Gross Amount</u>" has the meaning assigned to such term in <u>Section 2.25(a)</u>.

"<u>Designated Net Amount</u>" has the meaning assigned to such term in <u>Section 2.25(a)</u>.

"<u>Designated Non-Cash Consideration</u>" means the fair market value (as determined by Intermediate Dutch Holdings in good faith) of non-Cash consideration received by Intermediate Dutch Holdings or any Restricted Subsidiary in connection with any Disposition pursuant to <u>Section 6.07(h)</u> that is designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of the Borrower Representative, setting forth the basis of such valuation (which amount will be reduced by the amount of Cash or Cash Equivalents received in connection with a subsequent sale or conversion of such Designated Non-Cash Consideration to Cash or Cash Equivalents).

"<u>Designated Operational FX Hedge</u>" means any Hedge Agreement (a) entered into for the purpose of hedging currency-related risks in respect of the revenues, cash flows or other balance sheet items of Intermediate Dutch Holdings and/or any of its subsidiaries and (b) designated at the time entered into (or on or prior to the Closing Date, with respect to any Hedge Agreement entered into on or prior to the Closing Date) as a Designated Operational FX Hedge by the Borrower Representative in a writing delivered to the Administrative Agent.

"<u>Discretionary Guarantor</u>" has the meaning assigned to such term in <u>Section 5.12(c)</u>.

"<u>Disposition</u>" or "<u>Dispose</u>" means the sale, lease, sublease, or other disposition of any property of any Person, including any disposition of property to a Delaware Divided LLC pursuant to a Delaware LLC Division.

"<u>Disqualified Capital Stock</u>" means any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable (other than for Qualified Capital Stock), pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than for Qualified Capital Stock), in whole or in part, on or prior to the Latest Maturity Date at the time such Capital Stock is issued (it being understood that if any such redemption is in part, only such part coming into effect prior to the Latest Maturity Date shall constitute Disqualified Capital Stock), (b) is or becomes convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Capital Stock that would constitute Disqualified Capital Stock, in each case at any time on or prior to the Latest Maturity Date at the time such Capital Stock is issued or (c) contains any mandatory repurchase obligation (other than for Qualified Capital Stock), in whole or in part, which may come into effect prior to the Latest Maturity Date at the time such Capital Stock is issued (it being understood that if any such repurchase obligation is in part, only such part coming into effect prior to the Latest Maturity Date shall constitute Disqualified Capital Stock);

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<u>provided</u> that any (x) Capital Stock that would not constitute Disqualified Capital Stock but for provisions thereof giving holders thereof (or the holders of any security into or for which such Capital Stock is convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Capital Stock upon the occurrence of any change of control, IPO or any other liquidity event or any Disposition occurring prior to the Latest Maturity Date at the time such Capital Stock is issued shall not constitute Disqualified Capital Stock if the documentation governing such Capital Stock provides that the issuer thereof will not redeem any such Capital Stock pursuant to such provisions unless either (1) the relevant redemption is permitted by the terms of this Agreement or (2) the Termination Date has occurred and (y) for purposes of clause (a) through (c) above, it is understood and agreed that if any such maturity, redemption conversion, exchange, repurchase obligation or scheduled payment is in part, only such part coming into effect prior to the Latest Maturity Date (determined at the time such Capital Stock is issued) shall constitute Disqualified Capital Stock.

Notwithstanding the preceding sentence, (A) if such Capital Stock is issued pursuant to any plan for the benefit of directors, officers, employees, members of management, managers or consultants or by any such plan to such directors, officers, employees, members of management, managers or consultants, in each case in the ordinary course of business of Intermediate Dutch Holdings or any Restricted Subsidiary, such Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required to be repurchased by the issuer thereof in order to satisfy applicable statutory or regulatory obligations and (B) no Capital Stock held by any future, present or former employee, director, officer, manager, member of management or consultant (or their respective Affiliates or Immediate Family Members) of Intermediate Dutch Holdings (or any Parent Company or any subsidiary) shall be considered Disqualified Capital Stock because such stock is redeemable or subject to repurchase pursuant to any management equity subscription agreement, stock option, stock appreciation right or other stock award agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time.

"<u>Disqualified Institution</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) any Person identified in writing to the Administrative Agent on or prior to the date hereof, (ii) any Person that is identified in writing to the Administrative Agent after the Closing Date (<u>provided</u>, that any Person so identified after the Closing Date must be reasonably acceptable to the Administrative Agent), (iii) any Affiliate of any Person described in <u>clauses (i)</u> or <u>(ii)</u> above that is reasonably identifiable on the basis of such Person's name as an Affiliate of such Person, and (iv) any other Affiliate of any Person described in <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u> above that is identified in a written notice to the Administrative Agent) (each such person, a "<u>Disqualified Lending Institution</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) any Person that is or becomes a Company Competitor and/or any Affiliate of any Company Competitor (other than a Competitor Debt Fund Affiliate, unless the Borrower Representative has other grounds on which to withhold its consent), in each case, that is identified in writing to the Administrative Agent, (ii) any Affiliate of any Person described in <u>clause (i)</u> above (other than any Competitor Debt Fund Affiliate) that is reasonably identifiable on the basis of such Affiliate's name as an Affiliate of such Person and (iii) any other Affiliate of any Person described in <u>clauses (i</u>) and/or <u>(ii)</u> above that is identified in a written notice to the Administrative Agent; it being understood and agreed that no Competitor Debt Fund Affiliate of any Company Competitor may be designated as a Disqualified Institution pursuant to this <u>clause (iii)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Affiliate or Representative of any Arranger and/or any Initial Lender that is engaged as a principal primarily in private equity, mezzanine financing or venture capital (any Person described in this <u>clause (c)</u>, an "<u>Excluded Party</u>");

<u>provided</u> that no written notice delivered pursuant to <u>clauses (a)(ii)</u>, <u>(a)(iv)</u>, <u>(b)(i)</u> and/or <u>(b)(iii)</u> above shall apply retroactively to disqualify any person that has previously acquired an assignment or participation interest in the Loans under the applicable Credit Facility prior to the delivery of such notice. Any written notice delivered pursuant to <u>clauses (a)(ii)</u>, <u>(a)(iv)</u>, <u>(b)(i)</u> and/or <u>(b)(iii)</u> above shall be delivered to the Administrative Agent at JPMDQ_Contact@jpmorgan.com.

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The Borrower Representative shall be permitted to remove any Person from the list of Disqualified Institutions; <u>provided</u>, that at any time after the removal of such Person, the Borrower Representative shall be permitted to redesignate such Person a Disqualified Institution without the consent of the Administrative Agent or any other Person. Notwithstanding the foregoing or anything to the contrary herein, any supplement to the list of Disqualified Institutions shall take effect on the Business Day following the date such notice is received by the Administrative Agent.

"<u>Disqualified Lending Institution</u>" has the meaning assigned to such term in the definition of "Disqualified Institution".

"<u>Disqualified Person</u>" has the meaning assigned to such term in <u>Section 9.05(f)(ii)</u>.

"<u>Dollar Equivalent</u>" means, at any time, (a) with respect to any amount denominated in Dollars, such amount and (b) with respect to any amount denominated in any currency other than Dollars, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date or other relevant date of determination) for the purchase of Dollars with such other currency.

"<u>Dollars</u>" or "<u>$</u>" refers to lawful money of the US.

"<u>Domestic Subsidiary</u>" means US Top Borrower and any subsidiary of US Top Borrower incorporated or organized under the laws of the US, any state thereof or the District of Columbia.

"<u>Dutch Auction</u>" has the meaning assigned to such term on <u>Schedule 1.01(b)</u> hereto.

"<u>Dutch Borrower</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>Dutch Loan Party</u>" means any Loan Party formed under the laws of the Netherlands.

"<u>Dutch Subsidiary</u>" means any Restricted Subsidiary of the Dutch Borrower organized under the laws of the Netherlands.

"<u>Dutch Target</u>" has the meaning assigned to such term in the recitals to this Agreement.

"<u>ECF Prepayment Amount</u>" has the meaning assigned to such term in <u>Section 2.11(b)(i)</u>.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country, which is subject to the supervision of a Resolution Authority, (b) any entity established in an EEA Member Country, which is a parent of an institution described in <u>clause (a)</u> of this definition, or (c) any financial institution established in an EEA Member Country, which is a subsidiary of an institution described in <u>clauses (a)</u> or <u>(b)</u> of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Effective Yield</u>" means, as to any Indebtedness, the effective yield applicable thereto calculated by the Administrative Agent in consultation with the Borrower Representative in a manner consistent with generally accepted financial practices, taking into account (a) interest rate margins, (b) interest rate floors (subject to the proviso set forth below), (c) any amendment to the relevant interest rate margins and interest rate floors prior to the applicable date of determination and (d) original issue discount and upfront or similar fees (based on an assumed four-year average life to maturity or lesser remaining average life to maturity), but excluding (i) any arrangement,

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commitment, structuring, underwriting, ticking, unused line and/or amendment fee (regardless of whether any such fee is paid to or shared in whole or in part with any lender) and (ii) any other fee that is not paid directly by the issuer of such Indebtedness generally to all relevant lenders ratably; <u>provided</u>, that (A) to the extent that the Published LIBO Rate, Published EURIBOR Rate or Term CORRA, as applicable (with an Interest Period of three months) or Alternate Base Rate or Canadian Prime Rate (without giving effect to any floor specified in the definition thereof) is less than any floor applicable to the Indebtedness in respect of which the Effective Yield is being calculated on the date on which the Effective Yield is determined, the amount of the resulting difference will be deemed added to the interest rate margin applicable to the relevant Indebtedness for purposes of calculating the Effective Yield and (B) to the extent that the Published LIBO Rate, Published EURIBOR Rate or Term CORRA, as applicable (for a period of three months) or Alternate Base Rate or Canadian Prime Rate (without giving effect to any floor specified in the definition thereof) is greater than any applicable floor on the date on which the Effective Yield is determined, the floor will be disregarded in calculating the Effective Yield.

"<u>Eighth Amendment</u>" means that certain Eighth Amendment to Credit Agreement, dated as of June 28, 2024, among Holdings, Intermediate Dutch Holdings, the Borrowers, the Loan Guarantors party thereto, the Administrative Agent, the US Collateral Agent, the Non-US Collateral Agent and the Lenders party thereto.

"<u>Eighth Amendment Effective Date</u>" has the meaning assigned to such term in the Eighth Amendment.

"<u>Eighth Amendment Extending</u> <u>Revolving Commitment</u>" means, with respect to each Eighth Amendment Extending Revolving Lender, the commitment of such Person to make Eighth Amendment Extending Revolving Loans (and acquire participations in Letters of Credit and Swingline Loans) hereunder as set forth on Schedule I to the Eighth Amendment, or in the Assignment Agreement pursuant to which such Person assumed its Eighth Amendment Extending Revolving Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to <u>Section 2.09</u> or <u>Section 2.19</u>, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to <u>Section 9.05</u>, (c) increased pursuant to <u>Section 2.22</u> or (d) other than for purposes of determining the Required Lenders or Required Revolving Lenders at any time, if such Lender is an Ancillary Lender, decreased by the amount of such Lender's Ancillary Commitment (and is increased to the extent that any such Ancillary Commitment is reduced, cancelled or terminated). The aggregate amount of the Eighth Amendment Extending Revolving Commitments as of the Eighth Amendment Effective Date is $630,766,666.67.

"<u>Eighth Amendment Extending Revolving Facility</u>" means the Eighth Amendment Extending Revolving Commitments and the Eighth Amendment Extending Revolving Loans and other extensions of credit thereunder.

"<u>Eighth Amendment Extending</u> <u>Revolving Lenders</u>" has the meaning assigned to such term in the Eighth Amendment.

"<u>Eighth Amendment Extending</u> <u>Revolving Loans</u>" has the meaning assigned to such term in <u>Section 2.01(a)(</u><u>iii).</u>

"<u>Eighth Amendment Fee Letter</u>" means that certain Fee Letter, dated as of June 28, 2024, by and among the Borrower Representative and the Administrative Agent.

"<u>Eighth Amendment Non-Extending Revolving Commitments</u>" means, with respect to each Eighth Amendment Non-Extending Revolving Lender, the commitment of such Person to make Eighth Amendment Non-Extending Revolving Loans (and acquire participations in Letters of Credit and Swingline Loans) hereunder as set forth on Schedule I to the Eighth Amendment, or in the Assignment Agreement pursuant to which such Person assumed its Eighth Amendment Non-Extending Revolving Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to <u>Section 2.09</u> or <u>Section 2.19</u>, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to <u>Section 9.05</u>, (c) increased pursuant to <u>Section 2.22</u> or (d) other than for purposes of determining the Required Lenders or Required Revolving Lenders at any time, if such Lender is an Ancillary Lender, decreased by the amount of such Lender's Ancillary Commitment (and is increased to the extent that any such Ancillary Commitment is reduced, cancelled or terminated). The aggregate amount of the Eighth Amendment Non-Extending Revolving Commitments as of the Eighth Amendment Effective Date is $7,500,000.00.

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"<u>Eighth Amendment Non-Extending Revolving Facility</u>" means the Eighth Amendment Non-Extending Revolving Commitments and the Eighth Amendment Non-Extending Revolving Loans and other extensions of credit thereunder.

"<u>Eighth Amendment Non-Extending Revolving Lenders</u>" has the meaning assigned to such term in the Eighth Amendment.

"<u>Eighth Amendment Non-Extending Revolving Loans</u>" has the meaning assigned to such term in Section 2.01(a)(iv).

"<u>Eighth Amendment Revolving Commitments</u>" means, collectively, the Eighth Amendment Extending Revolving Commitments and the Eighth Amendment Non-Extending Revolving Commitments.

"<u>Eighth</u> <u>Amendment Revolving Credit Exposure</u>" means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time of all Eighth Amendment Revolving Loans of such Lender, <u>plus</u> the aggregate amount at such time of such Lender's LC Exposure and Swingline Exposure, in each case, attributable to its Eighth Amendment Revolving Commitment.

"<u>Eighth Amendment Revolving Facility</u>" means, collectively, the Eighth Amendment Extending Revolving Facility and the Eighth Amendment Non-Extending Revolving Facility.

"<u>Eighth Amendment Revolving Lenders</u>" means, collectively, the Eighth Amendment Extending Revolving Lenders and the Eighth Amendment Non-Extending Revolving Lenders.

"<u>Eighth Amendment Revolving Loans</u>" means, collectively, the Eighth Amendment Extending Revolving Loans and the Eighth Amendment Non-Extending Revolving Loans.

"<u>Eighth Amendment Transaction Costs</u>" means the fees, premiums, expenses and other transaction costs (including original issue discount and/or upfront fees) payable or otherwise borne by the Borrowers, any Parent Company and/or their respective subsidiaries in connection with the Eighth Amendment Transactions and the transactions contemplated thereby.

"<u>Eighth Amendment Transactions</u>" means, collectively, (a) the execution, delivery and performance by the Borrowers and their applicable subsidiaries of the Eighth Amendment and the other Loan Documents entered into on the Eighth Amendment Effective Date and, in each case, the transactions contemplated thereby and (b) the payment of Eighth Amendment Transaction Costs.

"<u>Electronic Signature</u>" means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

"<u>Eleventh Amendment</u>" means that certain Eleventh Amendment to Credit Agreement, dated as of January 24, 2025, among Holdings, Intermediate Dutch Holdings, the Borrowers, the Loan Guarantors party thereto, the Administrative Agent, the US Collateral Agent, the Non-US Collateral Agent and the Lenders party thereto.

"<u>Eleventh Amendment Dollar Loan Installment Date</u>" has the meaning assigned to such term in <u>Section</u> 2.10(a)(ii).

"<u>Eleventh Amendment Dollar Refinancing Term Lender</u>" has the meaning assigned to such term in the Eleventh Amendment.

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"<u>Eleventh Amendment Dollar Refinancing Term Loans</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Eleventh Amendment Dollar Refinancing Term Loan Commitment</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Eleventh Amendment Effective Date</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Eleventh Amendment Euro Refinancing Term Lender</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Eleventh Amendment Euro Refinancing Term Loans</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Eleventh Amendment Euro Refinancing Term Loan Commitment</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Eleventh Amendment Lead Arrangers</u>" means the "Lead Arrangers" as defined in the Eleventh Amendment.

"<u>Eleventh Amendment Refinancing Term Lender</u>" means any Person that holds an Eleventh Amendment Dollar Refinancing Term Loan or an Eleventh Amendment Euro Refinancing Term Loan.

"<u>Eleventh Amendment Refinancing Term Loan Commitments</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Eleventh Amendment Refinancing Term Loans</u>" means, collectively, the Eleventh Amendment Dollar Refinancing Term Loans and the Eleventh Amendment Euro Refinancing Term Loans.

"<u>Eleventh Amendment Transaction Costs</u>" means the fees, premiums, expenses and other transaction costs (including original issue discount and/or upfront fees) payable or otherwise borne by the Borrowers, any Parent Company and/or their respective subsidiaries in connection with the Eleventh Amendment Transactions and the transactions contemplated thereby.

"<u>Eleventh Amendment Transactions</u>" means, collectively, (a) the execution, delivery and performance by the Borrowers and their applicable subsidiaries of the Eleventh Amendment and the other Loan Documents entered into on the Eleventh Amendment Effective Date and, in each case, the transactions contemplated thereby and (b) the payment of Eleventh Amendment Transaction Costs.

"<u>Eligible Assignee</u>" means (a) any Lender, (b) any commercial bank, insurance company, or finance company, financial institution, any fund that invests in loans or any other "accredited investor" (as defined in Regulation D of the Securities Act), (c) any Affiliate of any Lender, (d) any Approved Fund of any Lender and (e) to the extent permitted under <u>Section 9.05(g)</u>, any Affiliated Lender or any Debt Fund Affiliate; <u>provided</u>, that in any event, "Eligible Assignee" shall not include (i) any natural person (or any holding company, investment vehicle or trust for, or owned and operated by, or for the primary benefit of, one or more natural persons), (ii) any Disqualified Institution or (iii) except as permitted under <u>Section 9.05(g)</u>, Intermediate Dutch Holdings or any of its Affiliates.

"<u>EMU Legislation</u>" means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency.

"<u>Environment</u>" means ambient air, indoor air, surface water, groundwater, drinking water, land surface and subsurface strata & natural resources such as wetlands, flora and fauna.

"<u>Environmental Claim</u>" means any investigation, notice, 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 (a) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (b) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (c) in connection with any actual or alleged damage, injury, threat or harm to the Environment.

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"<u>Environmental Laws</u>" means any and all current or future applicable foreign or domestic, federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other applicable requirements of Governmental Authorities and the common law relating to (a) environmental matters, including those relating to any Hazardous Materials Activity; or (b) the generation, use, storage, transportation or disposal of or exposure to Hazardous Materials, in any manner applicable to Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries or any Facility.

"<u>Environmental Liability</u>" means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), directly or indirectly resulting from or based upon (a) any actual or alleged violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials into the Environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

"<u>Equipment Sale and Leaseback Transaction</u>" means any equipment financing or similar arrangement that is not prohibited by <u>Sections 6.01</u> and/or <u>6.02</u> hereof entered into by Intermediate Dutch Holdings and/or any Restricted Subsidiary in the ordinary course of business with any Person that requires Intermediate Dutch Holdings and/or any Restricted Subsidiary to purchase the equipment subject to such financing or similar arrangement, sell such equipment to the relevant financing provider and thereafter rent or lease such equipment from the relevant financing provider.

"<u>Equitably Subordinated Lender</u>" means any Lender to the extent (i) its claims under the Loan Documents against the Loan Parties would be subject to the subordination provision of section 39 para. 1 no. 5 of the German Insolvency Code (Insolvenzordnung) or (ii) any discharge of its claims under the Loan Documents against the Loan Parties, or the granting of Collateral pursuant to the Collateral Documents for its claims under the Loan Documents by the Loan Parties, would be subject the avoidance provision of section 135 para. 1 of the German Insolvency Code (Insolvenzordnung) or section 6 of the German Avoidance Act (Anfechtungsgesetz), unless other applicable laws or regulations provide that no subordination would apply or avoidance claim would exist.

"<u>Equity Contribution</u>" means, collectively, the Cash (or, in the case of members of management of the Target and/or "rollover" equity investors in the Target, Cash or non-Cash) equity contributions made by the Investors, directly or indirectly, to Holdings in the form of Qualified Capital Stock.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) that is under common control with Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary and is treated as a single employer within the meaning of Section 414 of the Code or Section 4001 of ERISA.

"<u>ERISA Event</u>" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations at any facility of Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary or any ERISA Affiliate as described in Section 4062(e) of ERISA, in each case, resulting in liability pursuant to Section 4063 of ERISA; (c) a complete or partial withdrawal by Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan resulting in the imposition of Withdrawal Liability on Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary or any ERISA Affiliate, notification of Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary or any ERISA Affiliate concerning the imposition of Withdrawal Liability or notification that a Multiemployer Plan is "insolvent" within the meaning of Section 4245 of ERISA; (d) the filing of a notice of intent to terminate a Pension Plan under Section 4041(c) of ERISA, the treatment of a Pension Plan amendment as a termination under Section 4041(c) of

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ERISA, or the receipt by Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary or any ERISA Affiliate or, to the knowledge of the Borrower Representative, any Multiemployer Plan of written notice of (i) the commencement of proceedings by the PBGC to terminate a Pension Plan, (ii) the treatment of a Multiemployer Plan amendment as a termination under Section 4041A of ERISA or (iii) the commencement of proceedings by the PBGC to terminate a Multiemployer Plan; (e) the occurrence of an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary or any ERISA Affiliate, with respect to the termination of any Pension Plan; or (g) the conditions for imposition of a Lien under Section 303(k) of ERISA have been met with respect to any Pension Plan.

"<u>Escrow</u>" has the meaning set forth in the definition of "Indebtedness".

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Euro" or "€</u>" means the single currency of the European Union as constituted by the Treaty on European Union and as referred to in the EMU Legislation.

"<u>Euro Equivalent</u>" means, at any time, (a) with respect to any amount denominated in Euros, such amount and (b) with respect to any amount denominated in any currency other than Euros, the equivalent amount thereof in Euros as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date or other relevant date of determination) for the purchase of Euros with such other currency.

"<u>Event of Default</u>" has the meaning assigned to such term in <u>Article 7</u>.

"<u>Excess Cash Flow</u>" means, for any Calculation Period, any amount (if positive) equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Adjusted EBITDA for such Calculation Period (without giving effect to <u>clauses (b)</u>, <u>(e)</u>, <u>(f)</u> and/or <u>(g)</u> of the definition thereof, the amounts added back in reliance on which shall be deducted in determining Excess Cash Flow); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any extraordinary, unusual or non-recurring cash gain during such Calculation Period (whether or not accrued in such Calculation Period) to the extent not otherwise included in Consolidated Adjusted EBITDA (including any component definitions used therein); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any foreign currency exchange gain actually realized and received in cash in Dollars (including any currency re-measurement of Indebtedness, any net gain or loss resulting from Hedge Agreements for currency exchange risk resulting from any intercompany Indebtedness, any foreign currency translation or transaction or any other currency-related risk), net of any loss from foreign currency translation; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved]; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an amount equal to all Cash received for such period on account of any net non-Cash gain or income from any Investment deducted in a previous period pursuant to <u>clause (s)</u> of this definition; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the decrease, if any, in Consolidated Working Capital from the first day to the last day of such Calculation Period (or, in the case of any Excess Cash Flow Interim Period, from the first day of such Excess Cash Flow Interim Period to the last day of the most recently ended Test Period), but excluding any such decrease in Consolidated Working Capital arising from (i) the acquisition or Disposition of any Person by Intermediate Dutch Holdings or any Restricted Subsidiary, (ii) the reclassification during such period of current assets to long term assets and current liabilities to long term liabilities, (iii) the application of purchase and/or recapitalization accounting and/or (iv) the effect of any fluctuation in the amount of accrued and contingent obligations under any Hedge Agreement; <u>minus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the amount, if any, which, in the determination of Consolidated Adjusted EBITDA (including any component definition used therein) for such Calculation Period, has been included in respect of income or gain from any Disposition outside of the ordinary course of business (including Dispositions constituting covered losses or taking of assets referred to in the definition of "Net Insurance/Condemnation Proceeds") of Intermediate Dutch Holdings and/or any Restricted Subsidiary; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) cash payments actually made in respect of the following (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;(i) any Investment permitted by <u>Section 6.06</u> (other than Investments (i) in Cash or Cash Equivalents, (ii) in any Loan Party or (iii) made pursuant to <u>Section 6.06(r)(i)</u>) and/or any Restricted Payment permitted by <u>Section 6.04(a)</u> (other than pursuant to <u>Section 6.04(a)(iii)(A)</u>) and actually made in cash during such Calculation Period or, at the option of the Borrower Representative, made prior to the date Intermediate Dutch Holdings is required to make a payment of Excess Cash Flow in respect of such Excess Cash Flow Period, (A) except to the extent the relevant Investment and/or Restricted Payment is financed with the proceeds of long term funded Indebtedness (other than revolving Indebtedness) and (B) without duplication of (1) any amount deducted from Excess Cash Flow for a prior Calculation Period and/or (2) the amount of any deduction and/or reduction in the amount of any mandatory prepayment resulting from the application of <u>Section 2.11(b)(i)(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;(ii) any realized foreign currency exchange loss actually paid or payable in cash (including any currency re-measurement of Indebtedness, any net gain or loss resulting from Hedge Agreements for currency exchange risk resulting from any intercompany Indebtedness, any foreign currency translation or transaction or any other currency-related 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;(iii) the aggregate amount of any extraordinary, unusual or non-recurring cash Charge (whether or not incurred in such Calculation Period) excluded in calculating Consolidated Adjusted EBITDA (including any component definition used 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;(iv) consolidated Capital Expenditures actually made in cash during such Calculation Period or, at the option of the Borrower Representative, made prior to the date Intermediate Dutch Holdings is required to make a payment of Excess Cash Flow in respect of such Excess Cash Flow Period, (A) except to the extent financed with the proceeds of long term funded Indebtedness (other than revolving Indebtedness) and (B) without duplication of (1) any amount deducted from Excess Cash Flow for a prior Calculation Period and/or (2) the amount of any deduction and/or reduction in the amount of any mandatory prepayment resulting from the application of <u>Section 2.11(b)(i)(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;(v) any long-term liability, excluding the current portion of any such liability (other than Indebtedness) of Intermediate Dutch Holdings and/or any 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;(vi) any cash Charge added back in calculating Consolidated Adjusted EBITDA pursuant to <u>clauses (c)</u> and/or <u>(g)</u> of the definition thereof or excluded from the calculation of Consolidated Net Income in accordance with the definition 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;(vii) the aggregate amount of expenditures actually made by Intermediate Dutch Holdings and/or any Restricted Subsidiary during such Fiscal Year (including any expenditure for the payment of financing fees) to the extent that such expenditures are not expensed; <u>minus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate principal amount of (i) all optional prepayments of Indebtedness (other than (A) any optional prepayment, repurchase, redemption or other retirement of any Indebtedness under the Loan Documents, any other First Lien Debt and/or any Junior Lien Debt, prior to such date, in each case, that is deducted in calculating the amount of any Excess Cash Flow payment in accordance with <u>Section 2.11(b)(i)</u> or (B) any optional repayment of revolving Indebtedness except to the extent any related commitment is permanently reduced in connection with such repayment) and/or any prepayment or repayment of any amount owing under any Receivables Facility, (ii) all mandatory prepayments and scheduled repayments of Indebtedness during such Calculation Period and (iii) the aggregate amount of any premium, make-whole or penalty payment actually paid in cash by Intermediate Dutch Holdings and/or any Restricted Subsidiary during such period that is required to be made in connection with any prepayment, repayment, repurchase, redemption or other retirement of Indebtedness, in each case except to the extent financed with the proceeds of long term funded Indebtedness (other than revolving Indebtedness); <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Consolidated Interest Expense actually paid or payable in cash by Intermediate Dutch Holdings and/or any Restricted Subsidiary during such Calculation Period; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Taxes (inclusive of Taxes paid or payable under tax sharing agreements or arrangements and/or in connection with any intercompany distribution) paid or payable by Intermediate Dutch Holdings and/or any Restricted Subsidiary with respect to such Calculation Period; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the increase, if any, in Consolidated Working Capital from the first day to the last day of such Calculation Period (or, in the case of any Excess Cash Flow Interim Period, from the first day of such Excess Cash Flow Interim Period to the last day of the most recently ended Test Period), but excluding any such increase in Consolidated Working Capital arising from (i) the acquisition or Disposition of any Person by Intermediate Dutch Holdings or any Restricted Subsidiary, (ii) the reclassification during such period of current assets to long term assets and current liabilities to long term liabilities, (iii) the application of purchase and/or recapitalization accounting and/or acquisition method accounting and/or (iv) the effect of any fluctuation in the amount of accrued and contingent obligations under any Hedge Agreement; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the amount of any Tax obligation of Intermediate Dutch Holdings and/or any Restricted Subsidiary that is estimated in good faith by the Borrower Representative as due and payable (but is not currently due and payable) by Intermediate Dutch Holdings and/or any Restricted Subsidiary as a result of the repatriation of any dividend or similar distribution of net income of any Foreign Subsidiary to Intermediate Dutch Holdings or any Restricted Subsidiary; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) without duplication of amounts deducted from Excess Cash Flow in respect of a prior period and except to the extent deducted in calculating the amount of any Excess Cash Flow payment in accordance with <u>Section 2.11(b)(i)</u>, at the option of the Borrower Representative, (i) the aggregate consideration (including earn-outs) required to be paid in Cash by Intermediate Dutch Holdings or its Restricted Subsidiaries pursuant to binding contracts, letters of intent or purchase orders entered into prior to or during such period relating to Capital Expenditures, acquisitions or Investments (other than Investments (A) in Cash and Cash Equivalents, (B) in any Loan Party or (C) made pursuant to <u>Section 6.06(r)(i)</u>), Restricted Payments described in <u>clause (h)(i)</u> above and/or Restricted Debt Payments and/or (ii) the aggregate amount otherwise committed, planned or budgeted to be made in connection with Capital Expenditures, acquisitions or Investments (other than Investments (A) in Cash and Cash Equivalents, (B) in any Loan Party or (C) made pursuant to <u>Section 6.06(r)(i)</u>), Restricted Payments described in <u>clause (h)(i)</u> above and/or Restricted Debt Payments (collectively, <u>clauses (i)</u> and <u>(ii)</u>, the "<u>Scheduled Expenditures</u>"), in each case of the foregoing <u>clauses (i)</u> and <u>(ii)</u>, to be consummated or made prior to the expiry of the immediately succeeding Fiscal Year (except, in each case, to the extent financed with long term funded Indebtedness (other than revolving Indebtedness)); <u>provided</u> that to the extent the aggregate amount actually utilized to finance such Capital Expenditures, acquisitions, Investments, Restricted Payments or Restricted Debt Payments during such immediately succeeding Fiscal Year is less than the Scheduled Expenditures, the amount of the resulting shortfall shall be added to the calculation of Excess Cash Flow for such immediately succeeding Fiscal Year; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) [Reserved]; <u>minus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) cash payments (other than in respect of Taxes, which are governed by <u>clause (k)</u> above) made during such Calculation Period for any liability the accrual of which in a prior Calculation Period resulted in an increase in Excess Cash Flow in such prior period (<u>provided</u> that there was no other deduction to Consolidated Adjusted EBITDA or Excess Cash Flow related to such payment), except to the extent financed with long term funded Indebtedness (other than revolving Indebtedness); <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) cash expenditures made in respect of any Hedge Agreement during such period to the extent (i) not otherwise deducted in the calculation of Consolidated Net Income or Consolidated Adjusted EBITDA and (ii) not financed with long term funded Indebtedness (other than revolving Indebtedness); <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) amounts paid in Cash (except to the extent financed with long term funded Indebtedness (other than revolving Indebtedness)) during such period on account of (i) items that were accounted for as non-Cash reductions of Consolidated Net Income or Consolidated Adjusted EBITDA in a prior period and (ii) reserves or amounts established in purchase accounting to the extent such reserves or amounts are added back to, or not deducted from, Consolidated Net Income; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) an amount equal to the sum of the aggregate net non-Cash gain or income from any non-ordinary course Investment to the extent included in arriving at Consolidated Adjusted EBITDA.

"<u>Excess Cash Flow Interim Period</u>" means, (a) during any Excess Cash Flow Period, any one, two or three Fiscal Quarter period (i) commencing at the end of the immediately preceding Excess Cash Flow Period and (ii) ending on the last day of the most recently ended Fiscal Quarter (other than the last day of the Fiscal Year) during such Excess Cash Flow Period for which financial statements have been delivered pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, as applicable, and (b) during the period from the Closing Date until the beginning of the first Excess Cash Flow Period, any period commencing on the first day of the Fiscal Quarter in which the Closing Date occurs and ending on the last day of the most recently ended Fiscal Quarter for which financial statements of the type required by <u>Sections 5.01(a)</u> or <u>(b)</u>, as applicable have been delivered or, if earlier, are internally available.

"<u>Excess Cash Flow Period</u>" means each Fiscal Year of Intermediate Dutch Holdings, commencing with the Fiscal Year of Intermediate Dutch Holdings ending on or about December 31, 2022.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934 and the rules and regulations of the SEC promulgated thereunder.

"<u>Excluded Assets</u>" means each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any asset the grant or perfection of a security interest in which would (i) be prohibited by enforceable anti-assignment provisions set forth in any contract that is permitted or otherwise not prohibited by the terms of this Agreement and is binding on such asset at the time of its acquisition and not incurred in contemplation thereof (other than assets subject to Capital Leases and purchase money financings), (ii) violate (after giving effect to applicable anti-assignment provisions of the UCC or other applicable Requirements of Law) the terms of any contract relating to such asset that is permitted or otherwise not prohibited by the terms of this Agreement and is binding on such asset at the time of its acquisition and not incurred in contemplation thereof (other than in the case of Capital Leases and purchase money financings), or (iii) trigger termination of any contract relating to such asset that is permitted or otherwise not prohibited by the terms of this Agreement pursuant to any "change of control" or similar provision (to the extent such contract is binding on such asset at the time of its acquisition and not incurred in contemplation thereof); it being understood that the term "Excluded Asset" shall not include proceeds or receivables arising out of any contract described in this <u>clause (a)</u> to the extent that the assignment of such proceeds or receivables is expressly deemed to be effective under the UCC or other applicable Requirements of Law notwithstanding the relevant prohibition, violation or termination right;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Capital Stock of any (i) Captive Insurance Subsidiary, (ii) Unrestricted Subsidiary, (iii) not-for-profit subsidiary, (iv) Immaterial Subsidiary (other than an Immaterial Subsidiary that is a Loan Party) and/or (v) Receivables Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any intellectual property or IP Right with regard to which (and only for so long as) the granting or perfection of a security interest, or the enforcement of the creditor's rights hereunder, would result in the invalidation, abandonment, forfeiture, or loss of such intellectual property or IP Right, including any intent-to-use (or similar) Trademark application prior to the filing and acceptance by the U.S. Patent and Trademark Office (or similar Governmental Authority) of a "Statement of Use", "Declaration of Use", "Amendment to Allege Use" or similar filing with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any asset (including Capital Stock), the grant or perfection of a security interest in which would (i) be prohibited under applicable Requirements of Law (including any rule and/or regulation of any Governmental Authority) (after giving effect to applicable anti-assignment provisions of the UCC or other applicable Requirements of Law), (ii) require any governmental or regulatory consent, approval, license or authorization, in each case, to the extent such consent, approval, license or authorization has not been obtained (it being understood and agreed that no Loan Party shall have any obligation to procure any such consent, approval, license or authorization) (after giving effect to applicable anti-assignment provisions of the UCC or other applicable Requirements of Law); it being understood that the term "Excluded Asset" shall not include proceeds or receivables arising out of any asset described in <u>clauses (d)(i)</u> or <u>(d)(ii)</u> to the extent that the assignment of such proceeds or receivables is effective under the UCC or other applicable Requirements of Law notwithstanding the relevant requirement or prohibition or (iii) be reasonably likely to result in material and adverse tax consequences (including as a result of the application of Section 956 of the Code or any similar Requirement of Law) as reasonably determined by the Borrower Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) any leasehold Real Estate Asset, (ii) except to the extent a security interest therein can be perfected by the filing of a UCC-1 financing statement, any other leasehold interest, and (iii) any owned Real Estate Asset that (A) is not a Material Real Estate Asset or (B) is or becomes located in a Special Flood Hazard Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Capital Stock of (i) any Person that is not a Wholly-Owned Subsidiary of Intermediate Dutch Holdings and/or (ii) any subsidiary of any non-Wholly Owned Subsidiary of Intermediate Dutch Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Margin Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Capital Stock of (i) any Foreign Subsidiary of a Domestic Subsidiary or (ii) FSHCO directly or indirectly owned by US Top Borrower or its Restricted Subsidiaries, in each case, in excess of 65% of the issued and outstanding voting Capital Stock and 100% of the issued and outstanding non-voting Capital Stock of any such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Commercial Tort Claim with a value (as estimated by the Borrower Representative in good faith) of less than $10,000,000 individually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Deposit Account, securities account and/or similar account (including any securities entitlement), any escrow, fiduciary and/or trust account, payroll and other employee wage and benefit accounts, tax accounts (including, sales tax accounts), any cash collateral account, any Cash and Cash Equivalents and any funds and other property held or maintained in any such accounts (other than, in each case, proceeds of other Collateral as to which perfection may be accomplished by filing a UCC-1 financing statement, automatically in accordance with the UCC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) assets subject to any purchase money security interest, Capital Lease obligation, sale-leaseback obligation or similar arrangement, in each case, that is permitted or otherwise not prohibited by the terms of this Agreement and to the extent the grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money or similar arrangement or create a right of

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termination in favor of any other party thereto (other than Holdings or any subsidiary of Holdings) after giving effect to the applicable anti-assignment provisions of the UCC or other applicable Requirements of Law; it being understood that the term "Excluded Asset" shall not include proceeds or receivables arising out of any asset described in this <u>clause (k)</u> to the extent that the assignment of such proceeds or receivables is expressly deemed to be effective under the UCC or other applicable Requirements of Law notwithstanding the relevant violation or invalidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) with respect to any Dutch Loan Party, all property of such Dutch Loan Party other than the Capital Stock of first tier subsidiaries of such Dutch Loan Party, Deposit Accounts maintained by such Dutch Loan Party in the Netherlands and Material Dutch Intercompany Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) with respect to any Swiss Loan Party, all property of such Swiss Loan Party other than the Capital Stock of first tier subsidiaries of such Swiss Loan Party, Deposit Accounts maintained by such Swiss Loan Party in Switzerland and Material Swiss Intercompany Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) with respect to any German Loan Party, all property of such German Loan Party other than the Capital Stock of first tier subsidiaries of such German Loan Party, Deposit Accounts maintained by such German Loan Party in Germany and Material German Intercompany Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) with respect to Acceleratio, all property of Acceleratio other than the Capital Stock of first tier subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Tax and Trust Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any Letter-of-Credit Right that does not constitute a Supporting Obligation, except to the extent the security interest therein may be perfected by filing of a financing statement under the UCC of any applicable jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) motor vehicles and other assets subject to certificates of title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any asset of a Person acquired by Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary that, at the time of the relevant acquisition, is encumbered to secure assumed Indebtedness permitted by this Agreement to the extent (and for so long as) the documentation governing the applicable assumed Indebtedness prohibits such asset from being pledged to secure the Secured Obligations and the relevant prohibition was not implemented in contemplation of the applicable acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any asset with respect to which the Borrower Representative has in good faith determined that the cost, burden, difficulty or consequence (including (i) any effect on the ability of the relevant Loan Party to conduct its operations and business in the ordinary course of business and (ii) the cost of title insurance, surveys, flood insurance (if necessary) or mortgage, stamp, intangible or other taxes or expenses) of obtaining or perfecting a security interest therein outweighs, or is excessive in light of, the practical benefit of a security interest to the relevant Secured Parties afforded thereby (and the Lenders acknowledge that the Collateral that may be provided by any Loan Party may be limited to minimize stamp duty, notarization, registration or other applicable fees, taxes and duties where the benefit to the Secured Parties of increasing the Guarantee and/or secured amount is disproportionate to the level of such fees, taxes and duties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any governmental license or state or local franchise, charter or authorization, to the extent a security interest in any such license, franchise, charter or authorization would be prohibited or restricted thereby, after giving effect to the anti-assignment provisions of the UCC of any applicable jurisdiction, other than any proceeds or receivable thereof to the extent the assignment of the same is effective under the UCC of any applicable jurisdiction notwithstanding such consent or restriction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any assets subject to any Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) on the date of, and after, an IPO where Intermediate Dutch Holdings is the publicly listed entity, 100% of the Capital Stock of Intermediate Dutch Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) aircraft, airframes, aircraft engines, helicopters and equipment and/or other assets that are affixed to, or otherwise constitute, such aircraft, airframes, aircraft engines and/or helicopters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) any asset excluded by application of the Agreed Security Principles.

"<u>Excluded Party</u>" has the meaning assigned to such term in the definition of "Disqualified Institution".

"<u>Excluded Subsidiary</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Restricted Subsidiary that is not a Wholly-Owned Subsidiary and each subsidiary of each such non-Wholly-Owned Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Immaterial Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Restricted Subsidiary that (i) is prohibited or restricted from providing a Loan Guaranty by (A) any Requirement of Law or (B) any Contractual Obligation that exists on the Closing Date or at the time such Restricted Subsidiary becomes a subsidiary (which Contractual Obligation was not entered into in contemplation of the acquisition of such Restricted Subsidiary (including pursuant to assumed Indebtedness)), (ii) would require a governmental (including regulatory) or third party consent, approval, license or authorization (including any regulatory consent, approval, license or authorization) to provide a Loan Guaranty (in each case, on the Closing Date or at the time of the acquisition of such Restricted Subsidiary became a Subsidiary) (including under any financial assistance, corporate benefit, thin capitalization, capital maintenance, liquidity maintenance or similar legal principles), unless such consent, approval, license or authorization has been obtained (it being understood and agreed that none of Holdings, Intermediate Dutch Holdings and/or any of their respective subsidiaries shall have any obligation to obtain (or seek to obtain) any such consent, approval, license or authorization) or (iii) with respect to which the provision of a Loan Guaranty could reasonably be expected to result in material and adverse tax consequences to Holdings, Intermediate Dutch Holdings, any Parent Company and/or any of its or their subsidiaries as reasonably determined by the Borrower Representative in consultation with the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any not-for-profit subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Captive Insurance Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Receivables Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Restricted Subsidiary that is a Non-US Subsidiary (other than a Dutch Loan Party, a Swiss Loan Party, Acceleratio and any Specified German Loan Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any (i) FSHCO and (ii) any Domestic Subsidiary that is a direct or indirect subsidiary of any Foreign Subsidiary of US Top Borrower or a FSHCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) any Restricted Subsidiary acquired by Intermediate Dutch Holdings or any Restricted Subsidiary that, at the time of the relevant acquisition, is an obligor in respect of assumed Indebtedness permitted by <u>Section 6.01</u> to the extent (and for so long as) the documentation governing the applicable assumed Indebtedness prohibits such subsidiary from providing a Loan Guaranty (which prohibition was not implemented in contemplation of such Restricted Subsidiary becoming a subsidiary in order to avoid the requirement of providing a Loan Guaranty) and (ii) any subsidiary of any Restricted Subsidiary described in the immediately preceding <u>clause (i)</u> that is subject to any prohibition described in such <u>clause (i)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any other Restricted Subsidiary with respect to which the burden or cost of providing a Loan Guaranty outweighs, or would be excessive in light of, the practical benefits afforded thereby as reasonably determined by the Borrower Representative in consultation with the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) solely in the case of any Swap Obligation that constitutes a "swap" within the meaning of section 1(a)(47) of the Commodity Exchange Act (which for the avoidance of doubt shall be determined after giving effect to any "keepwell, support or other agreement" (as such terms are used under the Commodity Exchange Act)), any subsidiary that is not an "eligible contract participant" as defined under the Commodity Exchange Act and the regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any subsidiary where the provision by such subsidiary of a Loan Guaranty could reasonably be expected to conflict with the fiduciary duties of such subsidiary's directors or result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for such subsidiary or any of its officers or directors or to the extent it is not within the legal capacity of such subsidiary to provide a Loan Guaranty (whether as a result of financial assistance, corporate benefit, thin capitalization, capital maintenance, liquidity maintenance or similar rules or otherwise), in each case, after giving effect to applicable "whitewash" or similar procedures to the extent any such "whitewash" or similar procedure is commercially reasonable in the good faith determination of the Borrower Representative; <u>provided</u> that, subject to the Agreed Security Principles, the applicable subsidiary shall use its commercially reasonable efforts to structure its Loan Guaranty to avoid or address such conflicts or risks and, where such restrictions, conflicts or risks apply, the relevant Loan Guaranty will be limited to the maximum amount or the maximum scope which such subsidiary may provide giving regard to applicable law, rules and legal principles (without subjecting members of management or directors of such subsidiary to any risk or personal and/or criminal liability);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any broker-dealer subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any other subsidiary of Holdings that is not required to provide a Loan Guaranty or Collateral as a result of the application of the Agreed Security Principles.

"<u>Excluded Swap Obligation</u>" means, with respect to any Loan Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Loan Guaranty of such Loan Guarantor of, or the grant by such Loan Guarantor of a security interest to secure, such Swap Obligation (or any Loan Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof, or any Governmental Authority succeeding to any or all of its functions) (a) by virtue of such Loan Guarantor's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to <u>Section 3.20</u> of the Loan Guaranty and any other "keepwell", support or other agreement for the benefit of such Loan Guarantor) at the time the Loan Guaranty of such Loan Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation or (b) in the case of any Swap Obligation that is subject to a clearing requirement pursuant to section 2(h) of the Commodity Exchange Act, because such Loan Guarantor is a "financial entity," as defined in section 2(h)(7)(C) of the Commodity Exchange Act, at the time the guarantee provided by (or grant of such security interest by, as applicable) such Loan Guarantor becomes or would become effective with respect to such Swap Obligation. If any Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Loan Guaranty or security interest is or becomes illegal.

"<u>Excluded Taxes</u>" means, with respect to the Administrative Agent, any Lender or Issuing Bank, or any other recipient of any payment to be made by or on account of any obligation of any Loan Party under any Loan Document, (a) any Taxes imposed on (or measured by) such recipient's net income (however denominated) or overall gross income or franchise Taxes, (i) imposed as a result of such recipient being organized or having its

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principal office or other permanent establishment located in or, in the case of any Lender, having its applicable lending office located in, the taxing jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) any Taxes that are imposed or withheld under or pursuant to the German Defence against Tax Havens Act (*Gesetz zur Abwehr von Steuervermeidung und unfairem Steuerwettbewerb und zur Änderung weiterer Gesetze*) as amended, (c) any branch profits Taxes imposed under Section 884(a) of the Code, or any similar Tax, imposed by any jurisdiction described in <u>clause (a)</u>, (d) any US federal, German or Dutch withholding Tax that is imposed on amounts payable to or for the account of such Lender (other than a Lender that became a Lender pursuant to an assignment under <u>Section 2.19</u>) with respect to an applicable interest in a Loan or Commitment pursuant to a Requirement of Law in effect on the date on which such Lender (i) acquires such interest in the applicable Commitment or, if such Lender did not fund the applicable Loan pursuant to a prior Commitment, on the date such Lender acquires its interest in such Loan or (ii) designates a new lending office, except in each case to the extent that, pursuant to <u>Section 2.17</u>, amounts with respect to such Tax were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender immediately before it designated a new lending office, (e) any Tax imposed as a result of a failure by the Administrative Agent, such Lender or any Issuing Bank to comply with <u>Section 2.17(f)</u>, (f) any withholding Tax imposed under FATCA, (g) Taxes, whether imposed by withholding or otherwise, assessed on a recipient under the laws of the Netherlands, if and to the extent such Taxes become payable as a result of such recipient having a substantial interest (aanmerkelijk belang) as defined in the Dutch Income Tax Act 2001 (Wet inkomstenbelasting 2001) in a Dutch Loan Party and (h) Taxes imposed by the Netherlands pursuant to the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021).

"<u>Extended Revolving Credit Commitment</u>" has the meaning assigned to such term in <u>Section 2.23(a).</u>

"<u>Extended Revolving Loans</u>" has the meaning assigned to such term in <u>Section 2.23(a)</u>.

"<u>Extended Term Loans</u>" has the meaning assigned to such term in <u>Section 2.23(a)</u>.

"<u>Extension</u>" has the meaning assigned to such term in <u>Section 2.23(a)</u>.

"<u>Extension Amendment</u>" means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent (to the extent required by <u>Section 2.23</u>) and the Borrower Representative executed by each of (a) each Applicable Borrower and the Subsidiary Guarantors, (b) the Administrative Agent and (c) each Lender that has accepted the applicable Extension Offer pursuant hereto and in accordance with <u>Section 2.23</u>.

"<u>Extension Offer</u>" has the meaning assigned to such term in <u>Section 2.23(a)</u>.

"<u>Facility</u>" means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or, except with respect to <u>Articles 5</u> and <u>6</u>, previously owned, leased, operated or used by Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries or any of their respective predecessors or Affiliates.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to current Section 1471(b)(1) of the Code and any intergovernmental agreements implementing the foregoing, and related legislation or official administrative rules or practices with respect to any of the foregoing.

"<u>FCPA</u>" has the meaning assigned to such term in <u>Section 3.17(c)</u>.

"<u>Federal Funds Effective Rate</u>" means, for any day, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by Administrative Agent from three major US banks of recognized standing selected by it. If the Federal Funds Effective Rate is less than zero, it shall be deemed to be zero hereunder.

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"<u>Federal Reserve Bank of New York's Website</u>" means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

"<u>Fee Letter</u>" means that certain Amended & Restated Fee Letter, dated as of November 18, 2020, by and among, the US Borrower, the Dutch Borrower and the Arrangers.

"<u>Fifth Amendment</u>" means that certain Fifth Amendment to Credit Agreement, dated as of the Fifth Amendment Effective Date, among Holdings, Intermediate Dutch Holdings, the Borrowers, the Loan Guarantors party thereto, the Previous Agent and the Lenders party thereto.

"<u>Fifth Amendment Dollar Incremental Term Loan</u>" has the meaning assigned to such term in the Fifth Amendment.

"<u>Fifth Amendment Dollar Incremental Term Loan Commitment</u>" has the meaning assigned to such term in the Fifth Amendment.

"<u>Fifth Amendment Effective Date</u>" has the meaning assigned to such term in the Fifth Amendment.

"<u>Fifth Amendment Incremental Term Lender</u>" has the meaning assigned to such term in the Fifth Amendment.

"<u>Financial Covenant Standstill</u>" has the meaning assigned to such term in <u>Section 7.01(c)</u>.

"<u>Financial Model</u>" the model made available by the Sponsor to the Administrative Agent on January 24, 2021.

"<u>First Amendment</u>" means that certain First Amendment to Credit Agreement, dated as of the First Amendment Effective Date, among Holdings, Intermediate Dutch Holdings, the Borrowers, the Loan Guarantors party thereto, the Previous Agent and the Lenders party thereto.

"<u>First Amendment Effective Date</u>" has the meaning assigned to such term in the First Amendment.

"<u>First Amendment Transaction Costs</u>" means the fees, premiums, expenses and other transaction costs (including original issue discount and/or upfront fees) payable or otherwise borne by the Term Borrowers, any Parent Company and/or their respective subsidiaries in connection with the First Amendment Transactions and the transactions contemplated thereby.

"<u>First Amendment Transactions</u>" means, collectively, (a) the execution, delivery and performance by the Borrower and its applicable subsidiaries of the First Amendment and the other Loan Documents entered into on the First Amendment Effective Date and, in each case, the transactions contemplated thereby (including the incurrence of the 2021 Repricing Term Loans) and (b) the payment of First Amendment Transaction Costs.

"<u>First Lien Debt</u>" means (a) the Tranche B-3 Term Loans, the Eighth<u>Twelfth</u> Amendment Revolving Loans, the Eleventh Amendment Dollar Refinancing Term Loans and the Eleventh Amendment Euro Refinancing Term Loans and (b) any other Indebtedness (other than any such Indebtedness among Holdings, Intermediate Dutch Holdings and/or any of their respective subsidiaries) that is secured by a Lien on the Collateral that is pari passu with the Lien securing the Tranche B-3 Term Loans, the Eighth<u>Twelfth</u> Amendment Revolving Loans, the Eleventh Amendment Dollar Refinancing Term Loans and the Eleventh Amendment Euro Refinancing Term Loans.

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"<u>First Lien Intercreditor Agreement</u>" means an intercreditor agreement substantially in the form of <u>Exhibit E</u> hereto, with any changes thereto (whether material or immaterial) as the Borrower Representative and the Administrative Agent may agree in their respective reasonable discretion.

"<u>First Lien Gross Leverage Ratio</u>" means the ratio, as of any date of determination, of (a) Consolidated First Lien Debt <u>plus</u> the Unrestricted Cash Amount, in each case, as of the last day of the most recently ended Test Period to (b) Consolidated Adjusted EBITDA for the most recently ended Test Period, in each case, of Intermediate Dutch Holdings and its Restricted Subsidiaries on a consolidated basis.

"<u>First Lien Net Leverage Ratio</u>" means the ratio, as of any date of determination, of (a) Consolidated First Lien Debt as of the last day of the most recently ended Test Period to (b) Consolidated Adjusted EBITDA for the most recently ended Test Period, in each case, of Intermediate Dutch Holdings and its Restricted Subsidiaries on a consolidated basis.

"<u>First Potential Covenant Testing Date</u>" means the last day of the first full Fiscal Quarter ending after the Closing Date.

"<u>Fiscal Quarter</u>" means a fiscal quarter of any Fiscal Year.

"<u>Fiscal Year</u>" means the fiscal year of Intermediate Dutch Holdings, ending on December 31 of each year.

"<u>Fitch</u>" means Fitch Ratings, Inc.

"<u>Fixed Amount</u>" has the meaning assigned to such term in <u>Section 1.12(c)</u>.

"<u>Flood Certificate</u>" means a "Life-of-Loan" "Standard Flood Hazard Determination Form" of the Federal Emergency Management Agency and any successor Governmental Authority performing a similar function.

"<u>Flood Hazard Property</u>" means any Mortgaged Property that on the relevant date of determination includes a building and, as shown on a Flood Certificate, such building is located in a Special Flood Hazard Area.

"<u>Flood Redesignation</u>" means the designation of any Mortgaged Property as a Flood Hazard Property, where such property was not a Flood Hazard Property prior to such designation.

"<u>Foreign Lender</u>" means any Lender or Issuing Bank that is not a "United States person" within the meaning of Section 7701(a)(30) of the Code.

"<u>Foreign Subsidiary</u>" means any existing or future direct or indirect subsidiary of Intermediate Dutch Holdings that is not a Domestic Subsidiary.

"<u>Fourth Amendment Effective Date</u>" means January 31, 2023.

"<u>FSHCO</u>" means (a) any direct or indirect Domestic Subsidiary that has no material assets other than the Capital Stock (or Capital Stock and Indebtedness) of one or more direct or indirect Foreign Subsidiaries of the US Top Borrower and (b) any direct or indirect Domestic Subsidiary that has no material assets other than the Capital Stock (or Capital Stock and Indebtedness) of one or more Persons of the type described in the immediately preceding <u>clause (a)</u>.

"<u>Future Quality of Earnings Report</u>" has the meaning assigned to such term in the definition of "Consolidated Adjusted EBITDA".

"<u>GAAP</u>" means generally accepted accounting principles in the US in effect and applicable to the accounting period in respect of which reference to GAAP is made.

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"<u>German Loan Party</u>" means any Loan Party that is a German Subsidiary.

"<u>German StaRUG</u>" means the German Act on the stabilization and restructuring framework for businesses (*Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen (Unternehmensstabilisierungs-und -restrukturierungsgesetz—StaRUG)*).

"<u>German Subsidiary</u>" means any Restricted Subsidiary of Intermediate Dutch Holdings that is organized under the laws of Germany.

"<u>Germany</u>" means the Federal Republic of Germany.

"<u>Governmental Authority</u>" 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 or officer exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with the US, a foreign government or any political subdivision thereof, including any applicable supranational body (such as the European Union or the European Central Bank).

"<u>Governmental Authorization</u>" means any permit, license, authorization, approval, plan, directive, consent order or consent decree of or from any Governmental Authority.

"<u>Grace</u>" means GfK SE, a European company (societas Europaea) organized under the laws of Germany, having its registered seat in Nuremberg, Germany, registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Nuremberg under HRB 25014.

"<u>Grace Acquisition</u>" means the acquisition, directly or indirectly, by Intermediate Dutch Holdings of all of the outstanding equity interests and/or assets of Grace and the other Purchased Companies (as defined in the Grace Acquisition Agreement), all as set forth in Grace Acquisition Agreement.

"<u>Grace Acquisition Agreement</u>" means that certain Equity Purchase Agreement, dated as July 1, 2022, by and among, inter alios, AI PAVE Dutchco I B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under Dutch law, having its corporate seat at Amsterdam, the Netherlands, with its address at: Herengracht 450, 1017 CA Amsterdam and trade register number 81838441 and an indirect Parent Company of Intermediate Dutch Holdings, Grace, and the Sellers party thereto, as amended, restated, amended and restated, supplemented or otherwise modified from time to time, and together with the exhibits, schedules, and all related documents.

"<u>Grace Bidco</u>" means Grace BidCo GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung (GmbH)) organized under the laws of Germany, having its registered seat in Insterburger Strasse 16, 60487 Frankfurt am Main, Germany, registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Frankfurt am Main under 127678.

"<u>Grace Holdco</u>" means Grace HoldCo GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung (GmbH)) organized under the laws of Germany, having its registered seat in Insterburger Strasse 16, 60487 Frankfurt am Main, Germany, registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Frankfurt am Main under 127656.

"<u>Grace Transactions</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Grace Transaction Costs</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Granting Lender</u>" has the meaning assigned to such term in <u>Section 9.05(e)</u>.

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"<u>Gross Outstandings</u>" means, in relation to a Multi-Account Overdraft, the Ancillary Outstandings of that Multi-Account Overdraft but calculated on the basis that the words "(net of any credit balance on any account of any borrower under any Ancillary Facility with the relevant Ancillary Lender to the extent that such credit balance is freely available to be set-off by such Ancillary Lender against liabilities owing by such borrower under such Ancillary Facility)" in <u>paragraph (a)</u> of the definition of "Ancillary Outstandings" were deleted.

"<u>Guarantee</u>" of or by any Person (the "<u>Guarantor</u>") means any obligation, contingent or otherwise, of the Guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation of any other Person (the "<u>Primary Obligor</u>") in any manner and including any obligation of the Guarantor (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other monetary obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other monetary obligation, (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or monetary obligation, (e) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part) or (f) secured by any Lien on any assets of such Guarantor securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or monetary other obligation is assumed by such Guarantor (or any right, contingent or otherwise, of any holder of such Indebtedness or other monetary obligation to obtain any such Lien); <u>provided</u> that the term "Guarantee" shall not include endorsements for collection or deposit in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition, Disposition or other transaction permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.

"<u>Hazardous Materials</u>" means any chemical, material, substance or waste, or any constituent thereof, which is prohibited, limited or regulated under any Environmental Law or by any Governmental Authority or which poses a hazard to the Environment or to human health and safety, including without limitation, petroleum and petroleum by-products, asbestos and asbestos-containing materials, polychlorinated biphenyls, medical waste and pharmaceutical waste.

"<u>Hazardous Materials Activity</u>" means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Material, 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 Material, and any corrective action or response action with respect to any of the foregoing.

"<u>Hedge Agreement</u>" means any agreement with respect to any Derivative Transaction (or any master agreement which is intended to govern multiple Derivative Transactions) between any Loan Party or any Restricted Subsidiary and any other Person.

"<u>Hedging Obligations</u>" means, with respect to any Person, the obligations of such Person under any Hedge Agreement.

"<u>Holdings</u>" has the meaning assigned to such term in the preamble to this Agreement and shall, for the avoidance of doubt, include any Successor Holdings.

"<u>IFRS</u>" means international accounting standards within the meaning of the IAS Regulation 1606/2002, as in effect from time to time (subject to the provisions of <u>Section 1.04</u>), to the extent applicable to the relevant financial statements.

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"<u>Immaterial Subsidiary</u>" means, as of any date, any Restricted Subsidiary of Intermediate Dutch Holdings the contribution to Consolidated Adjusted EBITDA of which, when taken together with the contribution to Consolidated Adjusted EBITDA of all other Restricted Subsidiaries that are Immaterial Subsidiaries, does not exceed 5.00% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period; <u>provided</u> that, at all times prior to the first delivery of financial statements pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, this definition shall be applied based on the pro forma consolidated financial statements of Intermediate Dutch Holdings delivered pursuant to <u>Section 4.01</u>.

"<u>Immediate Family Member</u>" means, with respect to any individual, such individual's child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, domestic partner, former domestic partner, sibling, mother-in-law, father-in-law, son-in-law and/or daughter-in-law (including any adoptive relationship), any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals, such individual's estate (or an executor or administrator acting on its behalf), heirs or legatees or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor.

"<u>Impacted Loans</u>" has the meaning assigned to such term in Section 2.14(a).

"<u>Incremental Calculation Methodology</u>" has the meaning assigned to such term in the definition of "Incremental Cap".

"<u>Incremental Cap</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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) the Shared Incremental Amount, <u>minus</u> (A) the aggregate outstanding principal amount of any Incremental Facility and/or Incremental Equivalent Debt previously incurred or issued in reliance on the Shared Incremental Amount, minus (B) the aggregate outstanding principal amount of any Ratio Debt issued and/or incurred in reliance on the Shared Incremental Amount pursuant to <u>Section 6.01(w)(i)</u>, in the case of <u>clauses (A)</u> and <u>(B)</u>; after giving effect to (1) any reclassification of any Incremental Facility and/or Incremental Equivalent Debt as having been issued or incurred in reliance on the Incremental Incurrence-Based Component and/or (2) any reclassification of any Ratio Debt as having been incurred in reliance on <u>Section 6.01(w)(ii)</u>; <u>plus</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) any unused amount available under <u>Section 6.01(u)</u> (this <u>clause (ii)</u> the "<u>Reallocated General Debt Basket Incremental Component</u>"); <u>plus</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;(iii) if greater than zero, an additional amount of Incremental Revolving Facilities not to exceed the maximum amount that could be implemented such that, immediately upon the effectiveness thereof, the aggregate amount of the Revolving Credit Commitments of all Classes does not exceed an amount equal to 75% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period at the time of the implementation of such Incremental Revolving Facility, after giving effect to (1) any reclassification of any Incremental Facility and/or Incremental Equivalent Debt as having been issued or incurred in reliance on the Incremental Incurrence-Based Component and/or (2) any reclassification of any Ratio Debt as having been incurred in reliance on <u>Section 6.01(w)(ii)</u> (this <u>clause (iii)</u>, the "<u>Additional Revolving Incremental Amount</u>"); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any Incremental Facility or Incremental Equivalent Debt that effectively extends (i) the Maturity Date with respect to any Class of Loans and/or Commitments hereunder and/or (ii) the maturity date with respect to any other First Lien Debt, an amount equal to the portion of the relevant Class of Loans or Commitments or such other First Lien Debt that will be replaced by such Incremental Facility or Incremental Equivalent Debt; <u>plus</u>

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(c)in the case of any Incremental Facility or Incremental Equivalent Debt that effectively replaces any Revolving Credit Commitment terminated in accordance with <u>Section 2.19</u> hereof, an amount equal to the relevant terminated Revolving Credit Commitment; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (x) (i) the amount of any voluntary prepayment, redemption, repurchase or other retirement of (A) any Loan (including any Initial Term Loan, any 2021 Repricing Term Loan, any 2023 Incremental Dollar Term Loan, any Seventh Amendment Euro Incremental Term Loan, any Ninth Amendment Dollar Refinancing Term Loan, any Ninth Amendment Euro Refinancing Term Loan, any Eleventh Amendment Dollar Refinancing Term Loan, any Eleventh Amendment Euro Refinancing Term Loan and/or any Additional Term Loan) and/or any other First Lien Debt, (B) the amount of any permanent reduction of (1) any Revolving Credit Commitment and/or any revolving commitment in respect of any First Lien Debt and (ii) the amount of any reduction in the outstanding principal amount of any Term Loan and/or any other First Lien Debt resulting from any assignment of such Term Loan or First Lien Debt to (and/or any purchase of such Term Loan or First Lien Debt by) Holdings, Intermediate Dutch Holdings and/or any of its Restricted Subsidiaries; <u>provided</u> that, in the case of each of <u>clauses (x)(i)</u> and <u>(ii)</u>, the relevant prepayment, redemption, purchase, assignment, redemption or other retirement was not funded with the proceeds of any long-term Indebtedness (other than revolving Indebtedness); <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an unlimited amount so long as, in the case of this <u>clause (e)</u>, after giving effect to the relevant Incremental Facility and/or Incremental Equivalent Debt, 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) if such Incremental Facility and/or Incremental Equivalent Debt constitutes First Lien Debt, the First Lien Net Leverage Ratio does not exceed (A) 3.50:1.00 or (B) if such Incremental Facility and/or Incremental Equivalent Debt, as applicable, is incurred in connection with an acquisition or similar Investment, at the election of the Borrower Representative, the First Lien Net Leverage Ratio does not exceed the greater of (x) 3.50:1.00 and (y) the First Lien Net Leverage Ratio as of the end 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;(ii) if such Incremental Facility and/or Incremental Equivalent Debt constitutes Junior Lien Debt, (A) at the election of the Borrower Representative, either (x) the Secured Net Leverage Ratio does not exceed 3.75:1.00 or (y) the Interest Coverage Ratio is not less than 2.00:1.00 or (B) if such Incremental Facility and/or Incremental Equivalent Debt, as applicable, is incurred in connection with an acquisition or similar Investment, at the election of the Borrower Representative, either (x) the Secured Net Leverage Ratio does not exceed the greater of (1) 3.75:1.00 and (2) the Secured Net Leverage Ratio as of the last day of the most recently ended Test Period or (y) the Interest Coverage Ratio is not less than the lesser of (1) 1.75:1.00 and (2) the Interest Coverage Ratio as of the last day of the most recently ended Test Period; 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) if such Incremental Facility and/or Incremental Equivalent Debt is unsecured, (A) at the election of the Borrower Representative, either (x) the Total Net Leverage Ratio does not exceed 4.00:1.00 or (y) the Interest Coverage Ratio is not less than 2.00:1.00 or (B) if such Incremental Facility and/or Incremental Equivalent Debt, as applicable, is incurred in connection with an acquisition or similar Investment, at the election of the Borrower Representative, either (x) the Total Net Leverage Ratio does not exceed the greater of (1) 4.00:1.00 and (2) the Total Net Leverage Ratio as of the last day of the most recently ended Test Period or (y) the Interest Coverage Ratio is not less than the lesser of (1) 1.75:1.00 and (2) the Interest Coverage Ratio as of the last day of the most recently ended Test Period;

in each case described in this <u>clause (e)</u>, calculated on a Pro Forma Basis, including the application of the proceeds thereof (in the case of each of <u>clause (i)</u>, <u>(ii)</u> and <u>(iii)</u>, without "netting" the cash proceeds of the applicable Incremental Facility or Incremental Equivalent Debt on the consolidated balance sheet of Intermediate Dutch Holdings), and in the case of any Incremental Facility or Incremental Equivalent Debt consisting of a revolving facility or a delayed draw term loan facility then being incurred or established, the same shall be assumed to be fully drawn on the relevant date of determination (this <u>clause (e)</u>, the "<u>Incremental Incurrence-Based Component</u>");

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<u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Incremental Facility and/or Incremental Equivalent Debt may be incurred under one or more of <u>clauses (a)</u> through <u>(e)</u> of this definition as selected by the Applicable Borrower in its sole discretion; <u>provided</u>, that unless the Applicable Borrower elects otherwise, so long as no MFN Provision would be triggered by the incurrence or implementation thereof, any such Incremental Facility and/or Incremental Equivalent Debt will be deemed to have been incurred under the Incremental Incurrence-Based Component, to the maximum extent permitted thereunder (and calculated as described 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if any Incremental Facility or Incremental Equivalent Debt is intended to be incurred or implemented in reliance on the Incremental Incurrence-Based Component and any other clause of this definition in a single transaction or series of related transaction, (A) the permissibility of the portion of such Incremental Facility or Incremental Equivalent Debt to be incurred or implemented under the Incremental Incurrence-Based Component shall first be determined without giving effect to any Indebtedness substantially concurrently incurred or implemented under any other clause of this definition, but giving full *pro forma* effect to the use of proceeds and/or commitment of the entire amount of such Incremental Facility or Incremental Equivalent Debt and the related transactions, and (B) the permissibility of the portion of such Incremental Facility or Incremental Equivalent Debt to be incurred or implemented under the other applicable clauses of this definition shall be determined thereafter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any portion of any Incremental Facility or Incremental Equivalent Debt that is incurred or implemented under <u>clauses (a)</u> through <u>(d)</u> of this definition (and any Ratio Debt incurred in reliance on <u>clauses (a)</u> or <u>(d)</u> of this definition) will be automatically reclassified as having been incurred or implemented under the Incremental Incurrence-Based Component (or, in the case of any Ratio Debt, <u>Section 6.01(w)(ii)</u>) if, at any time after the incurrence or implementation thereof, such portion of such Incremental Facility, Incremental Equivalent Debt or Ratio Debt, as applicable, would, using the figures reflected in the financial statements most recently delivered pursuant to <u>Section 5.01(a)</u> or <u>(b)</u> or, if available earlier, the financial statements that are internally available for the then most recently ended Fiscal Quarter (it being understood and agreed that, with respect to the fourth Fiscal Quarter of any Fiscal Year, prior to the date on which financial statements of the type described in <u>Section 5.01(b)</u> for such Fiscal Year are delivered or become internally available, the Applicable Borrower may, in its sole discretion, rely on financial statements of the type described in <u>Section 5.01(a)</u> to trigger the reclassification of any transaction based on the financial results as of the end of the fourth Fiscal Quarter of such Fiscal Year), be permitted under the First Lien Net Leverage Ratio test, Secured Net Leverage Ratio test, Total Net Leverage Ratio test or Interest Coverage Ratio test, as applicable, set forth in <u>clause (e)</u> of this definition (or, in the case of any Ratio Debt, <u>Section 6.01(w)(ii)</u>); it being understood and agreed that once such Incremental Facility or Incremental Equivalent Debt is reclassified in accordance with the preceding sentence, it shall not further be reclassified as having been incurred under the provision of this definition in reliance on which such Incremental Facility or Incremental Equivalent Debt (or Ratio Debt) was originally incurred (<u>clauses (A)</u> through <u>(C)</u> above, the "<u>Incremental Calculation Methodology</u>").

"<u>Incremental Commitment</u>" means any commitment made by a lender to provide all or any portion of any Incremental Facility or Incremental Loan.

"<u>Incremental Equivalent Debt</u>" means Indebtedness in the form of *pari passu* senior secured or unsecured notes or loans and/or junior secured or unsecured notes or loans and/or, in each case commitments in respect of any of the foregoing; <u>provided</u>, that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate outstanding principal amount (or committed amount, if applicable) thereof shall not exceed the sum of (i) Incremental Cap (as in effect at the time of determination, including giving effect to any reclassification on or prior to such date of determination) and (ii) at the Election of the Borrower Representative, any additional amount of Indebtedness otherwise permitted to be incurred under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Weighted Average Life to Maturity applicable to such notes or loans (other than Customary Bridge Loans and/or revolving Indebtedness) is no shorter than the Weighted Average Life to Maturity of the then existing Term Loans; <u>provided</u>, that any Term Borrower may incur Incremental Equivalent Debt with a Weighted Average Life to Maturity (as determined in the date of incurrence of such Incremental Equivalent Debt) shorter than the remaining Weighted Average Life to Maturity of the Tranche B-3 Term Loans, the Eleventh Amendment Dollar Refinancing Term Loans and the Eleventh Amendment Euro Refinancing Term Loans in an aggregate outstanding principal amount not to exceed the then available Inside Maturity Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the final maturity date with respect to such notes or loans (other than Customary Bridge Loans and/or revolving Indebtedness) is no earlier than the Latest Term Loan Maturity Date on the date of the issuance or incurrence, as applicable, thereof; <u>provided</u>, that any Term Borrower may incur Incremental Equivalent Debt with a final maturity date earlier than the relevant Latest Term Loan Maturity Date in an aggregate outstanding principal amount not to exceed the then available Inside Maturity Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to <u>clauses (b)</u> and <u>(c)</u>, such Indebtedness may otherwise have an amortization schedule as determined by the Borrower Representative and the lenders providing such Incremental Equivalent Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the currency, pricing (including any "MFN" or other pricing terms), interest rate margins, rate floors, fees, premiums (including prepayment premiums), funding discounts and the maturity and amortization schedule applicable to any Incremental Equivalent Debt shall be determined by the Applicable Borrower and the lender or lenders providing such Incremental Equivalent Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such Incremental Equivalent Debt will be documented pursuant to separate documentation from the credit agreement governing the Credit Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if such Indebtedness is (i) secured by the Collateral on a *pari passu* basis with the Secured Obligations that constitute First Lien Debt, (ii) secured by the Collateral on a junior basis as compared to the Secured Obligations that constitute First Lien Debt or (iii) subordinated to the Obligations in right of payment, then the holders of such Indebtedness shall be party to an Intercreditor Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no such Indebtedness may be (A) issued or guaranteed by any Person which is not a Loan Party (it being understood and agreed that the obligations of any Person with respect to any Escrow arrangement into which the proceeds of such Incremental Equivalent Debt are deposited shall not constitute a guarantee by any Person) or (B) secured by any asset that does not constitute Collateral; it being understood that any Incremental Equivalent Debt that is funded into Escrow pursuant to customary (in the good faith determination of the Borrower Representative) escrow arrangements may be secured by the applicable funds and related assets held in Escrow (and the proceeds thereof) until the date on which such funds are released from Escrow.

"<u>Incremental Facilities</u>" has the meaning assigned to such term in <u>Section 2.22(a)</u>.

"<u>Incremental Facility Amendment</u>" means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent (solely for purposes of giving effect to <u>Section 2.22</u>) and the Borrower Representative executed by each of (a) Holdings, Intermediate Dutch Holdings and each Applicable Borrower, (b) the Administrative Agent and (c) each Lender that agrees to provide all or any portion of the Incremental Facility being incurred pursuant thereto and in accordance with <u>Section 2.22</u>.

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"<u>Incremental Incurrence-Based Component</u>" has the meaning assigned to such term in the definition of "Incremental Cap".

"<u>Incremental Lender</u>" has the meaning assigned to such term in <u>Section 2.22(b)</u>.

"<u>Incremental Loans</u>" has the meaning assigned to such term in <u>Section 2.22(a)</u>.

"<u>Incremental Revolving Commitment</u>" means any commitment made by a lender to provide all or any portion of any Incremental Revolving Facility.

"<u>Incremental Revolving Facility</u>" has the meaning assigned to such term in <u>Section 2.22(a)</u>.

"<u>Incremental Revolving Facility Lender</u>" means, with respect to any Incremental Revolving Facility, each Revolving Lender providing any portion of such Incremental Revolving Facility.

"<u>Incremental Revolving Loans</u>" has the meaning assigned to such term in <u>Section 2.22(a)</u>.

"<u>Incremental Term Facility</u>" has the meaning assigned to such term in <u>Section 2.22(a)</u>.

"<u>Incremental Term Loan</u>" has the meaning assigned to such term in <u>Section 2.22(a)</u>.

"<u>Incurrence-Based Amount</u>" has the meaning assigned to such term in <u>Section 1.12(c)</u>.

"<u>Indebtedness</u>" as applied to any Person means, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all indebtedness for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that portion of obligations with respect to Capital Leases to the extent recorded as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments to the extent the same would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any obligation of such Person owed for all or any part of the deferred purchase price of property or services (excluding (i) any earn out obligation or purchase price adjustment until such obligation (A) becomes a liability on the statement of financial position or balance sheet (excluding the footnotes thereto) in accordance with GAAP and (B) has not been paid within 30 days after becoming due and payable, (ii) any such obligation incurred under ERISA, (iii) accrued expenses and trade accounts payable in the ordinary course of business (including on an inter-company basis) and (iv) liabilities associated with customer prepayments and deposits), which purchase price is (A) due more than six months from the date of the 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;(e) any Indebtedness of any other Person secured by any Lien on any asset owned or held by such Person regardless of whether the Indebtedness secured thereby has been assumed by such Person or is non-recourse to the credit of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the face amount of any letter of credit issued for the account of such Person or as to which such Person is otherwise liable for reimbursement of drawings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Guarantee by such Person of the Indebtedness of another;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all obligations of such Person in respect of any Disqualified Capital Stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all net obligations of such Person in respect of any Derivative Transaction, including any Hedge Agreement, whether or not entered into for hedging or speculative purposes;

<u>provided</u> that (i) in no event shall any obligation under any Derivative Transaction be deemed to constitute "Indebtedness" for any calculation of the First Lien Net Leverage Ratio, the First Lien Gross Leverage Ratio, the Secured Net Leverage Ratio, the Total Net Leverage Ratio, the Interest Coverage Ratio or any other financial ratio under this Agreement, (ii) the amount of Indebtedness of any Person for purposes of <u>clause (e)</u> shall be deemed to be equal to the lesser of (A) the aggregate unpaid principal amount of such Indebtedness and (B) the fair market value of the property encumbered thereby as determined by such Person in good faith and (iii) the term "Indebtedness" shall exclude (A) intercompany loans and/or advances arising from cash management, tax and accounting operations and (B) intercompany loans and/or advances made in the ordinary course of business that have a term that does not exceed 364 days (inclusive of any rollover or extension of maturity).

The amount of any Indebtedness that is issued at a discount to its initial principal amount shall be calculated based on the initial stated principal amount thereof without giving effect to any such discount.

"<u>Indemnified Taxes</u>" means all Taxes, other than Excluded Taxes or Other Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document.

"<u>Indemnitee</u>" has the meaning assigned to such term in <u>Section 9.03(b)</u>.

"<u>Initial Internal Reorganization</u>" has the meaning assigned to such term in <u>Section 1.17</u>.

"<u>Initial Lenders</u>" means the Arrangers and the affiliates of the Arrangers who are party to this Agreement as Lenders on the Closing Date.

"<u>Initial MFN Provision</u>" has the meaning assigned to such term in <u>Section 2.22(a)(v)(A)</u>.

"<u>Initial Revolving Credit Commitment</u>" means, with respect to any Person, the commitment of such Person to make Initial Revolving Loans (and acquire participations in Letters of Credit and Swingline Loans) hereunder as set forth on the Commitment Schedule, or in the Assignment Agreement pursuant to which such Person assumed its Initial Revolving Credit Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to

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<u>Section 2.09</u> or <u>Section 2.19</u>, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to <u>Section 9.05</u>, (c) increased pursuant to <u>Section 2.22</u> or (d) other than for purposes of determining the Required Lenders or Required Revolving Lenders at any time, if such Lender is an Ancillary Lender, decreased by the amount of such Lender's Ancillary Commitment (and is increased to the extent that any such Ancillary Commitment is reduced, cancelled or terminated). The aggregate amount of the Initial Revolving Credit Commitments as of the Eighth<u>has the meaning assigned to such term in this Agreement immediately prior to the Twelfth</u> Amendment Effective Date is $0.

"<u>Initial Revolving Credit Exposure</u>" means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time of all Initial Revolving Loans of such Lender, <u>plus</u> the aggregate amount at such time of such Lender's LC Exposure and Swingline Exposure, in each case, attributable to its Initial Revolving Credit Commitment.

"<u>Initial Revolving Credit Maturity Date</u>" means (a) with respect to the Eighth Amendment Non-Extending Revolving Commitments, the date that is five years after the Closing Date and (b) with respect to the Eighth Amendment Extending Revolving Commitments, March 5, 2028<u>July 30, 2030</u> (the "<u>Initial Extended Revolving Credit Maturity Date</u>"); <u>provided</u> that, with respect to this <u>clause (b)</u>, if by a date no later than the then applicable Modified Extended Revolving Credit Maturity Date, any Term Loans with an aggregate principal amount in excess of $1,000,000,000 (or any Indebtedness <u>(other than Revolving Loans)</u> which replaces or refinances such outstanding Term Loans) are outstanding and the Maturity Date applicable to such Term Loans or other Indebtedness is earlier than that<u>the</u> date that is 90 days after the Initial Extended Revolving Credit Maturity Date (such earlier Maturity Date, the "<u>Trigger Term Loan Maturity Date</u>"), such Initial Revolving Credit Maturity Date shall be the later of (x) December 5, 2027 and (y) the date that is 91 days prior to the Trigger Term Loan Maturity Date (such later date, the "<u>Modified Extended Revolving Credit Maturity Date</u>").

"<u>Initial Revolving Facility</u>" means the Initial Revolving Credit Commitments and the Initial Revolving Loans and other extensions of credit thereunder.

"<u>Initial Revolving Lender</u>" means any Lender with an Initial Revolving Credit Commitment or any Initial Revolving Credit Exposure.

"<u>Initial Revolving Loan</u>" has the meaning assigned to such term in <u>Section 2.01(a)(ii)</u><u>this Agreement immediately prior to the Twelfth Amendment Effective Date</u>.

"<u>Initial Term Lender</u>" means each Lender with an Initial Term Loan Commitment or an outstanding Initial Term Loan, including, for the avoidance of doubt, each Tranche B-1 Term Lender, each Tranche B-2 Term Lender and each Tranche B-3 Term Lender.

"<u>Initial Term Loan Commitment</u>" means the Tranche B-1 Commitment, the Tranche B-2 Commitment and the Tranche B-3 Commitment, as the case may be.

"<u>Initial Term Loan Maturity Date</u>" means the date that is seven years after the Closing Date.

"<u>Initial Term Loans</u>" means the Tranche B-1 Term Loans, the Tranche B-2 Term Loans and the Tranche B-3 Term Loans.

"<u>Inside Maturity Amount</u>" means (a) the greater of $246,000,000 and 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period <u>minus</u> (b) the aggregate outstanding principal amount of Indebtedness incurred in reliance on (i) <u>Section 2.22</u>, (ii) <u>Section 6.01(p)</u>, (iii) <u>Section 6.01(z)</u> and/or (iv) <u>Section 9.02(c)</u> that, in each case under this <u>clause (b)</u>, (A) consists of debt for borrowed money of a Loan Party, (B) (1) has a maturity date that is earlier than the Latest Term Loan Maturity Date as determined at the time of occurrence of such other Indebtedness and/or (2) has a Weighted Average Life to Maturity that is shorter than the remaining Weighted Average Life to Maturity of any then-existing tranche of Term Loans (as determined at the date of incurrence of such other Indebtedness) (without giving effect to any prepayment thereof that would otherwise modify the Weighted Average Life to Maturity thereof) and (C) is incurred in reliance on the Inside Maturity Amount.

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"<u>Intellectual Property Security Agreement</u>" means any agreement, or a supplement thereto, executed on or after the Closing Date confirming or effecting the grant of any Lien on US IP Rights owned by any Loan Party to the US Collateral Agent, for the benefit of the Secured Parties, required in accordance with this Agreement and the US Security Agreement, including an Intellectual Property Security Agreement substantially in the form of <u>Exhibit C</u> hereto.

"<u>Intercreditor Agreement</u>" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any Indebtedness that constitutes First Lien Debt, a First Lien Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any Indebtedness that constitutes Junior Lien Debt, a Junior Lien Intercreditor Agreement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any Indebtedness, any other intercreditor or subordination agreement or arrangement (which may take the form of a "waterfall" or similar provision), as applicable, the terms of which are (i) consistent with market terms (as determined by the Borrower Representative in good faith) governing arrangements for the sharing and/or subordination of liens and/or arrangements relating to the distribution of payments, as applicable, at the time the relevant intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto and/or (ii) reasonably acceptable to the Borrower Representative and the Administrative Agent.

"<u>Interest Coverage Ratio</u>" means, as of any date of determination, the ratio of (a) Consolidated Adjusted EBITDA for the most recently ended Test Period to (b) Ratio Interest Expense for the most recently ended Test Period, in each case of Intermediate Dutch Holdings and its Restricted Subsidiaries on a consolidated basis; <u>provided</u>, that, for purposes of calculating the Interest Coverage Ratio for any period ending prior to the first anniversary of the Closing Date, Ratio Interest Expense shall be an amount equal to actual Ratio Interest Expense from the Closing Date through the date of determination *multiplied by* a fraction the numerator of which is 365 and the denominator of which is the number of days from the Closing Date through the date of determination.

"<u>Interest Election Request</u>" means a request by the Borrower Representative in the form of <u>Exhibit H</u> hereto or another form reasonably acceptable to the Administrative Agent to convert or continue a Borrowing in accordance with <u>Section 2.08</u>.

"<u>Interest Payment Date</u>" means (a) with respect to any ABR Loan or Canadian Prime Rate Loan, each Scheduled Payment Date and the maturity date applicable to such ABR Loan or Canadian Prime Rate Loan, (b) with respect to any Daily Simple CORRA Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and the maturity date applicable to such Loan and (b) with respect to any LIBO Rate Loan or any Term SOFR Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a LIBO Rate Loan or such Term SOFR Rate Loan with an Interest Period of more than three months' duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months' duration been applicable to such Borrowing.

"<u>Interest Period</u>" means with respect to (x) any LIBO Rate Borrowing (other than a LIBO Rate Borrowing denominated in Canadian Dollars) or Term SOFR Rate Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months (or, to the extent (i) available to all relevant affected Lenders and the Administrative Agent and (ii) administratively feasible for the Administrative Agent (as reasonably determined by the Administrative Agent), 12 months or a shorter period) thereafter and (y) any Term CORRA Borrowing denominated in Canadian Dollars, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one or three months (or, to the extent available to all relevant affected Lenders, two months or a shorter

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period), as the Borrower Representative may elect; <u>provided</u> that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

"<u>Intermediate Dutch Holdings</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>Intra-Group Liabilities</u>" has the meaning assigned to such term in <u>Section 5.12(g)(iv)</u>.

"<u>Investment</u>" means (a) any purchase or other acquisition for consideration by Intermediate Dutch Holdings or any of its Restricted Subsidiaries of any of the Capital Stock of any other Person (other than any Loan Party), (b) the acquisition for consideration by Intermediate Dutch Holdings or any of its Restricted Subsidiaries by purchase or otherwise (other than any purchase or other acquisition of inventory, materials, supplies and/or equipment in the ordinary course of business) of all or a substantial portion of the business, property or fixed assets of any other Person or any division or line of business or other business unit of any other Person and (c) any loan, advance (other than any advance to any current or former employee, officer, director, member of management, manager, consultant or independent contractor of Intermediate Dutch Holdings, any Restricted Subsidiary, or any Parent Company for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the ordinary course of business) or capital contribution by Intermediate Dutch Holdings or any of its Restricted Subsidiaries to any other Person. Subject to <u>Section 5.10</u>, the amount of any Investment shall be the original cost of such Investment, plus the cost of any addition thereto that otherwise constitutes an Investment, without any adjustments for any increase or decrease in value, or any write-up, write-down or write-off with respect thereto, but giving effect to (i) any repayment of principal and/or interest in the case of any Investment in the form of a loan or other debt instrument and (ii) any return of capital or return on Investment in the case of any equity Investment (whether as a distribution, dividend, redemption or sale but not in excess of the amount of the relevant initial Investment). It is understood and agreed that the term "Investment" shall exclude (A) intercompany advances arising from cash management, tax and accounting operations and (B) intercompany loans, advances or Indebtedness made in the ordinary course of business that have a term that does not exceed 364 days (inclusive of any rollover or extension of maturity).

"<u>Investors</u>" means (a) the Sponsor, (b) the Management Investors and (c) other investors that, directly or indirectly, beneficially own Capital Stock in Holdings on the Closing Date, which may include one or more of the Sponsor's limited partners.

"<u>IP Rights</u>" has the meaning assigned to such term in <u>Section 3.05(c)</u>.

"<u>IP Separation and Relicense Transaction</u>" means (a) any Disposition by any Loan Party of any Material Intellectual Property to any Unrestricted Subsidiary (other than any bona fide operational joint venture established for legitimate business purposes) and/or (b) any Investment by any Loan Party in the form of a contribution of Material Intellectual Property to any Unrestricted Subsidiary (other than any bona fide operational joint venture established for legitimate business purposes), in each case, which Material Intellectual Property is, following the consummation of such Investment licensed by Intermediate Dutch Holdings and/or any Restricted Subsidiary from the recipient of such Material Intellectual Property for use by Intermediate Dutch Holdings and/or such Restricted Subsidiary in the ordinary course of business (other than pursuant to a bona fide "transition service" or similar arrangement or in the same manner as other customers, suppliers or commercial partners of the relevant transferee generally).

"<u>IP Separation Transaction</u>" means (a) any Disposition by any Loan Party of any Material Intellectual Property to any Unrestricted Subsidiary (other than any bona fide operational joint venture established for legitimate business purposes or in connection with the transfer of a business line or unit) and/or (b) any Investment by any Loan Party in the form of a contribution of Material Intellectual Property to any Unrestricted Subsidiary (other than any bona fide operational joint venture established for legitimate business purposes or in connection with the transfer of a business line or unit).

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"<u>IPO</u>" means any transaction or series of related transactions (including any initial public offering) that results in any of the common Capital Stock of Intermediate Dutch Holdings, Holdings and/or any Parent Company (and/or any permitted successor thereto) being publicly traded on any US national securities exchange or over-the-counter market or any analogous exchange in any other jurisdiction.

"<u>IPO Entity</u>" means, following any IPO, the Person the Capital Stock of which is publicly traded as a result of such IPO (which may, for the avoidance of doubt, be a Person the Capital Stock of which was publicly traded prior to such IPO).

"<u>IPO Listco</u>" means (a) any IPO Entity or (b) any Wholly-Owned Subsidiary of Holdings formed in contemplation of an IPO to become the IPO Entity.

"<u>IPO Reorganization Transaction</u>" means, collectively, the transactions taken in connection with and reasonably related to consummating an IPO, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) formation and ownership of any IPO Shell Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entry into, and performance of, (i) a reorganization or similar agreement among any of Intermediate Dutch Holdings, one or more of its subsidiaries, any Parent Company and/or any IPO Shell Company that implements a transaction described in this definition of "IPO Reorganization Transaction" and any other reorganization transaction in connection with any IPO, so long as after giving effect to such agreement and the transactions contemplated thereby, in the good faith determination of the Borrower Representative, the security interests of the Lenders in the Collateral and each Loan Guaranty, taken as a whole, would not be materially impaired and (ii) any customary underwriting agreement in connection with an IPO and any future follow-on underwritten public offering of common Capital Stock in the IPO Entity, including the provision by any IPO Entity and Holdings, Intermediate Dutch Holdings or any Borrower of customary representations, warranties, covenants and indemnification to the underwriters thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) the merger of any IPO Subsidiary with one or more direct or indirect holders of Capital Stock in Intermediate Dutch Holdings with such IPO Subsidiary as the survivor of such merger and holding Capital Stock in Holdings and/or (ii) the dividend or other distribution by Holdings, Intermediate Dutch Holdings or any Borrower of Capital Stock of any IPO Shell Company or other transfer of ownership to the holder of Capital Stock of Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the issuance of the Capital Stock of any IPO Shell Company to holders of Capital Stock of Holdings in connection with any IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the making of Restricted Payments to (or Investments in) any IPO Shell Company or Holdings or any subsidiary to permit Holdings, Intermediate Dutch Holdings or any Borrower Representative to make distributions or other transfers, directly or indirectly, to IPO Listco, in each case solely for the purpose of paying, and solely in the amount necessary for IPO Listco to pay, IPO-related expenses and the making of any such distribution by Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the repurchase by IPO Listco of its Capital Stock from Holdings, Intermediate Dutch Holdings, any Borrower or any subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the entry into any exchange agreement, pursuant to which holders of Capital Stock of Holdings and certain non-economic/voting Capital Stock in IPO Listco will be permitted to exchange such interests for certain economic/voting Capital Stock of IPO Listco;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any issuance, dividend or distribution of the Capital Stock of any IPO Shell Company or other Disposition of ownership thereof to any IPO Shell Company and/or the direct or indirect holders of Capital Stock of Holdings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other transaction reasonably incidental to, or necessary for the consummation of, an IPO so long as after giving effect to such transaction, in the good faith determination of the Borrower Representative, the security interests of the Lenders in the Collateral and each Loan Guaranty, taken as a whole, would not be materially impaired.

"<u>IPO Shell Company</u>" means, collectively, IPO Listco and each IPO Subsidiary.

"<u>IPO Subsidiary</u>" means any Wholly-Owned Subsidiary of IPO Listco formed in contemplation of, and to facilitate, any IPO Reorganization Transaction and any IPO.

"<u>IRS</u>" means the US Internal Revenue Service.

"<u>ISDA CDS Definitions</u>" has the meaning assigned to such term in <u>Section 9.02</u>.

"<u>Issuing Bank</u>" means, as the context may require, (a) the Administrative Agent (in its capacity as an issuer of Letters of Credit hereunder) and (b) each Revolving Lender (each such Person in its capacity as an issuer of Letters of Credit hereunder) (it being understood and agreed that each Revolving Lender shall have a commitment to issue Letters of Credit hereunder that is at least equal to its Applicable Percentage of the Total Revolving Credit Commitments of the relevant Class of Revolving Loans). Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by any branch or Affiliate of such Issuing Bank, in which case the term "Issuing Bank" shall include any such branch or Affiliate with respect to Letters of Credit issued by such branch or Affiliate. No Issuing Bank shall be required to issue any bank guarantee or documentary Letter of Credit without its consent.

"<u>Joinder Agreement</u>" means a Joinder Agreement substantially in the form of <u>Exhibit K</u> or such other form that is reasonably satisfactory to the Administrative Agent and the Borrower Representative; it being understood and agreed that any Joinder Agreement executed by any Foreign Subsidiary may include such modifications as may be necessary to reflect the fact that such Foreign Subsidiary may not become party to the US Security Agreement.

"<u>JPMorgan</u>" has the meaning assigned to such term in the preamble of this Agreement.

"<u>Judgment Currency</u>" has the meaning assigned to such term in <u>Section 9.25</u>.

"<u>Junior Lien Debt</u>" means any Indebtedness (other than Indebtedness among Holdings, Intermediate Dutch Holdings and/or any of their respective subsidiaries) that is secured by a Lien on the Collateral that is expressly junior to the Lien on the Collateral securing the Tranche B-3 Term Loans, the Eighth<u>Twelfth</u> Amendment Revolving Loans, the Eleventh Amendment Dollar Refinancing Term Loans and the Eleventh Amendment Euro Refinancing Term Loans.

"<u>Junior Lien Intercreditor Agreement</u>" means an intercreditor agreement substantially in the form of <u>Exhibit G</u> hereto, with any changes thereto (whether material or immaterial) as the Borrower Representative and the Administrative Agent may agree in their respective reasonable discretion.

"<u>Latest Maturity Date</u>" means, as of 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 Term Loan, Term Commitment, Revolving Loan or Revolving Credit Commitment.

"<u>Latest Revolving Credit Maturity Date</u>" means, as of any date of determination, the latest maturity or expiration date applicable to any Revolving Loan or Revolving Credit Commitment hereunder at such time.

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"<u>Latest Term Loan Maturity Date</u>" means, as of any date of determination, the latest maturity or expiration date applicable to any Term Loan hereunder at such time.

"<u>LC Collateral Account</u>" has the meaning assigned to such term in <u>Section 2.05(i)</u>.

"<u>LC Disbursement</u>" means a payment or disbursement made by an Issuing Bank pursuant to a Letter of Credit.

"<u>LC Exposure</u>" means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit (other than any Letter of Credit that is subject to Letter of Credit Support at such time) at such time and (b) the aggregate principal amount of all LC Disbursements that have not yet been reimbursed at such time. The LC Exposure of any Revolving Lender at any time shall equal its Applicable Revolving Credit Percentage of the aggregate LC Exposure at such time.

"<u>Legal Reservations</u>" means the application of the relevant Debtor Relief Laws, general principles of equity and/or principles of good faith and fair dealing.

"<u>Lender Party</u>" has the meaning assigned to such term in <u>Section 9.14</u>.

"<u>Lenders</u>" means the Term Lenders, the Revolving Lenders and any other Person that becomes a party hereto pursuant to an Assignment Agreement, other than any such Person that ceases to be a party hereto pursuant to an Assignment Agreement.

"<u>Letter of Credit</u>" means (a) any letter of credit issued pursuant to this Agreement and/or (b) any bank guarantee issued pursuant to this Agreement.

"<u>Letter of Credit Commitment</u>" means with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit in an aggregate amount at least equal to the product of (a) such Issuing Bank's pro rata share of the Total Revolving Credit Commitment and (b) the Letter of Credit Sublimit. The aggregate amount of the Letter of Credit Commitments as of the Fourth Amendment Effective Date is $80,000,000.

"<u>Letter of Credit Reimbursement Loan</u>" has the meaning assigned to such term in <u>Section 2.05(d)(i)</u>.

"<u>Letter of Credit Request</u>" means a request by the Applicable Revolving Borrower for a new Letter of Credit or an amendment to any existing Letter of Credit in accordance with <u>Section 2.05</u> and substantially in the form of <u>Exhibit N</u> hereto or such other form that is reasonably satisfactory to the relevant Issuing Bank and the Borrower Representative.

"<u>Letter-of-Credit Right</u>" has the meaning set forth in Article 9 of the UCC.

"<u>Letter of Credit Sublimit</u>" means $80,000,000 and subject to increase in accordance with <u>Section 2.22</u> hereof.

"<u>Letter of Credit Support</u>" means, with respect to any Letter of Credit, that (a) such Letter of Credit has been Cash collateralized or otherwise backstopped in an amount equal to 100% of the face amount of such Letter of Credit, (b) a separate letter of credit has been issued in favor of the relevant Issuing Bank (or its designee) with respect to such Letter of Credit pursuant to arrangements reasonably satisfactory to such Issuing Bank and in an amount equal to 100% of the face amount of the applicable Letter of Credit issued hereunder, (c) such Letter of Credit has been deemed reissued under another agreement in a manner reasonably acceptable to the applicable Issuing Bank or (d) other arrangements reasonably acceptable to the relevant Issuing Bank with respect to such Letter of Credit.

"<u>LIBO Rate</u>" means, (a) in the case of Loans denominated in any Alternate Currency (other than Euros and Canadian Dollars), the Published LIBO Rate, (b) in the case of Loans denominated in Euros, the Published EURIBOR Rate and (c) in the case of Loans denominated in Canadian Dollars, the Term CORRA, in each case, as

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adjusted to reflect applicable reserves prescribed by governmental authorities; <u>provided</u>, that, in no event shall the LIBO Rate be less than (i) in the case of the Initial Term Loans, prior to the First Amendment Effective Date, with respect to (x) the Tranche B-1 Term Loans, 0.00% per annum, (y) the Tranche B-2 Term Loans, 0.00% per annum and (z) the Tranche B-3 Term Loans, 0.00% per annum, (ii) in the case of the Initial Revolving Loans, prior to the Eighth Amendment Effective Date, 0.00% per annum, (iii) in the case of the 2021 Repricing Euro Term Loans, on or after the First Amendment Effective Date but prior to the Eleventh Amendment Effective Date, 0.00% per annum, (iv<u>iii</u>) in the case of the Seventh Amendment Euro Incremental Term Loans, prior to the Ninth Amendment Effective Date, 0.00% per annum, (v) in the case of the Eighth Amendment Revolving Loans, 0.00% per annum, (vi<u>v</u>) in the case of the Ninth Amendment Euro Refinancing Term Loans, on and after the Ninth Amendment Effective Date but prior to the Eleventh Amendment Effective Date, 0.00% per annum and<u>,</u> (vii<u>v</u>) in the case of the Eleventh Amendment Euro Refinancing Term Loans, on and after the Eleventh Amendment Effective Date, 0.00% per annum.<u>, and (vi</u><u>) in the case of the</u> <u>Twelfth</u> <u>Amendment Revolving Loans, 0.00% per annum</u>

"<u>LIBO Successor Rate</u>" has the meaning assigned to such term in <u>Section 1.13(a)</u>.

"<u>Lien</u>" means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any Capital Lease having substantially the same economic effect as any of the foregoing), in each case, in the nature of security; <u>provided</u>, that in no event shall an operating lease in and of itself be deemed to constitute a Lien.

"<u>Loan Documents</u>" means this Agreement, any Promissory Note, each Loan Guaranty, the Collateral Documents, any Revolving Borrower Joinder, any Intercreditor Agreement (if any) to which any Borrower is a party, each Refinancing Amendment, each Incremental Facility Amendment, each Extension Amendment and any other document or instrument designated by the Borrower Representative and the Administrative Agent as a "Loan Document". Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto.

"<u>Loan Guarantor</u>" means (a) prior to an IPO, Holdings, (b) Intermediate Dutch Holdings and (c) any Subsidiary Guarantor.

"<u>Loan Guaranty</u>" means (a) the Loan Guaranty, substantially in the form of <u>Exhibit I</u> hereto, executed by each Loan Party party thereto and the Collateral Agents for the benefit of the Secured Parties, as supplemented in accordance with the terms of <u>Section 5.12</u> hereof and (b) each other guaranty agreement executed by the Non-US Loan Parties pursuant to <u>Section 5.12</u> in form and substance substantially similar to the form of <u>Exhibit I</u> hereto (with appropriate changes to reflect the requirements of local law) or otherwise reasonably satisfactory to the Non-US Collateral Agent and the Borrower Representative.

"<u>Loan Installment Date</u>" has the meaning assigned to such term in <u>Section 2.10(a)</u>.

"<u>Loan Parties</u>" means each Borrower and each Loan Guarantor.

"<u>Loans</u>" means any Initial Term Loan, any 2021 Repricing Term Loan, any 2023 Incremental Dollar Term Loan, any Seventh Amendment Euro Incremental Term Loan, any Ninth Amendment Dollar Refinancing Term Loan, any Ninth Amendment Euro Refinancing Term Loan, any Eleventh Amendment Dollar Refinancing Term Loan, any Eleventh Amendment Euro Refinancing Term Loan, any Additional Term Loan, any Revolving Loan or any Swingline Loan.

"<u>Luxembourg</u>" means the Grand Duchy of Luxembourg.

"<u>Luxembourg Loan Party</u>" means any Loan Party that is a Luxembourg Subsidiary.

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"<u>Luxembourg Subsidiary</u>" means any Restricted Subsidiary of Intermediate Dutch Holdings that is incorporated, organized or established under the laws of Luxembourg.

"<u>Management Investors</u>" means the current and former officers, directors, managers, employees and members of management of any Borrower, Intermediate Dutch Holdings, any Parent Company and/or any subsidiary of Intermediate Dutch Holdings (including, on the Closing Date, those of the Target and its subsidiaries).

"<u>Margin Stock</u>" has the meaning assigned to such term in Regulation U.

"<u>Market Capitalization</u>" means an amount, determined by the Borrower Representative in good faith, equal to (a) the total number of issued and outstanding shares of common Capital Stock of Intermediate Dutch Holdings or the applicable Parent Company, as applicable, on the date of the declaration of a Restricted Payment permitted pursuant to <u>Section 6.04(a)(vii)</u> <u>multiplied by</u> (b) the arithmetic mean of the closing prices per share of such common Capital Stock on the principal securities exchange on which such common Capital Stock are traded for the 30 consecutive trading days immediately preceding the date of declaration of such Restricted Payment.

"<u>Material Adverse Effect</u>" means (a) on the Closing Date (including, for the avoidance of doubt, for purposes of any representation and warranty made as of the Closing Date), a Business Material Adverse Effect and (b) after the Closing Date, a material adverse effect on (i) the business, assets, financial condition or results of operations, in each case, of Intermediate Dutch Holdings and its Restricted Subsidiaries, taken as a whole, (ii) the rights and remedies (taken as a whole) of the Administrative Agent under the applicable Loan Documents or (iii) the ability of the Loan Parties (taken as a whole) to perform their payment obligations under the applicable Loan Documents.

"<u>Material Debt Instrument</u>" means any physical instrument evidencing any Indebtedness for borrowed money owing from any Person other than any Loan Party) which is required to be pledged and delivered to the Collateral Agent (or its bailee) pursuant to any Security Agreement.

"<u>Material Dutch Intercompany Loans</u>" means any loan made by any Dutch Loan Party to Intermediate Dutch Holdings or any of its Restricted Subsidiaries and having an outstanding principal amount in excess of $50,000,000.

"<u>Material Dutch Intercompany Receivables</u>" means receivables owing to any Dutch Loan Party under any Material Dutch Intercompany Loan.

"<u>Material German Intercompany Loans</u>" means any loan made by any German Loan Party to Intermediate Dutch Holdings or any of its Restricted Subsidiaries and having an outstanding principal amount in excess of $50,000,000.

"<u>Material German Intercompany Receivables</u>" means receivables owing to any German Loan Party under any Material German Intercompany Loan.

"<u>Material Intellectual Property</u>" means any intellectual property owned by any Loan Party that is, in the good faith determination of the Borrower Representative, material to the operation of the business of Intermediate Dutch Holdings and its Restricted Subsidiaries, taken as a whole.

"<u>Material Real Estate Asset</u>" means (a) on the Closing Date, each Real Estate Asset listed on <u>Schedule 1.01(c)</u> and (b) any "fee-owned" Real Estate Asset located in the US, any state thereof or the District of Columbia that is acquired by any Loan Party after the Closing Date having a fair market value (as reasonably determined by the Borrower Representative after taking into account any liabilities with respect thereto that impact such fair market value) in excess of $15,000,000 as of the date of the acquisition thereof.

"<u>Material Swiss Intercompany Contracts</u>" means any contract entered into between a Swiss Loan Party and any of Intermediate Dutch Holdings or any of its Restricted Subsidiaries pursuant to which Intermediate Dutch Holdings or its applicable Restricted Subsidiary is required to make payments to such Swiss Loan Party in excess of $50,000,000 (determined at the execution of such contract).

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"<u>Material Swiss Intercompany Loans</u>" means any loan made by any Swiss Loan Party to Intermediate Dutch Holdings or any of its Restricted Subsidiaries and having an outstanding principal amount in excess of $50,000,000.

"<u>Material Swiss Intercompany Receivables</u>" means receivables owing to any Swiss Loan Party under any Material Swiss Intercompany Loan or Material Swiss Intercompany Contracts.

"<u>Maturity Date</u>" means (a) with respect to the Eighth<u>Twelfth</u> Amendment Revolving Loans, the Initial Revolving Credit Maturity Date, (b) with respect to the Tranche B-3 Term Loans, the Eleventh Amendment Dollar Refinancing Term Loans and the Eleventh Amendment Euro Refinancing Term Loans, the Initial Term Loan Maturity Date, (c) with respect to any Replacement Term Loan or Revolver Replacement Facility, the final maturity date for such Replacement Term Loan or Revolver Replacement Facility, as the case may be, as set forth in the applicable Refinancing Amendment, (d) with respect to any Incremental Facility, the final maturity date set forth in the applicable Incremental Facility Amendment, and (e) with respect to any Extended Revolving Credit Commitment or Extended Term Loans, the final maturity date set forth in the applicable Extension Amendment.

"<u>Maximum Rate</u>" has the meaning assigned to such term in <u>Section 9.19</u>.

"<u>MFN Excluded Debt</u>" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness incurred or implemented in connection with any acquisition or similar Investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Indebtedness that would otherwise constitute "MFN Indebtedness" in an aggregate outstanding principal amount not to exceed the greater of $492,000,000 and 100% of Consolidated Adjusted EBITDA for the most recently ended Test Period.

"<u>MFN Indebtedness</u>" means any Indebtedness incurred in reliance on <u>Section 2.22</u> (other than any MFN Excluded Debt) that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pari passu with the 2021 Repricing Term Loans in right of payment and with respect to security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a broadly syndicated term loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) denominated in US Dollars, Canadian Dollars or Euros;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) incurred in reliance on the Incremental Incurrence-Based Component (and not by virtue of any re-classification described in <u>clause (C)</u> of the proviso to the definition of "Incremental Cap");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) scheduled to mature prior to the date that is one year after the Initial Term Loan Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) incurred or implemented prior to the date that is 6 months after the Closing Date.

"<u>MFN Provisions</u>" has the meaning assigned to such term in <u>Section 2.22(a)(v)(B)</u>.

"<u>Minimum Extension Condition</u>" has the meaning assigned to such term in <u>Section 2.23(b)</u>.

"<u>Moody's</u>" means Moody's Investors Service, Inc.

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"<u>Mortgage</u>" means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the US Collateral Agent, for the benefit of the US Collateral Agent and the relevant Secured Parties, on any Material Real Estate Asset constituting Collateral, which shall contain such terms as may be necessary under applicable local Requirements of Law to perfect a Lien on the applicable Material Real Estate Asset.

"<u>Mortgaged Property</u>" means any Material Real Estate Asset that is encumbered by a Mortgage.

"<u>Multi-Account Overdraft Facility</u>" means an Ancillary Facility which is an overdraft facility comprising more than one account.

"<u>Multiemployer Plan</u>" means any employee benefit plan which is a "multiemployer plan" as defined in Section 3(37) of ERISA that is subject to the provisions of Title IV of ERISA, and in respect of which Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries, or any of their respective ERISA Affiliates, makes or is obligated to make contributions or with respect to which any of them has any ongoing obligation or liability, contingent or otherwise.

"<u>Net Insurance/Condemnation Proceeds</u>" means an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Cash payment or proceeds (including Cash Equivalents) received by Intermediate Dutch Holdings or any of its Restricted Subsidiaries (i) under any casualty insurance policy in respect of a covered loss thereunder of any asset of Intermediate Dutch Holdings or any of its Restricted Subsidiaries or (ii) as a result of the taking of any asset of Intermediate Dutch Holdings or any of its Restricted 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, in each case other than any amount that is attributable to business interruption and/or lost profit; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of 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;(i) any actual out-of-pocket cost and/or expense incurred by Intermediate Dutch Holdings or any of its Restricted Subsidiaries in connection with the adjustment, settlement or collection of any claims of Intermediate Dutch Holdings or the relevant Restricted Subsidiary 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;(ii) payment of the outstanding principal amount of, premium or penalty, if any, and interest and other amounts on any Indebtedness (other than the Loans and/or any First Lien Debt and/or Junior Lien Debt) that is secured by a Lien on the assets in question and that is required to be repaid or otherwise comes due or would be in default under the terms thereof as a result of such loss, taking or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&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 reasonable out-of-pocket costs of putting any affected property in a safe and secure position;

&nbsp;&nbsp;&nbsp;&nbsp;&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 selling costs and/or out-of-pocket expense (including reasonable broker's fees or commissions, legal fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith transfer and similar Taxes and the Borrower Representative's good faith estimate of income Taxes paid or payable (including pursuant to Tax sharing arrangements or any intercompany distribution)) in connection with any sale or taking of such assets as described in <u>clause (a)</u> of this definition; it being understood that the reduction of any net operating loss resulting from such Disposition shall be deemed to constitute an income Tax "paid or payable" for purposes of this <u>clause (iv)</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;(v) any amount provided as a reserve in accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustments associated with any sale or taking of such assets as referred to in <u>clause (a)</u> of this definition (<u>provided</u> that to the extent and at the time any such amount is released from such reserve, such amounts shall constitute Net Insurance/Condemnation Proceeds); 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;(vi) in the case of any covered loss or taking from any non-Wholly-Owned Subsidiary of Holdings, the pro rata portion thereof (calculated without regard to this <u>clause (vi)</u>) attributable to minority interests and not available for distribution to or for the account of Intermediate Dutch Holdings or a Wholly-Owned Subsidiary of Holdings as a result thereof.

"<u>Net Outstandings</u>" means, in relation to a Multi-Account Overdraft, the Ancillary Outstandings of that Multi-Account Overdraft.

"<u>Net Proceeds</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any Disposition (including any Prepayment Asset Sale), the Cash proceeds (including Cash Equivalents and Cash proceeds subsequently received (as and when received) in respect of non-cash consideration initially received), net 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) any selling costs and/or out-of-pocket expense (including reasonable broker's fees or commissions, legal fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith and transfer and similar Taxes and the Borrower Representative's good faith estimate of income Taxes paid or payable (including pursuant to any Tax sharing arrangement and/or any intercompany distribution) in connection with such Disposition); it being understood that the reduction in the amount of any net operating loss resulting from such Disposition shall be deemed to constitute an income Tax "paid or payable" for purposes of this <u>clause (i)</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) amounts provided as a reserve in accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustment associated with such Disposition (provided that to the extent and at the time any such amount is released from such reserve, such amounts shall constitute Net 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;(iii) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness (other than the Loans and any other Indebtedness that constitutes First Lien Debt or Junior Lien Debt) which is secured by the asset sold in such Disposition and which is required to be repaid or otherwise comes due or would be in default and is repaid (other than any such Indebtedness that is assumed by the purchaser of such asset);

&nbsp;&nbsp;&nbsp;&nbsp;&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 Cash escrow (until released from escrow to Intermediate Dutch Holdings or any of its Restricted Subsidiaries) from the sale price for such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of any Disposition by any non-Wholly-Owned Subsidiary of Holdings, the pro rata portion of the Net Proceeds thereof (calculated without regard to this <u>clause (v))</u> that is attributable to any minority interest and not available for distribution to or for the account of Intermediate Dutch Holdings or a Wholly-Owned Subsidiary of Holdings as a result thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any issuance or incurrence of Indebtedness, issuance of Capital Stock and/or any contribution in respect of any Capital Stock, the Cash proceeds thereof, net of all Taxes and customary fees, commissions, costs, underwriting discounts and other fees and expenses incurred in connection therewith).

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"<u>Net Short Lender</u>" has the meaning assigned to such term in <u>Section 9.02(e)</u>.

"<u>New Contracts</u>" has the meaning assigned to such term in the definition of "Consolidated Adjusted EBITDA".

"<u>Ninth Amendment</u>" means that certain Ninth Amendment to Credit Agreement, dated as of July 11, 2024, among Holdings, Intermediate Dutch Holdings, the Borrowers, the Loan Guarantors party thereto, the Administrative Agent, the US Collateral Agent, the Non-US Collateral Agent and the Lenders party thereto.

"<u>Ninth Amendment Dollar Refinancing Term Lender</u>" has the meaning assigned to such term in the Ninth Amendment.

"<u>Ninth Amendment Dollar Refinancing Term Loans</u>" has the meaning assigned to such term in the Ninth Amendment.

"<u>Ninth Amendment Dollar Refinancing Term Loan Commitment</u>" has the meaning assigned to such term in the Ninth Amendment.

"<u>Ninth Amendment Effective Date</u>" has the meaning assigned to such term in the Ninth Amendment.

"<u>Ninth Amendment Euro Refinancing Term Lender</u>" has the meaning assigned to such term in the Ninth Amendment.

"<u>Ninth Amendment Euro Refinancing Term Loans</u>" has the meaning assigned to such term in the Ninth Amendment.

"<u>Ninth Amendment Euro Refinancing Term Loan Commitment</u>" has the meaning assigned to such term in the Ninth Amendment.

"<u>Ninth Amendment Lead Arrangers</u>" means the "Lead Arrangers" as defined in the Ninth Amendment.

"<u>Ninth Amendment Refinancing Term Lender</u>" means any Person that holds a Ninth Amendment Dollar Refinancing Term Loan or a Ninth Amendment Euro Refinancing Term Loan.

"<u>Ninth Amendment Refinancing Term Loan Commitments</u>" has the meaning assigned to such term in the Ninth Amendment.

"<u>Ninth Amendment Refinancing Term Loans</u>" means, collectively, the Ninth Amendment Dollar Refinancing Term Loans and the Ninth Amendment Euro Refinancing Term Loans.

"<u>Ninth Amendment Repricing Transactions</u>" has the meaning assigned to such term in the Ninth Amendment.

"<u>Ninth Amendment Transaction Costs</u>" means the fees, premiums, expenses and other transaction costs (including original issue discount and/or upfront fees) payable or otherwise borne by the Borrowers, any Parent Company and/or their respective subsidiaries in connection with the Ninth Amendment Transactions and the transactions contemplated thereby.

"<u>Ninth Amendment Transactions</u>" means, collectively, (a) the execution, delivery and performance by the Borrowers and their applicable subsidiaries of the Ninth Amendment and the other Loan Documents entered into on the Ninth Amendment Effective Date and, in each case, the transactions contemplated thereby and (b) the payment of Ninth Amendment Transaction Costs.

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"<u>Non-Debt Fund Affiliate</u>" means any Investor (which is an Affiliate of Holdings) and any Affiliate of any such Investor, other than any Debt Fund Affiliate.

"<u>Non-Defaulting Revolving Lenders</u>" has the meaning assigned to such term in <u>Section 2.21(d)(i)</u>.

"<u>Non-US Collateral Agent</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>Non-US Collateral Agent Fee Letter</u>" means that certain collateral agent fee letter dated as of the Eighth Amendment Effective Date, by and among the Borrower Representative and the Non-US Collateral Agent.

"<u>Non-US Loan Party</u>" means any Loan Party other than a US Loan Party.

"<u>Non-US Security Agreement</u>" means (a) each security or pledge agreement executed by any Non-US Loan Party and (b) each other security or pledge agreement executed by any Non-US Loan Party pursuant to <u>Section 5.12</u> in form and substance reasonably satisfactory to the Non-US Collateral Agent and the Borrower Representative.

"<u>Non-US Subsidiary</u>" means any Restricted Subsidiary that is not a US Subsidiary.

"<u>Obligations</u>" means all unpaid principal of and accrued and unpaid interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses (including fees and expenses accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), reimbursements, indemnities and all other advances to, debts, liabilities and obligations of any Loan Party to the Lenders or to any Lender, any Agent, any Issuing Bank or any indemnified party arising under the Loan Documents in respect of any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute, contingent, due or to become due, now existing or hereafter arising.

"<u>Obligations Derivative Instrument</u>" has the meaning assigned to such term in <u>Section 9.05(d)(ii)</u>.

"<u>OFAC</u>" has the meaning assigned to such term in <u>Section 3.17(a)</u>.

"<u>Organizational Documents</u>" means (a) with respect to any corporation, its certificate or articles of incorporation or organization and its by-laws, (b) with respect to any limited partnership, its certificate of limited partnership and its partnership agreement, (c) with respect to any general partnership, its partnership agreement, (d) with respect to any limited liability company, its articles of organization or certificate of formation, and its operating agreement, and (e) with respect to any other form of entity, such other organizational documents required by local Requirements of Law or customary under such jurisdiction to document the formation and governance principles of such type of entity. In the event that any term or condition of this Agreement or any other Loan Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such "Organizational Document" shall only be to a document of a type customarily certified by such governmental official.

"<u>Other Applicable Indebtedness</u>" has the meaning assigned to such term in <u>Section 2.11(b)(i)</u>.

"<u>Other Connection Taxes</u>" means, with respect to any Lender, any Issuing Bank or the Administrative Agent Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising solely from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary Taxes or any intangible, recording, filing or other similar Taxes arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document, but excluding (i) any Excluded Taxes, and (ii) any such Taxes that are Other Connection Taxes imposed with respect to an assignment or participation (other than an assignment made pursuant to <u>Section 2.19(b)</u>).

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"<u>Outstanding Amount</u>" means (a) with respect to any Term Loan, Revolving Loan and/or Swingline Loan on any date, the amount of the aggregate outstanding principal amount thereof after giving effect to any borrowing and/or prepayment or repayment of such Term Loan, Revolving Loan and/or Swingline Loans, as the case may be, occurring on such date, (b) with respect to any Letter of Credit, the aggregate amount available to be drawn under such Letter of Credit after giving effect to any change in the aggregate amount available to be drawn under such Letter of Credit or the issuance or expiry of such Letter of Credit, including as a result of any LC Disbursement, (c) with respect to any LC Disbursement on any date, the amount of the aggregate outstanding amount of such LC Disbursement on such date after giving effect to any disbursement with respect to any Letter of Credit occurring on such date and any other change in the aggregate amount of such LC Disbursement as of such date, including as a result of any reimbursement by the Applicable Borrower of such unreimbursed LC Disbursement and (d) with respect to any Ancillary Facility, the amount of the aggregate outstanding principal amount thereof after giving effect to any borrowing and/or prepayment or repayment of such Ancillary Facility occurring on such date.

"<u>Overnight Rate</u>" means, on any date, the offered quotation to first-class banks in the European interbank market by the Swingline Lender for any Alternate Currency overnight borrowings of amounts comparable to the outstanding principal amount of the relevant Alternate Currency denominated Swingline Loan of the Swingline Lender as of 11:00 a.m. (London time) on such date; <u>provided</u> that, if the Overnight Rate for any such Alternate Currency is less than 0.00% per annum, such rate shall be deemed to be 0.00% per annum; <u>provided</u>, <u>further</u> that, in the event the Administrative Agent has made any determination pursuant to <u>Section 2.14(a)</u> in respect of Swingline Loans denominated in any Alternate Currency, or in the circumstances described in <u>Section 2.19</u> in respect of Swingline Loans denominated in any Alternate Currency, the Overnight Rate determined (acting reasonably and in good faith) pursuant to this definition shall instead be the rate determined by the Swingline Lender as the all-in-cost of funds for the Swingline Lender to fund such Swingline Loan denominated in such Alternate Currency.

"<u>Own Funds</u>" has the meaning assigned to such term in <u>Section 5.12(g)(i)(A)</u>.

"<u>Parallel Debt</u>" has the meaning assigned to such term in <u>Section 9.26(b)</u>.

"<u>Parent Company</u>" means any Person of which Intermediate Dutch Holdings is a direct or indirect Wholly-Owned Subsidiary.

"<u>Participant</u>" has the meaning assigned to such term in <u>Section 9.05(c)(i)</u>.

"<u>Participant/SPC Register</u>" has the meaning assigned to such term in <u>Section 9.05(c)</u>.

"<u>Patent</u>" means the following: (a) any and all patents and patent applications; (b) all inventions described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions and continuations in part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation.

"<u>Pension Plan</u>" means any employee pension benefit plan, as defined in Section 3(2) of ERISA (other than a Multiemployer Plan), that is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, which Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries, or any of their respective ERISA Affiliates, maintains or contributes to or has an obligation to contribute to, or otherwise has any liability, contingent or otherwise.

"<u>Perfection Certificate</u>" means a certificate substantially in the form of <u>Exhibit J</u>.

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"<u>Perfection Requirements</u>" means (a) with respect to any US Loan Party (other than any Discretionary Guarantor), the filing of appropriate financing statements with the office of the Secretary of State or other appropriate office of the state of organization of each Loan Party, the filing of Intellectual Property Security Agreements or other appropriate instruments or notices with the US Patent and Trademark Office (solely as required under applicable Requirements of Law), the proper recording or filing, as applicable, of Mortgages and fixture filings with respect to any Material Real Estate Asset constituting Collateral, in each case in favor of the US Collateral Agent for the benefit of the Secured Parties and the delivery to the US Collateral Agent of any stock certificate or promissory note, together with instruments of transfer executed in blank and (b) with respect to any Discretionary Guarantor and/or any Non-US Loan Party, any recording, filing, registration, notification or other action required to be taken in the applicable jurisdiction, in each case of the foregoing <u>clauses (a)</u> and <u>(b)</u>, to the extent required by the applicable Loan Documents.

"<u>Periodic Term CORRA Determination Day</u>" has the meaning assigned to such term in the definition of "Term CORRA".

"<u>Permitted Acquisition</u>" means any acquisition made by Intermediate Dutch Holdings or any of its Restricted Subsidiaries, whether by purchase, merger or otherwise, of all or substantially all of the assets of, or any business line, unit or division or product line (including research and development and related assets in respect of any product) of, any Person or of a majority of the outstanding Capital Stock of any Person (and, in any event, including any Investment in (a) any Restricted Subsidiary the effect of which is to increase Intermediate Dutch Holdings' or any Restricted Subsidiary's equity ownership in such Restricted Subsidiary or (b) any joint venture for the purpose of increasing Intermediate Dutch Holdings' or its relevant Restricted Subsidiary's ownership interest in such joint venture) if (i) such Person becomes a Restricted Subsidiary or (ii) such Person, in one transaction or a series of related transaction, is amalgamated, merged or consolidated with or into, or transfers or conveys substantially all of its assets (or such division, business unit or product line) to, or is liquidated into, Intermediate Dutch Holdings or any Restricted Subsidiary as a result of such Investment.

"<u>Permitted Asset Swap</u>" means the concurrent purchase and sale or exchange of Related Business Assets or any combination of Related Business Assets between Intermediate Dutch Holdings and/or any Restricted Subsidiary, on the one hand, and any other Person, on the other hand.

"<u>Permitted Holders</u>" means (a) the Investors and (b) any Person with which one or more Investors form a "group" (within the meaning of Section 14(d) of the Exchange Act) so long as, in the case of this <u>clause (b)</u>, the relevant Investors beneficially own more than 50% of the relevant voting Capital Stock beneficially owned by the group.

"<u>Permitted Liens</u>" means Liens permitted pursuant to <u>Section 6.02</u>.

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or any other entity.

"<u>Plan</u>" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) maintained by Holdings and/or any Restricted Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any of its ERISA Affiliates, other than any Multiemployer Plan.

"<u>Platform</u>" has the meaning assigned to such term in <u>Section 5.01</u>.

"<u>Potential Subsequent Acquisition</u>" has the meaning assigned to such term in the recitals to this Agreement.

"<u>Prepayment Asset Sale</u>" means any non-ordinary course Disposition by Intermediate Dutch Holdings or any Restricted Subsidiary made pursuant to <u>Section 6.07(h)</u> (other than any such Disposition of any asset of Intermediate Dutch Holdings or any Restricted Subsidiary that was (a) acquired with the proceeds of Qualified Capital Stock and/or any capital contribution in respect of Qualified Capital Stock and/or (b) contributed to Intermediate Dutch Holdings and/or any Restricted Subsidiary in respect of Qualified Capital Stock).

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"<u>Previous Agent</u>" means Bank of America, N.A., in its capacity as administrative agent and collateral agent prior to the effectiveness of the Eighth Amendment on the Eighth Amendment Effective Date.

"<u>Primary Obligor</u>" has the meaning assigned to such term in the definition of "Guarantee".

"<u>Prime Rate</u>" means (a) the rate of interest publicly announced, from time to time, by the Administrative Agent at its principal office in New York City as its "prime rate," with the understanding that the "prime rate" is one of the Administrative Agent's base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its announcement in such internal publications as the Administrative Agent may designate or (b) if the Administrative Agent has no "prime rate," the rate of interest last quoted by The Wall Street Journal as the "Prime Rate" in the US or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as reasonably determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as reasonably determined by the Administrative Agent).

"<u>Principal Obligations</u>" has the meaning assigned to such term in <u>Section 9.26(a)</u>.

"<u>Pro Forma Basis</u>" or "<u>pro forma effect</u>" means, with respect to any determination of the Total Net Leverage Ratio, the First Lien Net Leverage Ratio, the First Lien Gross Leverage Ratio, the Secured Net Leverage Ratio, the Interest Coverage Ratio, Consolidated Adjusted EBITDA or Consolidated Total Assets (including any component definition thereof), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of (i) any Disposition of all or substantially all of the Capital Stock of any Restricted Subsidiary or any division and/or product line of Intermediate Dutch Holdings and/or any Restricted Subsidiary, (ii) any designation of a Restricted Subsidiary as an Unrestricted Subsidiary and/or (iii) the implementation of any Business Optimization Initiative relating to a cost-savings action or (iv) if applicable, any Subject Transaction described in <u>clauses (i)</u> or <u>(j)</u> of the definition thereof, income statement items (whether positive or negative and including any expected cost saving) attributable to the property or Person subject to such Subject Transaction, shall be excluded as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of (i) any Permitted Acquisition or other Investment, (ii) any designation of any Unrestricted Subsidiary as a Restricted Subsidiary, (iii) any transaction described in <u>clause (h)</u> of the definition of "Subject Transaction" of (iv) if applicable, any Subject Transaction described in <u>clause (j)</u> of the definition thereof, income statement items (whether positive or negative) attributable to the property or Person subject to such Subject Transaction shall be included as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) any retirement or repayment of Indebtedness by Intermediate Dutch Holdings or any of its Subsidiaries that constitutes a Subject Transaction shall be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Indebtedness incurred by Intermediate Dutch Holdings or any of its Restricted Subsidiaries in connection therewith that constitutes a Subject Transaction shall be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made; <u>provided</u> that, (i) if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable Test Period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness at the relevant date of determination (taking into account any interest hedging arrangements applicable to such

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Indebtedness), (ii) interest on any obligation with respect to any Capital Lease shall be deemed to accrue at an interest rate reasonably determined by a Responsible Officer of the Borrower Representative in good faith to be the rate of interest implicit in such obligation in accordance with GAAP and (iii) interest on any 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, secured overnight financing 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 by the Borrower Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the acquisition of any asset included in calculating Consolidated Total Assets (other than the amount Cash or Cash Equivalents, which is addressed in <u>clause (g)</u> below), whether pursuant to any Subject Transaction or any Person becoming a subsidiary or merging, amalgamating or consolidating with or into Intermediate Dutch Holdings or any of its subsidiaries, or the Disposition of any asset included in calculating Consolidated Total Assets described in the definition of "Subject Transaction", shall be deemed to have occurred as of the last day of the applicable Test Period with respect to any test or covenant for which such calculation is being made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject to <u>Section 1.12</u>, the Unrestricted Cash Amount shall be calculated as of the date of the consummation of such Subject Transaction after giving pro forma effect thereto, including any application of cash proceeds in connection therewith (other than, for the avoidance of doubt, the cash proceeds of any Indebtedness that is the Subject Transaction for which such a calculation is being made); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each other Subject Transaction shall be deemed to have occurred as of the first day of the applicable Test Period (or, in the case of Consolidated Total Assets, as of the last day of such Test Period) with respect to any test or covenant for which such calculation is being made.

It is hereby agreed that for purposes of determining pro forma compliance with <u>Section 6.10(a)</u> prior to the last day of the first full Fiscal Quarter after the Closing Date, the applicable level shall be the level cited in <u>Section 6.10(a)</u>. Notwithstanding anything to the contrary set forth in the immediately preceding paragraph, for the avoidance of doubt, when calculating the First Lien Net Leverage Ratio or the First Lien Gross Leverage Ratio, as applicable, for purposes of the definitions of "Applicable Rate" and "Commitment Fee Rate" and for purposes of <u>Section 6.10(a)</u> (other than for the purpose of determining pro forma compliance with <u>Section 6.10(a)</u> as a condition to taking any action under this Agreement), the events described in the immediately preceding paragraph that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect.

"<u>Project Grace Arrangers</u>" means JPMorgan Chase Bank, N.A., UBS Securities LLC, Bank of America, N.A., BMO Capital Markets Corp., BNP Paribas, Fifth Third Bank, National Association, HSBC Securities (USA) Inc., HSBC Bank USA, National Association, MUFG Bank, Ltd., Royal Bank of Canada, RBC Capital Markets, Standard Chartered Bank and Banco Santander, S.A.

"<u>Project Grace Fee Letter</u>" means that certain Second Amended and Restated Fee Letter, dated as of January 14, 2023, by and among the Borrower Representative and the Project Grace Arrangers.

"<u>Project Rally</u>" means the cost savings and other Business Optimization Initiatives implemented by the Target and previously disclosed to the Previous Agent.

"<u>Projections</u>" means the financial projections, forecasts, financial estimates and other forward-looking and/or projected information of or relating to Intermediate Dutch Holdings and its subsidiaries included in the Financial Model (or a supplement thereto).

"<u>Promissory Note</u>" means a promissory note of one or more Applicable Borrowers payable to any Lender or its registered assigns, in substantially the form of <u>Exhibit L</u> hereto, evidencing the aggregate outstanding principal amount of Loans of any such Applicable Borrowers to such Lender resulting from the Loans made by such Lender.

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"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>Public Company Costs</u>" means Charges associated with, or in anticipation of, or preparation for, compliance with the requirements of the Sarbanes-Oxley Act of 2002 (and, in each case, similar Requirements of Law under other jurisdictions) and the rules and regulations promulgated in connection therewith and Charges relating to compliance with the provisions of the Securities Act and the Exchange Act (and, in each case, similar Requirements of Law under other jurisdictions), as applicable to companies with equity or debt securities held by the public, the rules of national securities exchange companies with listed equity or debt securities, directors', managers' and/or employees' compensation, fees and expense reimbursement, Charges relating to investor relations, shareholder meetings and reports to shareholders or debtholders, directors' and officers' insurance and other executive costs, legal and other professional fees (including auditors' and accountants' fees), listing fees, filing fees and other costs and/or expenses associated with being a public company.

"<u>Public Lender</u>" has the meaning assigned to such term in <u>Section 9.01(d)</u>.

"<u>Published EURIBOR Rate</u>" means, with respect to any Interest Period when used in reference to any Loan or Borrowing, (a) the rate of interest appearing on Reuters Screen EURIBOR01 Page (or on any successor or substitute page of such service, or any successor to such service as determined by Administrative Agent) as the London interbank offered rate for deposits in Euros for a term comparable to such Interest Period, at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the commencement of such Interest Period (but if more than one rate is specified on such page, the rate will be an arithmetic average of all such rates) or (b) if the rate described in <u>clause (a)</u> is not available at such time for any reason, then the "Published EURIBOR Rate" for such Interest Period shall be determined in accordance with <u>Section 2.14</u>.

"<u>Published LIBO Rate</u>" means, with respect to any Interest Period when used in reference to any Loan or Borrowing, (a) the rate of interest appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to such service as determined by Administrative Agent) as the London interbank offered rate for deposits in the applicable Alternate Currency (other than Euros or Canadian Dollars), as applicable, for a term comparable to such Interest Period, at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the commencement of such Interest Period (but if more than one rate is specified on such page, the rate will be an arithmetic average of all such rates) or (b) if the rate described in <u>clause (a)</u> is not available at such time for any reason, then the "Published LIBO Rate" for such Interest Period shall be determined in accordance with <u>Section 2.14</u>.

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>QFC Credit Support</u>" has the meaning assigned to such term in <u>Section 9.27</u>.

"<u>Qualified Capital Stock</u>" of any Person means any Capital Stock of such Person that is not Disqualified Capital Stock.

"<u>Ratio Debt</u>" has the meaning assigned to such term in <u>Section 6.01(w)</u>.

"<u>Ratio Interest Expense</u>" means, with respect to any Person for any period, (a) the total Cash interest expense of such Person and its Restricted Subsidiaries on a consolidated basis for such period, whether paid or accrued and whether or not capitalized, (i) including (A) the interest component of any payment under any Capital Lease (regardless of whether accounted for as interest expense under GAAP), (B) amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (C) any commission, discount and/or other Cash fee or charge owed with respect to any letter of credit and/or bankers' acceptance and (D) any net payments arising under any interest rate Hedge Agreement with respect to Indebtedness and (ii) excluding (A) amortization of deferred financing fees, debt issuance costs, discounted liabilities, commissions, fees and expenses, (B) any expense arising from any bridge, commitment and/or other financing fee (including fees and expenses associated with the Transactions and annual agency fees), (C) any expense resulting from the discounting of Indebtedness in connection

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with the application of recapitalization accounting or, if applicable, acquisition accounting, (D) any fee or expense associated with any Disposition, acquisition, Investment or issuance of Capital Stock or Indebtedness (in each case, whether or not consummated), (E) any cost associated with obtaining, or breakage costs in respect of, any Hedge Agreement or other derivative instrument other than any interest rate Hedge Agreement or interest rate derivative instrument with respect to Indebtedness, (F) any penalty and/or interest relating to Taxes, (G) commissions, discounts, yield and other fees and charges (including any interest expense) relating to any Receivables Facility and (H) for the avoidance of doubt, any non-cash interest expense attributable to any movement in the mark to market valuation of any obligation under any Hedge Agreement or any other derivative instrument and/or any payment obligation arising under any Hedge Agreement or derivative instrument other than any interest rate Hedge Agreement or interest rate derivative instrument with respect to Indebtedness, *minus* (b) Cash interest income for such period. For purposes of this definition, interest in respect of any Capital Lease shall be deemed to accrue at an interest rate determined by the Borrower Representative in good faith to be the rate of interest implicit in such Capital Lease in accordance with GAAP; <u>provided</u>, that, for purposes of calculating Ratio Interest Expense for any period ending prior to the first anniversary of the Closing Date, Ratio Interest Expense shall be an amount equal to actual Ratio Interest Expense from the Closing Date through the date of determination *multiplied by* a fraction the numerator of which is 365 and the denominator of which is the number of days from the Closing Date through the date of determination.

"<u>RCSL</u>" means the *Registre de Commerce et de Société Luxembourg*.

"<u>Real Estate Asset</u>" means, at any time of determination, all right, title and interest (fee, leasehold or otherwise) of any Person in and to real property (including, but not limited to, land, improvements and fixtures thereon).

"<u>Reallocated General Debt Basket Incremental Component</u>" has the meaning assigned to such term in the <u>clause (a)(ii)</u> of the definition of "Incremental Cap".

"<u>Receivables Facility</u>" means any receivables, factoring and/or securitization facility or arrangement pursuant to which Intermediate Dutch Holdings and/or any of its Restricted Subsidiaries sells or grants a security interest in accounts receivable, payables or other customary securitization assets (including royalty and other revenue streams or other rights to payment and the proceeds thereof) and/or similar and/or related assets to either (a) a person that is not a Restricted Subsidiary or (b) a Receivables Subsidiary that, in turn, pledges, sells or otherwise transfers its accounts receivable, payables or securitization assets and/or related assets thereto to a Person that is not a Restricted Subsidiary (including any subsidiary of Intermediate Dutch Holdings).

"<u>Receivables Subsidiary</u>" means any subsidiary of Intermediate Dutch Holdings formed for the purpose of implementing, or that solely engages in activities relating to, any permitted securitization, receivables facility, receivables financing, any Receivables Facility and/or any other receivables arrangement and/or any other activity reasonably related thereto.

"<u>Refinancing Amendment</u>" means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent and the Applicable Borrower executed by (a) the Applicable Borrower, (b) the Administrative Agent and (c) each Lender that agrees to provide all or any portion of the Replacement Term Loans or the Revolver Replacement Facility, as applicable, being incurred pursuant thereto and in accordance with <u>Section 9.02(c)</u>.

"<u>Refinancing Indebtedness</u>" has the meaning assigned to such term in <u>Section 6.01(p)</u>.

"<u>Refunding Capital Stock</u>" has the meaning assigned to such term in <u>Section 6.04(a)(viii)</u>.

"<u>Register</u>" has the meaning assigned to such term in <u>Section 9.05(b)</u>.

"<u>Regulated Bank</u>" means any insured depository institution that is regulated by foreign, federal or state banking regulators, including, without limitation, the United States Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation or the Board.

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"<u>Regulation D</u>" means Regulation D of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"<u>Regulation U</u>" means Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"<u>Related Business Assets</u>" means assets (other than cash or Cash Equivalents) used or useful in a Similar Business; <u>provided</u> that any asset received by Intermediate Dutch Holdings or any Restricted Subsidiary in exchange for any asset transferred by Intermediate Dutch Holdings or any Restricted Subsidiary shall not be deemed to constitute a Related Business Asset if such asset consists of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary.

"<u>Related Funds</u>" means with respect to any Lender that is an Approved Fund, any other Approved Fund that is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

"<u>Related Parties</u>" means, with respect to any specified Person, such Person's Affiliates and the respective directors, managers, officers, shareholders, trustees, employees, partners, agents, advisors and other representatives of such Person and such Person's Affiliates.

"<u>Release</u>" means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the 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.

"<u>Relevant EU Directive</u>" means Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (Directive on restructuring and insolvency).

"<u>Relevant Governmental Body</u>" means (x) with respect to SOFR, the Board and/or the Federal Reserve Bank of New York or a committee officially endorsed or convened by the Board and/or the Federal Reserve Bank of New York and (y) with respect to CORRA, the Bank of Canada or a committee officially endorsed or convened by the Bank of Canada, or any successor thereto.

"<u>Replaced Revolving Facility</u>" has the meaning assigned to such term in <u>Section 9.02(c)(ii)</u>.

"<u>Replaced Term Loans</u>" has the meaning assigned to such term in <u>Section 9.02(c)(i)</u>.

"<u>Replacement Debt</u>" means any Refinancing Indebtedness (whether borrowed in the form of secured or unsecured loans, issued in a public offering, Rule 144A under the Securities Act or other private placement or bridge financing in lieu of the foregoing or otherwise) incurred in respect of Indebtedness permitted under <u>Section 6.01(a)</u> (and any subsequent refinancing of such Replacement Debt).

"<u>Replacement Term Loans</u>" has the meaning assigned to such term in <u>Section 9.02(c)(i)</u>.

"<u>Reportable Event</u>" means, with respect to any Pension Plan or Multiemployer Plan, any of the events described in Section 4043(c) of ERISA or the regulations issued thereunder, other than those events as to which the 30-day notice period is waived under PBGC Reg. Section 4043.

"<u>Representatives</u>" means, with respect to any Person, the members, partners, directors (or equivalent managers), officers, managers, agents, employees, independent auditors, or other experts and advisors, including accountants, legal counsel and other advisors of such Person.

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"<u>Repricing Transaction</u>" means each of (a) the prepayment, repayment, refinancing, substitution or replacement of all or a portion of the 2021 Repricing Dollar Term Loans, 2021 Repricing Euro Term Loans or Tranche B-3 Term Loans, as applicable, substantially concurrently with the incurrence by any Loan Party of any broadly syndicated secured first lien term B loans (including any Replacement Term Loan) denominated in Dollars, Euros or Canadian Dollars, respectively, having an Effective Yield that is less than the Effective Yield applicable to the 2021 Repricing Dollar Term Loans, 2021 Repricing Euro Term Loans or Tranche B-3 Term Loans, respectively, so prepaid, repaid, refinanced, substituted or replaced and (b) any amendment, waiver or other modification to this Agreement that would have the effect (by affecting the margin and not by virtue of any fluctuation in any floating rate) of reducing the Effective Yield applicable to the Class of 2021 Repricing Dollar Term Loans, 2021 Repricing Euro Term Loans or Tranche B-3 Term Loans, as applicable; <u>provided</u>, that the primary purpose of such prepayment, repayment, refinancing, substitution, replacement, amendment, waiver or other modification (as determined by the Borrower Representative in good faith) was to reduce the Effective Yield applicable to such 2021 Repricing Dollar Term Loans, 2021 Repricing Euro Term Loans or Tranche B-3 Term Loans, as applicable; <u>provided</u>, <u>further</u>, that in no event shall any such prepayment, repayment, refinancing, substitution, replacement, amendment, waiver or other modification in connection with a Change of Control, IPO, dividend recapitalization, material acquisition or similar material Investment (as determined by the Borrower Representative in good faith) or Disposition constitute a Repricing Transaction. Any determination by the Administrative Agent of the Effective Yield for purposes of the definition shall be conclusive and binding on all Lenders, and the Administrative Agent shall have no liability to any Person with respect to such determination absent bad faith, gross negligence or willful misconduct.

"<u>Required 2021 Repricing Euro Term Loan Lenders</u>" means, at any time, Lenders having 2021 Repricing Euro Term Loans representing more than 50% of the sum of the total 2021 Repricing Euro Term Loans at such time.

"<u>Required 2021 Repricing Dollar Term Loan Lenders</u>" means, at any time, Lenders having 2021 Repricing Dollar Term Loans representing more than 50% of the sum of the total 2021 Repricing Dollar Term Loans at such time.

"<u>Required Asset Sale Proceeds Percentage</u>" means, as of any date of determination, (a) if the First Lien Net Leverage Ratio is greater than 3.00:1.00, 100% (b) if the First Lien Net Leverage Ratio is less than or equal to 3.00:1.00 (with such First Lien Net Leverage Ratio test calculated after giving effect to a prepayment determined at a rate of 100%) and greater than 2.50:1.00, 50% and (c) if the First Lien Net Leverage Ratio is less than or equal to 2.50:1.00 (with such First Lien Net Leverage Ratio test calculated after giving effect to a prepayment determined at a rate of 50%), 0%; it being understood and agreed that, for purposes of this definition, as it applies to the determination of the amount of Net Proceeds or Net Insurance/Condemnation Proceeds that are required to be applied to prepay the Term Loans under <u>Section 2.11(b)(ii)</u>, the First Lien Net Leverage Ratio shall be determined on the scheduled date of prepayment after giving pro forma effect to such prepayment.

"<u>Required Canadian Dollar Lenders</u>" means, at any time, Lenders having Tranche B-3 Term Loans, Additional Term Loans denominated in Canadian Dollars and Revolving Loans, Additional Revolving Loans, unused Revolving Credit Commitments or unused Additional Revolving Credit Commitments representing more than 50% of the sum of the total Tranche B-3 Term Loans, Additional Term Loans denominated in Canadian Dollars, Revolving Loans, Additional Revolving Loans, unused Revolving Credit Commitments or unused Additional Revolving Credit Commitments at such time.

"<u>Required Dollar Lenders</u>" means, at any time, Lenders having Eleventh Amendment Dollar Refinancing Term Loans, Additional Term Loans denominated in Dollars, Revolving Loans, Additional Revolving Loans, unused Revolving Credit Commitments or unused Additional Revolving Credit Commitments representing more than 50% of the sum of the total Eleventh Amendment Dollar Refinancing Term Loans, Additional Term Loans denominated in Dollars, Revolving Loans, Additional Revolving Loans, unused Revolving Credit Commitments or unused Additional Revolving Credit Commitments at such time.

"<u>Required Eighth Amendment Extending Revolving Lenders</u>" means, at any time, Eighth Amendment Extending Revolving Lenders having Eighth Amendment Extending Revolving Loans or unused Eighth Amendment Extending Revolving Commitment representing more than 50% of the sum of the total Amendment Extending Revolving Loans and unused Eighth Amendment Extending Revolving Commitment at such time.

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"<u>Required Eleventh Amendment Dollar Refinancing Term Loan Lenders</u>" means, at any time, Lenders having Eleventh Amendment Dollar Refinancing Term Loans representing more than 50% of the sum of the total Eleventh Amendment Dollar Refinancing Term Loans at such time.

"<u>Required Eleventh Amendment Euro Refinancing Term Loan Lenders</u>" means, at any time, Lenders having Eleventh Amendment Euro Refinancing Term Loans representing more than 50% of the sum of the total Eleventh Amendment Euro Refinancing Term Loans at such time.

"<u>Required Euro Lenders</u>" means, at any time, Lenders having Eleventh Amendment Euro Refinancing Term Loans, Additional Term Loans denominated in Euros and Revolving Loans, Additional Revolving Loans, unused Revolving Credit Commitments or unused Additional Revolving Credit Commitments representing more than 50% of the sum of the total Eleventh Amendment Euro Refinancing Term Loans, Additional Term Loans denominated in Euros, Revolving Loans, Additional Revolving Loans, unused Revolving Credit Commitments or unused Additional Revolving Credit Commitments at such time.

"<u>Required Excess Cash Flow Percentage</u>" means, as of any date of determination, (a) if the First Lien Net Leverage Ratio is greater than 3.00:1.00, 50% (b) if the First Lien Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.50:1.00 (with such First Lien Net Leverage Ratio test calculated after giving effect to a prepayment determined at a rate of 50%), 25% and (c) if the First Lien Net Leverage Ratio is less than or equal to 2.50:1.00, 0% (with such First Lien Net Leverage Ratio test calculated after giving effect to a prepayment determined at a rate of 25%); it being understood and agreed that, for purposes of this definition as it applies to the determination of the amount of Excess Cash Flow that is required to be applied to prepay the Term Loans under <u>Section 2.11(b)(i)</u> for any Excess Cash Flow Period, the First Lien Net Leverage Ratio shall be determined on the scheduled date of prepayment.

"<u>Required Lenders</u>" means, at any time, Lenders having Loans or unused Commitments representing more than 50% of the sum of the total Loans and unused commitments at such time.

"<u>Required Revolving Lenders</u>" means, at any time, Lenders having Revolving Loans, Additional Revolving Loans, unused Revolving Credit Commitments or unused Additional Revolving Credit Commitments representing more than 50% of the sum of the total Revolving Loans, Additional Revolving Loans and such unused commitments at such time.

"<u>Required Term Loan Lenders</u>" means, at any time, Lenders having Term Loans or Additional Term Loans representing more than 50% of the sum of the total Term Loans and Additional Term Loans at such time.

"<u>Required Tranche B-1 Term Lenders</u>" means, at any time, Lenders having Tranche B-1 Term Loans representing more than 50% of the sum of the total Tranche B-1 Term Loans at such time.

"<u>Required Tranche B-2 Term Lenders</u>" means, at any time, Lenders having Tranche B-2 Term Loans representing more than 50% of the sum of the total Tranche B-2 Term Loans at such time.

"<u>Required Tranche B-3 Term Lenders</u>" means, at any time, Lenders having Tranche B-3 Term Loans representing more than 50% of the sum of the total Tranche B-3 Term Loans at such time.

"<u>Requirements of Law</u>" means, with respect to any Person, collectively, the common law and all federal, state, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of any Governmental Authority, in each case whether or not having the force of law and that are applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

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"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" means, with respect to any Person, the chief executive officer, the president, the chief financial officer, the treasurer, any assistant treasurer of such Person and any other individual or similar official thereof, any executive vice president, any senior vice president, any vice president or the chief operating officer or other officer responsible for the administration of the obligations of such Person in respect of this Agreement, any member of the board of directors, and, as to any document delivered on the Closing Date, shall include any secretary or assistant secretary or any other individual or similar official thereof with substantially equivalent responsibilities of a Loan Party and, solely for purposes of notices given pursuant to <u>Article II</u>, any other officer of the applicable Loan Party so designated in writing by the Borrower Representative to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of any Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party, and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"<u>Restricted Amount</u>" has the meaning set forth in <u>Section 2.11(b)(iv)</u>.

"<u>Restricted Debt</u>" means any Indebtedness described in <u>clause (a)</u> of the definition of "Indebtedness" (other than such Indebtedness among Holdings, Intermediate Dutch Holdings or any of their respective subsidiaries) of Intermediate Dutch Holdings or its Restricted Subsidiaries that is expressly subordinated in right of payment to the Obligations with an individual outstanding principal amount in excess of the Threshold Amount.

"<u>Restricted Debt Payment</u>" has the meaning set forth in <u>Section 6.04(b)</u>.

"<u>Restricted Payment</u>" means (a) any dividend or other distribution on account of any shares of any class of the Capital Stock of Intermediate Dutch Holdings, except a dividend payable solely in shares of Qualified Capital Stock to the holders of such class; (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value of any shares of any class of the Capital Stock of Intermediate Dutch Holdings and (c) 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 the Capital Stock of Intermediate Dutch Holdings now or hereafter outstanding.

"<u>Restricted Subsidiary</u>" means, as to any Person, any subsidiary of such Person that is not an Unrestricted Subsidiary. Unless otherwise specified, "Restricted Subsidiary" shall mean any Restricted Subsidiary of Intermediate Dutch Holdings (including each Borrower).

"<u>Retained Asset Sale Proceeds</u>" means the amount of (a) Net Proceeds received by Intermediate Dutch Holdings and/or any Restricted Subsidiary in respect of any Prepayment Asset Sale and/or (b) any Net Insurance/Condemnation Proceeds, in each case that are not required to be applied to prepay the Term Loans pursuant to <u>Section 2.11(b)(i)</u> on account of the fact that the Required Asset Sale Proceeds Percentage is less than 100%.

"<u>Retained Excess Cash Flow Amount</u>" means, at any date of determination, an amount, determined on a cumulative basis, that is equal to (a) the aggregate cumulative sum of the Excess Cash Flow of Intermediate Dutch Holdings and its Restricted Subsidiaries that is not required to be applied as a mandatory prepayment under Section 2.11(b)(i) for all Excess Cash Flow Periods ending after the Closing Date and prior to such date plus (b) for each Excess Cash Flow Interim Period ended prior to such date but as to which the corresponding Excess Cash Flow Period has not ended (or no Excess Cash Flow Period has then ended), an amount equal to the Retained Excess Cash Flow Percentage of Excess Cash Flow of Intermediate Dutch Holdings and its Restricted Subsidiaries, for such Excess Cash Flow Interim Period; <u>provided</u>, that such amount shall not be less than zero for any Excess Cash Flow Period or Excess Cash Flow Interim Period.

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"<u>Retained Excess Cash Flow Percentage</u>" means, with respect to any Excess Cash Flow Interim Period, (a) 100% minus (b) the Required Excess Cash Flow Percentage with respect to such Excess Cash Flow Interim Period.

"<u>Revaluation Date</u>" means (a) with respect to any Revolving Loan or Swingline Loan denominated in an Alternate Currency, each of the following: (i) each date of any Borrowing of such Revolving Loan or Swingline Loan, (ii) each date of any continuation of such Revolving Loan or Swingline Loan pursuant to the terms of this Agreement, (iii) the last day of each Fiscal Quarter and (iv) the date of any voluntary reduction of a Revolving Credit Commitment pursuant to <u>Section 2.09(c)</u>, (b) with respect to any Letter of Credit denominated in an Alternate Currency, each of the following: (i) each date of issuance of such a Letter of Credit, (ii) each date of an amendment of such a Letter of Credit that increases the face amount thereof and (iii) the last day of each Fiscal Quarter and (c) with respect to any Ancillary Facility denominated in an Alternate Currency, the last day of each Fiscal Quarter.

"<u>Revolver Replacement Facility</u>" has the meaning assigned to such term in <u>Section 9.02(c)(ii)</u>.

"<u>Revolving Borrowers</u>" means, collectively, the US Top Borrower, the US Borrower, Nielsen Consumer LLC, the Dutch Borrower and/or any Additional Revolving Borrower, as the case may be.

"<u>Revolving Borrower Joinder</u>" means the joinder hereto by any Additional Revolving Borrower, as a new Revolving Borrower pursuant to a joinder agreement in the substantially the form of <u>Exhibit F</u> hereto, among such Additional Revolving Borrower and the Administrative Agent.

"<u>Revolving Credit Commitment</u>" means any Initial Revolving Credit Commitment, any Eighth<u>Twelfth</u> Amendment Revolving Commitment and any Additional Revolving Credit Commitment.

"<u>Revolving Credit Exposure</u>" means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time of such Lender's Initial Revolving Credit Exposure, Eighth<u>Twelfth</u> Amendment Revolving Credit Exposure and Additional Revolving Credit Exposure.

"<u>Revolving Facility</u>" means the Initial Revolving Facility, the Eighth<u>Twelfth</u> Amendment Revolving Facility, any Incremental Revolving Facility, any facility governing Extended Revolving Credit Commitments or Extended Revolving Loans and any Revolver Replacement Facility.

"<u>Revolving Facility Test Condition</u>" means, as of any date of determination, that the <u>sum of (a) the</u> aggregate Outstanding Amount of all Revolving Loans (including Swingline Loans but excluding for the avoidance of doubt, (i) the aggregate Outstanding Amount under Ancillary Facilities, <u>and</u> (ii) undrawn Letters of Credit (other than (A) undrawn Letters of Credit that have been cash collateralized or backstopped in an amount equal to 100% of the then-available face amount thereof and (B) all other undrawn Letters of Credit that have not been cash collateralized or backstopped in an aggregate amount of up to $25,000,000 at any time outstanding) and (iii) through and including the second full Fiscal Quarter ending after the Closing Date, the Outstanding Amount of (A) any Revolving Loan borrowed on the Closing Date to fund any original issue discount or upfront fees in connection with the Initial Term Loans by the Fee Letter and (B) up to $25,000,000 of additional Revolving Loans borrowed on the Closing Date)<u>) minus (b) the Unrestricted Cash Amount, in each case,</u> as of such date exceeds an amount equal to <u>the greater of (x)</u> 35% of the Total Revolving Credit Commitment<u>s</u> as of such date <u>and (y) 35% of the Total</u> <u>Revolving Credit Commitments as of the</u> <u>Twelfth Amendment Effective Date</u>; <u>provided</u>, that for the avoidance of doubt, it is understood and agreed that any Revolving Credit Commitment provided in the form of an Ancillary Facility shall be included in the calculation of the amount of the Total Revolving Credit Commitments for purposes of the Revolving Facility Test Condition.

"<u>Revolving Lender</u>" means any Initial Revolving Lender, any Eighth<u>Twelfth</u> Amendment Revolving Lender and any Additional Revolving Lender. Unless the context otherwise requires, the term "Revolving Lender" shall include the Swingline Lender.

"<u>Revolving Loans</u>" means any Initial Revolving Loan, any Eighth<u>Twelfth</u> Amendment Revolving Loan and any Additional Revolving Loan.

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"<u>Revolving Outstandings</u>" means, in relation to any Revolving Lender of a Class of Revolving Credit Commitments, its (and in the case of Ancillary Facilities, its relevant Affiliates' branches) Revolving Credit Exposure for such Class then outstanding (together with the aggregate amount of all accrued interest, fees and commission owed to it (and in the case of Ancillary Facilities, its Affiliates) as a Revolving Lender or an Ancillary Lender in respect of such Revolving Credit Exposure for such Class).

"<u>Run-Rate Synergies</u>" has the meaning assigned to such term in the definition of "Consolidated Adjusted EBITDA".

"<u>S&P</u>" means Standard & Poor's Financial Services LLC, a subsidiary of the S&P Global, Inc.

"<u>Sale and Lease-Back Transaction</u>" means any arrangement providing for the leasing by Intermediate Dutch Holdings and/or any Restricted Subsidiary of any real property or tangible property, which property has been or is to be sold or transferred by Intermediate Dutch Holdings or such Restricted Subsidiary in contemplation of such lease arrangement.

"<u>Sanctions</u>" has the meaning assigned to such term in <u>Section 3.17(a)</u>.

"<u>Scheduled Expenditures</u>" has the meaning assigned to such term in the definition of "Excess Cash Flow".

"<u>Scheduled Payment Date</u>" means the last day of each March, June, September and December, commencing with the Fiscal Quarter ending June 30, 2021 (or (x) in the case of the 2023 Incremental Dollar Term Loans and the Seventh Amendment Euro Incremental Term Loans, commencing with the Fiscal Quarter ending September 30, 2023, (y) in the case of the Ninth Amendment Dollar Refinancing Term Loans and the Ninth Amendment Euro Refinancing Term Loans, commencing with the Fiscal Quarter ending December 31, 2024 and (z) in the case of the Eleventh Amendment Dollar Refinancing Term Loans, commencing with the Fiscal Quarter ending June 30, 2025).

"<u>SEC</u>" means the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of its functions.

"<u>Secured Hedging Obligations</u>" means all Hedging Obligations (other than any Excluded Swap Obligations and any Ancillary Obligation) under each Hedge Agreement that is in effect on the Closing Date or entered into at any time on or after the Closing Date between any Loan Party and (a) a counterparty that is (or is an Affiliate of) the Administrative Agent, a Lender or an Arranger as of the Closing Date or at the time such Hedge Agreement is entered into and/or (b) any other Person designated by the Borrower Representative to the Administrative Agent, in the case of the foregoing <u>clause (b)</u>, for which such Loan Party agrees to provide security and in each case that has been designated to the Administrative Agent in writing by the Borrower Representative as being a Secured Hedging Obligation for purposes of the Loan Documents; it being understood that in the case of the foregoing clauses (a) and (b), each counterparty to any such Hedge Agreement shall be deemed (A) to appoint the Administrative Agent as its agent under the applicable Loan Documents and (B) to agree to be bound by the provisions of <u>Article 8</u>, <u>Section 9.03</u> and <u>Section 9.10</u> and any applicable Intercreditor Agreement as if it were a Lender.

"<u>Secured Net Leverage Ratio</u>" means the ratio, as of any date of determination, of (a) Consolidated Secured Debt as of the last day of the most recently ended Test Period to (b) Consolidated Adjusted EBITDA for the most recently ended Test Period, in each case, of Intermediate Dutch Holdings and its Restricted Subsidiaries on a consolidated basis.

"<u>Secured Obligations</u>" means all Obligations, together with (a) all Banking Services Obligations, (b) all Secured Hedging Obligations and (c) all Ancillary Obligations.

"<u>Secured Parties</u>" means (a) the Lenders, the Issuing Banks and the Swingline Lender, (b) the Agents, (c) each counterparty to a Hedge Agreement with a Loan Party the obligations under which constitute Secured Hedging Obligations, (d) each provider of Banking Services to any Loan Party the obligations under which constitute Banking Services Obligations, (e) each Ancillary Lender and (f) any beneficiary of any indemnification obligation undertaken by any Loan Party under any Loan Document.

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"<u>Securities Act</u>" means the Securities Act of 1933 and the rules and regulations of the SEC promulgated thereunder.

"<u>Security</u>" means a fungible financial instrument that holds some monetary value, such as representing (a) an ownership interest in a publicly-traded company or rights to such ownership, or (b) a creditor relationship with a Governmental Authority or company.

"<u>Security Agreements</u>" means the US Security Agreement, the US Share Pledge Agreement, the US Pledge Agreement and each Non-US Security Agreement.

"<u>Seventh Amendment</u>" means that certain Seventh Amendment to Credit Agreement, dated as of the Seventh Amendment Effective Date, among Holdings, Intermediate Dutch Holdings, the Borrowers, the Loan Guarantors party thereto, the Previous Agent and the Lenders party thereto.

"<u>Seventh Amendment Dollar Incremental Term Loans</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Seventh Amendment Dollar Incremental Term Loan Commitments</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Seventh Amendment Effective Date</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Seventh Amendment Euro Incremental Term Loans</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Seventh Amendment Euro Incremental Term Loan Commitments</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Seventh Amendment Incremental Lenders</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Seventh Amendment Incremental Term Lender</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Seventh Amendment Incremental Term Loan</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Seventh Amendment Incremental Term Loan Commitment</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Shared Incremental Amount</u>" means the greater of $492,000,000 and 100% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period.

"<u>Similar Business</u>" means any Person the majority of the revenues of which are derived from a business that would be permitted by <u>Section 5.18</u> if the references to "Restricted Subsidiaries" in <u>Section 5.18</u> were read to refer to such Person.

"<u>SOFR</u>" means, with respect to any Business Day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York's Website (or any successor source) at approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day and, in each case, that has been selected or recommended by the Relevant Governmental Body.

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"<u>SPC</u>" has the meaning assigned to such term in <u>Section 9.05(e)</u>.

"<u>SPD Leverage Test</u>" means the First Lien Net Leverage Ratio, determined on a Pro Forma Basis, not exceeding the greater of (i) 3.25:1.00 and (ii) the First Lien Net Leverage Ratio level that is 0.50:1.00 inside the First Lien Net Leverage Ratio as of the end of the then most recently ended Test Period.

"<u>SPD Proceeds</u>" means the Net Proceeds of any Specified Permitted Disposition.

"<u>Special Flood Hazard Area</u>" means an area that the Federal Emergency Management Agency has designated as an area subject to special flood or mud slide hazards.

"<u>Specified German Loan Party</u>" means each of Grace Holdco, Grace Bidco and each Restricted Subsidiary of Grace Bidco that is a German Subsidiary.

"<u>Specified Acquisition Agreement Representations</u>" means the representations and warranties made by, or on behalf of, the Target, its subsidiaries or their respective businesses in the Acquisition Agreement as are material to the interests of the Lenders in their capacity as such, but only to the extent that the US Borrower or the Dutch Borrower (or their applicable Affiliates) has the right to terminate their respective (or such Affiliate's) obligations under the Acquisition Agreement or decline to consummate the Acquisition as a result of a breach of such representations and warranties in the Acquisition Agreement.

"<u>Specified Commitment</u>" has the meaning assigned to such term in <u>Section 1.12(g)</u>.

"<u>Specified EBITDA Adjustments</u>" means the add-backs, adjustments and/or exclusions of the type reflected in clause (ii) (to the extent relating to Project Rally) and clause (iii) of the QofE Adjustment.

"<u>Specified Guarantor Release Provision</u>" has the meaning assigned to such term in <u>Section 8.09</u>.

"<u>Specified IPO Entity</u>" means an IPO Entity that is either a Parent Company or Intermediate Dutch Holdings.

"<u>Specified MFN Excluded Debt</u>" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Incremental Term Loans incurred or implemented in connection with any acquisition or similar Investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Incremental Term Loans that would otherwise constitute "Specified MFN Indebtedness" in an aggregate principal amount not to exceed of the greater of $492,000,000 and 100% of Consolidated Adjusted EBITDA for the most recently ended Test Period.

"<u>Specified MFN Indebtedness</u>" means any Incremental Term Loans incurred in reliance on <u>Section 2.22</u> (other than Specified MFN Excluded Debt) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are pari passu with the 2023 Incremental Dollar Term Loans or Seventh Amendment Euro Incremental Term Loans, as applicable, in right of payment and with respect to security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are broadly syndicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) are denominated in the same currency as the relevant 2023 Incremental Dollar Term Loans or Seventh Amendment Euro Incremental Term Loans, as applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) require payment of interest in cash (to the extent of such cash interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) incurred in reliance on the Incremental Incurrence-Based Component (and not by virtue of any re-classification described in <u>clause (C)</u> of the proviso to the definition of "Incremental Cap");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) scheduled to mature prior to the date that is one year after the Initial Term Loan Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) incurred or implemented prior to the date that is 6 months after the Seventh Amendment Effective Date.

"<u>Specified Permitted Disposition</u>" means Dispositions of certain lines of business disclosed to the Arrangers.

"<u>Specified Representations</u>" means the representations and warranties set forth in <u>Section 3.01(a)(i)</u> (as it relates to organizational existence of the Loan Parties), <u>Section 3.02</u> (as it relates to the due authorization, execution, delivery and performance of the Loan Documents and the enforceability thereof), <u>Section 3.03(b)(i)</u>, <u>Section 3.08</u>, <u>Section 3.12</u>, <u>Section 3.14</u> (as it relates to the creation, validity and perfection of the security interests in the Collateral), <u>Section 3.16</u>, <u>Section 3.17(a)(ii)</u>, <u>Section 3.17(b)</u> and <u>Section 3.17(c)(ii)</u> (solely as it relates to the use of proceeds in violation of FCPA).

"<u>Specified Repricing Transaction</u>" means, each of (a) (i) with respect to the Eleventh Amendment Dollar Refinancing Term Loans, the prepayment, repayment, refinancing, substitution or replacement of all or a portion of the Eleventh Amendment Dollar Refinancing Term Loans, substantially concurrently with the incurrence by the Borrowers of any broadly syndicated secured first lien term B loans (including any Replacement Term Loan) denominated in Dollars, having an Effective Yield that is less than the Effective Yield applicable to the Eleventh Amendment Dollar Refinancing Term Loans so prepaid, repaid, refinanced, substituted or replaced and (ii) with respect to the Eleventh Amendment Euro Refinancing Term Loans, the prepayment, repayment, refinancing, substitution or replacement of all or a portion of the Eleventh Amendment Euro Refinancing Term Loans, substantially concurrently with the incurrence by the Borrowers of any broadly syndicated secured first lien term B loans (including any Replacement Term Loan) denominated in Euros, having an Effective Yield that is less than the Effective Yield applicable to the Eleventh Amendment Euro Refinancing Term Loans so prepaid, repaid, refinanced, substituted or replaced, and (b) any amendment, waiver or other modification to this Agreement that would have the effect (by affecting the margin and not by virtue of any fluctuation in any floating rate) of reducing the Effective Yield applicable to the Eleventh Amendment Dollar Refinancing Term Loans and/or Eleventh Amendment Euro Refinancing Term Loans; <u>provided</u>, that the primary purpose of such prepayment, repayment, refinancing, substitution, replacement, amendment, waiver or other modification (as determined by the Borrower Representative in good faith) was to reduce the Effective Yield applicable to such Eleventh Amendment Dollar Refinancing Term Loans and/or Eleventh Amendment Euro Refinancing Term Loans, as applicable; <u>provided</u>, <u>further</u>, that in no event shall any such prepayment, repayment, refinancing, substitution, replacement, amendment, waiver or other modification in connection with a Change of Control, IPO, dividend recapitalization, material acquisition or similar material Investment (as determined by the Borrower Representative in good faith), Disposition or maturity extension constitute a Specified Repricing Transaction.

"<u>Specified Subsidiary</u>" has the meaning assigned to such term in <u>Section 2.11(b)(iv)</u>.

"<u>Sponsor</u>" means, collectively, Advent, its controlled Affiliates and funds managed or advised by any of them or any of their respective controlled Affiliates.

"<u>Spot Rate</u>" means, for any currency, on any Revaluation Date or other relevant date of determination, the rate determined by the Administrative Agent to be the rate quoted by the Administrative Agent as the spot rate for the purchase by the Administrative Agent of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date that is two Business Days prior to the date as of which the foreign exchange computation is made; <u>provided</u> that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the Administrative Agent does not have as of the date of determination a spot buying rate for any such currency.

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"<u>Standby Letter of Credit</u>" means any Letter of Credit other than any Commercial Letter of Credit.

"<u>Stated Amount</u>" means, with respect to any Letter of Credit, at any time, the maximum amount available to be drawn thereunder, in each case determined (a) as if any future automatic increase in the maximum available amount provided for in any such Letter of Credit had in fact occurred at such time and (b) without regard to whether any conditions to drawing could then be met but after giving effect to all previous drawings made thereunder.

"<u>Subject Indebtedness</u>" has the meaning assigned to such term in <u>Section 1.03</u>.

"<u>Subject Loans</u>" has the meaning assigned to such term in <u>Section 2.11(b)(ii)</u>.

"<u>Subject Person</u>" has the meaning assigned to such term in the definition of "Consolidated Net Income".

"<u>Subject Proceeds</u>" has the meaning assigned to such term in <u>Section 2.11(b)(ii)</u>.

"<u>Subject Transaction</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Permitted Acquisition or any other acquisition or similar Investment, whether by purchase, merger or otherwise, of all or substantially all of the assets of, or any business line, unit or division of, any Person or of a majority of the outstanding Capital Stock of any Person (and, in any event, including any Investment in (i) any Restricted Subsidiary the effect of which is to increase Intermediate Dutch Holdings' or any Restricted Subsidiary's respective equity ownership in such Restricted Subsidiary or (ii) any joint venture for the purpose of increasing Intermediate Dutch Holdings' or its relevant Restricted Subsidiary's ownership interest in such joint venture), in each case that is permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Disposition of (i) all or substantially all of the assets or (ii) Capital Stock of any subsidiary (or any business unit, line of business or division of Intermediate Dutch Holdings and/or any Restricted Subsidiary) not prohibited by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary or an Unrestricted Subsidiary as a Restricted Subsidiary in accordance with <u>Section 5.10</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any incurrence, retirement, redemption, repayment and/or prepayment of Indebtedness (other than any Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of business for working capital purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any capital contribution in respect of Qualified Capital Stock or any issuance of Qualified Capital Stock (other than any amount constituting a Cure Amount);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the implementation of any Business Optimization Initiative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the execution of any New Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the election of the Borrower Representative, any discontinued operation; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other event that by the terms of the Loan Documents requires pro forma compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a pro forma basis.

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"<u>subsidiary</u>" 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 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, 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 such Person or one or more of the other subsidiaries of such Person or a combination thereof, in each case to the extent the relevant entity's financial results are required to be included in such Person's consolidated financial statements under GAAP; <u>provided</u> that in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interests in the nature of a "qualifying share" of the former Person shall be deemed to be outstanding. Unless otherwise specified, "subsidiary" shall mean any subsidiary of Intermediate Dutch Holdings.

"<u>Subsidiary Guarantor</u>" means (a) on the Closing Date (i) each wholly-owned Restricted Subsidiary that is a Domestic Subsidiary (other than any such subsidiary that is an Excluded Subsidiary on the Closing Date) and (ii) the Dutch Borrower and (b) thereafter (other than to the extent constituting an Excluded Subsidiary) and, in each case subject to and in accordance with <u>Section 5.12</u> and the definition of "Collateral and Guarantee Requirements" (i) each Dutch Subsidiary, (ii) the Swiss Target, (iii) the Specified German Loan Parties, (iv) Acceleratio and (v) each other subsidiary of Intermediate Dutch Holdings that becomes a guarantor of the Secured Obligations pursuant to the terms of this Agreement (including any such subsidiary designated as a Discretionary Guarantor pursuant to <u>Section 5.12(c)</u>), in each case, until such time as the relevant subsidiary is released from its obligations under its Loan Guaranty in accordance with the terms and provisions hereof; <u>provided</u>, that each Borrower that is a Restricted Subsidiary shall only constitute a Subsidiary Guarantor in respect of the Obligations of each other Borrower.

"<u>Successor Borrower</u>" has the meaning assigned to such term in <u>Section 6.07(a)</u>.

"<u>Successor Borrower Approved Jurisdiction</u>" means each of Luxembourg, the Cayman Islands, Canada and the United Kingdom, and, in each case, any state, province, territory or other similar local unit therein.

"<u>Successor Holdings</u>" has the meaning assigned to such term in <u>Section 6.07(cc)</u>.

"<u>Successor Rate</u>" means any LIBO Successor Rate, any Term SOFR Successor Rate and/or any Canadian Benchmark Replacement, as the context may require.

"<u>Successor Rate Conforming Changes</u>" means, with respect to any proposed Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of Business Day, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the reasonable discretion of the Administrative Agent and in consultation with the Borrower Representative, to reflect the adoption and implementation of such Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent reasonably determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for comparable syndicated credit facilities for the administration of such Successor Rate exists, in such other manner of administration that the Administrative Agent reasonably determines (in consultation with the Borrower Representative) is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).

"<u>Supported QFC</u>" has the meaning assigned to such term in <u>Section 9.27</u>.

"<u>Swap Obligations</u>" means, with respect to any Loan Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act.

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"<u>Swingline Exposure</u>" means, at any time, the Dollar Equivalent of the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Revolving Lender at any time shall equal to its Applicable Revolving Credit Percentage of the aggregate Swingline Exposure at such time.

"<u>Swingline Lender</u>" means JPMorgan, in its capacity as lender of Swingline Loans hereunder, or any successor lender of Swingline Loans hereunder.

"<u>Swingline Loan</u>" has the meaning assigned to such term in <u>Section 2.04</u>.

"<u>Swiss Code of Obligations</u>" means the Swiss Federal Code of Obligations (*Bundesgesetz* betreffend die Ergänzung des Schweizerischen Zivilgesetzbuches (Fünfter Teil: Obligationenrecht)) of 30 March 1911 (SR 220), as amended from time to time.

"<u>Swiss Collateral Documents</u>" has the meaning assigned to such term in <u>Section 8.01(b)</u>.

"<u>Swiss Loan Party</u>" means any Loan Party incorporated or established under the laws of Switzerland.

"<u>Swiss Subsidiary</u>" means any Restricted Subsidiary of the Swiss Target that is incorporated or established under the laws of Switzerland.

"<u>Swiss Target</u>" has the meaning assigned to such term in the recitals to this Agreement.

"<u>Target</u>" has the meaning assigned to such term in the recitals to this Agreement.

"<u>Target Business</u>" has the meaning assigned to the term "Business" in the Acquisition Agreement.

"<u>TARGET Day</u>" means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

"<u>Target Guarantees</u>" has the meaning assigned to such term in the final paragraph of <u>Section 4.01</u>.

"<u>Target Quality of Earnings Report</u>" means the quality of earnings report with respect to the Target, dated as of October 11, 2020.

"<u>Tax and Trust Funds</u>" means cash, Cash Equivalents or other assets comprised solely of (a) funds used for payroll and payroll Taxes and other payments to or for the benefit of employees of Intermediate Dutch Holdings and/or any of its Restricted Subsidiaries, (b) all Taxes required to be collected, remitted or withheld (including federal and state withholding taxes (including the employer's share thereof) and (c) any other funds which any Loan Party holds in trust or as an escrow or fiduciary for another Person which is not a Loan Party in the ordinary course of business.

"<u>Tax Compliance Certificate</u>" has the meaning assigned to such term in <u>Section 2.17(f)</u>.

"<u>Taxes</u>" means all present and future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Termination Date</u>" has the meaning assigned to such term in the lead-in to <u>Article 5</u>.

"<u>Term Borrower</u>" means US Top Borrower, US Borrower and Dutch Borrower, as the case may be.

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"<u>Term Commitment</u>" means any Initial Term Loan Commitment, any Fifth Amendment Dollar Incremental Term Loan Commitment, any Seventh Amendment Incremental Term Loan Commitment and any Additional Term Loan Commitment.

"<u>Term CORRA</u>" means, with respect to a Term CORRA Borrowing, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "<u>Periodic Term CORRA Determination Day</u>") that is two Business Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator; <u>provided</u>, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Canadian Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than five Business Days prior to such Periodic Term CORRA Determination Day; <u>provided</u>, <u>further</u>, that if Term CORRA shall ever be less than 0.0% per annum, then Term CORRA shall be deemed to be 0.0% per annum.

"<u>Term CORRA Administrator</u>" means Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.

"<u>Term CORRA Notice</u>" means a notification, with the prior written consent of the Borrower Representative, by the Administrative Agent to the Lenders and the Borrower Representative of the occurrence of a Term CORRA Reelection Event.

"<u>Term CORRA Reelection Event</u>" means the determination by the Administrative Agent in consultation with the Borrower Representative that (a) Term CORRA has been recommended for use by the Relevant Governmental Body, (b) the administration of Term CORRA is administratively feasible for the Administrative Agent and (c) a Canadian Benchmark Transition Event has previously occurred resulting in a Benchmark Replacement in accordance with <u>Section 2.14</u> that is not Term CORRA.

"<u>Term CORRA Reference Rate</u>" means the forward-looking term rate based on CORRA.

"<u>Term Facility</u>" means the Term Loans provided to or for the benefit of the Term Borrowers pursuant to the terms of this Agreement.

"<u>Term Lender</u>" means any Initial Term Lender, any 2021 Repricing Term Loan Lender, any Fifth Amendment Incremental Term Lender, any Seventh Amendment Incremental Term Lender, any Ninth Amendment Refinancing Term Lender, any Eleventh Amendment Refinancing Term Lender and any Additional Term Lender.

"<u>Term Loan</u>" means the Initial Term Loans, the 2021 Repricing Term Loans, the Ninth Amendment Dollar Refinancing Term Loans, the Ninth Amendment Euro Refinancing Term Loans, the Eleventh Amendment Dollar Refinancing Term Loans, the Eleventh Amendment Euro Refinancing Term Loans and, if applicable, any Additional Term Loans.

"<u>Term SOFR</u>" means the forward-looking term rate for any period that is approximately (as reasonably determined by the Administrative Agent) as long as any of the Interest Period options set forth in the definition of "Interest Period" and that is based on SOFR and that has been selected or recommended by the Relevant Governmental Body, in each case as published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion in consultation with the Borrower Representative. Notwithstanding anything to the contrary herein, "Term SOFR" means for any Interest Period with respect to a Term SOFR Rate Loan, the rate per annum equal to the Term SOFR Screen Rate two US Government Securities Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period.

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"<u>Term SOFR Adjustment</u>" means (a) with respect to Eighth<u>Twelfth</u> Amendment Revolving Loans, 0.00% (0 basis points) and (b) with respect to the Eleventh Amendment Dollar Refinancing Term Loans, 0.00% (0 basis points).

"<u>Term SOFR Rate</u>" means, with respect to any Interest Period when used in reference to any Loan or Borrowing, (a) Term SOFR or (b) if the rate described in <u>clause (a)</u> is not available at such time for any reason, then the "Term SOFR" for such Interest Period shall be determined in accordance with <u>Section 2.14</u>.

"<u>Term SOFR Rate Borrowing</u>" means, as to any Borrowing, the Term SOFR Rate Loans comprising such Borrowing.

"<u>Term SOFR Rate Loan</u>" means a Loan that bears interest at a rate based on the Adjusted Term SOFR Rate, other than pursuant to clause (b) of the definition of "Alternate Base Rate".

"<u>Term SOFR Replacement Date</u>" has the meaning assigned to such term in <u>Section 2.14(d)</u>.

"<u>Term SOFR Scheduled Unavailability Date</u>" has the meaning assigned to such term in <u>Section 2.14(c</u>).

"<u>Term SOFR Screen Rate</u>" means, for any day and time (such day, the "Term SOFR Determination Day"), with respect to any Term SOFR Rate Borrowing denominated in Dollars for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 1:00 p.m. (New York City time) on such Term SOFR Determination Day, the "Term SOFR Screen Rate" for the applicable tenor has not been published by the CME, then, so long as such day is otherwise a US Government Securities Business Day, the Term SOFR Screen Rate for such Term SOFR Determination Day will be the Term SOFR Screen Rate as published in respect of the first preceding US Government Securities Business Day for which such Term SOFR Screen Rate was published by the CME, so long as such first preceding US Government Securities Business Day is not more than five US Government Securities Business Days prior to such Term SOFR Determination Day.

"<u>Term SOFR Successor Rate</u>" has the meaning assigned to such term in <u>Section 2.14(d)</u>.

"<u>Test Period</u>" means, as of any date<u>, (a) for purposes of determining actual compliance with Section 6.10(a), the period of four consecutive Fiscal Quarters then most recently ended for which financial statements of the type described in Section 5.01(a) or Section 5.01(b), as applicable, have been delivered (or are required to have been delivered) and (b) for any other purpose</u>, the period of four consecutive Fiscal Quarters then most recently ended for which financial statements of the type described in <u>Sections 5.01(a)</u> or <u>(b)</u>, as applicable, have been delivered (or are required to have been delivered) or, if earlier, are internally available; it being understood and agreed that (i) prior to the first delivery (or required delivery) of financial statements under <u>Sections 5.01(a)</u> or <u>(b)</u>, "Test Period" means the period of four consecutive Fiscal Quarters most recently ended for which financial statements of Intermediate Dutch Holdings are available and (ii) <u>in the case of clause (b) above,</u> at the election of the Borrower Representative in its sole discretion, the period of four consecutive Fiscal Quarters ending on the last day of the fourth Fiscal Quarter of any Fiscal Year may constitute a Test Period if financial statements of the type described in <u>Section 5.01(a)</u> for the fourth Fiscal Quarter of such Fiscal Year are internally available.

"<u>Third Amendment</u>" means that certain Third Amendment to Credit Agreement, dated as of the Third Amendment Effective Date, among Holdings, Intermediate Dutch Holdings, the Borrowers, the Revolving Lenders and the Previous Agent party thereto.

"<u>Third Amendment Effective Date</u>" has the meaning assigned to such term in the Third Amendment.

"<u>Threshold Amount</u>" means the greater of $147,600,000 and 30% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period.

"<u>Total Net Leverage Ratio</u>" means the ratio, as of any date of determination, of (a) Consolidated Total Debt outstanding as of the last day of the most recently ended Test Period to (b) Consolidated Adjusted EBITDA for the most recently ended Test Period, in each case, of Intermediate Dutch Holdings and its Restricted Subsidiaries on a consolidated basis.

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"<u>Total Revolving Credit Commitment</u>" means, at any time, the aggregate amount of the Revolving Credit Commitments, as in effect at such time.

"<u>Total Revolving Credit Outstandings</u>" means the aggregate of all Revolving Outstandings with respect to a Class of Revolving Credit Commitments.

"<u>Trade Date</u>" means the date on which the applicable Lender entered into a binding agreement to sell and assign or participate all or a portion of its rights and/or obligations under this Agreement.

"<u>Trademark</u>" means the following: (a) all trademarks (including service marks), common law marks, trade names, trade dress, and logos, slogans and other indicia of origin under the Requirements of Law of any jurisdiction in the world, and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing, (b) all renewals of the foregoing, (c) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof, (d) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing and (e) all domestic rights corresponding to any of the foregoing.

"<u>Tranche B-1 Commitment</u>" means, with respect to Person, the commitment of such Person to make Tranche B-1 Term Loans hereunder in an aggregate amount not to exceed the amount set forth opposite such Person's name on the Commitment Schedule, as the same may be (a) reduced from time to time pursuant to <u>Section 2.09</u>, (b) reduced or increased from time to time pursuant to assignments by or to such Person pursuant to <u>Section 9.05</u> and (c) increased from time to time pursuant to an Additional Term Loan Commitment; provided, that the aggregate amount of the Tranche B-1 Commitments as of the Closing Date shall be $950,000,000.

"<u>Tranche B-2 Commitment</u>" means, with respect to Person, the commitment of such Person to make Tranche B-2 Term Loans hereunder in an aggregate amount not to exceed the amount set forth opposite such Person's name on the Commitment Schedule, as the same may be (a) reduced from time to time pursuant to <u>Section 2.09</u>, (b) reduced or increased from time to time pursuant to assignments by or to such Person pursuant to <u>Section 9.05</u> and (c) increased from time to time pursuant to an Additional Term Loan Commitment; provided, that the aggregate amount of the Tranche B-2 Commitments as of the Closing Date shall be €545,000,000.

"<u>Tranche B-3 Commitment</u>" means, with respect to Person, the commitment of such Person to make Tranche B-3 Term Loans hereunder in an aggregate amount not to exceed the amount set forth opposite such Person's name on the Commitment Schedule, as the same may be (a) reduced from time to time pursuant to <u>Section 2.09</u>, (b) reduced or increased from time to time pursuant to assignments by or to such Person pursuant to <u>Section 9.05</u> and (c) increased from time to time pursuant to an Additional Term Loan Commitment; <u>provided</u>, that the aggregate amount of the Tranche B-3 Commitments as of the Closing Date shall be C$128,000,000.

"<u>Tranche B-1 Term Lender</u>" means any Lender with a Tranche B-1 Commitment or an outstanding Tranche B-1 Term Loan.

"<u>Tranche B-2 Term Lender</u>" means any Lender with a Tranche B-2 Commitment or an outstanding Tranche B-2 Term Loan.

"<u>Tranche B-3 Term Lender</u>" means any Lender with a Tranche B-3 Commitment or an outstanding Tranche B-3 Term Loan.

"<u>Tranche B-1 Term Loans</u>" has the meaning assigned to such term in <u>Section 2.01(a)(i)(A)</u>.

"<u>Tranche B-2 Term Loans</u>" has the meaning assigned to such term in <u>Section 2.01(a)(i)(B)</u>.

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"<u>Tranche B-3 Term Loans</u>" has the meaning assigned to such term in <u>Section 2.01(a)(i)(C)</u>.

"<u>Transaction Costs</u>" means fees, premiums, expenses and other transaction costs (including original issue discount or upfront fees) payable or otherwise borne by Intermediate Dutch Holdings, any Parent Company and/or its subsidiaries in connection with the Transactions and the transactions contemplated thereby.

"<u>Transactions</u>" means, collectively, (a) the execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party and the Borrowing of Loans hereunder on the Closing Date, (b) the transactions contemplated by the Acquisition Agreement, including the Closing Date Acquisition (including the Closing US Merger) and each Potential Subsequent Acquisition, (c) the Closing Date Releases, (d) the Equity Contribution, (e) the Initial Internal Reorganizations, and (f) the payment of the Transaction Costs.

"<u>Treasury Capital Stock</u>" has the meaning assigned to such term in <u>Section 6.04(a)(viii)</u>.

"<u>Treasury Regulations</u>" means the US federal income tax regulations promulgated under the Code.

<u>"Twelfth Amendment" means that certain Twelfth Amendment to Credit Agreement, dated as of July 11, 2025, among Holdings, Intermediate Dutch Holdings, the Borrowers, the Loan Guarantors party thereto, the Administrative Agent, the US Collateral Agent, the Non-US Collateral Agent and the Lenders party thereto.</u>

<u>"Twelfth Amendment Effective Date</u><u>" has the meaning assigned to such term in the</u> <u>Twelfth Amendment.</u>

<u>"Twelfth Amendment Lead Arrangers" means the "Twelfth Amendment Arrangers" as defined in the Twelfth Amendment.</u>

<u>"Twelfth Amendment</u> <u>Revolving Commitment" means, with respect to each</u> <u>Twelfth Amendment</u> <u>Revolving Lender, the commitment of such Person to make</u> <u>Twelfth Amendment</u> <u>Revolving Loans (and acquire participations in Letters of Credit and Swingline Loans) hereunder as set forth on Schedule I to the</u> <u>Twelfth</u> <u>Amendment, or in the Assignment Agreement pursuant to which such Person assumed its</u> <u>Twelfth Amendment Revolving</u> <u>Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to Section 2.09 or Section 2.19, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.05, (c) increased pursuant to Section 2.22 or (d) other than for purposes of determining the Required Lenders or Required Revolving Lenders at any time, if such Lender is an Ancillary Lender, decreased by the amount of such Lender's Ancillary Commitment (and is increased to the extent that any such Ancillary Commitment is reduced, cancelled or terminated). The aggregate amount of the</u> <u>Twelfth Amendment</u> <u>Revolving Commitments as of the</u> <u>Twelfth</u> <u>Amendment Effective Date is $</u><u>750,000,000.</u>

<u>"Twelfth Amendment Revolving Facility" means the Twelfth Amendment Revolving Commitments and the Twelfth Amendment</u> <u>Revolving Loans and other extensions of credit thereunder.</u>

<u>"Twelfth Amendment</u> <u>Revolving Lenders" has the meaning assigned to such term in the</u> <u>Twelfth Amendment.</u>

<u>"Twelfth Amendment</u> <u>Revolving Loans" has the meaning assigned to such term in Section 2.01(a)(</u><u>ii).</u>

<u>"Twelfth</u> <u>Amendment Revolving Credit Exposure" means, with respect to any Lender at any time, the aggregate Outstanding Amount at such time of all</u> <u>Twelfth Amendment</u> <u>Revolving Loans of such Lender, plus the aggregate amount at such time of such Lender's LC Exposure and Swingline Exposure, in each case, attributable to its</u> <u>Twelfth Amendment Revolving Commitment.</u>

"<u>Type</u>", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the LIBO Rate, the Adjusted Term SOFR Rate, the Alternate Base Rate, the Canadian Prime Rate or Daily Simple CORRA.

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"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of which are required to be applied in connection with the creation or perfection of security interests.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unrestricted Cash Amount</u>" means, as to any Person on any date of determination, the amount of (a) unrestricted Cash and Cash Equivalents of such Person and its Restricted Subsidiaries and (b) Cash and Cash Equivalents of such Person and its Restricted Subsidiaries that are restricted in favor of the Credit Facilities and/or other permitted pari passu or junior secured Indebtedness (which may also include Cash and Cash Equivalents securing other Indebtedness that is secured by a Lien on Collateral along with the Credit Facilities and/or other permitted pari passu or junior secured indebtedness), in each case (i) whether or not held in a pledged account and (ii) calculated in accordance with GAAP.

"<u>Unrestricted Incremental Amount</u>" means, collectively, the Shared Incremental Amount, the Reallocated General Debt Basket Incremental Component and the Additional Revolving Incremental Amount.

"<u>Unrestricted Subsidiary</u>" means (a) any subsidiary of Intermediate Dutch Holdings that is listed on <u>Schedule 5.10</u> hereto or designated by the Borrower Representative as an Unrestricted Subsidiary after the Closing Date pursuant to <u>Section 5.10</u> and (b) each subsidiary of any Person described in the preceding <u>clause (a)</u>.

"<u>US</u>" means the United States of America.

"<u>US Bidco</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>US Borrower</u>" means prior to the consummation of the Closing US Merger, US Bidco, and following the consummation of the Closing US Merger, US Target.

"<u>US Collateral Agent</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>US Government Securities Business Day</u>" means any Business Day, except any Business Day on which any of the Securities Industry and Financial Markets Association, the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because such day is a legal holiday under the federal laws of the United States or the laws of the State of New York, as applicable.

"<u>US Loan Party</u>" means any Loan Party that is incorporated or organized under the laws of the US, any state thereof or the District of Columbia.

"<u>US Person</u>" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code.

"<u>US Pledge Agreement</u>" means the US Pledge Agreement (Swiss Receivables), required to be delivered in accordance with <u>Section 5.15</u>, among the applicable Loan Parties as grantors and the US Collateral Agent for the benefit of the Secured Parties, pursuant to which the Material Swiss Intercompany Receivables are pledged.

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"<u>US Security Agreement</u>" means the US Pledge and Security Agreement, substantially in the form of <u>Exhibit M</u>, among the US Loan Parties as grantors and the US Collateral Agent for the benefit of the Secured Parties.

"<u>US Share Pledge Agreement</u>" means the Pledge Agreement, dated as of the date hereof, pursuant to which Intermediate Dutch Holdings pledges the Capital Stock of the US Top Borrower.

"<u>US Special Resolution Regimes</u>" has the meaning assigned to such term in <u>Section 9.27</u>.

"<u>US Subsidiary</u>" means any Restricted Subsidiary incorporated or organized under the laws of the US, any state thereof or the District of Columbia.

"<u>US Target</u>" has the meaning assigned to such term in the recitals to this Agreement.

"<u>US Top Borrower</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>USA PATRIOT Act</u>" means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

"<u>Weighted Average Life to Maturity</u>" means, when applied to any Indebtedness at any date, the number of years obtained by <u>dividing</u>: (a) the sum of the products obtained by <u>multiplying</u> (i) the amount of each then remaining installment, sinking fund, serial maturity or other required scheduled payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness; <u>provided</u> that the effects of any prepayment made in respect of such Indebtedness shall be disregarded in making such calculation.

"<u>Wholly-Owned Subsidiary</u>" of any Person means a subsidiary of such Person, 100% of the Capital Stock of which (other than directors' qualifying shares or shares required by Requirements of Law to be owned by a resident of the relevant jurisdiction) shall be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

"<u>Withdrawal Liability</u>" means the liability to any Multiemployer Plan as the result of a "complete" or "partial" withdrawal by Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary or any ERISA Affiliate from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

"<u>Write-Down and Conversion Powers</u>" means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

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Section 1.02. <u>Classification of Loans and Borrowings</u>. For purposes of this Agreement, Loans may be classified and referred to by Class (*e.g*., a "Term Loan") or by Type (*e.g*., a "LIBO Rate Loan") or by Class and Type (*e.g.*, a "LIBO Rate Term Loan"). Borrowings also may be classified and referred to by Class (*e.g.*, a "Term Loan Borrowing") or by Type (*e.g*., a "LIBO Rate Borrowing") or by Class and Type (*e.g.*, a "LIBO Rate Term Loan Borrowing").

Section 1.03. <u>Terms Generally</u>. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The word "will" shall be construed to have the same meaning and effect as the word "shall."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The words "herein," "hereof" and "hereunder," and words of similar import, when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any definition of or reference to any agreement, instrument or other document herein or in any Loan Document (including any Loan Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, amended and restated, supplemented or otherwise modified or extended, replaced or refinanced (subject to any restrictions or qualifications on such amendments, restatements, amendment and restatements, supplements or modifications or extensions, replacements or refinancings set forth herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any reference to any Requirement of Law in any Loan Document shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any reference herein or in any Loan Document to any Person shall be construed to include such Person's successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All references herein or in any Loan Document to Articles, Sections, clauses, paragraphs, Exhibits and Schedules shall be construed to refer to Articles, Sections, clauses and paragraphs of, and Exhibits and Schedules to, such Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In the computation of periods of time in any Loan Document from a specified date to a later specified date, the word "from" means "from and including", the words "to" and "until" mean "to but excluding" and the word "through" means "to and including".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The words "asset" and "property", when used in any Loan Document, shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including Cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For purposes of determining compliance at any time with <u>Sections 5.16</u>, <u>6.01</u>, <u>6.02</u>, <u>6.04</u>, <u>6.05</u>, <u>6.06</u> and <u>6.07</u>, in the event that any Affiliate transaction, Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment or Disposition, as applicable, meets the criteria of more than one of the categories of transactions or items permitted pursuant to any clause of such <u>Sections 5.16</u>, <u>6.01</u> (other than <u>Sections 6.01(a)</u> (except as provided in the definition of "Incremental Cap"), <u>6.02</u> (other than <u>Section 6.02(a))</u>, <u>6.04</u>, <u>6.05</u>, <u>6.06</u> and <u>6.07</u>, the Borrower Representative, in its sole discretion, may, from time to time, classify or reclassify such transaction or item (or portion thereof) under one or more clauses of each such Section and will only be required to include the amount and type of such transaction (or portion thereof) in any one category; <u>provided</u> that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon the date on which financial statements of the type described in <u>Section 5.01(a)</u> or <u>(b)</u> are delivered or, if earlier, become internally available following the initial incurrence of any portion of any Indebtedness incurred under <u>Section 6.01</u> (other than <u>Section 6.01(a))</u> (such portion of such Indebtedness, the "<u>Subject Indebtedness</u>"), if any such Subject Indebtedness could, based on such financial statements, have been incurred in reliance on <u>Section 6.01 (w)</u>, such Subject Indebtedness shall automatically be reclassified as having been incurred under the applicable provisions of <u>Section 6.01(w)</u>, as applicable (subject to any other applicable provision of <u>Section 6.01(w))</u> and any associated Lien will be deemed to have been permitted under <u>Section 6.02</u> upon any such reclassification; it being understood for the avoidance of doubt that this clause (i) shall not limit the provisions of the definition of "Incremental Cap");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon the date on which financial statements of the type described in <u>Section 5.01(a)</u> or <u>(b)</u> are delivered or, if earlier, become internally available following the making of any Investment in reliance on <u>Section 6.06</u> (other than <u>Section 6.06(bb))</u>, if all or any portion of such Investment could, based on such financial statements, have been made in reliance on <u>Section 6.06(bb)</u>, such Investment (or the relevant portion thereof) shall automatically be reclassified as having been made in reliance on <u>Section 6.06(bb)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon the date on which financial statements of the type described in <u>Section 5.01(a)</u> or <u>(b)</u> are delivered or, if earlier, become internally available, following the making of any Restricted Payment under <u>Section 6.04(a)</u> (other than <u>Section 6.04(a)(xi))</u>, if all or any portion of such Restricted Payment could, based on such financial statements, have been made in reliance on <u>Section 6.04(a)(xi)</u>, such Restricted Payment (or the relevant portion thereof) shall automatically be reclassified as having been made in reliance on <u>Section 6.04(a)(xi)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon the date on which financial statements of the type described in <u>Section 5.01(a)</u> or <u>(b)</u> are delivered or, if earlier, become internally available, following the making of any Restricted Debt Payment under <u>Section 6.04(b)</u> (other than <u>Section 6.04(b)(vii))</u>, if all or any portion of such Restricted Debt Payment could, based on such financial statements, have been made in reliance on <u>Section 6.04(b)(vii)</u>, such Restricted Debt Payment (or the relevant portion thereof) shall automatically be reclassified as having been made in reliance on <u>Section 6.04(b)(vii)</u>;

<u>provided</u>, <u>further</u>, that it is understood and agreed that, with respect to the fourth Fiscal Quarter of any Fiscal Year, prior to the date on which financial statements of the type described in <u>Section 5.01(b)</u> for such Fiscal Year are delivered or become internally available or, if earlier, are required to be delivered, the Borrower Representative may, in its sole discretion, rely on financial statements of the type described in <u>Section 5.01(a)</u> that are internally available to trigger the reclassification of any transaction based on the financial results as of the end of the fourth Fiscal Quarter of such Fiscal Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) It is understood and agreed that any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Investment, Disposition and/or Affiliate transaction need not be permitted solely by reference to one category of permitted Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Investment, Disposition and/or Affiliate transaction under <u>Sections 5.16</u>, <u>6.01</u>, <u>6.02</u>, <u>6.04</u>, <u>6.05</u>, <u>6.06</u> or <u>6.07</u>, respectively, and may instead be permitted in part under any combination thereof, but the Borrower Representative will only be required to include the amount and type of such transaction (or portion thereof) in one such category (or combination thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) For purposes of any amount herein expressed as a percentage of Consolidated Adjusted EBITDA, "Consolidated Adjusted EBITDA," unless the context otherwise requires, shall be deemed to refer to Consolidated Adjusted EBITDA of Intermediate Dutch Holdings and its Restricted Subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Unless otherwise specified, an amount borrowed includes any amount utilized under an Ancillary Facility.

Section 1.04. <u>Accounting Terms; GAAP</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with GAAP as in effect from time to time and, except as otherwise expressly provided herein, all terms of an accounting nature that are used in calculating the First Lien Net Leverage Ratio, the First Lien Gross Leverage Ratio, the Secured Net Leverage Ratio, the Total Net Leverage Ratio, the Interest Coverage Ratio, Consolidated Adjusted EBITDA or Consolidated Total Assets shall be construed and interpreted in accordance with GAAP, as in effect from time to time; <u>provided</u> that if the Borrower Representative notifies the Administrative Agent that the Borrower Representative requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date of delivery of the financial statements described in <u>Section 3.04(a)</u> in GAAP or in the application thereof (including the conversion to IFRS as described below) on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change becomes effective until such notice have been withdrawn or such provision amended in accordance herewith; <u>provided</u>, <u>further</u>, that the Borrower Representative and the Administrative Agent shall negotiate in good faith to enter into an amendment of the relevant affected provisions (without the payment of any amendment or similar fee to the Lenders) to preserve the original intent thereof in light of such change in GAAP or the application thereof; provided, further, that all terms of an accounting or <u>financial</u> nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving effect to (i) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of Intermediate Dutch Holdings or any subsidiary at "fair value," as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. If the Borrower Representative notifies the Administrative Agent that Intermediate Dutch Holdings (or its applicable Parent Company) is required to report under IFRS or has elected to do so through an early adoption policy, "GAAP" shall mean international financial reporting standards pursuant to IFRS (<u>provided</u> that after such conversion, Intermediate Dutch Holdings cannot elect to report under GAAP).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, but subject to <u>Section 1.12</u> hereof, all financial ratios and tests (including the First Lien Net Leverage Ratio, the First Lien Gross Leverage Ratio, the Secured Net Leverage Ratio, the Total Net Leverage Ratio, the Interest Coverage Ratio and the amount of Consolidated Total Assets and Consolidated Adjusted EBITDA (other than, for the avoidance of doubt, for purposes of calculating Excess Cash Flow)) contained in this Agreement that are calculated with respect to any Test Period during which any Subject Transaction occurs shall be calculated with respect to such Test Period and such Subject Transaction on a Pro Forma Basis. Further, if since the beginning of any such Test Period and on or prior to the date of any required calculation of any financial ratio or test (i) any Subject Transaction has occurred or (ii) any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into Intermediate Dutch Holdings or any of its Restricted Subsidiaries or any joint venture since the beginning of such Test Period has consummated any Subject Transaction, then, in each case, any applicable financial ratio or test shall be calculated on a Pro Forma Basis for such Test Period as if such Subject Transaction had occurred at the beginning of the applicable Test Period (or, in the case of Consolidated Total Assets (or with respect to any determination pertaining to the balance sheet, including the acquisition of Cash and/or Cash Equivalents), as of the last day of such Test Period) (it being understood, for the avoidance of doubt, that solely for purposes of (A) calculating actual compliance with <u>Section 6.10(a)</u> and (B) calculating the First Lien Net Leverage Ratio or the First Lien Gross Leverage Ratio, as applicable, for purposes of the definitions of "Applicable Rate" and "Commitment Fee Rate", in each case, the date of the required calculation shall be the last day of the Test Period, and no Subject Transaction occurring thereafter shall be taken into account).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained in <u>paragraph (a)</u> above or in the definition of "Capital Lease," only those leases (assuming for purposes hereof that such leases were then in effect) that would constitute Capital Leases in conformity with GAAP as in effect prior to giving effect to the adoption of ASU No. 2016-02 "Leases (Topic 842)" and ASU No. 2018-11 "Leases (Topic 842)" shall be considered Capital Leases hereunder or under any other Loan Document, and all calculations and deliverables under this Agreement and/or any other Loan Document shall be made or prepared, as applicable, in accordance therewith; <u>provided</u>, that all financial statements required to be provided hereunder shall be prepared in accordance with GAAP without giving effect to the foregoing treatment of Capital Leases.

Section 1.05. <u>Effectuation of Transactions</u>. Each of the representations and warranties contained in this Agreement (and all corresponding definitions) is made after giving effect to the Transactions, unless the context otherwise requires.

Section 1.06. <u>Timing of Payment of Performance</u>. When payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of "Interest Period") or performance shall extend to the immediately succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.

Section 1.07. <u>Times of Day</u>. Unless otherwise specified herein, all references herein to times of day shall be references to London time in connection with any Term Loan denominated in Euros and to New York City time in connection with any other Loan or Letter of Credit (in each case, (daylight or standard, as applicable).

Section 1.08. <u>Currency Equivalents Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent shall determine the Spot Rate as of each Revaluation Date to be used for calculating the Dollar Equivalent amount of any Revolving Loan, Swingline Loan, Letter of Credit and/or Ancillary Outstanding that is denominated in any Alternate Currency. The Spot Rate shall become effective as of such Revaluation Date and shall be the Spot Rate employed in converting any amount between any Alternate Currency and Dollars until the next occurring Revaluation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of any determination under <u>Article 1</u>, <u>Article 5</u>, <u>Article 6</u> (other than <u>Section 6.10(a)</u> and the calculation of compliance with any financial ratio for purposes of taking any action hereunder) or <u>Article 7</u> with respect to any affiliate transaction, the amount of any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition or other transaction, event or circumstance, or any determination under any other provision of this Agreement, (any of the foregoing, a "<u>specified transaction</u>"), in a currency other than Dollars, (i) the Dollar Equivalent amount of a specified transaction in a currency other than Dollars shall be calculated based on the rate of exchange quoted by the Bloomberg Foreign Exchange Rates & World Currencies Page (or any successor page thereto, or in the event such rate does not appear on any Bloomberg Page, by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower Representative) for such foreign currency, as in effect at 11:00 a.m. (London time) on the date of such specified transaction (which, in the case of any Restricted Payment, shall be deemed to be the date of the declaration thereof and, in the case of the incurrence of Indebtedness, shall be deemed to be on the date first committed); <u>provided</u>, that if any Indebtedness is incurred (and, if applicable, associated Lien granted) to refinance or replace other Indebtedness denominated in a currency other than Dollars, and the relevant refinancing or replacement would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing or replacement, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing or replacement Indebtedness (and, if applicable, associated Lien granted) does not exceed an amount sufficient to repay the principal amount of such Indebtedness being refinanced or replaced, except by an amount equal to (x) unpaid accrued interest and premiums (including tender premiums) thereon plus other reasonable and customary fees and expenses (including upfront fees and original issue discount) incurred in connection with such refinancing or replacement, (y) any existing commitment unutilized thereunder and (z) any additional amount permitted to be incurred under <u>Section 6.01</u> and (ii) for the avoidance of doubt, no Default or Event of Default shall be deemed to have occurred solely as a result of a change in the rate of currency exchange occurring after the time of any specified transaction so long as such specified transaction was permitted at the time incurred, made, acquired, committed, entered or declared as set forth in <u>clause (i)</u>. For purposes of <u>Section 6.10(a)</u> and the calculation of compliance with any financial ratio for purposes of taking any action hereunder, on any relevant date of determination, amounts denominated in currencies other than

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Dollars shall be translated into Dollars at the applicable currency exchange rate used in preparing the financial statements delivered pursuant to <u>Sections 5.01(a)</u> or <u>(b)</u> (or, prior to the first such delivery, the financial statements referred to in <u>Section 3.04</u>), as applicable, for the relevant Test Period and will, with respect to any Indebtedness, reflect the currency translation effects, determined in accordance with GAAP, of any Hedge Agreement permitted hereunder in respect of currency exchange risks with respect to the applicable currency in effect on the date of determination for the Dollar Equivalent amount of such Indebtedness; <u>provided</u>, that the amount of any Indebtedness that is subject to a Debt FX Hedge shall be determined in accordance with the definition of "Consolidated Total Debt". Notwithstanding the foregoing or anything to the contrary herein, to the extent that Intermediate Dutch Holdings would not be in compliance with <u>Section 6.10(a)</u> if any Indebtedness denominated in a currency other than Dollars were to be translated into Dollars on the basis of the applicable currency exchange rate used in preparing the financial statements delivered pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, as applicable, for the relevant Test Period, but would be in compliance with <u>Section 6.10(a)</u> if such Indebtedness that is denominated in a currency other than in Dollars were instead translated into Dollars on the basis of the average relevant currency exchange rates over such Test Period (taking into account the currency translation effects, determined in accordance with GAAP, of any Hedge Agreement permitted hereunder in respect of currency exchange risks with respect to the applicable currency in effect on the date of determination for the Dollar Equivalent amount of such Indebtedness), then, solely for purposes of compliance with <u>Section 6.10(a)</u>, the First Lien Net Leverage Ratio as of the last day of such Test Period shall be calculated on the basis of such average relevant currency exchange rates; <u>provided</u>, that the amount of any Indebtedness that is subject to a Debt FX Hedge shall be determined in accordance with the definition of "Consolidated Total Debt".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify with the Borrower Representative's consent to appropriately reflect a change in currency of any country and any relevant market convention or practice relating to such change in currency.

Section 1.09. <u>Cashless Rollovers</u>. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with Incremental Loans, Replacement Term Loans, Loans in connection with any Revolver Replacement Facility, Extended Term Loans, Extended Revolving Loans or loans incurred under a new credit facility, in each case, to the extent such extension, replacement, renewal or refinancing is effected by means of a "cashless roll" by such Lender, such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement hereunder or any other Loan Document that such payment be made "in Dollars", "in immediately available funds", "in Cash" or any other similar requirement.

Section 1.10. <u>Alternate Currencies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower Representative may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than Dollars or those specifically listed in the definition of "Alternate Currency"; <u>provided</u>, that the relevant requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving Loans, such request shall be subject to the approval of the Administrative Agent and the Revolving Lenders and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and each applicable Issuing Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m. ten Business Days prior to the date of any Credit Extension to be made in the applicable Alternate Currency (or such other time or date as may be agreed by the Administrative Agent). In the case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each Revolving Lender thereof, in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify each applicable Issuing Bank thereof. Each such Revolving Lender (in the case of any such request pertaining to Revolving Loans) and each applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Loans, the issuance of Letters of Credit or the makers of Swingline Loans, as the case may be, in such requested currency.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any failure by any Revolving Lender, the relevant Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding <u>paragraph (b)</u> shall be deemed to be a refusal by such Revolving Lender, Issuing Bank, as the case may be, to permit Revolving Loans to be made, Letters of Credit to be issued, as applicable, in such requested currency. If the Administrative Agent and all the Revolving Lenders that would be obligated to make Credit Extensions denominated in such requested currency consent to making Revolving Loans in the requested currency, the Administrative Agent shall so notify the Borrower Representative, and such currency shall thereupon be deemed for all purposes to be an Alternate Currency hereunder for purposes of any Borrowing of Revolving Loans, if the Administrative Agent and each applicable Issuing Bank consent to the issuance of Letters of Credit in the requested currency, the Administrative Agent shall so notify the Borrower Representative and such currency shall thereupon be deemed for all purposes to be an Alternate Currency hereunder for purposes of any Letter of Credit issuance. If the Administrative Agent fails to obtain the requisite consent to any request for an additional currency under this <u>Section 1.10</u>, the Administrative Agent shall promptly so notify the Borrower Representative.

Section 1.11. <u>Agreed Security Principles</u>. Each Loan Guaranty, each Collateral Document and each other guaranty and security document delivered or to be delivered under this Agreement and any obligation to enter into such document or obligation by any Non-US Loan Party shall be subject in all respects to the Agreed Security Principles.

Section 1.12. <u>Certain Calculations and Tests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, to the extent that the terms of this Agreement require (i) compliance with any financial ratio or test (including, without limitation, <u>Section 6.10(a)</u> hereof, any First Lien Net Leverage Ratio test, any First Lien Gross Leverage Ratio test, any Secured Net Leverage Ratio test, any Total Net Leverage Ratio test or any Interest Coverage Ratio test) and/or any cap expressed as a percentage of Consolidated Adjusted EBITDA or Consolidated Total Assets, (ii) the absence of a Default or Event of Default (or any type of Default or Event of Default), (iii) the making and/or accuracy of any representation and/or warranty or (iv) compliance with availability under any basket (including any basket expressed as a percentage of Consolidated Adjusted EBITDA or Consolidated Total Assets), in each case, a condition to (A) the consummation of any transaction in connection with any acquisition or similar Investment (including the assumption or incurrence of Indebtedness), (B) the making of any Restricted Payment and/or (C) the making of any Restricted Debt Payment, the determination of whether the relevant condition is satisfied may be made, at the election of the Borrower Representative, (1) in the case of any acquisition or similar Investment (including with respect to any Indebtedness contemplated or incurred in connection therewith), at the time of (or on the basis of the financial statements for the most recently ended Test Period at the time of) either (x) the execution of the definitive agreement with respect to such acquisition or Investment, (y) in connection with an acquisition to which the United Kingdom City Code or Takeover and Mergers (or any comparable Requirement of Law) applies, the date on which a "Rule 2.7 announcement" of a firm intention to make an offer in respect of the target of an acquisition (or equivalent notice under comparable Requirements of Law) or (z) the consummation of such acquisition or Investment, (2) in the case of any Restricted Payment (including with respect to any Indebtedness contemplated or incurred in connection therewith), at the time of (or on the basis of the financial statements for the most recently ended Test Period at the time of) (x) the declaration of such Restricted Payment or (y) the making of such Restricted Payment and (3) in the case of any Restricted Debt Payment (including with respect to any Indebtedness contemplated or incurred in connection therewith), at the time of (or on the basis of the financial statements for the most recently ended Test Period at the time of) (x) delivery of irrevocable (which may be conditional) notice with respect to such Restricted Debt Payment or (y) the making of such Restricted Debt Payment, in each case of the foregoing <u>clauses (1)</u> and <u>(2)</u>, after giving effect, on a Pro Forma Basis, to (I) the relevant acquisition, Investment, Restricted Payment, Restricted Debt Payment and/or any related Indebtedness (including the intended use of proceeds thereof) and (II) to the extent definitive documents in respect thereof have been executed, the Restricted Payment has been declared or delivery of notice with respect to a Restricted Debt Payment has been given (which definitive documents, declaration or notice has not terminated or expired without the consummation thereof), any other Subject Transaction that the Borrower Representative has elected to treat in accordance with this <u>clause (a)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of determining the permissibility of any action, change, transaction or event that requires a calculation of any financial ratio or test (including, without limitation, <u>Section 6.10(a)</u> hereof, any First Lien Net Leverage Ratio test, any First Lien Gross Leverage Ratio test, any Secured Net Leverage Ratio test, any Total Net Leverage Ratio test, any Interest Coverage Ratio test and/or the amount of Consolidated Adjusted EBITDA or Consolidated Total Assets), such financial ratio or test shall be calculated at the time such action is taken (subject to <u>clause (a)</u> above), such change is made, such transaction is consummated or such event occurs, as the case may be, and no Default or Event of Default shall be deemed to have occurred solely as a result of a change in such financial ratio or test occurring after such calculation, or after the time such action is taken, such change is made, such transaction is consummated or such event occurs, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein, with respect to any amount incurred or transaction entered into (or consummated) in reliance on a provision of this Agreement that does not require compliance with a financial ratio or test (including, without limitation, any First Lien Net Leverage Ratio test, any First Lien Gross Leverage Ratio test, any Secured Net Leverage Ratio test, any Total Net Leverage Ratio test and/or any Interest Coverage Ratio test) (any such amount, including any such amount drawn or deemed to have been drawn under any revolving credit facility, a "<u>Fixed Amount</u>") substantially concurrently with any amount incurred or transaction entered into (or consummated) in reliance on a provision of this Agreement that requires compliance with a financial ratio or test (including, without limitation, <u>Section 6.10(a)</u> hereof, any First Lien Net Leverage Ratio test, any First Lien Gross Leverage Ratio test, any Secured Net Leverage Ratio test, any Total Net Leverage Ratio test and/or any Interest Coverage Ratio test) (any such amount, an "<u>Incurrence-Based Amount</u>"), it is understood and agreed that (i) any Fixed Amount shall be disregarded in the calculation of the financial ratio or test applicable to the relevant Incurrence-Based Amount and (ii) except as provided in <u>clause (i)</u>, pro forma effect shall be given to the entire transaction. The Borrower Representative may elect that any amount incurred or transaction entered into (or consummated) in reliance on one or more of any Incurrence-Based Amount or any Fixed Amount in its sole discretion; <u>provided</u>, that unless the Borrower Representative elects otherwise and except as set forth in the Incremental Calculation Methodology, each such amount or transaction shall be deemed incurred, entered into or consummated first under any Incurrence-Based Amount to the maximum extent permitted thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of Intermediate Dutch Holdings dated such date prepared in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The increase in any amount secured by any Lien by virtue of the accrual of interest, the accretion of accreted value, the payment of interest or a dividend in the form of additional Indebtedness, amortization of original issue discount and/or any increase in the amount of Indebtedness outstanding solely as a result of any fluctuation in the exchange rate of any applicable currency will not be deemed to be the granting of a Lien for purposes of <u>Section 6.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to any pro forma calculation that is required to be made in connection with any acquisition or similar Investment in respect of which financial statements for the applicable target are not available for the same Test Period for which financial statements of Intermediate Dutch Holdings are available, Intermediate Dutch Holdings shall make the relevant calculation on the basis of the relevant available financial statements (even if for differing periods) or such other commercially reasonable basis as the Borrower Representative may elect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In connection with the implementation or assumption of any revolving commitment and/or any delayed draw commitment in reliance on any Incurrence-Based Amount under <u>Section 6.01(w)</u>, the Borrower Representative may, in its sole discretion either (a) elect to treat all or any portion of such revolving commitment and/or delayed draw commitment as having been fully drawn on the date of implementation or assumption (such commitment (or portion thereof), a "<u>Specified Commitment</u>"), in which case (i) Intermediate Dutch Holdings shall not be required to comply with any financial ratio or test in connection with any drawing thereunder after the date of incurrence or assumption and (ii) other than for purposes of (A) the Applicable Rate, (B) the Commitment Fee Rate, (C) the Required Excess Cash Flow Percentage, (D) the Required Asset Sale Proceeds Percentage and/or (E) actual compliance with <u>Section 6.10(a)</u>, the amount of such Specified Commitment shall be deemed to have been an actual incurrence of Indebtedness thereunder on the date of implementation or assumption for purposes of calculating such Incurrence-Based Amount or (b) elect to test the permissibility of all or any portion of any drawing under such revolving commitment and/or delayed draw commitment on the date of such drawing (if any), in which case, such revolving commitment and/or delayed draw commitment (or portion thereof) shall only be treated as drawn for purposes of such Incurrence-Based Amount to the extent of any actual drawing thereunder. It is understood and agreed that the Borrower Representative may, at any time in its sole discretion, make or change an election under <u>clauses (a)</u> and/or <u>(b)</u> with respect to all or any portion of any revolving commitment and/or delayed draw commitment.

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Section 1.13. <u>Effect of Benchmark Transition Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower Representative or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower Representative) that the Borrower Representative or Required Lenders (as applicable) have determined with respect to an Alternate Currency (other than with respect to any Loan denominated in Canadian Dollars), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adequate and reasonable means do not exist for ascertaining the LIBO Rate for such Alternate Currency for any Interest Period hereunder or any other tenors of LIBOR, including because the LIBO Rate for such Alternate Currency is not available or published on a current basis at such time and such circumstances are unlikely to be temporary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the administrator of the LIBO Rate for such Alternate Currency or a Governmental Authority having jurisdiction over the Administrative Agent or such administrator has made a public statement identifying a specific date after which the LIBO Rate or the Published LIBO Rate for such Alternate Currency shall no longer be made available, or used for determining the interest rate of loans denominated in such Alternate Currency, provided that, in each case, at the time of such statement, there is no successor administrator that is reasonably satisfactory to the Administrative Agent that will continue to provide the LIBO Rate for such Alternate Currency after such specific date (such specific date, the "<u>Scheduled Unavailability Date</u>"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the administrator of the LIBO Rate for such Alternate Currency or a Governmental Authority having jurisdiction over such administrator has made a public statement announcing that all Interest Periods and other tenors of the LIBO Rate are no longer representative; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) syndicated loans being executed at the time of such determination, or that include language similar to that contained in this <u>Section 1.13</u>, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate for such Alternate Currency,

then, reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice from the Borrower Representative or (I) with respect to LIBO Rate Loans denominated in Euros, the Required Euro Lenders, (II) with respect to LIBO Rate Loans denominated in Canadian Dollars, the Required Canadian Dollar Lenders and (III) with respect to LIBO Rate Loans denominated in an Alternate Currency (other than Euros and Canadian Dollars), the Required Revolving Lenders, as applicable, notwithstanding anything to the contrary in <u>Section 9.02</u>, the Administrative Agent and the Borrower Representative may amend (without the consent of any other Person) this Agreement solely for the purpose of replacing the LIBO Rate for such Alternate Currency in accordance with this <u>Section 1.13</u> with in the case of any Alternate Currency with another alternate benchmark rate giving due consideration to any evolving or then existing convention for comparable syndicated credit facilities for such alternative benchmarks for such Alternate Currency and including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for comparable syndicated credit facilities for such benchmarks for such Alternate Currency, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion in consultation with the Borrower Representative and may be periodically updated (each, an "<u>Adjustment</u>;" and any such proposed rate, a "<u>LIBO Successor Rate</u>"), and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders unless, prior to such time, Lenders comprising (I) with respect to LIBO Rate Loans denominated in Euros, the Required Euro Lenders, (II) with respect to LIBO Rate Loans denominated in Canadian Dollars, the Required Canadian Dollar Lenders and (III) with respect to LIBO Rate Loans denominated in an Alternate Currency (other than Euros and Canadian Dollars), the Required Revolving Lenders, as applicable, have delivered to the Administrative Agent written notice that such required lenders object to such amendment.

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Any LIBO Successor Rate shall be applied in a manner consistent with market practice for comparable syndicated loans being executed at the time of such determination; <u>provided</u> that to the extent such market practice is not administratively feasible for the Administrative Agent, such LIBO Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent in consultation with the Borrower Representative.

Notwithstanding anything to the contrary herein, if at any time any LIBO Successor Rate as so determined would otherwise be less than (u) in the case of Initial Term Loans comprised of Tranche B-1 Term Loans, 0.00% per annum, then the LIBO Successor Rate with respect to such Tranche B-1 Term Loans will be deemed to be 0.00% per annum, (w) in the case of Initial Term Loans comprised of Tranche B-2 Term Loans, 0.00% per annum, then the LIBO Successor Rate with respect to such Tranche B-2 Term Loans will be deemed to be 0.00% per annum, (x) in the case of Initial Term Loans comprised of Tranche B-3 Term Loans, 0.00% per annum, then the LIBO Successor Rate with respect to such Tranche B-3 Term Loans will be deemed to be 0.00% per annum, (y) in the case of Initial<u>Twelfth Amendment</u> Revolving Loans, 0.00% per annum, then the LIBO Successor Rate with respect to such Initial<u>Twelfth Amendment</u> Revolving Loans will be deemed to be 0.00% per annum and (z) in the case of Term Loans comprised of 2021 Repricing Euro Term Loans, 0.00% per annum, then the LIBO Successor Rate with respect to such 2021 Repricing Euro Term Loans will be deemed to be, 0.00% per annum, in each case, for the purposes of this Agreement and the other Loan Documents.

In connection with the implementation of a LIBO Successor Rate, the Administrative Agent will have the right to make Successor Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Successor Rate Conforming Changes will become effective without any further action or consent of any other party to this Agreement (other than the Borrower Representative (such consent not to be unreasonably withheld or delayed)); <u>provided</u> that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Successor Rate Conforming Changes to the Borrower Representative and the Lenders reasonably promptly after such amendment becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, no LIBO Successor Rate has been determined in accordance with clause (a) of this <u>Section 1.13</u> or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower Representative and each Lender and thereafter, (x) the obligation of the Lenders to make or maintain LIBO Rate Loans in each Alternate Currency with respect to which such circumstances exist shall be suspended (to the extent of the affected LIBO Rate Loans, Interest Periods, interest payment dates or payment periods) and (y) the LIBO Rate component shall no longer be utilized in determining the Base Rate or Canadian Prime Rate, as applicable, for such Alternate Currency, until the LIBO Successor Rate has been determined in accordance with clause (a) for such Alternate Currency. Upon receipt of such notice, the Borrower Representative may revoke any pending request for a Borrowing of, conversion to or continuation of LIBO Rate Loans (to the extent of the affected LIBO Rate Loans, Interest Periods, interest payment dates or payment periods) or, failing that, (i) (A) if the requested Loans are denominated in Canadian Dollars, will be deemed to have converted such request into a request for a Borrowing of Canadian Prime Rate Loans (subject to the foregoing clause (y) in the amount specified therein), and (B) if the requested Loans are denominated in an Alternate Currency (other than Canadian Dollars), will be deemed to have converted such request into a request for Loans at a rate reflecting the generally accepted then-prevailing market rate convention (including any mathematical or other adjustments thereto) as agreed by the Administrative Agent and the Borrower Representative; <u>provided</u> that if no generally accepted then-prevailing market rate convention exists at that time, the Administrative Agent and the Borrower Representative shall enter in an amendment to establish a mutually agreed alternative rate applicable to loans denominated in such Alternate Currency, which amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders unless, prior to such time, (I) with respect to LIBO Rate Loans denominated in Euros, the Required Euro Lenders, (II) with respect to LIBO Rate Loans denominated in Canadian Dollars, the Required Canadian Dollar Lenders and (III) with respect to LIBO Rate Loans denominated in an Alternate Currency (other than Euros and Canadian Dollars), the Required Revolving Lenders, as applicable, have delivered to the Administrative Agent written notice that such required lenders object to such alternative rate and (ii) any outstanding affected LIBO Rate Loans will be deemed to have been converted into (A) Canadian Prime Rate Loans (in the case of such Loans denominated in Canadian Dollars) or (B) Loans bearing interest at the rate described in the foregoing clause (i)(B) for the Alternate Currency (in the case of such Loans denominated in an Alternate Currency), in each case, at the end of the applicable Interest Period.

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Section 1.14. <u>Certain Determinations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the avoidance of doubt, in connection with any incurrence of Indebtedness under <u>Section 2.22</u>, "Required Lenders" and "Required Revolving Lenders" shall be calculated on a Pro Forma Basis in accordance with <u>Section 1.04</u>, <u>Section 2.22</u> and the definition of "Incremental Cap"; <u>provided</u> that any waiver, amendment or modification obtained on such basis (i) will become operative substantially contemporaneously with the incurrence of such Indebtedness and (ii) shall not affect the rights or duties under this Agreement of any Lender holding any Loan and/or Commitment under any then-outstanding Class in a manner that does not affect the rights or duties of the Lenders in respect of the Indebtedness incurred in reliance on <u>Section 2.22</u> in connection with the relevant amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any determination under the terms of this Agreement that is vested in any Borrower or the Borrower Representative, the Borrower Representative shall have a right, in its sole discretion (but not any obligation), to deliver notice of such determination to the Administrative Agent, together with a reasonably detailed description thereof, which notice shall be conclusive evidence that such determination satisfied the applicable standard under this Agreement or the relevant other Loan Document unless, within five Business Days following receipt of notice of such determination (and the related description) from the Borrower Representative, the Required Lenders deliver a written objection to such determination to the Borrower Representative, which written objection states, with specificity, the basis upon which the Required Lenders object to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement or in any other Loan Document, if, after delivery of any Compliance Certificate pursuant to <u>Section 5.01(c)</u>, it is subsequently determined that the First Lien Net Leverage Ratio or the First Lien Gross Leverage Ratio, as applicable, set forth in such Compliance Certificate is inaccurate for any reason and the result of such inaccuracy is that the Lenders received any amount of interest or any fee for any relevant period based on an Applicable Rate or Commitment Fee Rate that is greater than or less than the amount that would have applied if the First Lien Net Leverage Ratio or the First Lien Gross Leverage Ratio, as applicable, set forth in such Compliance Certificate had been accurately reported, then, for all purposes under this Agreement, the Applicable Rate and the Commitment Fee Rate for each day during the relevant period shall be revised to be based upon the accurately determined First Lien Net Leverage Ratio or the First Lien Gross Leverage Ratio, as applicable, and, in such event, (i) any shortfall in the amount of any applicable interest payment shall be due and payable within five Business Days following the date on which the Borrower Representative becomes aware of the relevant inaccuracy and (ii) the amount of any overpayment shall be deducted from the amount of any required interest or fee payment on the next Interest Payment Date or Payment Date, as applicable. In the event that any inaccuracy in the calculation of the First Lien Net Leverage Ratio or the First Lien Gross Leverage Ratio, as applicable, resulted in a shortfall in the amount of any required interest payment, no Default or Event of Default shall arise under this Agreement with respect thereto unless the relevant amount has not been paid in accordance with the preceding sentence within the period described in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to determination of the permissibility of any transaction by Holdings, Intermediate Dutch Holdings and/or any subsidiary under this Agreement, the delivery by any Borrower of a third party valuation report from (i) a nationally recognized accounting, appraisal, investment banking or consulting firm or (ii) another firm reasonably acceptable to the Administrative Agent, in each case, shall be conclusive with respect to the value of the assets covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is understood and agreed for the avoidance of doubt that the carve-outs from the provisions of <u>Section 5.16</u> and/or <u>Article 6</u> may include items or activities that are not restricted by the relevant provision.

Section 1.15. <u>Conflicts</u>. Notwithstanding anything to the contrary contained herein or in any other Loan Document, in the event of any conflict or inconsistency between any term or provision of this Agreement (excluding the Exhibits hereto) and any term or provision of any Exhibit to this Agreement, the term or provision of this Agreement shall govern, and the Borrower Representative shall be entitled to make such revisions to the relevant term or provision of the applicable Exhibit to ensure that such term or provision is consistent with the corresponding term or provision of this Agreement.

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Section 1.16. <u>Foreign Law Terms and Interpretive Principles</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Dutch Terms</u>. As used in this Agreement, where it relates to a Dutch Loan Party, a reference to: (i) a necessary corporate or other organizational action where applicable includes without limitation: (A) any action required to comply with the Works Councils Act of the Netherlands (*Wet op de ondernemingsraden*); and (B) obtaining an positive or neutral advice (*advies*), which, if conditional, contains conditions which can be reasonably complied with by the relevant Dutch Loan Party, from the competent works council(s); (ii) gross negligence means *grove schuld*; (iii) any Lien and any security interest includes any mortgage (*hypotheek*), pledge (*pandrecht*), retention of title arrangement (*eigendomsvoorbehoud*), privilege (*voorrecht*), right of retention (*recht van retentie*), right to reclaim goods (*recht van reclame*), and, in general, any right in rem (*zakelijk recht*) created for the purpose of granting security (*goederenrechtelijk zekerheidsrech*t); (iv) willful misconduct means *opzet*; (v) a bankruptcy, liquidation or winding up, dissolution (and any of those terms) includes a Dutch entity being declared bankrupt (*failliet verklaard*) or dissolved (*ontbonden*); (vi) a moratorium includes *surseéance van betaling* and granted a moratorium includes *surseance verleend*; (vii) a bankruptcy trustee, includes a *curator* and a liquidator includes a *curator*; (viii) an administrator includes a bewindvoerder and a receiver or an administrative receiver does not include a *curator* or *bewindvoerder*; (ix) the procedure described under <u>Sections 7.01(f)</u> and <u>(g)</u> includes filing a notice under section 36 of the Tax Collection Act of the Netherlands (*Invorderingswet 1990*), (x) an attachment includes a *beslag*, (xi) a director includes a managing director (*bestuurder*) and board of directors includes a managing board (*bestuur*). Where "the Netherlands" or "Dutch" is referred to it refers only to the European part of the Kingdom of the Netherlands and its laws respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Swiss Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As used in this Agreement, where it relates to a Swiss Loan Party, a reference: (i) to "Organizational Documents" includes a copy of a certified excerpt from the commercial register and a copy of the certified up-to-date articles of association (evidencing, where relevant, the capacity to enter into obligations of an up- or cross-stream nature).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In this Agreement, where it relates to a Swiss Loan Party, a reference to liquidation, bankruptcy, insolvency, reorganization, moratorium or any proceeding under an applicable Debtor Relief Law means that such Swiss Loan Party (A) has initiated against it or (B) initiates: (1) bankruptcy proceedings (*Konkurs*), (2) proceedings leading to a provisional or a definitive composition moratorium (*provisorische oder definitive Nachlassstundung*), (3) proceedings leading to an emergency moratorium (*Notstundung*) or (4) proceedings for a postponement of bankruptcy pursuant to article 725a of the Swiss Code of Obligations (*Konkursaufschub*). For the avoidance of doubt, if in this Agreement reference is made to insolvency proceedings in relation to any Swiss Loan Party incorporated under the laws of Switzerland, such reference shall be limited to proceedings as set forth in this <u>clause (ii)</u> and, in particular, shall not include any reference to attachment proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>German Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In this Agreement, where it relates to (i) a German Loan Party or any other German Subsidiary, or (ii) any Collateral or other security rights or security assets governed by German law and unless the contrary intention appears, a reference 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;(A) a "custodian", "liquidator", "trustee", "receiver", "administrator" "manager", "assignee", "sequestrator" or "supervisor" or other similar officer includes an insolvency administrator (*Insolvenzverwalter*), interim insolvency administrator (*vorläufiger Insolvenzverwalter*) or custodian (*Sachwalter*) or interim custodian (*vorläufiger Sachwalter*);

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(B)a "winding up", "administration", "liquidation" or "dissolution" includes insolvency proceedings (*Insolvenzverfahren*) and the rejection of insolvency proceedings due to lack of funds (*Abweisungsbeschluss mangels Masse*);

&nbsp;&nbsp;&nbsp;&nbsp;&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 person being "insolvent" or "bankrupt" includes that person being in the state of illiquidity (*Zahlungsunfähigkeit*) pursuant to section 17 of the German Insolvency Code (*Insolvenzordnung*, "InsO") or in the state of over-indebtedness (*Überschuldung*) pursuant to section 19 InsO;

&nbsp;&nbsp;&nbsp;&nbsp;&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) a "step" or "procedure" taken in connection with insolvency proceedings for an entity to which German insolvency law applies means it being subject to a filing for insolvency (*Antrag auf Eröffnung eines Insolvenzverfahrens*) for any of the reasons set out in sections 17 to 19 InsO;

&nbsp;&nbsp;&nbsp;&nbsp;&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) commencement of "bankruptcy" or "insolvency" includes the opening of insolvency proceedings (*Eröffnung des Insolvenzverfahrens*), and the rejection of insolvency proceedings due to lack of funds (*Abweisung mangels Masse*);

&nbsp;&nbsp;&nbsp;&nbsp;&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) seeking (other than on a solvent basis) "reorganization", "arrangement", "adjustment" or "composition" includes the commencement of insolvency proceedings (*Eröffnung des Insolvenzverfahrens*);

&nbsp;&nbsp;&nbsp;&nbsp;&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) a "moratorium" includes, without limitation, protective shield proceedings (*Schutzschirmverfahren*) and insolvency plan proceedings (*Insolvenzplanverfahren*);

&nbsp;&nbsp;&nbsp;&nbsp;&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 relation to any security or other security rights, security assets or collateral governed by German law or located in Germany, "trust", "trustee" or "on trust" shall be construed as "Treuhand", "Treuhänder" or "treuhänderisch";

&nbsp;&nbsp;&nbsp;&nbsp;&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) "Organizational Documents" or "by-laws" includes reference to articles of association (*Satzung*), partnership agreement (*Gesellschaftsvertrag*) and rules of procedure (*Geschäftsordnung*);

&nbsp;&nbsp;&nbsp;&nbsp;&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) a "director", "officer" or "manager" of a company includes any statutory legal representative(s) (including any German law general agent (*organschaftlicher Vertreter*)) of a person pursuant to the laws of its jurisdiction of incorporation, including, but not limited to, any managing director (*Geschäftsführer*) or member of the board of directors (*Vorstand*) or an authorised representative (*Prokurist*);

&nbsp;&nbsp;&nbsp;&nbsp;&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 "Lien" or "security interest" includes a mortgage (*Hypothek*), land charge (*Grundschuld*) including security purpose declarations, pledge (*Pfandrecht*), assignment or transfer for security purposes (*Sicherungsabtretung oder -übereignung*) and retention of title arrangements ((*verlängerter/erweiterter*) *Eigentumsvorbehalt*); 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;(L) a "Guarantee" includes any guarantee (*Garantie*), any indemnity, any joint and several (*gesamtschuldnersich*) or independent obligation (*unabhängiges Schuldversprechen*) within the meaning of German law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Agreement is made in the English language. For the avoidance of doubt, the English language version shall prevail over any translation of this Agreement. However, where a German translation of a word or phrase appears in the text of this Agreement, the German meaning and the underlying German law legal concept shall prevail.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to a German Loan Party, any other German Subsidiary and any other Loan Party providing security over the Capital Stock of an entity incorporated in Germany, any representations and warranties in this Agreement relating to legal, valid and binding obligations, and/or enforceability of a Loan Document (including, without limitation, pursuant to Sections 3.02 and 3.14), shall additionally be subject to and limited by (i) the application of the German StaRUG and/or the Relevant EU Directive, (ii) the time barring of claims under applicable limitation laws and defenses of acquiescence, set-off or counterclaim and similar principles or limitations under the laws of any applicable jurisdiction (iii) the principle that interest on interest, additional interest or default interest imposed pursuant to any relevant agreement may be held to be unenforceable on the grounds that it is a penalty and thus void, (iv) the principle that a court may not give effect to an indemnity for legal costs incurred by an unsuccessful litigant, (v) the principle that the creation or purported creation of a Lien over (A) any asset not beneficially owned by the relevant charging company at the date of the relevant security document or (B) any contract or agreement which is subject to a prohibition on transfer, assignment or charging, may be void, ineffective or invalid and may give rise to a breach of the contract or agreement over which a Lien has purportedly been created, (vi) the accessory nature of certain Liens governed by German law, (vii) the principle that a court may not give effect to any parallel debt provisions, covenants to pay any collateral agent or other similar provisions, (viii) the fact that a court may limit the concept of irrevocability by applying restrictions based on cogent reasons for the respective concerned party to withdraw from the right irrevocably granted, (ix) the principles of private and procedural laws of any relevant jurisdiction which affect the enforcement of a foreign court judgment, (x) the principle that in certain circumstances pre-existing Liens purporting to secure an additional facility, further advances or any facility following a structural adjustment may be void, ineffective, invalid or unenforceable and (xi) any other matters which are set out as qualifications or reservations (however described) as to matters of law in the legal opinions rendered in connection with the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Luxembourg Terms</u>. In this Agreement where it relates to a person incorporated in or organised under the laws of Luxembourg, and unless a contrary intention appears, a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a winding-up, administration or dissolution includes, bankruptcy (*faillite*), insolvency, liquidation, composition with creditors (*concordat préventif de la faillite*), moratorium or reprieve from payment (*sursis de paiement*), controlled management (*gestion contrôlée*), general settlement with creditors, reorganization or similar laws affecting the rights of creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "agent" includes a "*mandataire*";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a trustee, an administrator, a trustee, a custodian, a receiver or a similar office includes a *curateur;* a *commissaire, juge-commissaire, mandataire ad hoc, administrateur provisoire, liquidateur, curateur* or a *juge délégué*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a "matured obligation" includes any *exigible, certaine* and *liquid obligation*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a person being unable to pay its debts includes that person being in a state of cessation of payments (*cessation de paiements*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "security" or a "security interest" includes any *hypothéque, nantissement, privilége, accord de transfert de propriété à titre de grantie, gage sur folds de commerce, droit de retention* or *sûreté réelle* whatsoever and any type of real security or agreement or arrangement having a similar effect, whether granted or arising by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a "guarantee" includes any guarantee which is independent from the debt to which it relates and excludes any suretyship (*cautionmement*) within the meaning of article 2011 an seq. of the Luxembourg Civil Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an "attachment" includes a *saisie*;

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(ix)"by-laws" or "organizational documents" includes its up-to-date (restated) articles of association (*statuts*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a "director", "officer" or "manager" includes a *gerant* or an *administrateur*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) "gross negligence" means *faute lourde*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) "shares" means *parts sociales* and/or *actions*.

Section 1.17. <u>Initial Internal Reorganizations</u>. Notwithstanding any provision herein or in any other Loan Document to the contrary, all of the internal corporate reorganizations and/or corporate restructuring transactions previously described to the Administrative Agent (including any action, event or intermediate transactions necessary to implement such reorganizations and/or restructuring transactions) (collectively, the "<u>Initial Internal Reorganizations</u>") shall be permitted (and shall not be prohibited), and no such Initial Internal Reorganization shall, in any case, constitute, result in or be deemed to be (x) a breach of any representation or warranty under this Agreement or any other Loan Document, (y) a breach of any covenant under this Agreement or any other Loan Document or (z) a Default or Event of Default under this Agreement or any other Loan Document.

ARTICLE 2

THE CREDITS

Section 2.01. <u>Commitments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions set forth herein, (i) each Initial Term Lender severally, and not jointly, agrees (A) to make term loans (the "<u>Tranche B-1 Term Loans</u>" to the Term Borrowers on the Closing Date in Dollars in a principal amount not to exceed its Tranche B-1 Commitment, (B) to make term loans (the "<u>Tranche B-2 Term Loans</u>") to the Term Borrowers on the Closing Date in Euros in a principal amount not to exceed its Tranche B-2 Commitment and (C) to make term loans (the "<u>Tranche B-3 Term Loans</u>") to the Term Borrowers on the Closing Date in Canadian Dollars in a principal amount not to exceed its Tranche B-3 Commitment, <u>and</u> (ii) each Initial<u>on and after the Twelfth Amendment Effective Date, each Twelfth Amendment</u> Revolving Lender severally, and not jointly, agrees to make revolving loans (the "<u>Initial Revolving Loans</u>") to the Revolving Borrowers in Dollars or any Alternate Currency as may be requested by a Revolving Borrower, at any time and from time to time on and after the Closing Date and until the Eighth Amendment Effective Date, (iii) each Eighth Amendment Extending Revolving Lender severally, and not jointly, agrees to make revolving loans (the "<u><u>Eighth Amendment</u> <u>Extending</u></u><u>Twelfth Amendment</u> <u>Revolving Loans</u>") to the Revolving Borrowers in Dollars or any Alternate Currency as may be requested by a Revolving Borrower, at any time and from time to time on and after the Eighth<u>Twelfth</u> Amendment Effective Date, and until the earlier of the Initial Revolving Credit Maturity Date and the termination of the Eighth<u>Twelfth</u> Amendment Extending Revolving Commitment of such Eighth Amendment Extending Revolving Lender in accordance with the terms hereof and (iv) each Eighth Amendment Non-Extending Revolving Lender severally, and not jointly, agrees to make revolving loans (the "<u>Eighth Amendment Non-Extending Revolving Loans</u>") to the Revolving Borrowers in Dollars or any Alternate Currency as may be requested by a Revolving Borrower, at any time and from time to time on and after the Eighth Amendment Effective Date, and until the earlier of the Initial Revolving Credit Maturity Date and the termination of the Eighth Amendment Non-Extending Revolving Commitment of such Eighth Amendment Non-Extending Revolving<u>Twelfth Amendment Revolving</u> Lender in accordance with the terms hereof; <u>provided</u>, that, after giving effect to any Borrowing of Revolving Loans, the Outstanding Amount of such Revolving Lender's Revolving Credit Exposure shall not exceed such Revolving Lender's Revolving Credit Commitment. Within the foregoing limits and subject to the terms, conditions and limitations set forth herein, Revolving Loans may be borrowed, paid, repaid and reborrowed; <u>provided</u>, <u>further</u>, (x) the borrowing and repayment (except for (1) payments of interest and fees at different rates on the Eighth Amendment Revolving Facilities (and related outstandings), (2) repayments required upon the Maturity Date of any Eighth Amendment Revolving Facility and (3) repayments made in connection with a permanent repayment and termination of Eighth Amendment Revolving Commitments (subject to <u>clause (z)</u> below)) of Eighth Amendment Revolving Loans with respect to any Eighth Amendment Revolving Facility shall be made on a pro rata basis between the Eighth Amendment Extending Revolving Facility and the Eighth Amendment Non-Extending Revolving

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Facility, (y) all Swingline Loans and Letters of Credit shall be participated on a pro rata basis by all Eighth Amendment Revolving Lenders and (z) any permanent repayment of Eighth Amendment Revolving Loans with respect to, and reduction or termination of Eighth Amendment Revolving Credit Commitments under, any Eighth Amendment Revolving Facility shall be made on a pro rata basis or less than pro rata basis with all other Eighth Amendment Revolving Facilities, except that any Applicable Revolving Borrower shall be permitted to permanently repay Eighth Amendment Revolving Loans and terminate Eighth Amendment Revolving Credit Commitments of any Eighth Amendment Revolving Facility on a greater than pro rata basis (I) as compared to any other Eighth Amendment Revolving Facilities with a later Maturity Date than such Eighth Amendment Revolving Facility and (II) to the extent refinanced or replaced with a Revolver Replacement Facility or Replacement Debt. Amounts paid or prepaid in respect of the Initial Term Loans may not be reborrowed. Subject to the terms and conditions set forth herein and in the relevant Ancillary Documents, any Revolving Lender (directly or through one or more of its Affiliates or branches) may make one or more Ancillary Facilities available to any Revolving Borrower in place of all or a portion of its Revolving Credit Commitment. For the avoidance of doubt, any reference to a Loan or Letter of Credit or outstanding amounts in respect thereof shall not include any utilization of any Ancillary Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions set forth herein and in the Fifth Amendment, each Fifth Amendment Incremental Term Lender, on a joint and several basis, agrees to make a Fifth Amendment Dollar Incremental Term Loan to the Term Borrowers on the Fifth Amendment Effective Date in Dollars in a principal amount not to exceed its Fifth Amendment Dollar Incremental Term Loan Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms and conditions set forth herein and in the Seventh Amendment, each Seventh Amendment Incremental Term Lender, on a joint and several basis, agrees (A) to make Seventh Amendment Dollar Incremental Term Loans to the Term Borrowers on the Seventh Amendment Effective Date in Dollars in a principal amount not to exceed its Seventh Amendment Dollar Incremental Term Loan Commitment, and (B) to make Seventh Amendment Euro Incremental Term Loans to the Term Borrowers on the Seventh Amendment Effective Date in Euros in a principal amount not to exceed its Seventh Amendment Euro Incremental Term Loan Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the terms and conditions of this Agreement and any applicable Refinancing Amendment, Extension Amendment, or Incremental Facility Amendment, each Lender with an Additional Commitment of a given Class, severally and not jointly, agrees to make Additional Loans of such Class to the Applicable Borrower, which Loans shall not exceed for any such Lender at the time of any incurrence thereof the Additional Commitment of such Class of such Lender as set forth in the applicable Refinancing Amendment, Extension Amendment or Incremental Facility Amendment.

Section 2.02. <u>Loans and Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class. Each Swingline Loan shall be made in accordance with the terms and procedures set forth in <u>Section 2.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 2.14</u>, each Borrowing shall be comprised entirely of ABR Loans, LIBO Rate Loans or Term SOFR Rate Loans (or, after a Canadian Benchmark Transition Event, Daily Simple CORRA Loans) as the Applicable Borrower may request in accordance herewith; <u>provided</u>, that (x) each Revolving Loan (i) denominated in Dollars shall be a Term SOFR Rate Loan, (ii) denominated in any Alternate Currency (other than Canadian Dollars) shall be a LIBO Rate Loan or (iii) denominated in Canadian Dollars shall be a LIBO Rate Loan, a Canadian Prime Rate Loan or a Daily Simple CORRA Loan (<u>provided</u>, that at no time shall both Term CORRA Borrowings and Daily Simple CORRA Borrowings be outstanding), (y) each Swingline Loan (i) denominated in Dollars shall be an ABR Loan and (ii) denominated in Euros shall be a LIBO Rate Loan and (z) each Term Loan (i) denominated in Dollars shall be a Term SOFR Rate Loan or ABR Loan, (ii) denominated in Euros shall be a LIBO Rate Loan or (iii) denominated in Canadian Dollars shall be a LIBO Rate Loan, a Canadian Prime Rate Loan or a Daily Simple CORRA Loan (provided, that at no time shall both Term CORRA Borrowings and Daily Simple CORRA Borrowings be outstanding). Each Lender at its option may make any LIBO Rate Loan, Term SOFR Rate Loan, Canadian Prime Rate Loan or Daily Simple CORRA Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; <u>provided</u> that (i) any exercise of such option shall not affect the obligation of the Applicable Borrower to repay such Loan in accordance with the terms of this Agreement, (ii) such

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LIBO Rate Loan, Term SOFR Rate Loan, Canadian Prime Rate Loan or Daily Simple CORRA Loan, as applicable, shall be deemed to have been made and held by such Lender, and the obligation of the Applicable Borrower to repay such Loans shall nevertheless be to such Lender for the account of such domestic or foreign branch or Affiliate of such Lender and (iii) in exercising such option, such Lender shall use reasonable efforts to minimize increased costs to the Applicable Borrower resulting therefrom (which obligation of such Lender shall not require it to take, or refrain from taking, actions that it determines would result in increased costs for which it will not be compensated hereunder or that it otherwise determines would be disadvantageous to it and in the event of such request for costs for which compensation is provided under this Agreement, the provisions of <u>Section 2.15</u> shall apply); <u>provided</u>, <u>further</u>, that no such domestic or foreign branch or Affiliate of such Lender shall be entitled to any greater indemnification under <u>Section 2.17</u> in respect of any US federal withholding tax with respect to such LIBO Rate Loan, Canadian Prime Rate Loan or Daily Simple CORRA Loan than that to which the applicable Lender was entitled on the date on which such Loan was made (except in connection with any indemnification entitlement arising as a result of any Change in Law after the date on which such Loan was made).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the commencement of each Interest Period for any LIBO Rate Borrowing and Term SOFR Rate Borrowing (other than LIBO Rate Borrowings and Initial Revolving Loan Borrowings on the Closing Date), such Borrowing shall comprise an aggregate principal amount that is an integral multiple of (i) in the case of a Term SOFR Rate Borrowing, $100,000 and not less than $1,000,000, (ii) in the case of a LIBO Rate Borrowing denominated in Euros, €100,000 and not less than €1,000,000, (iii) in the case of a LIBO Rate Borrowing denominated in Canadian Dollars, C$100,000 and not less than C$1,000,000 or (iv) in the case of a LIBO Rate Borrowing denominated in any Alternate Currency (other than Euros or Canadian Dollars), the equivalent of $100,000 and not less than $1,000,000 in such Alternate Currency. Each ABR Borrowing (other than Initial Revolving Loan Borrowings on the Closing Date) when made shall be in a minimum principal amount of $250,000 and in an integral multiple of $100,000 and each Canadian Prime Rate Borrowing or Daily Simple CORRA Borrowing when made shall be in a minimum principal amount of C$250,000 and in an integral multiple of C$100,000; <u>provided</u> that an ABR Revolving Loan Borrowing, a Canadian Prime Rate Revolving Loan Borrowing or a Daily Simple CORRA Revolving Loan Borrowing may be made in a lesser aggregate amount that is (x) equal to the entire aggregate unused Revolving Credit Commitments or (y) required to finance the reimbursement of an LC Disbursement as contemplated by <u>Section 2.05(d)</u>. Borrowings of more than one Type and Class may be outstanding at the same time; <u>provided</u> that there shall not at any time be more than a total of 15 different Interest Periods in effect for LIBO Rate Borrowings and Term SOFR Rate Borrowings, taken together, at any time outstanding (or such greater number of different Interest Periods as the Administrative Agent may agree from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, no Borrower shall, nor shall any Borrower be entitled to, request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date applicable to the relevant Loans.

Section 2.03. <u>Requests for Borrowings</u>. Each Term Loan Borrowing, each Revolving Loan Borrowing, each conversion of Term Loans or Revolving Loans from one Type to the other, and each continuation of LIBO Rate Loans or Term SOFR Rate Loans shall be made upon irrevocable notice by the Applicable Borrower to the Administrative Agent, which may be given by (A) telephone or (B) a Borrowing Request or an Interest Election Request, as applicable; <u>provided</u> that any telephonic notice must be promptly confirmed in writing by delivery to the Administrative Agent of a Borrowing Request or an Interest Election Request, as applicable (<u>provided</u> that any notice in respect of any Term Loan Borrowing and/or any Revolving Loan Borrowing to be made (x) on the Closing Date may be conditioned on the closing of the Closing Date Acquisition, (y) in connection with any acquisition, investment or repayment or redemption of Indebtedness may be conditioned on the closing of such Permitted Acquisition, permitted Investment or permitted repayment or redemption of Indebtedness or (z) for any other purpose to which the Administrative Agent may consent (such consent not to be unreasonably withheld, conditioned or delayed), in each case, may be conditioned on the occurrence of the relevant event). Each such notice must be in the form of a Borrowing Request or an Interest Election Request, as applicable, appropriately completed and signed by a Responsible Officer of the Applicable Borrower or by telephone (and promptly confirmed by delivery of a Borrowing Request or an Interest Election Request, as applicable, appropriately completed and signed by a Responsible Officer of the Borrower Representative) and must be received by the Administrative Agent (by hand delivery or other electronic transmission (including ".pdf" or ".tif")) not later than (i) (x) 1:00 p.m. three Business Days prior to the requested day of any Borrowing of, conversion to or continuation of LIBO Rate Loans and (y) 1:00

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p.m. three US Government Securities Business Days prior to the requested day of any Borrowing of, conversion to or continuation of Term SOFR Rate Loans (or, in each case, one Business Day in the case of any Borrowing of (i) LIBO Rate Loans to be made on the Closing Date, the First Amendment Effective Date, the Fifth Amendment Effective Date, the Seventh Amendment Effective Date or<u>,</u> the Eighth <u>Amendment Effective Date or the Twelfth</u> Amendment Effective Date or (ii) Term SOFR Rate Loans to be made on the Third Amendment Effective Date, the Fifth Amendment Effective Date, the Seventh Amendment Effective Date or<u>,</u> the Eighth Amendment Effective <u>Date or the Twelfth Amendment Effective</u> Date), (ii) 11:00 a.m. on the requested date of any Borrowing of or conversion to ABR Loans (other than Swingline Loans) and (iii) 1:00 p.m. three Business Days prior to the requested date of any Borrowing of or conversion to Canadian Prime Rate Loans or Daily Simple CORRA Loans (or, in each case, such later time as is reasonably acceptable to the Administrative Agent); <u>provided</u>, <u>however</u>, that if the Applicable Borrower wishes to request (x) LIBO Rate Loans (other than a LIBO Rate Loan denominated in Canadian Dollars) having an Interest Period of other than one, two, three or six months in duration, (y) LIBO Rate Loans denominated in Canadian Dollars having an Interest Period of other than one or three months in duration or (z) Term SOFR Rate Loans having an Interest Period of other than one, three or six months in duration, in each case, as provided in the definition of "Interest Period", (A) the applicable notice from the Applicable Borrower must be received by the Administrative Agent not later than 1:00 p.m. four Business Days prior to the requested date of the relevant Borrowing, conversion or continuation (or such later time as is reasonably acceptable to the Administrative Agent), whereupon the Administrative Agent shall give prompt notice to the appropriate Lenders of such request and determine whether the requested Interest Period is available to them and (B) not later than 12:00 p.m. three Business Days before the requested date of the relevant Borrowing, conversion or continuation, the Administrative Agent shall notify the Applicable Borrower whether or not the requested Interest Period is available to the appropriate Lenders.

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing (if denominated in Dollars) or a Canadian Prime Rate Borrowing (if denominated in Canadian Dollars). If no Interest Period is specified with respect to any requested LIBO Rate Borrowing or Term SOFR Rate Borrowing, then the Applicable Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall advise each Lender of the details and amount of any Loan to be made as part of the relevant requested Borrowing (x) in the case of any ABR Borrowing, Canadian Prime Rate Borrowing or Daily Simple CORRA Borrowing, on the same Business Day of receipt of a Borrowing Request in accordance with this Section or (y) in the case of any LIBO Rate Borrowing or Term SOFR Rate Borrowing, no later than one Business Day following receipt of a Borrowing Request in accordance with this Section.

Section 2.04. <u>Swingline Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make swingline loans ("<u>Swingline Loans</u>") to the Revolving Borrowers in Dollars or Euros from time to time on and after the Closing Date and until the Latest Revolving Credit Maturity Date, in an aggregate principal amount at any time outstanding not to exceed $80,000,000 (taking the Dollar Equivalent of all amounts denominated in Euros); <u>provided</u> that (i) the Swingline Lender shall not be required to make any Swingline Loan to refinance any outstanding Swingline Loan and (ii) after giving effect to any Swingline Loan, the aggregate Outstanding Amount of all Revolving Loans, Swingline Loans and LC Exposure shall not exceed the Total Revolving Credit Commitment. Each Swingline Loan shall be in a minimum principal amount of not less than $100,000 or €100,000 (as applicable) or such lesser amount as may be agreed by the Swingline Lender; <u>provided</u> that, notwithstanding the foregoing, any Swingline Loan may be in an aggregate amount that is (1) equal to the entire unused balance of the aggregate unused Revolving Credit Commitments or (2) required to finance the reimbursement of an LC Disbursement as contemplated by <u>Section 2.05(d)</u>. Within the foregoing limits and subject to the terms and conditions set forth herein, Swingline Loans may be borrowed, prepaid and reborrowed. To request a Swingline Loan, the Applicable Revolving Borrower (or the Borrower Representative on its behalf) shall notify the Swingline Lender (with a copy to the Administrative Agent) of such request by delivery of a written Borrowing Request, appropriately completed and signed by a Responsible Officer of the Applicable Revolving Borrower, not later than (x) 1:00 p.m. on the day of a proposed Swingline Loan in the case of Swingline Loans to be made available to any Borrower that is a US Loan Party and (y) 8:00 a.m. on the day of a proposed Swingline Loan in the case of Swingline Loans to be made available to the Dutch Borrower or any other Revolving Borrower that is a Non-US Loan Party. The Swingline Lender shall make each Swingline Loan available to the Applicable Revolving Borrower on the same Business Day (x) no later than 4:00 p.m. in the case of Swingline Loans requested by a Revolving Borrower that is a US Loan

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Party and (y) no later than 10:00 a.m. in the case of Swingline Loans requested by a Revolving Borrower that is a Non-US Loan Party, in each case, by means of a credit to the account designated in the related Borrowing Request or otherwise in accordance with the instructions of the Applicable Borrower (or the Borrower Representative on its behalf) (including, in the case of a Swingline Loan made to finance the reimbursement of any LC Disbursement as provided in <u>Section 2.05(e)</u>, by remittance to the applicable Issuing Bank).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Swingline Lender may by written notice given to the Administrative Agent not later than 12:00 p.m. on any Business Day require the Revolving Lenders to purchase a participation on the second Business Day following receipt of such notice in all or a portion of the Swingline Loans outstanding. Such notice shall specify the aggregate amount (stated in Dollars or Euros) of Swingline Loans in which the Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Revolving Lender's Applicable Revolving Credit Percentage of such Swingline Loan or Swingline Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender's Applicable Revolving Credit Percentage of such Swingline Loan or Swingline Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or any reduction or termination of the Revolving Credit Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender shall comply with its obligation under this paragraph by effecting a wire transfer of immediately available funds, in the same manner as provided in <u>Section 2.07</u> with respect to Revolving Loans made by such Revolving Lender (and <u>Section 2.07</u> shall apply, *mutatis mutandis*, to the payment obligations of the Revolving Lenders pursuant to this <u>Section 2.04(b)</u>), and the Administrative Agent shall promptly remit to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent shall notify the Applicable Revolving Borrower of any participation in any Swingline Loan acquired pursuant to this <u>Section 2.04(b)</u>, and thereafter any payment in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Applicable Revolving Borrower in respect of any Swingline Loan after receipt by the Swingline Lender of the proceeds of any sale of participations therein shall be promptly remitted by the Swingline Lender to the Administrative Agent, and any such amount received by the Administrative Agent shall be promptly remitted by the Administrative Agent to each Revolving Lender that has made its payment pursuant to this <u>Section 2.04(b)</u> and to the Swingline Lender, as their interests may appear; <u>provided</u> that if and to the extent such payment is required to be funded to the Applicable Revolving Borrower for any reason, such payment shall be repaid to the Swingline Lender or the Administrative Agent, as the case may be, and thereafter to the Applicable Revolving Borrower. The purchase of participations in a Swingline Loan pursuant to this <u>Section 2.04(b)</u> shall not relieve the Applicable Revolving Borrower of any default in the payment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Revolving Lender fails to make available to the Administrative Agent (for the account of the Swingline Lender) any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this <u>Section 2.04</u> by the time specified in <u>Section 2.04(b)</u>, the Swingline Lender shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal to the greater of the Federal Funds Effective Rate (or, in the case of any Swingline Loan denominated in Euros, the Administrative Agent's customary rate for interbank advances in Euros) from time to time in effect and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. A certificate of the Swingline Lender submitted to any Revolving Lender (through the Administrative Agent) with respect to any amount owing under this <u>clause (c)</u> shall be conclusive absent manifest error.

Section 2.05. <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Subject to the terms and conditions set forth herein, (i) each Issuing Bank agrees, in each case in reliance upon the agreements of the other Revolving Lenders set forth in this <u>Section 2.05</u>, (A) from time to time on any Business Day during the period from the Closing Date to the fifth Business Day prior to the Latest Revolving Credit Maturity Date, upon the request of any Revolving Borrower, to issue Letters of Credit (subject, in the case of Commercial Letters of Credit, to the consent of the applicable Issuing Bank), in each case, in Dollars or

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any Alternate Currency, issued on sight basis only (with respect to any Letter of Credit in the form of a letter of credit) for the account of Intermediate Dutch Holdings, any Revolving Borrower and/or any of its subsidiaries (<u>provided</u> that the Applicable Revolving Borrower will be the applicant) and to amend or renew any Letter of Credit previously issued by it, in accordance with <u>Section 2.05(b)</u>, and (B) to honor any draft under any Letter of Credit; <u>provided</u> that no Issuing Bank shall be required to issue any Letter of Credit if the Stated Amount of such Letter of Credit, taken together with the aggregate Stated Amount of all other then-outstanding Letters of Credit then issued by such Issuing Bank would exceed such Issuing Bank's Letter of Credit Commitment, and (ii) each Revolving Lender severally agrees to participate in each Letter of Credit as provided in <u>Section 2.05(d); provided</u> that no Issuing Bank shall be required to issue any Letter of Credit if (x) any order, judgment or decree of any Governmental Authority with jurisdiction over such Issuing Bank shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank or any directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or direct that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or (y) the issuance of such Letter of Credit would violate one or more policies to such Issuing Bank now or hereafter applicable to similarly situated borrowers under comparable credit facilities and letters of credit generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions</u>. To request the issuance of any Letter of Credit, a Revolving Borrower shall deliver to the applicable Issuing Bank and the Administrative Agent, at least three Business Days in advance of the requested date of issuance (or such shorter period as is acceptable to the applicable Issuing Bank or, in the case of any issuance to be made on the Closing Date, one Business Day prior to the Closing Date), a Letter of Credit Request (it being understood that, to the extent applicable, the issuance of any Letter of Credit expressly for the benefit of any subsidiary that is not a Loan Party shall be contingent upon the Administrative Agent's receipt of any documentation and other information with respect to such subsidiary that has not been previously provided with respect to any Loan Party, that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the PATRIOT Act, and reasonably requested by the applicable Issuing Bank at least two Business Days prior to the requested date of issuance). To request an amendment, extension or renewal of an outstanding Letter of Credit, (other than any automatic extension of a Letter of Credit permitted under <u>Section 2.05(c)</u>) the Applicable Revolving Borrower shall submit a Letter of Credit Request to the applicable Issuing Bank or Issuing Banks selected by the Applicable Revolving Borrower (with a copy to the Administrative Agent) at least three Business Days in advance of the requested date of amendment, extension or renewal (or such shorter period as is acceptable to the applicable Issuing Bank), identifying the Letter of Credit to be amended, extended or renewed, and specifying the proposed date (which shall be a Business Day) and other details of the amendment, extension or renewal. If requested by the applicable Issuing Bank in connection with any request for any Letter of Credit, the Applicable Revolving Borrower also shall submit a letter of credit application on such Issuing Bank's standard form. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Applicable Revolving Borrower to, or entered into by the Applicable Revolving Borrower with, the applicable Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. No Letter of Credit, letter of credit application or other document entered into by the Applicable Revolving Borrower with any Issuing Bank relating to any Letter of Credit shall contain any representation or warranty, covenant or event of default not set forth in this Agreement (and to the extent any representation or warranty, covenant or event of default in any letter of credit application or any such other document is inconsistent herewith, the same shall be rendered null and void (or reformed automatically without further action by any Person to conform to the terms of this Agreement), and all representations and warranties, covenants and events of default set forth therein shall contain standards, qualifications, thresholds and exceptions for materiality or otherwise consistent with those set forth in this Agreement (and, to the extent any representation or warranty, covenant or event of default is in any letter of credit application or any such other document inconsistent herewith, the same shall be deemed to automatically incorporate the applicable standards, qualifications, thresholds and exceptions set forth herein without action by any Person). No Letter of Credit may be issued, amended, extended or renewed unless (and with respect to <u>clause (i)</u> and <u>(ii)</u> below, upon the issuance, amendment, extension or renewal of each Letter of Credit, the Applicable Revolving Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, extension, or renewal (i) the LC Exposure

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does not exceed the Letter of Credit Sublimit, and (ii) (A) the aggregate amount of the Eighth<u>Twelfth</u> Amendment Revolving Credit Exposure shall not exceed the aggregate amount of the Eighth<u>Twelfth</u> Amendment Revolving Commitments then in effect, (B) the aggregate amount of the Additional Revolving Credit Exposure attributable to any Class of Additional Revolving Credit Commitments does not exceed the aggregate amount of the Additional Revolving Credit Commitments of such Class then in effect and (C) if such Letter of Credit has a term that extends beyond the Maturity Date applicable to the Revolving Credit Commitments of any Class, the aggregate amount of the LC Exposure attributable to Letters of Credit expiring after such Maturity Date (1) does not exceed the aggregate amount of the Revolving Credit Commitments then in effect that are scheduled to remain in effect after such Maturity Date or (2) is subject to Letter of Credit Support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Expiration Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Standby Letter of Credit shall expire later than the earlier of (A) the date that is one year after the date of the issuance of such Standby Letter of Credit and (B) the date that is five Business Days prior to the Latest Revolving Credit Maturity Date; <u>provided</u>, that any Standby Letter of Credit may provide for the automatic extension thereof for any number of additional periods of up to one year in duration (which additional periods shall not extend beyond the date referred to in the preceding <u>clause (B)</u> unless such Letter of Credit is subject to Letter of Credit Support).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Commercial Letter of Credit shall expire later than the earlier to occur of (A) 180 days after the issuance thereof and (B) the date that is five Business Days prior to the Latest Revolving Credit Maturity Date, unless such Letter of Credit is subject to Letter of Credit Support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Participations</u>. By the issuance of any Letter of Credit (or an amendment to any Letter of Credit increasing the amount thereof) and without any further action on the part of the applicable Issuing Bank or the Revolving Lenders, the applicable Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Revolving Lender's Applicable Revolving Credit Percentage of the aggregate amount available to be drawn under such Letter of Credit (in respect of any Letter of Credit issued in an Alternate Currency, expressed in the Dollar Equivalent thereof). In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the applicable Issuing Bank, such Lender's Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Applicable Revolving Borrower on the date due as provided in <u>paragraph (d)</u> of this Section, or of any reimbursement payment required to be refunded to the Applicable Revolving Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or Event of Default or reduction or termination of the Revolving Credit Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reimbursement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the applicable Issuing Bank makes any LC Disbursement in respect of a Letter of Credit, the Applicable Revolving Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent (or, in the case of Commercial Letters of Credit, the applicable Issuing Bank) an amount equal to such LC Disbursement not later than 1:00 p.m. two Business Days (or if the Applicable Revolving Borrower receives notice of such LC Disbursement after 11:00 a.m., two Business Days after the date of receipt of such notice) immediately following the date on which the Applicable Revolving Borrower receives notice of such LC Disbursement under <u>paragraph (f)</u> of this Section; <u>provided</u> that the Applicable Revolving Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with <u>Section 2.03</u> or <u>2.04</u> that such payment be financed (A) in the case of a Letter of Credit denominated in Dollars, with an ABR Revolving Loan Borrowing or a Swingline Loan denominated in Dollars in an equivalent amount, (B) in the case of a Letter of Credit denominated in an Alternate Currency (other than Canadian Dollars), with a LIBO Rate Revolving Loan denominated in any Alternate Currency or a Swingline Loan denominated in Euros in an equivalent amount and (C) in the case of a Letter of Credit

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denominated in Canadian Dollars, with a LIBO Rate Revolving Loan denominated in Canadian Dollars, a Canadian Prime Rate Revolving Loan Borrowing or, after a Canadian Benchmark Transition Event, a Daily Simple CORRA Revolving Loan Borrowing (any such Revolving Loan Borrowing, a "<u>Letter of Credit Reimbursement Loan</u>"), and, to the extent so financed, the obligation of the Applicable Revolving Borrower to make such payment shall be discharged and replaced by the resulting Borrowing (it being understood and agreed that the Applicable Revolving Borrower may also request a Swingline Loan to reimburse such LC Disbursement in accordance with <u>Section 2.04</u>, subject, in the case of any such Swingline Loan, to the satisfaction of the applicable conditions set forth in <u>Section 4.02</u>). If the Applicable Revolving Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Applicable Revolving Borrower in respect thereof and such Revolving Lender's Applicable Revolving Credit Percentage thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Revolving Credit Percentage of the payment then due from the Applicable Revolving Borrower, in the same manner as provided in <u>Section 2.07</u> with respect to Loans made by such Revolving Lender (and <u>Section 2.07</u> shall apply, *mutatis mutandis*, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the Applicable Revolving Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Revolving Lenders and such Issuing Bank as their interests may appear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any Revolving Lender fails to make available to the Administrative Agent for the account of the applicable Issuing Bank any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this <u>Section 2.05(d)</u> by the time specified therein, such Issuing Bank shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such Issuing Bank at a rate per annum equal to the greater of the Federal Funds Effective Rate (or, in the case of any Letter of Credit denominated in (i) Canadian Dollars, the Canadian Prime Rate or (ii) any other Alternate Currency, the Administrative Agent's customary rate for interbank advances in such Alternate Currency) from time to time in effect and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. A certificate of the applicable Issuing Bank submitted to any Revolving Lender (through the Administrative Agent) with respect to any amount owing under this <u>clause (ii)</u> shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Obligations Absolute</u>. The obligation of the Applicable Revolving Borrower to reimburse LC Disbursements as provided in <u>paragraph (d)</u> of this Section shall be absolute and unconditional and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under any Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the applicable Issuing Bank under any Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the obligations of the Applicable Revolving Borrower hereunder. Neither the Administrative Agent, the Revolving Lenders nor any Issuing Bank, nor any of their respective Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of such Issuing Bank; <u>provided</u> that the foregoing shall not be construed to excuse such Issuing Bank from liability to the Applicable Revolving Borrower to the extent of any direct damages suffered by the Applicable Revolving Borrower that are caused by such Issuing Bank's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence, bad faith or willful misconduct on the part of applicable Issuing Bank

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(as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to any document presented which appears on its face to be in substantial compliance with the terms of any Letter of Credit, the applicable Issuing Bank may, in its sole discretion, either accept and make payment upon such document without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such document if such document is not in strict compliance with the terms of such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Disbursement Procedures</u>. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the Applicable Revolving Borrower by electronic means or by telephone (confirmed by electronic means) upon any LC Disbursement thereunder; <u>provided</u> that no failure to give or delay in giving such notice shall relieve the Applicable Revolving Borrower of its obligation to reimburse such Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Interim Interest</u>. If any Issuing Bank makes any LC Disbursement, unless the Applicable Revolving Borrower reimburses such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Applicable Revolving Borrower reimburses such LC Disbursement (or the date on which such LC Disbursement is reimbursed with the proceeds of Loans, as applicable), at the rate per annum then applicable (x) in the case of any Letter of Credit denominated in Dollars, to Eighth<u>Twelfth</u> Amendment Revolving Loans that are ABR Loans, (y) in the case of any Letter of Credit denominated in Canadian Dollars, to Eighth<u>Twelfth</u> Amendment Revolving Loans that are Canadian Prime Rate Loans and (y) in the case of any Letter of Credit denominated in any Alternate Currency (other than Canadian Dollars), to Eighth<u>Twelfth</u> Amendment Revolving Loans that are LIBO Rate Loans (or, to the extent of the participation in such LC Disbursement by any Revolving Lender of another Class, the rate per annum then applicable to the Revolving Loans of such other Class); <u>provided</u> that if the Applicable Revolving Borrower fails to reimburse such LC Disbursement when due pursuant to <u>paragraph (d)</u> of this Section, then <u>Section 2.13(e)</u> shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to <u>paragraph (d)</u> of this Section to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment and shall be payable on the date on which the Applicable Revolving Borrower is required to reimburse the applicable LC Disbursement in full (and, thereafter, on demand).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Replacement or Resignation of an Issuing Bank; Designation of New Issuing Banks</u>. (i) Any Issuing Bank may be replaced with the consent of the Administrative Agent (not to be unreasonably withheld or delayed) and the Borrower Representative at any time by written agreement among the Borrower Representative, the Administrative Agent and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of an Issuing Bank. At the time any such replacement becomes effective, unless otherwise agreed by the replaced Issuing Bank, the Applicable Revolving Borrower shall pay all unpaid fees accrued prior to such date for the account of the replaced Issuing Bank pursuant to <u>Section 2.12(b)(ii)</u>. From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit 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 of any Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower Representative may, at any time and from time to time with the consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed) and the relevant Revolving Lender, designate one or more additional Revolving Lenders to act as an issuing bank under the terms of this Agreement. Any Revolving Lender designated as an issuing bank pursuant to this <u>paragraph</u> <u>(i)</u> who agrees in writing to such designation shall be deemed to be an "Issuing Bank" (in addition to being a Revolving Lender) in respect of Letters of Credit issued or to be issued by such Revolving Lender in respect of its Letter of Credit Commitment (the amount of which Letter of Credit Commitment shall be specified in the agreement pursuant to which such Revolving Lender becomes an Issuing Bank), and, with respect to such Letters of Credit, such term shall thereafter apply to the other Issuing Bank and such Revolving Lender; <u>provided</u>, that for the avoidance of doubt, it is understood and agreed that the Letter of Credit Commitments of the other Issuing Banks shall not be reduced or otherwise be affected by the appointment of any additional Revolving Lender as an Issuing Bank pursuant to this <u>paragraph (ii)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained herein, each Issuing Bank may, upon thirty days' prior written notice to the Borrower Representative, each other Issuing Bank and the Lenders, resign as Issuing Bank, which resignation shall be effective as of the date referenced in such notice (but in no event less than thirty days (or such later date as the relevant Issuing Bank may agree) after the delivery of such written notice); <u>provided</u> that the effectiveness of such resignation shall be conditioned on and subject to the appointment of a replacement Issuing Bank reasonably satisfactory to the Borrower Representative who agrees to assume the entire Letter of Credit Commitment of the resigning Issuing Bank, and no such resignation shall become effective unless and until such replacement Issuing Bank has accepted such appointment and agreed to provide such Letter of Credit Commitment on terms acceptable to the Borrower Representative; <u>provided</u>, further, that it is understood and agreed that in the event of any such resignation, any Letter of Credit then outstanding shall remain outstanding (irrespective of whether any amount have been drawn at such time). In the event of any such resignation of any Issuing Bank, the Borrower Representative shall be entitled, but shall not be obligated, to appoint another Revolving Lender that is willing, in its sole discretion to accept such appointment in writing as successor Issuing Bank in respect of such resigning Issuing Bank; it being understood that the resignation of any such Issuing Bank shall not be effective in the event of a failure to appoint any such successor Issuing Bank and/or a failure of any Revolving Lender to accept such appointment as Issuing Bank. Upon the acceptance of any appointment as Issuing Bank hereunder, the successor Issuing Bank shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Issuing Bank, and the retiring Issuing Bank shall be discharged from its duties and obligations in such capacity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Cash Collateralization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Event of Default exists and the Loans have been declared due and payable in accordance with <u>Article 7</u> hereof, then on the Business Day following the date on which the Borrower Representative receives notice from the Administrative Agent (at the direction of the Required Revolving Lenders) demanding the deposit of Cash collateral pursuant to this <u>paragraph (i)</u>, the Borrower Representative shall deposit (or shall cause to be deposited), in an interest-bearing account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the "<u>LC Collateral Account</u>"), an amount in Cash equal to 100% of the LC Exposure as of such date (<u>minus</u> the amount then on deposit in the LC Collateral Account); <u>provided</u> that the obligation to deposit such Cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to any Borrower described in <u>Section 7.01(f)</u> or <u>(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any such deposit under <u>clause (i)</u> above shall be held by the Administrative Agent as collateral for the payment and performance of the Secured Obligations in accordance with the provisions of this <u>paragraph (i)</u>. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account, and the Applicable Revolving Borrower hereby grants the Administrative Agent, for the benefit of the Secured Parties, a first priority security interest in the LC Collateral Account. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the applicable Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Applicable Revolving Borrowers for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of the Required Revolving Lenders) be applied to satisfy other Secured Obligations. If the Borrower Representative is required to provide an amount of Cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (together with all interest and other earnings with respect thereto, to the extent not applied as aforesaid) shall be returned to the Borrower Representative promptly (but in no event later than three Business Days) after such Event of Default has been cured or waived.

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Section 2.06. <u>[Reserved]</u>.

Section 2.07. <u>Funding of Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender shall make each Loan to be made by it hereunder not later than (i) in the case of any Borrowing of ABR Loans (other than Swingline Loans) requested on the date of such Borrowing, 1:00 p.m., (ii) in the case of any Borrowing of Canadian Prime Rate Loans, 2:00 p.m., (iii) in the case of any Borrowing of Loans denominated in Euros, 3:00 p.m. (London time) or (iv) in each other case, 11:00 a.m., in each case of the foregoing <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u>, on the Business Day specified in the applicable Borrowing Request by wire transfer of immediately available funds to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender's respective Applicable Percentage; <u>provided</u> that Swingline Loans shall be made as provided in <u>Section 2.04</u>. The Administrative Agent will make such Loans available to the Applicable Borrower by promptly crediting the amounts so received on the same Business Day, in like funds, to the account designated in the relevant Borrowing Request or as otherwise directed by the Borrower Representative; <u>provided</u> that ABR Revolving Loans (or LIBO Rate Revolving Loans in the case of any Letter of Credit denominated in any Alternate Currency) made to finance the reimbursement of any LC Disbursement as provided in <u>Section 2.05(d)</u> shall be remitted by the Administrative Agent to the applicable Issuing Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Administrative Agent has received notice from any Lender that such Lender will not make available to the Administrative Agent such Lender's share of any Borrowing prior to the proposed date of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with <u>paragraph (a)</u> of this Section and may, in reliance upon such assumption, make available to the Applicable Borrower a corresponding amount. In such event, if any Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower Representative severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Applicable Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate (or, with respect to any amount denominated in (i) Canadian Dollars, the Canadian Prime Rate or (ii) any other Alternate Currency, the rate of interest per annum at which overnight deposits in the applicable Alternate Currency, on an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by the Administrative Agent in the applicable offshore interbank market for such currency) and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower Representative, the interest rate applicable to Loans comprising such Borrowing at such time. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing and the obligation of the Borrower Representative to repay the Administrative Agent such corresponding amount pursuant to this <u>Section 2.07(b)</u> shall cease. If the Borrower Representative pays such amount to the Administrative Agent, the amount so paid shall constitute a repayment of such Borrowing by such amount. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Applicable Borrower or any other Loan Party may have against any Lender as a result of any default by such Lender hereunder.

Section 2.08. <u>Type; Interest Elections</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrowing shall initially be of the Type specified in the applicable Borrowing Request and, in the case of any LIBO Rate Borrowing or Term SOFR Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower Representative may elect to convert any Borrowing denominated in Dollars to a Borrowing of a different Type or to continue such Borrowing and, in the case of a LIBO Rate Borrowing or Term SOFR Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower Representative may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders based upon their Applicable Percentages and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Loans, which may not be converted or continued.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To make an election pursuant to this Section, the Borrower Representative shall deliver an Interest Election Request, appropriately completed and signed by a Responsible Officer of the Borrower Representative, to the Administrative Agent in accordance with <u>Section 2.03</u>. If any such Interest Election Request requests a LIBO Rate Borrowing or Term SOFR Rate Borrowing but does not specify an Interest Period, then the Borrower Representative shall be deemed to have selected an Interest Period of one month's duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Borrower Representative fails to deliver (or cause to be delivered) a timely Interest Election Request with respect to a LIBO Rate Borrowing or Term SOFR Rate Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, such Borrowing shall be converted at the end of such Interest Period to an ABR Borrowing (or if denominated in (i) Canadian Dollars, a Canadian Prime Rate Borrowing or (ii) any Alternate Currency (other than Canadian Dollars), a LIBO Rate Borrowing with an Interest Period of one month).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is understood and agreed that (i) only Borrowings denominated in Dollars may be made in the form of, or converted into, an ABR Loan or a Term SOFR Rate Loan, (ii) only Borrowings denominated in Canadian Dollars may be made and/or converted to Canadian Prime Rate Loans or, as applicable, Daily Simple CORRA Loans and (iii) a Term SOFR Borrowing may not be converted to a LIBO Rate Borrowing.

Section 2.09. <u>Termination and Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless previously terminated, (i) the Initial Term Loan Commitments on the Closing Date shall automatically terminate upon the making of the Initial Term Loans on the Closing Date, (ii) the Eighth<u>Twelfth</u> Amendment Revolving Commitments shall automatically terminate on the applicable Initial Revolving Credit Maturity Date, (iii) the Additional Term Loan Commitments of any Class shall automatically terminate upon the making of the Additional Term Loans of such Class and, if any such Additional Term Loan Commitment is not drawn on the date that such Additional Term Loan Commitment is required to be drawn pursuant to the applicable Refinancing Amendment, Extension Amendment or Incremental Facility Amendment, the undrawn amount thereof shall automatically terminate and (iv) the Additional Revolving Credit Commitments of any Class shall automatically terminate on the Maturity Date specified therefor in the applicable Refinancing Amendment, Extension Amendment or Incremental Facility Amendment, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon delivery of the notice required by <u>Section 2.09(c)</u>, the Borrower Representative may at any time terminate or from time to time reduce, the Revolving Credit Commitments of any Class; <u>provided</u> that (i) each reduction of the Revolving Credit Commitments of any Class shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (ii) the Borrower Representative shall not terminate or reduce the Revolving Credit Commitments of any Class if, after giving effect to any concurrent prepayment of Revolving Loans and Swingline Loans and/or the provision of Letter of Credit Support with respect to any outstanding Letter of Credit, the aggregate amount of the Revolving Credit Exposure attributable to the Revolving Credit Commitments of such Class would exceed the aggregate amount of the Revolving Credit Commitments of such Class; <u>provided</u> that, after the establishment of any Additional Revolving Credit Commitments, any such termination or reduction of the Revolving Credit Commitments of any Class shall be subject to the provisions set forth in <u>Section 2.22</u>, <u>2.23</u> and/or <u>9.02</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce any Revolving Credit Commitment under <u>paragraph (b)</u> of this Section in writing at least three Business Days prior to the effective date of such termination or reduction (or such later date to which the Administrative Agent may agree), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving Lenders of each applicable Class of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section shall be irrevocable; <u>provided</u> that any such notice may state that it is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the Borrower Representative (by written notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of any Revolving Credit Commitment pursuant to this <u>Section 2.09</u> shall be permanent. Upon any reduction of any Revolving Credit Commitment, the Revolving Credit Commitment of each Revolving Lender of the relevant Class shall be reduced by such Revolving Lender's Applicable Percentage of the amount of such reduction.

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Section 2.10. <u>Repayment of Loans; Evidence of Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The Term Borrowers hereby unconditionally promise, on a joint and several basis, to repay the outstanding principal amount of the Tranche B-3 Term Loans in Canadian Dollars to the Administrative Agent for the account of each applicable Term Lender (A) on each Scheduled Payment Date prior to the Initial Term Loan Maturity Date (each such date being referred to as an "<u>Initial Term Loan Installment Date</u>"), in each case, in an amount equal to 0.25% of the original principal amount of the Tranche B-3 Term Loans outstanding on the First Amendment Effective Date (as such payments may be reduced from time to time as a result of the application of prepayments in accordance with <u>Section 2.11</u> and repurchases and assignments in accordance with <u>Section 9.05(g)</u> or increased in connection with the incurrence of Incremental Term Loans made as an increase to such Class) and (B) on the Initial Term Loan Maturity Date, in an amount equal to the remainder of the principal amount of the Tranche B-3 Term Loans outstanding on such date, together, in each case, in the same currency as initially borrowed and 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;(ii) The Term Borrowers hereby unconditionally promise, on a joint and several basis, to repay the outstanding principal amount of the Eleventh Amendment Dollar Refinancing Term Loans, in each case to the Administrative Agent for the account of each Eleventh Amendment Dollar Refinancing Term Lender who holds Eleventh Amendment Dollar Refinancing Term Loans (A) on each applicable Scheduled Payment Date occurring after the making of such Eleventh Amendment Dollar Refinancing Term Loans prior to the Initial Term Loan Maturity Date (each such date being referred to as a "<u>Eleventh Amendment Dollar Loan Installment Date</u>" and together with the Initial Term Loan Installment Date, collectively, each being referred to as a "<u>Loan Installment Date</u>"), in each case, in an amount equal to 0.25% of the original principal amount of the Eleventh Amendment Dollar Refinancing Term Loans on the Eleventh Amendment Effective Date (as such payments may be reduced from time to time as a result of the application of prepayments in accordance with <u>Section 2.11</u> and repurchases and assignments in accordance with <u>Section 9.05(g)</u> or increased in connection with the Incremental Term Loans made as an increase to such Class) and (B) on the Initial Term Loan Maturity Date, in an amount equal to the remainder of the principal amount of the Eleventh Amendment Dollar Refinancing Term Loans outstanding on such date, together, 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;(iii) The Term Borrowers hereby unconditionally promise, on a joint and several basis, to repay the outstanding principal amount of the Eleventh Amendment Euro Refinancing Term Loans, in each case to the Administrative Agent for the account of each Eleventh Amendment Refinancing Term Lender who holds Eleventh Amendment Euro Refinancing Term Loans on the Initial Term Loan Maturity Date, in an amount equal to the principal amount of the Eleventh Amendment Euro Refinancing Term Loans outstanding on such date, together, 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;(iv) The Term Borrowers shall repay the Additional Term Loans of any Class made to it in such scheduled amortization installments and on such date or dates as shall be specified therefor in the applicable Refinancing Amendment, Incremental Facility Amendment or Extension Amendment (as such payments may be reduced from time to time as a result of the application of prepayments in accordance with <u>Section 2.11</u> or repurchases in accordance with <u>Section 9.05(g)</u> or increased as a result of any increase in the amount of such Additional Term Loans of such Class pursuant to <u>Section 2.22(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The Revolving Borrowers hereby unconditionally promise, severally and not jointly, to pay in Dollars or the relevant Alternate Currency, as applicable (A) to the Administrative Agent for the account of each applicable Eighth<u>Twelfth</u> Amendment Revolving Lender, the then-unpaid principal amount of the Eighth<u>Twelfth</u> Amendment Revolving Loans of such Lender on the applicable Initial Revolving Credit Maturity Date, (B) to the Administrative Agent for the account of each Additional Revolving Lender, the then-unpaid principal amount of each Additional Revolving Loan of such Additional Revolving Lender on the Maturity Date applicable thereto and (C) to the Swingline Lender, the then unpaid principal amount of each Swingline Loan on the Latest Revolving Credit Maturity Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the Maturity Date applicable to the Revolving Credit Commitments of any Class, the Revolving Borrowers, as applicable, shall (A) cancel and return outstanding Letters of Credit (or alternatively, with respect to any outstanding Letter of Credit, provide Letter of Credit Support with respect thereto), in each case to the extent necessary so that, after giving effect thereto, the aggregate amount of the Revolving Credit Exposure attributable to the Revolving Credit Commitments of any other Class does not exceed the Revolving Credit Commitments of such other Class then in effect, (B) prepay Swingline Loans to the extent necessary so that, after giving effect thereto, the aggregate amount of the Revolving Credit Exposure attributable to the Revolving Credit Commitments of any other Class shall not exceed the Revolving Credit Commitments of such other Class then in effect and (C) make payment in full of all accrued and unpaid fees and all reimbursable expenses and other Obligations with respect to the Revolving Facility of the applicable Class then due, together with accrued and unpaid interest (if any) thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class, Type and currency thereof and the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Applicable Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders or the Issuing Banks and each Lender's or Issuing Bank's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The entries made in the accounts maintained pursuant to <u>paragraphs (c)</u> or <u>(d)</u> of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein (absent manifest error); <u>provided</u> that (i) the failure of any Lender or the Administrative Agent to maintain such accounts or any manifest error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement, (ii) in the event of any inconsistency between the accounts maintained by the Administrative Agent pursuant to <u>paragraph (d)</u> of this Section and any Lender's records, the accounts of the Administrative Agent shall govern and (iii) in the event of any inconsistency between the Register and any other accounts maintained by the Administrative Agent, the Register shall govern absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Lender may request that any Loan made by it be evidenced by a Promissory Note. In such event, the Applicable Borrowers shall prepare, execute and deliver a Promissory Note to such Lender payable to such Lender and its registered permitted assigns; it being understood and agreed that such Lender (and/or its applicable permitted assign) shall be required to return such Promissory Note to the Borrower Representative in accordance with <u>Section 9.05(b)(iii)</u> and upon the occurrence of the Termination Date (or as promptly thereafter as practicable). If any Lender loses the original copy of its Promissory Note, it shall execute an affidavit of loss containing an indemnification provision that is reasonably satisfactory to the Borrower Representative. The obligation of each Lender to execute and deliver an affidavit of loss containing an indemnification provision that is reasonably satisfactory to the Borrower Representative shall survive the Termination Date.

Section 2.11. <u>Prepayment of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Optional Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon prior notice in accordance with <u>paragraph (a)(iii)</u> of this Section, the Term Borrowers shall have the right at any time and from time to time to prepay any Borrowing of Term Loans of one or more Classes (such Class or Classes to be selected by the Borrower Representative in its sole discretion) in whole or in part without premium or penalty (but subject (A) (i) in the case of Borrowings of 2021 Repricing Term Loans only, to <u>Section 2.12(f)</u> and (ii) in the case of Borrowings of Eleventh Amendment Dollar Refinancing Term Loans and the Eleventh Amendment Euro Refinancing Term Loans only, to <u>Section 2.12(g)</u>, and (B) if applicable, to <u>Section 2.16</u>). Each such prepayment shall be paid to the Lenders in accordance with their respective Applicable Percentages of the relevant Class.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon prior notice in accordance with <u>paragraph (a)(iii)</u> of this Section, the Revolving Borrowers shall have the right at any time and from time to time to prepay any Borrowing of Revolving Loans of any Class and/or any Borrowing of Swingline Loans, in whole or in part without premium or penalty (but subject to <u>Section 2.16</u>); <u>provided</u> that (A) after the establishment of any Additional Revolving Loans, any such prepayment of any Borrowing of Revolving Loans of any Class shall be subject to the provisions set forth in <u>Section 2.22</u>, <u>2.23</u>, <u>2.25</u> and/or <u>9.02</u>, as applicable and (B) no Borrowing of Revolving Loans may be prepaid unless all Swingline Loans then outstanding, if any, are prepaid concurrently therewith. Each such prepayment shall be paid to the Revolving Lenders in accordance with their respective Applicable Percentages of the relevant Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Borrower Representative shall notify the Administrative Agent (and the Swingline Lender, as applicable) in writing of any prepayment under this <u>Section 2.11(a)</u> (i) in the case of any prepayment of a LIBO Rate Borrowing or a Daily Simple CORRA Borrowing, not later than 1:00 p.m. three Business Days before the date of prepayment, (ii) in the case of any prepayment of a Term SOFR Rate Borrowing, not later than 1:00 p.m. three US Government Securities Business Days before the date of prepayment, (iii) in the case of any prepayment of an ABR Borrowing, not later than 11:00 a.m., on the date of prepayment, (iv) in the case of any prepayment of a Canadian Prime Rate Borrowing, not later than 10:00 a.m., on the date of prepayment or (v) in the case of any prepayment of any Swingline Loan, not later than 1:00 p.m. on the date of prepayment (or, in each case, such later time as to which the Administrative Agent may reasonably agree). Each such notice shall be irrevocable (except as set forth in the proviso to this sentence) and shall specify the prepayment date and the principal amount of each Borrowing or portion or each relevant Class to be prepaid; <u>provided</u> that any notice of prepayment delivered by the Borrower Representative may be conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the Borrower Representative (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any such notice relating to any Borrowing, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount at least equal to the amount that would be permitted in the case of a Borrowing of the same Type and Class as provided in <u>Section 2.02(c)</u>, or such lesser amount that is then outstanding with respect to such Borrowing being repaid (and in increments of $100,000 in excess thereof or such lesser incremental amount that is then outstanding with respect to such Borrowing being repaid). Each prepayment of Term Loans shall be applied to the Class or Classes of Term Loans specified in the applicable prepayment notice, and each prepayment of Term Loans of such Class or Classes made pursuant to this <u>Section 2.11(a)</u> shall be applied against the remaining scheduled installments of principal due in respect of the Term Loans of such Class or Classes in the manner specified by the Borrower Representative or, in the absence of any such specification on or prior to the date of the relevant optional prepayment, in direct order of maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mandatory Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No later than the fifth Business Day after the date on which the financial statements with respect to each Fiscal Year of Intermediate Dutch Holdings are required to be delivered pursuant to <u>Section 5.01(b)</u>, commencing with the first full Fiscal Year ending after the Closing Date, the Borrowers shall prepay (or cause to be prepaid) the outstanding principal amount of Tranche B-3 Term Loans, Eleventh Amendment Dollar Refinancing Term Loans, Eleventh Amendment Euro Refinancing Term Loans and Additional Term Loans then subject to ratable prepayment requirements (the "<u>Subject Loans</u>") in accordance with <u>clause (vi)</u> of this <u>Section 2.11(b)</u> in an aggregate principal amount (the "<u>ECF Prepayment Amount</u>") equal to (x) the Required Excess Cash Flow Percentage of Excess Cash Flow of Intermediate Dutch Holdings and its Restricted Subsidiaries for the Excess Cash Flow Period then ended, <u>minus</u> (y) at the option of the Borrower Representative (to the extent not financed with the proceeds of long-term Indebtedness (other than revolving Indebtedness)):

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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;(A) (1) the aggregate principal amount of any optional prepayment, repurchase, redemption or other retirement of any First Lien Debt (and in the case of any such First Lien Debt constituting revolving indebtedness, to the extent accompanied by a permanent reduction in the applicable revolving commitments) prior to the date that the applicable prepayment is due and (2) the aggregate principal amount of any optional prepayment, repurchase, redemption or other retirement of any Junior Lien Debt (and in the case of any such Junior Lien Debt constituting revolving indebtedness, to the extent accompanied by a permanent reduction in the applicable revolving commitments) prior to the date that the applicable prepayment is due, in each case of the foregoing <u>clauses (1)</u> and <u>(2)</u>, excluding any such optional prepayment, repurchase, redemption or other retirement made during such Fiscal Year that reduced the amount required to be prepaid pursuant to this <u>Section 2.11(b)(i)</u> in any prior Fiscal Year of the Intermediate Dutch Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&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 amount of any reduction in the outstanding principal amount of any Term Loan, any other First Lien Debt and/or any Junior Lien Debt resulting from any assignment to (and/or purchase by) Intermediate Dutch Holdings or any Restricted Subsidiary of any such Indebtedness (and in the case of any such Indebtedness constituting revolving indebtedness, to the extent accompanied by a permanent reduction in the applicable revolving commitment) prior to the date that the applicable prepayment is due, in each case, to the extent of the amount paid in Cash by Intermediate Dutch Holdings or the applicable Restricted Subsidiary in connection with the relevant assignment and/or purchase, excluding any such assignment and/or purchase made during such Fiscal Year that reduced the amount required to be prepaid pursuant to this <u>Section 2.11(b)(i)</u> in any 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;(C) the amount of any Capital Expenditure, Investment, Restricted Payment and/or Restricted Debt Payment (1) made during such Fiscal Year or after such Fiscal Year but prior to the date that the applicable prepayment is due or (2) contractually committed during such Fiscal Year (or after such Fiscal Year but prior to the date that the applicable prepayment is due) to be made during the immediately succeeding Fiscal Year, in each case, excluding any such amount that (x) is actually applied during such Fiscal Year and (y) reduced the amount required to be prepaid pursuant to this <u>Section 2.11(b)(i)</u> in any prior Fiscal Year; <u>provided</u>, that the deduction described in <u>clause (1)</u> above shall not apply to the extent the relevant amount was financed with the proceeds of long-term funded Indebtedness (other than revolving Indebtedness); <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;(I) no prepayment under this <u>Section 2.11(b)(i)</u> shall be required unless the amount thereof exceeds the greater of $25,000,000 and 5% of Consolidated Adjusted EBITDA (the "<u>De Minimis ECF Threshold</u>") as of the last day of the most recently ended Test Period; it being understood that (x) only the amount in excess of the De Minimis ECF Threshold shall be required to be applied to make a prepayment in accordance with this <u>Section 2.11(b)(i)</u> and (y) if the amount of any required prepayment pursuant to this <u>Section 2.11(b)(i)</u> (without giving effect to the De Minimis ECF Threshold) for any Excess Cash Flow Period is less than the De Minimis ECF Threshold for such Excess Cash Flow Period, an amount equal to (1) the De Minimis ECF Threshold for such Excess Cash Flow Period <u>minus</u> (2) the amount of the required prepayment (without giving effect to the De Minimis ECF Threshold) pursuant to this <u>Section 2.11(b)(i)</u> for such Excess Cash Flow Period shall be applied to increase the De Minimis ECF Threshold in succeeding Excess Cash Flow Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&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 at the time that any such prepayment would be required, Intermediate Dutch Holdings (or any Restricted Subsidiary of Intermediate Dutch Holdings) is also required to prepay any First Lien Debt of the type described in <u>clause (b)</u> of the definition thereof (such Indebtedness required to be so prepaid or offered to be so repurchased, "<u>Other Applicable Indebtedness</u>") with any portion of the ECF Prepayment Amount, then the Borrower Representative may apply (or cause to be applied) such portion of the ECF Prepayment Amount on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Loans and Other Applicable Indebtedness at such time; <u>provided</u>, that (X) the portion of such ECF Prepayment Amount allocated to the Other Applicable Indebtedness shall not exceed the portion of such ECF Prepayment Amount that is required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such ECF Prepayment Amount shall be

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allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the prepayment of Other Applicable Indebtedness, and the amount of the prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.11(b)(i)</u> shall be reduced accordingly and (Y) to the extent the holders of Other Applicable Indebtedness decline to have such Indebtedness prepaid, the declined amount shall promptly (and in any event within 10 Business Days after the date of such rejection) be applied to prepay the Term Loans and any relevant Other Applicable Indebtedness with a corresponding requirement on a pro rata basis (determined in a manner consistent with that set forth in the first proviso of this <u>clause (II)</u>) in accordance with the terms hereof; it being understood and agreed that if any Term Lender or holder of such Other Applicable Indebtedness declines any prepayment contemplated by this clause (Y), the Borrower Representative shall not be required to subsequently offer the amount of the relevant declined prepayment to any Term Lender or any holder of Other Applicable Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) to the extent the ECF Prepayment Amount for any Excess Cash Flow Period, after giving effect to all deductions and credits (including any deduction of the types described in <u>clauses (A)</u> through <u>(C)</u> above) applicable thereto, is a negative amount, such negative amount may be carried forward to reduce the required ECF Prepayment Amount with respect to any future Excess Cash Flow Period selected by the Borrower Representative in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No later than the fifth Business Day following the receipt of Net Proceeds in respect of any Prepayment Asset Sale or Net Insurance/Condemnation Proceeds, in each case, in excess of the greater of $25,000,000 and 5% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period (the "<u>De Minimis Proceeds Threshold</u>") in any Fiscal Year, the Borrowers shall apply (or cause to be applied) an amount equal to the Required Net Proceeds Percentage of the Net Proceeds or Net Insurance/Condemnation Proceeds received with respect thereto in excess of the De Minimis Proceeds Threshold (collectively, the "<u>Subject Proceeds</u>") to prepay the outstanding principal amount of, and accrued interest on, the Subject Loans in accordance with <u>clause (vi)</u> below; <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) it is understood that (1) only the amount in excess of the De Minimis Proceeds Threshold shall be required to be applied to make a prepayment in accordance with this <u>Section 2.11(b)(ii)</u> and (2) if the amount of any prepayment that would have been required pursuant to this <u>Section 2.11(b)(ii)</u> (without giving effect to the De Minimis Proceeds Threshold) for any Fiscal Year is less than the De Minimis Proceeds Threshold for such Fiscal Year, an amount equal to (x) the De Minimis Proceeds Threshold for such Fiscal Year <u>minus</u> (y) the amount of the prepayment that would have been required but for the De Minimis Proceeds Threshold pursuant to this <u>Section 2.11(b)(ii)</u> for such Fiscal Year shall be applied to increase the De Minimis Proceeds Threshold 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;(B) if prior to the date on which any such prepayment is required to be made, the Borrower Representative notifies the Administrative Agent of the Borrowers' intention to reinvest the applicable Subject Proceeds in the business of Intermediate Dutch Holdings and/or any subsidiary (other than an investment in Cash or Cash Equivalents), then the Borrowers shall not be required to make a mandatory prepayment under this <u>clause (ii)</u> in respect of the applicable Subject Proceeds to the extent (1) the applicable Subject Proceeds are so reinvested within 18 months following receipt thereof, or (2) Intermediate Dutch Holdings or any subsidiary has committed to so reinvest the applicable Subject Proceeds during such 18-month period and the applicable Subject Proceeds are so reinvested within 6 month after the expiration of such 18-month period; it being understood that (x) if the applicable Subject Proceeds have not been so reinvested prior to the expiration of the applicable period, the Borrowers shall promptly prepay the Subject Loans with the amount of applicable Subject Proceeds not so reinvested as set forth above (without regard to the immediately preceding proviso) and (y) any investment by Intermediate Dutch Holdings or its applicable subsidiaries (up to an amount equal to the applicable Subject Proceeds) after the earlier to occur of (i) the date on which the definitive agreement for the applicable Disposition was executed and (ii) the date on which the Borrower Representative delivers notice to the Administrative Agent of a pending Disposition (but prior to the date on

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which Intermediate Dutch Holdings and/or any subsidiary receives the Net Proceeds in respect of any Prepayment Asset Sale or Net Insurance Condemnation Proceeds) may, at the election of the Borrower Representative, be deemed to constitute a reinvestment of the applicable Subject Proceeds in compliance with, and in satisfaction of the obligations under, this <u>clause (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;(C) if, at the time that any such prepayment would be required hereunder, Intermediate Dutch Holdings or any of its Restricted Subsidiaries is required to repay or repurchase any Other Applicable Indebtedness (or offer to repurchase such Other Applicable Indebtedness), then the relevant Person may apply the Subject Proceeds on a pro rata basis to the prepayment of the Subject Loans and to the repurchase or repayment of the Other Applicable Indebtedness (determined on the basis of the aggregate outstanding principal amount of the Subject Loans and the Other Applicable Indebtedness (or accreted amount if such Other Applicable Indebtedness is issued with original issue discount) at such time); it being understood that (1) the portion of the Subject Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of the Subject Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, (and the remaining amount, if any, of the Subject Proceeds shall be allocated to the Subject Loans in accordance with the terms hereof), and the amount of the prepayment of the Subject Loans that would have otherwise been required pursuant to this <u>Section 2.11(b)(ii)</u> shall be reduced accordingly and (2) to the extent the holders of the Other Applicable Indebtedness decline to have such Indebtedness prepaid or repurchased, the declined amount shall promptly (and in any event within ten Business Days after the date of such rejection) be applied to prepay the Subject Loans in accordance with the terms hereof and any relevant Other Applicable Indebtedness with a corresponding requirement on a pro rata basis (determined in a manner consistent with that set forth in this <u>clause (C)</u>; it being understood and agreed that if any Term Lender or holder of such Other Applicable Indebtedness declines any prepayment contemplated by <u>clause (2)</u> above, the Borrower Representative shall not be required to subsequently offer the amount of the relevant declined prepayment to any Term Lender or any holder of Other Applicable Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event that Intermediate Dutch Holdings or any of its Restricted Subsidiaries receives Net Proceeds from the issuance or incurrence of Indebtedness by Intermediate Dutch Holdings or any of its Restricted Subsidiaries (other than Indebtedness that is permitted to be incurred under <u>Section 6.01</u>, except to the extent the relevant Indebtedness constitutes (A) Refinancing Indebtedness (including Replacement Debt) incurred to refinance all or a portion of any Class of Term Loans pursuant to <u>Section 6.01(p)</u>, (B) Incremental Loans incurred in reliance on <u>clause (b)</u> of the definition of "Incremental Cap" to refinance all or a portion of any Class of Term Loans pursuant to <u>Section 2.22</u>, (C) Replacement Term Loans incurred to refinance all or any portion of any Class of Term Loans in accordance with the requirements of <u>Section 9.02(c)</u> and/or (D) Incremental Equivalent Debt incurred in reliance on <u>clause (b)</u> of the definition of "Incremental Cap", to refinance all or a portion of the Loans in accordance with the requirements of the definition thereof, in each case to the extent required by the terms thereof to prepay or offer to prepay such Indebtedness), the Borrower Representative shall, promptly upon (and in any event not later than two Business Days thereafter) the receipt of such Net Proceeds by Intermediate Dutch Holdings or its applicable Restricted Subsidiary, apply (or cause to be applied) an amount equal to 100% of such Net Proceeds to prepay the outstanding principal amount of the relevant Class or Classes of Term Loans in accordance with <u>clause (vi)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything in this <u>Section 2.11(b)</u> 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;(A) the Borrower Representative shall not be required to prepay (or cause to be prepaid) any amount that would otherwise be required to be paid pursuant to <u>Sections 2.11(b)(i)</u> or <u>(ii)</u> above to the extent that the relevant Excess Cash Flow is generated by any Non-US Subsidiary or any US Subsidiary of any Non-US Subsidiary (any such Person, a "<u>Specified Subsidiary</u>"), the relevant Prepayment Asset Sale is consummated by any Specified Subsidiary or the relevant Net Insurance/Condemnation Proceeds are received by any Specified Subsidiary, as the case may be, for so long as the repatriation and/or other transfer to the Borrower Representative of any such amount would be, in the good faith determination of the Borrower Representative, prohibited,

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restricted or delayed under any Requirement of Law (including for the avoidance of doubt, any Requirement of Law relating to financial assistance, corporate benefit, thin capitalization, capital maintenance or liquidity maintenance rules and similar legal principles, restrictions on "upstreaming" and/or "cross-streaming" of Cash intra-group and Requirements of Law relating to the fiduciary and/or statutory duties of the directors (or equivalent Persons) of Intermediate Dutch Holdings and/or any of its Restricted Subsidiaries) or would conflict with the fiduciary and/or statutory duties of such Specified Subsidiary's directors (or equivalent Persons), or result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for any officer, director, employee, manager, member of management or consultant of such Specified Subsidiary (it being agreed that, if the repatriation and/or other transfer of the relevant affected Excess Cash Flow or Subject Proceeds, as the case may be, is permitted under the applicable Requirement of Law and, to the extent applicable, would no longer conflict with the fiduciary and/or statutory duties of such director, or result in, or be reasonably expected to result in, a material risk of personal or criminal liability for the Persons described above, in either case, within 365 days following the end of the applicable Excess Cash Flow Period or the event giving rise to the relevant Subject Proceeds, the relevant Specified Subsidiary will promptly repatriate and/or transfer the relevant Excess Cash Flow or Subject Proceeds, as the case may be, and the repatriated or transferred Excess Cash Flow or Subject Proceeds, as the case may be, will be promptly (and in any event not later than two Business Days after such repatriation) applied (net of additional Taxes payable or reserved against such Excess Cash Flow as a result thereof) to the repayment of the Term Loans pursuant to this <u>Section 2.11(b)</u> to the extent required herein (without regard to this <u>clause (iv)</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) the Borrower Representative shall not be required to prepay (or cause to be prepaid) any amount that would otherwise be required to be paid pursuant to <u>Sections 2.11(b)(i)</u> or (ii) to the extent that the relevant Excess Cash Flow is generated by any joint venture or the relevant Subject Proceeds are received by any joint venture, in each case, for so long as the distribution and/or other transfer to the Borrower Representative of such Excess Cash Flow or Subject Proceeds would, in the good faith determination of the Borrower Representative, be prohibited under the Organizational Documents (or any relevant shareholders' or similar agreement) governing such joint venture;

&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower Representative shall not be required to prepay any amount that would otherwise be required to be paid pursuant to <u>Sections 2.11(b)(i)</u> or <u>(ii)</u> to the extent that the relevant Excess Cash Flow is generated by any Non-US Subsidiary that is not a Loan Party or the relevant Subject Proceeds are received by any Non-US Subsidiary that is not a Loan Party, in each case, for so long as the Borrower Representative determines in good faith that the distribution to any Applicable Borrower of such Excess Cash Flow or Subject Proceeds would be prohibited under an agreement permitted pursuant to <u>Section 6.05</u> by which such Foreign Subsidiary is bound governing any Indebtedness; 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;(D) if the Borrower Representative determines in good faith that the repatriation (or other intercompany distribution or transfer) to any Applicable Borrower, directly or indirectly, from a Specified Subsidiary as a distribution or dividend (or other intercompany transfer) of any amount required to mandatorily prepay the Term Loans pursuant to <u>Sections 2.11(b)(i)</u> or <u>(ii)</u> above could reasonably be expected to result in a material and adverse Tax liability (including any withholding Tax) being incurred by Holdings, Intermediate Dutch Holdings, any Parent Company and/or any Restricted Subsidiary (such amount, a "<u>Restricted Amount</u>"), the amount that the Borrowers shall be required to mandatorily prepay pursuant to <u>Sections 2.11(b)(i)</u> or <u>(ii)</u> above, as applicable, shall be reduced by the Restricted Amount; <u>provided</u> that to the extent that the repatriation (or other intercompany distribution or transfer) of the relevant Subject Proceeds or Excess Cash Flow, directly or indirectly, from the relevant Specified Subsidiary would no longer have or be expected to result in a material and adverse tax consequence within the 365-day period following the event giving rise to the relevant Subject Proceeds or the end of the applicable Excess Cash Flow Period, as the case may be, an amount equal to the Subject Proceeds or Excess Cash Flow, as applicable and to the extent available, not previously applied pursuant to this <u>clause (C)</u>, shall be promptly applied to the repayment of the Term Loans pursuant to <u>Section 2.11(b)</u> as otherwise required above;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any Term Lender may elect, by notice to the Administrative Agent at or prior to the time and in the manner specified by the Administrative Agent, prior to any prepayment of Term Loans required to be made by the Borrower Representative pursuant to this <u>Section 2.11(b)</u>, to decline all (but not a portion) of its Applicable Percentage of such prepayment (such declined amounts, the "<u>Declined Proceeds</u>"); <u>provided</u> that (A) in the event that any Term Lender elects to decline (or otherwise waives) receipt of such Declined Proceeds the remaining amount thereof may be retained by the Borrower Representative and (B) for the avoidance of doubt, no Lender may reject any prepayment made under <u>Section 2.11(b)(iii)</u> above to the extent that such prepayment is made with the Net Proceeds of (1) Refinancing Indebtedness (including Replacement Debt) incurred to refinance all or a portion of the Term Loans pursuant to <u>Section 6.01(p)</u>, (2) Incremental Loans incurred to refinance all or a portion of the Term Loans pursuant to <u>Section 2.22</u>, (3) Replacement Term Loans incurred to refinance all or any portion of the Term Loans in accordance with the requirements of <u>Section 9.02(c)</u> and/or (4) Incremental Equivalent Debt incurred to refinance all or a portion of the Loans in accordance with the requirements of the definition thereof. If any Lender fails to deliver a written notice to the Administrative Agent of its election to decline receipt of its Applicable Percentage of any mandatory prepayment within the time frame specified by the Administrative Agent, such failure will be deemed to constitute an acceptance of such Lender's Applicable Percentage of the total amount of such mandatory prepayment of Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except as otherwise contemplated by this Agreement or provided in, or intended with respect to, any Refinancing Amendment, any Incremental Facility Amendment, any Extension Amendment or any Replacement Debt (<u>provided</u>, that such Refinancing Amendment, Incremental Facility Amendment or Extension Amendment may not provide that the applicable Class of Term Loans receive a greater than pro rata portion of any prepayment of Term Loans pursuant to <u>Section 2.11(b)</u> than would otherwise be permitted by this Agreement), in each case effectuated or issued in a manner consistent with this Agreement, each prepayment of Term Loans pursuant to <u>Section 2.11(b)</u> shall be allocated to prepay any Class of Term Loans as directed by the Borrower Representative or, in the absence of such direction, to each Class of Term Loans then outstanding that is *pari passu* with the Tranche B-3 Term Loans, the Eleventh Amendment Dollar Refinancing Term Loans and the Eleventh Amendment Euro Refinancing Term Loans in right of payment and with respect to security (<u>provided</u> that any prepayment of Term Loans with the Net Proceeds of any Refinancing Indebtedness, Incremental Term Facility, Incremental Equivalent Debt or Replacement Term Loans shall be applied to the applicable Class of Term Loans being refinanced or replaced), it being understood and agreed that any prepayment of 2021 Repricing Term Loans may be applied to the 2021 Repricing Dollar Term Loans, the 2021 Repricing Euro Term Loans and/or the Tranche B-3 Term Loans as (and in such amounts) the Borrower Representative may elect. With respect to each relevant Class of Term Loans, any accepted prepayment under this <u>Section 2.11(b)</u> shall be applied against the remaining scheduled installments of principal due in respect of such Term Loans as directed by the Borrower Representative (or, in the absence of direction from the Borrower Representative, to the remaining scheduled amortization payments in respect of the Term Loans of such Class in direct order of maturity), and each such prepayment shall be paid to the Term Lenders in accordance with their respective Applicable Percentage of the applicable Class. If no Lender exercises the right to decline a prepayment of the Term Loans pursuant to <u>Section 2.11(b)(v)</u>, the amount of such mandatory prepayment shall be applied first to the then outstanding Term Loans that are ABR Loans to the full extent thereof and then to the then outstanding Term Loans that are LIBO Rate Loans and Term SOFR Rate Loans in a manner that minimizes the amount of any payment required to be made by any Borrower pursuant to <u>Section 2.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) In the event that on any Revaluation Date (after giving effect to the determination of the Outstanding Amount of each Revolving Loan, Swingline Loan, LC Obligation and/or Ancillary Commitment) the aggregate Revolving Credit Exposure of any Class exceeds an amount equal to 105% of the Total Revolving Credit Commitment of such Class then in effect, the Revolving Borrowers shall, within five Business Days of receipt of notice from the Administrative Agent, prepay the Revolving Loans or Swingline Loans and/or reduce LC Exposure (in each case, taking the Dollar Equivalent of any amount denominated in an Alternate Currency), in an aggregate amount sufficient to reduce such aggregate Revolving Credit Exposure as of the date of such payment to an amount not to exceed 100% of the Revolving Credit Commitment of such Class then in effect by taking any of the following actions as it shall determine at its sole discretion: (I) prepayment of Revolving Loans and/or Swingline Loans in accordance with <u>Section 2.11(a)(ii)</u> and/or (II) with respect to any excess LC Exposure, provide Letter of Credit Support with respect 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;(A) Each prepayment of any Revolving Loan Borrowing under this <u>Section 2.11(b)(vii)</u> shall be paid to the Revolving Lenders in accordance with their respective Applicable Percentages of the applicable Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The amount required to be prepaid under this <u>Section 2.11(b)</u> shall be (A) accompanied by accrued interest as required by <u>Section 2.13</u> (which may, at the election of the Borrower Representative, be netted in the calculation of the applicable prepayment amount and in the event such election is made, the amount of such prepayment of principal and the amount of such accrued interest shall be as determined by the Borrower Representative in good faith), (B) subject to <u>Section 2.16</u>, (C) in the case of prepayments of 2021 Repricing Dollar Term Loans or 2021 Repricing Euro Term Loans under <u>clause (iii)</u> above as part of a Repricing Transaction, subject to <u>Section 2.12(f)</u> and (D) in the case of prepayments of Eleventh Amendment Dollar Refinancing Term Loans or Eleventh Amendment Euro Refinancing Term Loans under <u>clause (iii)</u> above as part of a Specified Repricing Transaction, subject to <u>Section 2.12(g),</u> but shall otherwise be without premium or penalty.

Section 2.12. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Revolving Borrowers agree to pay to the Administrative Agent for the account of each Revolving Lender of any Class (other than any Defaulting Lender) a commitment fee, which shall accrue at a rate equal to the Commitment Fee Rate per annum applicable to the Revolving Credit Commitments of such Class on the actual daily amount of the unused Revolving Credit Commitment of such Class of such Revolving Lender during the period from and including the Closing Date to the date on which such Lender's Revolving Credit Commitment of such Class terminates. Accrued Commitment fees shall be payable in arrears within 15 Business Days after each Scheduled Payment Date for the quarterly period then most recently ended (or, in the case of the first such payment made after the Closing Date, for the period from the Closing Date to such date), and on the date on which the Revolving Credit Commitments of the applicable Class terminate. For purposes of calculating the commitment fee payable pursuant to this <u>Section 2.12(a)</u>, the Revolving Credit Commitment of any Class shall be deemed to have been used to the extent of (i) the outstanding principal amount of the Revolving Loans of such Class, (ii) the LC Exposure attributable to the Revolving Credit Commitment of such Class and (iii) the Ancillary Outstandings attributable to the Revolving Credit Commitment of such Class, but no portion of the Revolving Credit Commitment of any Class shall be deemed to have been used as a result of any outstanding Swingline Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Revolving Borrowers agree to pay (i) to the Administrative Agent for the account of each Revolving Lender of any Class, a participation fee with respect to its participation, in any outstanding Letter of Credit that is not subject to Letter of Credit Support, which shall accrue at the Applicable Rate used to determine the interest rate applicable to Revolving Loans of such Class that are Term SOFR Rate Loans on the daily face amount of the portion of such Lender's LC Exposure that is attributable to its Revolving Credit Commitment of such Class (excluding any portion thereof that is attributable to any unreimbursed LC Disbursement), during the period from and including the Closing Date to the earlier of (A) the later of the date on which such Revolving Lender's Revolving Credit Commitment of such Class terminates and the date on which such Revolving Lender ceases to have any LC Exposure attributable to its Revolving Credit Commitment of such Class and, (B) the Termination Date, and (ii) to each Issuing Bank, for its own account, a fronting fee, in respect of each Letter of Credit that is not subject to Letter of Credit Support issued by such Issuing Bank for the period from the date of issuance of such Letter of Credit to the earlier of (A) the expiration date of such Letter of Credit, (B) the date on which such Letter of Credit terminates, (C) the Termination Date, computed at a rate agreed by such Issuing Bank and the Borrower Representative (but in any event not to exceed 0.125% per annum) of the daily face amount of such Letter of Credit, as well as such Issuing Bank's standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or the processing of any drawing thereunder. Participation fees and fronting fees shall accrue to but excluding each Scheduled Payment Date and be payable in arrears for the quarterly period then most recently ended (or, in the case of the payment made on the first such date after the Closing Date, for the period from the Closing Date to such date) within 15 Business Days after each Scheduled Payment Date); <u>provided</u>, that all such fees shall be

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payable on the date on which the Revolving Credit Commitments of the applicable Class terminate, and any such fees accruing after the date on which the Revolving Credit Commitments of the applicable Class terminate and prior to the Termination Date shall be payable on demand. Any other fee payable to any Issuing Bank pursuant to this paragraph shall be payable within 30 days after receipt of a written demand (accompanied by reasonable back-up documentation) therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrowers agree to pay (i) to the Administrative Agent and US Collateral Agent, for each of their own accounts, the annual administration fee described in the Administrative Agent Fee Letter and (ii) to the Non-US Collateral Agent, for its own account, the annual administrative fee described in the Non-US Collateral Agent Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All fees payable hereunder shall be paid on the date due, in Dollars and in immediately available funds, to the Administrative Agent (or to the applicable Issuing Bank, in the case of fees payable to any Issuing Bank). Fees paid shall not be refundable under any circumstance except as otherwise provided in the Fee Letter. Fees payable hereunder shall accrue through and including the last day of the month immediately preceding the applicable fee payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that, on or prior to the date that is six months after the First Amendment Effective Date, any Term Borrower (A) prepays, repays, refinances, substitutes or replaces any 2021 Repricing Dollar Term Loan, 2021 Repricing Euro Term Loan or Tranche B-3 Term Loan, as applicable, in connection with a Repricing Transaction (including, for the avoidance of doubt, any prepayment made pursuant to <u>Section 2.11(b)(iii)</u> that constitutes a Repricing Transaction), or (B) effects any amendment, modification or waiver of, or consent under, this Agreement resulting in a Repricing Transaction, such Term Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable 2021 Repricing Dollar Term Loan Lenders, 2021 Repricing Euro Term Loan Lenders or Tranche B-3 Term Lenders, as applicable, (I) in the case of <u>clause (A)</u>, a premium of 1.00% of the aggregate principal amount of the 2021 Repricing Dollar Term Loan, 2021 Repricing Euro Term Loan or Tranche B-3 Term Loan, as applicable, so prepaid, repaid, refinanced, substituted or replaced and (II) in the case of <u>clause (B)</u>, a fee equal to 1.00% of the aggregate principal amount of the 2021 Repricing Dollar Term Loan, 2021 Repricing Euro Term Loan or Tranche B-3 Term Loan that are the subject of such Repricing Transaction outstanding immediately prior to such amendment. If, on or prior to the date that is six months after the First Amendment Effective Date, all or any portion of 2021 Repricing Dollar Term Loans, 2021 Repricing Euro Term Loans or Tranche B-3 Term Loans, as applicable, held by any 2021 Repricing Dollar Term Loan Lender, 2021 Repricing Euro Term Loan Lender or Tranche B-3 Term Lender, as applicable, are prepaid, repaid, refinanced, substituted or replaced pursuant to <u>Section 2.19(b)(iv)</u> as a result of, or in connection with, such 2021 Repricing Dollar Term Loan Lender, 2021 Repricing Euro Term Loan Lender or Tranche B-3 Term Lender, as applicable, not agreeing or otherwise consenting to any waiver, consent, modification or amendment referred to in <u>clause (B)</u> above (or otherwise in connection with a Repricing Transaction), such prepayment, repayment, refinancing, substitution or replacement will be made at 101% of the principal amount so prepaid, repaid, refinanced, substituted or replaced. All such amounts shall be due and payable on the date of effectiveness of such Repricing Transaction. For the avoidance of doubt, (i) a Repricing Transaction with respect to 2021 Repricing Dollar Term Loans will not result in any premium payable pursuant to this <u>Section 2.12(f)</u> applying to 2021 Repricing Euro Term Loans or Tranche B-3 Term Loans, (ii) a Repricing Transaction with respect to the 2021 Repricing Euro Term Loans will not result in any premium payable pursuant to this <u>Section 2.12(f)</u> applying to 2021 Repricing Dollar Term Loans or Tranche B-3 Term Loans and (iii) a Repricing Transaction with respect to the Tranche B-3 Term Loans will not result in any premium payable pursuant to this <u>Section 2.12(f)</u> applying to 2021 Repricing Euro Term Loans or 2021 Repricing Dollar Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event that, prior to the date that is six months after the Eleventh Amendment Effective Date, any Term Borrower (A) prepays, repays, refinances, substitutes or replaces any Eleventh Amendment Dollar Refinancing Term Loan or any Eleventh Amendment Euro Refinancing Term Loans in connection with a Specified Repricing Transaction (including, for the avoidance of doubt, any prepayment made pursuant to <u>Section 2.11(b)(iii)</u> that constitutes a Specified Repricing Transaction), or (B) effects any amendment, modification or waiver of, or consent under, this Agreement resulting in a Specified Repricing Transaction, such Term Borrower shall pay to the Administrative Agent, for the ratable account of each of the relevant Term Lenders, (I) in the case of <u>clause (A)</u>, a

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premium of 1.00% of the aggregate principal amount of the Eleventh Amendment Dollar Refinancing Term Loans or Eleventh Amendment Euro Refinancing Term Loans, as applicable, so prepaid, repaid, refinanced, substituted or replaced and (II) in the case of <u>clause (B)</u>, a fee equal to 1.00% of the aggregate principal amount of the Eleventh Amendment Dollar Refinancing Term Loans or Eleventh Amendment Euro Refinancing Term Loans, as applicable, that are the subject of such Specified Repricing Transaction outstanding immediately prior to such amendment. If, prior to the date that is six months after the Eleventh Amendment Effective Date, all or any portion of Eleventh Amendment Dollar Refinancing Term Loan or Eleventh Amendment Euro Refinancing Term Loans, as applicable, held by any Term Lender, are prepaid, repaid, refinanced, substituted or replaced pursuant to <u>Section 2.19(b)(iv)</u> as a result of, or in connection with, such Term Lender not agreeing or otherwise consenting to any waiver, consent, modification or amendment referred to in <u>clause (B)</u> above (or otherwise in connection with a Specified Repricing Transaction), such prepayment, repayment, refinancing, substitution or replacement will be made at 101% of the principal amount so prepaid, repaid, refinanced, substituted or replaced. All such amounts shall be due and payable on the date of effectiveness of such Specified Repricing Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Unless otherwise indicated herein, all computations of fees shall be made on the basis of a 360-day year and shall be payable for the actual days elapsed (including the first day but excluding the last day). Each determination by the Administrative Agent of the amount of any fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The amount and timing of payments of fees in respect of any Ancillary Facility will be agreed by the relevant Ancillary Lender and the Applicable Ancillary Borrower under such Ancillary Facility.

Section 2.13. <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The Tranche B-1 Term Loans, each Additional Term Loan denominated in Dollars (including the Eleventh Amendment Dollar Refinancing Term Loans) and the Revolving Loans, in each case, comprising each ABR Borrowing (including Swingline Loans denominated in Dollars) shall bear interest at the Alternate Base Rate <u>plus</u> the Applicable Rate and (ii) the Tranche B-3 Term Loans, each Additional Term Loan denominated in Canadian Dollars and the Revolving Loans, in each case, comprising each (x) Canadian Prime Rate Borrowing shall bear interest at the Canadian Prime Rate <u>plus</u> the Applicable Rate and (y) Daily Simple CORRA Borrowing shall bear interest at Daily Simple CORRA <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Term Loans and Revolving Loans, in each case, comprising each LIBO Rate Borrowing shall bear interest at the LIBO Rate for the Interest Period in effect for such Borrowing <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Term Loans and Revolving Loans, in each case, comprising each Term SOFR Rate Borrowing shall bear interest at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Swingline Loans denominated in any Alternate Currency shall bear interest at the Overnight Rate <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing but in all cases subject to <u>Section 9.05(f)</u>, if any principal of or interest on any Term Loan, Revolving Loan, Swingline Loan, any LC Disbursement or other amount payable by any Borrower hereunder is not, in each case, paid or reimbursed when due, whether at stated maturity, upon acceleration or otherwise, the relevant overdue amount shall, at the direction of the Required Lenders or Required Revolving Lenders, as applicable, bear interest, to the fullest extent permitted by applicable Requirements of Law, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal or interest of any Term Loan, Revolving Loan, Swingline Loan or unreimbursed LC Disbursement, 2.00% <u>plus</u> the rate otherwise applicable to such Term Loan, Revolving Loan, Swingline Loan or LC Disbursement as provided in the preceding paragraphs of this Section or (ii) in the case of any fees, 2.00% <u>plus</u> the rate applicable to Revolving Loans that are ABR Loans or Canadian Prime Rate Revolving Loans (if denominated in Canadian Dollars), as applicable, as provided in <u>paragraph (a)</u> of this <u>Section 2.13;</u> <u>provided</u>, that no amount shall accrue pursuant to this <u>Section 2.13(e)</u> on any overdue amount, reimbursement obligation in respect of any LC Disbursement or other amount that is payable to any Defaulting Lender so long as such Lender is a Defaulting Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Accrued interest on each Term Loan, Revolving Loan and Swingline Loan shall be payable in arrears on each Interest Payment Date for such Term Loan, Revolving Loan or Swingline Loan and (i) on the Maturity Date applicable to such Loan, (ii) in the case of a Revolving Loan of any Class, upon termination of the Revolving Credit Commitments of such Class and (iii) in the case of any Swingline Loan, upon termination of all of the Revolving Credit Commitments, as applicable; <u>provided</u> that (A) interest accrued pursuant to <u>paragraph (e)</u> of this <u>Section 2.13</u> shall be payable on demand, (B) in the event of any repayment or prepayment of any Term Loan, Revolving Loan (other than an ABR Revolving Loan, Daily Simple CORRA Revolving Loan or Canadian Prime Rate Revolving Loan of any Class prior to the termination of the Revolving Credit Commitments of such Class) or Swingline Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (C) in the event of any conversion of any LIBO Rate Loan or Term SOFR Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Term Loan or Revolving Loan shall be payable on the effective date of such conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All interest hereunder shall be computed on the basis of a year of 360 days, except that (x) interest computed by reference to the Term CORRA, Daily Simple CORRA or the Canadian Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and (y) Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Canadian Prime Rate, Daily Simple CORRA, LIBO Rate or Adjusted Term SOFR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Interest shall accrue on each Loan for the day on which the Loan is made and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; <u>provided</u> that any Loan that is repaid on the same day on which it is made shall bear interest for one day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The amount and timing of payments of interest in respect of any Ancillary Facility will be agreed by the relevant Ancillary Lender and the Applicable Ancillary Borrower under such Ancillary Facility based on market rates and terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of the *Interest Act* (Canada), (i) the principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement and (ii) the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary contained in any Loan Document, if any provision of this Agreement or any Loan Document would oblige a Canadian Loan Party to make any payment of interest or other amount payable to any Secured Party in an amount or calculated at a rate which would result in a receipt by that Secured Party of "interest" at a "criminal rate" (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not so result in a receipt by that Secured Party of "interest" at a "criminal rate", such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, by reducing the amount or rate of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) thereafter, by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid which would constitute interest for purposes of section 347 of the Criminal Code (Canada).

Section 2.14. <u>Alternate Rate of Interest; Replacement of Term SOFR or Term SOFR Successor Rate</u>.

If, prior to the commencement of any Interest Period for a LIBO Rate Borrowing or a Term SOFR Rate Borrowing, as applicable:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to, and without limitation of, <u>Section 1.13</u> with respect to LIBO Rate Loans, if the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) adequate and reasonable means do not exist for ascertaining the LIBO Rate or the Adjusted Term SOFR Rate, as applicable, for such Interest Period (and the circumstances described in <u>Section 1.13</u> do not apply), including, with respect to the Term SOFR Rate Loans, because the Term SOFR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary or (ii) deposits (whether in Dollars or an Alternate Currency) are not being offered to banks in the applicable offshore interbank eurodollar market for such currency for the applicable amount and Interest Period of such LIBO Rate Loans or in the applicable secured overnight financing market for the applicable amount and Interest Period of such Term SOFR Rate Loans, as applicable (in each respect of each of the foregoing <u>clauses (i)</u> and <u>(ii)</u> and, solely to the extent a Term SOFR Successor Rate has not been determined in accordance with <u>Section 2.14(d)</u>, this <u>clause (a)</u>, the "<u>Impacted Loans</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrative Agent is advised by (I) with respect to LIBO Rate Loans denominated in Euros, the Required Euro Lenders, (II) with respect to LIBO Rate Loans denominated in an Alternate Currency (other than Euros), the Required Revolving Lenders and (III) with respect to Term SOFR Rate Loans, the Required Dollar Lenders having such Term SOFR Rate Loans or unused Commitments, as applicable, in writing that the LIBO Rate or the Adjusted Term SOFR Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any Term SOFR Rate Loan, CME or any successor administrator of the Term SOFR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent or such administrator with respect to its publication of Term SOFR, in each case acting in such capacity, has made a public statement or publication of information announcing that all Available Tenors of Term SOFR or the Term SOFR Screen Rate shall or will no longer be made available, or permitted to be used for determining the interest rate of U.S. dollar denominated syndicated loans, or shall or will otherwise cease; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of Term SOFR (the later of (x) the date of such public statement or publication of information and (y) the date on which all Available Tenors of Term SOFR or the Term SOFR Screen Rate are no longer available permanently or indefinitely, the "<u>Term SOFR Scheduled Unavailability Date</u>");

then the Administrative Agent shall reasonably promptly give notice thereof to the Borrower Representative and the Lenders by telephone, facsimile or electronic mail promptly thereafter (but at least two Business Days prior to the first day of such Interest Period or, in the case of any Swingline Loan denominated in an Alternate Currency (other than Euros or Canadian Dollars) on the date of determination) and, until the Administrative Agent notifies the Borrower Representative and the Lenders that the circumstances giving rise to such notice no longer exist, which the Administrative Agent agrees promptly to do, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a LIBO Rate Borrowing or Term SOFR Rate Borrowing shall be ineffective and such Borrowing shall be converted to an ABR Borrowing (if denominated in Dollars) or Canadian Prime Rate Borrowing (if denominated in Canadian Dollars) on the last day of the Interest Period (or in the case of a Borrowing denominated in an Alternate Currency (other than Canadian Dollars), such Borrowing will be a rate that is the generally accepted then-prevailing market rate convention including any mathematical or other adjustments thereto as agreed by the Administrative Agent and the Borrower Representative; provided that if no generally accepted then-prevailing market rate convention exists at that time, the Administrative Agent and the Borrower Representative shall enter in an amendment to establish a mutually agreed alternative rate, which amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders unless, prior to such time, Lenders comprising (I) with respect to LIBO Rate Loans denominated in Euros, the Required Euro Lenders and (II) with respect to LIBO Rate Loans denominated in an Alternate Currency (other than Euros and Canadian Dollars), the Required Revolving Lenders, as applicable, have delivered to the Administrative Agent written notice that such Required Lenders object to such amendment), (ii) if any Borrowing Request requests a LIBO Rate Borrowing or Term SOFR Rate Borrowing, such Borrowing shall be made as an ABR Borrowing (if denominated in Dollars) or Canadian Prime Rate Borrowing (if denominated in Canadian Dollars) (or, in the case of a pending request for a Borrowing denominated in any Alternate Currency (other than Canadian Dollars), rate applicable to such Borrowing will be a rate that is the generally accepted then-prevailing market rate convention including any mathematical or other adjustments thereto) as agreed by the Administrative and the Borrower Representative; provided that if no generally accepted then-prevailing market rate convention exists at that time, the Administrative Agent and the Borrower Representative shall enter in an

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amendment to establish a mutually agreed alternative rate applicable to such loans denominated in such Alternate Currency, which amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders unless, prior to such time, (I) with respect to LIBO Rate Loans denominated in Euros, the Required Euro Lenders and (II) with respect to LIBO Rate Loans denominated in an Alternate Currency (other than Euros and Canadian Dollars), the Required Revolving Lenders, as applicable, have delivered to the Administrative Agent written notice that such required lenders object to such alternative rate), (iii) the obligation of the Lenders to make or maintain a LIBO Rate Loan or Term SOFR Rate Loan, as applicable, in the affected currencies shall be suspended and (iv) in the event of a determination in clauses (a) or (b) above with respect to the LIBO Rate or Adjusted Term SOFR Rate component of the Base Rate, the utilization of such component of the Base Rate shall be suspended; provided, in the cases of clauses (i) and (ii) the Borrower Representative may instead revoke any pending Interest Election Request or Borrowing Request. In the case of any outstanding LIBO Rate Loans or Term SOFR Rate Loans that are Impacted Loans, on the last day of the Interest Period applicable thereto, subject to, and without limitation of, Section 2.14(d) with respect to Eighth<u>Twelfth</u> Amendment Revolving Loans and/or Eleventh Amendment Dollar Refinancing Term Loans, such Impacted Loans will be deemed to have been converted to ABR Loans (if denominated in Dollars) or Canadian Prime Rate Loans (if denominated in Canadian Dollars) (or in the case of such Impacted Loans that are denominated in an Alternate Currency (other than Canadian Dollars), such Impacted Loans shall bear interest at the rate that is the generally accepted then-prevailing market rate convention (including any mathematical or other adjustments thereto) as agreed by the Administrative Agent and the Borrower Representative; provided that if no generally accepted then-prevailing market rate convention exists at that time, the Administrative Agent and the Borrower Representative shall enter in an amendment to establish a mutually agreed alternative rate, which amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders unless, prior to such time, Lenders comprising (I) with respect to LIBO Rate Loans denominated in Euros, the Required Euro Lenders and (II) with respect to LIBO Rate Loans denominated in an Alternate Currency (other than Euros and Canadian Dollars), the Required Revolving Lenders, as applicable, have delivered to the Administrative Agent written notice that such required lenders object to such amendment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary herein, in the event of the circumstances of the type set forth in <u>Section 2.14(a)</u>, <u>(b)</u> or <u>(c)</u> has occurred with respect to the Eighth<u>Twelfth</u> Amendment Revolving Loans and/or Eleventh Amendment Dollar Refinancing Term Loans, then, on a date and time determined by the Administrative Agent in consultation with the Borrower Representative (any such date, the "<u>Term SOFR Replacement Date</u>"), the Administrative Agent and the Borrower Representative may amend (without the consent of any other Person) this Agreement solely for the purpose of replacing Term SOFR or any then current successor rate in accordance with this <u>Section 2.14</u>, as applicable, with the first alternative set forth in the order below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an alternative benchmark rate that has been selected by the Administrative Agent and the Borrower Representative giving due consideration to any evolving or then-prevailing market convention for similar Dollar-denominated syndicated credit facilities for such alternative benchmark, and including any mathematical or other adjustments to such alternative benchmark that has been selected by the Administrative Agent and the Borrower Representative giving due consideration to any evolving or then-prevailing market convention for similar Dollar-denominated syndicated credit facilities for such alternative benchmark (any such proposed rate under <u>clause (i)</u> or <u>(ii)</u>, a "<u>Term SOFR Successor Rate</u>").

Any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower Representative without any further action or consent of any other party to this Agreement or any other Loan Document, unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to such amendment. The Administrative Agent will promptly (in one or more notices) notify the Borrower Representative and each Lender of the implementation of any Term SOFR Successor Rate.

Any Term SOFR Successor Rate shall be applied in a manner consistent with market practice for comparable syndicated loans being executed at the time of such determination; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such Term SOFR Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent in consultation with the Borrower Representative.

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Notwithstanding anything else herein, in no event shall the Term SOFR Successor Rate be less than (x) 0.00% in the case of the Eighth<u>Twelfth</u> Amendment Revolving Loans and the 2021 Repricing Dollar Term Loans and (y) 0.50% in the case of the Eleventh Amendment Dollar Refinancing Term Loans, in each case, for purposes of this Agreement and the other Loan Documents.

In connection with the use, administration, adoption or implementation of a Term SOFR Successor Rate, the Administrative Agent will have the right to make Successor Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Successor Rate Conforming Changes will become effective without any further action or consent of any other party to this Agreement (other than the consultation rights of the Borrower Representative provided for in the definition of "Successor Rate Conforming Changes"); provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Successor Rate Conforming Changes to the Borrower Representative and the Lenders reasonably promptly after such amendment becomes effective.

For purposes of this <u>Section 2.14(d)</u>, those Lenders that either have not made, or do not have an obligation under this Agreement to make, the relevant Loans in Dollars shall be excluded from any determination of Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Notwithstanding anything to the contrary herein, if a Canadian Benchmark Transition Event and its related Canadian Benchmark Replacement Date has occurred for any then-current Canadian Benchmark, then, (x) if a Canadian Benchmark Replacement is determined in accordance with <u>clause (a)</u> of the definition of "Canadian Benchmark Replacement" for such Canadian Benchmark Replacement Date, such Canadian Benchmark Replacement will replace such Canadian Benchmark (including any related adjustments) for all purposes hereunder and under any Loan Document in respect of such Canadian Benchmark setting and subsequent Canadian Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Canadian Benchmark Replacement is determined in accordance with <u>clause</u> <u>(b)</u> of the definition of "Canadian Benchmark Replacement" for such Canadian Benchmark Replacement Date, such Canadian Benchmark Replacement will replace such Canadian Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (Toronto time) on the fifth Business Day after the date notice of such Canadian Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Canadian Benchmark Replacement from the Required Canadian Dollar Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with the use, administration, adoption or implementation of a Canadian Benchmark Replacement, the Administrative Agent will have the right to make Successor Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Successor Rate Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Administrative Agent will promptly notify the Borrower Representative and the Lenders of (i) any occurrence of a Canadian Benchmark Transition Event, (ii) the implementation of any Canadian Benchmark Replacement and (iii) the effectiveness of any Successor Rate Conforming Changes in connection with the use, administration, adoption or implementation of a Canadian Benchmark Replacement. The Administrative Agent will notify the Borrower Representative of (x) the removal or reinstatement of any tenor of a Canadian Benchmark pursuant to <u>Section 2.14(e)(iv)</u> and (y) the commencement or conclusion of any Canadian 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 2.14(e)</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 Loan Document, except, in each case, as expressly required pursuant to this <u>Section 2.14(e)</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;(iv) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Canadian Benchmark Replacement), (i) if the then-current Canadian Benchmark is a term rate (including Term CORRA) and either (A) any tenor for such Canadian 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 Canadian Benchmark has provided a public statement or publication of information announcing that any tenor for such Canadian Benchmark is not or will no longer be representative, then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for any Canadian 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 <u>clause (i)</u> above either (A) is subsequently displayed on a screen or information service for a Canadian Benchmark (including a Canadian Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will no longer be representative for a Canadian Benchmark (including a Canadian Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Canadian 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;(v) Upon any Borrower's receipt of notice of the commencement of a Canadian Benchmark Unavailability Period, such Borrower may revoke any request for a Borrowing of, conversion to or continuation of Loans, which are of the Type that have a rate of interest determined by reference to the then-current Canadian Benchmark, to be made, converted or continued during any Canadian Benchmark Unavailability Period and, failing that, such Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to, (i) for a Canadian Benchmark Unavailability Period in respect of Term CORRA, Daily Simple CORRA Loans, and (ii) for a Canadian Benchmark Unavailability Period in respect of a Canadian Benchmark other than Term CORRA, Canadian Prime Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) This <u>Section 2.14(e)</u> shall supersede any provision in <u>Section 1.13</u> to the contrary.

Section 2.15. <u>Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Change in Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) imposes, modifies or deems applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the LIBO Rate) or Issuing Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subjects any Lender or Issuing Bank to any Taxes (other than (A) Indemnified Taxes and Other Taxes indemnifiable under <u>Section 2.17</u>, (B) Taxes described in <u>clauses (c)</u> through <u>(g)</u> of the definition of Excluded Taxes and (C) Connection Income Taxes) on or with respect to its loans, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposes on any Lender or Issuing Bank or the London interbank market or the secured overnight financing market, as applicable, any other condition, cost or expense (other than Taxes) affecting this Agreement or LIBO Rate Loans, Term SOFR Rate Loans or Daily Simple CORRA Loans made by any Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing is to increase the cost to the relevant Lender of making or maintaining any LIBO Rate Loan, Term SOFR Rate Loan or Daily Simple CORRA Loan, as applicable, (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of principal, interest or otherwise) in respect of any LIBO Rate Loan, Term SOFR Rate Loan, Daily Simple CORRA Loan or Letter of Credit in an amount deemed by such Lender or Issuing Bank to be material, then, within 30 days after the Borrower Representative's receipt of the certificate contemplated by <u>paragraph (c)</u> of this <u>Section 2.15</u>, the Borrower Representative will pay (or cause to be paid) to such Lender or Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or Issuing Bank, as

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applicable, for such additional costs incurred or reduction suffered; <u>provided</u> that the Borrower Representative shall not be liable for such compensation if (x) the relevant Change in Law occurs on a date prior to the date such Lender becomes a party hereto, (y) such Lender invokes <u>Section 2.20</u> or (z) in the case of requests for reimbursement under <u>clause (iii)</u> above resulting from a market disruption, (A) the relevant circumstances do not generally affect the banking market or (B) the applicable request has not been made by Lenders constituting Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender or Issuing Bank determines that any Change in Law regarding liquidity or capital requirements has or would have the effect of reducing the rate of return on such Lender's or Issuing Bank's capital or on the capital of such Lender's or Issuing Bank's holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender's or such Issuing Bank's holding company could have achieved but for such Change in Law other than due to Taxes (taking into consideration such Lender's or Issuing Bank's policies and the policies of such Lender's or such Issuing Bank's holding company with respect to liquidity or capital adequacy), then within 30 days of receipt by the Borrower Representative of the certificate contemplated by <u>paragraph (c)</u> of this <u>Section 2.15</u> the Borrower Representative will pay (or cause to be paid) to such Lender or such Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender's or such Issuing Bank's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Lender or Issuing Bank requesting compensation under this <u>Section 2.15</u> shall be required to deliver a certificate to the Borrower Representative that (i) sets forth the amount or amounts necessary to compensate such Lender or Issuing Bank or the holding company thereof, as applicable, as specified in <u>paragraph (a)</u> or <u>(b)</u> of this Section, (ii) sets forth, in reasonable detail, the manner in which such amount or amounts were determined and (iii) certifies that such Lender or Issuing Bank is generally charging such relevant amounts to similarly situated borrowers under comparable syndicated credit facilities in connection with any request for payment, which certificate shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's or Issuing Bank's right to demand such compensation; <u>provided</u>, <u>however</u> that the Borrower Representative shall not be required to compensate any Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or Issuing Bank notifies the Borrower Representative of the Change in Law giving rise to such increased costs or reductions and of such Lender's or Issuing Bank's intention to claim compensation therefor; <u>provided</u>, <u>further</u>, that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

Section 2.16. <u>Break Funding Payments</u>. Subject to <u>Section 9.05(f)</u>, in the event of (a) the conversion or prepayment of any principal of any LIBO Rate Loan, Term SOFR Rate Loan or Daily Simple CORRA Loan other than on the last day of an Interest Period applicable thereto (whether voluntary, mandatory, automatic, by reason of acceleration or otherwise), (b) the failure to borrow, convert, continue or prepay any LIBO Rate Loan, Term SOFR Rate Loan or Daily Simple CORRA Loan on the date or in the amount specified in any notice delivered pursuant hereto or (c) the assignment of any LIBO Rate Loan, Term SOFR Rate Loan or Daily Simple CORRA Loan of any Lender other than on the last day of the Interest Period applicable thereto as a result of a request by any Borrower pursuant to <u>Section 2.19</u>, then, in any such event, the Borrower Representative shall compensate each Lender for the actual amount of any actual out-of-pocket loss, expense and/or liability (including any actual out-of-pocket loss, expense or liability incurred by reason of the liquidation or reemployment of deposits or other funds required by such Lender to fund or maintain LIBO Rate Loans, Term SOFR Rate Loans or Daily Simple CORRA Loans, but excluding loss of anticipated profit) that such Lender has incurred or sustained as a result of such event. Any Lender requesting compensation under this <u>Section 2.16</u> shall be required to deliver a certificate to the Borrower Representative that (A) sets forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, the basis therefor and, in reasonable detail, the manner in which such amount or amounts were determined and (B) certifies that such Lender is generally charging the relevant amounts to similarly situated borrowers under comparable syndicated credit facilities in connection with any request for payment, which certificate shall be conclusive absent manifest error. The Borrower Representative shall pay (or cause to be paid) such Lender the amount shown as due on any such certificate within 30 days after receipt thereof.

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Section 2.17. <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments Free of Taxes</u>. Any payment by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Law. If any applicable Law (as determined in the good faith discretion of the applicable withholding agent) requires the deduction or withholding of any Tax from any such payment, then the applicable withholding agent shall be entitled to make such deduction or withholding and (i) if such Tax is an Indemnified Tax and/or Other Tax, the amount payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions or withholdings applicable to additional sums payable under this <u>Section</u> <u>2.17</u>) the applicable Lender (or, in the case of any payment made to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes</u>. In addition, the Loan Parties shall, without duplication of other amounts payable by a Loan Party under this <u>Section</u>, pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Requirements of Law or at the option of the Administrative Agent timely reimburse it for the payment of Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnification by the Borrowers</u>. The Borrowers shall indemnify the Administrative Agent and each Lender within 30 days after receipt of the certificate described in the succeeding sentence, for the full amount of any Indemnified Taxes or Other Taxes payable or paid by the Administrative Agent or such Lender, as applicable (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section</u> <u>2.17</u>), other than any penalties determined by a final and non-appealable judgment of a court of competent jurisdiction (or documented in any settlement agreement) to have resulted from the gross negligence, bad faith or willful misconduct of the Administrative Agent or such Lender, and, in each case, any reasonable expenses arising therefrom or with respect thereto, whether or not correctly or legally imposed or asserted; <u>provided</u> that if the Borrower Representative reasonably believes that such Taxes were not correctly or legally asserted, the Administrative Agent or such Lender, as applicable, will use reasonable efforts to cooperate with the Borrower Representative to obtain a refund of such Taxes (which shall be repaid to the Borrower Representative in accordance with <u>Section</u> <u>2.17(g)</u>) at the expense of the Loan Parties, so long as such efforts would not, in the sole determination of the Administrative Agent or such Lender, result in any additional out-of-pocket costs or expenses not reimbursed by the Loan Parties or be otherwise materially disadvantageous to the Administrative Agent or such Lender, as applicable. In connection with any request for reimbursement under this <u>Section</u> <u>2 .17(c)</u>, the relevant Lender or the Administrative Agent, as applicable, shall deliver a certificate to the Borrower Representative setting forth, in reasonable detail, the basis and calculation of the amount of the relevant payment or liability. Notwithstanding anything to the contrary contained in this <u>Section</u> <u>2.17</u>, no Borrower shall be required to indemnify the Administrative Agent or any Lender pursuant to this <u>Section</u> <u>2.17</u> for any amount to the extent the Administrative Agent or such Lender fails to notify the Borrower Representative of such possible indemnification claim within 180 days after the Administrative Agent or such Lender receives written notice from the applicable taxing authority of the specific Tax assessment giving rise to such indemnification claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Evidence of Payments</u>. As soon as practicable after any payment of any Taxes pursuant to this <u>Section</u> <u>2.17</u> by any Loan Party to a Governmental Authority, the Borrower Representative shall deliver to the Administrative Agent the original or a certified copy of a receipt issued, if any, by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment that is reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Status of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender that is entitled to an exemption from or reduction of any withholding Tax with respect to any payment made under any Loan Document shall deliver to the Borrower Representative

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and the Administrative Agent, at the time or times reasonably requested by the Borrower Representative or the Administrative Agent, such properly completed and executed documentation as the Borrower Representative or the Administrative Agent may reasonably request to permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower Representative or the Administrative Agent, shall deliver such other documentation prescribed by applicable Requirements of Law or reasonably requested by the Borrower Representative or the Administrative Agent as will enable the Borrower Representative or the Administrative Agent to determine whether or not such Lender is subject to U.S. federal or Dutch withholding or information reporting requirements. Each Lender hereby authorizes the Administrative Agent to deliver to the Borrower Representative and to any successor Administrative Agent any documentation provided to the Administrative Agent pursuant to this <u>Section</u> <u>2.17(f)</u>. 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>paragraphs (f)(ii)(A)</u>, <u>(ii)(B)</u> and <u>(ii)(D)</u> of this <u>Section</u> <u>2.17</u>) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each Lender that is a US Person shall deliver to the Borrower Representative and the Administrative Agent on or prior to the date on which it becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative or the Administrative Agent), two executed copies of IRS Form W-9 certifying that such Lender is exempt from US 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;(B) each Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower Representative and the Administrative Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of any Foreign Lender claiming the benefits of an income tax treaty to which the US is a party, two executed copies of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing any available exemption from, or reduction of, US federal withholding Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) two executed copies of IRS Form W-8ECI (or any successor forms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of any Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or 881(c) of the Code, (x) two executed copies of a certificate substantially in the form of <u>Exhibit O-1</u> to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10-percent shareholder" of the US Borrower or US Top Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the US Borrower or US Top Borrower as described in Section 881(c)(3)(C) of the Code, and that no payments payable to such Lender are effectively connected with the conduct of a US trade or business (a "<u>Tax Compliance Certificate</u>") and (y) two executed copies of IRS Form W-8BEN or W-8BEN-E, as applicable (or any successor forms); 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;(4) to the extent any Foreign Lender is not the beneficial owner (*e.g.*, where the Foreign Lender is a partnership or participating Lender), two executed copies of IRS Form W-8IMY (or any successor forms), accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, a Tax Compliance Certificate substantially in the form of <u>Exhibit O-2</u>, <u>Exhibit O-3</u> or <u>Exhibit O-4</u>, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if such

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Foreign Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a Tax Compliance Certificate substantially in the form of <u>Exhibit O-3</u> on behalf of each such direct or indirect partner(s);

&nbsp;&nbsp;&nbsp;&nbsp;&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 Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower Representative and the Administrative Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative or the Administrative Agent), two executed copies of any other form prescribed by applicable Requirements of Law as a basis for claiming exemption from or a reduction in US federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Requirements of Law to permit the Borrower Representative or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if a payment made to any Lender under any Loan Document would be subject to US federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower Representative and the Administrative Agent at the time or times prescribed by applicable Requirements of Law and at such time or times reasonably requested by the Borrower Representative or the Administrative Agent such documentation as is prescribed by applicable Requirements of Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) as may be necessary for the Borrower Representative and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has complied with such Lender's obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this <u>clause (D)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

For the avoidance of doubt, if a Lender is an entity disregarded from its owner for US federal income tax purposes, references to the foregoing documentation are intended to refer to documentation with respect to such Lender's owner and, as applicable, such Lender.

Each Lender agrees that if any documentation it previously delivered expires or becomes obsolete or inaccurate in any respect (including any specific documentation required above in this <u>Section</u> <u>2.17(f)</u>), it shall deliver to the Borrower Representative and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower Representative or the Administrative Agent) or promptly notify the Borrower Representative and the Administrative Agent in writing of its legal ineligibility to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Treatment of Certain Refunds</u>. If the Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund (whether received in cash or applied as a credit against any cash taxes payable) of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Borrower or with respect to which any Loan Party has paid additional amounts pursuant to this <u>Section</u> <u>2.17</u>, it shall pay over such refund to the applicable Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this <u>Section</u> <u>2.17</u> with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (including any Taxes imposed with respect to such refund), and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided</u> that the applicable Loan Party, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Loan Party (<u>plus</u> any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <u>paragraph (g)</u>, in no event will the Administrative Agent or any Lender be required to pay any amount to the applicable Loan Party pursuant to this <u>paragraph (g)</u> to the extent that the payment thereof would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the position that the Administrative Agent or such Lender would have been in if the Tax subject to

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indemnification had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid. This <u>Section</u> <u>2.17</u> 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 which it deems confidential) to the relevant Loan Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Survival</u>. Each party's obligations under this <u>Section</u> <u>2.17</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Definition of "Lender"</u>. For the avoidance of doubt, the term "Lender" shall, for all purposes of this <u>Section</u> <u>2.17</u>, include any Issuing Bank and the Swingline Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Certain Documentation</u>. On or before the date on which the Administrative Agent becomes a party to this Agreement, the Administrative Agent shall deliver to the Borrower Representative whichever of the following is applicable: (i) if the Administrative Agent is a US Person, two executed copies of IRS Form W-9 certifying that such Administrative Agent is exempt from US federal backup withholding or (ii) if the Administrative Agent is not a US Person, (A) with respect to payments received for its own account, two executed copies of IRS Form W-8ECI and (ii) with respect to payments received on account of any Lender, two executed copies of IRS Form W-8IMY (together with all required accompanying documentation) certifying that the Administrative Agent is a US branch and may be treated as a US person for purposes of applicable US federal withholding Tax. At any time thereafter, the Administrative Agent shall provide updated documentation previously provided (or a successor form thereto) when any documentation previously delivered has expired or become obsolete or invalid or otherwise upon the reasonable request of the Borrower Representative. Notwithstanding anything to the contrary in this <u>Section</u> <u>2.17(j)</u>, the Administrative Agent shall not be required to provide any documentation that the Administrative Agent is not legally eligible to deliver as a result of a Change in Law after the Closing Date.

Section 2.18. <u>Payments Generally; Allocation of Proceeds; Sharing of Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise specified, each Applicable Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees, reimbursements of LC Disbursements, or of amounts payable under <u>Section</u> <u>2.15</u>, <u>2.16</u> or <u>2.17</u>, or otherwise) prior to 3:00 p.m. on the date when due. Each such payment shall be made in immediately available funds (or such other form of consideration as the relevant Lender may agree), without set-off or counterclaim. Any amount received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to the applicable account designated by the Administrative Agent to the Borrower Representative, except that payments pursuant to <u>Sections</u> <u>2.15</u>, <u>2.16</u>, <u>2.17</u> and/or <u>9.03</u> shall be made directly to the Person or Persons entitled thereto. The Administrative Agent shall distribute any such payment received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. Except as provided in <u>Sections 2.19(b)</u>, <u>2.20</u>, <u>2.23</u> and/or <u>9.05(g)</u> and/or any other express provision of this Agreement, each Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest on the Loans of a given Class and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type (and of the same Class) shall be allocated pro rata among the Lenders in accordance with their respective Applicable Percentages of the applicable Class. Each Lender agrees that in computing such Lender's portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender's percentage of such Borrowing to the next higher or lower whole Dollar or Euro amount. All payments hereunder shall be made in Dollar the relevant Alternate Currency, as applicable (or such other form of consideration as the relevant recipient may agree). Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject in all respects to the provisions of any applicable Intercreditor Agreement, all proceeds of Collateral received by the Administrative Agent while an Event of Default exists and all or any portion of the Loans have been accelerated hereunder pursuant to <u>Section</u> <u>7.01</u>, shall be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>first</u>, to the payment of all costs and expenses then due incurred by the Agents in connection with any collection, sale or realization on Collateral or otherwise in connection with this Agreement, any other Loan Document or any of the Secured Obligations, including all court costs and the fees and expenses of agents and legal counsel, the repayment of all advances made by the Agents hereunder or under any other Loan Document on behalf of any Loan Party and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>second</u>, on a pro rata basis, to pay any fees, indemnities or expense reimbursements constituting Secured Obligations then due to the Administrative Agent (other than those covered in clause first above) or to the Swingline Lender or any Issuing Bank from the Borrowers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>third</u>, on a pro rata basis in accordance with the amounts of the Secured Obligations (other than contingent indemnification obligations for which no claim has yet been made) owed to the Secured Parties on the date of any such distribution, to the payment in full of the Secured Obligations (including, with respect to LC Exposure, an amount to be paid to the Administrative Agent equal to 100% of the LC Exposure (<u>minus</u> the amount then on deposit in the LC Collateral Account) on such date, to be held in the LC Collateral Account as Cash collateral for such Obligations); <u>provided</u> that if any Letter of Credit expires undrawn, then any Cash collateral held to secure the related LC Exposure shall be applied in accordance with this <u>Section</u> <u>2.18(b)</u>, beginning with clause first above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>fourth</u>, as provided in any applicable Intercreditor Agreement, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>fifth</u>, to, or at the direction of, the Borrower Representative or as a court of competent jurisdiction may otherwise direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Lender obtains payment (whether voluntary, involuntary, through the exercise of any right of set-off or otherwise) in respect of any principal of or interest on any Loan of any Class or any participation in LC Disbursements or Swingline Loans held by it resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans of such Class and participations in LC Disbursements or Swingline Loans and accrued interest thereon than the proportion received by any other Lender with Loans of such Class and participations in LC Disbursements or Swingline Loans, then the Lender receiving such greater proportion shall purchase (for Cash at face value) participations in the Loans of such Class and sub-participations in LC Disbursements or Swingline Loans of other Lenders of such Class at such time outstanding to the extent necessary so that the benefit of all such payments shall be shared by the Lenders of such Class ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans of such Class and participations in LC Disbursements or Swingline Loans; <u>provided</u> that (i) if any such participation is purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not apply to (A) any payment made by any Borrower pursuant to and in accordance with the express terms of this Agreement or (B) any payment obtained by any Lender as consideration for the assignment of or sale of a participation in any Loan to any permitted assignee or participant, including any payment made or deemed made in connection with <u>Sections 2.22</u>, <u>2.23</u>, <u>9.02(c)</u> and/or <u>Section</u> <u>9.05</u>. The Borrowers consent to the foregoing and agree, to the extent they may effectively do so under applicable Requirements of Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise rights of set-off and counterclaim against any Borrower with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this <u>Section</u> <u>2.18(c)</u> and will, in each case, notify the Lenders following any such purchase or repayment. Each Lender that purchases a participation pursuant to this <u>Section</u> <u>2.18(c)</u> shall from and after the date of such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the Administrative Agent has received written notice from the Borrower Representative prior to the date on which any payment is due to the Administrative Agent for the account of any Lender or any Issuing Bank hereunder that the Applicable Borrower will not make such payment, the Administrative Agent may assume that the Applicable Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lender or Issuing Bank the amount due. In such event, if the Applicable Borrower has not in fact made such payment (or caused such payment to be made), then each Lender or the applicable Issuing Bank severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation the Canadian Prime Rate in the case of Revolving Loans made in Canadian Dollars).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender fails to make any payment required to be made by it pursuant to <u>Section</u> <u>2.07(b)</u> or <u>Section</u> <u>2.18(d)</u>, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amount thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under such Sections until all such unsatisfied obligations are fully paid.

Section 2.19. <u>Mitigation Obligations; Replacement of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender requests compensation under <u>Section</u> <u>2.15</u> or determines it can no longer make or maintain LIBO Rate Loans or Term SOFR Rate Loans, as applicable, pursuant to <u>Section</u> <u>2.20</u>, or any Loan Party is required to pay any additional amount to or indemnify any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section</u> <u>2.17</u>, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or its participation in any Letter of Credit affected by such event, or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section</u> <u>2.15</u> or <u>2.17</u>, as applicable, in the future or mitigate the impact of <u>Section</u> <u>2.20</u>, as the case may be, and (ii) would not subject such Lender to any unreimbursed out-of-pocket cost or expense and would not otherwise be disadvantageous to such Lender in any material respect. The Borrowers hereby agree to pay all reasonable out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If (i) any Lender requests compensation under <u>Section</u> <u>2.15</u> or determines it can no longer make or maintain LIBO Rate Loans or Term SOFR Rate Loans, as applicable, pursuant to <u>Section</u> <u>2.20</u>, (ii) any Loan Party is required to pay any additional amount to or indemnify any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section</u> <u>2.17</u>, (iii) any Lender is a Defaulting Lender or (iv) in connection with any proposed amendment, waiver or consent requiring the consent of "each Lender", "each Revolving Lender" or "each Lender directly affected thereby" (or any other Class or group of Lenders other than the Required Lenders) with respect to which Required Lender or Required Revolving Lender consent (or the consent of Lenders holding loans or commitments of such Class or lesser group representing more than 50% of the sum of the total loans and unused commitments of such Class or lesser group at such time) has been obtained, as applicable, any Lender is a non-consenting Lender, then the Borrower Representative may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, (x) terminate the applicable Commitments of such Lender, and repay all Obligations of the Applicable Borrower owing to such Lender relating to the applicable Loans and participations held by such Lender as of such termination date (<u>provided</u> that, if, after giving effect such termination and repayment, the aggregate amount of the Revolving Credit Exposure of any Class exceeds the aggregate amount of the Revolving Credit Commitments of such Class then in effect, then the Applicable Borrower shall, not later than the next Business Day, prepay one or more Revolving Loan Borrowings of the applicable Class and/or Swingline Loans (and, if no Revolving Loan Borrowings of such Class are outstanding, deposit Cash collateral in the LC Collateral Account) in an amount necessary to eliminate such excess) or (y) replace such Lender by requiring such Lender to assign and delegate (and such Lender shall be obligated to assign and delegate), without recourse (in accordance with and subject to the restrictions contained in <u>Section</u> <u>9.05</u>), all of its interests, rights and obligations under this Agreement to an Eligible Assignee that assumes such obligations (which Eligible Assignee may be

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another Lender, if any Lender accepts such assignment); <u>provided</u> that (A) such Lender has received payment of an amount equal to the outstanding principal amount of its Loans and, if applicable, participations in LC Disbursements or Swingline Loans, in each case of such Class of Loans and/or Commitments, accrued interest thereon, accrued fees and all other amounts payable to it under any Loan Document with respect to such Class of Loans and/or Commitments, (B) in the case of any assignment resulting from a claim for compensation under <u>Section</u> <u>2.15</u> or any payment required to be made pursuant to <u>Section</u> <u>2.17</u>, such assignment would result in a reduction in such compensation or payment and (C) such assignment does not conflict with applicable Requirements of Law. No Lender (other than a Defaulting Lender) shall be required to make any such assignment and delegation, and the Applicable Borrower may not repay the Obligations of such Lender or terminate its Commitments, if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Applicable Borrower to require such assignment and delegation cease to apply. Each Lender agrees that if it is replaced pursuant to this <u>Section</u> <u>2.19</u>, it shall execute and deliver to the Administrative Agent an Assignment Agreement to evidence such sale and purchase and shall deliver to the Administrative Agent any Promissory Note (if the assigning Lender's Loans are evidenced by one or more Promissory Notes) subject to such Assignment Agreement (<u>provided</u> that the failure of any Lender replaced pursuant to this <u>Section</u> <u>2.19</u> to execute an Assignment Agreement or deliver any such Promissory Note shall not render such sale and purchase (and the corresponding assignment) invalid), such assignment shall be recorded in the Register and any such Promissory Note shall be deemed cancelled. Each Lender hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such Lender's attorney-in-fact, with full authority in the place and stead of such Lender and in the name of such Lender, from time to time in the Administrative Agent's discretion, with prior written notice to such Lender, to take any action and to execute any such Assignment Agreement or other instrument that the Administrative Agent may deem reasonably necessary to carry out the provisions of this <u>clause (b)</u>. To the extent that any Lender is replaced pursuant to <u>Section</u> <u>2.19(b)(iv)</u> in connection with a Repricing Transaction requiring payment of a fee pursuant to <u>Section</u> <u>2.12(f)</u> or a Specified Repricing Transaction requiring payment of a fee pursuant to <u>Section</u> <u>2.12(g)</u>, the Applicable Borrower shall pay to each Lender being replaced as a result of such Repricing Transaction or Specified Repricing Transaction, as applicable, the fee set forth in <u>Section</u> <u>2.12(f)</u> or <u>Section</u> <u>2.12(g)</u>, respectively.

Section 2.20. <u>Illegality</u>. If any Lender reasonably determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted after the Closing Date that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to the Published LIBO Rate, the Adjusted Term SOFR Rate or Daily Simple CORRA, as applicable, or to determine or charge interest rates based upon the Published LIBO Rate, the Adjusted Term SOFR Rate or Daily Simple CORRA, as applicable, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of Dollars or any Alternate Currency in the applicable interbank market, then, on notice thereof by such Lender to the Borrower Representative through the Administrative Agent, (i) any obligation of such Lender to make or continue LIBO Rate Loans, Term SOFR Rate Loans or Daily Simple CORRA Loans, as applicable, in the effected currency or currencies or to convert ABR Loans to Term SOFR Rate Loans (if denominated in Dollars) or to convert Canadian Prime Rate Loans (if denominated in Canadian Dollars), as the case may be, shall be suspended and (ii) if such notice asserts the illegality of such Lender making or maintaining ABR Loans the interest rate on which is determined by reference to the Published LIBO Rate component or Adjusted Term SOFR Rate component of the Alternate Base Rate, or Canadian Prime Rate Loans the interest on which is determined by reference to the Term CORRA component of the Canadian Prime Rate, the interest rate on which ABR Loans or Canadian Prime Rate Loans, as applicable, of such Lender, shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to such component of the Alternate Base Rate or the Term CORRA component of the Canadian Prime Rate, in each case until such Lender notifies the Administrative Agent and the Borrower Representative that the circumstances giving rise to such determination no longer exist (which notice such Lender agrees to give promptly). Upon receipt of such notice, (x) the Borrower Representative shall, upon demand from the relevant Lender (with a copy to the Administrative Agent), prepay (or cause to be prepaid) or (I) if applicable and such Loans are denominated in Dollars or Canadian Dollars, convert all of such Lender's Term SOFR Rate Loans, LIBO Rate Loans or Daily Simple CORRA Loans, as applicable, to ABR Loans or Canadian Prime Rate Loans, as applicable (the interest rate on which ABR Loans or Canadian Prime Rate Loans, as applicable, of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Adjusted Term SOFR Rate component of the Alternate Base Rate or the Term CORRA component of the Canadian Prime Rate) or (II) if applicable and such Loans (other than Swingline Loans denominated in an Alternate Currency) are denominated in any Alternate Currency (other than Canadian Dollars), convert such Loans to Loans bearing interest at an alternative rate mutually acceptable to the Borrower

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Representative and such Lender, in each case, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBO Rate Loans, Term SOFR Rate Loans or Daily Simple CORRA Loans, as applicable, until such day, or immediately, if such Lender may not lawfully continue to maintain such Loans (in which case the Applicable Borrower shall not be required to make payments pursuant to <u>Section</u> <u>2.16</u> in connection with such payment); and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Published LIBO Rate, the Adjusted Term SOFR Rate or Daily Simple CORRA, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate or the Canadian Prime Rate applicable to such Lender without reference to the Published LIBO Rate component or Adjusted Term SOFR Rate, as applicable, thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Published LIBO Rate or Adjusted Term SOFR Rate, as applicable. Upon any such prepayment or conversion, the Applicable Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different lending office if such designation will avoid the need for such notice and will not, in the determination of such Lender, otherwise be materially disadvantageous to such Lender.

Section 2.21. <u>Defaulting Lenders</u>. Notwithstanding any provision of this Agreement to the contrary, if any Person becomes a Defaulting Lender, then the following provisions shall apply for so long as such Person is a Defaulting Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fees shall cease to accrue on the unfunded portion of any Commitment of such Defaulting Lender pursuant to <u>Section</u> <u>2.12(a)</u> and, subject to <u>clause (d)(iv)</u> below, on the participation of such Defaulting Lender in Letters of Credit pursuant to <u>Section</u> <u>2.12(b)</u> and pursuant to any other provision of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Loans, the Commitments and the Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, each affected Lender, the Required Lenders, the Required Revolving Lenders or such other number of Lenders as may be required hereby or under any other Loan Document have taken or may take any action hereunder (including any consent to any waiver, amendment or modification pursuant to <u>Section</u> <u>9.02</u>); <u>provided</u> that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which (i) increases the Commitment of such Defaulting Lender hereunder, (ii) reduces the principal amount of any amount owing to such Defaulting Lender or (iii) affects such Defaulting Lender disproportionately and adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of any Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Section</u> <u>2.11</u>, <u>Section</u> <u>2.15</u>, <u>Section</u> <u>2.16</u>, <u>Section</u> <u>2.17</u>, <u>Section</u> <u>2.18</u>, <u>Article 7</u>, <u>Section</u> <u>9.05</u> or otherwise, and including any amount made available to the Administrative Agent by such Defaulting Lender pursuant to <u>Section</u> <u>9.09</u>), shall be applied at such time or times as may be determined by the Administrative Agent and, where relevant, the Borrower Representative as follows: <u>first</u>, to the payment of any amount owing by such Defaulting Lender to the Administrative Agent hereunder; <u>second</u>, to the payment on a pro rata basis of any amount owing by such Defaulting Lender to any applicable Issuing Bank and/or the Swingline Lender hereunder; <u>third</u>, if so reasonably determined by the Administrative Agent or reasonably requested by the applicable Issuing Bank, to be held as Cash collateral for future funding obligations of such Defaulting Lender in respect of any participation in any Letter of Credit; <u>fourth</u>, so long as no Default or Event of Default exists, as the Borrower Representative may request, 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; <u>fifth</u>, as the Administrative Agent or the Borrower Representative may elect, to be held in a deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; <u>sixth</u>, to the payment of any amount owing to the non-Defaulting Lenders, Issuing Banks or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any non-Defaulting Lender, any Issuing Bank or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; <u>seventh</u>, to the payment of any amount owing to any Borrower as a result of any judgment of a court of competent jurisdiction obtained by a Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and <u>eighth</u>, 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 Loan or LC Exposure in respect of which such Defaulting Lender has not fully funded its

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appropriate share and (y) such Loan or LC Exposure was made or created, as applicable, at a time when the conditions set forth in <u>Section</u> <u>4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Exposure owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loan of, or LC Exposure owed to, such Defaulting Lender. Any payment, prepayment or other amount paid or payable to any Defaulting Lender that are applied (or held) to pay any amount owed by any Defaulting Lender or to post Cash collateral pursuant to this <u>Section</u> <u>2.21(c)</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;(d) If any Swingline Exposure or LC Exposure exists at the time any Lender becomes a Defaulting Lender then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders under the Revolving Facility (the "<u>Non-Defaulting Revolving Lenders</u>") in accordance with their respective Applicable Revolving Credit Percentages but only to the extent that (A) the sum of the Revolving Credit Exposures of all non-Defaulting Lenders attributable to the Revolving Credit Commitments of any Class does not exceed the total of the Revolving Credit Commitments of all Non-Defaulting Revolving Lenders of such Class and (B) the Revolving Credit Exposure of any non-Defaulting Lender that is attributable to its Revolving Credit Commitment of such Class does not exceed such non-Defaulting Lender's Revolving Credit Commitment of such Class; it being understood and agreed that, subject to <u>Section</u> <u>9.23</u>, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against any Defaulting Lender arising from such Lender's having become a Defaulting Lender, including any claim of any 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;(ii) if the reallocation described in <u>clause (i)</u> above cannot, or can only partially, be effected, the Applicable Borrower shall, without prejudice to any other right or remedy available to it hereunder or under applicable Requirements of Law, within two Business Days following notice by the Administrative Agent, Cash collateralize 100% of such Defaulting Lender's LC Exposure and any obligation of such Defaulting Lender to fund any participation in any Swingline Exposure (after giving effect to any partial reallocation pursuant to <u>clause (i)</u> above and any Cash collateral provided by such Defaulting Lender or pursuant to <u>Section</u> <u>2.21(c)</u> above) or make other arrangements reasonably satisfactory to the Administrative Agent and to the applicable Issuing Bank and/or the Swingline Lender with respect to such LC Exposure and/or Swingline Exposure and any obligation to fund any participation therein. Cash collateral (or the appropriate portion thereof) provided to reduce LC Exposure or other obligations shall be released promptly following (A) the elimination of the applicable LC Exposure or other obligations giving rise thereto (including by the termination of the Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with <u>Section</u> <u>2.19</u>)) or (B) the Administrative Agent's good faith determination that there exists excess Cash collateral (including as a result of any subsequent reallocation of Swingline Exposure and/or LC Exposure among the non-Defaulting Lenders described in <u>clause (i)</u> above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to this <u>Section</u> <u>2.21(d)</u>, then the fees payable to the applicable Lenders pursuant to <u>Sections 2.12(a)</u> and <u>(b)</u>, as the case may be, shall be adjusted to give effect to such reallocation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if any Defaulting Lender's LC Exposure is not Cash collateralized, prepaid or reallocated pursuant to this <u>Section</u> <u>2.21(d)</u>, then, without prejudice to any rights or remedies of the applicable Issuing Bank or any Revolving Lender hereunder, all letter of credit fees payable under <u>Section</u> <u>2.12(b)</u> with respect to such Defaulting Lender's LC Exposure shall be payable to the applicable Issuing Bank until such Defaulting Lender's LC Exposure is Cash collateralized or reallocated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) So long as any Revolving Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan, and no Issuing Bank shall be required to issue, extend, create, incur, amend or increase any Letter of Credit unless the Swingline Lender or the relevant Issuing Banks, as applicable, are reasonably satisfied that the related exposure will be 100% covered by the Revolving Credit Commitments of the non-Defaulting Revolving Lenders, Cash collateral provided pursuant to <u>Section</u> <u>2.21(c)</u> and/or Cash collateral

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provided in accordance with <u>Section</u> <u>2.21(d)</u>, and participating interest in any such newly issued, extended or created Letter of Credit or newly made Swingline Loan shall be allocated among Non-Defaulting Revolving Lenders in a manner consistent with <u>Section</u> <u>2.21(d)(i)</u> (it being understood that Defaulting Lenders shall not participate therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that the Administrative Agent and the Borrower Representative agree that any Defaulting Lender has adequately remedied all matters that caused such Person to be a Defaulting Lender, then the Applicable Revolving Credit Percentage of LC Exposure and the Swingline Exposure of the Revolving Lenders shall be readjusted to reflect the inclusion of such Person's Revolving Credit Commitment, and on such date such Revolving Lender shall purchase at par such of the Revolving Loans of the applicable Class of the other Revolving Lenders (other than the Swingline Loans) or participations in Revolving Loans of the applicable Class as the Administrative Agent determine as necessary in order for such Revolving Lender to hold such Revolving Loans or participations in accordance with its Applicable Percentage of the applicable Class or its Applicable Revolving Credit Percentage, as applicable. Notwithstanding the fact that any Defaulting Lender has adequately remedied all matters that caused such Person to be a Defaulting Lender, (x) no adjustment will be made retroactively with respect to fees accrued or payments made by or on behalf of any Borrower while such Lender was a Defaulting Lender and (y) 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 such Person's having been a Defaulting Lender.

Section 2.22. <u>Incremental Credit Extensions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrowers may, at any time, on one or more occasions pursuant to an Incremental Facility Amendment (x) add one or more new Classes of term facilities and/or increase the principal amount of the Term Loans of any existing Class by requesting new commitments to provide such Term Loans (any such new Class or increase, an "<u>Incremental Term Facility</u>" and any loan made pursuant to an Incremental Term Facility, an "<u>Incremental Term Loan</u>") and/or (y) add one or more new Classes of Revolving Credit Commitments and/or increase the aggregate amount of the Revolving Credit Commitments of any existing Class (any such new Class or increase, an "<u>Incremental Revolving Facility</u>" and, together with any Incremental Term Facility, "<u>Incremental</u> <u>Facilities</u>"; and the loans thereunder, "<u>Incremental Revolving Loans</u>" and any Incremental Revolving Loans, together with any Incremental Term Loans, the "<u>Incremental Loans</u>") in an aggregate outstanding principal amount not to exceed the Incremental Cap; <u>provided</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Incremental Commitment in respect of any Incremental Term Facility may be in an amount that is less than $5,000,000 (with respect to any Incremental Term Facility denominated in Dollars), €5,000,000 (with respect to any Incremental Term Facility denominated in Euros), C$5,000,000 (with respect to any Incremental Term Facility denominated in Canadian Dollars) and the equivalent of $5,000,000 in any Alternate Currency (with respect to any Incremental Term Facility denominated in any Alternate Currency (other than Euros or Canadian Dollars)) or the equivalent thereof if denominated in a currency other than Dollars (or such lesser amount to which the Administrative Agent may reasonably agree);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as the Borrower Representative and any Lender may separately agree, no Lender shall be obligated to provide any Incremental Commitment, and the determination to provide any Incremental Commitment shall be within the sole and absolute discretion of such Lender (it being agreed that the Applicable Borrower shall not be obligated to offer the opportunity to any Lender to participate in any Incremental Facility);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Incremental Facility or Incremental Loan (nor the creation, provision or implementation thereof) shall require the approval of any existing Lender other than in its capacity, if any, as a lender providing all or part of any Incremental Commitment or Incremental Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except as otherwise permitted herein (including with respect to currency, pricing (including any "MFN" or other pricing term), interest rate margins, rate floors, fees, premiums (including prepayment premiums), funding discounts, maturity and amortization):

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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;(A) the terms of any Incremental Term Facility, if not substantially consistent with those applicable to any then-existing Class of Term Loans, must be reasonably acceptable to the Administrative Agent; it being agreed that any terms applicable to such Incremental Term Facility that (A) are applicable only after the then-existing Latest Term Loan Maturity Date, (B) are, taken as a whole, in the good faith determination of the Borrower Representative, not more favorable to the lenders or the agent of such Incremental Term Facility than those contained in the Loan Documents, (C) are more favorable to the lenders or the agent of such Incremental Term Facility than those contained in the Loan Documents and are then conformed (or added) to the Loan Documents for the benefit of the Term Lenders or, as applicable, the Administrative Agent (*i.e.*, by conforming or adding a term to the then-outstanding Term Loans pursuant to the applicable Incremental Facility Amendment) and/or (D) taken as a whole, reflect then current market terms and conditions, taken as a whole, at the time of incurrence or issuance of such Incremental Term Facility (as determined by the Borrower Representative in good faith), shall, in each case, be deemed satisfactory to the Administrative Agent; <u>provided</u>, that notwithstanding the foregoing, any Incremental Term Loan Facility may be structured as a "delayed draw" facility with such conditions to borrowing thereunder as the Borrower Representative and the relevant Incremental Lenders may agree; 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 terms of any Incremental Revolving Facility, if not substantially consistent with those applicable to any then-existing Revolving Facility must be reasonably acceptable to the Administrative Agent (it being agreed that (A) any terms which are applicable only after the then-existing Latest Revolving Credit Maturity Date, (B) any terms which are, taken as a whole, in the good faith determination of the Borrower Representative, not more favorable to the lenders or the agent of such Incremental Revolving Facility than those contained in the Loan Documents, (C) any terms contained in such Incremental Revolving Facility that are, taken as a whole, more favorable to the lenders or the agent of such Incremental Revolving Facility than those contained in the Loan Documents and are then conformed (or added) to the Loan Documents for the benefit of the Revolving Lenders or, as applicable, the Administrative Agent (*i.e.*, by conforming or adding a term to the then-outstanding Revolving Loans pursuant to the applicable Incremental Facility Amendment) and (D) terms contained in such Incremental Revolving Facility that, taken as a whole, reflect then current market terms and conditions, taken as a whole, at the time of incurrence or issuance of such Incremental Revolving Facility (as determined by the Borrower Representative in good faith), shall, in each case, be shall be deemed satisfactory to the Administrative Agent); <u>provided</u>, that any condition to any extension of credit under any Incremental Revolving Facility will be deemed to be satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the currency, pricing (including any "MFN" or other pricing term), interest rate margins, rate floors, fees, premiums (including any prepayment premium), funding discounts and, subject to <u>clauses</u> <u>(vi)</u>, <u>(vii)</u> and <u>(viii)</u> below, the maturity and amortization schedule applicable to any Incremental Facility shall be determined by the Borrower Representative and the lender or lenders providing such Incremental Facility; <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) in the case of any Incremental Term Facility that constitutes MFN Indebtedness, the Effective Yield applicable thereto may not be more than 0.75% higher than the Effective Yield applicable to (1) in the case of any Incremental Term Facility denominated in Dollars, the 2021 Repricing Dollar Term Loans, (2) in the case of any Incremental Term Facility denominated in Euros, the 2021 Repricing Euro Term Loans and (3) in the case of any Incremental Term Facility denominated in Canadian Dollars, the Tranche B-3 Term Loans, in each case, unless the Applicable Rate (and/or, as provided in the proviso below, the Alternate Base Rate floor, the Canadian Prime Rate floor, Daily Simple CORRA floor or LIBO Rate floor) with respect to (1) in the case of any Incremental Term Facility denominated in Dollars, the 2021 Repricing Dollar Term Loans, (2) in the case of any Incremental Term Facility denominated in Euros, the 2021 Repricing Euro Term Loans and (3) in the case of any Incremental Term Facility denominated in Canadian Dollars, the Tranche B-3 Term Loans, is adjusted, or fees are paid to the relevant Initial Term Lenders, in each case, such that the Effective Yield in respect of such (1) in the case of any Incremental Term Facility denominated in Dollars, the 2021 Repricing Dollar Term Loans, (2) in

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the case of any Incremental Term Facility denominated in Euros, the 2021 Repricing Euro Term Loans and (3) in the case of any Incremental Term Facility denominated in Canadian Dollars, the Tranche B-3 Term Loans, as applicable, is not more than 0.75% per annum less than the Effective Yield with respect to such applicable Incremental Term Facility; <u>provided</u>, <u>further</u>, that, any increase in Effective Yield applicable to (1) in the case of any Incremental Term Facility denominated in Dollars, the 2021 Repricing Dollar Term Loans, (2) in the case of any Incremental Term Facility denominated in Euros, the 2021 Repricing Euro Term Loans and (3) in the case of any Incremental Term Facility denominated in Canadian Dollars, the Tranche B-3 Term Loans, due to the application or imposition of an Alternate Base Rate floor, the Canadian Prime Rate floor, Daily Simple CORRA floor or LIBO Rate floor on any Incremental Term Loan may, at the election of the Borrower Representative, be effected solely through an increase in (or implementation of, as applicable) any Alternate Base Rate floor, Canadian Prime Rate floor, Daily Simple CORRA floor or LIBO Rate floor applicable to such (1) in the case of any Incremental Term Facility denominated in Dollars, the 2021 Repricing Dollar Term Loans, (2) in the case of any Incremental Term Facility denominated in Euros, the 2021 Repricing Euro Term Loans and (3) in the case of any Incremental Term Facility denominated in Canadian Dollars, the Tranche B-3 Term Loans (this <u>clause (v)(A)</u>, the "<u>Initial MFN Provision</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;(B) in the case of any Incremental Term Facility that constitutes Specified MFN Indebtedness, the Effective Yield applicable thereto may not be more than 0.75% higher than the Effective Yield applicable to (1) in the case of any such Incremental Term Facility denominated in Dollars, the 2023 Incremental Dollar Term Loans and (2) in the case of any such Incremental Term Facility denominated in Euros, the Seventh Amendment Euro Incremental Term Loans, in each case, unless the Applicable Rate (and/or, as provided in the proviso below, the Alternate Base Rate floor or Term SOFR Floor) with respect to (1) in the case of any such Incremental Term Facility denominated in Dollars, the 2023 Incremental Dollar Term Loans and (2) in the case of any such Incremental Term Facility denominated in Euros, the Seventh Amendment Euro Incremental Term Loans, is adjusted or fees are paid to the relevant Lenders, in each case, such that the Effective Yield in respect of (1) in the case of any Incremental Term Facility denominated in Dollars, the 2023 Incremental Dollar Term Loans and (2) in the case of any Incremental Term Facility denominated in Euros, the Seventh Amendment Euro Incremental Term Loans, as applicable, is not more than 0.75% per annum less than the Effective Yield with respect to such applicable Incremental Term Facility; <u>provided</u>, that any increase in Effective Yield applicable to any (1) in the case of any Incremental Term Facility denominated in Dollars, the 2023 Incremental Dollar Term Loans and (2) in the case of any Incremental Term Facility denominated in Euros, the Seventh Amendment Euro Incremental Term Loans, in each case, due to the application or imposition of an Alternate Base Rate floor or Term SOFR Floor on any Incremental Term Loan may, at the election of the Borrower Representative, be effected solely through an increase in (or implementation of, as applicable) any Alternate Base Rate floor or Term SOFR Floor applicable to the 2023 Incremental Dollar Term Loans or Seventh Amendment Euro Incremental Term Loans, as applicable (this <u>clause (v)(B)</u>, the "<u>2023 MFN Provision</u>" and together with the Initial MFN Provision, collectively, the "<u>MFN Provisions</u>");

it being understood and agreed that (a) the Initial MFN Provision shall only be applicable to the 2021 Repricing Dollar Term Loans to the extent that any Incremental Term Facility is denominated in Dollars, (b) the Initial MFN Provision shall only be applicable to the 2021 Repricing Euro Term Loans to the extent that any Incremental Term Facility is denominated in Euros, (c) the Initial MFN Provision shall only be applicable to the Tranche B-3 Term Loans to the extent that any Incremental Term Facility is denominated in Canadian Dollars, (d) the 2023 MFN Provision shall only be applicable to the 2023 Incremental Dollar Term Loans to the extent that any Incremental Term Facility is denominated in Dollars and (e) the 2023 MFN Provision shall only be applicable to the Seventh Amendment Euro Incremental Term Loans to the extent that any Incremental Term Facility is denominated in Euros;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) (A) other than with respect to any Incremental Term Facility consisting of Indebtedness in the form of Customary Bridge Loans, the final maturity date with respect to any Incremental Term Loan shall be no earlier than the then-existing Latest Term Loan Maturity Date; <u>provided</u>, that any Term

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Borrower may incur Incremental Term Loans with a final maturity date earlier than the Initial Term Loan Maturity Date in an aggregate outstanding principal amount not to exceed the then available Inside Maturity Amount and (B) no Incremental Revolving Facility may have a final maturity date earlier than (or required scheduled amortization or mandatory commitment reductions prior to) the Latest Revolving Credit Maturity Date, it being understood and agreed for the avoidance of doubt that any undrawn commitment in respect of any Incremental Term Facility and/or any Incremental Revolving Facility may terminate at such time as the Borrower Representative and the lenders providing the relevant Incremental Facility may agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) other than with respect to any Incremental Term Facility consisting of Indebtedness in the form of Customary Bridge Loans, the Weighted Average Life to Maturity of any Incremental Term Facility shall be no shorter than the remaining Weighted Average Life to Maturity of any then-existing tranche of Term Loans (without giving effect to any prepayment thereof that would otherwise modify the Weighted Average Life to Maturity thereof); <u>provided</u>, that any Term Borrower may incur Incremental Term Loans with a Weighted Average Life to Maturity that is shorter than the remaining Weighted Average Life to Maturity of the then-existing Term Loans in an aggregate outstanding principal amount not to exceed the then available Inside Maturity Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) subject to <u>clauses (vi)</u> and <u>(vii)</u> above, any Incremental Term Facility may otherwise have an amortization schedule as determined by the Borrower Representative and the lenders providing such Incremental Term Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) subject to <u>clause (v)</u> above, to the extent applicable, any fee payable in connection with any Incremental Facility shall be determined by the Borrower Representative and the arrangers and/or lenders providing such Incremental Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (A) any Incremental Term Facility or Incremental Revolving Facility that is secured shall be subject to an Intercreditor Agreement and (B) no Incremental Facility may be (x) guaranteed by any Person that is not a Loan Party (it being understood and agreed that the obligations of any Person with respect to any escrow arrangement into which the proceeds of such Incremental Term Facility are deposited shall not constitute a guarantee by any subsidiary that is not a Loan Party) or (y) secured by any asset that does not constitute Collateral; it being understood that any Incremental Facility that is funded into Escrow pursuant to customary (in the good faith determination of the Borrower Representative) escrow arrangements may be secured by the applicable funds and related assets held in Escrow (and the proceeds thereof) until the date on which such funds are released from Escrow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any Incremental Term Facility may participate (A) in any voluntary prepayment of Term Loans as set forth in <u>Section</u> <u>2.11(a)(i)</u> and (B) in any mandatory prepayment of Term Loans as set forth in <u>Section</u> <u>2.11(b)(vi)</u>, in each case, to the extent provided in such Sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the proceeds of any Incremental Facility may be used for working capital needs and other general corporate purposes (including capital expenditures, acquisitions and other Investments, working capital and or purchase price adjustments, Restricted Payments and Restricted Debt Payments and related fees and expenses) and any other use not prohibited by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) on the date of the Borrowing of any Incremental Term Loans that will be of the same Class as any then-existing Class of Term Loans, and notwithstanding anything to the contrary set forth in <u>Sections 2.08</u> or <u>2 .13</u> above, such Incremental Term Loans shall be added to (and constitute a part of, be of the same Type as and, at the election of the Borrower Representative, have the same Interest Period as) each Borrowing of outstanding Term Loans of such Class on a pro rata basis (based on the relative sizes of such Borrowings), so that each Term Lender providing such Incremental Term Loans will participate proportionately in each then-outstanding Borrowing of Term Loans of such Class; it being acknowledged that the application of this <u>clause (a)(xiv)</u> may result in new Incremental Term Loans having Interest Periods (the duration of which may be less than one month) that begin during an Interest Period then applicable to outstanding LIBO Rate Loans or Term SOFR Rate Loans of the relevant Class and which end on the last day of such Interest Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Incremental Commitments may be provided by any existing Lender, or by any other Eligible Assignee (any such other lender being called an "<u>Incremental Lender</u> "); <u>provided</u>, that the Administrative Agent (and, in the case of any Incremental Revolving Facility, the Swingline Lender and any Issuing Bank) shall have a right to consent (such consent not to be unreasonably withheld, conditioned or delayed) to the relevant Incremental Lender's provision of Incremental Commitments if such consent would be required under <u>Section</u> <u>9.05(b)</u> for an assignment of Loans to such Incremental Lender; <u>provided</u>, <u>further</u>, that any Incremental Lender that is an Affiliated Lender shall be subject to the provisions of <u>Section</u> <u>9.05(g)</u>, *mutatis mutandis*, to the same extent as if the relevant Incremental Commitments and related Obligations had been acquired by such Lender by way of assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender or Incremental Lender providing a portion of any Incremental Commitment shall execute and deliver to the Administrative Agent and the Borrower Representative all such documentation (including the relevant Incremental Facility Amendment) as may be reasonably required by the Administrative Agent to evidence and effectuate such Incremental Commitment. On the effective date of the relevant Incremental Commitment, each Incremental Lender shall become a Lender for all purposes in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As conditions precedent to the effectiveness of any Incremental Facility or the making of any Incremental Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon its request, the Administrative Agent shall be entitled to receive customary written opinions of counsel with respect to the Applicable Borrowers, as well as such reaffirmation agreements, supplements and/or amendments as it may reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent shall be entitled to receive, from each Incremental Lender, an Administrative Questionnaire and such other documents as it may reasonably require from such Incremental Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to <u>Section</u> <u>2.22(h)</u>, the Administrative Agent shall have received a Borrowing Request as if the relevant Incremental Loans were subject to <u>Section</u> <u>2.03</u> or another written request the form of which is reasonably acceptable to the Administrative Agent (it being understood and agreed that the requirement to deliver a Borrowing Request shall not result in the imposition of any condition precedent, including to the availability of the relevant Incremental Loans (including with respect to the absence of a Default or Event of Default and/or the accuracy of any representation and/or warranty); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Administrative Agent shall be entitled to receive a certificate of the Applicable Borrower signed by a Responsible Officer thereof certifying and attaching a copy of the resolutions adopted by the governing body of the Applicable Borrower approving or consenting to such Incremental Facility or Incremental Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary in this <u>Section</u> <u>2.22</u> or in any other provision of any Loan Document, the conditions to the availability or funding of any Incremental Facility shall be determined by the relevant Incremental Lenders providing such Incremental Facility and the Borrower Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the implementation of any Incremental Revolving Facility pursuant to this <u>Section</u> <u>2.22</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Incremental Revolving Facility establishes a Revolving Credit Commitment of the same Class as any then-existing Class of Revolving Credit Commitments, (A) each Revolving Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each relevant Incremental Revolving Facility Lender, and each relevant Incremental Revolving Facility Lender will automatically and without further act be deemed to have assumed a portion of such Revolving Lender's participations hereunder in outstanding Letters of Credit and Swingline Loans such that, after giving effect to each deemed assignment and assumption of such participations, all of the Revolving Lenders' (including each Incremental Revolving Facility Lender) (1) participations hereunder in Letters of

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Credit and (2) participations hereunder in Swingline Loans shall, in each case of the foregoing clauses (1) and (2), be held on a pro rata basis on the basis of their respective Revolving Credit Commitments (after giving effect to any increase in the Revolving Credit Commitment pursuant to <u>Section</u> <u>2.22</u>) and (B) the existing Revolving Lenders of the applicable Class shall assign Revolving Loans to certain other Revolving Lenders of such Class (including the Revolving Lenders providing the relevant Incremental Revolving Facility), and such other Revolving Lenders (including the Revolving Lenders providing the relevant Incremental Revolving Facility) shall purchase such Revolving Loans, in each case to the extent necessary so that all of the Revolving Lenders of such Class participate in each outstanding Borrowing of Revolving Loans pro rata on the basis of their respective Revolving Credit Commitments of such Class (after giving effect to any increase in the Revolving Credit Commitment of such Class pursuant to this <u>Section</u> <u>2.22</u>); it being understood and agreed that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to this <u>clause (i)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Incremental Revolving Facility establishes Revolving Credit Commitments of a new Class, then (A) the borrowing and repayment (except for (1) payments of interest and fees at different rates on the Revolving Facilities (and related outstandings), (2) repayments required on the Maturity Date of any Revolving Facility and (3) repayments made in connection with a permanent repayment and termination of the Revolving Credit Commitments under any Revolving Facility (subject to <u>clause (C)</u> below)) of Revolving Loans with respect to any Revolving Facility after the effective date of such Incremental Revolving Facility shall be made on a pro rata basis or less than pro rata basis with all other Revolving Facilities, (B) all Swingline Loans and Letters of Credit shall be participated on a pro rata basis by all Revolving Lenders and (C) any permanent repayment of Revolving Loans with respect to, and reduction and termination of Revolving Credit Commitments under, any Revolving Facility after the effective date of such Incremental Revolving Facility shall be made with respect to such Incremental Revolving Facility on a pro rata basis or less than pro rata basis with all other Revolving Facilities; <u>provided</u>, that subclauses (A) and (C) of this <u>clause (f)(ii)</u> shall only apply to any Incremental Revolving Facility that is *pari passu* with the Eighth<u>Twelfth</u> Amendment Revolving Facility in right of payment and security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the date of effectiveness of any Incremental Revolving Facility, the Letter of Credit Sublimit and/or maximum amount Swingline Loans, as applicable, permitted hereunder shall increase by an amount, if any, agreed upon by the Borrower Representative, the Administrative Agent and the relevant Issuing Bank and/or the Swingline Lender, as applicable; it being understood and agreed that the Borrower Representative and any Lender providing any Incremental Revolving Facility may agree that such Lender will provide a portion of the Letter of Credit Sublimit in excess of its Applicable Percentage thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Lenders hereby irrevocably authorize the Administrative Agent to, and the Administrative Agent shall (without the consent of any Lender (other than any Lender providing the applicable Incremental Facility)), enter into any Incremental Facility Amendment and/or any amendment to any other Loan Document as may be necessary, appropriate or advisable in order to establish new Classes or sub-Classes in respect of Loans or commitments pursuant to this <u>Section</u> <u>2.22</u> including (i) technical amendments as may be necessary, appropriate or advisable in the reasonable opinion of the Administrative Agent and the Borrower Representative in connection with the establishment of such new Classes or sub-Classes, in each case on terms consistent with this <u>Section</u> <u>2.22</u>, (ii) if the Borrower Representative and the Administrative Agent so agree, an extension of the period of time during which the fee payable in respect of the applicable 2021 Repricing Term Loans pursuant to <u>Section</u> <u>2.12(f)</u> applies, (iii) if the Borrower Representative and the Administrative Agent so agree, an extension of the period of time during which the fee payable in respect of the Eleventh Amendment Dollar Refinancing Term Loans or the Eleventh Amendment Euro Refinancing Term Loans, as applicable, pursuant to <u>Section</u> <u>2.12(g)</u> applies and/or (iv) any other amendment contemplated by <u>Section</u> <u>9.02(d)(ii)</u>. In addition, the Incremental Facility Amendment with respect to any Incremental Term Facility may, without the consent of any Lenders (other than those providing such Incremental Term Loans) or the Administrative Agent, include such amendments to this Agreement as may be necessary, appropriate or advisable as reasonably determined by the Administrative Agent and the Borrower Representative to make the applicable Incremental Term Loans "fungible" with the relevant existing Class of Term Loans (including by modifying the amortization schedule and/or extending the time period during which any prepayment premium applies).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This <u>Section</u> <u>2.22</u> shall supersede any provision in <u>Section</u> <u>2.18</u> or <u>9.02</u> to the contrary.

Section 2.23. <u>Extensions of Loans and Revolving Credit Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an "<u>Extension Offer</u>") made from time to time by any Applicable Borrower to all Lenders holding Loans of any Class or Commitments of any Class, in each case on a pro rata basis (based on the aggregate outstanding principal amount of the respective Loans or Commitments of such Class) and on the same terms to each such Lender, the Borrowers are hereby permitted to consummate transactions with any individual Lender who accepts the terms contained in the relevant Extension Offer to extend the Maturity Date of all or a portion of such Lender's Loans and/or Commitments of such Class and otherwise modify the terms of all or a portion of such Loans and/or Commitments pursuant to the terms of the relevant Extension Offer (including by increasing the interest rate or fees payable in respect of such Loans and/or Commitments (and related outstandings) and/or modifying the amortization schedule, if any, in respect of such Loans) (each, an "<u>Extension</u>"; it being understood that any Extended Term Loans shall constitute a separate Class of Loans from the Class of Loans from which they were converted and any Extended Revolving Credit Commitments shall constitute a separate Class of Revolving Credit Commitments from the Class of Revolving Credit Commitments from which they were converted), so long as the following terms are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except as to (A) currency, pricing (including any "MFN" or other pricing term), interest rate margins, rate floors, fees, premium (including prepayment premiums), funding discounts, maturity and amortization (which shall, subject to immediately succeeding <u>clause (iii)</u> and to the extent applicable, be determined by the Applicable Borrower and any Lender who agrees to an Extension of its Revolving Credit Commitments and set forth in the relevant Extension Offer), (B) terms applicable to such Extended Revolving Credit Commitments or Extended Revolving Loans (each as defined below) that are, taken as a whole, in the good faith determination of the Borrower Representative, more favorable to the lenders or the agent of such Extended Revolving Credit Commitments or Extended Revolving Loans than those contained in the Loan Documents and are then conformed (or added) to the Loan Documents for the benefit of the Revolving Lenders or, as applicable, the Administrative Agent (*i.e.*, by conforming or adding a term to the then-outstanding Revolving Loans pursuant to the applicable Extension Amendment), (C) terms, taken as a whole, that reflect then current market terms and conditions, taken as a whole, at the time of incurrence or issuance (as determined by the Borrower Representative) and (D) any covenants or other provisions applicable only to periods after the Latest Revolving Credit Maturity Date, the Revolving Credit Commitment of any Lender who agrees to an extension with respect to such Commitment (an "<u>Extended</u> <u>Revolving Credit Commitment</u>"; and the Loans thereunder, "<u>Extended Revolving Loans</u>"), and the related outstandings, shall constitute a revolving commitment (or related outstandings, as the case may be) with substantially consistent terms (or terms not less favorable to existing Lenders) as the Class of Revolving Credit Commitments subject to the relevant Extension Offer (and related outstandings) provided hereunder; <u>provided</u> that to the extent more than one Revolving Facility exists after giving effect to any such Extension, (x) the borrowing and repayment (except for (1) payments of interest and fees at different rates on the Revolving Facilities (and related outstandings), (2) repayments required upon the Maturity Date of any Revolving Facility and (3) repayments made in connection with a permanent repayment and termination of Revolving Credit Commitments under any Revolving Facility (subject to <u>clause (z)</u> below)) of Revolving Loans with respect to any Revolving Facility after the effective date of such Extended Revolving Credit Commitments shall be made on a pro rata basis with all other Revolving Facilities, (y) all Swingline Loans and Letters of Credit shall be participated on a pro rata basis by all Revolving Lenders and (z) any permanent repayment of Revolving Loans with respect to, and reduction or termination of Revolving Credit Commitments under, any Revolving Facility after the effective date of such Extended Revolving Credit Commitments shall be made on a pro rata basis or less than pro rata basis with all other Revolving Facilities, except that any Applicable Revolving Borrower shall be permitted to permanently repay Revolving Loans and terminate Revolving Credit Commitments of any Revolving Facility on a greater than pro rata basis (I) as compared to any other Revolving Facilities with a later Maturity Date than such Revolving Facility and (II) to the extent refinanced or replaced with a Revolver Replacement Facility or Replacement Debt; provided, further, that any condition to any extension of credit for Extended Revolving Loans will be deemed to be satisfactory to the Administrative Agent;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as to (A) currency, pricing (including any "MFN" or other pricing term), interest rate margins, rate floors, fees, funding discounts, amortization, final maturity date, premium (including prepayment premiums), required prepayment dates and participation in prepayments (which shall, subject to immediately succeeding <u>clauses (iii)</u>, <u>(iv)</u> and <u>(v)</u>, be determined by the Applicable Borrower and any Lender who agrees to an Extension of its Term Loans and set forth in the relevant Extension Offer), (B) terms applicable to such Extended Term Loans (as defined below) that are, taken as a whole, in the good faith determination of the Borrower Representative, more favorable to the lenders or the agent of such Extended Term Loans than those contained in the Loan Documents applicable to the relevant Term Loans and are then conformed (or added) to the Loan Documents for the benefit of the Term Lenders in respect of such Term Loans or, as applicable, the Administrative Agent (*i.e.*, by conforming or adding a term to the then-outstanding Term Loans of the applicable Class pursuant to the applicable Extension Amendment), (C) terms, taken as a whole, that reflect then current market terms and conditions, taken as a whole, at the time of incurrence or issuance (as determined by the Borrower Representative) and (D) any covenant or other provision applicable only to any period after the Latest Term Loan Maturity Date (in each case, as of the date of such Extension), the Term Loans of any Lender extended pursuant to any Extension (any such extended Term Loans, the "<u>Extended Term Loans</u>") shall have substantially consistent terms (or terms not less favorable to existing Lenders) as the tranche of Term Loans subject to the relevant Extension Offer; <u>provided</u>, that notwithstanding the forgoing, any Extended Term Loans may be structured as a "delayed draw" facility with such conditions to borrowing thereunder as the Borrower Representative and the relevant lenders of such Extended Term Loans may agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) the final maturity date of any Extended Term Loans may be no earlier than the then applicable Latest Term Loan Maturity Date at the time of Extension and (y) no Extended Revolving Credit Commitments or Extended Revolving Loans may have a final maturity date earlier than (or require commitment reductions prior to) the Latest Revolving Credit Maturity Date, it being understood and agreed for the avoidance of doubt that any undrawn commitments in respect of any Extended Revolving Credit Commitments or Extended Revolving Loans may terminate at such time as the Borrower Representative and the lenders providing such Extended Revolving Credit Commitments or Extended Revolving Loans may agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Weighted Average Life to Maturity of any Class of Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of any then-existing Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) subject to <u>clauses (iii)</u> and <u>(iv)</u> above, any Extended Term Loans may otherwise have an amortization schedule as determined by the Borrower Representative and the Lenders providing such Extended Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Class of Extended Term Loans may participate (A) in any voluntary prepayment of Term Loans as set forth in <u>Section</u> <u>2.11(a)(i)</u> and (B) in any mandatory prepayment of Term Loans as set forth in <u>Section</u> <u>2.11(b)(vi)</u>, in each case, to the extent provided in such Sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if the aggregate principal amount of Loans or Commitments, as the case may be, in respect of which Lenders have accepted the relevant Extension Offer exceed the maximum aggregate principal amount of Loans or Commitments, as the case may be, offered to be extended by any Borrower pursuant to such Extension Offer, then the Loans or Commitments, as the case may be, of such Lenders shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed the applicable Lender's actual holdings of record) with respect to which such Lenders have accepted such Extension Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) unless the Administrative Agent otherwise agrees, any Extension must be in a minimum amount of $5,000,000 (with respect to any Extension denominated in Dollars), €5,000,000 (with respect to any Extension denominated in Euros), C$5,000,000 (with respect to any Extension denominated in Canadian Dollars) and the equivalent of $5,000,000 in any Alternate Currency (with respect to any Extension denominated in any Alternate Currency (other than Euros or Canadian Dollars));

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any applicable Minimum Extension Condition must be satisfied or waived by the Borrower Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any documentation in respect of any Extension shall be consistent with the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) no Extension of any Revolving Facility shall be effective as to the obligations of the Swingline Lender to make any Swingline Loan or any Issuing Bank with respect to Letters of Credit without the consent of the Swingline Lender or such Issuing Bank, as applicable (such consents not to be unreasonably withheld or delayed) (and, in the absence of such consent, all references herein to Latest Revolving Credit Maturity Date shall be determined, when used in reference to the Swingline Lender or such Issuing Bank, as applicable, without giving effect to such Extension).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No Extension consummated in reliance on this <u>Section</u> <u>2.23</u> shall constitute a voluntary or mandatory prepayment for purposes of <u>Section</u> <u>2.11</u>, (ii) the scheduled amortization payments (insofar as such schedule affects payments due to Lenders participating in the relevant Class) set forth in <u>Section</u> <u>2.10</u> shall be adjusted to give effect to any Extension of any Class of Loans and/or Commitments and (iii) except as set forth in <u>clause (a)(viii)</u> above, no Extension Offer is required to be in any minimum amount or any minimum increment; <u>provided</u> that the Applicable Borrower may at its election specify as a condition (a "<u>Minimum Extension</u> <u>Condition</u>") to the consummation of any Extension that a minimum amount (to be specified in the relevant Extension Offer in the Applicable Borrower's sole discretion) of Loans or Commitments (as applicable) of any or all applicable tranches be tendered; it being understood that the Applicable Borrower may, in its sole discretion, waive any such Minimum Extension Condition. The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this <u>Section</u> <u>2.23</u> (including, for the avoidance of doubt, the payment of any interest, fees or premium in respect of any Extended Term Loans and/or Extended Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement (including <u>Sections 2.10</u>, <u>2.11</u> and/or <u>2.18</u>) or any other Loan Document that may otherwise prohibit any such Extension or any other transaction contemplated by this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to any consent required under <u>Section</u> <u>2.23(a)(xi)</u>, no consent of any Lender or the Administrative Agent shall be required to effectuate any Extension, other than the consent of each Lender agreeing to such Extension with respect to one or more of its Loans and/or Commitments of any Class (or a portion thereof). All Extended Term Loans and Extended Revolving Credit Commitments and all obligations in respect thereof shall constitute Secured Obligations under this Agreement and the other Loan Documents that are secured by the Collateral and guaranteed on a *pari passu* basis with all other applicable Secured Obligations under this Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize the Administrative Agent to enter into any Extension Amendment and any amendments to any of the other Loan Documents with the Loan Parties as may be necessary in order to establish new Classes or sub-Classes in respect of Loans or Commitments so extended and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower Representative in connection with the establishment of such new Classes or sub-Classes, in each case on terms consistent with this <u>Section</u> <u>2.23</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with any Extension, the Borrower Representative shall provide the Administrative Agent at least five Business Days' (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including regarding timing, rounding and other adjustments and to ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of this <u>Section</u> <u>2.23</u>.

Section 2.24. <u>Additional Revolving Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower Representative may, at any time and from time to time, designate any Restricted Subsidiary to be an Additional Revolving Borrower; provided, that (i) to the extent such Restricted Subsidiary is

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organized in a jurisdiction other than an Approved Jurisdiction, such designation shall be subject to the reasonable consent of all of the Revolving Lenders (such consent not to be unreasonably withheld, conditioned or delayed) and (ii) the Borrower Representative shall provide (or caused to be provided) such documentation as may be reasonably requested by the Administrative Agent at the time of such designation and consistent with the documentation delivered under <u>Section</u> <u>4.01(n)</u> and <u>Section</u> <u>4.01(o)</u> with respect to such Person (and modified as appropriate for the jurisdiction of organization of the applicable Restricted Subsidiary). From and after such designation (and if applicable, such reasonable consent of the Revolving Lenders), such Restricted Subsidiary shall be a "Revolving Borrower" under the applicable Class of Revolving Facility for all purposes of this Agreement and the other Loan Documents and will have the right to directly request Revolving Loans in accordance with <u>Article II</u> hereof until the relevant Maturity Date of such Class of Revolving Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, each Additional Revolving Borrower shall be liable solely for its direct Revolving Loans (and Swingline Loans) and interest (including at the Default Rate), any Letter of Credit fees in respect of Letters of Credit requested by such Additional Revolving Borrower and any reimbursement obligations to the Administrative Agent, the Swingline Lender, any Issuing Bank, any Guarantee Bank and the Lenders that may arise in respect of the foregoing, and no Additional Revolving Borrower in its capacity as such shall have any liability whatsoever for any of the obligations of any other Revolving Borrower. Notwithstanding the term "Additional Revolving Borrower", which is used for convenience only, under no circumstance shall any Additional Revolving Borrower in its capacity as such be deemed to be jointly and severally liable for the Obligations of any other Loan Party under any Loan Document. Notwithstanding anything to the contrary set forth in this <u>Section</u> <u>2.24(b)</u>, this <u>Section</u> <u>2.24(b)</u> shall in no way limit the obligations of such Additional Revolving Borrower under the applicable Loan Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of (i) any sale or disposition of a Revolving Borrower permitted under this Agreement that results in such Revolving Borrower ceasing to be a Restricted Subsidiary or (y) any release of a Revolving Borrower of its obligations hereunder pursuant to <u>Section</u> <u>8.01</u> or <u>Section</u> <u>9.23</u>, then on or prior to (or substantially contemporaneously with) such sale, disposition or release, such Revolving Borrower shall (i) pay (or have paid) in full in Cash all of its direct Obligations under any Revolving Facility of any Class under which it is a Revolving Borrower and/or (ii) reallocate (or shall have reallocated) to another Revolving Borrower with Revolving Loans and/or Revolving Credit Commitments in the same Class as such Revolving Borrower all of its reimbursement or participation Obligations to another Revolving Borrower with Revolving Loans and/or Revolving Credit Commitments in the same Class in a manner reasonably satisfactory to the Administrative Agent, the Swingline Lender, any Issuing Bank, any Guarantee Bank and the Revolving Lenders, as applicable.

Section 2.25. <u>Ancillary Facilities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Availability of Ancillary Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Revolving Lender may, upon the agreement of any Ancillary Borrower and such Revolving Lender, provide, directly or indirectly through one or more of its Affiliates (other than any Disqualified Institution), one or more Ancillary Facilities on a bilateral basis in place of all or a portion of such Revolving Lender's unused Revolving Credit Commitment of any Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Ancillary Borrower may implement any Ancillary Facility by providing, not less than five Business Days prior to the Ancillary Commencement Date with respect thereto (or one Business Day prior in the case of any Ancillary Facility to be implemented on the Closing Date), written notice to the Administrative Agent that such Ancillary Facility has been established and specifying:

&nbsp;&nbsp;&nbsp;&nbsp;&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 proposed Ancillary Commencement Date for such Ancillary Facility and the scheduled expiration date 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;(B) the proposed type of such Ancillary Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&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 Ancillary Commitment (including the maximum amount of such Ancillary Facility) and, if such Ancillary Facility is an overdraft facility comprising more than one account, the maximum gross amount (the "<u>Designated Gross Amount</u>") and maximum net amount (the "<u>Designated Net Amount</u>") 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;(D) the proposed currency of such Ancillary Facility (if not denominated in Euros);

&nbsp;&nbsp;&nbsp;&nbsp;&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 identity of the relevant Ancillary Lender (including whether such Ancillary Lender is a Revolving Lender or an Affiliate of a Revolving 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;(F) if there is more than one Class of Revolving Credit Commitments, (x) the Class of Revolving Credit Commitments to which such Ancillary Facility relates and (y) if such Ancillary Facility is replacing another Ancillary Facility which relates to another Class of Revolving Credit Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Applicable Ancillary Borrower shall provide such other customary information as the Administrative Agent may reasonably request in connection with any Ancillary Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Administrative Agent shall promptly notify the Revolving Lender proposing to provide such Ancillary Facility and the other Revolving Lenders of the establishment of any Ancillary Facility and, subject to the satisfaction of the requirements set forth in <u>Section</u> <u>2.25(b)</u> below, (A) the relevant Revolving Lender (or its relevant Affiliate) will constitute an Ancillary Lender and (B) such Ancillary Facility will be deemed to be made available hereunder, in each case as of the Ancillary Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything to the contrary herein or in any other Loan Document (including <u>Section</u> <u>9.02</u> hereof), no amendment or waiver of any term of any Ancillary Facility shall require the consent of any Lender other than the relevant Ancillary Lender except to the extent that such amendment or waiver otherwise gives rise to a matter that would require an amendment of or waiver under this Agreement (including, for the avoidance of doubt, under this <u>Section</u> <u>2.25</u>), in which case the provisions of <u>Section</u> <u>9.02</u> shall apply thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Terms of Ancillary Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as provided below in this <u>Section</u> <u>2.25</u>, the terms of any Ancillary Facility will be agreed by the relevant Ancillary Lender and the Applicable Ancillary Borrower; <u>provided</u>, that such terms (A) shall be market terms on the date of determination (as determined in the good faith judgment of the Borrower Representative), (B) may only allow the Applicable Ancillary Borrower(s) to use the Ancillary Facility, (C) may not permit the amount of Ancillary Outstandings under such Ancillary Facility to exceed the Ancillary Commitment with respect to such Ancillary Facility, (D) may not allow the Ancillary Commitment of any Ancillary Lender under such Ancillary to exceed the unused Revolving Credit Commitment of such Ancillary Lender (before taking into account the effect of the Ancillary Facility on the unused Revolving Credit Commitment) (with the Ancillary Commitments of a Revolving Lender's Affiliate being deemed "held" by such Revolving Lender for purposes of this <u>clause (D)</u>) and (E) subject to <u>Section</u> <u>2.25(c)</u>, shall require that the Ancillary Commitment in respect of such Ancillary Facility will be reduced to zero, and that all Ancillary Outstandings will be repaid (or cash collateralized or back-stopped by a letter of credit or bank guarantee or otherwise in a manner reasonably satisfactory to the relevant Ancillary Lender, in each case, in an amount equal to 100% of such Ancillary Outstandings, unless the Applicable Ancillary Borrower otherwise agrees) on or prior to the Maturity Date with respect to the Revolving Facility to which such Ancillary Facility relates (or such date as the Revolving Credit Commitment of the relevant Ancillary Lender (or its Affiliate) is reduced to zero), and, that in the case of <u>clauses (D)</u> and <u>(E)</u>, except as a result of currency fluctuations for an excess amounting to not more than 5% of the amount of the respective Ancillary unless the excess over such 5% threshold is reduced in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If there is an inconsistency between any term of any Ancillary Facility and any term of this Agreement, this Agreement shall prevail, except for (A) <u>Section</u> <u>2.12(h)</u> and <u>Section</u> <u>2.13(g)</u> hereof, which shall be superseded by the terms of the relevant Ancillary Documents for purposes of calculating

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fees, interest or commissions in respect of the relevant Ancillary Facility, (B) any Ancillary Facility that is a Multi-Account Overdraft Facility where the terms of the relevant Ancillary Documents shall prevail to the extent required to permit the netting of balances in respect of the relevant accounts and (C) where the relevant term of this Agreement would be contrary to, or inconsistent with, the law governing the relevant Ancillary Document, in which case the relevant term of this Agreement shall be superseded by the terms of the relevant Ancillary Document to the extent necessary to eliminate the subject conflict or inconsistency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Repayment of Ancillary Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Ancillary Commitment shall terminate on the Maturity Date with respect to the Revolving Facility to which such Ancillary Facility relates or such earlier date (A) as provided in the relevant Ancillary Document or (B) on which it is cancelled in accordance with the terms of this Agreement; provided that an Ancillary Borrower and an Ancillary Lender may, as between themselves only, agree that any Ancillary Facilities will continue to remain available on a bilateral basis following the Termination Date applicable to the Revolving Facility or, as the case may be, the date the Revolving Credit Commitments are otherwise cancelled under this Agreement. If any arrangement contemplated in the foregoing sentence is to occur, each Applicable Ancillary Borrower and the Ancillary Lender shall each confirm that to be the case in writing to the Administrative Agent. Upon such Termination Date or, as the case may be, date of cancellation, any such Ancillary Facility shall continue as between the said entities on a bilateral basis and not as part of, or under, the Loan Documents. Save for any rights and obligations against any Secured Party under the Loan Documents arising prior to such Termination Date or, as the case may be, date of cancellation, no such rights or obligations in respect of such Ancillary Facility shall, as between the Secured Parties, continue and the Security shall not support any such facility in respect of any matters that arise after such Termination Date or, as the case may be, date of cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the expiration of any Ancillary Facility in accordance with its terms, the Ancillary Commitment of the relevant Ancillary Lender shall be reduced to zero (and the Revolving Credit Commitment of such Ancillary Lender shall be increased accordingly). Upon the making of one or more Revolving Loans as provided below in an amount sufficient to repay the Ancillary Outstandings under any Ancillary Facility, such Ancillary Facility shall be cancelled upon receipt by the relevant Ancillary Lender of the proceeds thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No Ancillary Lender may demand repayment, prepayment or cash collateralization of any amounts made available or liabilities incurred by it under any Ancillary Facility (except where the relevant Ancillary Facility is provided on a net limit basis to the extent required to reduce any gross outstandings to the net limit) unless (A) (w) required to reduce the Gross Outstandings of a Multi-Account Overdraft to or towards an amount equal to its Net Outstandings, (x) the Maturity Date with respect to the Revolving Facility to which such Ancillary Facility relates has occurred, (y) the Required Revolving Lenders have accelerated the Revolving Loans and Additional Revolving Loans and terminated the commitments thereunder and demanded repayment of, or otherwise accelerated, the Indebtedness or other obligations thereunder or (z) the expiration date of the relevant Ancillary Facility occurs, (B) it becomes unlawful in any applicable jurisdiction for the relevant Ancillary Lender to perform its obligations under this Agreement or to fund, issue or maintain its participation in the relevant Ancillary Facility or (C) the Ancillary Outstandings (if any) under the relevant Ancillary Facility may be refinanced by a Revolving Loan and the relevant Ancillary Lender provides sufficient notice to permit the refinancing of such Ancillary Outstandings with a Revolving Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary herein, for purposes of determining whether or not the Ancillary Outstandings under any Ancillary Facility referenced in <u>clause (c)(iii)(C)</u> above may be refinanced by a Revolving Loan, (A) the Revolving Credit Commitment of the relevant Ancillary Lender will be increased by the amount of its Ancillary Commitment in respect of such Ancillary Facility and (B) unless the circumstances described in clauses <u>(c)(iii)(A)(x)</u> or <u>(y)</u> then exist, each Revolving Lender shall be obligated to make a Revolving Loan to the Applicable Ancillary Borrower for the purpose of refinancing the relevant Ancillary Outstandings on a pro rata basis in accordance with its Applicable Percentage of the Revolving Credit Commitment (determined for such purpose as if such Ancillary Outstanding had already been repaid) whether or not a Default or Event of Default exists or any other applicable condition precedent is not satisfied and irrespective of whether any Ancillary Borrower has delivered a Borrowing Request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) With respect to any Ancillary Facility that comprises an overdraft facility in which a Designated Net Amount has been established, for purposes of calculating compliance with the Designated Net Amount, the Ancillary Lender providing such Ancillary Facility shall only be obligated to take into account the credit balances which it is permitted to take into account by then applicable law and regulations relating to its reporting of exposures to applicable regulatory authorities as netted for capital adequacy purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Ancillary Outstandings</u>. The Borrower Representative, on behalf of the Applicable Ancillary Borrower, and each Ancillary Lender agrees with and for the benefit of each Revolving Lender that (i) the Ancillary Outstandings under any Ancillary Facility provided by such Ancillary Lender shall not exceed the Ancillary Commitment applicable to such Ancillary Facility, and where such Ancillary Facility is a Multi-Account Overdraft Facility, the Ancillary Outstandings under such Ancillary Facility shall not exceed the Designated Net Amount in respect of such Ancillary Facility and (ii) where all or a portion of any Ancillary Facility is a Multi-Account Overdraft Facility, the Ancillary Outstandings (calculated without giving effect to the parenthetical in <u>clause (a)</u> of the definition of "Ancillary Outstandings") shall not exceed the Designated Gross Amount applicable to such Ancillary Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Information</u>. The Borrower Representative, on behalf of the Applicable Ancillary Borrower, and each Ancillary Lender shall, promptly upon the request of the Administrative Agent, provide the Administrative Agent with any information relating to the operation of such Ancillary Facility (including the amount of Ancillary Outstandings and Ancillary Commitments) as the Administrative Agent may from time to time reasonably request (subject to compliance with <u>Section</u> <u>9.05</u> hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Affiliates of Lenders as Ancillary Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the terms of this Agreement, an Affiliate of any Revolving Lender (other than any Disqualified Institution) may become an Ancillary Lender, in which case such Revolving Lender and such Affiliate shall be treated as a single Revolving Lender whose Revolving Credit Commitment is as set forth in the Commitment Schedule or in the Assignment Agreement pursuant to which such Revolving Lender assumed its Revolving Credit Commitment, as the same may be modified in accordance with the terms of <u>clauses (a)</u> through <u>(d)</u> of the definition of "Initial<u>Twelfth Amendment</u> Revolving Credit Commitment"; it being understood that the relevant Revolving Lender's Revolving Credit Commitment will be reduced to the extent of the Ancillary Commitment of such Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If a Revolving Lender assigns all of its rights and benefits or transfers all of its rights and obligations to another entity (which is not an Affiliate of that Revolving Lender), its Affiliate shall cease to have any obligations under this Agreement or any Ancillary Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that this Agreement or any other Loan Document imposes any obligation on any Ancillary Lender and such Ancillary Lender is an Affiliate of a Revolving Lender and not a party thereto, the relevant Revolving Lender shall ensure that such obligation is performed by such Affiliate in compliance with the terms hereof or such other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Ancillary Lender, in its capacity as such, hereby appoints the Agents as its agent for purposes of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Adjustment for Ancillary Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any notice of acceleration is delivered pursuant to <u>Section</u> <u>7.01</u> (other than a notice declaring Loans and/or Letters of Credit to be due on demand) or Commitments are automatically accelerated under the proviso in <u>Section</u> <u>7.01</u>, each Revolving Lender and each Ancillary Lender shall promptly adjust (by making or receiving (as the case may be) corresponding transfers of rights and

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obligations under the Loan Documents and Ancillary Documents relating to Revolving Outstandings) their claims in respect of amounts outstanding to them under the Revolving Facility of any Class and each Ancillary Facility of such Class to the extent necessary to ensure that after such transfers the Revolving Outstandings of each Revolving Lender for such Class bear the same proportion to the Total Revolving Credit Outstandings for such Class as such Revolving Lender's Revolving Credit Commitment of such Class bears to the total Revolving Credit Commitment for such Class, each as at the earlier of (x) the date the notice is served under <u>Section</u> <u>7.01</u> or (y) the date of automatic acceleration under the proviso in <u>Section</u> <u>7.01</u> (and ignoring, for the purpose of the calculation of a Revolving Lender's Revolving Credit Commitment of such Class and the total Revolving Credit Commitment of such Class for this purpose, any reduction of a Revolving Lender's Revolving Credit Commitment of such Class pursuant to <u>Section</u> <u>2.25(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If an amount outstanding under an Ancillary Facility is a contingent liability and such contingent liability becomes an actual liability or is reduced to zero after the original adjustment is made under <u>clause (g)(i)</u> above, then each Revolving Lender and Ancillary Lender will make a further adjustment (by making or receiving (as the case may be) corresponding transfers of rights and obligations under the Loan Documents and the Ancillary Documents relating to Revolving Outstandings to the extent necessary) to put themselves in the position they would have been in had the original adjustment been determined by reference to the actual liability or, as the case may be, zero liability and not the contingent liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any transfer of rights and obligations relating to Revolving Outstandings made pursuant to this <u>Section</u> <u>2.25(g)</u> shall be made for a purchase price in cash, payable at the time of transfer, in an amount equal to such Revolving Outstandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All calculations to be made pursuant to this <u>Section</u> <u>2.25(g)</u> shall be made by the Administrative Agent based upon information provided to it by the Revolving Lenders and Ancillary Lenders and the Spot Rate for the applicable currency in relation to Dollars in effect on the date of determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) This <u>Section</u> <u>2.25(g)</u> shall not oblige any Lender to accept the transfer of a claim relating to an amount outstanding under an Ancillary Facility which is not denominated (pursuant to the relevant Ancillary Document) in either Dollars, Euros or any other currency which has been approved as an Alternate Currency for the purpose of the Revolving Facility related to such Ancillary Facility or in another currency which is acceptable to such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Prior to the application of the provisions of <u>clause (g)(i)</u> above, an Ancillary Lender that has provided a Multi-Account Overdraft Facility shall set off any available credit balance on any account comprised in such Multi-Account Overdraft Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Unless otherwise agreed between the Ancillary Lender under an Ancillary Facility and the Applicable Ancillary Borrower(s) thereunder, the provisions of <u>Sections 2.14</u>, <u>2.15</u>, <u>2.16</u>, <u>2.17</u>, <u>2.19</u>, <u>2.20</u>, <u>9.03</u> and <u>9.05</u> shall apply mutatis mutandis to the Ancillary Lenders and the Ancillary Documents to the same extent as they apply to the Lenders and the Loan Documents, respectively.

Section 2.26. <u>Appointment of the Borrower Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower hereby irrevocably appoints and designates the US Borrower as its agent (the US Borrower in such capacity, any successor entity or any other entity designated as such by Holdings or Intermediate Dutch Holdings as the "Borrower Representative" to the Administrative Agent in writing from time to time, the "<u>Borrower Representative</u>") to request and receive Loans, Letters of Credit and Ancillary Facilities pursuant to this Agreement and the other Loan Documents from the Administrative Agent or any Lender in the name or on behalf of such Borrower and for all purposes under the Loan Documents and/or the Ancillary Documents, including designation of interest rates, preparation and delivery of financial reports, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Loan Documents and/or the Ancillary Documents (including in respect of compliance with covenants), and all other dealings with Administrative Agent,

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Issuing Banks, any or all Lenders and/or any Ancillary Lender. The Administrative Agent, the Lenders and the Ancillary Lenders may disburse the Loans, provide Letters of Credit and provide Ancillary Facilities for the account of any Borrower, in each case as the Borrower Representative may designate or direct, without notice to any other Borrower or any other Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower agrees that any notice, election, representation, warranty, agreement or undertaking by or on behalf of any Borrower by the Borrower Representative shall be deemed for all purposes to have been made by the Applicable Borrower and shall be binding upon and enforceable against such Borrower to the same extent as if made directly by such Borrower; <u>provided</u> it has been made in the form appropriate for such agreement and subject to the Applicable Borrower's corporate or similar approvals, if necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The US Borrower hereby accepts the appointment by each Borrower to act as the agent of such Borrower pursuant to this <u>Section</u> <u>2.26</u> and shall continue to act hereunder so long as this Agreement remains in effect.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

On the dates and to the extent required pursuant to <u>Sections 4.01</u> or <u>4.02</u> hereof, as applicable, Holdings, Intermediate Dutch Holdings and each Borrower hereby represent and warrant to the Lenders, the Issuing Banks and the Administrative Agent that:

Section 3.01. <u>Organization; Powers</u>. Holdings, Intermediate Dutch Holdings and each of its Restricted Subsidiaries (a) is (i) duly organized and validly existing and (ii) in good standing (to the extent such concept exists in the relevant jurisdiction) under the Requirements of Law of its jurisdiction of organization, (b) has all requisite organizational power and authority to own its assets and to carry on its business as now conducted and (c) is qualified to do business in, and is in good standing (to the extent such concept exists in the relevant jurisdiction) in, every jurisdiction where the ownership, lease or operation of its properties or conduct of its business requires such qualification, except, in each case referred to in this <u>Section</u> <u>3.01</u> (other than <u>clause (a)(i)</u> and <u>clause (b)</u>, in each case, with respect to each Borrower) where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

Section 3.02. <u>Authorization; Enforceability</u>. The execution, delivery and performance by each Loan Party of each Loan Document to which such Loan Party is a party (a) are within such Loan Party's corporate or other organizational power and (b) have been duly authorized by all necessary corporate or other organizational action of such Loan Party. Each Loan Document to which any Loan Party is a party has been duly executed and delivered by such Loan Party and is a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to the Legal Reservations.

Section 3.03. <u>Governmental Approvals; No Conflicts</u>. The execution and delivery of each Loan Document by each Loan Party party thereto and the performance by such Loan Party of its obligations thereunder (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect, (ii) in connection with the Perfection Requirements and (iii) such consents, approvals, registrations, filings, or other actions the failure to obtain or make which would not be reasonably expected to have a Material Adverse Effect, (b) will not violate any (i) of such Loan Party's Organizational Documents or (ii) Requirement of Law applicable to such Loan Party which violation, in the case of this <u>clause (b)(ii)</u>, would reasonably be expected to have a Material Adverse Effect and (c) will not violate or result in a default under any material Contractual Obligation to which such Loan Party is a party which violation, in the case of this <u>clause (c)</u>, would reasonably be expected to result in a Material Adverse Effect.

Section 3.04. <u>Financial Condition; No Material Adverse Effect</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The financial statements most recently provided pursuant to <u>Section</u> <u>5.01(a)</u> or <u>(b)</u>, as applicable, present fairly, in all material respects, the financial position and results of operations and cash flows of Intermediate

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Dutch Holdings on a consolidated basis as of such dates and for such periods in accordance with GAAP, (x) except as otherwise expressly noted herein, and/or (y) subject, in the case of quarterly financial statements, to the absence of footnotes and normal year-end adjustments and (z) except as may be necessary to reflect any differing entities and/or organizational structure prior to giving effect to the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Closing Date, there have been no events, developments or circumstances that have had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect that is continuing.

Section 3.05. <u>Properties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the Closing Date, <u>Schedule 3.05</u> sets forth the address of each Real Estate Asset (or each set of such assets that collectively comprise one operating property) that is owned in fee simple by any Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holdings, Intermediate Dutch Holdings and each of its Restricted Subsidiaries have good and valid fee simple title to or rights to purchase, or valid leasehold interests in, or easements or other limited property interests in, all of their respective Real Estate Assets and have good and valid title to their personal property and assets, including the Collateral, in each case, except (i) for defects in title that do not materially interfere with their ability to conduct their business as currently conducted or to utilize such properties and assets for their intended purposes, (ii) for any Lien permitted under <u>Section</u> <u>6.02</u> hereof, or (iii) where the failure to have such title would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Holdings, Intermediate Dutch Holdings and its Restricted Subsidiaries own or otherwise have a valid license or right to use all rights in Patents, Trademarks, Copyrights and other rights in works of authorship (including all copyrights embodied in software) and all other intellectual property rights ("<u>IP Rights</u>") that are reasonably necessary to conduct their respective businesses as presently conducted without, to the knowledge of the Borrower Representative, any infringement, violation or misappropriation of the IP Rights of third parties, except to the extent the failure to own or license or have rights to use would not, or where such infringement, violation or misappropriation would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 3.06. <u>Litigation and Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower Representative, threatened in writing against or affecting Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries which would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for any matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, (i) neither Holdings, Intermediate Dutch Holdings nor any of its Restricted Subsidiaries is subject to, or has received notice of, any Environmental Claim or Environmental Liability or knows of any basis for any Environmental Liability or Environmental Claim of Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries and (ii) neither Holdings, Intermediate Dutch Holdings nor any of its Restricted Subsidiaries has failed to comply with any Environmental Law or to obtain, maintain or comply with any Governmental Authorization, permit, license or other approval required under any Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither Holdings, Intermediate Dutch Holdings nor any of its Restricted Subsidiaries has treated, stored, transported or Released any Hazardous Materials on, at, under or from any currently or formerly owned, leased or operated real estate or facility in a manner that would reasonably be expected to have a Material Adverse Effect.

Section 3.07. <u>Compliance with Laws</u>. Each of Holdings, Intermediate Dutch Holdings and each of its Restricted Subsidiaries is in compliance with all Requirements of Law applicable to it or its property, except, in each case where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; it being understood and agreed that this <u>Section</u> <u>3.07</u> shall not apply to the Requirements of Law covered by <u>Section</u> <u>3.17</u> below.

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Section 3.08. <u>Investment Company Status</u>. No Loan Party is an "investment company" as defined in, or is required to be registered under, the Investment Company Act of 1940.

Section 3.09. <u>Taxes</u>. Each of Holdings, Intermediate Dutch Holdings and each of its Restricted Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it that are due and payable (including in its capacity as a withholding agent), except (a) Taxes that are not required to be paid in accordance with <u>Section</u> <u>5.03</u>, (b) Taxes (or any requirement to file Tax returns with respect thereto) that are being contested in good faith by appropriate proceedings and for which Holdings, Intermediate Dutch Holdings or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (c) to the extent that the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

Section 3.10. <u>ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Plan is in compliance in form and operation with its terms and with ERISA and the Code and all other applicable Requirements of Law, except where any failure to comply would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the five-year period prior to the date on which this representation is made or deemed made, no ERISA Event has occurred and is continuing that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect.

Section 3.11. <u>Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the Closing Date, with respect to information relating to Holdings, Intermediate Dutch Holdings, any Borrower and, to the knowledge of the Borrower Representative, the Target and its subsidiaries, all written information (other than the Projections, forecasts, financial estimates, other forward-looking information and/or projected information, information of a general economic or industry-specific nature and/or any third party report and/or memorandum (but not the written information (other than Projections, forecasts, financial estimates, other forward looking information and/or projected information and/or general economic or industry-specific information) on which such third party report and/or memorandum was based, if such written information was provided to any Initial Lender by Holdings, Intermediate Dutch Holdings, the US Borrower, the Dutch Borrower and/or any of their respective Representatives, and is otherwise subject to this <u>Section</u> <u>3.11(a)</u>)) concerning Holdings and its subsidiaries that was prepared by or on behalf of Holdings, Intermediate Dutch Holdings or its subsidiaries or their respective representatives and made available to any Initial Lender, any Arranger or the Administrative Agent in connection with the Transactions on or before the Closing Date, when taken as a whole, did not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements and updates thereto from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Closing Date, the Projections have been prepared in good faith based upon assumptions believed by the Borrower Representative to be reasonable at the time furnished (it being recognized that such Projections are not to be viewed as facts and are subject to significant uncertainties and contingencies many of which are beyond the Borrower Representative's control, that no assurance can be given that any particular financial projections will be realized, and that actual results may differ from projected results and that such differences may be material).

Section 3.12. <u>Solvency</u>. As of the Closing Date, after giving effect to the Transactions that occur on the Closing Date and the incurrence of the Indebtedness and obligations being incurred in connection with this Agreement and the Transactions on the Closing Date, (i) the sum of the debt (including contingent liabilities) of Intermediate Dutch Holdings and its Restricted Subsidiaries, taken as a whole, does not exceed the fair value of the assets (on a going concern basis) of Intermediate Dutch Holdings and its Restricted Subsidiaries, taken as a whole,

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(ii) the capital of Intermediate Dutch Holdings and its Restricted Subsidiaries, taken as a whole, is not unreasonably small in relation to the business of Intermediate Dutch Holdings and its Restricted Subsidiaries, taken as a whole, contemplated as of the Closing Date and (iii) Intermediate Dutch Holdings and its Restricted Subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts (including current obligations and contingent liabilities) beyond their ability to pay such debts as they mature in the ordinary course of business. For purposes of this <u>Section</u> <u>3.12</u>, (A) it is assumed that the Indebtedness and other obligations under the Credit Facilities will come due at their respective maturities and (B) 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 amount that can reasonably be expected to become an actual or matured liability.

Section 3.13. <u>Subsidiaries</u>. Schedule 3.13 sets forth, in each case as of the Closing Date, (a) with respect to each Loan Party on the Closing Date, (i) a correct and complete list of the name of each such Loan Party and the ownership interest therein held by Holdings or its applicable subsidiary, and (ii) the type of entity of such Loan Party and (b) to the knowledge of the Borrower Representative, (i) a correct and complete list of the name of each subsidiary of Holdings on the Closing Date (other than those identified in the preceding clause (a)) and the ownership interest therein held by Holdings or its applicable subsidiary, and (ii) the type of entity of such subsidiary.

Section 3.14. <u>Security Interest in Collateral</u>. Subject to the terms of the last paragraph of <u>Section</u> <u>4.01</u>, the Legal Reservations, the Perfection Requirements, the Agreed Security Principles and the provisions, limitations and/or exceptions set forth in this Agreement and/or any other Loan Document, the Collateral Documents create legal, valid and enforceable Liens on all of the Collateral in favor of the Collateral Agents, for the benefit of itself and the other Secured Parties, and upon the satisfaction of the applicable Perfection Requirements and/or any other perfection action required under the terms of any Loan Document, such Liens constitute perfected Liens (with the priority that such Liens are expressed to have under the relevant Collateral Documents, unless otherwise permitted hereunder or under any Collateral Document) on the Collateral (to the extent such Liens are then required to be perfected under the terms of the Loan Documents) securing the Secured Obligations, in each case as and to the extent set forth therein.

For the avoidance of doubt, notwithstanding anything herein or in any other Loan Document to the contrary, neither Intermediate Dutch Holdings nor any other Loan Party makes any representation or warranty as to (A) the effect of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest in the Capital Stock held by any Loan Party in any Person organized under the laws of any jurisdiction other than the jurisdiction in which such Loan Party is organized, or as to the rights and remedies of the Collateral Agents or any Lender with respect thereto, under the Requirements of Law of any jurisdiction other than the jurisdiction in which such Loan Party is organized, (B) the enforcement of any security interest, or right or remedy with respect to any Collateral that may be limited or restricted by, or require any consent, authorization approval or license under, any Requirement of Law or (C) on the Closing Date and until required pursuant to <u>Section</u> <u>5.12</u>, the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or enforceability of any pledge or security interest to the extent the same is not required on the Closing Date.

Section 3.15. <u>Labor Disputes</u>. Except as individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect, there are no strikes, lockouts or slowdowns against Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries pending or, to the knowledge of the Borrower Representative, threatened.

Section 3.16. <u>Federal Reserve Regulations</u>. No part of the proceeds of any Loan or any Letter of Credit have been used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that results in a violation of the provisions of Regulation U.

Section 3.17. <u>Sanctions; PATRIOT ACT and FCPA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) None of Holdings, Intermediate Dutch Holdings nor any of its Restricted Subsidiaries nor, to the knowledge of the Borrower Representative, any director, officer or employee of any of the foregoing is subject to any US sanctions administered by the US government (including the Office of Foreign Assets Control of the US Treasury Department ("<u>OFAC</u>") and the US State Department), the United Nations, any EEA Member Country or

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the United Kingdom (collectively, "<u>Sanctions</u>"); and (ii) no Borrower will directly or, to the knowledge of the Borrower Representative, indirectly, use the proceeds of the Loans, Ancillary Facilities or Letters of Credit or otherwise make available such proceeds to any Person for the purpose of financing the activities of any Person that is subject to any Sanctions, except to the extent licensed or otherwise approved by OFAC or in compliance with applicable exemptions, licenses or other approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent applicable, each Loan Party is in compliance, in all material respects, with the USA PATRIOT Act and/or any other applicable anti-terrorism law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither Holdings, Intermediate Dutch Holdings nor any of its Restricted Subsidiaries nor, to the knowledge of the Borrower Representative, any director, officer, agent (solely to the extent acting in its capacity as an agent for Holdings, Intermediate Dutch Holdings or any of its subsidiaries) or employee of Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary, has taken any action, directly or, to the knowledge of the Borrower Representative, indirectly, that would result in a material violation by any such Person of the U.S. Foreign Corrupt Practices Act of 1977, as amended (the "<u>FCPA</u>"), including, without limitation, making any offer, payment, promise to pay or authorization or approval of the payment of any money, or other property, gift, promise to give or authorization of the giving of anything of value, directly or indirectly, to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in each case in contravention of the FCPA; and (ii) no Borrower has directly or, to the knowledge of the Borrower Representative, indirectly, used the proceeds of the Loans, Ancillary Facilities or Letters of Credit or otherwise made available such proceeds to any governmental official or employee, political party, official of a political party, candidate for public office or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage in violation of the FCPA.

The representations and warranties set forth in <u>Section</u> <u>3.17</u> above made by or on behalf of any Foreign Subsidiary are subject to and limited by any Requirement of Law applicable to such Foreign Subsidiary; it being understood and agreed that to the extent that any Foreign Subsidiary is unable to make any such representation or warranty set forth in <u>Section</u> <u>3.17</u> as a result of the application of this sentence, such Foreign Subsidiary shall be deemed to have represented and warranted that it is in compliance, in all material respects, with any equivalent Requirement of Law relating to anti-terrorism, anti-corruption or anti-money laundering that is applicable to such Foreign Subsidiary in its relevant local jurisdiction of organization. Furthermore, for the avoidance of doubt, with respect to any German Loan Party and any other German Subsidiary, <u>Section</u> <u>3.17(a)(ii)</u> shall only apply to such Person or for the benefit for any Secured Party to the extent that giving or receiving of or complying with the relevant negative covenant does not result in a violation of or conflict with or does not expose any such Person or any Secured Party or any Affiliates or any director, officer or employee thereof to any liability under any anti-boycott or blocking law, regulation or statue that is in force from time to time and applicable to such entity (including, without limitation, the Council Regulation (EC) No 2271/96 and/or section 7 of the German Foreign Trade Regulation (*Außenwirtschaftsverordnung*).

ARTICLE 4

CONDITIONS

Section 4.01. <u>Closing Date</u>. The obligations of (i) each Lender to make Loans and (ii) any Issuing Bank to issue Letters of Credit, in each case, on the Closing Date, shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with <u>Section</u> <u>9.02</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Credit Agreement and Loan Documents</u>. The Administrative Agent (or its counsel) shall have received from Intermediate Dutch Holdings and each Loan Party, to the extent party thereto, (i) a counterpart signed by Intermediate Dutch Holdings or such Loan Party (or written evidence reasonably satisfactory to the Administrative Agent (which may include a copy transmitted by facsimile or other electronic method) that such party has signed a counterpart) of (A) this Agreement and (B) each Promissory Note requested by a Lender at least three Business Days prior to the Closing Date and (ii) a Borrowing Request as required by <u>Section</u> <u>2.03</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Legal Opinions</u>. The Administrative Agent (or its counsel) shall have received, on behalf of itself, the Lenders and each Issuing Bank on the Closing Date, (i) a customary written opinion of Weil, Gotshal & Manges LLP, in its capacity as special counsel for Intermediate Dutch Holdings and the Loan Parties and (ii) customary written opinions of local counsel to the Loan Parties organized in the jurisdictions set forth on <u>Schedule 4.01(b)</u>, each dated the Closing Date and addressed to the Administrative Agent, the Lenders and each Issuing Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Financial Statements and Pro Forma Financial Statements</u>. The Administrative Agent shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the audited consolidated balance sheet of the Target Business as of December 31, 2018 and December 31, 2019 and the related audited statements of income and cash flows of the Target Business for the fiscal years then ended, together with the related notes and schedules thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the unaudited consolidated balance sheet of the Target Business as of June 30, 2020 and September 30, 2020 and the unaudited statements of income and cash flows of the Target Business for the quarters ended June 30, 2020 and September 30, 2020; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a pro forma consolidated balance sheet and a related consolidated statement of income for Intermediate Dutch Holdings as of and for, as applicable, the twelve-month period ended on September 30, 2020, prepared in good faith after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such statement of income),

<u>provided</u>, that no financial statement or pro forma financial statement will be required to 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;(d) <u>Secretary's Certificate and Good Standing Certificates of Loan Parties</u>. The Administrative Agent (or its counsel) shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certificate of each US Loan Party on the Closing Date, dated the Closing Date and executed by a Responsible Officer, which 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;(A) certify that attached thereto is a true and complete copy of the resolutions, written consents or extracts of minutes of a meeting, as applicable, of its board of directors, board of managers, supervisory board, shareholders, members or other governing body (as the case may be and in each case, to the extent required) authorizing the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the US Top Borrower and the US Borrower, the borrowings hereunder, and that such resolutions or written consents have not been modified, rescinded or amended and are in full 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;(B) identify by name and title and bear the signatures of the Responsible Officer or authorized signatory of such US Loan Party on the Closing Date that is authorized to sign the Loan Documents to which it is a party on the Closing Date, as applicable, 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) certify (I) that attached thereto is a true and complete copy of the certificate or articles of incorporation or organization (or memorandum of association, articles of association or other equivalent thereof) of each US Loan Party on the Closing Date (certified by the relevant authority of the jurisdiction of organization of such US Loan Party) and a true and correct copy of its by-laws or operating, management, partnership or similar agreement (to the extent applicable) and (II) that such documents or agreements have not been amended (except as otherwise attached to such certificate and certified therein as being the only amendments thereto as of such date), and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate of Holdings, Intermediate Dutch Holdings and the Dutch Borrower, dated the Closing Date and executed by a Responsible Officer, which 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;(A) certify that attached thereto is a true and complete copy of the resolutions, written consents or extracts of minutes of a meeting, as applicable, of its board of directors, supervisory board or shareholders (as the case may be and in each case, to the extent required) authorizing the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Dutch Borrower, the borrowings hereunder, and that such resolutions or written consents have not been modified, rescinded or amended and are in full 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;(B) identify by name and title and bear the signatures of the Responsible Officer or authorized signatory of such Dutch Loan Party on the Closing Date that is authorized to sign the Loan Documents to which it is a party on the Closing Date, as applicable, 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) certify (I) that attached thereto is a true and complete copy of the deed of incorporation and articles of association (or other equivalent thereof) of each Dutch Loan Party on the Closing Date and a true and correct copy of an extract of the Trade Register of the Dutch Chamber of Commerce in relation to such Dutch Loan Party and (II) that such documents or agreements have not been amended (except as otherwise attached to such certificate and certified therein as being the only amendments thereto as of such date), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a good standing certificate (or equivalent), dated as of a recent date for each Loan Party that is a Loan Party on the Closing Date from the relevant office of the jurisdiction of organization of such Loan Party (to the extent available in the jurisdiction of organization of such Loan Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Representations and Warranties</u>. (i) The Specified Acquisition Agreement Representations shall be true and correct to the extent required by the terms of the definition thereof on and as of the Closing Date and (ii) the Specified Representations shall be true and correct in all material respects on and as of the Closing Date; <u>provided</u>, that (A) in the case of any Specified Representation that specifically refers to a given date or period, such Specified Representation shall be true and correct in all material respects as of such date or for such period and (B) if any Specified Representation is qualified by or subject to a "material adverse effect", "material adverse change" or similar term or qualification, (1) the definition thereof shall be the definition of "Business Material Adverse Effect" for purposes of the making or deemed making of such Specified Representation on, or as of, the Closing Date (or any date prior thereto) and (2) such Specified Representation shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates or for such respective periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Fees</u>. Prior to or substantially concurrently with the funding of the Initial Term Loans hereunder, the Administrative Agent shall have received (i) all fees required to be paid by the US Borrower and the Dutch Borrower on the Closing Date pursuant to the Fee Letter and (ii) all expenses required to be paid by the US Borrower and the Dutch Borrower for which invoices have been presented at least three Business Days prior to the Closing Date or such later date to which Intermediate Dutch Holdings may agree (including the reasonable fees and expenses of legal counsel required to be paid), in each case on or before the Closing Date, which amounts may be offset against the proceeds of the Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Closing Date Releases</u>. Prior to or substantially concurrently with the initial funding of the Loans hereunder, including by use of the proceeds thereof, the Closing Date Releases shall be effectuated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Equity Contribution</u>. Prior to or substantially concurrently with the initial funding of the Loans hereunder, the Equity Contribution will be made in an amount that represents not less than 35% of the sum of (a) the aggregate gross proceeds of the Initial Term Loans funded on the Closing Date plus (b) the amount of such Cash and rollover equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. The Administrative Agent (or its counsel) shall have received a certificate in substantially the form of <u>Exhibit P</u> from a Responsible Officer of Intermediate Dutch Holdings dated as of the Closing Date and certifying as to the matters set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Perfection Certificate</u>. The Administrative Agent (or its counsel) shall have received a completed Perfection Certificate dated the Closing Date and signed by a Responsible Officer of the Borrower Representative, together with all attachments contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Filings Registrations and Recordings</u>. Subject to the final paragraph of this <u>Section 4.01</u> and except as may otherwise be agreed by the Administrative Agent, the requirements set forth in <u>clause (a)</u> of the definition of "Collateral and Guarantee Requirement" shall be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Acquisition</u>. Substantially concurrently with the initial funding of the Loans hereunder, the Closing Date Acquisition shall be consummated in accordance with the terms of the Acquisition Agreement, but without giving effect to any amendment or waiver by Intermediate Dutch Holdings (or any of its Affiliates) that is materially adverse to the interests of the Initial Lenders in their respective capacities as such without the consent of the Arrangers, such consent not to be unreasonably withheld, delayed or conditioned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Business Material Adverse Effect</u>. Since the date of the Acquisition Agreement, no Business Material Adverse Effect shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>USA PATRIOT Act</u>. No later than three Business Days in advance of the Closing Date, the Administrative Agent shall have received all documentation and other information reasonably requested with respect to any Loan Party in writing by any Initial Lender at least ten Business Days in advance of the Closing Date, which documentation or other information is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Beneficial Ownership Certification</u>. To the extent any Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, no later than three Business Days in advance of the Closing Date, the Administrative Agent shall have received a Beneficial Ownership Certification in relation to such Borrower to the extent reasonably requested by it at least ten Business Days in advance of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Officer's Certificate</u>. The Administrative Agent shall have received a certificate from a Responsible Officer of the Borrower Representative (or, at the election of the Borrower Representative, with respect to the accuracy of the Specified Acquisition Agreement Representations, the Target) certifying the satisfaction of the conditions precedent set forth in <u>Sections 4.01(e)</u> and <u>(m)</u>.

For purposes of determining whether the conditions specified in this <u>Section 4.01</u> have been satisfied on the Closing Date, by funding the Loans hereunder or issuing a Letter of Credit on the Closing Date, the Administrative Agent, each Lender and each Issuing Bank, as applicable, shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to the Administrative Agent, such Lender or such Issuing Bank, as the case may be.

Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, to the extent that (i) any Loan Guaranty (solely to the extent provided by the Target or any of its subsidiaries that are Non-US Subsidiaries) (the "<u>Target Guarantees</u>") is or cannot be provided on the Closing Date and/or (ii) the Lien on any Collateral is not or cannot be created or perfected on the Closing Date (other than, in the case of this <u>clause (ii)</u> to the extent required herein or in the other Loan Documents, (a) the creation and perfection of a Lien on Collateral that is of the type that may be perfected by the filing of a Form UCC-1 financing statement under the UCC and (b) a pledge of the Capital Stock of the US Borrower, the Dutch Borrower and any Subsidiary Guarantor that is not an Immaterial Subsidiary with respect to which a Lien may be perfected on the Closing Date by the delivery of a stock or equivalent certificate (together with a stock power or similar instrument endorsed in blank for the relevant certificate) (other than the Capital Stock of the Target or any subsidiary of the Target with respect to which the certificate evidencing such Capital Stock has not been delivered to the Borrower Representative at least two Business Days prior to the Closing Date, to the extent the Borrower Representative has used commercially

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reasonable efforts to procure delivery thereof, which may instead be delivered ten Business Days after the Closing Date (or such later date as the Administrative Agent may reasonably agree) in each case, after the Borrower Representative's use of commercially reasonably efforts to do so without undue burden or expense, then in each case, the provisions of such Target Guarantees and/or the creation and/or perfection of such Lien shall not constitute a condition precedent to the availability or initial funding of the Credit Facilities on the Closing Date, but may instead be delivered or perfected within the time period set forth in <u>Section 5.15</u> (or such later date as the Administrative Agent may reasonably agree).

Section 4.02. <u>Each Credit Extension</u>. After the Closing Date, the obligation of each Revolving Lender and each Issuing Bank to make any Credit Extension is subject to the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) In the case of any Borrowing, the Administrative Agent shall have received a Borrowing Request as required by <u>Section 2.03</u>, (ii) in the case of the issuance of any Letter of Credit, the applicable Issuing Bank and the Administrative Agent shall have received a Letter of Credit Request or (iii) in the case of any Borrowing of Swingline Loans, the Swingline Lender and the Administrative Agent shall have received Borrowing Request as required by <u>Section 2.04(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The representations and warranties of the Loan Parties set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date of any such Credit Extension with the same effect as though such representations and warranties had been made on and as of the date of such Credit Extension; <u>provided</u>, that to the extent that any representation and warranty specifically refers to a given date or period, it shall be true and correct in all material respects as of such date or for such period; <u>provided</u>, <u>further</u>, that, any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates or for such respective periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the time of and immediately after giving effect to the applicable Credit Extension, no Default or Event of Default has occurred and is continuing.

Each Credit Extension after the Closing Date shall be deemed to constitute a representation and warranty by the Applicable Revolving Borrower on the date thereof as to the matters specified in <u>paragraphs (b)</u> and <u>(c)</u> of this Section; <u>provided</u>, <u>however</u>, that, for the avoidance of doubt, the conditions set forth in this <u>Section 4.02</u> shall not apply to (A) any Incremental Loan and/or (B) any Credit Extension under any Refinancing Amendment and/or Extension Amendment, unless, in each case, the lenders in respect thereof have required satisfaction of the same in the applicable Refinancing Amendment or Extension Amendment, as applicable.

ARTICLE 5

AFFIRMATIVE COVENANTS

From the Closing Date until the date on which all Revolving Credit Commitments have expired or terminated and the principal of and interest on each Loan and all fees, expenses and other amounts payable under any Loan Document (other than contingent indemnification obligations for which no claim or demand has been made) have been paid in full in the manner prescribed by <u>Section 2.18</u> and all Letters of Credit have expired or have been terminated (or have been made subject to Letter of Credit Support), all LC Disbursements have been reimbursed and all Ancillary Obligations under Ancillary Documents have been paid in full in Cash (or arrangements reasonably satisfactory to the applicable Ancillary Lender shall have been made) (such date, the "<u>Termination Date</u>"), Holdings (solely to the extent applicable to it), Intermediate Dutch Holdings and each Borrower hereby covenant and agree with the Lenders, the Issuing Banks and the Administrative Agent that:

Section 5.01. <u>Financial Statements and Other Reports</u>. The Borrower Representative will deliver to the Administrative Agent for delivery by the Administrative Agent, subject to <u>Section 9.05(f)</u>, to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Quarterly Financial Statements</u>. Within 60 days (or, in the case of the first three applicable Fiscal Quarters with respect to which Intermediate Dutch Holdings is required to deliver financial statements pursuant to

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this <u>Section 5.01(a)</u> after the Closing Date, 75 days) after the end of each of the first three Fiscal Quarters of each Fiscal Year, commencing with the Fiscal Quarter ending March 31, 2021, the consolidated balance sheet of Intermediate Dutch Holdings as at the end of such Fiscal Quarter and the related consolidated statements of income or operations and cash flows of Intermediate Dutch Holdings for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, and setting forth, in reasonable detail, in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail; <u>provided</u>, that any comparison against the corresponding figures from the corresponding period in any prior Fiscal Year may reflect the financial results of any applicable predecessor entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Financial Statements</u>. Within 150 days (or, in the case of the Fiscal Year ending December 31, 2021, 180 days) after the end of each Fiscal Year ending after the Closing Date, (i) the consolidated balance sheet of Intermediate Dutch Holdings as at the end of such Fiscal Year and the related consolidated statements of income or operations and cash flows of Intermediate Dutch Holdings for such Fiscal Year and, commencing after the completion of the second full Fiscal Year ended after the Closing Date, setting forth, in reasonable detail, in comparative form the corresponding figures for the previous Fiscal Year (it being understood and agreed that no such comparison shall be required if (A) the relevant independent certified public accountant is not willing to provide the same or (B) the corresponding figures from the previous Fiscal Year are not available) and (ii) with respect to such consolidated financial statements, a report thereon of an independent certified public accountant of recognized national standing (which report shall not be subject to (A) a "going concern" qualification (but not a "going concern" explanatory paragraph or like statement) (except as resulting from, in the good faith determination of the Borrower Representative, (1) the impending maturity of any Indebtedness, (2) the breach or anticipated breach of any financial covenant and/or (3) the activities, operations, financial results, assets or liabilities of any Unrestricted Subsidiary) or (B) a qualification as to the scope of the relevant audit), and shall state that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of Intermediate Dutch Holdings as at the dates indicated and its results of operations and cash flows for the periods indicated in conformity with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Compliance Certificate and Narrative Report</u>. Together with each delivery of financial statements pursuant to <u>Sections 5.01(a)</u> and <u>(b)</u>, (i) a duly executed and completed Compliance Certificate, (ii) (A) a summary of the pro forma adjustments (if any) necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such financial statements and (B) a list identifying each subsidiary of Intermediate Dutch Holdings as a Restricted Subsidiary or Unrestricted Subsidiary as of the last day of the Fiscal Quarter or Fiscal Year, as applicable, covered by such Compliance Certificate or confirmation that there is no change in such information since the later of the Closing Date and the date of the last such list delivered pursuant to this <u>clause (ii)(B)</u> and (iii) a customary narrative report describing the operations of Intermediate Dutch Holdings and its Restricted Subsidiaries for the Relevant Fiscal Quarter or Fiscal Year, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [<u>Reserved</u>];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notice of Default; Notice of Material Adverse Effect</u>. Promptly upon any Responsible Officer of the Borrower Representative obtaining knowledge of (i) any Default or Event of Default or (ii) the occurrence of any event or change that has caused or evidences or would reasonably be expected to cause or evidence, either individually or in the aggregate, a Material Adverse Effect, a reasonably-detailed written notice specifying the nature and period of existence of such condition, event or change and what action such Borrower has taken, is taking and proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notice of Litigation</u>. Promptly upon any Responsible Officer of the Borrower Representative obtaining knowledge of (i) the institution of, or threat of, any Adverse Proceeding not previously disclosed in writing by such Borrower (or the Borrower Representative) to the Administrative Agent, or (ii) any material development in any Adverse Proceeding that, in the case of either of <u>clauses (i)</u> or <u>(ii)</u>, would reasonably be expected to have a Material Adverse Effect, written notice thereof from such Borrower (or the Borrower Representative) together with such other non-privileged information as may be reasonably available to the Loan Parties to enable the Lenders to evaluate such matters;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>ERISA</u>. Promptly upon any Responsible Officer of the Borrower Representative becoming aware of the occurrence of any ERISA Event that would reasonably be expected to have a Material Adverse Effect, a written notice specifying the nature thereof from such Borrower (or the Borrower Representative);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Financial Budget</u>. Together with each delivery of financial statements pursuant to <u>Sections 5.01(b)</u> for the preceding fiscal year, an annual consolidated financial budget prepared by management of the Borrower Representative; <u>provided</u>, that notwithstanding the foregoing, no such financial budget shall be required at any time following an IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Information Regarding Collateral</u>. Within 90 days of the relevant change (or such later date to which the Collateral Agent may agree in its reasonable discretion), written notice (i) with respect to each US Loan Party, of any change in (A) such US Loan Party's legal name, (B) such US Loan Party's type of organization, (C) such US Loan Party's jurisdiction of organization or (D) such US Loan Party's organizational identification number, in each case, to the extent such information is necessary to enable the US Collateral Agent to perfect or maintain the perfection and priority of its security interest in the Collateral of the relevant US Loan Party, together with a certified copy of the applicable Organizational Document reflecting the relevant change, (ii) with respect to any Loan Party that is a Discretionary Guarantor, such types of changes affecting the perfection or priority of the Collateral Agent's security interest in the applicable Collateral of such Discretionary Guarantor as the Borrower Representative and the Collateral Agent have agreed in connection with such Loan Party becoming a Discretionary Guarantor and (iii) with respect to any Non-US Loan Party, to the extent that information regarding such change is necessary to enable the Non-US Collateral Agent to perfect or maintain the perfection and priority of the Non-US Collateral Agent's security interest in the applicable Collateral of such Non-US Loan Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Other Information</u>. Such customary additional information (financial or otherwise) as the Administrative Agent may reasonably request from time to time regarding the financial condition or business of Intermediate Dutch Holdings and its Restricted Subsidiaries; <u>provided</u>, that none of Holdings, Intermediate Dutch Holdings nor any Restricted Subsidiary shall be required to disclose or provide any information (i) that constitutes a non-financial trade secret or non-financial proprietary information of any Person, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or any of their respective representatives) is prohibited by applicable Requirements of Law, (iii) that is subject to attorney-client or similar privilege or constitutes attorney work product or (iv) in respect of which Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary owes confidentiality obligations to any third party (<u>provided</u>, such confidentiality obligations were not entered into in contemplation of the requirements of this <u>Section 5.01(j)</u>).

Documents required to be delivered pursuant to this <u>Section 5.01</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower Representative (or a representative thereof) (A) posts such documents or (B) provides a link thereto at the website address listed on <u>Schedule 9.01</u> (which <u>Schedule 9.01</u> may be updated from time to time); (ii) on which such documents are delivered by the Borrower Representative to the Administrative Agent for posting on behalf of any Borrower on IntraLinks/SyndTrak or another relevant website (the "<u>Platform</u>"), if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); or (iii) on which the relevant documents are electronically mailed or otherwise transmitted to the Administrative Agent in a manner to which the Administrative Agent may reasonably agree.

Notwithstanding the foregoing, the obligations in <u>Section 5.01(a)</u>, <u>5.01(b)</u> and <u>5.01(h)</u> may instead be satisfied with respect to any relevant information of Intermediate Dutch Holdings by furnishing (i) the applicable financial statements or other information required by such clauses of Holdings (or any other Parent Company) or (ii) following an IPO in the case of <u>Sections 5.01(a)</u> and <u>(b)</u>, Intermediate Dutch Holding's, Holdings' or any other Parent Company thereof, as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC or any securities exchange, in each case, within the time periods specified in such paragraphs and without any requirement to provide notice of such filing to the Administrative Agent or any Lender; <u>provided</u>, that, with respect to each of <u>clauses (i)</u> and <u>(ii)</u>, (A) to the extent (x) such financial statements relate to any Parent Company and (y) either (1) such Parent Company (or any other Parent Company that is a subsidiary of such Parent Company) has any material third party Indebtedness and/or material operations (as determined by the Borrower Representative in good faith and other than any operations that are attributable solely to such Parent Company's ownership of Intermediate Dutch Holdings and its subsidiaries) or (2) there are material differences (in the good faith determination of the Borrower Representative)

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between the financial statements of such Parent Company and its consolidated subsidiaries, on the one hand, and Intermediate Dutch Holdings and its consolidated subsidiaries, on the other hand, such financial statements or Form 10-K or Form 10-Q, as applicable, shall be accompanied by unaudited consolidating information that summarizes in reasonable detail the differences between the information relating to such Parent Company and its consolidated subsidiaries, on the one hand, and the information relating to Intermediate Dutch Holdings and its consolidated subsidiaries on a consolidated stand-alone basis, on the other hand (other than any such difference relating to shareholders' equity), and (B) to the extent such statements are in lieu of statements required to be provided under <u>Section 5.01(b)</u>, such statements shall be accompanied by a report and opinion with respect to the financial statements of the applicable Parent Company of an independent registered public accounting firm of nationally recognized standing, which report and opinion shall satisfy the applicable requirements set forth in <u>Section 5.01(b)</u>.

No financial statement required to be delivered pursuant to <u>Section 5.01(a)</u> or <u>(b)</u> shall be required to include any acquisition accounting adjustment relating to the Transactions or any Permitted Acquisition or other Investment to the extent it is not practicable to include any such adjustment in such financial statement.

Section 5.02. <u>Existence</u>. Except as otherwise permitted under <u>Section 6.07</u> or <u>Section 6.14</u>, Holdings, Intermediate Dutch Holdings and each Borrower will, and Intermediate Dutch Holdings will cause each of its Restricted Subsidiaries to, at all times preserve and keep in full force and effect its existence and all rights, franchises, licenses and permits material to its business, except, other than with respect to the preservation of the existence of each Borrower, to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect; <u>provided</u>, that neither Holdings, Intermediate Dutch Holdings nor any of Intermediate Dutch Holding's Restricted Subsidiaries shall be required to preserve any such existence (other than with respect to the preservation of existence of Holdings, Intermediate Dutch Holdings and each Borrower), right, franchise, license or permit if a Responsible Officer of such Person or such Person's board of directors (or similar governing body) determines that the preservation thereof is no longer desirable in the conduct of the business of such Person, and that the loss thereof is not disadvantageous in any material respect to such Person or to the Lenders (taken as a whole).

Section 5.03. <u>Payment of Taxes</u>. Holdings, Intermediate Dutch Holdings and each Borrower will, and Intermediate Dutch Holdings 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 or businesses or franchises before any penalty or fine accrues thereon; <u>provided</u>, that no such Tax need be paid if (a) it is not more than 30 days overdue, (b) it is being contested in good faith by appropriate proceedings, so long as (i) adequate reserves or other appropriate provisions, as are required in conformity with GAAP, have been made therefor and (ii) in the case of a Tax which has resulted or may result in the creation of a Lien on any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax and/or (c) failure to pay or discharge the same could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

Section 5.04. <u>Maintenance of Properties</u>. Holdings and Intermediate Dutch Holdings will, and Intermediate Dutch Holdings 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 and casualty and condemnation excepted, all property reasonably necessary to the normal conduct of business of Intermediate Dutch Holdings and its Restricted Subsidiaries and from time to time will make or cause to be made all needed and appropriate repairs, renewals and replacements thereof, in each case except as expressly permitted by this Agreement or where the failure to maintain such properties or make such repairs, renewals or replacements could not reasonably be expected to have a Material Adverse Effect.

Section 5.05. <u>Insurance</u>. (a) Except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, Intermediate Dutch Holdings will maintain or cause to be maintained, with financially sound and reputable insurers, such insurance coverage with respect to liability, loss or damage in respect of the assets, properties and businesses of Intermediate Dutch Holdings 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. Each such policy of insurance shall, subject to <u>Section 5.15</u> hereof, (i) name the Collateral Agent on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and (ii) to the extent available from the relevant insurance carrier, in the case of each casualty insurance policy (excluding any business interruption insurance policy), contain

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a lender loss payable clause or endorsement that names the Collateral Agent, on behalf of the Secured Parties as the lender loss payee thereunder and, to the extent available from the relevant insurance carrier after submission of a request by the applicable Loan Party to obtain the same, provide for at least 30 days' prior written notice to the Collateral Agent of any modification or cancellation of such policy (or 10 days' prior written notice in the case of the failure to pay any premium thereunder).

Section 5.06. <u>Inspections</u>. Intermediate Dutch Holdings will, and will cause each of its Restricted Subsidiaries to, permit any authorized representative designated by the Administrative Agent to visit and inspect any of the properties of Intermediate Dutch Holdings and any of its Restricted Subsidiaries at which the principal financial records and executive officers of the applicable Person are located, to inspect, copy and take extracts from its and their respective financial and accounting records, and to discuss its and their respective affairs, finances and accounts with its and their Responsible Officers and independent public accountants (<u>provided</u>, that Intermediate Dutch Holdings (or any of its subsidiaries) may, if it so chooses, be present at or participate in any such discussion), all upon reasonable notice and at reasonable times during normal business hours; <u>provided</u>, that (a) only the Administrative Agent on behalf of the Lenders may exercise the rights of the Administrative Agent and the Lenders under this <u>Section 5.06</u>, (b) except as expressly set forth in <u>clause (c)</u> below during the continuance of an Event of Default, the Administrative Agent shall not exercise such rights more often than one time during any calendar year, (c) when an Event of Default exists, the Administrative Agent (or any of its representatives or independent contractors) may do any of the foregoing at the expense of the Borrower Representative at any time during normal business hours and upon reasonable advance notice and (d) notwithstanding anything to the contrary herein, neither Intermediate Dutch Holdings nor any Restricted Subsidiary shall be required to disclose, permit the inspection, examination or making of copies of or taking abstracts from, or discuss any document, information, or other matter (i) that constitutes non-financial trade secrets or non-financial proprietary information of any Person, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or any of their respective representatives or contractors) is prohibited by applicable Requirements of Law, (iii) that is subject to attorney-client or similar privilege or constitutes attorney work product or (iv) in respect of which Intermediate Dutch Holdings or any Restricted Subsidiary owes confidentiality obligations to any third party (<u>provided</u>, that such confidentiality obligations were not entered into in contemplation of the requirements of this <u>Section 5.06</u>).

Section 5.07. <u>Maintenance of Book and Records</u>. Intermediate Dutch Holdings will, and will cause its Restricted Subsidiaries to, maintain proper books of record and account containing entries of all material financial transactions and matters involving the assets and business of Intermediate Dutch Holdings and its Restricted Subsidiaries that are full, true and correct in all material respects and permit the preparation of consolidated financial statements in accordance with GAAP.

Section 5.08. <u>Compliance with Laws</u>. Holdings and Intermediate Dutch Holdings will comply, and Intermediate Dutch Holdings will cause each of its Restricted Subsidiaries to comply, with all applicable Requirements of Law (including applicable ERISA and all Environmental Laws, any US sanctions administered by OFAC, the USA PATRIOT Act and the FCPA), except to the extent the failure of Holdings, Intermediate Dutch Holdings or the relevant Restricted Subsidiary to comply could not reasonably be expected to have a Material Adverse Effect; <u>provided</u>, that the requirements set forth in this <u>Section 5.08</u>, (i) as they pertain to compliance by any Foreign Subsidiary (other than any German Subsidiary) with any US sanctions administered by OFAC, the USA PATRIOT ACT and the FCPA, are subject to and limited by any Requirement of Law applicable to such Foreign Subsidiary in its relevant local jurisdiction and shall not apply to such Foreign Subsidiary to the extent the same conflict with relevant local Requirements of Law applicable to such Foreign Subsidiary, and (ii) with respect to any German Subsidiary, are subject to and limited by any Requirement of Law applicable to such German Subsidiary and shall not apply to such German Subsidiary to the extent the same conflict with the local Requirements of Law applicable to such German Subsidiary (including, in each case, if giving or receiving of or complying with the relevant affirmative covenant would result in a violation of or conflict with or would expose any German Loan Party or any other German Subsidiary or any Secured Party or any Affiliates or any director, officer or employee thereof to any liability under any anti-boycott or blocking law, regulation or statue that is in force from time to time and applicable to such entity (including, without limitation, the Council Regulation (EC) No 2271/96 and/or section 7 of the German Foreign Trade Regulation (*Außenwirtschaftsverordnung*)).

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Section 5.09. <u>Environmental</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Environmental Disclosure</u>. The Borrower Representative will deliver to the Administrative Agent as soon as practicable following the sending or receipt thereof by Intermediate Dutch Holdings or any of its Restricted Subsidiaries, a copy of any and all written communications with respect to (A) any Environmental Claim that, individually or in the aggregate, would reasonably be expected to give rise to a Material Adverse Effect, (B) any Release required to be reported by Intermediate Dutch Holdings or any of its Restricted Subsidiaries to any federal, state or local governmental or regulatory agency or other Governmental Authority that would reasonably be expected to have a Material Adverse Effect, (C) any request made to Intermediate Dutch Holdings or any of its Restricted Subsidiaries for information from any governmental agency that suggests such agency is investigating whether Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries may be potentially responsible for any Hazardous Materials Activity which would reasonably be expected to have a Material Adverse Effect and (D) such other documents and information as from time to time may be reasonably requested by the Administrative Agent in relation to any matters disclosed pursuant to this <u>Section 5.09(a)</u>, in each case of the foregoing <u>clauses (A)</u> through <u>(D)</u>, subject to the limitations set forth in the proviso to <u>Section 5.01(j)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Hazardous Materials Activities, Etc</u>. Intermediate Dutch Holdings shall promptly take, and shall cause each of its Restricted Subsidiaries promptly to take, any and all actions necessary to (i) cure any violation of applicable Environmental Laws by Intermediate Dutch Holdings or its Restricted Subsidiaries, and address with appropriate corrective or remedial action any Release or threatened Release of Hazardous Materials at or from any Facility, in each case, that would reasonably be expected to have a Material Adverse Effect and (ii) make an appropriate response to any Environmental Claim against Intermediate Dutch Holdings or any of its Restricted Subsidiaries and discharge any obligations it may have to any Person thereunder, in each case, where failure to do so would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 5.10. <u>Designation of Subsidiaries</u>. The Borrower Representative may at any time after the Closing Date designate (or redesignate) any subsidiary of Intermediate Dutch Holdings (other than the US Top Borrower, the US Borrower or the Dutch Borrower) as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; <u>provided</u>, that (a) immediately after giving effect to such designation, no Event of Default exists (including after giving effect to the reclassification of any Investment in, Indebtedness of and/or Lien on the assets of, the applicable Restricted Subsidiary or Unrestricted Subsidiary) and (b) as of the date of the designation thereof, no Unrestricted Subsidiary shall own any Capital Stock in any Restricted Subsidiary of Intermediate Dutch Holdings. The designation of any subsidiary as an Unrestricted Subsidiary shall constitute an Investment by Intermediate Dutch Holdings (or its applicable Restricted Subsidiary) therein at the date of designation in an amount equal to the portion of the fair market value of the net assets of such subsidiary attributable to Intermediate Dutch Holding's (or its applicable Restricted Subsidiary's) equity interest therein as estimated by the Borrower Representative in good faith. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the making, incurrence or granting, as applicable, at the time of designation of any then-existing Investment, Indebtedness or Lien of such subsidiary, as applicable; <u>provided</u>, that upon any re-designation of any Unrestricted Subsidiary as a Restricted Subsidiary, Intermediate Dutch Holdings (or its applicable Restricted Subsidiary) shall be deemed to continue to have an Investment in the resulting Restricted Subsidiary in an amount (if positive) equal to (a) Intermediate Dutch Holding's (or its applicable Restricted Subsidiary) "Investment" in such Restricted Subsidiary at the time of such re-designation, less (b) the portion of the fair market value of the net assets of such Restricted Subsidiary attributable to Intermediate Dutch Holding's (or its applicable Restricted Subsidiary's) equity therein at the time of such re-designation as estimated by the Borrower Representative in good faith.

Section 5.11. <u>Use of Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Revolving Borrowers shall use the proceeds of the Revolving Loans and advances or other extensions of credit under any Ancillary Facility (i) on the Closing Date, (A) in an aggregate principal amount of up to $50,000,000 (1) to finance (or to replenish balance sheet cash used to finance) all or a portion of the Transactions (including the payment of Transaction Costs and other costs and expenses) and (2) to finance other general corporate purposes, (B) to finance working capital needs (including with respect to any working capital adjustment under the Acquisition Agreement), (C) to finance purchase price adjustments under the Acquisition Agreement (including with respect to the amount of any Cash, Cash Equivalents, marketable securities and working capital to be acquired), (D) to fund any other payments contemplated by the Acquisition Agreement, (ii) on the Seventh Amendment Effective Date, (A) (1) to finance (or to replenish balance sheet cash used to finance) all or a portion of the Grace Transactions (including the payment of Grace Transaction Costs and other costs and expenses) and (2) to finance

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working capital needs and other general corporate purposes; <u>provided</u>, that the Initial Revolving Loans made pursuant to the Initial Revolving Credit Commitments established on the Seventh Amendment Effective Date drawn for the purposes described in this <u>clause (A)</u> may not exceed an aggregate principal amount of $13,000,000, (B) to finance purchase price adjustments under the Grace Acquisition Agreement (including with respect to the amount of any Cash, Cash Equivalents, marketable securities and/or working capital to be acquired), (C) to fund certain original issue discount agreed by the Borrower Representative and the Project Grace Arrangers and (D) to fund any other payment contemplated by the Grace Acquisition Agreement, and (iii) after the Seventh Amendment Effective Date, to finance working capital needs and other general corporate purposes of Intermediate Dutch Holdings and its subsidiaries (including for capital expenditures, acquisitions, Investments, working capital and/or purchase price adjustments (including in connection with the Acquisition), Restricted Payments, Restricted Debt Payments and related fees and expenses (including Taxes)) and any other purpose not prohibited by the terms of the Loan Documents (including to replenish balance sheet cash used to finance any acquisition or other Investment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Revolving Borrowers shall use the proceeds of the Swingline Loans made after the Closing Date to finance the working capital needs and other general corporate purposes of Intermediate Dutch Holdings and its subsidiaries and for any other purpose not prohibited by the terms of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Term Borrowers shall use the proceeds of the Initial Term Loans made on the Closing Date solely to finance all or a portion of the Transactions (including working capital and/or purchase price adjustments under the Acquisition Agreement (including with respect to the amount of any Cash, Cash Equivalents, marketable securities and working capital to be acquired) and the payment of Transaction Costs). The Term Borrowers shall use the proceeds of the 2021 Repricing Dollar Term Loans and 2021 Repricing Euro Term Loans to finance all or a portion of the First Amendment Transactions and the payment of First Amendment Transaction Costs, to repay drawn amounts under the Initial Revolving Loans and to finance working capital needs and other general corporate purposes. The Term Borrowers shall use the proceeds of the Fifth Amendment Dollar Incremental Term Loans to finance working capital needs and other general corporate purposes of Intermediate Dutch Holdings and its subsidiaries (including the repayment of all or any portion of the Initial Revolving Loans outstanding immediately prior to the Fifth Amendment Effective Date). The Term Borrowers shall use the proceeds of the Seventh Amendment Incremental Term Loans to finance all or a portion of the Grace Transactions (including working capital and/or purchase price adjustments under the Grace Acquisition Agreement and the payment of fees, premiums, expenses and other transaction costs incurred in connection with the Grace Transactions). The Term Borrowers shall use the proceeds of the Ninth Amendment Refinancing Term Loans to finance all or a portion of the Ninth Amendment Transactions and the payment of Ninth Amendment Transaction Costs and to finance working capital needs and other general corporate purposes. The Term Borrowers shall use the proceeds of the Eleventh Amendment Refinancing Term Loans to finance all or a portion of the Eleventh Amendment Transactions and the payment of Eleventh Amendment Transaction Costs and to finance working capital needs and other general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Letters of Credit may be issued (i) on the Closing Date for general corporate purposes and/or to replace or provide credit support for any letter of credit, bank guarantee and/or surety, customs, performance or similar bond of Intermediate Dutch Holdings and its subsidiaries or any of their Affiliates and/or to replace cash collateral posted by any of the foregoing Persons and (ii) after the Closing Date, for general corporate purposes of Intermediate Dutch Holdings and its subsidiaries and any other purpose not prohibited by the terms of the Loan Documents.

Section 5.12. <u>Covenant to Guarantee Obligations and Provide Security</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) In the case of the Swiss Target and any Dutch Subsidiary acquired on the Closing Date, within 90 days after the Closing Date, (ii) in the case of Acceleratio, within 90 days after the Seventh Amendment Effective Date (or such later date as the Collateral Agent may reasonably agree), (iii) in the case of any German Subsidiary that is a Specified German Loan Party in existence on the Seventh Amendment Effective Date, within 90 days after the Seventh Amendment Effective Date (or such longer period as the Collateral Agent may reasonably agree) and (iv) upon (1) the formation or acquisition after the Closing Date of any Restricted Subsidiary (other than any Restricted Subsidiary described in <u>clauses (ii)</u> and <u>(iii)</u> above), (2) the designation of any Unrestricted Subsidiary as a Restricted Subsidiary or (3) any Restricted Subsidiary that was an Excluded Subsidiary ceasing to be an Excluded Subsidiary, (x) if the event giving rise to the obligation under this <u>Section 5.12(a)(iv)</u> occurs during the first three Fiscal Quarters of any Fiscal Year, on or before the date on which financial statements are required to be delivered

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pursuant to <u>Section 5.01(a)</u>, for the Fiscal Quarter in which the relevant formation, acquisition, designation or cessation occurred or (y) if the event giving rise to the obligation under this <u>Section 5.12(a)(iv)</u> occurs during the fourth Fiscal Quarter of any Fiscal Year, on or before the date that is 60 days after the end of such Fiscal Quarter (or, in the cases of <u>clauses (x)</u> and <u>(y)</u>, such longer period as the Collateral Agent may reasonably agree), the Borrower Representative shall (A) cause such Restricted Subsidiary (other than any Excluded Subsidiary) to comply with the requirements set forth in <u>clause (b)</u> of the definition of "Collateral and Guarantee Requirement" and (B) upon the reasonable request of the Collateral Agent, if the Consolidated Total Assets of the relevant Restricted Subsidiary constitute more than 10% of the Consolidated Total Assets of Intermediate Dutch Holdings and its Restricted Subsidiaries, taken as a whole, cause the relevant Restricted Subsidiary (other than any Excluded Subsidiary) to deliver to the Collateral Agent a signed copy of a customary opinion of counsel for such Restricted Subsidiary, addressed to the Collateral Agent and the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 90 days (or such longer period as the US Collateral Agent may reasonably agree) after the acquisition of any Material Real Estate Asset other than any Excluded Asset by any Loan Party that is a Domestic Subsidiary, the Borrower Representative will give the US Collateral Agent written notice of the acquisition of such Material Real Estate Asset and, if requested by the US Collateral Agent, the Borrower Representative shall, or shall cause such Loan Party that is a Domestic Subsidiary, to comply with the requirements set forth in <u>clause (c)</u> of the definition of "Collateral and Guarantee Requirement" within 90 days of the receipt of such request (or such longer period as the US Collateral Agent may reasonably agree). For purposes of this <u>clause (b)</u>, any Material Real Estate Asset owned by any Restricted Subsidiary at the time such Restricted Subsidiary is required to become a Loan Party under <u>Section 5.12(a)</u> above shall be deemed to have been acquired by such Restricted Subsidiary on the first day of the time period within which such Restricted Subsidiary is required to become a Loan Party under <u>Section 5.12(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein or in any other Loan Document, the Borrower Representative may, in its sole discretion, elect to cause any Excluded Subsidiary and/or Parent Company (any such Person, a "<u>Discretionary Guarantor</u>") that is not otherwise required to be a Subsidiary Guarantor to provide a Loan Guaranty by causing such Person to execute a Joinder Agreement, and any such Person shall constitute a Loan Party and a Guarantor for all purposes hereunder; it being understood and agreed that such Person shall grant a security interest in such categories of assets pursuant to such documentation as the Borrower Representative and the Collateral Agent may reasonably agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary herein or in any other Loan Document, it is understood and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Collateral Agent may grant extensions of time (including after the expiration of any relevant period, which may apply retroactively) for the creation and perfection of security interests in, or obtaining of title insurance, legal opinions, surveys or other deliverables with respect to, particular assets or the provision of any Loan Guaranty by any Restricted Subsidiary, and each Lender hereby consents to any such extension of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lien required to be granted from time to time pursuant to the definition of "Collateral and Guarantee Requirement" and/or any action requested in connection therewith shall be subject to the Agreed Security Principles and the other exceptions and limitations set forth in this Agreement and the Collateral Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) perfection by control shall not be required with respect to assets requiring perfection through control agreements or other control arrangements, including deposit accounts, securities accounts and commodities accounts (other than control of (A) pledged Capital Stock of any material first tier Restricted Subsidiary that is a Wholly-Owned Subsidiary and (B) any Material Debt Instrument owing from any Person that is not a Loan Party, in each case, to the extent the same otherwise constitute Collateral);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no Loan Party shall be required to seek any landlord lien waiver, bailee letter, estoppel, warehouseman waiver or other collateral access or similar letter or agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no Loan Party (including for the avoidance of doubt, any Discretionary Guarantor) will be required to (A) take any action to grant or perfect a security interest in any asset located outside of (1) in the case of any US Loan Party, the US, any state thereof, or the District of Columbia or (2) in the case of any Non-US Loan Party, in its jurisdiction of organization or (B) execute any security agreement, pledge agreement, mortgage, deed, charge or other collateral document governed by the laws of any jurisdiction other than its jurisdiction of organization (other than in the case of Mortgaged Property located in the US that is owned by any Loan Party that is a Domestic Subsidiary, the jurisdiction where such property is located); <u>provided</u>, that notwithstanding the foregoing, subject in all respects to the Agreed Security Principles, (x) the US Loan Parties shall be required to provide the pledges of Capital Stock of each issuer owned by it and organized in the US, any state thereof or the District of Columbia, the Netherlands or Switzerland (other than to the extent such Capital Stock constitutes Excluded Assets) and (y) to the extent that any US Loan Party owns the Capital Stock of any Restricted Subsidiary that is organized in a jurisdiction in which another Loan Party is organized and such Capital Stock constitutes Collateral, such Loan Party shall be required to provide a pledge of the Capital Stock of such Restricted Subsidiary governed by the laws of organization of such Restricted Subsidiary to the extent such local law pledge agreement is required to perfect the Lien of the US Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in no event will (A) the Collateral include any Excluded Asset or (B) any Excluded Subsidiary be required to become a Subsidiary Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without limiting <u>clause (xiv)</u> below, no action shall be required to perfect any Lien with respect to (A) any vehicle or other asset subject to a certificate of title, (B) any Letter-of-Credit Right, (C) the Capital Stock of any Immaterial Subsidiary (other than any Immaterial Subsidiary that is a Loan Party) and/or (D) the Capital Stock of any Person that is not a subsidiary, which Person, if a subsidiary, would constitute an Immaterial Subsidiary and/or (E) any aircraft, in each case, except to the extent that a security interest therein can be perfected by filing a Form UCC-1 (or similar) financing statement under the UCC or any analogous filing under the laws of any other applicable jurisdiction (without the requirement to list an "VIN" or similar number);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) no action shall be required to perfect a Lien in any asset in respect of which the perfection of a security interest therein would (A) be prohibited by enforceable anti-assignment provisions set forth in any contract that is permitted or otherwise not prohibited by the terms of this Agreement and is binding on such asset at the time of its acquisition and not incurred in contemplation thereof (other than in the case of capital leases, purchase money and similar financings), (B) violate the terms of any contract relating to such asset that is permitted or otherwise not prohibited by the terms of this Agreement and is binding on such asset at the time of its acquisition and not incurred in contemplation thereof (other than in the case of capital leases, purchase money and similar financings), in each case, after giving effect to the applicable anti-assignment provisions of the UCC or other applicable Requirement of Law or (C) trigger termination of any contract relating to such asset that is permitted or otherwise not prohibited by the terms of this Agreement and is binding on such asset at the time of its acquisition and not incurred in contemplation thereof (other than in the case of capital leases, purchase money and similar financings) pursuant to any "change of control" or similar provision; it being understood that the Collateral shall include any proceeds and/or receivables arising out of any contract described in this clause to the extent the assignment of such proceeds or receivables is expressly deemed effective under the UCC or other applicable Requirement of Law notwithstanding the relevant prohibition, violation or termination right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) (A) no Loan Party shall be required to perfect a Lien in any asset to the extent the perfection of a security interest in such asset would be prohibited under any applicable Requirement of Law and (B) it is understood and agreed for the avoidance of doubt that no Loan Party shall be required to comply with the Federal Assignment of Claims Act or any similar statute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any Joinder Agreement, any Collateral Document and/or any other Loan Document executed by any Restricted Subsidiary that is required to become (or otherwise becomes) a Loan Party pursuant to <u>Section 5.12(a)</u> above (including any Joinder Agreement) may, with the consent of the Collateral Agent (not to be unreasonably withheld or delayed), include such schedules (or updates to schedules) as may be necessary to qualify any representation or warranty set forth in any Loan Document to the extent necessary to ensure that such representation or warranty is true and correct to the extent required thereby or by the terms of any other Loan Document;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Lenders and the Collateral Agents acknowledge and agree that the Collateral that may be provided by any Loan Party may be limited to minimize stamp duty, notarization, registration or other applicable fees, taxes and duties where the benefit to the Secured Parties of increasing the Guarantee and/or secured amount is disproportionate to the cost of such fees, taxes and duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any required Mortgage will be permitted to be delivered after the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Collateral Agents shall not require the taking of a Lien on, or require the perfection of any Lien granted in, any asset as to which the cost of obtaining or perfecting such Lien (including any mortgage, stamp, intangibles or other tax or expenses relating to such Lien) is excessive in relation to the benefit to the Lenders of the security afforded thereby as reasonably determined in writing by the Borrower Representative and the Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) no Loan Party (other than any Loan Party (including any Discretionary Guarantor) that is organized under the laws of a jurisdiction outside the US) shall be required, and the Collateral Agents shall not be authorized, to perfect any security interest or Mortgage by means other than (A) filings pursuant to the Uniform Commercial Code in the office of the secretary of state (or similar central filing office) of any Loan Party's jurisdiction of organization, (B) filings with the U.S. Patent and Trademark Office with respect to IP Rights as expressly required by the US Security Agreement, (C) delivery to the Collateral Agent, for its possession (subject to the terms of any applicable Intercreditor Agreement), of any Collateral consisting of pledged Capital Stock held by any Loan Party in Intermediate Dutch Holdings or any Restricted Subsidiary that is a Wholly-Owned Subsidiary and/or any Material Debt Instrument issued to Intermediate Dutch Holdings or another Loan Party, in each case, to the extent required by the Security Agreement or (D) mortgages in respect of Material Real Estate Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) (A) no Collateral Document executed and delivered after the Closing Date, including any Mortgage, will impose any commercial obligation on any Loan Party or contain any representation, warranty or undertaking that is not required for the creation and/or perfection of a security interest in the relevant asset and, in the case of Material Swiss Intercompany Receivables governed by Swiss law, that is not required to avoid discharging effect of the debtor and (B) to the extent the subject matter of any representation, warranty or undertaking in any Collateral Document executed and delivered after the Closing Date is the same as any representation, warranty or covenant in the Credit Agreement, such representation, warranty or covenant shall be no more burdensome to the applicable Loan Party than the corresponding provision of this Agreement unless the relevant additional requirement is necessary for the creation and/or perfection of a security interest in the relevant asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) it is understood and agreed that, in certain jurisdictions, it may be either impossible or impractical to create security over certain categories of assets, in which event security will not be taken over such assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) no Loan Party will be required to grant a security interest in any asset or perfect a security interest in any asset to the extent that the same (A) is not within the legal capacity of such Loan Party (whether as a result of any financial assistance, corporate benefit, thin capitalization, capital maintenance, liquidity maintenance or similar rules or legal principles), (B) in the case of the German Loan Parties, may, and in each case based upon any of the aforementioned rules or legal principles, could reasonably be expected to, conflict with the fiduciary duties of such Loan Party's directors or result in, or could be reasonably expected to result in, a risk of personal or criminal liability for such Loan Party or any of its officers or directors and in the case of any German Loan Parties, any of its officers, directors employees, managers, members of management or consultants (in each case, whether as a result of any financial assistance, corporate benefit, thin capitalization, capital maintenance, liquidity maintenance or similar rules or legal principles), (C) may result in a risk of personal and/or criminal liability for such German Loan Party or any of its officers, directors, employees, managers, members of management or consultants (in

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each case, whether as a result of any financial assistance, corporate benefit, thin capitalization, capital maintenance, liquidity maintenance or similar rules or legal principles) or (D) would contravene any applicable legal prohibition or regulatory condition; <u>provided</u>, that, subject to the Agreed Security Principles, the Borrower Representative will use its commercially reasonable efforts to structure the provision of security by such Loan Party to avoid or address such restrictions, conflicts or risks and where such restrictions, conflicts or risks apply, the relevant guarantees and security will be limited to the maximum amount or the maximum scope which such Loan Party may provide having regard to applicable law, rules and legal principles without subjecting members of management or directors of such Loan Party to any risk of personal and/or criminal liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) no action will be required to be taken at the expense of any Non-US Loan Party in relation to the Guarantees or Collateral in connection with any assignment, transfer or sub-participation by any First Lien Lender of any portion of its interest in the First Lien Credit Facilities after the Closing Date, other than in connection with assignments, transfers or sub-participations by any Initial First Lien Lender in connection with the primary syndication of the First Lien Term Facility prior to the later of the Closing Date and the expiration of the Syndication Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) in no event shall any Dutch Loan Party (other than any Discretionary Guarantor) be required to grant or perfect a security interest in or a Lien on any property other than the Capital Stock of first tier subsidiaries of such Dutch Loan Party, Deposit Accounts maintained by such Dutch Loan Party in the Netherlands and Material Dutch Intercompany Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) in no event shall any Swiss Loan Party (other than any Discretionary Guarantor) be required to grant or perfect a security interest in or a Lien on any property other than the Capital Stock of first tier subsidiaries of such Swiss Loan Party, Deposit Accounts maintained by such Swiss Loan Party in Switzerland and Material Swiss Intercompany Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) in no event shall any German Loan Party (other than any Discretionary Guarantor) be required to grant or perfect a security interest in or a Lien on any property other than the Capital Stock of first tier subsidiaries of such German Loan Party, Deposit Accounts maintained by such German Loan Party in Germany and Material German Intercompany Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is understood and agreed for the avoidance of doubt that the Borrower Representative may elect to join any Domestic Subsidiary that is not required to be or become a Subsidiary Guarantor solely because such Restricted Subsidiary is an Immaterial Subsidiary without (i) the consent of the Collateral Agents or (ii) delivery of an opinion of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior to the date on which any Restricted Subsidiary becomes an Additional Revolving Borrower, the Borrower Representative shall cause any such Restricted Subsidiary to execute and deliver a Revolving Borrower Joinder and comply with the requirements set forth in the definition of "Additional Revolving Borrower" and <u>clause (b)</u> of the definition of Collateral and Guarantee Requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary in this Agreement or any other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Guarantee granted by a Luxembourg Subsidiary under the applicable Loan Guaranty for the obligations of any other Loan Party which is not a direct or indirect subsidiary of such Luxembourg Subsidiary shall be limited at any time to an aggregate amount not exceeding the higher 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) 95 per cent. of such Luxembourg Subsidiary's capitaux propres (as referred to in article 34 of the Luxembourg law dated 19 December 2002 on the commercial register and annual accounts, as amended, and as implemented by the Grand-Ducal regulation dated 18 December 2015 setting out the form and the content of the presentation of the balance sheet and profit and loss account) (the "<u>Own Funds</u>") as determined as at the date on which a demand is made under the guarantee, increased by the amount of Intra-Group Liabilities (as defined below); 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;(B) 95 per cent. of such Luxembourg Subsidiary's Own Funds determined as at the date of its accession to the Credit Agreement, increased by the amount of any Intra-Group Liabilities,

in each case, as determined on the basis of the then most recent annual accounts of such Luxembourg Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Where, for the purpose of calculating any amount under <u>clause (g)(i)</u> above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no duly prepared annual accounts are available for the relevant reference period (which will include a
situation where no final annual accounts have been prepared in due time in respect of the then most recently ended financial year);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the relevant annual accounts do not adequately reflect the status of the Own Funds or the Intra-Group
Liabilities as required for <u>clause (g)(i)</u> above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Luxembourg Subsidiary has taken corporate or contractual actions which have resulted in the increase of the
Own Funds or Intra-Group Liabilities since the close of its last financial year,

the Non-US Collateral Agent (acting in good faith) may determine the amount of the relevant Own Funds and Intra-Group Liabilities based on the information available and deemed relevant by it at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The limitation set out in <u>clause (g)(i)</u> above shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in respect of any amounts due under the Loan Documents by a Loan Party which is a Subsidiary of such Luxembourg
Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in respect of any amounts due under the Loan Documents by a Loan Party which is not a Subsidiary of the
Luxembourg Subsidiary and which have been on-lent to or made available by whatever means, directly or indirectly, to the Luxembourg Subsidiary or any of its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to any Collateral Document granted by a Luxembourg Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For the purpose of this <u>clause (g)</u>: "<u>Intra-Group Liabilities</u>" shall mean any amounts owed by the applicable Luxembourg Subsidiary to Intermediate Dutch Holdings or any of its Restricted Subsidiaries and that have not been financed (directly or indirectly) by a borrowing under any Loan Document.

Section 5.13. <u>Maintenance of Ratings</u>. Intermediate Dutch Holdings shall use commercially reasonable efforts to maintain (a) public corporate credit facility ratings for (x) the Tranche B-3 Term Loans and (y) on and after the Eleventh Amendment Effective Date, the Eleventh Amendment Dollar Repricing Term Loan and the Eleventh Amendment Euro Repricing Term Loans and (b) public corporate family ratings for Intermediate Dutch Holdings, in each case from at least two of S&P, Moody's and Fitch; <u>provided</u> that in no event shall Intermediate Dutch Holdings be required to maintain any specific rating with any such agency.

Section 5.14. <u>Further Assurances</u>. Promptly upon request of the Collateral Agent and subject to, (i) the limitations described in <u>Section 5.12</u> and (ii) the Agreed Security Principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Intermediate Dutch Holdings will, and will cause each other Loan Party to, execute any and all further documents, financing statements, agreements, instruments, notices and acknowledgments and take all such further actions (including the filing and recordation of financing statements, fixture filings, Mortgages and/or amendments thereto and other documents), that may be required under any applicable Requirement of Law and which the Collateral Agent may reasonably request to ensure the creation, perfection and priority of the Liens created or intended to be created under the Collateral Documents, all at the expense of the relevant Loan Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Intermediate Dutch Holdings will, and will cause each other applicable Loan Party to, (i) correct any material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts (including notices to third parties), deeds, assurances and other instruments as the Collateral Agent may reasonably request from time to time in order to ensure the creation, perfection and priority of the Liens created or intended to be created under the Collateral Documents.

Section 5.15. <u>Post-Closing Covenant</u>. Take the actions required by <u>Schedule 5.15</u> in each case within the time periods specified therein (or, in each case, such longer period to which the Administrative Agent may reasonably agree).

Section 5.16. <u>Transactions with Affiliates</u>. Intermediate Dutch Holdings shall, and shall cause its Restricted Subsidiaries to, consummate any transaction (with any Affiliate thereof that involves payment in excess of the greater of $25,000,000 and 5% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, on terms that are at least as favorable (as determined by the Borrower Representative in good faith at the time of the execution of the definitive agreement relating thereto) to Intermediate Dutch Holdings or such Restricted Subsidiary, as the case may be, as those that might be obtained at the time in a comparable arm's-length transaction from a Person who is not an Affiliate (or, if in the good faith judgment of Borrower Representative, there is no comparable transaction on the basis of which to make the comparison described above, such transaction is fair to Intermediate Dutch Holdings or its applicable Restricted Subsidiary from a financial point of view); <u>provided</u>, that the foregoing requirement shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any transaction between or among Holdings, Intermediate Dutch Holdings and/or one or more Restricted Subsidiaries (or any entity that becomes a Restricted Subsidiary as a result of such transaction) to the extent permitted or not restricted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any issuance, sale or grant of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of employment arrangements, stock options and stock ownership plans approved by the board of directors (or equivalent governing body) of any Parent Company or of Intermediate Dutch Holdings or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) any collective bargaining, employment or severance agreement or compensatory (including profit sharing) arrangement (including salary or guaranteed payment and bonuses) entered into by Intermediate Dutch Holdings or any of its Restricted Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants or independent contractors or those of any Parent Company, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock pursuant to put/call rights or similar rights with current or former officers, directors, members of management, managers, employees, consultants or independent contractors and (iii) any transaction pursuant to any employee compensation, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers current or former officers, directors, members of management, managers, employees, consultants or independent contractors or any employment contract or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) transactions permitted by <u>Sections 6.04</u> and <u>6.06</u> and (ii) issuances of Capital Stock, equity contributions and issuances and incurrences of Indebtedness not otherwise restricted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) transactions in existence on the Closing Date and any amendment, modification or extension thereof to the extent such amendment, modification or extension, taken as a whole, is not (i) materially adverse to the Lenders or (ii) more disadvantageous in any material respect to the Lenders than the relevant transaction in existence on the Closing Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) so long as no Event of Default under <u>Sections 7.01(a)</u>, <u>7.01(f)</u> or <u>7.01(g)</u> then exists or would result therefrom, the payment of management, monitoring, consulting, transaction, oversight, advisory and similar fees to any Investor in an amount not to exceed the greater of $25,000,000 and 5% of Consolidated Adjusted EBITDA per Fiscal Year; <u>provided</u>, that such fees may continue to accrue during the pendency of any such Event of Default and shall become payable upon the waiver, termination or cure of the relevant Event of Default and (ii) the payment or reimbursement of all indemnification obligations and expenses owed to any Investor and any of their respective directors, officers, members of management, managers, employees and consultants, in each case of <u>clauses (i)</u> and <u>(ii)</u> whether currently due or paid in respect of accruals from prior periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Transactions, the payment of Transaction Costs and any payment required under the Acquisition Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) customary compensation to, and reimbursement of expenses of, Affiliates in connection with financial advisory, financing, underwriting or placement services or in respect of other investment banking activities and other transaction fees, which payments are approved by the majority of the members of the board of directors (or similar governing body) or a majority of the disinterested members of the board of directors (or similar governing body) of the Borrower Representative or Intermediate Dutch Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Guarantees permitted by <u>Section 6.01</u> or <u>Section 6.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) transactions that are otherwise permitted (or not restricted) under <u>Article 6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, members of the board of directors (or similar governing body), officers, employees, members of management, managers, consultants and independent contractors of Intermediate Dutch Holdings and/or any of its Restricted Subsidiaries in the ordinary course of business and, in the case of payments to such Person in such capacity on behalf of any Parent Company, to the extent attributable to the operations of Intermediate Dutch Holdings or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) transactions with customers, clients, suppliers, joint ventures, purchasers or sellers of goods or services or providers of employees or other labor entered into in the ordinary course of business, which are (i) fair to Intermediate Dutch Holdings and/or its applicable Restricted Subsidiary in the good faith determination of the Borrower Representative (or its board of directors (or similar governing body) or senior management) or (ii) on terms at least as favorable as might reasonably be obtained from a Person other than an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the payment of reasonable out-of-pocket costs and expenses related to registration rights and customary indemnities provided to shareholders under any shareholder agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (i) any purchase by Holdings of the Capital Stock of (or contribution to the equity capital of) Intermediate Dutch Holdings (ii) any purchase by Intermediate Dutch Holdings of the Capital Stock of (or contribution to the equity capital of) US Top Borrower or Dutch Borrower, (iii) any purchase by US Top Borrower of Capital Stock of (or contribution to the equity capital of) US Borrower and (iv) any intercompany loans made by any Borrower to Holdings, Intermediate Dutch Holdings or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any transaction (or series of related transactions) in respect of which any Borrower delivers to the Administrative Agent a letter addressed to the board of directors (or equivalent governing body) of such Borrower from an accounting, appraisal or investment banking firm of nationally recognized standing stating that such transaction or transactions, as applicable, is or are on terms that either (i) are no less favorable to such Borrower or the applicable Restricted Subsidiary than might be obtained at the time in a comparable arm's length transaction from a Person who is not an Affiliate or (ii) fair to such Borrower or the relevant Restricted Subsidiary from a financial point of view;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any issuance, sale or grant of securities or other payments, awards or grants in Cash, securities or otherwise pursuant to, or the funding of employment arrangements, stock options and stock ownership or incentive plans approved by a majority of the members of the board of directors (or similar governing body) or a majority of the disinterested members of the board of directors (or similar governing body) of any Borrower in good faith;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any transaction in connection with any Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) any payment pursuant to any tax sharing agreement or arrangement (whether written or as a matter of practice), that would otherwise be permitted as a distribution pursuant to <u>Section 6.04(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the licensing of any intellectual property right in the ordinary course of business to permit the commercial use of intellectual property between or among Intermediate Dutch Holdings and/or any subsidiary and/or any of its or their Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any transaction (or series of related transactions) approved by a majority of the disinterested directors (or members of any similar governing body) of any Borrower or an applicable Parent Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any investment by any Investor or Parent Company in securities or other Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) transactions for the purpose of (i) reorganizing to facilitate any initial public offering of securities of Intermediate Dutch Holdings or any Parent Company, including any IPO Reorganization Transaction, (ii) forming a holding company and/or (iii) reincorporating any Borrower in a new jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) any payment to or from, and/or any transaction with, any joint venture or Unrestricted Subsidiary in the ordinary course of business or consistent with past practice, industry practice or industry norms (including, any cash management activity related thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (i) the existence and performance of any agreement and/or transaction with any Unrestricted Subsidiary that was entered into prior to the designation of such subsidiary as an Unrestricted Subsidiary to the extent that the transaction was permitted at the time that it was entered into with such Restricted Subsidiary and/or (ii) any transaction entered into by any Unrestricted Subsidiary with any Affiliate prior to the re-designation of such Unrestricted Subsidiary as a Restricted Subsidiary; <u>provided</u>, that such transaction was not entered into in contemplation of such designation or re-designation, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) any capital contribution (whether or not in exchange for the issuance of additional Capital Stock) or loan to any Unrestricted Subsidiary that is not otherwise prohibited by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) transactions permitted pursuant to <u>Section 9.05(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) (i) any investment by any Affiliate in securities or other Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary (and payment of reasonable out-of-pocket expenses incurred by such Affiliates in connection therewith) so long as the investment is being offered by Intermediate Dutch Holdings or such Restricted Subsidiary generally to other investors on the same or more favorable terms and (ii) payments and/or distributions to Affiliates in respect of securities or Indebtedness of Intermediate Dutch Holdings or any Restricted Subsidiary in connection with the securities and other Indebtedness contemplated in the foregoing <u>subclause (i)</u> or that were acquired from Persons other than Intermediate Dutch Holdings and the Restricted Subsidiaries, in each case, in accordance with the terms of such securities or Indebtedness; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) any transaction with any portfolio company of any Investor in the ordinary course of business.

Section 5.17. <u>Fiscal Year</u>. In the event that Intermediate Dutch Holdings elects to change the end date of its Fiscal Year to a date other than as described in the definition of "Fiscal Year", Intermediate Dutch Holdings shall notify the Administrative Agent in writing, in which case Intermediate Dutch Holdings and the Administrative Agent will, and are hereby authorized to, make any adjustment to this Agreement that is necessary to reflect such change in Fiscal Year.

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Section 5.18. <u>Nature of Business</u>. From and after the Closing Date, Intermediate Dutch Holdings shall, and shall cause its Restricted Subsidiaries to, ensure that any material line of business in which it engages is either (a) a business engaged in by Intermediate Dutch Holdings and/or any Restricted Subsidiary on the Closing Date or a similar, incidental, complementary, ancillary or related business or (b) another line of business to which, in the case of this <u>clause (b)</u>, the Administrative Agent provides its consent.

Section 5.19. <u>Lender Calls</u>. Upon the written request of the Administrative Agent following delivery of the financial statements required to be delivered pursuant to Sections 5.01(a) or (b), as applicable, Intermediate Dutch Holdings or the Borrower Representative will host a conference call with the Lenders, at dates and times to be mutually agreed between the Borrower Representative and the Administrative Agent, to discuss the financial information presented in such financial statements; <u>provided</u>, that Intermediate Dutch Holdings and its Restricted Subsidiaries shall not be required to host more than one such conference call in any Fiscal Quarter.

ARTICLE 6

NEGATIVE COVENANTS

From the Closing Date until the Termination Date, Intermediate Dutch Holdings (and, solely in the case of <u>Section 6.10</u>, Holdings) covenants and agrees with the Lenders, the Issuing Banks and the Administrative Agent that:

Section 6.01. <u>Indebtedness</u>. Intermediate Dutch Holdings shall not, nor shall it permit any of its Restricted Subsidiaries to create, incur, assume or otherwise become or remain liable with respect to any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secured Obligations (including any Additional Term Loan and/or any Additional Revolving Loan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness of (i) Intermediate Dutch Holdings to Holdings and/or any Restricted Subsidiary and/or (ii) any Restricted Subsidiary to Holdings, Intermediate Dutch Holdings and/or any other Restricted Subsidiary; <u>provided</u>, that in the case of any Indebtedness of any Restricted Subsidiary that is not a Loan Party owing to any Loan Party, the related Investment is permitted under <u>Section 6.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) Indebtedness arising from any agreement providing for indemnification, adjustment of purchase price or similar obligations (including contingent earn-out obligations) incurred in connection with the Transactions, any Disposition permitted hereunder, any acquisition or other Investment permitted hereunder or consummated prior to the Closing Date or any other purchase of assets or Capital Stock or any other Investment, and (ii) Indebtedness arising from guaranties, letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments securing the performance of Intermediate Dutch Holdings or any such Restricted Subsidiary pursuant to any such agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary (i) as a result of or pursuant to tenders, statutory obligations, bids, leases, governmental contracts, trade contracts, surety, stay, customs, appeal, performance and/or return of money bonds or other similar obligations incurred in the ordinary course of business and (ii) in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments to support any of the foregoing items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary in respect of Banking Services and/or otherwise in connection with Cash management and Deposit Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) Guarantees by Intermediate Dutch Holdings and/or any Restricted Subsidiary of the obligations of suppliers, customers and licensees in the ordinary course of business, (ii) Indebtedness incurred in the ordinary course of business in respect of obligations of Intermediate Dutch Holdings and/or any Restricted Subsidiary to pay

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the deferred purchase price of goods or services or progress payments in connection with such goods and services and (iii) Indebtedness in respect of letters of credit, bankers' acceptances, bank guaranties or similar instruments supporting trade payables, warehouse receipts or similar facilities entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Guarantees by Intermediate Dutch Holdings and/or any Restricted Subsidiary of Indebtedness or other obligations of Intermediate Dutch Holdings, any Restricted Subsidiary and/or any joint venture with respect to Indebtedness otherwise permitted to be incurred pursuant to this <u>Section 6.01</u> or other obligations not prohibited by this Agreement; <u>provided</u> that in the case of any Guarantee by any Loan Party of the obligations of any non-Loan Party, the related Investment is permitted under <u>Section 6.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary existing, or pursuant to commitments existing, on the Closing Date; <u>provided</u>, that any such Indebtedness or commitment having an outstanding principal amount in excess of $10,000,000 shall be described on <u>Schedule 6.01</u> and (B) intercompany Indebtedness outstanding on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness of Restricted Subsidiaries that are not Loan Parties; <u>provided</u>, that the aggregate outstanding principal amount of such Indebtedness shall not exceed the greater of $246,000,000 and 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;(k) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary consisting of obligations owing under incentive, supply, license or similar agreements entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary consisting of (i) the financing of insurance premiums, (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business and/or (iii) obligations to reacquire assets or inventory in connection with customer financing arrangements in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary with respect to Capital Leases and purchase money Indebtedness in an aggregate outstanding principal amount not to exceed the greater of $123,000,000 and 25% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness of any Person that becomes a Restricted Subsidiary and/or Indebtedness assumed in connection with any acquisition or similar Investment; <u>provided</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Indebtedness (A) existed at the time such Person became a Restricted Subsidiary or the assets subject to such Indebtedness were acquired and (B) was not created or incurred in contemplation of the applicable acquisition or similar Investment, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after giving effect to such Indebtedness on a Pro Forma Basis, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) if such Indebtedness is First Lien Debt, the First Lien Net Leverage Ratio does not exceed the First Lien Net Leverage Ratio as of the last day of the most recently ended Test Period, (2) if such Indebtedness is Junior Lien Debt, the Secured Net Leverage Ratio does not exceed the Secured Net Leverage Ratio as of the last day of the most recently ended Test Period or (3) if such Indebtedness is not secured by the Collateral or is unsecured, the Total Net Leverage Ratio does not exceed the Total Net Leverage Ratio 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;(B) Intermediate Dutch Holdings is in compliance with <u>Section 6.10</u> hereof (whether or not then in effect) as of the last day of the most recently ended Test Period; 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;(C) such Indebtedness is in an aggregate principal amount outstanding not to exceed the greater of $100,000,000 and 20% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Indebtedness issued by Intermediate Dutch Holdings or any Restricted Subsidiary to any stockholder of any Parent Company or any current or former director, officer, employee, member of management, manager or consultant of any Parent Company, Intermediate Dutch Holdings or any subsidiary (or their respective Immediate Family Members) to finance the purchase or redemption of Capital Stock of any Parent Company permitted by <u>Section 6.04(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Indebtedness refinancing, refunding or replacing any Indebtedness permitted under <u>clauses (a)</u>, <u>(i)</u>, <u>(j)</u>, <u>(m)</u>, <u>(n)</u>, <u>(r)</u>, <u>(u)</u>, <u>(w)</u>, <u>(x)</u>, <u>(y)</u>, <u>(z)</u>, <u>(hh</u>) and/or <u>(ii)</u> of this <u>Section 6.01</u> (in any case, including any refinancing Indebtedness incurred in respect thereof, "<u>Refinancing Indebtedness</u>") and any subsequent Refinancing Indebtedness in respect thereof; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the principal amount of such Indebtedness does not exceed the principal amount of, and commitments in respect of, the Indebtedness being refinanced, refunded or replaced, except by (A) an amount equal to unpaid accrued interest, penalties and premiums (including tender premiums) thereon plus underwriting discounts, other reasonable and customary fees, commissions and expenses (including upfront fees, original issue discount or initial yield payments) incurred in connection with the relevant refinancing, refunding or replacement and the related refinancing transaction, (B) an amount equal to any existing commitments unutilized thereunder and (C) additional amounts permitted to be incurred pursuant to this <u>Section 6.01</u> (<u>provided</u>, that (1) any additional Indebtedness referenced in this <u>clause (C)</u> satisfies the other applicable requirements of this definition (with additional amounts incurred in reliance on this <u>clause (C)</u> constituting a utilization of the relevant basket or exception pursuant to which such additional amount is permitted) and (2) if such additional Indebtedness is secured, the Lien securing such Indebtedness satisfies the applicable requirements of <u>Section 6.02</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of Refinancing Indebtedness with respect to <u>clauses (a)</u>, <u>(w)</u> and/or <u>(z)</u> (other than (I) Customary Bridge Loans and (II) Refinancing Indebtedness that the Borrower Representative elects to apply to the Inside Maturity Amount), such Indebtedness (other than revolving indebtedness) has (A) a final maturity equal to or later than the Latest Term Loan Maturity Date and (B) a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of the outstanding Term Loans at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the terms of any Replacement Debt with an original principal amount in excess of the Threshold Amount (excluding, to the extent applicable, pricing (including any "MFN" provision), fees, premiums, rate floors, optional prepayment, funding discounts, maturity, amortization schedule, redemption terms or subordination terms and security), are not, taken as a whole (as determined by the Borrower Representative in good faith), more favorable to the lenders providing such Indebtedness than those applicable to the Indebtedness being refinanced, refunded or replaced (other than (A) any covenant or any other provision applicable only to periods after the applicable maturity date of the debt then being refinanced as of such date, (B) any covenant or provision which constitutes a then-current market term for the applicable type of Indebtedness (as determined by the Borrower Representative in good faith), or (C) any covenant or other provision which is conformed (or added) to the Loan Documents for the benefit of the Lenders or, as applicable, the Administrative Agent, pursuant to an amendment to this Agreement effectuated in reliance on <u>Section 9.02(d)(ii)</u>), it being understood and agreed that if any Replacement Debt that constitutes a revolving facility includes a financial covenant, the requirement set forth in this <u>clause (iii)</u> shall be satisfied if such financial covenant is added to this Agreement for the benefit of the then-existing Revolving Facility but not any then-existing Term Facility);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of Refinancing Indebtedness with respect to Indebtedness permitted under <u>clauses (j)</u>, <u>(m)</u>, <u>(n)(ii)(C)</u>, <u>(r)</u>, <u>(u)</u>, <u>(w)</u> (solely as it relates to the Shared Incremental Amount), <u>(x)</u>, <u>(y)</u>, <u>(z)</u> (solely as it relates to the Shared Incremental Amount), <u>(hh)</u> and/or <u>(ii)</u> of this <u>Section 6.01</u>, the incurrence thereof shall be without duplication of any amount outstanding in reliance on the relevant clause such that the amount available under the relevant clause shall be reduced by the amount of the applicable Refinancing Indebtedness;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) except in the case of Refinancing Indebtedness constituting Replacement Debt, (A) (1) such Indebtedness, if secured, is secured only by Permitted Liens at the time of such refinancing, refunding or replacement (it being understood that secured Indebtedness may be refinanced with unsecured Indebtedness), and (2) either (x) if the Liens securing such Indebtedness were originally contractually subordinated to the Liens on the Collateral securing the Tranche B-3 Term Loans, the Eleventh Amendment Dollar Refinancing Term Loans and the Eleventh Amendment Euro Refinancing Term Loans, the Liens securing such Indebtedness are subordinated to the Liens on the Collateral securing the Tranche B-3 Term Loans, the Eleventh Amendment Dollar Refinancing Term Loans and the Eleventh Amendment Euro Refinancing Term Loans on terms not materially less favorable (as determined by the Borrower Representative in good faith), taken as a whole, to the Lenders than those (I) applicable to the Liens securing the Indebtedness being refinanced, refunded or replaced, taken as a whole, or (II) set forth in any relevant Intercreditor Agreement or (y) the purchase, defeasance, redemption, repurchase, repayment, refinancing or other acquisition or retirement of such Indebtedness is permitted under <u>Section 6.04(b)</u> (other than <u>Section 6.04(b)(i)</u>); it being understood that the proceeds of any such Refinancing Indebtedness may be funded into Escrow pursuant to customary (in the good faith determination of the Borrower Representative) escrow arrangements, (B) such Indebtedness is incurred by the obligor or obligors in respect of the Indebtedness being refinanced, refunded or replaced, except to the extent otherwise permitted pursuant to <u>Section 6.01</u> (it being understood that (1) any entity that was a guarantor in respect of the relevant refinanced Indebtedness may be the primary obligor in respect of the refinancing Indebtedness, and any entity that was the primary obligor in respect of the relevant refinanced Indebtedness may be a guarantor in respect of the refinancing Indebtedness and (2) the obligation of any Person with respect to any Escrow arrangement into which the proceeds of such Refinancing Indebtedness are deposited shall not constitute a guarantee) and (C) if the Indebtedness being refinanced, refunded or replaced was expressly contractually subordinated to the Obligations in right of payment, (x) such Indebtedness is contractually subordinated to the Obligations in right of payment, or (y) if not contractually subordinated to the Obligations in right of payment, the purchase, defeasance, redemption, repurchase, repayment, refinancing or other acquisition or retirement of such Indebtedness is permitted under <u>Section 6.04(b)</u> (other than <u>Section 6.04(b)(i)</u>); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in the case of Refinancing Indebtedness constituting Replacement Debt, (A) such Indebtedness is *pari passu* or junior in right of payment and secured by the Collateral on a *pari passu* or junior basis with respect to the remaining Obligations hereunder, or is unsecured; <u>provided</u> that any such Refinancing Indebtedness that is *pari passu* or junior with respect to the Collateral shall be subject to an Intercreditor Agreement, (B) if the Indebtedness being refinanced, refunded or replaced is secured, it is not secured by any asset that does not constitute Collateral, (C) if the Indebtedness being refinanced, refunded or replaced is Guaranteed, it shall not be Guaranteed by any Restricted Subsidiary of Intermediate Dutch Holdings other than one or more Loan Parties and (D) such Refinancing Indebtedness is incurred under (and pursuant to) documentation other than this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary in an aggregate outstanding principal amount not to exceed 200% of the amount of Net Proceeds received by Intermediate Dutch Holdings and/or its Restricted Subsidiaries from (i) the issuance or sale of Qualified Capital Stock or (ii) any Cash contribution to its common equity with the Net Proceeds from the issuance and sale by any Parent Company of its Qualified Capital Stock or a contribution to the Qualified Capital Stock of any Parent Company, in each case, (A) other than any Net Proceeds received from the sale of Capital Stock to, or contributions from, Intermediate Dutch Holdings or any of its Restricted Subsidiaries, (B) to the extent the relevant Net Proceeds have not otherwise been applied to make Investments, Restricted Payments or Restricted Debt Payments hereunder in reliance on a provision of <u>Section 6.06</u>, <u>Section 6.04(a)</u> <u>or</u> Section 6.04(b), as applicable, with respect to which such Net Proceeds were required to permit the relevant transaction and (C) other than any Cure Amount and/or any Available Excluded Contribution Amount (the amount of any Net Proceeds or contribution utilized to incur Indebtedness in reliance on this <u>clause (r)</u>, a "<u>Contribution Indebtedness Amount</u>");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary under any Derivative Transaction not entered into for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary representing (i) deferred compensation to current or former directors, officers, employees, members of management, managers, and consultants of any Parent Company, Intermediate Dutch Holdings and/or any Restricted Subsidiary in the ordinary course of business and (ii) deferred compensation or other similar arrangements in connection with the Transactions, any Permitted Acquisition or any other Investment permitted hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary in an aggregate outstanding principal amount not to exceed (i) the greater of $369,000,000 and 75% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period <u>minus</u> (ii) the aggregate outstanding principal amount of any Incremental Facility or Incremental Equivalent Debt incurred or issued in reliance on <u>clause (a)(ii)</u> of the definition of "Incremental Cap";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the extent constituting Indebtedness, obligations arising under the Acquisition Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary (any Indebtedness incurred pursuant to this <u>Section 6.01(w)</u>, the "<u>Ratio Debt</u>") so long as, after giving effect thereto, including the application of the proceeds thereof (in each case, without "netting" the cash proceeds of the applicable Indebtedness being incurred), the outstanding principal amount thereof does not exceed an amount equal to the sum of (i) the Unrestricted Incremental Amount, and (ii) an additional unlimited amount, so long as, in the case of this <u>clause (ii)</u>, 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;(A) if such Ratio Debt constitutes First Lien Debt, the First Lien Net Leverage Ratio does not exceed (1) 3.50:1.00 or (2) if such Ratio Debt is incurred in connection with an acquisition or similar Investment, at the election of the Borrower Representative, the First Lien Net Leverage Ratio does not exceed the greater of (x) 3.50:1.00 and (y) the First Lien Net Leverage Ratio 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;(B) if such Ratio Debt constitutes Junior Lien Debt, (1) at the election of the Borrower Representative, either (x) the Secured Net Leverage Ratio does not exceed 3.75:1.00 or (y) the Interest Coverage Ratio is not less than 2.00:1.00 or (2) if such Ratio Debt is incurred in connection with an acquisition or similar Investment, at the election of the Borrower Representative, either (x) the Secured Net Leverage Ratio does not exceed the greater of (I) 3.75:1.00 and (II)) and the Secured Net Leverage Ratio as of the last day of the most recently ended Test Period or (y) the Interest Coverage Ratio is not less than the lesser of (I) 1.75:1.00 and (II) the Interest Coverage Ratio as of the last day of the most recently ended Test Period; 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) if such Ratio Debt is not secured by the Collateral, (1) at the election of the Borrower Representative, either (x) the Total Net Leverage Ratio does not exceed 4.00:1.00 or (y) the Interest Coverage Ratio is not less than 2.00:1.00 or (2) if such Ratio Debt is incurred in connection with an acquisition or similar Investment, at the election of the Borrower Representative, either (x) the Total Net Leverage Ratio does not exceed the greater of (I) 4.00:1.00 and (II) the Total Net Leverage Ratio as of the last day of the most recently ended Test Period or (y) the Interest Coverage Ratio is not less than the lesser of (I) 1.75:1.00 and (II) the Interest Coverage Ratio as of the last day of the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Indebtedness of any Restricted Subsidiary that is not a Loan Party incurred under working capital lines, lines of credit or overdraft facilities in an aggregate principal amount at any time outstanding not to exceed the greater of $100,000,000 and 20% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period for which financial statements have been delivered pursuant to <u>Sections 5.01(a)</u> or <u>(b)</u>, as applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary incurred in connection with any Sale and Lease-Back Transaction permitted pursuant to <u>Section 6.07</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Incremental Equivalent Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Indebtedness (including obligations in respect of letters of credit, bank guarantees, bankers' acceptances, surety bonds, performance bonds or similar instruments with respect to such Indebtedness) incurred by Intermediate Dutch Holdings and/or any Restricted Subsidiary in respect of workers compensation claims, unemployment, property, casualty or liability insurance (including premiums related thereto) or self-insurance, other reimbursement-type obligations regarding workers' compensation claims, other types of social security, pension obligations, vacation pay or health, disability or other employee benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Indebtedness representing (i) deferred compensation to current or former directors, officers, employees, members of management, managers and consultants of any Parent Company, Intermediate Dutch Holdings or any Subsidiary in the ordinary course of business and (ii) deferred compensation or other similar arrangements in connection with the Transactions, any acquisition or any other Investment permitted hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary in respect of any letter of credit or bank guarantee issued in favor of any Issuing Bank or the Swingline Lender to support any Defaulting Lender's participation in Letters of Credit issued, or Swingline Loans made, hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Indebtedness of Intermediate Dutch Holdings or any Restricted Subsidiary supported by any Letter of Credit or any other letter of credit, bank guarantee or similar instrument permitted by this <u>Section 6.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) unfunded pension fund and other employee benefit plan obligations and liabilities incurred by Intermediate Dutch Holdings and/or any Restricted Subsidiary in the ordinary course of business to the extent that the unfunded amounts would not otherwise cause an Event of Default under <u>Section 7.01(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) customer deposits and advance payments received in the ordinary course of business from customers for goods and services purchased in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) without duplication of any other Indebtedness, all premiums (if any), interest (including post-petition interest and payment in kind interest), accretion or amortization of original issue discount, fees, expenses and charges with respect to Indebtedness of Intermediate Dutch Holdings and/or any Restricted Subsidiary hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Indebtedness that is unsecured in an aggregate outstanding principal amount not to exceed the Available RP Capacity Amount determined at the time of incurrence of such Indebtedness; <u>provided</u>, that the incurrence of such Indebtedness shall be deemed to be a utilization of the relevant Restricted Payment basket under <u>Section 6.04(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Indebtedness in respect of Receivables Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) any liability arising under a declaration of joint and several liability as referred to in Section 2:403 of the Dutch Civil Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) any joint and several liability as a result of a fiscal unity (fiscale eenheid) for corporate income tax purposes or value added tax purposes in the Netherlands; <u>provided</u>, that all members of the fiscal unity are subsidiaries of Holdings.

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Section 6.02. <u>Liens</u>. Intermediate Dutch Holdings shall not, nor shall it permit any of its Restricted Subsidiaries to, create, incur, assume or permit or suffer to exist any Lien on or with respect to any property of any kind owned by it, whether now owned or hereafter acquired, or any income or profits therefrom, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens securing the Secured Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens for Taxes which (i) are not then due, (ii) if due, are not at such time required to be paid pursuant to <u>Section 5.03</u> or (iii) are being contested in accordance with <u>Section 5.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) statutory Liens (and rights of set-off) of landlords, banks, carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by applicable Requirements of Law, in each case incurred in the ordinary course of business (i) for amounts not yet overdue by more than 30 days, (ii) for amounts that are overdue by more than 30 days and that are being contested in good faith by appropriate proceedings, so long as any reserves or other appropriate provisions required by GAAP have been made for any such contested amounts or (iii) for amounts with respect to which the failure to make payment would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens granted or arising (i) in the ordinary course of business in connection with workers' compensation, unemployment insurance and other types of social security laws and regulations, (ii) in the ordinary course of business to secure the performance of tenders, statutory obligations, surety, stay, customs and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money), (iii) pursuant to pledges and deposits of Cash or Cash Equivalents in the ordinary course of business securing (A) any liability for reimbursement or indemnification obligations of insurance carriers providing property, casualty, liability or other insurance to Intermediate Dutch Holdings and its subsidiaries or (B) leases or licenses of property otherwise permitted by this Agreement and (iv) to secure obligations in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments posted with respect to the items described in <u>clauses (i)</u> through <u>(iii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Liens consisting of survey exceptions, easements, rights-of-way, restrictions, encroachments, servitudes for railways, sewers, drains, gas, oil and other pipelines, gas and water mains, electric light and power and telecommunication, telephone or telegraph or cable television conduits, poles, wires and cables, covenants, conditions, declarations, encroachments, zoning restrictions and other defects or irregularities in title or environmental deed restrictions, in each case, which do not, in the aggregate, materially interfere with the ordinary conduct of the business of Intermediate Dutch Holdings and/or its Restricted Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens consisting of any (i) interest or title of a lessor or sub-lessor under any lease of real estate permitted hereunder, (ii) landlord lien permitted by the terms of any lease, (iii) restriction or encumbrance to which the interest or title of such lessor or sub-lessor may be subject or (iv) subordination of the interest of the lessee or sub-lessee under such lease to any restriction or encumbrance referred to in the preceding <u>clause (iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Liens (i) solely on any Cash earnest money deposits (including as part of any escrow arrangement) made by Intermediate Dutch Holdings and/or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement with respect to any Investment permitted hereunder and (ii) consisting of (A) an agreement to Dispose of any property in a Disposition permitted under <u>Section 6.07</u> and/or (B) the pledge of Cash as part of an escrow arrangement required in any Disposition permitted under <u>Section 6.07</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) purported Liens evidenced by the filing of UCC financing statements or similar financing statements under applicable Requirements of Law relating solely to operating leases or consignment or bailee arrangements entered into in the ordinary course of business, (ii) Liens arising from precautionary UCC financing statements or similar filings and (iii) any Lien relating to the sale of accounts receivable for which a UCC financing statement or similar financing statement is required;

&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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens in connection with any zoning, building, environmental or similar Requirements of Law or right reserved to or vested in any Governmental Authority to control or regulate the use or dimensions of any real property or the structures thereon, including Liens in connection with any condemnation or eminent domain proceeding or compulsory purchase order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens securing Indebtedness permitted pursuant to <u>Section 6.01(p)</u> (solely with respect to the permitted refinancing of (1) Indebtedness permitted pursuant to <u>Sections 6.01(a)</u>, <u>(i)</u>, <u>(j)</u>, <u>(m)</u>, <u>(n)</u>, <u>(r)</u>, <u>(u)</u>, <u>(w)</u>, <u>(x)</u>, <u>(y)</u>, <u>(z)</u>, <u>(gg)</u> and/or <u>(ii)</u> and (2) Indebtedness that is secured in reliance on <u>Section 6.02(u)</u> (<u>provided</u> that the granting of the relevant Lien shall be without duplication of any Lien outstanding under <u>Section 6.02(u)</u> such that the amount available under <u>Section 6.02(u)</u> shall be reduced by the amount of the applicable Lien granted in reliance on this <u>clause (2))</u>); <u>provided</u>, that (i) no such Lien extends to any asset not covered by the Lien securing (or permitted to secure) the Indebtedness that is being refinanced (it being understood that individual financings of the type permitted under <u>Section 6.01(m)</u> provided by any lender may be cross-collateralized to other financings of such type provided by such lender or its affiliates), (ii) if the Lien securing the Indebtedness being refinanced was subject to intercreditor arrangements, then (A) the Lien securing any refinancing Indebtedness in respect thereof shall be subject to intercreditor arrangements that are not materially less favorable to the Secured Parties, taken as a whole, than the intercreditor arrangements governing the Lien securing the Indebtedness that is refinanced or (B) the intercreditor arrangements governing the Lien securing the relevant refinancing Indebtedness shall be set forth in an Intercreditor Agreement and (iii) except as permitted by another provision of this <u>Section 6.02</u>, no such Lien shall be senior in priority as compared to the Lien securing the Indebtedness being refinanced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens in existence on the Closing Date and any modification, replacement, refinancing, renewal or extension thereof; <u>provided</u>, that any such Lien securing Indebtedness having an aggregate principal amount outstanding on the Closing Date in excess of $10,000,000 shall be described on <u>Schedule 6.02</u>; <u>provided</u>, <u>further</u> that (i) no such Lien extends to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under <u>Section 6.01</u> and (B) proceeds and products thereof, replacements, accessions or additions thereto and improvements thereon (it being understood that individual financings of the type permitted under <u>Section 6.01(m)</u> provided by any lender may be cross-collateralized to other financings of such type provided by such lender or its affiliates) and (ii) any such modification, replacement, refinancing, renewal or extension of the obligations secured or benefited by such Liens, if constituting Indebtedness, is permitted by <u>Section 6.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens arising out of Sale and Lease-Back Transactions permitted under <u>Section 6.07</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens securing Indebtedness permitted pursuant to <u>Section 6.01(m)</u>; provided, that any such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness and proceeds and products thereof, replacements, accessions or additions thereto and improvements thereon (it being understood that individual financings of the type permitted under <u>Section 6.01(m)</u> provided by any lender may be cross-collateralized to other financings of such type provided by such lender or its affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens securing Indebtedness permitted pursuant to <u>Section 6.01(n)</u> on the relevant acquired assets or on the Capital Stock and assets of the relevant newly acquired Restricted Subsidiary and/or any subsidiary of such Restricted Subsidiary (including, for the avoidance of doubt, any after-acquired property of any such newly acquired subsidiary and/or any such subsidiary of such subsidiary); <u>provided</u>, that no such Lien (i) extends to or covers any other assets (other than the proceeds or products thereof, replacements, accessions or additions thereto and improvements thereon) (it being understood that (A) individual financings of the type permitted under <u>Section 6.01(m)</u> provided by any lender may be cross collateralized to other financings of such type provided by such lender or its affiliates and (B) any such Lien may extend to after-acquired property of any such Person) or (ii) was created in contemplation of the applicable acquisition of assets or Capital Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (i) Liens that are contractual rights of setoff or netting relating to (A) the establishment of depositary relations with banks not granted in connection with the issuance of Indebtedness, (B) pooled deposit or sweep accounts of Intermediate Dutch Holdings or any Restricted Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Intermediate Dutch Holdings or any Restricted Subsidiary, (C) purchase orders and other agreements entered into with customers of Intermediate Dutch Holdings or any Restricted Subsidiary in the ordinary course of business and (D) commodity trading or other brokerage accounts

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incurred in the ordinary course of business, (ii) Liens encumbering reasonable customary initial deposits and margin deposits, (iii) bankers Liens and rights and remedies as to Deposit Accounts, (iv) Liens of a collection bank arising under Section 4-208 of the UCC on items in the ordinary course of business, (v) Liens in favor of banking or other financial institutions arising as a matter of Law or under customary general terms and conditions encumbering deposits or other funds maintained with a financial institution and that are within the general parameters customary in the banking industry or arising pursuant to such banking institution's general terms and conditions, (vi) Liens on the proceeds of any Indebtedness incurred in connection with any transaction permitted hereunder, which proceeds have been deposited into an escrow account on customary terms to secure such Indebtedness pending the application of such proceeds to finance such transaction and (vii) any general banking Lien over any bank account arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Liens on assets owned by, and/or Capital Stock of, Restricted Subsidiaries that are not Loan Parties (including Capital Stock owned by such Persons) securing Indebtedness of Restricted Subsidiaries that are not Loan Parties permitted pursuant to <u>Section 6.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens securing obligations (other than obligations representing Indebtedness for borrowed money) under operating, reciprocal easement or similar agreements entered into in the ordinary course of business of Intermediate Dutch Holdings and/or its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens securing Indebtedness incurred in reliance on, and subject to the provisions set forth in, <u>Sections 6.01(w)</u> and/or <u>(z)</u>; <u>provided</u>, that any Lien that is granted on the Collateral in reliance on this <u>clause (s)</u> shall be subject to an Intercreditor Agreement unless, in the case of any Lien granted to secure Indebtedness incurred in reliance on <u>Section 6.01(w)</u>, the holders of such Indebtedness and the Collateral Agent have not requested or required an intercreditor arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens on assets securing Indebtedness or other obligations in an aggregate principal amount at any time outstanding not to exceed the greater of $369,000,000 and 75% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, subject, in the case of any Lien on the Collateral, at the request of the relevant lender, to an Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (i) Liens on assets securing judgments, awards, attachments and/or decrees and notices of *lis pendens* and associated rights relating to litigation being contested in good faith not constituting an Event of Default under <u>Section 7.01(h)</u> and (ii) any pledge and/or deposit securing any settlement of litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) (i) leases, licenses, subleases or sublicenses in the ordinary course of business which do not secure any Indebtedness and (ii) ground leases in respect of real property on which facilities owned or leased by Intermediate Dutch Holdings or any of its subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Liens on Securities that are the subject of repurchase agreements constituting Investments permitted under <u>Section 6.06</u> arising out of such repurchase transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens securing obligations in respect letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments permitted under <u>Sections 6.01(d)</u>, <u>(e)</u>, <u>(g)</u>, <u>(aa)</u> and <u>(cc)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Liens arising (i) out of conditional sale, title retention, consignment or similar arrangements for the sale of any asset in the ordinary course of business and permitted by this Agreement or (ii) by operation of law under Article 2 of the UCC (or similar Requirement of Law under any jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Liens (i) in favor of any Loan Party and/or (ii) granted by any non-Loan Party in favor of any Restricted Subsidiary that is not a Loan Party, in the case of <u>clauses (i)</u> and <u>(ii)</u>, securing intercompany Indebtedness permitted (or not restricted) under <u>Section 6.01</u> or <u>Section 5.16</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) (i) receipt of progress payments and advances from customers in the ordinary course of business to the extent the same creates a Lien on the related inventory and proceeds thereof and (ii) Liens on specific items of inventory or other goods and the proceeds thereof securing such Person's obligations in respect of documentary letters of credit or banker's acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens securing (i) obligations of the type described in <u>Section 6.01(f)</u> and/or (ii) obligations of the type described in <u>Section 6.01(s)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) (i) Liens on Capital Stock of (A) joint ventures securing capital contributions to, or obligations of, such Persons and/or (B) Unrestricted Subsidiaries and (ii) customary rights of first refusal and tag, drag and similar rights in joint venture agreements and agreements with respect to non-Wholly-Owned Subsidiaries of Intermediate Dutch Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Liens on cash or Cash Equivalents arising in connection with the defeasance, discharge or redemption of Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens consisting of the prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Liens disclosed in any title insurance policy (or commitment) or survey delivered to the US Collateral Agent with respect to any Material Real Estate Asset and any replacement, extension or renewal thereof; <u>provided</u> that no such replacement, extension or renewal Lien shall cover any property other than the property that was subject to such Lien prior to such replacement, extension or renewal (and additions thereto, improvements thereon and the proceeds thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ground leases in respect of real property on which facilities owned or leased by Intermediate Dutch Holdings or any of its Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Liens consisting of (i) any reservation, limitation, proviso and/or condition, if any, expressed in any original grant from the Crown of any real property or any interest therein and/or (ii) any right of expropriation, access, or user or any other right conferred or vested by statutes of Canada or any applicable province;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Liens that do not secure Indebtedness for borrowed money and are customary in the operation of the business of Intermediate Dutch Holdings and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) Liens on specific items of inventory or other goods and the proceeds thereof securing the relevant Person's obligations in respect of documentary letters of credit or banker's acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Liens that are granted or arise (or deemed to have been granted or arise) in connection with any Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Liens arising under clause 24 or 25 of the general banking conditions of the Dutch Banking Association or similar provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) Liens that are granted or arise under any netting or set-off as a result of a fiscal unity (fiscale eenheid) for corporate income tax purposes or value added tax purposes in the Netherlands; <u>provided</u>, that all members of the fiscal unity are subsidiaries of Holdings;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Liens under the German general terms and conditions of banks and saving banks (*Allgemeine Geschäftsbedingungen der Banken und Sparkassen*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) Liens granted in order to comply with the requirements of section 8a of the German Partial Retirement Act (*Altersteilzeitgesetz*) or of section 7e of the German Social Code IV (*SGB IV*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) Liens required to be granted under mandatory law in favor of creditors as a consequence of a merger or conversion permitted under this Agreement due to sections 22, 204 German Transformation Act (*Umwandlungsgesetz – UmwG*) or a termination of a domination and/or profit and loss pooling agreement (*Beherrschungs-und/oder Ergebnisabführungsvertrag*) pursuant to section 303 German Stock Corporation Act (*Aktiengesetz – AktG*).

Notwithstanding anything to the contrary in this <u>Section 6.02</u>, if the proceeds of any Indebtedness the liens securing which are required or permitted to be subject to an Intercreditor Agreement are funded into Escrow, at the election of the Borrower Representative, either (x) the relevant Intercreditor Agreement shall not be required to be entered into or become effective until the release and/or termination of the relevant Escrow arrangement, so long as, prior to such release and/or termination, the relevant Indebtedness is secured only by a Lien on such proceeds so funded into Escrow or (y) the property subject to the applicable Escrow arrangement is not required to be subject to the relevant Intercreditor Agreement.

Section 6.03. <u>[Reserved]</u>.

Section 6.04. <u>Restricted Payments; Restricted Debt Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Intermediate Dutch Holdings shall not pay or make any Restricted Payment, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Intermediate Dutch Holdings may make, directly or indirectly, Restricted Payments to the extent necessary to permit any Parent 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;(A) to pay general administrative and operating costs and expenses (including corporate overhead, legal or similar expenses and customary salary, bonus and other benefits payable to any director, officer, employee, member of management, manager and/or consultant of any Parent Company) and franchise Taxes, and similar fees and expenses required to maintain the organizational existence or qualification to do business of such Parent Company, in each case, which are reasonable and customary and incurred in the ordinary course of business, <u>plus</u> the amount of any reasonable and customary indemnification claim made by any director, officer, member of management, manager, employee and/or consultant of any Parent Company, in each case, to the extent attributable to the ownership or operations of any Parent Company and/or its subsidiaries (but excluding, for the avoidance of doubt, the portion of any such amount, if any, that is attributable to the ownership or operations of any subsidiary of any Parent Company other than Intermediate Dutch Holdings and/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;(B) (x) for any taxable period for which US Top Borrower, US Borrower or any of their respective Restricted Subsidiaries is classified as a corporation for US federal income tax purposes and it is a member of a consolidated, combined or similar tax group for US federal, state and local income tax purposes of which a direct or indirect Parent Company of US Top Borrower and/or US Borrower is the common parent (or US Top Borrower, US Borrower or any of their respective Restricted Subsidiaries is a disregarded entity or partnership directly or indirectly owned by a member or members of such a group), distributions of US federal, state, and local income taxes solely to the extent that such income taxes are attributable to the income of US Top Borrower, US Borrower and their respective Restricted Subsidiaries and, to the extent of the amount actually received from its Unrestricted Subsidiaries, in amounts required to pay such taxes to the extent attributable to the income of such Unrestricted Subsidiaries; provided, that in each case the amount of such payments with respect to any fiscal year does not exceed the amount that US Top Borrower, US Borrower, the Restricted Subsidiaries and the Unrestricted Subsidiaries (to

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the extent described above) would have been required to pay in respect of such US federal, state and local income taxes for such fiscal year had US Top Borrower, US Borrower, the Restricted Subsidiaries and the Unrestricted Subsidiaries (to the extent described above) been a stand-alone taxpayer or stand-alone group (separate from any such direct or indirect Parent Company) for all fiscal years ending after the Closing Date (without duplication of such amounts directly paid by US Top Borrower, US Borrower, the Restricted Subsidiaries and the Unrestricted Subsidiaries) and/or (y) to pay the aggregate amount of consolidated, combined, unitary or similar group tax liabilities attributable to the income of any Parent Company and/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;(C) to pay audit and other accounting and reporting expenses of any Parent Company to the extent such expenses are attributable to such Parent Company, Intermediate Dutch Holdings and its subsidiaries (but excluding, for the avoidance of doubt, the portion of any such expenses, if any, that is attributable to the ownership or operations of any subsidiary of any Parent Company other than Intermediate Dutch Holdings and/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;(D) for the payment of any insurance premium that is payable by or attributable to any Parent Company, Intermediate Dutch Holdings and its subsidiaries and/or its subsidiaries (but excluding, for the avoidance of doubt, the portion of any such premium, if any, that is attributable to the ownership or operations of any subsidiary of any Parent Company other than Intermediate Dutch Holdings and/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;(E) to pay (1) any fee and/or expense related to any debt and/or equity offering and/or any IPO, investment or acquisition (whether or not consummated) and/or any expense of, or indemnification obligation in favor of, any trustee, agent, arranger, underwriter or similar role, and (2) Public Company Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&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 finance any Investment permitted under <u>Section 6.06</u> (other than <u>Section 6.06(t)</u>) <u>provided</u>, that (x) any Restricted Payment under this <u>clause (a)(i)(F)</u> shall be made substantially concurrently with the closing of such Investment (except with respect to any deferred purchase price or other contingent consideration, the Restricted Payments in respect of which may be made after the closing of such Investment) and (y) the relevant Parent Company shall, promptly following the closing thereof, cause (I) all property acquired to be contributed to Intermediate Dutch Holdings or one or more of its Restricted Subsidiaries, or (II) the merger, consolidation or amalgamation of the Person formed or acquired into Intermediate Dutch Holdings or one or more of its Restricted Subsidiaries, in order to consummate such Investment in compliance with the applicable requirements of <u>Section 6.06</u> as if the relevant Investment was undertaken as a direct Investment by Intermediate Dutch Holdings or the relevant Restricted 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;(G) to pay customary salary, bonus, severance and other benefits payable to current or former directors, officers, members of management, managers, employees or consultants of any Parent Company (or any Immediate Family Member of any of the foregoing) to the extent such salary, bonuses, severance and other benefits are attributable and reasonably allocated to the operations of Intermediate Dutch Holdings and/or its subsidiaries,

in each case, so long as such Parent Company applies the amount of any such Restricted Payment for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Intermediate Dutch Holdings may pay (or make Restricted Payments to allow any Parent Company) to repurchase, redeem, retire or otherwise acquire or retire for value the Capital Stock of any Parent Company or any subsidiary held by any future, present or former employee, director, member of management, officer, manager or consultant (or any Affiliate or Immediate Family Member thereof) of any Parent Company, Intermediate Dutch Holdings or any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) with Cash and Cash Equivalents (and including, to the extent constituting a Restricted Payment, amounts paid in respect of promissory notes issued to evidence any obligation to repurchase, redeem, retire or otherwise acquire or retire for value the Capital Stock of any Parent Company, Intermediate Dutch Holdings or any subsidiary held by any future, present or former employee, director, member of management, officer, manager or consultant (or any Affiliate or Immediate Family Member thereof) of any Parent Company, Intermediate Dutch Holdings or any subsidiary) in an amount not to exceed, in any Fiscal Year, the greater of $50,000,000 and 10% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, which, if not used in such Fiscal Year, shall be carried forward to 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;(B) with the proceeds of any sale or issuance of, or any capital contribution in respect of, the Capital Stock of Intermediate Dutch Holdings or any Parent Company (to the extent such proceeds are contributed in respect of Qualified Capital Stock to Intermediate Dutch Holdings or any Restricted Subsidiary); 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) with the net proceeds of any key-man life insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Intermediate Dutch Holdings may make Restricted Payments in an amount not to exceed (A) the portion, if any, of the Available Amount on such date that the Borrower Representative elects to apply to this <u>clause (iii)(A)</u> and/or (B) the portion, if any, of the Available Excluded Contribution Amount on such date that the Borrower Representative elects to apply to this <u>clause (iii)(B)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Intermediate Dutch Holdings may make Restricted 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;(A) to any Parent Company to enable such Parent Company to make Cash payments in lieu of the issuance of fractional shares in connection with any dividend, split or combination thereof in connection with any Investment permitted hereunder or the exercise or vesting of warrants, options, restricted stock units or similar incentive interests or other securities convertible into or exchangeable for Capital Stock of such Parent Company or otherwise to honor a conversion requested by a holder 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) consisting of (1) payments made or expected to be made in respect of withholding or similar Taxes payable by any future, present or former officers, directors, employees, members of management, managers or consultants of Intermediate Dutch Holdings, any subsidiary of Intermediate Dutch Holdings or Parent Company or any of their respective Immediate Family Members, (2) payments or other adjustments to outstanding Capital Stock in accordance with any management equity plan, stock option plan or any other similar employee benefit or incentive plan, agreement or arrangement in connection with any Restricted Payment and/or (3) repurchases of Capital Stock in consideration of the payments described in <u>clauses (1)</u> and/or <u>(2)</u> above, including demand repurchases, in connection with the exercise or vesting of stock options, restricted stock units or similar incentive interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Intermediate Dutch Holdings may repurchase (or make Restricted Payments to any Parent Company to enable it to repurchase) Capital Stock upon the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock if such Capital Stock represents all or a portion of the exercise price of, or tax withholdings with respect to, such warrants, options or other securities convertible into or exchangeable for Capital Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Intermediate Dutch Holdings may make Restricted Payments, the proceeds of which are applied (A) to effect the consummation of the Transactions, (B) to satisfy any payment obligation owing under the Acquisition Agreement (including payment of working capital and/or purchase price adjustments) and to pay Transaction Costs, in each case, with respect to the Transactions and (C) to direct or indirect holders of Capital Stock of Intermediate Dutch Holdings (immediately prior to giving effect to the Transactions) in connection with, or as a result of any working capital and purchase price adjustment, in each case, with respect to the Transactions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) following the consummation of the first IPO, Intermediate Dutch Holdings may (or may make Restricted Payments to any Parent Company to enable it to) make Restricted Payments in an annual amount not to exceed the greater of (A) an amount equal to 6.00% of the Net Proceeds received by or contributed to Intermediate Dutch Holdings from any IPO and (B) an amount equal to 7.00% of the Market Capitalization at the time of determinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Intermediate Dutch Holdings may make Restricted Payments to (i) redeem, repurchase, retire or otherwise acquire any (A) Capital Stock ("<u>Treasury Capital Stock</u>") of Intermediate Dutch Holdings and/or any Restricted Subsidiary or (B) Capital Stock of any Parent Company, in the case of each of <u>subclauses (A)</u> and <u>(B)</u>, in exchange for, or out of the proceeds of the substantially concurrent sale (other than to Intermediate Dutch Holdings and/or any Restricted Subsidiary) of, Qualified Capital Stock of Intermediate Dutch Holdings or any Parent Company to the extent any such proceeds are contributed to the capital of Intermediate Dutch Holdings and/or any Restricted Subsidiary in respect of Qualified Capital Stock ("<u>Refunding Capital Stock</u>") and (ii) declare and pay dividends on any Treasury Capital Stock out of the proceeds of the substantially concurrent sale (other than to Intermediate Dutch Holdings or a Restricted Subsidiary) of any Refunding Capital Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the extent constituting a Restricted Payment, Intermediate Dutch Holdings may consummate any transaction permitted by <u>Section 6.06</u> (other than <u>Sections 6.06(j)</u> and <u>(t)</u>), <u>Section 6.07</u> (other than <u>Section 6.07(g)</u>) and <u>Section 5.16</u> (other than <u>Sections 5.16(d)</u> and <u>(j)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) so long as no Event of Default under <u>Sections 7.01(a)</u>, <u>7.01(f)</u> or <u>7.01(g)</u> exists at the time of the declaration of such Restricted Payment, Intermediate Dutch Holdings may make Restricted Payments with respect to any Capital Stock in an aggregate amount not to exceed the greater of $147,600,000 and 30% 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;(xi) Intermediate Dutch Holdings may make Restricted Payments so long as (i) no Event of Default under <u>Sections 7.01(a)</u>, <u>7.01(f)</u> or <u>Section 7.01(g)</u> exists at the time of the declaration thereof and (ii) the Total Net Leverage Ratio, calculated on a Pro Forma Basis, would not exceed 2.75:1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Intermediate Dutch Holdings may declare and make dividend payments or other Restricted Payments payable solely in the Capital Stock of Intermediate Dutch Holdings or of any Parent Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Intermediate Dutch Holdings may make Restricted Payments (other than in the form of Cash and Cash Equivalents) in connection with and/or relating to any internal reorganization or restructuring activities (including related to tax planning activities or in connection with, or in preparation for, an IPO); <u>provided</u> that such activities do not result in any Capital Stock of Intermediate Dutch Holdings becoming an Excluded Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) payments or distributions to satisfy dissenters' or appraisal rights, pursuant to or in connection with a consolidation, amalgamation, merger or transfer of assets that complies with <u>Section 6.07</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Restricted Payments necessary or advisable in connection with the consummation of any IPO Reorganization Transaction shall be permitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Intermediate Dutch Holdings may make Restricted Payments consisting of the dividend or other distribution of the Capital Stock of, or Indebtedness owed to, Intermediate Dutch Holdings or a Restricted Subsidiary by, any Unrestricted Subsidiary (other than the Capital Stock of any Unrestricted Subsidiary, the primary assets of which are Cash and Cash Equivalents which were contributed to such unrestricted subsidiary); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) in the event that Intermediate Dutch Holdings or any of its subsidiaries consummates a Specified Permitted Disposition, Intermediate Dutch Holdings may make Restricted Payments using the SPD Proceeds thereof, so long as Intermediate Dutch Holdings is in compliance on a Pro Forma Basis with the SPD Leverage Test.

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It is understood and agreed that, for purposes of this <u>Section 6.04(a)</u>, (i) any determination of the value of any asset other than Cash shall be made by the Borrower Representative in good faith and (ii) the amount of Restricted Payments available to be made at any time pursuant to any provision of this <u>Section 6.04(a)</u> that is expressly referenced in the definition of "Available RP Capacity Amount" shall be reduced by the amount of any Restricted Payment basket that is actually applied in reliance on the Available RP Capacity Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Intermediate Dutch Holdings shall not, nor shall it permit any Restricted Subsidiary to make any payment in Cash in respect of principal outstanding under any Restricted Debt, including any sinking fund or similar deposit, on account of the voluntary prepayment, repurchase, purchase, redemption, retirement, acquisition, cancellation or termination of any Restricted Debt, in each case, more than one year prior to the scheduled maturity date thereof (collectively, "<u>Restricted Debt Payments</u>"), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any purchase, defeasance, redemption, repurchase, repayment or other acquisition or retirement thereof made by exchange for, or out of the proceeds of, Indebtedness permitted by <u>Section 6.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as part of an applicable high yield discount obligation catch-up payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) payments of regularly scheduled principal or regularly scheduled interest (including any penalty interest, if applicable) and payments of fees, expenses and indemnification obligations as and when due (other than payments that are prohibited by the subordination provisions thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Restricted Debt Payments in an aggregate amount not to exceed (A) the greater of $196,800,000 and 40% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, <u>plus</u> (B) at the election of the Borrower Representative, the amount of Restricted Payments then permitted to be made by Intermediate Dutch Holdings in reliance on <u>Section 6.04(a)(x)</u> (it being understood that any amount utilized under this <u>clause (B)</u> to make a Restricted Debt Payment shall result in a reduction in the amount available under <u>Section 6.04(a)(x)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (A) Restricted Debt Payments in exchange for, or with proceeds of any issuance of, Capital Stock of any Parent Company or Qualified Capital Stock of Intermediate Dutch Holdings and/or any capital contribution in respect of Qualified Capital Stock of Intermediate Dutch Holdings, (B) Restricted Debt Payments as a result of the conversion of all or any portion of any Restricted Debt into Qualified Capital Stock of Intermediate Dutch Holdings or the Capital Stock of any Parent Company and (C) to the extent constituting a Restricted Debt Payment, payment-in-kind interest with respect to any Restricted Debt that is permitted under <u>Section 6.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Restricted Debt Payments in an aggregate amount not to exceed (A) the portion, if any, of the Available Amount on such date that the Borrower Representative elects to apply to this <u>clause (vi)(A)</u> and/or (B) the portion, if any, of the Available Excluded Contribution Amount on such date that the Borrower Representative elects to apply to this <u>clause (vi)(B)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Restricted Debt Payments in an unlimited amount; <u>provided</u>, that after giving effect thereto (A) no Event of Default under <u>Sections 7.01(a)</u>, <u>7.01(f)</u>, or <u>7.01(g)</u> exists and (B) the Total Net Leverage Ratio, calculated on a Pro Forma Basis, would not exceed 2.75:1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) mandatory prepayments of Restricted Debt (and related payments of interest) made with Declined Proceeds (it being understood that any Declined Proceeds applied to make Restricted Debt Payments in reliance on this <u>Section 6.04(b)(viii)</u> shall not increase the amount available under <u>clause (a)(ix)</u> of the definition of "Available Amount" to the extent so applied);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Restricted Debt Payments in an aggregate amount not to exceed amount of Restricted Payments then permitted to be made in reliance on <u>Sections 6.04(a)(ii)</u> and/or <u>Section 6.04(a)(vii)</u> (it being understood that any amount utilized under this <u>clause (ix)</u> to make a Restricted Debt Payment shall result in a reduction in the amount available under <u>Section 6.04(a)(ii)</u> and/or <u>Section 6.04(a)(vii)</u>, as applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) in the event that Intermediate Dutch Holdings or any of its subsidiaries consummates a Specified Permitted Disposition, Restricted Debt Payments using the SPD Proceeds thereof, so long as Intermediate Dutch Holdings is in compliance on a Pro Forma Basis with the SPD Leverage Test.

Section 6.05. <u>Burdensome Agreements</u>. Except as provided herein or in any other Loan Document, Ancillary Document and/or in any agreement with respect to any refinancing, renewal or replacement of such Indebtedness that is permitted by <u>Section 6.01</u>, Intermediate Dutch Holdings shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into or cause to exist any agreement (any such agreement, a "<u>Burdensome Agreement</u>") restricting the ability of (x) any Restricted Subsidiary of Intermediate Dutch Holdings that is not a Loan Party to pay dividends or other distributions to Intermediate Dutch Holdings or any Loan Party or (y) any Loan Party to create, permit or grant a Lien on any of its properties or assets to secure the Secured Obligations (after giving effect to the applicable anti-assignment provisions of the UCC and/or any other applicable Requirement of Law), except restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) set forth in any agreement governing (i) Indebtedness of a Restricted Subsidiary that is not a Loan Party permitted by <u>Section 6.01</u>, (ii) Indebtedness permitted by <u>Section 6.01</u> that is secured by a Permitted Lien if the relevant restriction applies only to the Person obligated under such Indebtedness and its Restricted Subsidiaries or the assets intended to secure such Indebtedness and (iii) Indebtedness permitted pursuant to <u>clauses (j)</u>, <u>(m)</u>, <u>(p)</u> (as it relates to Indebtedness in respect of <u>clauses (a)</u>, <u>(m)</u>, <u>(r)</u>, <u>(u)</u>, <u>(w)</u>, <u>(x)</u>, <u>(y)</u>, <u>(z)</u>, <u>(hh)</u> and/or <u>(ii)</u> of <u>Section 6.01</u>), <u>(r)</u>, <u>(u)</u>, <u>(w)</u>, <u>(x)</u>, <u>(y)</u>, <u>(z)</u>, <u>(hh)</u> and/or <u>(ii)</u> of <u>Section 6.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) arising under customary provisions restricting assignments, subletting or other transfers (including the granting of any Lien) contained in leases, subleases, licenses, sublicenses, joint venture agreements and other agreements entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that are assumed in connection with any acquisition of property or the Capital Stock of any Person, so long as the relevant encumbrance or restriction relates solely to the Person and its subsidiaries (including the Capital Stock of the relevant Person or Persons) and/or property so acquired and was not created in connection with or in anticipation of such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) set forth in any agreement for any Disposition of any Restricted Subsidiary (or all or substantially all of the assets thereof) that restricts the payment of dividends or other distributions or the making of cash loans or advances by such Restricted Subsidiary pending such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) set forth in provisions in agreements or instruments which prohibit the payment of dividends or the making of other distributions with respect to any class of Capital Stock of a Person other than on a pro rata basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) imposed by customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements and other similar agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) on Cash, other deposits or net worth or similar restrictions imposed by any Person under any contract entered into in the ordinary course of business or for whose benefit such Cash, other deposits or net worth or similar restrictions exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) set forth in documents which exist on the Closing Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) arising pursuant to an agreement or instrument relating to any Indebtedness permitted to be incurred after the Closing Date if the relevant restrictions, taken as a whole, are not materially less favorable to the Lenders than the restrictions contained in this Agreement, taken as a whole (as determined in good faith by the Borrower Representative);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) arising under or as a result of applicable Requirements of Law or the terms of any license, authorization, concession or permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) arising in any Hedge Agreement, any agreement or arrangement relating to any Banking Services and/or any other obligation of the type permitted under <u>Section 6.01(f)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) relating to any asset (or all of the assets) of and/or the Capital Stock of Intermediate Dutch Holdings and/or any Restricted Subsidiary which is imposed pursuant to an agreement entered into in connection with any Disposition of such asset (or assets) and/or all or a portion of the Capital Stock of the relevant Person that is permitted or not restricted by this Agreement or that would result in the occurrence of the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) set forth in any agreement relating to any Permitted Lien that limit the right of Intermediate Dutch Holdings or any Restricted Subsidiary to Dispose of or encumber the assets subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) customary subordination and/or subrogation provisions set forth in guaranty or similar documentation (not relating to Indebtedness for borrowed money) that is entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any restriction created in connection with any factoring program implemented in the ordinary course of business, so long as in the case of any prohibition on Liens, the relevant restriction relates solely to assets subject to such factoring program and the Capital Stock of any Person participating in such factoring program; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of any contract, instrument or obligation referred to in <u>clauses (a)</u> through <u>(p)</u> above; <u>provided</u>, that no such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in the good faith judgment of the Borrower Representative, more restrictive with respect to such restrictions, taken as a whole, than those in existence prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

Section 6.06. <u>Investments</u>. Intermediate Dutch Holdings shall not, nor shall it permit any of its Restricted Subsidiaries to, make or own any Investment in any other Person except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Cash or Investments that were Cash Equivalents at the time made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Investments existing on the Closing Date in Intermediate Dutch Holdings or in any subsidiary and (ii) Investments made after the Closing Date by, between and/or among Intermediate Dutch Holdings and/or one or more Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments (i) constituting deposits, prepayments, trade credit and/or other credits to suppliers, (ii) made in connection with obtaining, maintaining or renewing client and customer contracts and/or (iii) in the form of advances made to distributors, suppliers, licensors and licensees, in each case, in the ordinary course of business or, in the case of <u>clause (iii)</u>, to the extent necessary to maintain the ordinary course of supplies to Intermediate Dutch Holdings or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) Investments in joint ventures in an aggregate outstanding amount not to exceed the greater of $246,000,000 and 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period and (ii) Investments in Unrestricted Subsidiaries in an aggregate outstanding amount not to exceed the greater of $246,000,000 and 50% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Permitted Acquisitions and (ii) any Investment in any Restricted Subsidiary that is not a Loan Party in an amount required to permit such Restricted Subsidiary to directly, or indirectly through one or more other Restricted Subsidiaries, consummate a Permitted Acquisition, which amount is applied, by such Restricted Subsidiary, directly or indirectly, through one or more other Restricted Subsidiaries to consummate such Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments (i) existing on, or contractually committed to or contemplated as of, the Closing Date; <u>provided</u>, that, to the extent the outstanding amount (or contractually committed or contemplated amount) of any such Investment on the Closing Date exceeds $10,000,000, such Investment is described on <u>Schedule 6.06</u> and (ii) any modification, replacement, renewal or extension of any Investment described in <u>clause (i)</u> above so long as no such modification, renewal or extension increases the amount of such Investment except by the terms thereof or as otherwise permitted by this <u>Section 6.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investments received in lieu of Cash in connection with any Disposition permitted by <u>Section 6.07</u> or any other disposition of assets not constituting a Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) loans or advances to present or former employees, directors, members of management, officers, managers or consultants or independent contractors (or their respective Immediate Family Members) of any Parent Company, Intermediate Dutch Holdings, its subsidiaries and/or any joint venture to the extent permitted by Requirements of Law, in connection with such Person's purchase of Capital Stock of any Parent Company or Intermediate Dutch Holdings, either (i) in an aggregate principal amount not to exceed $1,000,000 at any one time outstanding or (ii) so long as the proceeds of such loan or advance are substantially contemporaneously contributed (or deemed to have been contributed) to Intermediate Dutch Holdings for the purchase of such Capital Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Investments consisting of (or resulting from) Indebtedness permitted under <u>Section 6.01</u> (other than Indebtedness permitted under <u>Sections 6.01(b)</u> and <u>(h)</u>), Permitted Liens, Restricted Payments permitted under <u>Section 6.04</u> (other than <u>Section 6.04(a)(ix)</u>), Restricted Debt Payments permitted by <u>Section 6.04</u> and mergers, consolidations, amalgamations, liquidations, windings up, dissolutions or Dispositions permitted by <u>Section 6.07</u> (other than <u>Section 6.07(a)</u> (if made in reliance on <u>subclause (ii)(B)</u> of the proviso thereto), <u>Section 6.07(c)(ii)</u> (if made in reliance on <u>clause (B)</u> therein) and <u>Section 6.07(g)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Investments (i) in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers and/or (ii) in the ordinary course of business and/or consistent with industry practice consisting of loans or advances made to distributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Investments (including debt obligations and Capital Stock) received (i) in connection with the bankruptcy or reorganization of any Person, (ii) in settlement of delinquent obligations of, or other disputes with, customers, suppliers and other account debtors arising in the ordinary course of business, (iii) upon foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment and/or (iv) as a result of the settlement, compromise, resolution of litigation, arbitration or other disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) loans and advances of payroll payments or other compensation (including deferred compensation) to present or former employees, directors, members of management, officers, managers or consultants of any Parent Company (to the extent such payments or other compensation relate to services provided to such Parent Company (but excluding, for the avoidance of doubt, the portion of any such amount, if any, attributable to the ownership or operations of any subsidiary of any Parent Company other than Intermediate Dutch Holdings and/or its subsidiaries)), Intermediate Dutch Holdings and/or any subsidiary in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Investments to the extent that payment therefor is made with Capital Stock of any Parent Company or Qualified Capital Stock of Intermediate Dutch Holdings or any Restricted Subsidiary, in each case, to the extent not resulting in a Change of Control; <u>provided</u>, that in connection with any such Investment, any payment (or portion thereof) not made with Capital Stock of any Parent Company or Qualified Capital Stock of Intermediate Dutch Holdings or any Restricted Subsidiary must otherwise be permitted under this <u>Section 6.06</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (i) Investments of any Restricted Subsidiary acquired after the Closing Date, or of any Person acquired by, or merged into or consolidated or amalgamated with, Intermediate Dutch Holdings or any Restricted Subsidiary after the Closing Date, in each case as part of an Investment otherwise permitted by this <u>Section 6.06</u> to the extent that such acquired 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 the relevant acquisition, merger, amalgamation or consolidation and (ii) any modification, replacement, renewal or extension of any Investment permitted under <u>clause (i)</u> of this <u>Section 6.06(o)</u> so long as no such modification, replacement, renewal or extension thereof increases the original amount of such Investment, except as otherwise permitted by this <u>Section 6.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investments made in connection with the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Investments made after the Closing Date by Intermediate Dutch Holdings and/or any of its Restricted Subsidiaries in an aggregate amount at any time outstanding not to exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) the greater of $369,000,000 and 75% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, <u>plus</u> (B) at the election of the Borrower Representative, the amount of Restricted Payments then permitted to be made by Intermediate Dutch Holdings in reliance on <u>Section 6.04(a)(x)</u> (it being understood that any amount utilized under this <u>clause (B)</u> to make an Investment shall result in a reduction in the amount available under <u>Section 6.04(a)(x)</u>), plus (C) at the election of the Borrower Representative, the amount of Restricted Debt Payments then permitted to be made by Intermediate Dutch Holdings or any Restricted Subsidiary in reliance on <u>Section 6.04(b)(iv)(A)</u> (it being understood that any amount utilized under this <u>clause (C)</u> to make an Investment shall result in a reduction in the amount available under <u>Section 6.04(b)(iv)(A)</u>), plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event that (A) Intermediate Dutch Holdings or any of its Restricted Subsidiaries makes any Investment after the Closing Date in any Person that is not a Restricted Subsidiary and (B) such Person subsequently becomes a Restricted Subsidiary, an amount equal to 100% of the fair market value of such Investment as of the date on which such Person becomes a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Investments made after the Closing Date by Intermediate Dutch Holdings and/or any of its Restricted Subsidiaries in an aggregate outstanding amount not to exceed (i) the portion, if any, of the Available Amount on such date that the Borrower Representative elects to apply to this <u>clause (r)(i)</u> and/or (ii) the portion, if any, of the Available Excluded Contribution Amount on such date that the Borrower Representative elects to apply to this <u>clause (r)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) (i) Guarantees of leases (other than Capital Leases) or of other obligations not constituting Indebtedness and (ii) Guarantees of the lease obligations of suppliers, customers, franchisees and licensees of Intermediate Dutch Holdings and/or its Restricted Subsidiaries, in each case, in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Investments in any Parent Company in amounts and for purposes for which Restricted Payments to such Parent Company are permitted under <u>Section 6.04(a)</u> (other than <u>Section 6.04(a)(i)(F)</u>); <u>provided</u> that any Investment made as provided above in lieu of any such Restricted Payment shall reduce availability under the applicable Restricted Payment basket under <u>Section 6.04(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Investments in Similar Businesses in an aggregate outstanding amount not to exceed the greater of $246,000,000 and 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;(v) Investments in Intermediate Dutch Holdings and/or any subsidiary in connection with internal reorganizations and/or restructurings and/or activities related to tax planning; <u>provided</u>, that, after giving effect to any such reorganization, restructuring or activity, in the good faith determination of the Borrower Representative, neither the Loan Guaranty, taken as a whole, nor the security interest of the Collateral Agents in the Collateral, taken as a whole, is materially impaired;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Investments under Derivative Transactions of the type permitted under <u>Section 6.01(s)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Investments in Immaterial Subsidiaries, so long as, on a Pro Forma Basis, the subsidiary in which the relevant Investment was made remains an Immaterial Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Investments made in joint ventures as required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture agreements and similar binding arrangements entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Investments made in connection with any nonqualified deferred compensation plan or arrangement for any present or former employee, director, member of management, officer, manager or consultant or independent contractor (or any Immediate Family Member thereof) of any Parent Company, Intermediate Dutch Holdings, its subsidiaries and/or any joint venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Investments in Intermediate Dutch Holdings, any Restricted Subsidiary and/or joint venture in connection with intercompany cash management arrangements and related activities in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Investments so long as, after giving effect thereto on a Pro Forma Basis, the Total Net Leverage Ratio does not exceed the greater of (i) 3.50:1.00 and (ii) the Total Net Leverage Ratio as of the end of the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) any Investment made by any Unrestricted Subsidiary prior to the date on which such Unrestricted Subsidiary is designated as a Restricted Subsidiary so long as the relevant Investment was not made in contemplation of the designation of such Unrestricted Subsidiary as a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Investments consisting of the licensing, sublicensing or contribution of IP Rights, including pursuant to joint marketing, collaboration or joint development arrangements with other Persons in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) any loan and/or advance to any Parent Company not in excess of the amount (after giving effect to any other loan, advance or Restricted Payment in respect thereof) of Restricted Payments that are permitted to be made to such Parent Company in accordance with <u>Section 6.04(a)(i)</u>, such Investment being treated for purposes of the applicable provision of <u>Section 6.04(a)</u>, including any limitation, as a Restricted Payment made pursuant to such clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Investments in an aggregate outstanding amount not to exceed the amount of Restricted Payments then permitted to be made in reliance on <u>Sections 6.04(a)(ii)</u> and/or <u>Section 6.04(a)(viii)</u> (it being understood that any amount utilized under this <u>clause (ff)</u> to make an Investment shall result in a reduction in the amount available under <u>Section 6.04(a)(ii)</u> and/or <u>Section 6.04(a)(vii)</u>, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Investments (i) in connection with any Receivables Facility and/or (ii) necessary to permit the payment of fees, expenses and/or indemnification obligations and/or the satisfaction of any repurchase obligation in connection with any Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Investments made in connection with any IPO Reorganization Transaction; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) any contribution to a "rabbi" trust for the benefit of any employee, director, consultant,
independent contractor or other service provider or any other grantor trust.

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Notwithstanding the foregoing, it is understood and agreed that this <u>Section 6.06</u> shall not permit an IP Separation and Relicense Transaction.

Section 6.07. <u>Fundamental Changes; Disposition of Assets</u>. Intermediate Dutch Holdings shall not, nor shall it permit any of its Restricted Subsidiaries to, merge, consolidate, amalgamate, or liquidate, wind up or dissolve themselves (or suffer any liquidation or dissolution), or make any voluntary Disposition of assets outside the ordinary course of business having a fair market value in excess of $20,000,000 in any single transaction or series of related transactions (including, in each case, pursuant to a Delaware LLC Division), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Intermediate Dutch Holdings or any Restricted Subsidiary may be merged, consolidated or amalgamated with or into Intermediate Dutch Holdings or any Restricted Subsidiary or, if applicable, effect a Delaware LLC Division; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of any such merger, consolidation or amalgamation with or into any Borrower or any Delaware LLC Division relating to any Borrower, (A) a Borrower shall be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger, consolidation, amalgamation or Delaware LLC Division is not such Borrower (any such Person, the "<u>Successor Borrower</u>"), (1) the Successor Borrower shall be an entity organized or existing under the laws of the US, any state thereof or the District of Columbia, the Netherlands or another Successor Borrower Approved Jurisdiction, (2) the Successor Borrower shall expressly assume the Obligations of such Borrower in a manner reasonably satisfactory to the Administrative Agent and (3) except as the Administrative Agent may otherwise agree, each Guarantor, unless it is the other party to such merger, consolidation or amalgamation, shall have executed and delivered a reaffirmation agreement with respect to its obligations under the applicable Loan Guaranty and the other Loan Documents; it being understood and agreed that if the foregoing conditions under <u>clauses (1)</u> through (3) are satisfied, the Successor Borrower will succeed to, and be substituted for, the applicable Borrower under this Agreement and the other Loan Documents; <u>provided</u> that, after giving effect to any such reorganization, restructuring or activity resulting in a Successor Borrower, in the good faith determination of the Borrower Representative, neither Guarantee, taken as a whole, nor the security interest of the Collateral Agents in the Collateral, taken as a whole, is materially impaired, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any such merger, consolidation, amalgamation or Delaware LLC Division with or into any Subsidiary Guarantor, either (A) a Borrower or a Subsidiary Guarantor shall be the continuing or surviving Person or the continuing or surviving Person (or, in the case of an amalgamation, the Person formed as a result thereof) shall expressly assume the obligations of such Subsidiary Guarantor in a manner reasonably satisfactory to the Administrative Agent or (B) the relevant transaction shall be treated as an Investment and shall comply with <u>Section 6.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dispositions (including of Capital Stock) among Intermediate Dutch Holdings and/or any Restricted Subsidiary (upon voluntary liquidation or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) the liquidation, dissolution or Delaware LLC Division of any Restricted Subsidiary if the Borrower Representative determines in good faith that (A) such liquidation, dissolution or Delaware LLC Division is in the best interests of the Borrower Representative and (B) is not materially disadvantageous to the Lenders (taken as a whole) and (ii) Intermediate Dutch Holdings or any Restricted Subsidiary receives the assets (if any) of the relevant liquidated, dissolved or divided Restricted Subsidiary; <u>provided</u> that in the case of any liquidation, dissolution or Delaware LLC Division of any Loan Party that results in a distribution of assets to any Restricted Subsidiary that is not a Loan Party, such distribution shall be treated as an Investment and shall comply with <u>Section 6.06</u> (other than in reliance on <u>clause (j)</u> thereof); (ii) any merger, amalgamation, dissolution, liquidation, consolidation or Delaware LLC Division, the purpose of which is to effect (A) any Disposition otherwise permitted under this <u>Section 6.07</u> (other than <u>clause (a)</u>, <u>clause (b)</u> or this <u>clause (c)</u>) or (B) any Investment permitted under <u>Section 6.06</u> (other than <u>Section 6.06(j)</u>); and (iii) the conversion of Intermediate Dutch Holdings or any Restricted Subsidiary into another form of entity, so long as such conversion does not, in the good faith determination of the Borrower Representative, adversely affect the value of any Loan Guaranty or the Collateral, if any;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) Dispositions of inventory or equipment or immaterial assets in the ordinary course of business (including on an intercompany basis) and (ii) the leasing or subleasing of real property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dispositions of surplus, obsolete, used or worn out property or other property that, in the good faith judgment of the Borrower Representative, is (A) no longer useful in its business (or in the business of any Restricted Subsidiary of Intermediate Dutch Holdings) or (B) otherwise economically impracticable to maintain, including any property abandoned in connection with the termination of any lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Dispositions of Cash and/or Cash Equivalents and/or other assets that were Cash Equivalents when the relevant original Investment was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dispositions, mergers, amalgamations, consolidations or conveyances that constitute (i) Investments permitted pursuant to <u>Section 6.06</u> (other than <u>Section 6.06(j)</u>), (ii) Permitted Liens and (iii) Restricted Payments permitted by <u>Section 6.04(a)</u> (other than <u>Section 6.04(a)(ix)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Dispositions for fair market value; <u>provided</u>, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any such Disposition (other than any Permitted Asset Swap) with a purchase price in excess of the greater of $75,000,000 and 15% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period, at least 75% of the consideration for such Disposition (other than the portion of any such Disposition consisting of a Permitted Asset Swap) shall consist of Cash or Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for purposes of the 75% Cash consideration requirement described immediately 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;(A) the amount of any Indebtedness or other liabilities (other than Indebtedness or other liabilities that are subordinated to the Obligations or that are owed to Intermediate Dutch Holdings or any Restricted Subsidiary) of Intermediate Dutch Holdings or any Restricted Subsidiary (as shown on such Person's most recent balance sheet or statement of financial position (or in the notes thereto)) that are assumed by the transferee of any such assets (or that are otherwise terminated or cancelled in connection with the transaction with such transferee) and for which Intermediate Dutch Holdings and/or its applicable Restricted Subsidiary have been validly released by all relevant creditors in writing,

&nbsp;&nbsp;&nbsp;&nbsp;&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 amount of any trade-in value applied to the purchase price of any replacement assets acquired in connection with such Disposition,

&nbsp;&nbsp;&nbsp;&nbsp;&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 Security received by Intermediate Dutch Holdings or any Restricted Subsidiary from such transferee that will be converted by such Person into Cash or Cash Equivalents (to the extent of the Cash or Cash Equivalents received) within 180 days following the closing of the applicable Disposition, 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;(D) any Designated Non-Cash Consideration received in respect of such Disposition having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this <u>clause (D)</u> that is at that time outstanding, not in excess of the greater of $147,600,000 and 30% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period,

in each case, shall be deemed to be Cash; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Net Proceeds of such Disposition shall be applied and/or reinvested as (and to the extent) required by <u>Section 2.11(b)(ii)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent that (i) the relevant property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of the relevant Disposition are promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to, buy/sell arrangements between joint venture or similar parties set forth in the relevant joint venture arrangements and/or similar binding arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Dispositions, discounting or forgiveness of notes receivable or accounts receivable in the ordinary course of business (including to insurers which have provided insurance as to the collection thereof) or in connection with the collection or compromise thereof (including sales to factors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Dispositions and/or terminations of leases, subleases, licenses or sublicenses (including the provision of software under any open source license), (i) the Disposition or termination of which will not materially interfere with the business of Intermediate Dutch Holdings and its Restricted Subsidiaries (taken as a whole) or (ii) which relate to closed facilities or the discontinuation of any product line;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (i) any termination of any lease in the ordinary course of business, (ii) any expiration of any option agreement in respect of real or personal property and (iii) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or litigation claims (including in tort) in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Dispositions of property subject to foreclosure, casualty, eminent domain or condemnation proceedings (including in lieu thereof or any similar proceeding);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Dispositions or consignments of equipment, inventory or other assets (including leasehold interests in real property) with respect to facilities that are temporarily not in use, held for sale or closed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to the extent otherwise restricted by this <u>Section 6.07</u>, the consummation of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Dispositions of non-core assets acquired in connection with any acquisition or other Investment permitted hereunder and sales of Real Estate Assets acquired in any acquisition or other Investment permitted hereunder which, within 90 days of the date of such acquisition or other Investment, are designated in writing to the Administrative Agent as being held for sale and not for the continued operation of Intermediate Dutch Holdings or any of its Restricted Subsidiaries or any of their respective businesses; <u>provided</u>, that no Event of Default under <u>Sections 7.01(a)</u>, <u>(f)</u> or <u>(g)</u> exists on the date on which the definitive agreement governing the relevant Disposition is executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) exchanges or swaps, including transactions covered by Section 1031 of the Code (or any comparable provision of any foreign jurisdiction), of assets so long as any such exchange or swap is made for fair value (as determined by the Borrower Representative in good faith) for like assets (including Related Business Assets); <u>provided</u> that upon the consummation of any such exchange or swap by any Loan Party, to the extent the assets received do not constitute an Excluded Asset, the Administrative Agent has a perfected Lien with the same priority as the Lien held on the Real Estate Assets so exchanged or swapped;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Dispositions of assets that do not constitute Collateral for fair market value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) (i) Dispositions, licensing, sublicensing and cross-licensing arrangements involving any technology, intellectual property or IP Rights of Intermediate Dutch Holdings or any Restricted Subsidiary in the ordinary course of business, and (ii) the Disposition, abandonment, cancellation or lapse of IP Rights, or any issuances or registrations, or applications for issuances or registrations, of IP Rights, which, in the good faith determination of the Borrower Representative are not material to the conduct of the business of Intermediate Dutch Holdings and its Restricted Subsidiaries, taken as a whole, or are no longer economical to maintain in light of its use;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Dispositions in connection with the termination or unwind of Derivative Transactions or Banking Services Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Dispositions of Capital Stock of, or sales of Indebtedness or other Securities of, Unrestricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Dispositions of Real Estate Assets and related assets in the ordinary course of business in connection with relocation activities for directors, officers, employees, members of management, managers or consultants of any Parent Company, Intermediate Dutch Holdings and/or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Dispositions made to comply with any order of any Governmental Authority or any applicable Requirement of Law (including as a condition to, or in connection with, the consummation of the Transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) any merger, consolidation, Disposition or conveyance the purpose of which is to reincorporate or reorganize (i) any Restricted Subsidiary in the US (or another jurisdiction in the US), in the Netherlands or in Switzerland and/or (ii) any Foreign Subsidiary in the US (or another jurisdiction in the US), in the Netherlands, in Switzerland or any other jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) any sale of motor vehicles and information technology equipment purchased at the end of an operating lease and resold thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Dispositions involving assets having a fair market value of not more than the greater of $172,200,000 and 35% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period in any Fiscal Year, which, if not used in such Fiscal Year, shall be carried forward to succeeding Fiscal Years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Dispositions in connection with reorganizations and/or restructurings and/or activities related to tax planning; <u>provided</u> that, after giving effect to any such reorganization, restructuring or activity, in the good faith determination of the Borrower Representative, no Loan Guaranty, taken as a whole, nor the security interest of the Collateral Agents in the Collateral, taken as a whole, is materially impaired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Dispositions of assets in connection with the closing or sale of an office in the ordinary course of business of Intermediate Dutch Holdings and the Restricted Subsidiaries, which consist of leasehold interests in the premises of such office, the equipment and fixtures located at such premises and the books and records relating exclusively and directly to the operations of such office; <u>provided</u>, that any such sale shall be at a commercially reasonable price and on commercially reasonable terms in a bona fide arm's-length transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) (i) Equipment Sale and Leaseback Transactions and (ii) other Sale and Lease-Back Transactions; <u>provided</u>, that in the case of this <u>clause (ii)</u>, the fair market value of all property so Disposed of after the Closing Date shall not exceed the greater of $246,000,000 and 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;(ff) any transaction in connection with any IPO Reorganization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) any Disposition of any receivable and/or any similar or related asset (and/or any participation therein) in connection with any Receivables Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) any Borrower may merge with or into any Person that is not a Restricted Subsidiary (other than Holdings) as long as (i) a Borrower is the continuing or surviving Person and (ii) the relevant transaction does not result in a Change of Control or otherwise violate the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Specified Permitted Disposition, so long as such Specified Permitted Disposition occurs on or prior to the third anniversary of the Closing Date and immediately after giving effect thereto, Intermediate Dutch Holdings is in compliance on a Pro Forma Basis with the SPD Leverage Test.

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Section 6.08. <u>Amendments of or Waivers with Respect to Restricted Debt</u>. Intermediate Dutch Holdings shall not, nor shall it permit any of its Restricted Subsidiaries to, amend or otherwise modify the subordination terms set forth in the definitive documentation governing any Restricted Debt if the effect of such amendment or modification, together with all other amendments or modifications made, is, as reasonably determined by the Borrower Representative, materially adverse to the interests of the Lenders (in their capacities as such); <u>provided</u>, that, for purposes of clarity, it is understood and agreed that the foregoing limitation shall not otherwise prohibit any Refinancing Indebtedness or any other replacement, refinancing, amendment, supplement, modification, extension, renewal, restatement or refunding of any Restricted Debt, in each case, that is otherwise permitted to be incurred under this Agreement in respect thereof.

Section 6.09. <u>Holdings</u>. At any time prior to an IPO, Holdings shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) create or suffer to exist any Lien on any asset now owned or hereafter acquired by it other than (i) the Liens created under the Collateral Documents to which it is a party, (ii) any other Lien created in connection with the Transactions, (iii) Permitted Liens on the Collateral that are secured on a *pari passu* or junior basis with the Secured Obligations, so long as such Permitted Liens secure Guarantees permitted under <u>clause (a)(ii)</u> above and the underlying Indebtedness subject to such Guarantee is permitted to be secured on the same basis pursuant to <u>Section</u> <u>6.02</u> and (iv) Liens of the type permitted under <u>Section</u> <u>6.02</u> (other than in respect of Indebtedness for borrowed money); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) consolidate or amalgamate with, or merge with or into, or convey, sell or otherwise Dispose of all or substantially all of its assets to, any Person; <u>provided</u>, that (A) Holdings may consolidate or amalgamate with, or merge with or into, any other Person (other than Intermediate Dutch Holdings and any of its subsidiaries) so long as (x) Holdings is the continuing or surviving Person or (y) if the Person formed by or surviving any such consolidation, amalgamation or merger is not Holdings (any such successor Person or acquirer referred to in <u>clause</u> <u>(B)</u> below, "<u>Successor Holdings</u>"), (i) Successor Holdings shall be an entity organized or existing under the law of the Netherlands, the US, any state thereof or the District of Columbia and (ii) Successor Holdings shall expressly assume all Obligations of Holdings under this Agreement and the other Loan Documents to which Holdings is a party pursuant to a supplement hereto and/or thereto in a form reasonably satisfactory to the Administrative Agent, (B) Holdings may otherwise convey, sell or otherwise transfer all or substantially all of its assets to any other Person (other than Intermediate Dutch Holdings and any of its subsidiaries) so long as (x) no Change of Control results therefrom, (y) Successor Holdings shall be an entity organized or existing under the law of the Netherlands, the US, any state thereof or the District of Columbia and (z) Successor Holdings shall expressly assume all of the Obligations of Holdings under this Agreement and the other Loan Documents to which Holdings is a party pursuant to a supplement hereto and/or thereto in a form reasonably satisfactory to the Administrative Agent; <u>provided</u>, <u>further</u>, that (1) if the conditions set forth in the preceding proviso are satisfied, Successor Holdings will succeed to, and be substituted for, Holdings under this Agreement and (2) it is understood and agreed that Holdings may convert into another form of entity organized or existing under the law of the Netherlands, the US, any state thereof or the District of Columbia so long as such conversion does not adversely affect the value of its Loan Guaranty or the Collateral and/or (C) Holdings may consummate any IPO Reorganization Transaction.

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Section 6.10. <u>Financial Covenant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>First Lien Net Leverage Ratio</u>. On the last day of any Test Period (commencing with the Test Period ending on the First Potential Covenant Testing Date) on which the Revolving Facility Test Condition is then satisfied (and on such date, only to the extent the Revolving Facility Test Condition is then satisfied), Intermediate Dutch Holdings shall not permit the First Lien Net Leverage Ratio to be greater than 5.40:1.00. <u>To the extent required to be tested with respect to any Test Period pursuant to the preceding sentence, compliance with this Section 6.10(a) shall be determined on the date that the Compliance Certificate for the applicable Test Period is required to be delivered pursuant to Section 6.10(a) and not prior to such date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in this Agreement (including <u>Article 7</u>), upon any failure by Intermediate Dutch Holdings to comply with <u>Section</u> <u>6.10(a)</u> above for any Test Period, Intermediate Dutch Holdings shall have the right (the "<u>Cure Right</u>") at any time during such Test Period or thereafter until the date that is 15 Business Days after the date on which financial statements for the applicable Fiscal Quarter are required to be delivered pursuant to <u>Section</u> <u>5.01(a)</u> or <u>(b)</u> <u>(the "Cure Deadline"),</u> as applicable, to issue Qualified Capital Stock or other equity (such other equity to be on terms reasonably acceptable to the Administrative Agent) for Cash or otherwise receive Cash contributions in respect of its Qualified Capital Stock or other equity (such other equity to be on terms reasonably acceptable to the Administrative Agent) (the "<u>Cure Amount</u>"), and thereupon Intermediate Dutch Holdings's<u>'</u> compliance with <u>Section</u> <u>6.10(a)</u> shall be recalculated giving effect to a pro forma increase in the amount of Consolidated Adjusted EBITDA by an amount equal to the Cure Amount (notwithstanding the absence of a related addback in the definition of "Consolidated Adjusted EBITDA") solely for the purpose of determining compliance with <u>Section</u> <u>6.10(a)</u> as of the end of such Fiscal Quarter and for applicable subsequent periods that include such Fiscal Quarter. If, after giving effect to the foregoing recalculation (but not, for the avoidance of doubt, taking into account any immediate repayment of Indebtedness in connection therewith), the requirements of <u>Section</u> <u>6.10(a)</u> would be satisfied, then the requirements of <u>Section</u> <u>6.10(a)</u> shall be deemed to have been satisfied as of the end of the relevant Fiscal Quarter (and Test Period) with the same effect as though there had been no failure to comply therewith at such date and the applicable breach or default of Section 6.15(a) that would have otherwise occurred shall be deemed cured for all purposes of this Agreement and the other Loan Documents. Notwithstanding anything herein to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in each four Fiscal Quarter period there shall be at least two Fiscal Quarters in which the Cure Right is not exercised (it being understood that, subject to <u>clause (ii</u>i<u>)</u>, the Cure Right may be exercised in consecutive Fiscal Quarters),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during the term of this Agreement, the Cure Right shall not be exercised more than five times, <u>which shall be increased by one additional cure for each Fiscal Year that</u> <u>the Initial Revolving Credit Maturity Date</u> <u>is extended beyond the Initial Revolving Credit Maturity Date as in effect on the Twelfth Amendment Effective Date,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Cure Amount shall be no greater than the amount required for the purpose of complying with <u>Section</u> <u>6.10(a)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there shall be no pro forma or other reduction of the amount of Indebtedness by the amount of any Cure Amount for purposes of determining compliance with <u>Section</u> <u>6.10(a)</u> for the Fiscal Quarter in respect of which the Cure Right was exercised (other than, with respect to any future period, to the extent of any portion of such Cure Amount that is actually applied to repay Indebtedness),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any pro forma adjustment to Consolidated Adjusted EBITDA resulting from any Cure Amount shall be disregarded for purposes of determining (A) whether any financial ratio-based condition to the availability of any carve-out set forth in <u>Article 6</u> of this Agreement has been satisfied or (B) the Applicable Rate or the Commitment Fee Rate, in each case during each Fiscal Quarter in which the pro forma adjustment applies, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no Revolving Lender or Issuing Bank shall be required to make any Revolving Loan or issue, amend or increase the face amount of any Letter of Credit from and after the date on which a Compliance Certificate is (or would be required to be) delivered pursuant to <u>Section</u> <u>5.01(c)</u> hereof demonstrating a failure to comply with <u>Section</u> <u>6.10(a)</u> for the Test Period ending on the last day of any Fiscal Quarter until the date on which Intermediate Dutch Holdings receives the relevant Cure Amount.

<u>Notwithstanding anything to the contrary contained above, for purposes of determining whether any breach of Section 6.10(a) has occurred, (x) the Borrower may, by no later than the Cure Deadline, prepay or repay or otherwise reduce the Revolving Loans such that the Revolving Facility Test Condition would no longer have been satisfied, then the requirement to comply with Section 6.10(a) will be deemed to have not been triggered for the relevant Test Period and (y) if Section 6.10(a) is satisfied as of the end of a subsequent Test Period and the Revolving Credit Commitments and Revolving Loans have not then been accelerated, any previous non-compliance with Section 6.10(a) will be deemed to have been automatically cured.</u>

Section 6.11. <u>[Reserved]</u>.

Section 6.12. <u>Eighth Amendment Extending Revolving Facility Covenants</u>. From immediately after the Eighth Amendment Effective Date and until the repayment in full of the aggregate principal amount of the Eighth Amendment Extending Revolving Loans and the termination of the Eighth Amendment Extending Revolving Commitments, Intermediate Dutch Holdings shall not, nor shall it permit any of its Restricted Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) incur any additional Indebtedness in reliance on the Reallocated General Debt Basket Incremental Component of the Unrestricted Incremental Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) incur any additional Liens in reliance on <u>Section 6.02(u)</u> unless the aggregate outstanding principal amount of Indebtedness and other obligations secured thereby does not exceed the greater of $230,000,000 and 25% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) incur any additional Liens in reliance on <u>Section 6.02(mm)</u> on accounts receivable owed by Persons formed outside of Europe in connection with a Receivables Facility the lenders with respect to which have full recourse to the Borrower and its Restricted Subsidiaries (other than any Receivables Subsidiary) unless the aggregate outstanding amount of such receivables pledged in connection therewith does not at any time exceed the greater of $230,000,000 and 25% of Consolidated Adjusted EBITDA as of the last day of the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make any (i) Investment in reliance on <u>Section 6.06</u> or (ii) Disposition in reliance on Section 6.07, in either case, that would constitute an IP Separation Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) request the release of any Subsidiary Guarantor from its obligations under its Loan Guaranty in reliance on <u>Section 8.09(b)</u> and/or <u>9.22</u> if such Subsidiary Guarantor ceases to constitute a Wholly-Owned Subsidiary of Intermediate Dutch Holdings solely as a result of a Disposition of a de minimis amount of Capital Stock of such Subsidiary Guarantor (as determined by the Borrower Representative in good faith) to an Affiliate of the Borrowers.

This <u>Section 6.12</u> shall not apply to any transaction consummated on or prior to the Eighth Amendment Effective Date, including the incurrence of any previous Incremental Facility and the transactions in connection therewith.

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ARTICLE 7

EVENTS OF DEFAULT

Section 7.01. <u>Events of Default</u>. If any of the following events (each, an "<u>Event of Default</u>") shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Failure To Make Payments When Due</u>. Failure by any Borrower to pay (i) any installment of principal of any Loan when due, whether at stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise; or (ii) any interest on any Loan or any fee or any other amount due hereunder within five Business Days after the date due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Default in Other Agreements</u>. (i) Failure by any Loan Party to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness for borrowed money of such Loan Party (other than (x) Indebtedness referred to in <u>clause (a)</u> above and (y) intercompany Indebtedness) with an individual outstanding principal amount exceeding $100,000,000, in each case beyond the grace period, if any, provided therefor or (ii) breach or default by any Loan Party with respect to any other term of (A) one or more items of third-party Indebtedness for borrowed money of such Loan Party (other than (x) Indebtedness referred to in <u>clause (a)</u> above and (y) intercompany Indebtedness) with an individual outstanding principal amount exceeding $100,000,000 or (B) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness (other than, for the avoidance of doubt, with respect to Indebtedness consisting of Hedging Obligations, termination events or equivalent events pursuant to the terms of the relevant Hedge Agreement which are not the result of any default thereunder by any Loan Party or any Restricted Subsidiary), in each case beyond the 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 such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause (with the giving of notice, if required) such Indebtedness to become or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; <u>provided</u> that (I) <u>clause (ii)</u> of this <u>paragraph (b)</u> shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property securing such Indebtedness if such sale or transfer is permitted hereunder, (II) any failure described under <u>clauses (i)</u> or <u>(ii)</u> above is unremedied and is not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans pursuant to this <u>Article 7</u>, (III) with respect to any default, event or condition referred to in <u>clauses (i)</u> or <u>(ii)</u> above resulting from the breach of any financial covenant under any revolving or asset-based facility (or any refinancing or replacement thereof), such default, event or condition shall only constitute an Event of Default if such default, event or condition results in the demand by the holders of such Indebtedness of repayment thereof and the acceleration of such Indebtedness (and the termination of the commitments thereunder), which demand and acceleration have not been rescinded and (IV) it is understood and agreed that the occurrence of any event described in this <u>clause (b)</u> that would, prior to the expiration of any applicable grace period, permit the holder or holders of the relevant Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause (with the giving of notice, if required) such Indebtedness to become or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be, will not result in a Default or Event of Default under this Agreement prior to the expiration of such grace period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Breach of Certain Covenants</u>. Failure of any Loan Party, as required by the relevant provision, to perform or comply with <u>Section</u> <u>5.01(e)(i)</u> (<u>provided</u> that any Event of Default arising from a failure to deliver any notice of Default or Event of Default shall automatically be deemed cured (and no longer be continuing) immediately upon the earlier to occur of (x) the delivery of notice of the relevant Default or Event of Default and (y) the cessation of the existence of the underlying Default or Event of Default (unless, in the case of this <u>clause (y)</u>, a Responsible Officer of the Borrower Representative had knowledge of the underlying Default or Event of Default prior to such cessation and failed to deliver any such notice of Default or Event of Default), <u>Section</u> <u>5.02</u> (as it applies to the preservation of the existence of the Borrowers), or <u>Article 6</u>; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notwithstanding this <u>clause (c)</u>, neither (A) a breach or default by any Loan Party under <u>Section</u> <u>6.10(a)</u> nor (B) any Event of Default arising from the material inaccuracy of any representation or warranty made as a condition to any Credit Extension for deemed Credit Extension) will constitute an Event of Default with respect to any Term Loan unless and until the Required Revolving Lenders have

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accelerated the Revolving Loans, terminated the commitments under the Revolving Facility and demanded repayment of, or otherwise accelerated, the Indebtedness or other obligations under the Revolving Facility and have not rescinded such demand or acceleration (the "<u>Financial Covenant Standstill</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any breach of <u>Section</u> <u>6.10(a)</u> is subject to cure as provided in <u>Section</u> <u>6.10(b)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Default or Event of Default may arise under <u>Section</u> <u>6.10(a)</u> until the 15th Business Day after the date on which financial statements are required to be delivered for the relevant Fiscal Quarter under <u>Sections 5.01(a)</u> or <u>(b)</u>, as applicable (unless the Cure Right has previously been exercised for an aggregate of five times over the life of this Agreement and/or the Cure Right has previously been exercised twice in the applicable four Fiscal Quarter period), and then only to the extent the Cure Amount has not been received on or prior to such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Breach of Representations, Etc</u>. Any representation, warranty or certification made or deemed made by any Loan Party in any Loan Document or in any certificate required to be delivered in connection herewith or therewith (including, for the avoidance of doubt, any Perfection Certificate) being untrue in any material respect as of the date made or deemed made; it being understood and agreed that (i) any breach of any representation, warranty or certification resulting from the failure of the Administrative Agent to file any Uniform Commercial Code financing statement, amendment and/or continuation statement or any analogous filing under the laws of any other applicable jurisdiction or the failure of the Administrative Agent to maintain possession of any Collateral actually delivered to it shall not result in an Event of Default under this <u>Section</u> <u>7.01(d)</u> or any other provision of any Loan Document and (ii) if the relevant representation and warranty (other than any Specified Representation made on the Closing Date and/or any Specified Acquisition Agreement Representation) is capable of being cured (including by the delivery of a restated certification or calculation or restated financial statements), no Default or Event of Default may arise under this <u>Section</u> <u>7.01(d)</u> with respect to such representation and warranty unless such representation and warranty remains incorrect in any material respect for a period of 30 days following the delivery of a written notice by the Administrative Agent of the relevant inaccuracy to the Borrower Representative; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Defaults Under Loan Documents</u>. Default by any Loan Party in the performance of or compliance with any term contained herein or any of the other Loan Documents, other than any such term referred to in any other Section of this <u>Article 7</u>, which default has not been remedied or waived within 30 days after receipt by the Borrower Representative of written notice thereof from the Administrative Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Involuntary Bankruptcy; Appointment of Receiver, Etc</u>. (i) The entry by a court of competent jurisdiction of a decree or order for relief in respect of any Borrower or any Subsidiary Guarantor (other than any Immaterial Subsidiary) in an involuntary case under any Debtor Relief Law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal, state or local Requirements of Law, which relief is not stayed; or (ii) the commencement of an involuntary case against any Borrower or any Subsidiary Guarantor (other than any Immaterial Subsidiary) under any Debtor Relief Law; the entry by a court having jurisdiction in the premises of a decree or order for the appointment of a receiver, receiver and manager, (preliminary) insolvency receiver, liquidator, sequestrator, trustee, administrator, custodian or other officer having similar powers over any Borrower or any Subsidiary Guarantor (other than any Immaterial Subsidiary), or over all or a material part of its property; or the involuntary appointment of an interim receiver, trustee or other custodian of any Borrower or any Subsidiary Guarantor (other than any Immaterial Subsidiary) for all or a material part of its property, which remains, in any case under this <u>Section</u> <u>7.01(f)</u>, undismissed, unvacated, unbounded or unstayed pending appeal for 60 consecutive days; <u>provided</u> that, in relation to each relevant Loan Party that is a Foreign Subsidiary, to the extent located in a relevant jurisdiction (and any respective Restricted Subsidiary to the extent located in a relevant jurisdiction), the foregoing shall not include any negotiations and/or any action, proceedings, procedure and/or step pursuant to or in connection with the German StaRUG and/or any similar law in any other country implementing, in whole or in part, the Relevant EU Directive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Voluntary Bankruptcy; Appointment of Receiver, Etc</u>. (i) The entry against any Borrower or any Subsidiary Guarantor (other than any Immaterial Subsidiary) of an order for relief, the commencement by any Borrower or any Subsidiary Guarantor (other than any Immaterial Subsidiary) of a voluntary case under any Debtor Relief Law, or the consent by any Borrower or any Subsidiary Guarantor (other than any Immaterial Subsidiary) to the entry of an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case,

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under any Debtor Relief Law, or the consent by any Borrower or any Subsidiary Guarantor (other than any Immaterial Subsidiary) to the appointment of or taking possession by a receiver, receiver and manager, insolvency receiver, liquidator, sequestrator, trustee, administrator, custodian or other like official for or in respect of itself or for all or a material part of the property of any Borrower and any Subsidiary Guarantor (other than any Immaterial Subsidiary), taken as a whole or (ii) the making by any Borrower or any Subsidiary Guarantor (other than any Immaterial Subsidiary) of a general assignment for the benefit of creditors; <u>provided</u> that, in relation to each relevant Loan Party that is a Foreign Subsidiary to the extent located in a relevant jurisdiction (and any respective Restricted Subsidiary to the extent located in a relevant jurisdiction), the foregoing shall not include any negotiations and/or any action, proceedings, procedure and/or step pursuant to or in connection with the German StaRUG and/or any similar law in any other country implementing, in whole or in part, the Relevant EU Directive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Judgments and Attachments</u>. The entry or filing of one or more final money judgments, writs or warrants of attachment or similar process against any Loan Party individually or any of their respective assets involving in the aggregate at any time an amount in excess of the Threshold Amount (in either case, to the extent not adequately covered by indemnity from a third party by self-insurance (if applicable) or by insurance as to which, in the case of any such third party insurance, the relevant third party insurance company has been notified and not denied coverage), which judgment, writ, warrant or similar process remains unpaid, undischarged, unvacated, unbonded or unstayed pending appeal for a period of 60 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Employee Benefit Plans</u>. The occurrence of one or more ERISA Events, which individually or in the aggregate result in liability of any Loan Party in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Change of Control</u>. The occurrence of a Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Subordination</u>. The Obligations ceasing or the assertion in writing by any Loan Party that the Obligations cease to constitute senior indebtedness under the subordination provisions of any document or instrument evidencing any Restricted Debt or any such subordination provision being invalidated by a court of competent jurisdiction in a final non-appealable order, or otherwise ceasing, for any reason, to be valid, binding and enforceable obligations of the parties thereto;

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then, and in every such event (other than (x) an event with respect to any Borrower described in <u>Section</u> <u>7.01(f)</u> or <u>Section</u> <u>7.01(g)</u> or (y) any Event of Default arising under <u>Section</u> <u>7.01(c)</u> (to the extent arising from a breach of <u>Section</u> <u>6.10(a)</u>), and at any time thereafter during the continuance of such event, the Administrative Agent may (solely with the consent of the Required Lenders) and shall, upon the request of the Required Lenders, by notice to the Borrower Representative, take any of the following actions, at the same or different times: (i) terminate the Revolving Credit Commitments and/or any Ancillary Commitments, and thereupon such Commitments and/or Ancillary Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers, accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers, (iii) declare the obligations under any Ancillary Facility then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the obligations under any Ancillary Facility so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers and (iv) require that the Borrower Representative deposit in the LC Collateral Account an additional amount in Cash as reasonably requested by the Issuing Banks (not to exceed 100% of the relevant face amount) of the then outstanding LC Exposure (<u>minus</u> the amount then on deposit in the LC Collateral Account); <u>provided</u>, that (A) upon the occurrence of an event with respect to any Borrower described in <u>Section</u> <u>7.01(f)</u> or <u>Section</u> <u>7.01(g)</u>, any such Commitments and/or Ancillary Commitments to such Borrower shall automatically terminate and the principal of the Loans and the obligations under any Ancillary Facility owing to such Borrower then outstanding, together with accrued interest thereon and all fees and other obligations of such Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by such Borrower, and the obligation of the Borrower Representative to Cash collateralize the outstanding Letters of Credit as aforesaid shall automatically become effective, in each case, without further action of the Administrative Agent or any Lender and (B) during the continuance of any Event of Default arising under <u>Section</u> <u>7.01(c)</u> (to the extent resulting from a breach of <u>Section</u> <u>6.10(a)</u>), (X) solely upon the request of the Required Revolving Lenders (but not the Required Lenders or any other Lender or group of Lenders), the Administrative Agent shall, by notice to the Borrower Representative, (1) terminate the Revolving Credit Commitments, and thereupon such Revolving Credit Commitments shall terminate immediately, (2) declare the Revolving Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Revolving Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers and (3) require that the Borrower Representative deposit in the LC Collateral Account an additional amount in Cash as reasonably requested by the Issuing Banks (not to exceed 100% of the relevant face amount) of the then outstanding LC Exposure (<u>minus</u> the amount then on deposit in the LC Collateral Account) and (Y) subject to the Financial Covenant Standstill, the Administrative Agent shall, upon the request of the Required Lenders, by notice to the Borrower Representative, declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower Representative. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall, at the request of the Required Lenders, by notice to the Borrower Representative, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all remedies provided under the UCC.

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ARTICLE 8

THE AGENTS

Section 8.01. <u>Appointment and Authorization of Agents.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Lenders and the Issuing Banks, on behalf of itself and its applicable Affiliates in their respective capacities as such and as counterparties under Hedge Agreements and/or providers of Banking Services, as applicable, hereby irrevocably appoint (i) JPMorgan (or any successor appointed pursuant hereto) as Administrative Agent and authorizes the Administrative Agent to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto; (ii) JPMorgan (or any successor appointed pursuant hereto) as US Collateral Agent and authorizes the US Collateral Agent to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated to the US Collateral Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto; and (iii) Kroll Agency Services (US) LLC (or any successor appointed pursuant hereto) as Non-US Collateral Agent and authorizes the Non-US Collateral Agent to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated to the Non-US Collateral Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In relation to the Collateral Documents that are governed by Swiss law (the "<u>Swiss Collateral Documents</u>") (i) the Non-US Collateral Agent holds: (A) any security created or evidenced or expressed to be created under or pursuant to a Swiss Collateral Document by way of a security assignment (Sicherungsabtretung) or transfer for security purposes (Sicherungsübereignung) or any other non-accessory (nicht akzessorische) security, and (B) any proceeds and other benefits of such security, as fiduciary (treuhänderisch) in its own name but for the account of all relevant Secured Parties which have the benefit of such security in accordance with this Agreement and the respective Swiss Collateral Document, (ii) each present and future Secured Party hereby authorizes the Non-US Collateral Agent (A) to accept and execute as its direct representative (direkter Stellvertreter) any Swiss law pledge or any other Swiss law accessory (akzessorische) security created or evidenced or expressed to be created under or pursuant to a Swiss Collateral Document for the benefit of such Secured Party and hold, administer and, if necessary, enforce any such security for and on behalf of each relevant Secured Party which has the benefit of such security, (B) to agree as its direct representative (direkter Stellvertreter) to amendments and alterations to any Swiss Collateral Document which creates or evidences or expresses to create a pledge or any other Swiss law accessory (akzessorische) security, (C) to effect as its direct representative (direkter Stellvertreter) any release of a security created or evidenced or expressed to be created under a Swiss Collateral Document in accordance with this Agreement; and (D) to exercise as its direct representative (direkter Stellvertreter) such other rights granted to the Non-US Collateral Agent hereunder or under the relevant Swiss Collateral Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In relation to the Collateral Documents governed by the laws of Germany (the "<u>German Security Documents</u>") the following additional provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Secured Parties (other than the Non-US Collateral Agent) hereby appoints the Non-US Collateral Agent as trustee (*Treuhänder*) and administrator for the purpose of accepting and administering any Collateral granted pursuant to a German Security Document for and on behalf of the other Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Non-US Collateral Agent shall (A) hold and administer any Collateral granted pursuant to a German Security Document which is security assigned or otherwise transferred (*Sicherungseigentum/Sicherungsabtretung*) under a non-accessory security right (*nichtakzessorische Sicherheit*) to it in its own name as trustee (*treuhänderisch*) for the benefit of the Secured Parties and (B) administer any Collateral granted pursuant to a German Security Document which is pledged (*Verpfändung*) or otherwise transferred to the Non-US Collateral Agent creating or evidencing an accessory security right (*akzessorische Sicherheit*) as agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each of the Secured Parties hereby authorizes the Non-US Collateral Agent (whether or not by or through employees or agents) (A) to exercise such rights, remedies, powers and discretions as are specifically delegated to or conferred upon the Secured Parties under the German Security Documents, together with such powers and discretions as are reasonably incidental thereto; (B) to take such action on its behalf as may from time to time be authorized under or in accordance with the German Security Documents; and (C) to accept as its representative (*Stellvertreter*) any pledge or other creation of any accessory security right granted in favour of such Secured Party in connection with the German Security Documents and to agree to and execute on its behalf as its representative (*Stellvertreter*) any amendments and/or alterations to any German Security Document which creates a pledge or any other accessory security right (*akzessorische Sicherheit*) including the release or confirmation of release of such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each of the Secured Parties hereby releases the Non-US Collateral Agent from any restrictions on representing several persons and self-dealing under any applicable law, and in particular from the restrictions of Section 181 of the German Civil Code (*Bürgerliches Gesetzbuch*), to make use of any authorization granted under this Agreement and to perform its duties and obligations as Non-US Collateral Agent hereunder and under the German Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each of the Secured Parties hereby ratifies and approves all acts and declarations previously done by the Non-US Collateral Agent on such person's behalf (including for the avoidance of doubt the declarations made by the Non-US Collateral Agent as representative without power of attorney (*Vertreter ohne Vertretungsmacht*) in relation to the creation of any pledge (*Pfandrecht*) on behalf and for the benefit of the Secured Parties as future pledgee or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, for such time as any Lender is an Equitably Subordinated Lender, (i) it shall not benefit from any Collateral granted by Loan Parties and (ii) the proceeds received from the enforcement of any Collateral Document granted by the Loan Parties shall not be used for, or required to be applied towards, discharging any obligations under the Loan Documents owed to that Equitably Subordinated Lender but shall be used for, and applied towards, the obligations under the Loan Documents owed to the Lenders that are not Equitably Subordinated Lenders.

Section 8.02. <u>Rights as a Lender</u>. Any Person serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated, unless the context otherwise requires or unless such Person is in fact not a Lender, include each Person serving as an Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Loan Party or any subsidiary of any Loan Party or other Affiliate thereof as if it were not an Agent hereunder. The Lenders acknowledge that, pursuant to such activities, any Agent or its Affiliates may receive information regarding any Loan Party or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of such Loan Party or such Affiliate) and acknowledge that the Agents shall not be under any obligation to provide such information to them.

Section 8.03. <u>Exculpatory Provisions</u>. The Agents shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default exists, and the use of the term "agent" herein and in the other Loan Documents with reference to any of the Agents is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Requirements of Law; it being understood that such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Agent shall have any duty to take any discretionary action or exercise any discretionary power, except discretionary rights and powers that are expressly contemplated by the Loan Documents and which such Agent is required to exercise in writing as directed by the Required Lenders or Required Revolving Lenders (or such

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other number or percentage of the Lenders as shall be necessary under the relevant circumstances as provided in <u>Section 9.02</u>); <u>provided</u>, that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agents to liability or that is contrary to any Loan Document or applicable Requirements of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except as expressly set forth in the Loan Documents, no Agent shall have any duty or responsibility to disclose, and shall not be liable for the failure to disclose to any Lender or Issuing Bank, any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their Affiliates or relating to Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries that is communicated to or obtained by or in the possession of any Person serving as an Agent, an Arranger, a Project Grace Arranger or any of their respective Affiliates and Related Parties in any capacity, except for notices, reports and other documents expressly required to be furnished to the Lenders by such Agent herein; it being understood that no Agent shall be liable to the Lenders or any other Secured Party for any action taken or not taken by it with the consent or at the request of the Required Lenders or Required Revolving Lenders (or such other number or percentage of the Lenders as is necessary, or as such Agent believes in good faith shall be necessary, under the relevant circumstances as provided in <u>Section 9.02</u>) or in the absence of its own gross negligence or willful misconduct, as determined by the final judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Agent shall be deemed to have knowledge of any Default or Event of Default unless and until written notice thereof is given to such Agent by the Borrower Representative or any Lender and such written notice is clearly identified as a "notice of default", and such Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any covenant, agreement or other term or condition set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of any Lien on the Collateral or the existence, value or sufficiency of the Collateral or to assure that the Liens granted to the Collateral Agent pursuant to any Loan Document have been or will continue to be properly or sufficiently or lawfully created, perfected or enforced or are entitled to any particular priority, (vi) the satisfaction of any condition set forth in <u>Article 4</u> or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to any Agent or (vii) any property, book or record of any Loan Party or any Affiliate thereof.

Section 8.04. <u>Exclusive Right to Enforce Rights and Remedies</u>. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, the Borrower Representative, the Agents and each Secured Party agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the provisions of any Loan Document, including this Agreement, the Security Agreements and/or the Loan Guaranties; it being understood that any right to enforce any such provision (including to realize upon the Collateral or enforce any Loan Guaranty) against any Loan Party pursuant hereto or pursuant to any other Loan Document may be exercised solely by the Collateral Agent on behalf of the Secured Parties in accordance with the terms hereof or thereof, (ii) each Lender, each Issuing Bank, the Swingline Lender and/or each counterparty to a Hedge Agreement and/or any agreement governing any Banking Services Obligation that is a Secured Party, in each case in their respective capacities as such, waives its right to commence any action, suit or litigation against any Loan Party in connection with the Loan Documents without the consent of the Required Lenders and (iii) in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or in the event of any other Disposition (including pursuant to Section 363 of the Bankruptcy Code), (A) the Collateral Agent, as agent for and representative of the Secured Parties, shall be entitled, 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, to use and apply all or any portion of the Obligations as a credit on account of the purchase price for any Collateral payable by the Collateral Agent at such sale or other Disposition and (B) the Collateral Agent or any Lender may be the purchaser or licensor of all or any portion of such Collateral at any such Disposition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No holder of any Secured Hedging Obligation, Banking Services Obligation or Ancillary Obligation in its respective capacity as such shall have any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Secured Party agrees that the Collateral Agent may in its sole discretion, but is under no obligation to credit bid any part of the Secured Obligations or to purchase or retain or acquire any portion of the Collateral.

Section 8.05. <u>Reliance by Agents</u>. The Agents shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) that it believes to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Agents also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the applicable Issuing Bank, the Agents may presume that such condition is satisfactory to such Lender unless such Agent has received notice to the contrary from such Lender or Issuing Bank prior to the making of such Loan or the issuance of such Letter of Credit. The Agents may consult with legal counsel (who may be counsel for the Borrower Representative), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 8.06. <u>Delegation of Duties</u>. The Agents may perform any and all of its respective duties and exercise its rights and powers by or through any one or more sub-agents appointed by it, or any of its Affiliates (in each case, other than any Disqualified Institution). The Agents and any such sub-agent or Affiliate may perform any and all of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent, Affiliate and to the Related Parties of the Agents and any such sub-agent or Affiliate and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Agents.

Section 8.07. <u>Successor Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Agent may resign at any time by giving 30 days' prior written notice to the Lenders, the Issuing Banks and the Borrower Representative; <u>provided</u> that if no successor agent is appointed in accordance with the terms set forth below within such 30-day period, such Agent's resignation shall not be effective until the earlier to occur of (i) the date of the appointment of the successor agent (and acceptance thereof by such successor Agent) or (ii) the date that is specified in such notice (which shall be no earlier than 30 days after the date thereof) (or such later date as the resigning Agent may agree). If such Agent is a Defaulting Lender or an Affiliate of a Defaulting Lender, either the Required Lenders or the Borrower Representative may, upon ten days' notice, remove such Agent; <u>provided</u> that if no successor agent is appointed in accordance with the terms set forth below within such 30-day period, such Agent's removal shall, at the option of the Borrower Representative, not be effective until the earlier to occur of (A) the date of the appointment of the successor agent or (B) the last day of such 30-day period (or such later date as the Borrower Representative may agree). Upon receipt of any such notice of resignation or delivery of any such notice of removal, the Required Lenders shall have the right, with the consent of the Borrower Representative (not to be unreasonably withheld or delayed), to appoint a successor Agent which shall be a commercial bank, trust company or other Person acceptable to the Borrower Representative, in each case, with offices in the US having combined capital and surplus in excess of $1,000,000,000; <u>provided</u>, that during the existence and continuation of an Event of Default under <u>Section 7.01(a)</u> or, with respect to any Borrower, <u>Sections 7.01(f)</u> or <u>(g)</u>, no consent of the Borrower Representative shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If no successor has been appointed as provided above and accepted such appointment within thirty days after the resigning Agent gives notice of its resignation or such Agent receives notice of removal (or such later date as the resigning Agent may agree), then (i) in the case of a resignation, the resigning Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Banks, appoint a successor Agent meeting the qualifications set forth above (including, for the avoidance of doubt, the consent of the Borrower Representative) or (ii) in the case of a removal, the Borrower Representative may, after consulting with the Required Lenders, appoint a successor Agent meeting the qualifications set forth above; <u>provided</u>, that (A) in the case of a resignation, if such

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Agent notifies the Borrower Representative, the Lenders and the Issuing Banks that no qualifying Person has accepted such appointment or (B) in the case of a removal, the Borrower Representative notifies the Required Lenders that no qualifying Person has accepted such appointment, then, in each case, such resignation or removal shall nonetheless become effective in accordance with the provisos to the first two sentences in this paragraph (unless the resigning Agent has agreed in its sole discretion to extend the effectiveness of its resignation) and (1) the resigning or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by such Agent in its capacity as collateral agent for the Secured Parties for purposes of maintaining the perfection of the Lien on the Collateral securing the Secured Obligations, the resigning Agent shall continue to hold such collateral security until such time as a successor Agent is appointed) and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Agent, all payments, communications and determinations required to be made by, to or through such Agent shall instead be made by or to each Lender and each Issuing Bank directly (and each Lender and each Issuing Bank will cooperate with the Borrower Representative to enable the Borrower Representative to take such actions), until such time as the Required Lenders or the Borrower Representative, as applicable, appoint a successor Agent, as provided above in this <u>Article 8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the acceptance of its appointment as an Agent hereunder as a successor Agent, the successor Agent shall succeed to and become vested with all the rights, powers, privileges and duties of the resigning or removed Agent (other than any rights to indemnity payments owed to the resigning Agent), and the resigning or removed Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as expressly provided above in this <u>Section 8.07</u>) (other than its obligations under <u>Section 9.13</u> hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fees payable by the Borrowers to any successor Agent shall not be greater than those payable to its predecessor unless otherwise expressly agreed in writing between the Borrower Representative and such successor Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) After the Agent's resignation or removal hereunder, the provisions of this Article and <u>Section 9.03</u> shall continue in effect for the benefit of such resigning or removed Agent, its sub-agents and their respective Related Parties in respect of any action taken or omitted to be taken by any of them (i) while the relevant Person was acting as such Agent (including for this purpose holding any collateral security following the resignation or removal of a Collateral Agent) and (ii) after such resignation or removal, solely to the extent that such outgoing Agent (x) continues to act as collateral agent or otherwise holds any collateral security on behalf of the Lenders or (y) takes any actions in connection with transferring the agency to any successor Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary herein, no Disqualified Institution (nor any Affiliate thereof) may be appointed as a successor Agent.

Section 8.08. <u>Non-Reliance on Agents, the Arrangers or the Other Lenders</u>. Each of each Lender, each Issuing Bank and each Ancillary Lender represents and warrants and acknowledges that it has, independently and without reliance upon Agents, the Arrangers, the Project Grace Arrangers, the Ninth Amendment Lead Arrangers, the Eleventh Amendment Lead Arrangers<u>, the Twelfth Amendment Lead Arrangers</u> or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby and made its own decision to enter into this Agreement and extend credit to the Borrowers hereunder. Each of each Lender, each Issuing Bank and each Ancillary Lender expressly acknowledges that none of the Agents nor the Arrangers nor the Project Grace Arrangers nor the Ninth Amendment Lead Arrangers nor the Eleventh Amendment Lead Arrangers <u>nor the Twelfth Amendment Lead Arrangers</u> have made any representation or warranty to it, and that no act by any Agent, the Arrangers, the Project Grace Arrangers, the Ninth Amendment Lead Arrangers or<u>,</u> the Eleventh Amendment Lead <u>Arrangers or the Twelfth Amendment Lead</u> Arrangers hereafter taken, including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Agents, any Arranger, any Project Grace Arranger, any Ninth Amendment Lead Arranger or<u>,</u> any Eleventh <u>Amendment Lead Arranger or any Twelfth</u> Amendment Lead Arranger to any Lender or each Issuing Bank as to any matter, including whether the Agents, the Arrangers, the Project Grace Arrangers, the Ninth Amendment Lead Arrangers or<u>,</u> the Eleventh Amendment Lead <u>Arrangers or the Twelfth Amendment Lead</u>

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Arrangers have disclosed material information in their (or their Related Parties') possession. Each of each Lender, each Issuing Bank and each Ancillary Lender also acknowledges that it will, independently and without reliance upon the Agents, the Arrangers, the Project Grace Arrangers, the Ninth Amendment Lead Arrangers, the Eleventh Amendment Lead Arrangers<u>, the Twelfth Amendment Lead Arrangers</u> or any other Lender or any of their respective Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement or any document furnished hereunder or thereunder. Except for notices, reports and other documents expressly required to be furnished to the Lenders, the Issuing Banks and the Ancillary Lenders by the Agents herein, no Agent shall have any duty or responsibility to provide any Lender, any Issuing Bank or any Ancillary Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession of any Agent or any of its Related Parties.

Each Lender and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it is entering into this Agreement as a Lender or Issuing Bank for the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to such Lender or Issuing Bank, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Lender and each Issuing Bank agrees not to assert a claim in contravention of the foregoing. Each Lender and each Issuing Bank represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.

Notwithstanding anything to the contrary herein, neither the Arrangers nor the Project Grace Arrangers nor the Ninth Amendment Lead Arrangers nor the Eleventh Amendment Lead Arrangers <u>nor the Twelfth Amendment Lead Arrangers</u> shall have any right, power, obligation, liability, responsibility or duty under this Agreement, except in their respective capacities as an Agent, an Issuing Bank or a Lender hereunder, as applicable.

Section 8.09. <u>Collateral and Guarantee Matters</u>. Each Lender and each other Secured Party irrevocably authorizes and instructs the respective Collateral Agent to, and the respective Collateral Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) release (or evidence the release of) any Lien on any property granted to or held by Collateral Agent under any Loan Document (i) upon the occurrence of the Termination Date, (ii) that is sold or otherwise Disposed of (or to be sold or otherwise Disposed of) as part of or in connection with any Disposition permitted under (or not restricted by) the Loan Documents (subject to the last paragraph of <u>Section 6.07</u>), (iii) that does not constitute (or ceases to constitute) Collateral (and/or otherwise becomes an Excluded Asset), (iv) if the property subject to such Lien is owned by a Subsidiary Guarantor, upon the release of such Subsidiary Guarantor from its Loan Guaranty otherwise in accordance with the Loan Documents, (v) as required under clause (d) below, (vi) pursuant to the provisions of any applicable Loan Document or (vii) if approved, authorized or ratified in writing by the Required Lenders in accordance with <u>Section 9.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to <u>Section 9.22</u>, release (or evidence the release of) (x) any Subsidiary Guarantor from its obligations under its Loan Guaranty (i) if such Person ceases to be a Restricted Subsidiary (or is or becomes an Excluded Subsidiary as a result of a single transaction or series of related transactions not prohibited hereunder) and/or (ii) in the case of any Discretionary Guarantor, at the election of the Borrower Representative, upon notice from the Borrower Representative to the Collateral Agent at any time; <u>provided</u> that if any Subsidiary Guarantor ceases to constitute a Wholly-Owned Subsidiary of Intermediate Dutch Holdings, such Subsidiary Guarantor shall not be released from its Loan Guaranty unless (A) such Subsidiary Guarantor is no longer a direct or indirect subsidiary of any Borrower or (B) after giving pro forma effect to such release and the consummation of the relevant transaction, Intermediate Dutch Holdings is deemed to have made a new Investment in such Person (as if such Person was then newly acquired) and such Investment is not otherwise prohibited by the Loan Documents; it being understood that this proviso shall not limit the release of any Subsidiary Guarantor that otherwise constitutes an Excluded Subsidiary for any reason other than not constituting a Wholly-Owned Subsidiary of Intermediate Dutch Holdings (this proviso, the "<u>Specified Guarantor Release Provision</u>") or (y) Holdings and/or Intermediate Dutch Holdings from its obligations under the Loan Guaranty and/or any other Loan Document upon the consummation of any IPO of Holdings or Intermediate Dutch Holdings, respectively;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien on such property that is permitted by <u>Sections 6.02(d)</u>, <u>6.02(e)</u>, <u>6.02(g)(i)</u>, <u>6.02(l)</u>, <u>6.02(m)</u>, <u>6.02(n)</u>, <u>6.02(o)</u> (other than any Lien on the Capital Stock of any Subsidiary Guarantor), <u>6.02(q)</u>, <u>6.02(r)</u>, <u>6.02(s)</u> (to the extent the relevant Lien is of the type to which the Lien of the Collateral Agent is otherwise required to be subordinated under this <u>clause (c)</u> pursuant to any of the other exceptions to <u>Section 6.02</u> that are expressly included in this <u>clause (c))</u>, <u>6.02(u)</u> (to the extent the relevant Lien is of the type to which the Lien of the Collateral Agent is otherwise required to be subordinated under this <u>clause (c)</u> pursuant to any of the other exceptions to <u>Section 6.02</u> that are expressly included in this <u>clause (c)</u>), <u>6.02(x)</u>, <u>6.02(y)</u>, <u>6.02(z)(i)</u>, <u>6.02(bb)</u>, <u>6.02(cc)</u>, <u>6.02(dd)</u> (in the case of <u>clause (ii)</u> thereof, to the extent the relevant Lien covers cash collateral posted to secure the relevant obligation), <u>6.02(ee)</u>, <u>6.02(ff)</u>, <u>6.02(gg)</u>, <u>6.02(hh)</u>, <u>6.02(ii)</u>, <u>6.02(mm)</u>, <u>6.02(nn)</u> and/or <u>6.02(oo)</u> (and, in each case, any Lien securing any Refinancing Indebtedness in respect of any thereof to the extent such Refinancing Indebtedness is permitted to be secured under <u>Section 6.02(k)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter into subordination, intercreditor, collateral trust and/or similar agreements (including any Intercreditor Agreement and/or any amendment to any Intercreditor Agreement) with respect to any Indebtedness that is (i) required or permitted to be subordinated hereunder and/or (ii) secured by Liens, and with respect to which Indebtedness, this Agreement contemplates an intercreditor, subordination, collateral trust or similar agreement, with each of the Lenders and the other Secured Parties irrevocably agreeing to the treatment of the Lien on the Collateral securing the Secured Obligations as set forth in any such agreement and that it will be bound by and will take no action contrary to the provisions of any such agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) execute and/or deliver, as applicable, amendments to any UCC financing statement, any analogous filing under the laws of any other applicable jurisdiction and/or any other document evidencing the security interest granted pursuant to any Collateral Document to indicate that Excluded Assets and/or other assets that do not constitute Collateral are not subject to the security interest granted pursuant to any such Collateral Document.

Upon the request of the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent's authority to release or subordinate its interest in particular types or items of property, or to release any Loan Party from its obligations under its Loan Guaranty or its Lien on any Collateral pursuant to this <u>Article 8</u>. In each case as specified in this <u>Article 8</u>, the Collateral Agent will (and each Lender, and each Issuing Bank hereby authorizes the Collateral Agent to), without recourse or warranty (other than as to the Collateral Agent's authority to execute and deliver the same) and at the Borrower Representative's expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents, to subordinate its interest therein, or to release such Loan Party from its obligations under its Loan Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Article 8</u>; <u>provided</u>, that upon the request of the Collateral Agent, the Borrower Representative shall deliver a certificate of a Responsible Officer certifying that the relevant transaction has been consummated in compliance with the terms of this Agreement.

Notwithstanding anything to the contrary in this <u>Section 8.09</u> or in any other provision of any Loan Document, each Lender and each other Secured Party hereby authorizes the Collateral Agent to, and the Collateral Agent shall, execute and deliver any instruments, documents, consents, acknowledgments, and agreements necessary or desirable to evidence, effectuate or confirm the release of any Subsidiary Guarantor or Collateral or the subordination of any Lien pursuant to the provisions of this <u>Section 8.09</u>.

Section 8.10. <u>Intercreditor Agreements</u>. The Collateral Agent is authorized by the Lenders and each other Secured Party to enter into any Intercreditor Agreement and any other intercreditor, subordination, collateral trust or similar agreement contemplated hereby with respect to any (a) Indebtedness (i) that is (A) required or permitted hereunder to be subordinated in right of payment or with respect to security and/or (B) secured by any Lien and (ii) which contemplates an intercreditor, subordination, collateral trust or similar agreement and/or (b) Secured Hedging Obligations and/or Banking Services Obligations, whether or not constituting Indebtedness (any such other intercreditor, subordination, collateral trust and/or similar agreement an "<u>Additional Agreement</u>"), and the Secured Parties party hereto acknowledge that any Intercreditor Agreement and any other Additional Agreement is

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binding upon them. Each Lender and each other Secured Party hereto hereby (a) agrees that it will be bound by, and will not take any action contrary to, the provisions of any Intercreditor Agreement or any other Additional Agreement and (b) authorizes and instructs the Collateral Agent to enter into any Intercreditor Agreement and/or any other Additional Agreement and to subject the Liens on the Collateral securing the Secured Obligations to the provisions thereof. The foregoing provisions are intended as an inducement to the Lenders and the other Secured Parties to extend credit to the Borrowers, and the Lenders and the other Secured Parties are intended third-party beneficiaries of such provisions and the provisions of any Intercreditor Agreement and/or any other Additional Agreement.

Section 8.11. <u>Indemnification of Agents</u>. To the extent that an Agent (or any Affiliate thereof) is not reimbursed and indemnified by the Borrowers in accordance with and to the extent required by <u>Section 9.03(b)</u> hereof, the Lenders will reimburse and indemnify such Agent (and any Affiliate thereof) in proportion to their respective Applicable Percentages (determined as if there were no Defaulting Lenders) for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against or incurred by such Agent (or any Affiliate thereof) in performing its duties hereunder or under any other Loan Document or in any way relating to or arising out of this Agreement or any other Loan Document; <u>provided</u> that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent's (or such affiliate's) gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision).

Section 8.12. <u>Withholding Taxes</u>. To the extent required by any applicable Requirements of Law (as determined in good faith by the Administrative Agent), the Administrative Agent may withhold from any payment to any Lender under any Loan Document an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of <u>Section 2.17</u>, each Lender shall severally indemnify and hold harmless the Administrative Agent against, and shall make payable in respect thereof within ten days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this paragraph. The agreements in this paragraph shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. For the avoidance of doubt, the term "Lender" shall, for all purposes of this paragraph, include any Issuing Bank and the Swingline Lender.

Section 8.13. <u>Administrative Agent May File Proofs of Claim</u>. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loans shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Loan Parties) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 Secured Parties and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Secured Parties and the Administrative Agent and their respective agents and counsel and all other amounts due the Secured Parties and the Administrative Agent under <u>Sections 2.12</u> and <u>9.03</u>) allowed in such judicial proceeding; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Secured Parties, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under <u>Sections 2.12</u> and <u>9.03</u>.

Section 8.14. <u>Acknowledgement of Foreign Law Terms and Interpretive Principles</u>. It is understood and agreed that this <u>Article 8</u> is subject to <u>Section 1.16</u> in all respects.

Section 8.15. <u>Banking Services Obligations and Secured Hedging Obligations</u>. Except as otherwise expressly set forth herein or in the Loan Guaranty or any Security Document, no counterparty to a Hedge Agreement or agreement governing any Banking Services Obligation that obtains the benefits of Section 2.18(b), any Guaranty or any Collateral by virtue of the provisions hereof or of the Loan Guaranty or any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than, if applicable, in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this <u>Article 8</u> to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, any obligation arising under a Hedge Agreement or any agreement governing any Banking Services Obligation unless the Administrative Agent has received written notice of such obligation, together with such supporting documentation as the Administrative Agent may reasonably request, from the applicable counterparty to such Hedge Agreement or the agreement governing such Banking Services Obligation, as the case may be.

ARTICLE 9

MISCELLANEOUS

Section 9.01. <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to <u>paragraph (b)</u> below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by email, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to any Loan Party, to such Loan Party in the care of the Borrower Representative at:

Nielsen Consumer, Inc.

200 W Jackson Blvd.

Chicago, IL, USA 60606

Attention: Ruth Ducena

Email: [\*\*\*]

with copies to (which shall not constitute notice to any Loan Party):

Advent International Corporation

Tower 49

12 E. 49th Street

New York, New York 10017

Attention: Ken Prince

Email: [\*\*\*]

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and

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention: Paul J. Overmyer

Email: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Administrative Agent or Swingline Lender, at:

JPMorgan Chase Bank, N.A.

131 S Dearborn St, Floor 04

Chicago, IL, 60603-5506

Attention: Loan and Agency Servicing

Email: jpm.agency.cri@jpmorgan.com

*Agency Withholding Tax Inquiries*:

Email: agency.tax.reporting@jpmorgan.com

*Agency Compliance/Financials/Virtual Data rooms*:

Email: covenant.compliance@jpmchase.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if to the US Collateral Agent, at:

JPMorgan Chase Bank, N.A.

131 S Dearborn St, Floor 09

Chicago, IL, 60603-5506

Attention: Alaina Moran

Tel: [\*\*\*]

Email: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if to the Non-US Collateral Agent, at:

Non-US Collateral Agent:

Kroll Agency Services (US) LLC

55 E 52nd St. New York, NY 10055

Attention: Jay Polcari

Telephone: 212 202 5864

E-mail: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if to any Issuing Bank, such address set forth on its signature page hereto or any other such address as may be specified in the documentation pursuant to which such Issuing Bank is appointed in its capacity as such; provided that if to JPMorgan as Issuing Bank, at:

JPMorgan Chase Bank, N.A.

131 S131 S Dearborn St, Floor 04

Chicago, IL, 60603-5506

Attention: LC Agency Team

Tel: 800-364-1969

Fax: 856-294-5267

Email: chicago.lc.agency.activity.team@jpmchase.com

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With a copy to:

JPMorgan Chase Bank, N.A.

131 S Dearborn St, Floor 04

Chicago, IL, 60603-5506

Attention: Loan and Agency Servicing

Email: jpm.agency.cri@jpmorgan.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if to any Lender, to it at its physical address or email address set forth in its Administrative Questionnaire.

All such notices and other communications (A) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof or three Business Days after dispatch if sent by certified or registered mail, in each case, delivered, sent or mailed (properly addressed) to the relevant party as provided in this <u>Section 9.01</u> or in accordance with the latest unrevoked direction from such party given in accordance with this <u>Section 9.01</u> or (B) sent by facsimile shall be deemed to have been given when sent and when receipt has been confirmed by telephone; <u>provided</u> that notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, such notices or other communications shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in clause (b) below shall be effective as provided in such <u>clause (b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including e-mail and Internet or intranet websites) pursuant to procedures set forth herein or otherwise approved by the Agents. The Agents or the Borrower Representative (on behalf of any Loan Party) may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures set forth herein or otherwise approved by it; <u>provided</u>, that approval of such procedures may be limited to particular notices or communications. All such notices and other communications (i) sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement); <u>provided</u> that any such notice or communication not given during the normal business hours of the recipient shall be deemed to have been given at the opening of business on the next Business Day for the recipient or (ii) 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 <u>clause (b)(i)</u> of notification that such notice or communication is available and identifying the website address therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any party hereto may change its address or facsimile number or other notice information hereunder by notice to the other parties hereto; it being understood and agreed that the Borrower Representative may provide any such notice to the Administrative Agent as recipient on behalf of itself, the Swingline Lender, each Issuing Bank and each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower Representative hereby acknowledges that (a) the Administrative Agent will make available to the Lenders and the Issuing Bank materials and/or information provided by, or on behalf of, Holdings, Intermediate Dutch Holdings or any Borrower hereunder (collectively, the "<u>Borrower Materials</u>") by posting the Borrower Materials on the Platform and (b) certain of the Lenders may be "public-side" Lenders (*i.e.*, Lenders that do not wish to receive material nonpublic information within the meaning of the US federal securities laws with respect to Holdings, Intermediate Dutch Holdings, the Borrowers or their respective securities) (each, a "<u>Public Lender</u>"). At the reasonable request of the Administrative Agent, the Borrowers hereby agree that (i) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked "PUBLIC", (ii) by marking Borrower Materials "PUBLIC," the Borrowers shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as information of a type that would (A) customarily be made publicly available (or could be derived from publicly available information), as determined by the Borrower Representative, if such Borrower were to become a public reporting company or (B) would not be material with respect to Holdings, Intermediate Dutch Holdings, the Borrowers, their respective subsidiaries, any of their respective securities or the Transactions as determined in good faith by the Borrower Representative for purposes of the US federal securities laws and (iii) the Administrative Agent shall be required to treat Borrower Materials that are not marked "PUBLIC" as being suitable only for posting on a portion of the Platform not marked as "Public

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Investor." Notwithstanding the foregoing, the Loan Documents shall be deemed to be marked "PUBLIC," unless the Borrower Representative notifies the Administrative Agent promptly that any such document contains material nonpublic information (it being understood that the Borrower Representative shall have a reasonable opportunity to review the same prior to distribution and comply with SEC or other applicable disclosure obligations).

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 US federal and state securities laws, to make reference to communications that are not made available through the "Public Side Information" portion of the Platform and that may contain material non-public information with respect to the Borrowers or their securities for purposes of US Federal or state securities laws.

THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." NEITHER THE AGENTS NOR ANY OF THEIR RELATED PARTIES WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS ON, OR THE ADEQUACY OF, THE PLATFORM, AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN ANY SUCH COMMUNICATION. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE AGENTS OR ANY OF THEIR RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL ANY PARTY HERETO OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY OTHER PARTY HERETO OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY'S OR ANY AGENT'S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH PERSON'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OR MATERIAL BREACH OF THIS AGREEMENT.

Section 9.02. <u>Waivers; Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No failure or delay by any Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof except as provided herein or in any Loan Document, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Agents, the Issuing Banks and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any party hereto therefrom shall in any event be effective unless the same is permitted by this <u>Section 9.02</u>, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which it is given. Without limiting the generality of the foregoing, to the extent permitted by applicable Requirements of Law, neither the making of any Loan nor the issuance of any Letter of Credit shall be construed as a waiver of any Default or Event of Default, regardless of whether any Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default or Event of Default at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly provided in this <u>Section 9.02</u> (or otherwise in this Agreement or the applicable Loan Document), neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified, except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by each Borrower (or the Borrower Representative on any of their behalf) and the Required Lenders (or the applicable Agent with the consent of the Required Lenders) (<u>provided</u> that the Agents have received written notice from the Borrower Representative at least two Business Days prior to the anticipated date of effectiveness of any such amendment) or (ii) in the case of any other Loan Document (other than any waiver, amendment or modification to effectuate any modification thereto expressly contemplated by the terms of such other

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Loan Document), pursuant to an agreement or agreements in writing entered into by the Agents and each Loan Party that is party thereto, with the consent of the Required Lenders; <u>provided</u>, that, notwithstanding 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;(A) the consent of each Lender directly and adversely affected thereby (but not the consent of the Required Lenders) shall be required for any waiver, amendment or modification 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;(1) increases the Commitment of such Lender (other than with respect to any Incremental Facility pursuant to <u>Section 2.22</u> in respect of which such Lender has agreed to be an Incremental Lender); it being understood that no amendment, modification or waiver of, or consent to departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall constitute an increase of any Commitment 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;(2) reduces the principal amount of any Loan owed to such Lender or any amount due to such Lender on any Loan Installment 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;(3) (x) extends the scheduled final maturity of any Loan or (y) postpones any Loan Installment Date or any Interest Payment Date with respect to any Loan held by such Lender or the date of any scheduled payment of any fee or premium payable to such Lender hereunder (in each case, other than any extension for administrative reasons agreed 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;(4) reduces the rate of interest (other than to waive any Default or Event of Default or any obligation of a Borrower to pay interest to such Lender at the default rate of interest under <u>Section 2.13(e)</u>, which shall only require the consent of the Required Lenders) or the amount of any fee or premium owed to such Lender; it being understood that no change in the definition of "First Lien Net Leverage Ratio", "First Lien Gross Leverage Ratio" or any other ratio used in the calculation of the Applicable Rate or the Commitment Fee Rate, or in the calculation of any other interest, fee or premium due hereunder (including any component definition thereof) shall constitute a reduction in any rate of interest or fee 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;(5) extends the expiry date of such Lender's Commitment; it being understood that no amendment, modification or waiver of, or consent to departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction of any Commitment shall constitute an extension of any Commitment of 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;(6) waives, amends or modifies the provisions of <u>Sections 2.18(b)</u> or <u>2.18(c)</u> of this Agreement in a manner that would by its terms alter the pro rata sharing of payments required thereby (except in connection with any transaction permitted under <u>Sections 2.22</u>, <u>2.23</u>, <u>9.02(c)</u> and/or <u>9.05(g)</u> or as otherwise provided in this <u>Section 9.02</u> or otherwise in 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) no such agreement shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) change (w<u>x</u>) any of the provisions of <u>Section 9.02(a)</u> or <u>Section 9.02(b)</u> or the definition of "Required Lenders", in each case to reduce any voting percentage required to waive, amend or modify any right thereunder or make any determination or grant any consent thereunder, without the prior written consent of each Lender, <u>or</u> (x<u>y</u>) the definition of "Required Revolving Lenders" to reduce any voting percentage required to waive, amend or modify any right thereunder or make any determination or grant any consent thereunder, without the prior written consent of each Revolving Lender (it being

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understood that neither the consent of the Required Lenders nor the consent of any other Lender shall be required in connection with any change to the definition of "Required Revolving Lenders") or (y) the definition of "Required Eighth Amendment Extending Revolving Lenders" to reduce any voting percentage required to waive, amend or modify any right thereunder or make any determination or grant any consent thereunder, without the prior written consent of each Eighth Amendment Extending Revolving Lender (it being understood that neither the consent of the Required Lenders nor the consent of any other Lender shall be required in connection with any change to the definition of "Required Eighth Amendment Extending Revolving Lenders");<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;(2) (A) release all or substantially all of the Collateral from the Lien granted pursuant to the Collateral Documents (except as otherwise permitted herein or in the other Loan Documents, including pursuant to <u>Article 8</u> or <u>Section 9.22</u> hereof), without the prior written consent of each Lender or (B) subordinate a material portion of the Liens, taken as a whole (as determined by the Borrower Representative in good faith), granted pursuant to the Collateral Documents securing the Obligations to the Liens securing any other Indebtedness for borrowed money (other than in connection with any Acceptable Debtor-In-Possession Financings) without the prior written consent of each Lender; 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;(3) release all or substantially all of the value of the Guarantees under the Loan Guarantees (except as otherwise permitted herein or in the other Loan Documents, including pursuant to <u>Article 8</u> or <u>Section 9.22</u> hereof), without the prior written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) solely with the consent of the Required Revolving Lenders (but without the consent of the Required Lenders or any other Lender), any such agreement may (x) waive, amend or modify <u>Section 6.10</u> (or the definition of "First Lien Net Leverage Ratio" or any component definition thereof, in each case, as any such definition is used solely for purposes of <u>Section 6.10</u>) (other than, in the case of <u>Section 6.10(a)</u>, for purposes of determining compliance with such Section as a condition to taking any action under this Agreement) (other than as permitted under <u>clause (y)</u>), (y) waive, amend or modify any condition precedent set forth in <u>Section 4.02</u> hereof as it pertains to any Revolving Loan and/or Letter of Credit and/or (z) any Event of Default resulting from the material inaccuracy of any representation and/or warranty made as a condition precedent to any Borrowing of any Revolving Loan and/or the issuance of any Letter of Credit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) solely with the consent of the Required Eighth Amendment Extending Revolving Lenders (but without the consent of the Required Lenders or any other Lender), any such agreement may waive, amend or modify (x) Section 6.12 and/or (y) any Event of Default arising from the failure to observe, perform or comply with any condition, covenant or agreement contained in Section 6.12;<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;(E) solely with the consent of each Issuing Bank, any such agreement may (x) increase or decrease the Letter of Credit Sublimit, (y) waive, amend or modify any condition precedent set forth in <u>Section 4.02</u> hereof as it pertains to the issuance of any Letter of Credit or (z) amend or modify the provisions of <u>Section 2.05</u> or any letter of credit application and any bilateral agreement between any Revolving Borrower and any Issuing Bank regarding such Issuing Bank's LC Exposure or the respective rights and obligations between any Revolving Borrower and such Issuing Bank in connection with the issuance of Letters of Credit; 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;(F) no such agreement shall amend, modify or otherwise affect the rights or duties of any Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of such Agent, such Issuing Bank or the Swingline Lender, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, this Agreement may be amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with the written consent of the Borrower Representative and the Lenders providing the relevant Replacement Term Loans to permit the refinancing or replacement of all or any portion of the outstanding Term Loans under any Class (any such loans being refinanced or replaced, the "<u>Replaced Term Loans</u>") with one or more replacement term loans hereunder ("<u>Replacement Term Loans</u>") pursuant to a Refinancing Amendment; <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) the aggregate principal amount of any Class of Replacement Term Loans shall not exceed the aggregate principal amount of the relevant Replaced Term Loans (plus (1) any additional amount permitted to be incurred under <u>Section 6.01</u> and, to the extent any such additional amount is secured, the related Lien is permitted under <u>Section 6.02</u> and plus (2) the amount of any accrued interest, fee, expense, penalty and/or premium (including any tender premium) on the relevant Replaced Term Loans any committed but undrawn amount, and/or any underwriting discount, fees (including any upfront fee, original issue discount and/or initial yield payment), commission and/or expense associated with the relevant Replacement Term 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;(B) any Class of Replacement Term Loans (other than Customary Bridge Loans) must have a final maturity date that is equal to or later than the final maturity date of, and have a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the applicable Replaced Term Loans at the time of the relevant refinancing; <u>provided</u> that the Borrowers may incur Replacement Term Loans (1) with a final maturity date that is earlier to the final maturity date of the Replaced Term Loans and/or (2) with a Weighted Average Life to Maturity that is shorter than the Weighted Average Life to Maturity of the then-existing Term Loans in an aggregate outstanding principal amount not to exceed the then-available Inside Maturity 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;(C) any Class of Replacement Term Loans may be pari passu with or junior to any then-existing Class of Term Loans in right of payment and may be pari passu with or junior to such Class of Term Loans with respect to the Collateral or unsecured; <u>provided</u> that any Class of Replacement Term Loans that is junior to any then-existing Class of Term Loan in right of payment or security shall be subject to an 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;(D) any Class of Replacement Term Loans that is secured may not be secured by any asset other than 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;(E) any Class of Replacement Term Loans that is guaranteed may not be guaranteed by any subsidiary of Intermediate Dutch Holdings other than one or more Loan 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;(F) any Class of Replacement Term Loans that is pari passu with the Tranche B-3 Term Loans, the Eleventh Amendment Dollar Refinancing Term Loans and the Eleventh Amendment Euro Refinancing Term Loans in right of payment and security may participate (A) in any voluntary prepayment of Term Loans as set forth in <u>Section 2.11(a)(i)</u> and (B) in any mandatory prepayment of Term Loans as set forth in <u>Section 2.11(b)(vi)</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;(G) any Class of Replacement Term Loans may have pricing (including "MFN" or other pricing terms), interest, fees, rate margins, rate floors, premiums (including prepayment premiums), funding discounts, and, subject to preceding <u>clause (F)</u>, optional prepayment and redemption terms and, subject to preceding <u>clause (B)</u>, an amortization schedule, as the Borrower Representative and the lenders providing such Class of Replacement Term Loans may agree;

&nbsp;&nbsp;&nbsp;&nbsp;&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 other terms and conditions of any Class of Replacement Term Loans (except as set forth above) shall be deemed satisfactory to the Administrative Agent so long as any such terms and conditions (1) that are not substantially consistent with those applicable to the relevant Replaced Term Loans are applicable after the latest Maturity Date of such Class of Replaced Term

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Loans (in each case, as of the date of incurrence of such Class of Replacement Term Loans), (2) are substantially identical to, or (taken as a whole) no more favorable (as determined by the Borrower Representative in good faith) to the lenders providing such Class of Replacement Term Loans than those applicable to the relevant Replaced Term Loans (other than such terms to which <u>clause (1)</u> is applicable), (3) reflect then-current market terms and conditions (as determined by the Borrower Representative in good faith) for the applicable type of Indebtedness or (4) are reasonably acceptable to the Administrative Agent (it being agreed that terms and conditions of any Replacement Term Loans that are more favorable to the lenders or the agent of such Replacement Term Loans than those contained in the Loan Documents and are then conformed (or added) to the Loan Documents pursuant to the applicable Refinancing Amendment shall be deemed satisfactory to the Administrative Agent); <u>provided</u> that any Replacement Term Loan that constitutes a Customary Term A Loan may include one or more financial covenants that do not apply for the benefit of any Lender that does not hold such Customary Term A 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;(I) Replacement Term Loans may be provided by any existing Lender or by any other Eligible Assignee; <u>provided</u> that the Administrative Agent shall have a right to consent (such consent not to be unreasonably withheld, conditioned or delayed) to the relevant Person's provision of Replacement Term Loans if such consent would be required under <u>Section 9.05(b)</u> for an assignment of Loans to such Person; 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;(J) the relevant outstanding Replaced Term Loans and all accrued but unpaid interest and fees then due and payable in connection therewith shall be paid in full, in each case on the date the applicable Replacement Term Loan is implemented; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with the written consent of the Borrower Representative and the Lenders providing the relevant Revolver Replacement Facility to permit the refinancing or replacement of all or any portion of any Revolving Credit Commitment of any Class (any such Revolving Credit Commitment being refinanced or replaced, a "<u>Replaced Revolving Facility</u>") with a replacement revolving facility and/or replacement term loans hereunder (a "<u>Revolver Replacement Facility</u>") pursuant to a Refinancing Amendment; <u>provided that</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 aggregate maximum amount of any Revolver Replacement Facility shall not exceed the aggregate maximum amount of the relevant Replaced Revolving Facility (plus (x) any additional amount permitted to be incurred under <u>Section 6.01</u> and, to the extent any such additional amount is secured, the related Lien is permitted under <u>Section 6.02</u> and (y) the amount of accrued interest, penalties and premium thereon, any committed but undrawn amounts and underwriting discounts, fees (including upfront fees, original issue discount or initial yield payments), commissions and expenses associated 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;(B) no Revolver Replacement Facility may have a final maturity date (or require commitment reductions) prior to the final maturity date of the relevant Replaced Revolving Facility at the time of such 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) any Revolver Replacement Facility may be *pari passu* with or junior to any then-existing Revolving Commitment in right of payment and *pari passu* with or junior to any then-existing Revolving Commitment with respect to the Collateral or may be unsecured; <u>provided</u>, that any Revolver Replacement Facility that is (x) junior to the then-existing Revolving Credit Commitments in right of payment or security shall be subject to an Intercreditor Agreement; <u>provided</u>, <u>further</u>, that if any Revolver Replacement Facility is not in the form of a loan constituting First Lien Debt, such Revolver Replacement Facility will be documented pursuant to separate documentation from the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any Revolver Replacement Facility that is secured may not be secured by any asset other than Collateral;

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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;(E) any Revolver Replacement Facility that is guaranteed may not be guaranteed by any subsidiary of Intermediate Dutch Holdings other than one or more Loan 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;(F) (1) if the relevant Revolver Replacement Facility is a revolving facility, such Revolver Replacement Facility may provide for the borrowing and repayment (except for (x) payments of interest and fees at different rates on the Revolving Facilities (and related outstandings), (y) repayments required on the Maturity Date of any Revolver Replacement Facility and (z) repayments made in connection with a permanent repayment and termination of the Revolving Credit Commitments under any Revolving Facility (subject to <u>clause (3)</u> below)) of Revolving Loans with respect to any Revolving Facility after the effective date of such Revolver Replacement Facility shall be made on a pro rata basis or less than pro rata basis with all other Revolving Facilities, (2) if the relevant Revolver Replacement Facility is a revolving facility, all Letters of Credit shall be participated on a pro rata basis by all Revolving Lenders, (3) if the relevant Revolver Replacement Facility is a revolving facility, any permanent repayment of Revolving Loans with respect to, and reduction and termination of Revolving Credit Commitments under, any Revolver Replacement Facility after the effective date of such Revolver Replacement Facility shall be made on a pro rata basis or less than pro rata basis with all other Revolving Facilities, or, to the extent such Revolver Replacement Facility is terminated in full and refinanced or replaced with another Revolver Replacement Facility or Replacement Debt a greater than pro rata basis and (4) if the relevant Revolver Replacement Facility is a term loan, it shall be subject to the "ratability" provisions applicable to Replacement Term Loans, consistent with <u>clause (F)</u> of <u>Section 9.02(c)(i)</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;(G) any Revolver Replacement Facility may have pricing (including "MFN" or other pricing terms), interest, fees, rate margins, rate floors, premiums (including prepayment premiums), funding discounts, and, subject to preceding <u>clause (F)</u>, optional prepayment and redemption terms as the Borrower Representative and the lenders providing such Revolver Replacement Facility may agree;

&nbsp;&nbsp;&nbsp;&nbsp;&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 other terms of any Revolver Replacement Facility (excluding as set forth above) shall be substantially consistent with the Replaced Revolving Facility (or any other then-existing Revolving Facility) or be reasonably satisfactory to the Administrative Agent; <u>provided</u> that such terms shall be deemed satisfactory to the Administrative Agent so long as any such terms and conditions (i) (1) that are not substantially consistent with those applicable to the relevant Replaced Revolving Facility are applicable only to periods after the latest Maturity Date of such Replaced Revolving Facility (in each case, as of the date of implementation of such Revolver Replacement Facility), (2) are substantially identical to, or (taken as a whole) no more favorable (as determined by the Borrower Representative in good faith) to the lenders providing such Revolver Replacement Facility than those applicable to the relevant Replaced Revolving Facility (other than such terms to which <u>clause (1)</u> is applicable), (3) reflect then-current market terms and conditions (as determined by the Borrower Representative in good faith) for the applicable type of Indebtedness or are reasonably acceptable to the Administrative Agent (it being agreed that terms and conditions of any Revolver Replacement Facility that are more favorable to the lenders or the agent of such Revolver Replacement Facility than those contained in the Loan Documents and are then conformed (or added) to the Loan Documents pursuant to the applicable Refinancing Amendment shall be deemed satisfactory to the Administrative Agent) and (ii) in the case of a Revolver Replacement Facility that consists of replacement term loans, consistent with the provisions of <u>Section 9.02(c)(i)(H)</u> or (5) if such Revolver Replacement Facility is a term facility, represent customary differences (in the good faith determination of the Borrower Representative) between "term" facilities, on the one hand, and "revolving" facilities on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&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 commitments in respect of the relevant Replaced Revolving Facility (or the relevant portion thereof) shall be terminated, and all loans outstanding in respect of such Replaced Revolving Facility and all accrued but unpaid interest and fees then due and payable in connection therewith shall be paid in full, in each case on the date any Revolver Replacement Facility is implemented; 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;(J) any Revolver Replacement Facility may be provided by any existing Lender and/or any other Eligible Assignee; <u>provided</u>, that the Administrative Agent (and, in the case of any Revolver Replacement Facility that constitutes a Revolver Replacement Facility, any Issuing Bank) shall have a right to consent (such consent not to be unreasonably withheld, conditioned or delayed) to the relevant Person's provision of a Revolver Replacement Facility if such consent would be required under <u>Section 9.05(b)</u> for an assignment of Loans to the relevant Person;

<u>provided</u>, <u>further</u>, that, in respect of each of <u>sub-clauses (i)</u> and <u>(ii)</u> of this <u>clause (c)</u>, any Non-Debt Fund Affiliate and/or any Debt Fund Affiliate shall (x) be permitted without the consent of the Administrative Agent to provide any Class of Replacement Term Loans and/or any Revolver Replacement Facility in the form of a term loan, it being understood that in connection therewith, the relevant Non-Debt Fund Affiliate or Debt Fund Affiliate, as applicable, shall be subject to the restrictions applicable to such Person under <u>Section 9.05</u> and (y) no Debt Fund Affiliate or Non-Debt Fund Affiliate may provide any Revolver Replacement Facility that is in the form of revolving facility.

Each party hereto hereby agrees that this Agreement may be amended by the Applicable Borrower, the Administrative Agent and the lenders providing the relevant Class of Replacement Term Loans or the relevant Revolver Replacement Facility, as applicable, to the extent (but only to the extent) necessary to reflect the existence and terms of such Class of Replacement Term Loans or Revolver Replacement Facility, incurred or implemented pursuant thereto (including any amendment necessary to treat the loans and commitments subject thereto as a separate "tranche" and "Class" of Loans and/or commitments hereunder). It is understood that any Lender approached to provide all or a portion of any Class of Replacement Term Loans or any Revolver Replacement Facility, may elect or decline, in its sole discretion, to provide such Class of Replacement Term Loans or such Revolver Replacement Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary contained in this <u>Section 9.02</u> or any other provision of this Agreement or any provision of any other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower Representative, the Administrative Agent and the Collateral Agent may, without the input or consent of any Lender, amend, supplement and/or waive this Agreement and/or any guaranty, collateral security agreement, pledge agreement and/or related document (if any) executed in connection with this Agreement to (A) comply with any Requirement of Law or the advice of counsel or (B) cause any such guaranty, collateral security agreement, pledge agreement or other document to be consistent with this Agreement and/or the relevant other Loan Documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower Representative and the Administrative Agent may, without the input or consent of any other Lender (other than the relevant Lenders providing Loans under such Sections), effect amendments to this Agreement and the other Loan Documents as may be necessary or advisable in the reasonable opinion of the Borrower Representative and the Administrative Agent to (A) effect the provisions of <u>Sections 2.22</u>, <u>2.23</u>, <u>5.12</u>, <u>5.17</u>, <u>5.18</u> and/or <u>9.02(c)</u>, or any other provision of this Agreement or any other Loan Document specifying that any waiver, amendment or modification may be made with the consent or approval of the Administrative Agent, (B) add terms (including representations and warranties, conditions, prepayments, covenants or events of default) that are favorable to the then-existing Lenders, as reasonably determined by the Administrative Agent (it being understood that, where applicable, any such amendment may be effectuated as part of an Incremental Facility Amendment, an Extension Amendment and/or a Refinancing Amendment) and/or (C) in connection with the establishment of a tranche of Customary Term A Loans under this Agreement pursuant to any Incremental Amendment and/or any Refinancing Amendment, incorporate a "financial maintenance covenant" that only applies for the benefit of the lenders in respect of such facility (but not any other Lender); it being understood that the Borrower Representative and the Administrative Agent are hereby authorized under this <u>clause (ii)(C)</u> to amend such provisions of this Agreement (including, without limitation, <u>Section 6.10</u>, <u>Section 7.01</u> and this <u>Section 9.02</u>) as may be necessary to establish such financial maintenance covenant and ensure that only the Lenders in respect of such Customary Term A Loans have rights with respect thereto <u>provided</u> that any Replacement Term Loan that constitutes a Customary Term A Loan may include one or more financial covenants that do not apply for the benefit of any Lender that does not hold such Customary Term A Loan,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Administrative Agent and the Borrower Representative have jointly identified any ambiguity, mistake, defect, inconsistency, obvious error or any error or omission of a technical nature or any necessary or desirable technical change, in each case, in any provision of any Loan Document, then the Administrative Agent and the Borrower Representative shall be permitted to amend such provision solely to address such matter as reasonably determined by them,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Administrative Agent and the Borrower Representative may amend, restate, amend and restate or otherwise modify any Intercreditor Agreement and/or any other Additional Agreement as provided therein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Administrative Agent may amend the Commitment Schedule to reflect assignments entered into pursuant to <u>Section 9.05</u>, Commitment reductions or terminations pursuant to <u>Section 2.09</u>, implementations of Additional Commitments or incurrences of Additional Loans pursuant to <u>Sections 2.22</u>, <u>2.23</u> or <u>9.02(c)</u> and reductions or terminations of any such Additional Commitments or Additional Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except as permitted pursuant to <u>Section 2.21(b)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) other than with respect to <u>clause (xi)</u> below, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower Representative (i) to add one or more additional credit facilities to this Agreement and to permit any extension of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the relevant benefits of this Agreement and the other Loan Documents and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders on substantially the same basis as the Lenders prior to such inclusion,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any amendment, waiver or modification of any term or provision that solely affects Lenders under one or more Classes and does not directly and adversely affect Lenders under one or more other Classes (including any waiver or modification of conditions to the extensions of credit under any Class of Commitments, pricing or other modifications) may be effected with the consent of Lenders owning more than 50% of the aggregate commitments or Loans of such directly affected Class in lieu of the consent of the Required Lenders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) this Agreement may be amended in the manner prescribed in <u>Section 1.13</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) this Agreement may be amended in the manner prescribed in <u>Sections 2.22(h)</u> and <u>2.23(c)</u>; it being understood and agreed that any such amendment may provide that with respect to the holders of any Class of Loans and/or Commitments that is structured as a "delayed draw" or similar facility to waive, amend or modify (i) any condition precedent to the funding of any Loan thereunder and/or (ii) any Event of Default arising as a result of any inaccuracy of any representation and/or warranty (including any certification) made in connection with the satisfaction of any such condition precedent may be waived, amended or modified solely with the consent of a majority of the holders of such Loans and/or Commitments (or such other percentage of such holders as may be required in the amendment implementing such Class of Loans and/or Commitments (and without the consent of the Required Lenders or any other Lenders),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) for the avoidance of doubt, any "MFN" provision, including, without limitation, <u>Sections 2.22(a)(v)</u> hereof, may be amended solely with the consent of the Borrower Representative and the Required Lenders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Required Lenders, without the consent of any other Lender, may (A) rescind any acceleration of the Loans and/or any other Obligation pursuant to <u>Article 7</u> hereof and/or (B) agree that the Administrative Agent and the Lenders will forbear from exercising any remedy provided under any Loan Document with respect to any Event of Default, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) no amendment, modification or waiver of any provision of any Ancillary Document shall require the consent of any Lender other than the relevant Ancillary Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is understood that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notwithstanding anything to the contrary herein, in connection with any determination as to whether the Required Lenders or Required Revolving Lenders, as applicable, have (A) consented (or not consented) to any amendment or waiver of any provision of this Agreement or any other Loan Document or any departure by any Loan Party therefrom, (B) otherwise acted on any matter related to any Loan Document, or (C) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, any Lender (other than any Arranger, Revolving Lender or any Lender that is a Regulated Bank or an affiliate of any such Arranger, Revolving Lender or any Lender) that, as a result of its interest in any total return swap, total rate of return swap, credit default swap or other derivative contract (other than any such total return swap, total rate of return swap, credit default swap or other derivative contract entered into pursuant to bona fide market making activities), has a net short position with respect to the Loans and/or Commitments (each, a "<u>Net Short Lender</u>") shall, unless the Borrower Representative otherwise elects (in its sole discretion), have no right to vote any of its Loans and/or Commitments and 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 Net Short Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for purposes of determining whether a Lender has a "net short position" on any date of determination: (i) derivative contracts with respect to the Loans and/or Commitments and such contracts that are the functional equivalent thereof shall be counted at the notional amount thereof in Dollars, (ii) 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, (iii) derivative contracts in respect of an index that includes each Borrower and/or any other Loan Party or any instrument issued or guaranteed by a Borrower and/or any other Loan Party 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) such Borrower and/or any other Loan Party and any instrument issued or guaranteed by such Borrower and/or any other Loan Party, collectively, represent less than 5% of the components of such index, (iv) derivative transactions that are documented using either the 2014 ISDA Credit Derivatives Definitions or the 2003 ISDA Credit Derivatives Definitions, each as published by the International Swaps and Derivatives Association, Inc. (collectively, the "<u>ISDA CDS Definitions</u>") 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 (1) 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 IHS Markit Ltd, if "Standard Reference Obligation" is specified as applicable in the relevant documentation or in any other manner), (2) the Loans or the Commitments would be a "Deliverable Obligation" under the terms of such derivative transaction or (3) any Borrower and/or any other Loan Party is designated as a "Reference Entity" under the terms of such derivative transactions, and (v) credit derivative transactions or other derivative 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 each Borrower and/or any other Loan Party 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) each Borrower and/or any other Loan Party and any instrument issued or guaranteed by a Borrower and/or any other Loan Party, collectively, represent less than 5% of the components of such index;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Lender that is or at any time becomes a Net Short Lender shall promptly notify the Administrative Agent in writing that it is a Net Short Lender, or shall be deemed to have represented and warranted to Intermediate Dutch Holdings and the Administrative Agent that it is not a Net Short Lender (it being understood and agreed that Intermediate Dutch Holdings and the Administrative Agent shall be entitled to rely on each such representation and deemed representation); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) once deemed effective, no amendment or waiver of any provision of this Agreement or any other Loan Document or any departure by any Loan Party therefrom shall be deemed to be invalid on the basis that a consenting Lender is determined to be a Net Short Lender after the effective date of such amendment or waiver.

The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions of this <u>Section 9.02(e)</u>. Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or participant or prospective Lender or participant is a Net Short Lender or (y) have any liability with respect to or arising out of the voting in any amendment or waiver to any Loan Document by any Net Short Lender.

Section 9.03. <u>Expenses; Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 9.05(f)</u>, the Borrowers shall pay (i) all reasonable and documented out-of-pocket expenses incurred by each Arranger, each Ninth Amendment Lead Arranger, <u>each Eleventh Amendment Lead Arranger,</u> each Twelfth Amendment Lead Arranger, the Administrative Agent, the other Agents and their respective Affiliates (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of (x)(A) one firm of outside counsel to all such Persons taken as a whole and (B) if necessary, of one local counsel in any relevant material jurisdiction to all such Persons, taken as a whole and, (y) in the event of any actual conflict of interest, (A) of another firm of outside counsel to the Non-US Collateral Agent, and, (B) if necessary, of one local counsel in any relevant material jurisdiction to the Non-US Collateral Agent), in connection with the syndication and distribution (including via the Internet or through a service such as Intralinks) of the Credit Facilities, the preparation, execution, delivery and administration of the Loan Documents and any related documentation, including in connection with any amendment, modification or waiver of any provision of any Loan Document (whether or not the transactions contemplated thereby are consummated, but only to the extent the preparation of any such amendment, modification or waiver was requested by a Borrower and except as otherwise provided in a separate writing between any Borrower, the relevant Arranger, the relevant Ninth Amendment Lead Arranger, the relevant Eleventh Amendment Lead Arranger<u>, the relevant Twelfth Amendment Lead Arranger</u> and/or the relevant Agent(s)) and (ii) without duplication of the obligation set forth in Section 9.03(b), all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the other Agents, the Arrangers, the Ninth Amendment Lead Arrangers, the Eleventh Amendment Lead Arrangers, the <u>Twelfth Amendment Lead Arrangers, the</u> Issuing Banks or the Lenders or any of their respective Affiliates (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of (x)(A) one firm of outside counsel to all such Persons taken as a whole and (B) if necessary, of one local counsel in any relevant material jurisdiction to all such Persons, taken as a whole and, (y) in the event of any actual conflict of interest, (A) of another firm of outside counsel to the Non-US Collateral Agent, and, (B) if necessary, of one local counsel in any relevant material jurisdiction to the Non-US Collateral Agent) in connection with the enforcement, collection or protection of their respective rights in connection with the Loan Documents, including their respective rights under this Section, or in connection with the Loans made and/or Letters of Credit issued hereunder. Except to the extent required to be paid on the Closing Date, all amounts due under this <u>paragraph (a)</u> shall be payable by the Borrowers within 30 days of receipt by the Borrower Representative of an invoice setting forth such expenses in reasonable detail, together with backup documentation supporting the relevant reimbursement request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrowers shall indemnify each Arranger, each Project Grace Arranger, each Ninth Amendment Lead Arranger, each Eleventh Amendment Lead Arranger, each <u>Twelfth Amendment Lead Arranger, each</u> Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all losses, claims, damages and liabilities (but limited, in the case of legal fees and expenses, to the actual reasonable and documented

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out-of-pocket fees, disbursements and other charges of one counsel to all Indemnitees taken as a whole and, if reasonably necessary, one local counsel in any relevant material jurisdiction to all Indemnitees, taken as a whole and solely in the case of a conflict of interest, (x) one additional counsel to all affected Indemnitees, taken as a whole, and (y) one additional local counsel to all affected Indemnitees, taken as a whole), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby or thereby and/or the enforcement of the Loan Documents, (ii) the use of the proceeds of the Loans or any Letter of Credit, (iii) any actual or alleged Release or presence of Hazardous Materials on, at, under or from any property currently or formerly owned, leased or operated by Intermediate Dutch Holdings, any of its Restricted Subsidiaries or any other Loan Party or any Environmental Liability related to Intermediate Dutch Holdings, any of its Restricted Subsidiaries or any other Loan Party and/or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a third party or by Intermediate Dutch Holdings, any other Loan Party or any of their respective Affiliates); <u>provided</u>, that such indemnity shall not, as to any Indemnitee, be available to the extent that any such loss, claim, damage, or liability (i) is determined by a final and non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee or, to the extent such judgment finds that any such loss, claim, damage, or liability has resulted from such Person's material breach of the Loan Documents or (ii) arises out of any claim, litigation, investigation or proceeding brought by such Indemnitee against another Indemnitee (other than any claim, litigation, investigation or proceeding that is brought by or against the Administrative Agent, any other Agents, any Issuing Bank, any Arranger, any Project Grace Arranger, any Ninth Amendment Lead Arranger or<u>,</u> any Eleventh <u>Amendment Lead Arranger or any Twelfth</u> Amendment Lead Arranger, acting in its capacity as the Administrative Agent, as a Collateral Agent, as an Issuing Bank or as an Arranger or a Project Grace Arranger or a Ninth Amendment Lead Arranger or<u>,</u> an Eleventh Amendment Lead <u>Arranger or a Twelfth Amendment Lead</u> Arranger) that does not involve any act or omission of Holdings, Intermediate Dutch Holdings or any of its subsidiaries. Each Indemnitee shall be obligated to refund or return any and all amounts paid by a Borrower pursuant to this <u>Section 9.03(b)</u> to such Indemnitee for any fees, expenses, or damages to the extent such Indemnitee is not entitled to payment thereof in accordance with the terms hereof. Any amount due under this <u>Section 9.03(b)</u> shall be payable by the Borrowers within 30 days (x) after receipt by the Borrower Representative of a written demand therefor, in the case of any indemnification obligations and (y) in the case of reimbursement of costs and expenses, after receipt by the Borrower Representative of an invoice setting forth such costs and expenses in reasonable detail, together with reasonable backup documentation supporting the relevant reimbursement request. This <u>Section 9.03(b)</u> shall not apply to Taxes other than any Taxes that represent losses, claims, damages or liabilities in respect of a non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrowers shall not be liable for any settlement of any proceeding effected without the written consent of the Borrower Representative (which consent shall not be unreasonably withheld, delayed or conditioned) or any other losses, claims, damages, liabilities and/or expenses incurred in connection therewith, but if any proceeding is settled with the written consent of the Borrower Representative, or if there is a final judgment against any Indemnitee in any such proceeding, the Borrowers agree to indemnify and hold harmless each Indemnitee to the extent and in the manner set forth above. The Borrower Representative shall not, without the prior written consent of the affected Indemnitee (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened proceeding in respect of which indemnity could have been sought hereunder by such Indemnitee unless (i) such settlement includes an unconditional release of such Indemnitee from all liability or claims that are the subject matter of such proceeding and (ii) such settlement does not include any statement as to any admission of fault or culpability.

Section 9.04. <u>Waiver of Claim</u>. To the extent permitted by applicable Requirements of Law, no party to this Agreement nor any Secured Party shall assert, and each hereby waives on behalf of itself and its Related Parties, any claim against any other party hereto, any Loan Party and/or any Related Party of any thereof, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or any Letter of Credit or the use of the proceeds thereof, except, in the case of any claim by any Indemnitee against a Borrower, to the extent such damages would otherwise be subject to indemnification pursuant to, and in accordance with, the terms of Section 9.03.

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Section 9.05. <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns; <u>provided</u>, that (i) except as permitted under <u>Section 6.07</u>, no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender and having provided written notice to the Administrative Agent at least two Business Days prior to the effectiveness of such assignment or other transfer (and any attempted assignment or transfer by any such Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with the terms of this Section (any attempted assignment or transfer not complying with the terms of this Section shall be null and void (except as set forth in <u>Section 9.05(f)</u>) and, if applicable, subject to <u>Section 9.05(f)</u>). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and permitted assigns, to the extent provided in <u>Section 9.05(e)</u>), Participants and, to the extent expressly contemplated hereby, the Related Parties of each of the Arrangers, the Project Grace Arrangers, the Agents, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>paragraph (b)(ii)</u> below, any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of any Loan or Additional Commitment added pursuant to <u>Sections 2.22</u>, <u>2.23</u> or <u>9.02(c)</u> at the time owing to it) with the prior written consent 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) the Borrower Representative (such consent not to be unreasonably withheld, conditioned or delayed); <u>provided</u>, that (x) the Borrower Representative shall be deemed to have consented to any assignment of Term Loans (other than any assignment to any Person that is not an Eligible Assignee) unless it has objected thereto by written notice to the Administrative Agent within 10 Business Days after receipt by the Borrower Representative of a written notice requesting consent thereto and (y) the consent of the Borrower Representative shall not be required for any assignment (1) of Term Loans or Term Commitments to any Lender or any Affiliate of any Lender or an Approved Fund, (2) at any time when an Event of Default under <u>Section 7.01(a)</u> or <u>Sections 7.01(f)</u> or <u>(g)</u> exists or (3) of Revolving Loans or Revolving Credit Commitments to any other Revolving Lender; it being understood and agreed that the Borrower Representative may withhold its consent (in its sole discretion) to any assignment of any Loans and/or Commitments to any Person that is (i) known by it to be an Affiliate of a Disqualified Institution and/or an Affiliate of a Competitor, regardless of whether any such Person is reasonably identifiable as an Affiliate of a Disqualified Institution or a Competitor, as applicable (other than a Competitor Debt Fund Affiliate, unless the Borrower Representative has other reasonable grounds on which to withhold its consent) and/or (ii) known by it to be a "loan to own" investor and/or an investor primarily in distressed credits or opportunistic or special situations or any affiliate of any such investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed); <u>provided</u>, that no consent of the Administrative Agent shall be required for any assignment to another Lender, any Affiliate of a Lender or any Approved Fund; 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) in the case of any Revolving Facility, each Issuing Bank and the Swingline Lender (such consent not to be unreasonably withheld, conditioned or delayed); <u>provided</u>, that no consent of any Issuing Bank or the Swingline Lender shall be required for any assignment to a Revolving Lender or an Affiliate of a Revolving Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments shall be subject to the following additional 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;(A) except in the case of any assignment to another Lender, any Affiliate of any Lender or any Approved Fund or any assignment of the entire remaining amount of the relevant assigning Lender's Loans or Commitments of any Class, the principal amount of Loans or Commitments of the assigning Lender subject to the relevant assignment (determined as of the Trade Date and determined on an aggregate basis in the event of concurrent assignments to Related Funds or by Related Funds) shall not be less than (x) $1,000,000 in the case of Term Loans and Term Commitments denominated in Dollars, €1,000,000 in the case of Term Loans and Term Loan Commitments denominated in Euros or C$1,000,000 in the case of Term Loans and Term Loan Commitments denominated in Canadian Dollars or (y) $5,000,000 in the case of Revolving Loans and Revolving Credit Commitments, in each case unless each of the Borrower Representative and the Administrative Agent otherwise 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;(B) any partial assignment shall be made as an assignment of a proportionate part of all the relevant assigning Lender's rights and 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;(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment Agreement via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the Administrative Agent a processing and recordation fee of $3,500 (or €3,500 if the currency in which the Class of Loans or Commitments being assigned is denominated in Euros) (which fee may be waived or reduced in the sole discretion of the Administrative Agent); 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;(D) the relevant Eligible Assignee, if it is not a Lender, shall deliver on or prior to the effective date of such assignment, to the Administrative Agent (1) an Administrative Questionnaire and (2) any IRS form required under Section 2.17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to the acceptance and recording thereof pursuant to <u>paragraph (b)(iv)</u> of this Section, from and after the effective date specified in any Assignment Agreement, the Eligible Assignee thereunder shall be a party hereto and, to the extent of the interest assigned pursuant to such Assignment Agreement, have the rights and obligations of a Lender under this Agreement (including with respect to any Ancillary Facility), and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment Agreement covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be (A) entitled to the benefits of <u>Sections 2.15</u>, <u>2.16</u>, <u>2.17</u> and <u>9.03</u> with respect to facts and circumstances occurring on or prior to the effective date of such assignment and (B) subject to its obligations thereunder and under <u>Section 9.13</u>). If any assignment by any Lender holding any Promissory Note is made after the issuance of such Promissory Note, the assigning Lender shall, upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender such Promissory Note to the Administrative Agent for cancellation, and, following such cancellation, if requested by either the assignee or the assigning Lender, the Applicable Borrower(s) shall issue and deliver a new Promissory Note to such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new 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;(iv) The Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices in the US a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders and their respective successors and assigns, and the commitment of, and principal amount of and interest on the Loans and LC Disbursements owing to, each Lender or Issuing Bank pursuant to the terms hereof from time to time (the "<u>Register</u>"). Failure to make any such recordation, or any error in such recordation, shall not affect the Borrowers' obligations to repay such Loans and LC Disbursements in accordance with the terms of this Agreement. The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, each Issuing Bank and each Lender (but only as to its own holdings), at any reasonable time and from time to time upon reasonable

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prior notice. The parties intend that any interest in or with respect to the Loans under this Agreement be treated as being issued and maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2), and 881(c)(2) of the Code and any regulations thereunder (and any successor provisions), including without limitation under United States Treasury Regulations Section 5f.103-1(c) and Proposed Regulations Section 1.163-5 (and any successor provisions), and the provisions of this Agreement shall be construed in a manner that gives effect to such intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Upon its receipt of a duly completed Assignment Agreement executed by an assigning Lender and an Eligible Assignee, the Eligible Assignee's completed Administrative Questionnaire and any tax certification required by <u>Section 9.05(b)(ii)(D)(2)</u> (unless the assignee is already a Lender hereunder), the processing and recordation fee referred to in <u>paragraph (b)</u> of this Section, if applicable, and any written consent to the relevant assignment required by <u>paragraph (b)</u> of this Section, the Administrative Agent shall promptly accept such Assignment Agreement and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) By executing and delivering an Assignment Agreement, the assigning Lender and the Eligible Assignee thereunder shall be deemed to confirm and agree with each other and the other parties hereto as follows: (A) the assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that the amount of its commitments, and the outstanding balances of its Loans, in each case without giving effect to any assignment thereof which has not become effective, are as set forth in such Assignment Agreement, (B) except as set forth in <u>clause (A)</u> above, the assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statement, warranty or representation made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of Intermediate Dutch Holdings or any Restricted Subsidiary or the performance or observance by Intermediate Dutch Holdings or any Restricted Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (C) the assignee represents and warrants that it is (1) an Eligible Assignee and (2) not a Disqualified Institution or an Affiliate of any Disqualified Institution, legally authorized to enter into such Assignment Agreement; (D) the assignee confirms that it has received a copy of this Agreement and each applicable Intercreditor Agreement, together with copies of the financial statements referred to in <u>Section 4.01(c)</u> or the most recent financial statements delivered pursuant to <u>Section 5.01</u> and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment Agreement; (E) the assignee will independently and without reliance upon the Administrative Agent, the assigning Lender or any other Lender and based on such documents and information as it deems appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (F) the assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent, by the terms hereof, together with such powers as are reasonably incidental thereto; and (G) the assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Any Lender may, without the consent of the Borrower Representative (solely in the case of participations in any Lender's rights and obligations with respect to the Term Loans), the Administrative Agent, any Issuing Bank or any other Lender, sell participations to any bank or other entity (other than to any Disqualified Institution, any natural Person or, other than with respect to any participation to any Debt Fund Affiliate (any such participations to a Debt Fund Affiliate being subject to the limitation set forth in the first proviso of the final paragraph set forth in <u>Section 9.05(g)</u>, as if the limitation applied to such participations), any Borrower or any of such Borrower's respective Affiliates) (a "<u>Participant</u>") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its commitments and the Loans owing to it); <u>provided</u>, that it is understood and agreed that the consent of the Borrower Representative will be required for any participation of any rights or obligations (including any Loan or Commitment) of any Lender under or in respect of the Revolving Facility; <u>provided</u>, <u>further</u>, that (A) such Lender's obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and

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(C) the Borrowers, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which any Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <u>provided</u>, that such agreement or instrument may provide that such Lender will not, without the consent of the relevant Participant, agree to any amendment, modification or waiver described in (x) <u>clause (A)</u> of the first proviso to <u>Section 9.02(b)</u> that directly and adversely affects the Loans or commitments in which such Participant has an interest and (y) <u>clauses (B)(1)</u>, <u>(2)</u> or <u>(3)</u> of the first proviso to <u>Section 9.02(b)</u>; it being understood and agreed that no Lender may enter into any agreement or other arrangement with any Participant that provides such Participant with the right to agree to or approve (or direct such Lender to agree, approve, consent or not to agree, approve or consent) any other amendment, modification or waiver in respect of any Loan Document, and any such agreement or arrangement shall be deemed to be null and void and of no force or effect. Subject to <u>paragraph (c)(ii)</u> of this Section, the Borrower Representative agrees that each Participant shall be entitled to the benefits of <u>Sections 2.15</u>, <u>2.16</u> and <u>2.17</u> (subject to the limitations and requirements of such Sections and <u>Section 2.19</u>) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>paragraph (b)</u> of this Section and it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender, and if additional amounts are required to be paid pursuant to <u>Section 2.17(a)</u> or <u>Section 2.17(c)</u>, to the Borrower Representative and the Administrative Agent). To the extent permitted by applicable Requirements of Law, each Participant also shall be entitled to the benefits of <u>Section 9.09</u> as though it were a Lender; <u>provided</u> that such Participant shall be subject to <u>Section 2.18(c)</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Participant shall be entitled to receive any greater payment under <u>Section 2.15</u>, <u>2.16</u> or <u>2.17</u> than the participating Lender would have been entitled to receive with respect to the participation sold to such Participant.

Each Lender that sells a participation or makes a grant to an SPC shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and their respective successors and registered assigns, and the principal and interest amounts of each Participant's interest in the Loans or other obligations under the Loan Documents (a "<u>Participant/SPC Register</u>"); <u>provided</u>, that no Lender shall have any obligation to disclose all or any portion of any Participant/SPC Register (including the identity of any Participant or any information relating to any Participant's interest in any Commitment, Loan, Letter of Credit or any other obligation under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) or Proposed Section 1.163-5(b) of the Treasury Regulations (or any amended or successor version) or any other applicable section of the Code or Treasury Regulations. The entries in the Participant/SPC Register shall be conclusive absent manifest error, and each Lender shall treat each Person whose name is recorded in the Participant/SPC Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant/SPC Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (other than to any Disqualified Institution or any natural person) to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to any Federal Reserve Bank or other central bank having jurisdiction over such Lender, and this <u>Section 9.05</u> shall not apply to any such pledge or assignment of a security interest; <u>provided</u>, that no such pledge or assignment of a security interest shall release any Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Lender may at any time enter into a total return swap, total rate of return swap, credit default swap or other derivative instrument under which any Secured Obligation is a reference obligation (any such swap or other derivative instrument, an "<u>Obligations Derivative Instrument</u>") with any counterparty that is a Disqualified Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary contained herein, any Lender (a "<u>Granting Lender</u>") may grant to a special purpose funding vehicle (an "<u>SPC</u>"), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower Representative, the option to provide to any Borrower all or

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any part of any Loan that such Granting Lender would otherwise be obligated to make to such Borrower pursuant to this Agreement; <u>provided</u>, that (i) nothing herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of any Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of any Borrower under this Agreement (including its obligations under <u>Section 2.15</u>, <u>2.16</u> or <u>2.17</u>) and no SPC shall be entitled to any greater amount under <u>Section 2.15</u>, <u>2.16</u> or <u>2.17</u> or any other provision of this Agreement or any other Loan Document that the Granting Lender would have been entitled to receive, unless the grant to such SPC is made with the prior written consent of the Borrower Representative (in its sole discretion), expressly acknowledging that such SPC's entitlement to benefits under <u>Sections 2.15</u>, <u>2.16</u> and <u>2.17</u> is not limited to what the Granting Lender would have been entitled to receive absent the grant to the SPC, (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender) and (iii) the Granting Lender shall for all purposes including approval of any amendment, waiver or other modification of any provision of the Loan Documents, remain the Lender of record hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the Requirements of Law of the US or any State thereof; <u>provided</u>, that (i) such SPC's Granting Lender is in compliance in all material respects with its obligations to the Borrowers hereunder and (ii) each Lender designating any SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such SPC during such period of forbearance. In addition, notwithstanding anything to the contrary contained in this <u>Section 9.05</u>, any SPC may (i) with notice to, but without the prior written consent of, the Borrower Representative or the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guaranty or credit or liquidity enhancement to such SPC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) Any assignment, participation, entry into an Obligations Derivative Instrument or pledge by a Lender (A) to or with any Disqualified Institution or (B) in the case of any assignment and/or participation to any Person, without the Borrower Representative's consent to the extent the Borrower Representative's consent is required under this <u>Section 9.05</u> (and, if applicable, not deemed to have been given pursuant to <u>Section 9.05(b)(i)(A)</u>), in each case, shall be null and void unless, solely in the case of any assignment, solely to the extent that there has been any subsequent assignment by a Disqualified Institution or any such other Person to an Eligible Assignee that complies with the requirements of <u>Section 9.05(b)</u>, in which case such subsequent assignment will be deemed to be a valid and enforceable assignment for the purposes hereof; and Holdings, Intermediate Dutch Holdings and each Borrower shall each be entitled to seek specific performance to unwind any such assignment, participation, Obligations Derivative Instrument or pledge and/or specifically enforce this <u>Section 9.05(f)</u> in addition to injunctive relief (without posting a bond or presenting evidence of irreparable harm) or any other remedy available to any Borrower at law or in equity; it being understood and agreed that the Borrowers, Holdings and its subsidiaries will suffer irreparable harm if any Lender breaches any obligation under this <u>Section 9.05</u> as it relates to any assignment or participation to a Disqualified Person, any entry into any Obligations Derivative Instrument with any Disqualified Person, the pledge or assignment of any security interest in any Loan or Commitment to a Disqualified Person and/or any assignment or participation of, or pledge or assignment of a security interest in, any Loan or Commitment to any Person to whom the Borrower Representative's consent is required but not obtained. Nothing in this <u>Section 9.05(f)</u> shall be deemed to prejudice any right or remedy that Holdings, Intermediate Dutch Holdings or any Borrower may otherwise have at law or equity. The Administrative Agent may make the list of Disqualified Institutions available on a confidential basis in accordance with Section 9.13 to any Lender who specifically requests a copy thereof, and such Lender may provide such list of Disqualified Institutions to any potential assignee or participant or counterparty to any Obligations Derivative Instrument who agrees to keep such list confidential in accordance with <u>Section 9.13</u> solely for the purpose of permitting such Person to verify whether such Person (or any Affiliate thereof) constitutes a Disqualified Institution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any assignment or participation under this <u>Section 9.05</u> is made to any Disqualified Institution and/or any Affiliate of any Disqualified Institution (other than any Competitor Debt Fund Affiliate) and/or any other Person to whom the Borrower Representative's consent is required but not obtained, in each case, without the Borrower Representative's prior written consent (any such person, a "<u>Disqualified Person</u>"), then the Applicable Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Person and the Administrative Agent, (A) terminate any Commitment of such Disqualified Person and repay all obligations of such Borrower owing to such Disqualified Person, (B) in the case of any outstanding Term Loan, held by such Disqualified Person, purchase such Term Loan by paying the lesser of (x) par and (y) the amount that such Disqualified Person paid to acquire such Term Loan, <u>plus</u> accrued interest thereon, accrued fees and all other amounts payable to it hereunder and/or (C) require such Disqualified Person to assign, without recourse (in accordance with and subject to the restrictions contained in this <u>Section 9.05</u>), all of its interests, rights and obligations under this Agreement to one or more Eligible Assignees; <u>provided</u>, that (I) in the case of <u>clause (B)</u>, the applicable Disqualified Person has received payment of an amount equal to the lesser of (1) par and (2) the amount that such Disqualified Person paid for the applicable Loans and participations in Letters of Credit and Swingline Loans, <u>plus</u> accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the Borrowers, (II) in the case of <u>clauses (A)</u> and <u>(B)</u>, no Borrower shall be liable to the relevant Disqualified Person under <u>Section 2.16</u> if any LIBO Rate Loan or Term SOFR Rate Loan owing to such Disqualified Person is repaid or purchased other than on the last day of the Interest Period relating thereto, (III) in the case of <u>clause (C)</u>, the relevant assignment shall otherwise comply with this <u>Section 9.05</u> (except that (x) no registration and processing fee required under this <u>Section 9.05</u> shall be required with any assignment pursuant to this paragraph and (y) any Term Loan acquired by any Affiliated Lender pursuant to this paragraph will not be included in calculating compliance with the Affiliated Lender Cap for a period of 90 days following such transfer; <u>provided</u> that, to the extent the aggregate principal amount of Term Loans held by Affiliated Lenders exceeds the Affiliated Lender Cap on the 91st day following such transfer, then such excess amount shall either be (x) contributed to any Borrower or any of their respective subsidiaries and retired and cancelled immediately upon such contribution or (y) automatically cancelled)) and (IV) in no event shall such Disqualified Person be entitled to receive amounts set forth in <u>Section 2.13(e)</u>. Further, any Disqualified Person identified by a Borrower to the Administrative Agent (A) shall not be permitted to (x) receive information or reporting provided by any Loan Party, the Administrative Agent or any Lender and/or (y) attend and/or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent, (B) (x) shall not for purposes of determining whether the Required Lenders or the majority of Lenders under any Class have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, have a right to consent (or not consent), otherwise act or direct or require the Administrative Agent or any Lender to take (or refrain from taking) any such action; it being understood that all Loans held by any Disqualified Person shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders, majority Lenders under any Class or all Lenders have taken any action, and (y) shall be deemed to vote in the same proportion as Lenders that are not Disqualified Persons (1) in any proceeding under any Debtor Relief Law commenced by or against Intermediate Dutch Holdings or any other Loan Party and/or (2) for purposes of any matter requiring the consent of each Lender or each affected Lender and (C) shall not be entitled to receive the benefits of <u>Section 9.03</u>. For the sake of clarity, the provisions in this <u>Section 9.05(f)</u> shall not apply to any Person that is an assignee of any Disqualified Person, if such assignee is not a Disqualified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary herein, each of Holdings, each Borrower and each Lender acknowledges and agrees that the Administrative Agent (in its capacity as such) shall not (x) have any liability with respect to or arising out of any assignment or participation of commitments and/or Loans to any Disqualified Institution or Affiliated Lender (regardless of whether the consent of the Administrative Agent is required thereto) or (y) be obligated to ascertain, monitor or inquire as to whether any Lender or participant or prospective Lender or participant is a Disqualified Lender and none of the Borrower Representative, any Lender or any of their respective Affiliates will bring any claim to that effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations under this Agreement in respect of its Term Loans to any Affiliated Lender on a non-pro rata basis (A) through Dutch Auctions open to all Lenders holding the relevant Term Loans on a pro rata basis or (B) through open market purchases (including, for the avoidance of doubt, any negotiated transaction), in each case with respect to <u>clauses (A)</u> and <u>(B)</u>, without the consent of the Administrative Agent; <u>provided</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Term Loan acquired by Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries shall, to the extent permitted by applicable Requirements of Law, be retired and cancelled immediately upon the acquisition thereof; <u>provided</u>, that upon any such retirement and cancellation, the aggregate outstanding principal amount of the Term Loans shall be deemed reduced by the full par value of the aggregate principal amount of the Term Loans so retired and cancelled, and each principal repayment installment with respect to the Term Loans pursuant to <u>Section 2.10(a)</u> shall be reduced on a pro rata basis by the full par value of the aggregate principal amount of Term Loans so cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Term Loan acquired by any Non-Debt Fund Affiliate (other than Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries) may (but shall not be required to) be contributed to any Borrower or any of its subsidiaries (it being understood that any such Term Loans shall, to the extent permitted by applicable Requirements of Law, be retired and cancelled promptly upon such contribution); <u>provided</u>, that upon any such cancellation, the aggregate outstanding principal amount of the Term Loans shall be deemed reduced, as of the date of such contribution, by the full par value of the aggregate principal amount of the Term Loans so contributed and cancelled, and each principal repayment installment with respect to the Tranche B-3 Term Loans, the Eleventh Amendment Dollar Refinancing Term Loans and/or the Eleventh Amendment Euro Refinancing Term Loans, as applicable, pursuant to <u>Section 2.10(a)</u> shall be reduced pro rata by the full par value of the aggregate principal amount of the Tranche B-3 Term Loans, the Eleventh Amendment Dollar Refinancing Term Loans or the Eleventh Amendment Euro Refinancing Term Loans, as applicable, so contributed and cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the relevant Affiliated Lender and assigning or purchasing, as applicable, Lender shall have executed an Affiliated Lender Assignment and Assumption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) subject to <u>Section 9.05(f)(ii)</u>, after giving effect to the relevant assignment and to all other assignments to all Affiliated Lenders, the aggregate principal amount of all Term Loans then held by all Affiliated Lenders shall not exceed 25% of the aggregate principal amount of the Term Loans then outstanding (after giving effect to any substantially simultaneous cancellation thereof) (the "<u>Affiliated Lender Cap</u>"); <u>provided</u>, that each party hereto acknowledges and agrees that the Administrative Agent shall not be liable for any losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever incurred or suffered by any Person in connection with any compliance or non-compliance with this <u>clause (g)(iv)</u> or any purported assignment exceeding the Affiliated Lender Cap (it being understood and agreed that the Affiliated Lender Cap is intended to apply to any Loan made available to Affiliated Lenders by means other than formal assignment (*e.g.*, as a result of an acquisition of another Lender (other than any Debt Fund Affiliate) by any Affiliated Lender or the provision of Additional Term Loans by any Affiliated Lender); <u>provided</u>, <u>further</u>, that to the extent that any assignment to any Affiliated Lender would result in the aggregate principal amount of Term Loans held by Affiliated Lenders exceeding the Affiliated Lender Cap (after giving effect to any substantially simultaneous cancellations thereof), the assignment of the relevant excess amount shall be null and void (except to the extent such excess amount is subsequently assigned to a Person that is not an Affiliated Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in connection with any assignment effected pursuant to a Dutch Auction and/or open market purchase conducted by Holdings, Intermediate Dutch Holdings or any of its Restricted Subsidiaries, (A) the relevant Person may not use the proceeds of any Revolving Loan to fund such assignment and (B) no Event of Default exists at the time of acceptance of bids for the Dutch Auction or the confirmation of such open market purchase, as applicable; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) by its acquisition of Term Loans, each relevant Affiliated Lender shall be deemed to have acknowledged and agreed 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) subject to <u>clause (iv)</u> above, the Term Loans held by such Affiliated Lender shall be disregarded in both the numerator and denominator in the calculation of any Required Lender or other Lender vote; <u>provided</u>, that (x) such Affiliated Lender shall have the right to vote (and the Term Loans held by such Affiliated Lender shall not be so disregarded) with respect to any amendment, modification, waiver, consent or other action that requires the vote of all Lenders or all Lenders directly and adversely affected thereby, as the case may be, and (y) no amendment, modification, waiver, consent or other action shall (1) disproportionately affect such Affiliated Lender in its capacity as a Lender as compared to other Lenders of the same Class that are not Affiliated Lenders or (2) deprive any Affiliated Lender of its share of any payment in which the Lenders are entitled to share on a pro rata basis hereunder, in each case without the consent of such Affiliated 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;(B) such Affiliated Lender, solely in its capacity as an Affiliated Lender, will not be entitled to (i) attend (including by telephone) or participate in any meeting or discussion (or portion thereof) among the Administrative Agent or any Lender or among Lenders to which the Loan Parties or their representatives are not invited or (ii) receive any information or material prepared by the Administrative Agent or any Lender or any communication by or among the Administrative Agent and one or more Lenders, except to the extent such information or materials have been made available by the Administrative Agent or any Lender to any Loan Party or its representatives (and in any case, other than the right to receive notices of Borrowings, prepayments and other administrative notices in respect of its Term Loans required to be delivered to Lenders pursuant to <u>Article 2</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) no Affiliated Lender shall be required to represent or warrant that it is not in possession of material non-public information with respect to Intermediate Dutch Holdings, any Borrower and/or any subsidiary thereof and/or their respective securities in connection with any assignment permitted by this <u>Section 9.05(g)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in any proceeding under any Debtor Relief Law, (A) the interest of any Affiliated Lender in any Term Loan will be deemed to be voted in the same proportion as the vote of Lenders that are not Affiliated Lenders on the relevant matter; <u>provided</u> that each Affiliated Lender will be entitled to vote its interest in any Term Loan to the extent that any plan of reorganization or other arrangement with respect to which the relevant vote is sought proposes to treat the interest of such Affiliated Lender (in its capacity as a Lender) in such Term Loan in a manner that is less favorable to such Affiliated Lender than the proposed treatment of Term Loans held by other Term Lenders and (B) all Affiliated Lenders shall be treated as a single lender for purposes of any "numerosity" or similar requirement applicable therein.

Notwithstanding anything to the contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations under this Agreement in respect of its Loans and/or Commitments to any Debt Fund Affiliate, and any Debt Fund Affiliate may, from time to time, purchase Loans and/or Commitments (x) on a pro rata basis through Dutch Auctions open to all applicable Lenders in accordance with customary procedures or (y) on a non-pro rata basis through open market purchases (including, for the avoidance of doubt, negotiated transactions) without the consent of the Administrative Agent, in each case, notwithstanding the requirements set forth in <u>subclauses (i)</u> through <u>(viii)</u> of this <u>clause (g)</u>; <u>provided</u> that the Loans and Commitments held by all Debt Fund Affiliates shall not account for more than 49.9% of the amounts included in determining whether the Required Lenders or Required Revolving Lenders have (A) consented to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (B) otherwise acted on any matter related to any Loan 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 Loan Document; it being understood and agreed that the portion of the Loan and/or Commitments that accounts for more than 49.9% of the relevant Required Lender or Required Revolving Lender action shall be deemed to be voted pro rata along with other Lenders that are not Debt Fund Affiliates. Any Loan acquired by any Debt Fund Affiliate may (but shall not be required to) be contributed to Holdings or any of its subsidiaries for purposes of cancelling such Indebtedness (it

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being understood that any Loan so contributed shall, to the extent permitted by applicable Requirements of Law, be retired and cancelled immediately upon thereof); <u>provided</u> that upon any such cancellation, the aggregate outstanding principal amount of the relevant Class of Loans shall be deemed reduced, as of the date of such contribution, by the full par value of the aggregate principal amount of the Loans so contributed and cancelled, and each principal repayment installment with respect to the Term Loans pursuant to <u>Section 2.10(a)</u> shall be reduced pro rata by the full par value of the aggregate principal amount of any applicable Term Loans so contributed and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the event that an Assignment by any Lender of its rights and/or obligations under any relevant Loan Documents occurred or was deemed to occur by way of novation, each Loan Party explicitly agrees that all security interests and guarantees created under any Loan Documents governed by Luxembourg law shall be preserved for the benefit of the new Lender and the Secured Parties, including in respect of any Loan Party, in accordance with the provisions of article 1278 of the Luxembourg Civil Code.

Section 9.06. <u>Survival</u>. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loan and issuance of any Letter of Credit regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect until the Termination Date. The provisions of <u>Sections 2.15</u>, <u>2.16</u>, <u>2.17</u>, <u>9.03</u> and <u>9.13</u> and <u>Article 8</u> shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Revolving Credit Commitment, the occurrence of the Termination Date or the termination of this Agreement or any provision hereof but in each case, subject to the limitations set forth in this Agreement.

Section 9.07. <u>Counterparts; Integration; Effectiveness</u>. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents, each Intercreditor Agreement, the Fee Letter and the Project Grace Fee Letter constitute the entire agreement among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective when it has been executed by Holdings, Intermediate Dutch Holdings, each Borrower and each Agent and when the Administrative Agent has received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by email as a ".pdf" or ".tif" attachment shall be effective as delivery of a manually executed counterpart of this Agreement. It is understood and agreed that, subject to any Requirement of Law, the words "execution", "signed", "signature", "delivery" and words of like import in or relating to any Loan Document shall be deemed to include any Electronic Signature, delivery or the keeping of any record in electronic form, each of which shall have the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system 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 similar state laws based on the Uniform Electronic Transactions Act.

Section 9.08. <u>Severability</u>. To the extent permitted by applicable Requirements of Law, any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 9.09. <u>Right of Setoff</u>. At any time when an Event of Default exists, the Administrative Agent and, upon the written consent of the Administrative Agent, each Issuing Bank and each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Requirements of Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other

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obligations (in any currency) at any time owing by the Administrative Agent, such Issuing Bank or such Lender, respectively, to or for the credit or the account of any Loan Party against any of and all the Secured Obligations held by the Administrative Agent, such Issuing Bank or such Lender, irrespective of whether or not the Administrative Agent, such Issuing Bank or such Lender shall have made any demand under the Loan Documents and although such obligations may be contingent or unmatured or are owed to a branch or office of such Lender or Issuing Bank different than the branch or office holding such deposit or obligation on such Indebtedness. The Administrative Agent shall promptly notify the Borrower Representative and any applicable Lender or Issuing Bank shall promptly notify the Borrower Representative and the Administrative Agent of such set-off or application, as applicable; provided that any failure to give or any delay in giving such notice shall not affect the validity of any such set-off or application under this Section. The rights of each Lender, each Issuing Bank and the Administrative Agent under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender, such Issuing Bank or the Administrative Agent may have. For the avoidance of doubt, the term "Lender" shall, for all purposes of this paragraph, include the Swingline Lender.

Section 9.10. <u>Governing Law; Jurisdiction; Consent to Service of Process</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN ANY OTHER LOAN DOCUMENT) AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN ANY OTHER LOAN DOCUMENT), WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; <u>PROVIDED</u>, THAT (I) THE INTERPRETATION OF THE DEFINITION OF "BUSINESS DATE MATERIAL ADVERSE EFFECT" AND THE DETERMINATION OF WHETHER A BUSINESS DATE MATERIAL ADVERSE EFFECT HAS OCCURRED, (II) THE DETERMINATION OF THE ACCURACY OF ANY SPECIFIED ACQUISITION AGREEMENT REPRESENTATION AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF, US BORROWER, DUTCH BORROWER OR THEIR RESPECTIVE APPLICABLE AFFILIATE HAS A RIGHT TO TERMINATE ITS OBLIGATIONS UNDER THE ACQUISITION AGREEMENT OR DECLINE TO CONSUMMATE THE CLOSING DATE ACQUISITION AND/OR, IF APPLICABLE, ANY POTENTIAL SUBSEQUENT ACQUISITION AND (III) THE DETERMINATION OF WHETHER THE CLOSING DATE ACQUISITION AND/OR, IF APPLICABLE, ANY POTENTIAL SUBSEQUENT ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT AND, IN ANY CASE, ANY CLAIM OR DISPUTE ARISING OUT OF ANY SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF, SHALL IN EACH CASE BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF THE LAWS WHICH GOVERN THE ACQUISITION AGREEMENT REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY US FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK (OR ANY APPELLATE COURT THEREFROM) OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT (EXCEPT AS OTHERWISE PROVIDED IN ANY APPLICABLE COLLATERAL DOCUMENT) AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL (EXCEPT AS PERMITTED BELOW) BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, FEDERAL COURT. EACH PARTY HERETO AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY REGISTERED MAIL ADDRESSED TO SUCH PERSON SHALL BE EFFECTIVE SERVICE OF PROCESS AGAINST SUCH PERSON FOR ANY SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT. EACH PARTY HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE REQUIREMENTS OF LAW. EACH PARTY HERETO AGREES THAT THE COLLATERAL AGENT RETAINS THE RIGHT TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION SOLELY IN CONNECTION WITH THE EXERCISE OF ITS RIGHTS UNDER ANY COLLATERAL DOCUMENT.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN <u>PARAGRAPH (B)</u> OF THIS SECTION. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) TO THE EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL) DIRECTED TO IT AT ITS ADDRESS FOR NOTICES AS PROVIDED FOR IN <u>SECTION 9.01</u>. EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY LOAN DOCUMENT THAT SERVICE OF PROCESS WAS INVALID AND INEFFECTIVE. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE REQUIREMENTS OF LAW.

Section 9.11. <u>Waiver of Jury Trial</u>. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 9.12. <u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

Section 9.13. <u>Confidentiality</u>. Each of the Agents, each Lender, each Issuing Bank, each Arranger, each Project Grace Arranger, each Ninth Amendment Lead Arranger and<u>,</u> each Eleventh Amendment Lead <u>Arranger and each Twelfth Amendment Lead</u> Arranger agrees (and each Lender agrees to cause its SPC, if any) to maintain the confidentiality of the Confidential Information (as defined below), except that Confidential Information may be disclosed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to its Representatives, its Affiliates, and to its Affiliates' Representatives on a "need to know" basis solely in connection with the transactions contemplated hereby and who are informed of the confidential nature of the Confidential Information and are or have been advised of their obligation to keep the Confidential Information of this type confidential; <u>provided</u>, that such Person shall be responsible for its Affiliates' and their Representatives' compliance with this paragraph; <u>provided</u>, further, that unless the Borrower Representative otherwise consents, no such disclosure shall be made by any Agent, any Issuing Bank, any Arranger, any Project Grace Arranger, any Ninth Amendment Lead Arranger, any Eleventh Amendment Lead Arranger, any <u>Twelfth Amendment Lead Arranger, any</u> Lender, any Ancillary Lender or any Affiliate or Representative thereof to any Affiliate or Representative of any Agent, any Issuing Bank, any Arranger, any Project Grace Arranger, any Ninth Amendment Lead Arranger, any Eleventh Amendment Lead Arranger, any <u>Twelfth Amendment Lead Arranger, any</u> Ancillary Lender, or any Lender that is a Disqualified Institution,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent compelled by legal process in, or reasonably necessary to, the defense of such legal, judicial or administrative proceeding, in any legal, judicial or administrative proceeding or otherwise as required by applicable Requirements of Law (in which case such Person shall (i) to the extent practicable and permitted by applicable Requirements of Law, inform the Borrower Representative promptly in advance thereof and (ii) use commercially reasonable efforts to ensure that any such information so disclosed is accorded confidential treatment),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the demand or request of any regulatory or governmental authority (including any self-regulatory body) purporting to have jurisdiction over such Person or its Affiliates (in which case such Person shall, except with respect to any audit or examination conducted by bank accountants or any Governmental Authority or regulatory or self-regulatory authority exercising examination or regulatory authority, to the extent permitted by applicable Requirements of Law, (i) inform the Borrower Representative promptly in advance thereof and (ii) use commercially reasonable efforts to ensure that any information so disclosed is accorded confidential treatment),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent provided by or on behalf of the Borrower Representative to the Administrative Agent for distribution to the Issuing Banks and/or Lenders, by any Agent to any Lender or Issuing Bank party to this Agreement, as applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to an acknowledgment and agreement by the relevant recipient that the Confidential Information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as otherwise reasonably acceptable to the Borrower Representative and the Administrative Agent) in accordance with the standard syndication process of the Arrangers, the Project Grace Arrangers, the Ninth Amendment Lead Arrangers or<u>,</u> the Eleventh Amendment Lead Arrangers <u>or the Twelfth Amendment Lead Arrangers</u> or market standards for dissemination of the relevant type of information, which shall in any event require "click through" or other affirmative action on the part of the recipient to access the Confidential Information and acknowledge its confidentiality obligations in respect thereof, to (i) any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or prospective Participant in, any of its rights or obligations under this Agreement, including any SPC (in each case other than a Disqualified Institution and/or any Person to whom the Borrower Representative has, at the time of disclosure, affirmatively declined to consent to any assignment or participation), (ii) any pledgee referred to in <u>Section 9.05</u> and (iii) other than any Disqualified institution, any actual or prospective, direct or indirect contractual counterparty (or its advisors) to any Derivative Transaction (including any credit default swap) or similar derivative product to which any Loan Party is a party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to the Borrower Representative's prior approval of the information to be disclosed, (i) to Moody's, S&P or Fitch on a confidential basis in connection with obtaining or maintaining ratings required under <u>Section 5.13</u> or (ii) to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the facilities or, on a confidential basis, solely for the purpose of obtaining league table credit,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to the extent the Confidential Information becomes publicly available other than as a result of a breach of this Section by such Person, its Affiliates or their respective Representatives, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with the prior written consent of the Borrower Representative.

For purposes of this Section, "<u>Confidential Information</u>" means all information relating to Holdings, Intermediate Dutch Holdings and/or any of its affiliates, subsidiaries and their respective businesses or the Transactions, including any trade secrets or other proprietary information of Holdings, Intermediate Dutch Holdings and/or any of its affiliates, subsidiaries and their respective businesses (including any information obtained by the Administrative Agent, any Issuing Bank, any Lender or any Arranger, any Project Grace Arranger, any Ninth Amendment Lead Arranger, any Eleventh Amendment Lead Arranger<u>, any Twelfth Amendment Lead Arranger</u> or any of their

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respective Affiliates or Representatives, based on a review of any books and records relating to Holdings, Intermediate Dutch Holdings and/or any of its subsidiaries and their respective Affiliates from time to time, including prior to the date hereof) other than any such information that is publicly available to the Administrative Agent or any Arranger, any Project Grace Arranger, any Ninth Amendment Lead Arranger, any Eleventh Amendment Lead Arranger<u>, any Twelfth Amendment Lead Arranger</u>, Issuing Bank, Ancillary Lender or Lender on a non-confidential basis prior to disclosure by Holdings or any of its subsidiaries. The existence of this Agreement (but not the terms hereof), the existence of the Credit Facilities (but not the terms thereof), generic information regarding the Credit Facilities (but not any other Confidential Information) may be disclosed by the Administrative Agent to market data collectors and other similar service providers to the lending industry and to service providers to the Administrative Agent in connection with the administration of the Credit Facilities. For the avoidance of doubt, in no event shall any disclosure of any Confidential Information be made to any Person that is a Disqualified Institution at the time of disclosure. Notwithstanding anything to the contrary herein, each of Holdings, each Borrower and each Lender agrees that the Administrative Agent (in its capacity as such) shall not have any liability with respect to or arising out of any disclosure by any Lender or any Issuing Bank of Confidential Information to any Disqualified Institution.

Section 9.14. <u>No Fiduciary Duty</u>. Each of the Agents, the Arrangers, the Project Grace Arrangers, the Ninth Amendment Lead Arrangers, the Eleventh Amendment Lead Arrangers, <u>the Twelfth Amendment Lead Arrangers,</u> each Lender, each Issuing Bank and their respective Affiliates (solely for purposes of this paragraph, each a "<u>Lender Party</u>"), may have economic interests that conflict with those of the Loan Parties, their stockholders and/or their respective affiliates. Each Loan Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender Party, on the one hand, and such Loan Party, its respective stockholders or its respective affiliates, on the other. Each Loan Party acknowledges and agrees that: (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lender Parties, on the one hand, and the Loan Parties, on the other, (ii) in connection therewith and with the process leading thereto, (x) no Lender Party, in its capacity as such, has assumed an advisory or fiduciary responsibility in favor of any Loan Party, its respective stockholders or its respective 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 Party has advised, is currently advising or will advise any Loan Party, its respective stockholders or its respective Affiliates on other matters) or any other obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and (y) each Lender Party, in its capacity as such, is acting solely as principal and not as the agent or fiduciary of such Loan Party, its respective management, stockholders, creditors or any other Person and (iii) it hereby waives any claims against any of the Lender Parties for breach of fiduciary duty arising solely by virtue of this Agreement. Each Loan Party acknowledges and agrees that such Loan Party has consulted its own legal, tax 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.

Section 9.15. <u>Several Obligations</u>. The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any Loan, issue any Letter of Credit or perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder.

Section 9.16. <u>USA PATRIOT Act</u>. Each Lender that is subject to the requirements of the USA PATRIOT Act and the requirements of the Beneficial Ownership Regulation hereby notifies the Loan Parties that pursuant to the requirements of the USA PATRIOT Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the USA PATRIOT Act and any Borrower in accordance with the Beneficial Ownership Regulation.

Section 9.17. <u>Disclosure of Agent Conflicts</u>. Each Loan Party, each Issuing Bank and each Lender hereby acknowledge and agree that each of the Agents and/or its respective Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective Affiliates.

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Section 9.18. <u>Appointment for Perfection</u>. Each Lender hereby appoints each other Lender and each Issuing Bank as its agent for the purpose of perfecting Liens for the benefit of the Collateral Agent, the Issuing Banks and the Lenders, in assets which, in accordance with Article 9 of the UCC or any other applicable Requirement of Law can be perfected only by possession. If any Lender or Issuing Bank (other than the Collateral Agent) obtains possession of any Collateral, such Lender or Issuing Bank shall notify the Collateral Agent thereof and, promptly upon the Collateral Agent's request therefor shall deliver such Collateral to the Collateral Agent or otherwise deal with such Collateral in accordance with the Collateral Agent's instructions.

Section 9.19. <u>Interest Rate Limitation</u>. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan or Letter of Credit, together with all fees, charges and other amounts which are treated as interest on such Loan or Letter of Credit under applicable Requirements of Law (collectively the "<u>Charged Amounts</u>"), shall exceed the maximum lawful rate (the "<u>Maximum Rate</u>") which may be contracted for, charged, taken, received or reserved by the Lender or Issuing Bank holding such Loan or Letter of Credit in accordance with applicable Requirements of Law, the rate of interest payable in respect of such Loan or Letter of Credit hereunder, together with all Charged Amounts payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charged Amounts that would have been payable in respect of such Loan or Letter of Credit but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charged Amounts payable to such Lender or Issuing Bank in respect of other Loans or Letters of Credit or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, have been received by such Lender or Issuing Bank.

Section 9.20. <u>Intercreditor Agreements</u>. REFERENCE IS MADE TO EACH INTERCREDITOR AGREEMENT. EACH LENDER AND EACH ISSUING BANK HEREUNDER AGREES THAT IT WILL BE BOUND BY AND WILL TAKE NO ACTION CONTRARY TO THE PROVISIONS OF EACH INTERCREDITOR AGREEMENT AND AUTHORIZES AND INSTRUCTS THE COLLATERAL AGENT TO ENTER INTO EACH APPLICABLE INTERCREDITOR AGREEMENT AS "FIRST LIEN AGENT" (OR EQUIVALENT) AND ON BEHALF OF SUCH LENDER OR ISSUING BANK. THE PROVISIONS OF THIS <u>SECTION 9.20</u> ARE NOT INTENDED TO SUMMARIZE ALL RELEVANT PROVISIONS OF ANY INTERCREDITOR AGREEMENT. REFERENCE MUST BE MADE TO EACH INTERCREDITOR AGREEMENT ITSELF TO UNDERSTAND ALL TERMS AND CONDITIONS THEREOF. EACH LENDER AND EACH ISSUING BANK IS RESPONSIBLE FOR MAKING ITS OWN ANALYSIS AND REVIEW OF EACH INTERCREDITOR AGREEMENT AND THE TERMS AND PROVISIONS THEREOF, AND NEITHER THE COLLATERAL AGENT NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION TO ANY LENDER OR ISSUING BANK AS TO THE SUFFICIENCY OR ADVISABILITY OF THE PROVISIONS CONTAINED IN ANY INTERCREDITOR AGREEMENT. THE FOREGOING PROVISIONS ARE INTENDED AS AN INDUCEMENT TO THE LENDERS AND/OR HOLDER OF ANY INDEBTEDNESS SUBJECT TO ANY INTERCREDITOR AGREEMENT TO EXTEND CREDIT THEREUNDER AND SUCH LENDERS AND/OR HOLDERS ARE INTENDED THIRD PARTY BENEFICIARIES OF SUCH PROVISIONS AND THE PROVISIONS OF EACH APPLICABLE INTERCREDITOR AGREEMENT.

Section 9.21. <u>Conflicts</u>. Notwithstanding anything to the contrary contained herein or in any other Loan Document, in the event of any conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall govern and control; provided, that in the case of any conflict or inconsistency between any Intercreditor Agreement and any Loan Document, the terms of such Intercreditor Agreement shall govern and control.

Section 9.22. <u>Release of Guarantors</u>. Notwithstanding anything in <u>Section 9.02(b)</u> to the contrary, (a) any Subsidiary Guarantor shall automatically be released from its obligations hereunder (and its Loan Guaranty and any Lien granted by such Subsidiary Guarantor pursuant to any Collateral Document) shall be automatically released) (i) upon the consummation of any transaction or series of related transactions not prohibited hereunder if as a result thereof such Subsidiary Guarantor ceases to be a Restricted Subsidiary (or is or becomes an Excluded Subsidiary as a result of a single transaction or series of related transactions not prohibited hereunder), subject, if applicable, to the Specified Guarantor Release Provision, (ii) upon the occurrence of the Termination Date and/or (iii) with respect to any Discretionary Guarantor, upon notice by the Borrower Representative to the Collateral Agent at any time as a result of a single transaction or series of related transactions not prohibited hereunder, (b) any

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Subsidiary Guarantor that meets the definition of an "Excluded Subsidiary" shall be released by the Collateral Agent promptly following the request therefor by the Borrower Representative, subject, if applicable, to the Specified Guarantor Release Provision, (c) Holdings shall be released from its obligations under its Loan Guaranty and the other Loan Documents upon the consummation of an IPO of Holdings and (d) Intermediate Dutch Holdings shall be released from its obligations under its Loan Guaranty and the other Loan Documents upon the consummation of an IPO of Intermediate Dutch Holdings. In connection with any such release, the Collateral Agent shall promptly execute and deliver to the relevant Loan Party, at such Loan Party's expense, all documents that such Loan Party shall reasonably request to evidence termination or release; <u>provided</u>, that upon the request of the Collateral Agent, the Borrower Representative shall deliver a certificate of a Responsible Officer certifying that the relevant transaction has been consummated in compliance with the terms of this Agreement. Any execution and delivery of any document pursuant to the preceding sentence of this <u>Section 9.22</u> shall be without recourse to or warranty by the Collateral Agent (other than as to the Collateral Agent's authority to execute and deliver such documents).

Section 9.23. <u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding of the parties hereto, each such party acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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;(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;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

Section 9.24. <u>Certain ERISA Matters</u>. 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, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, to the date such Person ceases being a Lender party hereto, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (ii) 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, (iii) 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 (iv) 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;(d) such other representation, warranty and covenant as may be agreed in writing between any Agent, in its sole discretion, and such Lender.

In addition, unless either (1) sub-clause (i) in the immediately preceding paragraph is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding paragraph, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of Intermediate Dutch Holdings or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

Section 9.25. <u>Judgment Currency</u>. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrower Representative in respect of any such sum due from it to the Administrative Agent or the Lenders hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the "<u>Judgment Currency</u>") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "<u>Agreement Currency</u>"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from the Borrower Representative in the Agreement Currency, the Borrower Representative agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to the Borrower Representative (or to any other Person who may be entitled thereto under applicable Requirements of Law).

Section 9.26. <u>Parallel Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of this <u>Section 9.26</u>, "<u>Principal Obligations</u>" means each Loan Party's payment obligations to one or more Secured Parties under or in connection with the Loan Documents (but, for the avoidance of doubt, excluding each Parallel Debt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Loan Party irrevocably and unconditionally undertakes to pay to the Non-US Collateral Agent (and, where applicable, by way of an abstract acknowledgement of debt (abstraktes Schuldanerkenntnis)) amounts equal to its Principal Obligations as they may exist from time to time (each a "<u>Parallel Debt</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Parallel Debt will become due and payable at the same time as the corresponding Principal Obligation becomes due and payable and in the same currency as the corresponding Principal Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights of the Non-US Collateral Agent under each Parallel Debt are its own claims to receive payment from the relevant Loan Party, several and independent from any right that any Secured Party may have under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Parallel Debt of a Loan Party shall be decreased to the extent that the corresponding Principal Obligation has been irrevocably and unconditionally paid or discharged, and each Principal Obligation of a Loan Party shall be decreased to the extent that the corresponding Parallel Debt has been irrevocably and unconditionally paid or discharged, in each case provided that the Parallel Debts of a Loan Party shall never exceed its Principal Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the purpose of this <u>Section 9.26</u>, the Non-US Collateral Agent acts in its own name and not as agent, trustee or representative of the Secured Parties. The Non-US Collateral Agent shall hold any Lien governed by the laws of the Netherlands and securing any Parallel Debt in its own name as creditor of the Parallel Debts and not on trust or otherwise as agent, trustee or representative of the Secured Parties.

Section 9.27. <u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Derivative Transaction or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>", and each such QFC, a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>US Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the US or any other state of the US): in the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a US Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the US 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 US or a state of the US. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a US Special Resolution Regime, Default Rights under the Loan 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 US Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the US or a state of the US. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

Section 9.28. <u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender and Issuing Bank hereby agrees that (x) if the Administrative Agent notifies such Lender or Issuing Bank that the Administrative Agent has determined in its sole discretion that any funds received by such Lender or Issuing Bank from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "<u>Payment</u>") were erroneously transmitted to such Lender or Issuing Bank (whether or not known to such Lender or Issuing Bank), and demands the return of such Payment (or a portion thereof), such Lender or Issuing Bank shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender or Issuing Bank to the date such amount is repaid to the Administrative Agent 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

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compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender or Issuing Bank shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender or Issuing Bank under this Section 9.28(a) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender and Issuing Bank hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender and Issuing Bank agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender or Issuing Bank shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender or Issuing Bank to the date such amount is repaid to the Administrative Agent 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party hereto agrees that (x) in the event an erroneous Payment (or portion thereof) is not recovered from any Lender or Issuing Bank that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender or Issuing Bank with respect to such amount, (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by any Borrower or any other Loan Party except to the extent such erroneous Payment (or portion thereof) is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received from or on behalf of such Borrower or any other Loan Party for the purpose of prepaying, repaying, discharge or otherwise satisfying such Obligations and (z) this Section 9.28 shall not in any way be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for) the Obligations owed by any Borrower or any other Loan Party under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party's obligations under this Section 9.28 shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Bank, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

[*Signature Pages Follow]*

## Exhibit 10.19

**Exhibit 10.19** 

**NIQ GLOBAL INTELLIGENCE PLC** 

**2025 EQUITY INCENTIVE PLAN** 

**1. DEFINED TERMS** 

<u>Exhibit A</u>, which is incorporated by reference, defines certain terms used in the Plan and includes certain operational rules related to those terms.

**2. PURPOSE** 

The Plan has been established to advance the interests of the Company by providing for the grant to Participants of Share and Share-based Awards.

**3. ADMINISTRATION** 

The Plan will be administered by the Administrator. The Administrator has discretionary authority, subject only to the express provisions of the Plan, to administer and interpret the Plan and any Awards; to determine eligibility for and grant Awards; to determine the exercise price, base value from which appreciation is measured, or purchase price, if any, applicable to any Award, to determine, modify, accelerate or waive the terms and conditions of any Award; to determine the form of settlement of Awards (whether in cash, Shares, other Awards or other property); to prescribe forms, rules and procedures relating to the Plan and Awards; and to otherwise do all things necessary or desirable to carry out the purposes of the Plan or any Award. Determinations of the Administrator made with respect to the Plan or any Award are conclusive and bind all persons.

**4. SHARE POOL; LIMITS ON AWARDS UNDER THE PLAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) <u>Number of Shares</u>.** Subject to adjustment as provided in Section 7(b) below, the maximum number of ordinary shares that may be delivered in satisfaction of Equity Awards under the Plan is 31,490,372 Shares plus the number of Shares in respect of the Pre-IPO Awards in issue as at the Date of Adoption together with the number of Shares required to cover any Pre-IPO Awards that are settled in Shares subject to the Plan after that date (the "<u>Share Pool</u>"). Up to 31,490,372 Shares may be delivered in satisfaction of ISOs, but nothing in this Section 4(a) will be construed as requiring that any, or any fixed number of, ISOs be granted under the Plan. For purposes of this Section 4(a), Shares shall not be treated as delivered under the Plan, and will not reduce the Share Pool, unless and until, and to the extent, they are actually delivered to a Participant. Without limiting the generality of the foregoing, the number of Shares delivered in satisfaction of Equity Awards will be determined (i) by excluding Shares withheld by the Company in payment of the exercise price or purchase price of the Award or in satisfaction of tax withholding requirements with respect to the Award; (ii) by including only the number of Shares delivered in settlement of a SAR any portion of which is settled in Shares; and (iii) by excluding any Shares underlying Awards settled in cash or that expire, become unexercisable, terminate or are forfeited to or repurchased by the Company, in any case, without the delivery (or retention, in the case of Restricted Shares or Unrestricted Shares) of Shares. Notwithstanding the foregoing or anything in this Section 4(a) to the contrary, if any Pre-IPO Award is (A) settled in cash or expires, (B) becomes unexercisable, terminates or is forfeited to or repurchased or redeemed by the Company without the delivery (or retention, in the case of Restricted Share or

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Unrestricted Share) of Shares, or (C) is withheld by the Company in payment of the exercise price or purchase price of any Pre-IPO Award or in satisfaction of tax withholding requirements with respect to such Pre-IPO Award, the Shares previously included in the Share Pool in respect of such Pre-IPO Award will no longer form part of the Share Pool or otherwise be available for future grant under the Plan. The limits set forth in this Section 4(a) will be construed to comply with the applicable requirements of Section 422.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Substitute Awards</u>.** The Administrator may grant Substitute Awards under the Plan. To the extent consistent with the requirements of Section 422 and the regulations thereunder and other applicable legal requirements (including applicable stock exchange requirements), Shares delivered in respect of Substitute Awards will be in addition to and will not reduce the Share Pool. Notwithstanding the foregoing or anything in Section 4(a) to the contrary, if any Substitute Award is settled in cash or expires, becomes unexercisable, terminates or is forfeited to or repurchased or redeemed by the Company without the delivery (or retention, in the case of Restricted Share or Unrestricted Share) of Shares, the Shares previously subject to such Award will not increase the Share Pool or otherwise be available for future grant under the Plan. The Administrator will determine the extent to which the terms and conditions of the Plan apply to Substitute Awards, if at all; *provided, however*, that Substitute Awards will not be subject to the limits described in Section 4(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) <u>Type of Shares</u>.** Shares delivered by the Company under the Plan may be authorized but unissued Shares, treasury Shares or previously issued Shares acquired by the Company in any manner, including via an employee benefit trust or other such trust or nominee arrangement utilized by the Company and approved by the Administrator for the purposes of the grant or settlement of Awards, provided that where Shares to be delivered pursuant to an Award are newly issued by the Company, the nominal value of each such Share shall be fully paid up by or on behalf of the relevant Participant in accordance with applicable law. No fractional Shares will be delivered under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) <u>Non-Employee Director Limits</u>.** Notwithstanding any other provision of the Plan to the contrary, a Participant who is a Director may not receive in any calendar year Awards and cash compensation (e.g. as a retainer or otherwise) from the Company or any affiliate, which, in the aggregate is valued at more than $750,000 (or, for a Director during his or her first year of service with the Company, $1,000,000), with the value of shares received pursuant to an Award computed for purposes of this Section 4(d) as of the date of grant in accordance with applicable financial accounting rules. For the avoidance of doubt, the limitation in this Section 4(d) will not apply to any compensation granted or paid to a Director for his or her services to the Company or an affiliate other than as a Director, including, without limitation, as a consultant or advisor to the Company or an affiliate.

**5. ELIGIBILITY AND PARTICIPATION** 

The Administrator will select Participants from among Employees and Directors of, and consultants and advisors to, the Company and its affiliates; *provided*, *however*, that, subject to such express exceptions, if any, as the Administrator may establish, eligibility shall be further limited to those persons as to whom the use of a Form S-8 registration statement is permissible. Eligibility for ISOs is limited to individuals described in the first sentence of this Section 5 who are employees

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of the Company or of a "parent corporation" or "subsidiary corporation" of the Company as those terms are defined in Section 424 of the Code. Eligibility for Share Options, other than ISOs, and SARs is limited to individuals described in the first sentence of this Section 5 who are providing direct services on the date of grant of the Award to the Company or to a subsidiary of the Company that would be described in the first sentence of Section 1.409A-1(b)(5)(iii)(E) of the Treasury Regulations.

**6. RULES APPLICABLE TO AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) <u>All Awards</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) <u>Award Provisions</u>.** The Administrator will determine the terms and conditions of all Awards, subject to the limitations provided herein. No term of an Award shall provide for automatic "reload" grants of additional Awards upon the exercise of a Share Option or SAR. By accepting (or, under such rules as the Administrator may prescribe, being deemed to have accepted) an Award, the Participant agrees (or will be deemed to have agreed) to the terms and conditions of the Award and the Plan. Notwithstanding any provision of the Plan to the contrary, Substitute Awards may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) <u>Term of Plan</u>.** No Awards may be made after ten years from the Date of Adoption, but previously granted Awards may continue beyond that date in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3) <u>Transferability</u>.** Neither ISOs nor, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Section 6(a)(3), other Awards may be transferred other than by will or by the laws of descent and distribution. During a Participant's lifetime, ISOs and, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Section 6(a)(3), SARs and NSOs may be exercised only by the Participant. The Administrator may permit the gratuitous transfer (*i.e.*, transfer not for value) of Awards other than ISOs, including for estate planning purposes, subject to applicable securities and other laws and such terms and conditions as the Administrator may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4) <u>Vesting; Exercisability</u>.** The Administrator will determine the time or times at which an Award vests or becomes exercisable and the terms and conditions on which a Share Option or SAR remains exercisable. Without limiting the foregoing, the Administrator may at any time accelerate the vesting and/or exercisability of an Award (or any portion thereof), regardless of any adverse or potentially adverse tax or other consequences resulting from such acceleration, including in connection with a Covered Transaction or other transaction or event. Unless the Administrator expressly provides otherwise, however, the following rules will apply if a Participant's Service ceases:

&nbsp;&nbsp;&nbsp;&nbsp;&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 provided in (B) and (C) below, immediately upon the cessation of the Participant's Service each Share Option and SAR (or portion thereof) that is then held by the Participant or by the Participant's permitted transferees, if any, will cease to be exercisable and will terminate and each other Award that is then held by the Participant or by the Participant's permitted transferees, if any, to the extent not then vested will be forfeited.

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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)** Subject to (C) and (D) below, each Share Option and SAR (or portion thereof) held by the Participant or the Participant's permitted transferees, if any, immediately prior to the cessation of the Participant's Service, to the extent then vested and exercisable, will remain exercisable for the lesser of (i) a period of ninety (90) days following such cessation of Service or (ii) the period ending on the latest date on which such Share Option or SAR could have been exercised without regard to this Section 6(a)(4), and will thereupon immediately terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&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)** Subject to (D) below, each Share Option and SAR (or portion thereof) held by a Participant or the Participant's permitted transferees, if any, immediately prior to the cessation of the Participant's Service due to the Participant's death or by the Company due to the Participant's Disability, to the extent then vested and exercisable, will remain exercisable for the lesser of (i) the one-year period ending on the first anniversary of such cessation of Service or (ii) the period ending on the latest date on which such Share Option or SAR could have been exercised without regard to this Section 6(a)(4), and will thereupon immediately terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&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)** All Awards (whether or not vested or exercisable) held by a Participant or the Participant's permitted transferees, if any, immediately prior to the cessation of the Participant's Service will immediately terminate upon (i) such cessation of Service if the termination is for Cause or occurs in circumstances that in the determination of the Administrator would have constituted grounds for the Participant's Service to be terminated for Cause (in each case, without regard to the lapsing of any required notice or cure periods in connection therewith) or (ii) to the maximum extent permitted under applicable law, the Participant's violation of any non-competition, non-solicitation, no-hire, non-disparagement, confidentiality, invention assignment, or other restrictive covenant in favor of the Company or any of its affiliates by which the Participant is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5) <u>Recovery of Compensation; Other Policies</u>**. The Administrator may provide in any case that any outstanding Award (whether or not vested or exercisable), the proceeds from the exercise or disposition of any Award or Shares acquired under any Award, and any other amounts received in respect of any Award or Shares acquired under any Award will be subject to forfeiture and disgorgement to the Company, with interest and other related earnings, if the Participant to whom the Award was granted is not in compliance with any provision of the Plan or any applicable Award or violates any non-competition, non-solicitation, no-hire, non-disparagement, confidentiality, invention assignment or other restrictive covenant by which the Participant is bound. Each Award will be subject to any policy of the Company or any of its affiliates that relates to trading on non-public information and permitted transactions with respect to Shares, including limitations on hedging and pledging. In addition, each Award will be subject to any policy of the Company or any of its affiliates that provides for forfeiture, disgorgement, or clawback with respect to incentive compensation that includes Awards under the Plan and will be further subject to forfeiture and disgorgement to the extent required by law or applicable stock exchange listing standards, including, without limitation, Section 10D of the Exchange Act. Each Participant, by accepting or being deemed to have accepted an Award under the Plan, agrees

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(or will be deemed to have agreed) to the terms of this Section 6(a)(5) and to any clawback, recoupment or similar policy of the Company or any of its affiliates and further agrees (or will be deemed to have further agreed) to cooperate fully with the Administrator, and to cause any and all permitted transferees of the Participant to cooperate fully with the Administrator, to effectuate any forfeiture or disgorgement described in this Section 6(a)(5). Neither the Administrator nor the Company nor any other person, other than the Participant and the Participant's permitted transferees, if any, will be responsible for any adverse tax or other consequences to a Participant or the Participant's permitted transferees, if any, that may arise in connection with this Section 6(a)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6) <u>Taxes</u>.** The grant of an Award and the issuance, delivery, vesting and retention of Shares, cash or other property under an Award are conditioned upon the full satisfaction by the Participant of all tax and other withholding requirements with respect to the Award under applicable laws. The Administrator will prescribe such rules for the withholding of taxes and other amounts with respect to any Award as it deems necessary or as it is required by the applicable laws. Without limitation to the foregoing, the Company or any affiliate of the Company will have the authority and the right to deduct or withhold (by any means set forth herein or in an Award agreement), or require a Participant to remit to the Company or an affiliate of the Company, an amount sufficient to satisfy all U.S. and non-U.S. federal, state and local income tax, social insurance, payroll tax, fringe benefits tax, universal social charge, payment on account or other tax-related items related to participation in the Plan and any Award hereunder and legally applicable to or in respect of the Participant and required by law to be withheld by the Company or affiliate of the Company (including, any amount deemed by the Company, in its discretion, to be an appropriate charge to the Participant even if legally applicable to the Company or any affiliate of the Company). Subject to applicable laws, the Administrator, in its sole discretion, may hold back Shares from an Award or permit a Participant to tender previously owned Shares in satisfaction of tax or other withholding requirements (but not in excess of the maximum withholding amount applicable to the Award being subject to equity accounting treatment under the Accounting Rules). Any amounts withheld pursuant to this Section 6(a)(6) will be treated as though such amounts had been paid directly to the applicable Participant. In addition, the Company may, to the extent permitted by law, deduct any such tax and other withholding amounts from any payment of any kind otherwise due to a Participant from the Company or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7) <u>Dividend Equivalents</u>.** The Administrator may provide for the payment of amounts (on terms and subject to such restrictions and conditions established by the Administrator) in lieu of cash dividends or other cash distributions with respect to Shares subject to an Award whether or not the holder of such Award is otherwise entitled to share in the actual dividend or distribution in respect of such Award; *provided, however*, that (a) dividends or dividend equivalents relating to an Award that, at the dividend payment date, remains subject to a risk of forfeiture (whether service-based or performance-based) shall be subject to the same risk of forfeiture as applies to the underlying Award and (b) no dividends or dividend equivalents shall be payable with respect to Share Options or SARs. Any entitlement to dividend equivalents or similar entitlements will be established and administered either consistent with an exemption from, or in compliance with, the applicable requirements of Section 409A. Dividends or dividend equivalent amounts payable in respect of Awards that are subject to restrictions may be subject to such additional limitations or other restrictions as the Administrator may impose. The Company,

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any affiliate of the Company or the Administrator (as relevant) will have the authority and the right to deduct or withhold (by any means set forth herein or in an Award agreement), or require a Participant to remit to the Company, an affiliate of the Company or the Administrator (as relevant), an amount sufficient to satisfy all U.S. and non-U.S. federal, state and local income tax, social insurance, payroll tax, fringe benefits tax, universal social charge, payment on account or other tax-related items related to the dividend equivalent amounts and legally applicable to or in respect of the Participant and required by law to be withheld by the Company, affiliate of the Company or the Administrator (including, any amount deemed by the Company, in its discretion, to be an appropriate charge to the Participant even if legally applicable to the Company or any affiliate of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8) <u>Rights Limited</u>.** Nothing in the Plan or any Award will be construed as giving any person the right to be granted an Award or any rights as a shareholder except as to Shares actually delivered under the Plan, or to continued employment or service with the Company or any of its affiliates nor will it interfere in any way with the right of the Company or any affiliate to terminate, or alter the terms and conditions of, such employment or other service at any time. The loss of existing or potential profit in any Award will not constitute an element of damages in the event of a termination of a Participant's Service for any reason, even if the termination is in violation of an obligation of the Company or any of its affiliates to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9) <u>Coordination with Other Plans</u>.** Shares and/or Awards under the Plan may be issued or granted in tandem with, or in satisfaction of or substitution for, other Awards under the Plan or awards made under other compensatory plans or programs of the Company or any of its affiliates. For example, but without limiting the generality of the foregoing, awards under other compensatory plans or programs of the Company or any of its affiliates may be settled in Shares (including, without limitation, Unrestricted Shares) under the Plan if the Administrator so determines, in which case the shares delivered will be treated as awarded under the Plan (and will reduce the Share Pool).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10) <u>Section 409A</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)** Without limiting the generality of Section 11(b) below, each Award will contain such terms as the Administrator determines and will be construed and administered, such that the Award either qualifies for an exemption from the requirements of Section 409A or satisfies such 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;**(B)** Notwithstanding anything to the contrary in the Plan or any Award agreement, the Administrator may unilaterally amend, modify or terminate the Plan or any outstanding Award, including but not limited to changing the form of the Award, if the Administrator determines that such amendment, modification or termination is necessary or desirable to avoid the imposition of any additional tax, interest or penalty under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** If a Participant is determined on the date of the Participant's termination of Service to be a "specified employee" within the meaning of that term under Section 409A(a)(2)(B) of the Code, then, with regard to any payment that is considered nonqualified deferred compensation under Section 409A, to the extent applicable, payable

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on account of a "separation from service", such payment will be made or provided on the date that is the earlier of (i) the first business day following the expiration of the six-month period measured from the date of such "separation from service" and (ii) the date of the Participant's death (the "<u>Delay Period</u>"). Upon the expiration of the Delay Period, all payments delayed pursuant to this Section 6(a)(10)(C) (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such delay) will be paid, without interest, on the first business day following the expiration of the Delay Period in a lump sum and any remaining payments due under the Award will be paid in accordance with the normal payment dates specified for them in the applicable Award 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;**(D)** For purposes of Section 409A, each payment made under the Plan or any Award will be treated as a separate 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;**(E)** With regard to any payment considered to be nonqualified deferred compensation under Section 409A, to the extent applicable, that is payable upon a change in control of the Company or other similar event, to the extent required to avoid the imposition of any additional tax, interest or penalty under Section 409A, no amount will be payable unless such change in control constitutes a "change in control event" within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Share Options and SARs</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) <u>Time and Manner of Exercise</u>.** Unless the Administrator expressly provides otherwise, no Share Option or SAR will be deemed to have been exercised until the Administrator receives a notice of exercise in a form acceptable to the Administrator that is signed by the appropriate person and accompanied by any payment required under the Award. The Administrator may limit or restrict the exercisability of any Share Option or SAR in its discretion, including in connection with any Covered Transaction. Any attempt to exercise a Share Option or SAR by any person other than the Participant (or permitted transferee) will not be given effect unless the Administrator has received such evidence as it may require that the person exercising the Award has the right to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) <u>Exercise Price</u>.** The exercise price (or the base value from which appreciation is to be measured) per share of each Award requiring exercise must be no less than 100% (in the case of an ISO granted to a 10-percent shareholder within the meaning of Section 422(b)(6) of the Code, 110%) of the Fair Market Value of a Share, determined as of the date of grant of the Award, or such higher amount as the Administrator may determine in connection with the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3) <u>Payment of Exercise Price</u>.** Where the exercise of an Award (or portion thereof) is to be accompanied by payment, payment of the exercise price must be made by cash or check acceptable to the Administrator or, if so permitted by the Administrator and if legally permissible, (i) through the delivery of previously acquired unrestricted Shares, or the withholding of unrestricted Shares otherwise deliverable upon exercise, in either case, that have a Fair Market Value equal to the exercise price; (ii) through a broker-assisted cashless exercise program acceptable to the Administrator; (iii) by other means acceptable to the Administrator; or (iv) by any combination of the foregoing permissible forms of payment. The delivery of previously acquired shares in payment of the exercise price under clause (i) above may be accomplished either by actual delivery or by constructive delivery through attestation of ownership, subject to such rules as the Administrator may prescribe.

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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) <u>Maximum Term</u>.** The maximum term of Share Options and SARs must not exceed 10 years from the date of grant (or five years from the date of grant in the case of an ISO granted to a 10-percent shareholder described in Section 6(b)(2) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5) <u>No Repricing</u>.** Except in connection with a corporate transaction involving the Company (which term includes, without limitation, any share dividend, share split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares) or as otherwise contemplated by Section 7 below, the Company may not, without obtaining shareholder approval, (i) amend the terms of outstanding Share Options or SARs to reduce the exercise price or base value of such Share Options or SARs, (ii) cancel outstanding Share Options or SARs in exchange for Share Options or SARs that have an exercise price or base value that is less than the exercise price or base value of the original Share Options or SARs, or (iii) cancel outstanding Share Options or SARs that have an exercise price or base value greater than the Fair Market Value of a Share on the date of such cancellation in exchange for cash or other consideration.

**7. EFFECT OF CERTAIN TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) <u>Mergers,</u>*<u>etc</u>.*** Except as otherwise expressly provided in an Award agreement or other agreement or by the Administrator, the following provisions will apply in the event of a Covered Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) <u>Assumption or Substitution</u>.** If the Covered Transaction is one in which there is an acquiring or surviving entity, the Administrator may provide for (i) the assumption or continuation of some or all outstanding Awards or any portion thereof or (ii) the grant of new awards in substitution therefor by the acquiror or survivor or an affiliate of the acquiror or survivor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) <u>Cash-Out of Awards</u>.** Subject to Section 7(a)(5) below, the Administrator may provide for payment (a "cash-out"), with respect to some or all Awards or any portion thereof (including only the vested portion thereof, with the unvested portion terminating as provided in Section 7(a)(4) below), equal in the case of each applicable Award or portion thereof to the excess, if any, of (i) the Fair Market Value of one Share multiplied by the number of Shares of subject to the Award or such portion, minus (ii) the aggregate exercise or purchase price, if any, of such Award or such portion thereof (or, in the case of a SAR, the aggregate base value above which appreciation is measured), in each case, on such payment and other terms and subject to such conditions (which need not be the same as the terms and conditions applicable to holders of Shares generally) as the Administrator determines, including that any amounts paid in respect of such Award in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate. For the avoidance of doubt, if the per share exercise or purchase price (or base value) of an Award or portion thereof is equal to or greater than the Fair Market Value of one Share, such Award or portion may be cancelled with no payment due hereunder or otherwise in respect 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;**(3) <u>Acceleration of Certain Awards</u>.** Subject to Section 7(a)(5) below, the Administrator may provide that any Award requiring exercise will become exercisable, in full or in part, and/or that the delivery of any Shares remaining deliverable under any outstanding Award of Share Units (including Restricted Share Units and Performance Awards to the extent consisting of Share Units) will be accelerated, in full or in part, in each case on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following the exercise of the Award or the delivery of the shares, as the case may be, to participate as a shareholder in the Covered Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4) <u>Termination of Awards upon Consummation of Covered Transaction</u>.** Except as the Administrator may otherwise determine, each Award will automatically terminate (and in the case of outstanding Restricted Shares, will automatically be forfeited) immediately upon the consummation of the Covered Transaction, other than (i) any Award that is assumed, continued or substituted for pursuant to Section 7(a)(1) above, and (ii) any Award that by its terms, or as a result of action taken by the Administrator, continues following the Covered Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5) <u>Additional Limitations</u>.** Any Share and any cash or other property or other award delivered pursuant to Section 7(a)(1), Section 7(a)(2) or Section 7(a)(3) above with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems appropriate, including to reflect any performance or other vesting conditions to which the Award was subject and that did not lapse (and were not satisfied) in connection with the Covered Transaction. For purposes of the immediately preceding sentence, a cash-out under Section 7(a)(2) above or an acceleration under Section 7(a)(3) above will not, in and of itself, be treated as the lapsing (or satisfaction) of a performance or other vesting condition. In the case of Restricted Shares that do not vest and are not forfeited in connection with the Covered Transaction, the Administrator may require that any amounts delivered, exchanged or otherwise paid in respect of such Shares in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate to carry out the intent of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6) <u>Uniform Treatment</u>.** For the avoidance of doubt, the Administrator need not treat Participants or Awards (or portions thereof) in a uniform manner and may treat different Participants and/or Awards differently, in connection with a Covered Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Changes in and Distributions with Respect to Shares</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) <u>Basic Adjustment Provisions</u>.** In the event of a share dividend, extraordinary cash dividend, share split or combination of shares (including a reverse share split), bonus issue, recapitalization, reorganization, merger, consolidation, combination, exchange of shares, liquidation, spin-off, split-up or other similar change in the Company's capital structure that constitutes an equity restructuring within the meaning of the Accounting Rules, the Administrator shall make appropriate adjustments to the Share Pool, and shall make appropriate adjustments to the number and kind of ordinary shares or securities underlying Awards then outstanding or subsequently granted, any exercise or purchase prices (or base values) relating to Awards and any other provision of Awards affected by such change.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) <u>Certain Other Adjustments</u>.** The Administrator may also make adjustments of the type described in Section 7(b)(1) above to take into account distributions to shareholders other than those provided for in Sections 7(a) and 7(b)(1) above, or any other event, if the Administrator determines that adjustments are appropriate to avoid distortion in the operation of the Plan or any Award, having due regard for the qualification of ISOs under Section 422, the requirements of Section 409A, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3) <u>Continuing Application of Plan Terms</u>.** References in the Plan to Shares will be construed to include any shares or securities resulting from an adjustment pursuant to this Section 7.

**8. LEGAL CONDITIONS ON DELIVERY OF SHARES** 

The Company will not be obligated to deliver any Shares pursuant to the Plan or to remove any restriction from Shares previously delivered under the Plan until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares have been addressed and resolved; (ii) if the outstanding Shares are at the time of delivery listed on any stock exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the Award have been satisfied or waived. The Company may require, as a condition to the exercise of an Award or the delivery of Shares under an Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of the Securities Act of 1933, as amended, or any applicable state or non-U.S. securities law. Any Shares delivered to Participants under the Plan will be evidenced in such manner as the Administrator determines appropriate, including book-entry registration or delivery of share certificates. In the event that the Administrator determines that share certificates will be issued in connection with Shares issued under the Plan, the Administrator may require that such certificates bear an appropriate legend reflecting any restriction on transfer applicable to such Shares, and the Company may hold the certificates pending the lapse of the applicable restrictions.

**9. AMENDMENT AND TERMINATION** 

The Administrator may at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by applicable law, and may at any time terminate the Plan as to any future grants of Awards; *provided, however*, that except as otherwise expressly provided in the Plan or the applicable Award, the Administrator may not, without the Participant's consent, alter the terms of an Award so as to affect materially and adversely the Participant's rights under the Award, unless the Administrator expressly reserved the right to do so in the Plan or at the time the applicable Award was granted. Any amendments to the Plan will be conditioned upon shareholder approval only to the extent, if any, such approval is required by applicable law (including the Code) or stock exchange requirements, as determined by the Administrator. For the avoidance of doubt, without limiting the Administrator's rights hereunder, no adjustment to any Award pursuant to the terms of Section 7 or Section 12 will be treated as an amendment requiring a Participant's consent.

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**10. OTHER COMPENSATION ARRANGEMENTS** 

The existence of the Plan or the grant of any Award will not affect the right of the Company or any of its affiliates to grant any person bonuses or other compensation in addition to Awards under the Plan.

**11. MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) <u>Waiver of Jury Trial</u>.** By accepting or being deemed to have accepted an Award under the Plan, each Participant waives (or will be deemed to have waived), to the maximum extent permitted under applicable law, any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan or any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees (or will be deemed to have agreed) that any such action, proceedings or counterclaim will be tried before a court and not before a jury. By accepting (or being deemed to have accepted) an Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company or any of its affiliates has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed as limiting the ability of the Company and a Participant to agree to submit any disputes arising under the terms of the Plan or any Award made hereunder to binding arbitration or as limiting the ability of the Company to require any individual to agree to submit such disputes to binding arbitration as a condition of receiving an Award hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Limitation of Liability</u>.** Notwithstanding anything to the contrary in the Plan or any Award, none of the Company, nor any of its affiliates, nor the Administrator, nor any person acting on behalf of the Company, any of its affiliates, or the Administrator, will be liable to any Participant, to any permitted transferee, to the estate or beneficiary of any Participant or any permitted transferee, or to any other person by reason of any acceleration of income, any additional tax, or any penalty, interest or other liability asserted by reason of the failure of an Award to satisfy the requirements of Section 422 or Section 409A or by reason of Section 4999 of the Code, or otherwise asserted with respect to any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) <u>Unfunded Plan</u>.** The Company's obligations under the Plan are unfunded, and no Participant will have any right to specific assets of the Company in respect of any Award. Participants will be general unsecured creditors of the Company with respect to any amounts due or payable under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) <u>Data Privacy</u>.** Each Participant acknowledges the collection, use transfer, and other processing in electronic or other form, of personal data as described in this Section 11(d) by and among the Company and its affiliates for the purpose of implementing, administering and managing the Participant's participation in the Plan. The Company and its affiliates may hold certain personal data about a Participant, including the Participant's name, address and telephone number; birthdate; social security, insurance number or other identification number; salary; nationality; job title(s); any Shares held in the Company or its affiliates; and Award details, to implement, manage and administer the Plan and Awards (the "<u>Data</u>"). The Company and its affiliates may transfer the Data amongst themselves as necessary to implement, administer and

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manage a Participant's participation in the Plan, and the Company and its affiliates may transfer the Data to third parties assisting the Company with Plan implementation, administration and management (each, a "<u>Transfer</u>"). These recipients may be located in the Participant's country, or elsewhere, and the Participant's country may have different data privacy laws and protections than the recipients' country. By accepting an Award, each Participant acknowledges such recipients may receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant's participation in the Plan, including any required Transfer to a broker or other third party with whom the Company or the Participant may elect to deposit any Shares. The Data related to a Participant will be held only as long as reasonably necessary to implement, administer, and manage the Participant's participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding such Participant, request a copy of their Data, request additional information about the storage and processing of the Data regarding such Participant, and/or recommend any necessary corrections to the Data regarding the Participant, without cost, by contacting the local human resources representative. The processing of any personal data as envisaged under this Section 11(d) shall be based on the legitimate interests of the Company and/or of the recipient of such data or such processing shall be based on need to perform a contract with the Participant. Any Transfer that results in the transfer of personal data from the EEA to a location outside the EEA shall take place in accordance with applicable privacy laws (including the GDPR) and based on appropriate safeguards (such as a data transfer agreement based on the standard contractual clauses approved by the European Commission).

**12. ESTABLISHMENT OF SUB-PLANS** 

The Administrator may at any time and from time to time (including before or after an Award is granted) establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to further the purposes of the Plan or comply with applicable law, or to administer the Plan for Participants based outside of the U.S. and/or subject to the laws of countries other than the U.S., including by establishing one or more sub-plans, supplements or appendices under the Plan or any Award agreement for the purpose of complying or facilitating compliance with non-U.S. laws or taking advantage of tax favorable treatment or for any other legal or administrative reason determined by the Administrator. Any such sub-plan, supplement or appendix may contain, in each case, (i) such limitations on the Administrator's discretion under the Plan and (ii) such additional or different terms and conditions, as the Administrator deems necessary or desirable and will be deemed to be part of the Plan but will apply only to Participants within the group to which the sub-plan, supplement or appendix applies (as determined by the Administrator); <u>provided</u>, <u>however</u>, that no sub-plan, supplement or appendix, rule or regulation established pursuant to this provision shall increase the Share Pool.

**13. GOVERNING LAW** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) <u>Certain Requirements of Corporate Law</u>.** Equity Awards and Shares will be granted, issued and administered consistent with the requirements of applicable Irish law relating to the issuance of shares and the consideration to be received therefor, and with the applicable requirements of the stock exchanges or other trading systems on which the Shares are listed or entered for trading, in each case as determined by the Administrator.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Other Matters</u>.** Except as otherwise provided by the express terms of an Award agreement, under a sub-plan described in Section 12 above or as provided in Section 13(a) above, the domestic substantive laws of the State of Delaware govern the provisions of the Plan and of Awards under the Plan and all claims or disputes arising out of or based upon the Plan or any Award under the Plan or relating to the subject matter hereof or thereof without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) <u>Jurisdiction</u>.** Subject to Section 11(a) and except as may be expressly set forth in an Award agreement, by accepting (or being deemed to have accepted) an Award, each Participant agrees or will be deemed to have agreed to (i) submit irrevocably and unconditionally to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States District Court for Wilmington, Delaware for the purpose of any suit, action or other proceeding arising out of or based upon the Plan or any Award; (ii) not commence any suit, action or other proceeding arising out of or based upon the Plan or any Award, except in the federal and state courts located within the geographic boundaries of the United States District Court for Wilmington, Delaware; and (iii) waive, and not assert, by way of motion as a defense or otherwise, in any such suit, action or proceeding, any claim that the Participant is not subject personally to the jurisdiction of the above-named courts that the Participant's property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the Plan or any Award or the subject matter thereof may not be enforced in or by such court.

*[The remainder of this page is intentionally left blank.]* 

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**EXHIBIT A** 

**<u>Definition of Terms</u>**

The following terms, when used in the Plan, have the meanings and are subject to the provisions set forth below:

**"Accounting Rules":** Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor provision.

**"Administrator":** The Compensation Committee, except that the Board may at any time act in the capacity of the Administrator (including with respect to such matters that are not delegated to the Compensation Committee by the Board (whether pursuant to committee charter or otherwise), if applicable). The Compensation Committee (or the Board, with respect to such matters over which it retains authority under the Plan or otherwise) may delegate (i) to one or more of its members (or one or more other members of the Board (including the full Board)) such of its duties, powers and responsibilities as it may determine; (ii) to one or more officers of the Company the power to grant Awards to the extent permitted by applicable law; and (iii) to such Employees or other persons as it determines such ministerial tasks as it deems appropriate. For purposes of the Plan, the term "Administrator" will include the Board, the Compensation Committee, and the person or persons delegated authority under the Plan to the extent of such delegation, as applicable.

**"Award":** Any or a combination of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Share Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SARs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Unrestricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Share Units, including Restricted Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Performance Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Cash Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Awards (other than Awards described in (i) through (vii) above) that are convertible into or otherwise based on Shares.

**"Board":** The board of directors of the Company.

**"Cash Award":** An Award denominated in cash.

**"Cause":** In the case of any Participant who is party to an employment or similar agreement with the Company or any of its affiliates that contains a definition of "Cause" or term of like import, the definition set forth in such agreement applies with respect to such Participant for purposes of the Plan for so long as such agreement is in effect. If a Participant is not party to

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an employment or similar agreement with the Company or any of its affiliates that contains a definition of "Cause," "Cause" means, as determined by the Administrator, any of the following with respect to such Participant: (i) the Participant's willful misconduct with regard to the Company or any of its affiliates, including, but not limited to, willful violation of the Company's or any of its affiliates' policies that are applicable to the Participant or unauthorized use or abuse of the Company's or any of its affiliates' resources for personal or family benefit; (ii) the Participant's gross negligence that results in material reputational or financial harm to the Company or any of its affiliates; (iii) the Participant's commission of or entry into a plea of guilty or nolo contendere to, a felony, a misdemeanor involving moral turpitude or an intentional crime involving material dishonesty other than, in any case, vicarious liability; (iv) the Participant's conduct involving the use of illegal drugs in the workplace; (v) the Participant's continued failure to substantially perform the Participant's designated duties or to follow a lawful and authorized directive of the Participant's supervisor within ten (10) days after receiving written notice from such supervisor of the Participant's failure to follow such directive; or (vi) the Participant's breach of any agreement with the Company or any of its affiliates that continues beyond ten (10) business days after written demand for substantial performance is sent to the Participant by the Company or its applicable affiliate (to the extent that, in the reasonable judgment of the Company, such breach can be cured by the Participant) or breach of any restrictive covenant between the Participant and the Company or any of its affiliates.

**"Code":** The U.S. Internal Revenue Code of 1986, as from time to time amended and in effect, or any successor statute as from time to time in effect, including any applicable regulations and guidance thereunder.

**"Company":** NIQ Global Intelligence plc, a public limited company registered in Ireland under company number 605526.

**"Compensation Committee":** The compensation committee of the Board.

**"Covered Transaction":** Any of (i) a consolidation, merger, takeover, scheme of arrangement or similar transaction or series of related transactions, including a sale or other disposition of shares, in which the Company is not the surviving entity or which results in the acquisition of all or substantially all of the Company's then outstanding ordinary shares by a single person or entity or by a group of persons and/or entities acting in concert, (ii) a sale or transfer of all or substantially all the Company's assets, or (iii) a dissolution or liquidation of the Company or (iv) any other analogous transaction the Administrator determined to be a Covered Transaction, solely at its discretion. Where a Covered Transaction involves a tender offer that is reasonably expected to be followed by a merger described in clause (i) (as determined by the Administrator), the Covered Transaction will be deemed to have occurred upon consummation of the tender offer.

**"Date of Adoption":** The earlier of the date the Plan was approved by the Company's shareholders or adopted by the Board.

**"Director":** A member of the Board who is not an Employee.

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**"Disability":** In the case of any Participant who is party to an employment, change of control or severance-benefit agreement that contains a definition of "Disability" (or a corollary term), the definition set forth in such agreement applies with respect to such Participant for purposes of the Plan for so long as such agreement is in effect. In every other case, "Disability" means, as determined by the Administrator, absence from work due to a disability for a period in excess of ninety (90) days in any twelve (12)-month period that would entitle the Participant to receive benefits under the Company's long-term disability program as in effect from time to time (if the Participant were a participant in such program).

**"Employee":** Any person who is employed by the Company or any of its affiliates.

**"Equity Award":** An Award other than a Cash Award.

**"Exchange Act":** The Securities Exchange Act of 1934, as amended.

**"Fair Market Value":** As of a particular date, (i) the closing price for a Share reported on the New York Stock Exchange (or any other national securities exchange on which the Shares are then listed) for that date or, if no closing price is reported for that date, the closing price on the immediately preceding date on which a closing price was reported or (ii) in the event that the Shares are not traded on a national securities exchange, the fair market value of a Share determined by the Administrator consistent with the rules of Section 422 and Section 409A to the extent applicable.

**"ISO":** A Share Option intended to be an "incentive share option" within the meaning of Section 422. Each Share Option granted pursuant to the Plan will be treated as providing by its terms that it is to be an NSO unless, as of the date of grant, it is expressly designated as an ISO in the applicable Award agreement.

**"NSO":** A Share Option that is not intended to be an "incentive share option" within the meaning of Section 422.

**"Participant":** A person who is granted an Award under the Plan.

**"Performance Award":** An Award subject to performance vesting conditions.

**"Plan":** The NIQ Global Intelligence plc 2025 Equity Incentive Plan, as from time to time amended and in effect.

**"Pre-IPO Awards":** Awards originally granted under the Amended and Restated AI PAVE Dutchco I B.V. 2021 Equity Incentive Plan, the Amended and Restated AI PAVE (Luxembourg) Management & Cy SCSp 2021 Equity Incentive Plan or the AI PAVE DUTCHCO I B.V. Amended and Restated 2021 Cash-Settled Equity Incentive Plan, in each case, as may be amended from time to time, prior to the Date of Adoption, that become subject to this Plan.

**"Restricted Share":** Shares subject to restrictions requiring that it be forfeited, redelivered or offered for sale to the Company if specified performance or other vesting conditions are not satisfied.

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**"Restricted Share Unit":** A Share Unit that is, or as to which the delivery of Shares or of cash in lieu of Shares is, subject to the satisfaction of specified performance or other vesting conditions.

**"SAR":** A right entitling the holder upon exercise to receive an amount (payable in cash or in Shares of equivalent value) equal to the excess of the Fair Market Value of the Shares subject to the right over the base value from which appreciation under the SAR is to be measured.

**"Section 409A":** Section 409A of the Code and the regulations thereunder.

**"Section 422":** Section 422 of the Code and the regulations thereunder.

**"Service":** A Participant's employment or other service relationship with the Company or any of its affiliates. Service will be deemed to continue, unless the Administrator otherwise determines, so long as the Participant is employed by, or otherwise is providing services in a capacity described in Section 5 of the Plan to, the Company or any of its affiliates. If a Participant's employment or other service relationship is with any affiliate of the Company and that entity ceases to be an affiliate of the Company, the Participant's Service will be deemed to have terminated when the entity ceases to be an affiliate of the Company unless the Participant transfers Service to the Company or one of its remaining affiliates. Notwithstanding the foregoing, in construing the provisions of any Award relating to the payment of "nonqualified deferred compensation" (subject to Section 409A) upon a termination or cessation of Service, references to termination or cessation of employment, separation from service, retirement or similar or correlative terms will be construed to require a "separation from service" (as that term is defined in Section 1.409A-1(h) of the Treasury Regulations, after giving effect to the presumptions contained therein) from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single "service recipient" with the Company under Section 1.409A-1(h)(3) of the Treasury Regulations. The Company may, but need not, elect in writing, subject to the applicable limitations under Section 409A, any of the special elective rules prescribed in Section 1.409A-1(h) of the Treasury Regulations for purposes of determining whether a "separation from service" has occurred. Any such written election will be deemed a part of the Plan.

**"Shares":** The ordinary shares of the Company with a nominal value of $0.00001 per share.

**"Share Option":** An option entitling the holder to acquire Shares upon payment of the exercise price.

**"Share Unit":** An unfunded and unsecured promise, denominated in Shares, to deliver Shares or cash measured by the value of Shares in the future.

**"Substitute Award":** An award granted under the Plan in substitution for one or more equity awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition.

**"Unrestricted Shares":** Shares not subject to any restrictions under the terms of the Award.

## Exhibit 10.20

**Exhibit 10.20** 

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| | |
|:---|:---|
| **Name:** | **[•]** |
| **Number of Restricted Share Units subject to Award:** | **[•]** |
| **Date of Grant:** | **[•]** |
| **Vesting Commencement Date** | **[•]** |

---

**NIQ GLOBAL INTELLIGENCE PLC** 

**2025 EQUITY INCENTIVE PLAN** 

**<u>RESTRICTED SHARE UNIT AWARD AGREEMENT</u>**

This agreement (this "**Agreement**") evidences an award (the "**Award**") of restricted share units granted by NIQ Global Intelligence plc (the "**Company**") to the individual named above (the "**Participant**"), pursuant to and subject to the terms of the NIQ Global Intelligence plc 2025 Equity Incentive Plan (as amended from time to time, the "**Plan**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant of Restricted Share Unit Award</u>. The Company grants to the Participant on the date set forth above (the "**Date of Grant**") the number of restricted share units (the "**Restricted Share Units**") set forth above giving the Participant the conditional right to receive, without payment and pursuant to and subject to the terms and conditions set forth in this Agreement and in the Plan, one ordinary share (a "**Share**") with respect to each Restricted Share Unit forming part of the Award, subject to adjustment pursuant to Section 7 of the Plan in respect of transactions occurring after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Meaning of Certain Terms</u>. Except as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan. The following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "  **<u>Active Service</u>**" means active Service to the Company or any of its subsidiaries in any
employment or independent contractor capacity. For avoidance of doubt, any period in which a Participant is on approved paid time off, medical, or parental leave shall constitute Active Service for purposes hereof (save where the laws governing the
employment of the Participant determines otherwise), provided that the Participant is expected to return to active Service after the conclusion of such approved leave. The Administrator may determine in its sole discretion whether any other approved
leave shall constitute Active Service hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "  **<u>Change in Control</u>** "<sup></sup>means the
first to occur of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an event in which any "person" as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934 (the "**1934 Act**") (other than (A) the Company, (B) any subsidiary of the Company, (C) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of any
subsidiary of the Company, and (D) any company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company), is or becomes the "beneficial owner"
(as defined in Section 13(d) of the 1934 Act), together with all affiliates and associates (as such terms are used in Rule 12b-2 of the General Rules and Regulations under the 1934 Act) of such person,
directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of the merger or consolidation of the Company with any other company, other than (A) a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity),
in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, at least 50% of the combined voting power of the voting securities of the Company
or such surviving entity outstanding immediately after such merger or consolidation and (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) after which no "person"
"beneficially owns" (with the determination of such "beneficial ownership" on the same basis as set forth in clause (i) of this definition) securities of the Company or the surviving entity of such merger or consolidation
representing more than 50% of the combined voting power of the securities of the Company or the surviving entity of such merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if during any period of twelve months, individuals who, at the beginning of such period, are members of the
Board (the "**Incumbent Board**") cease for any reason to constitute at least a majority of the members of the Board; *provided*, *however*, that if the appointment or election (or nomination for election) of any new Board
member subsequent to the Date of Adoption was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Agreement, be considered as a member of the Incumbent
Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the complete liquidation of the Company or the sale or disposition by the Company of all or substantially all
of the Company's assets.

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the state of the Company's incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Vesting; Cessation of Active Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Vesting</u>. Unless earlier terminated, forfeited, relinquished or expired, the Restricted Share Units will
vest as follows, subject to the Participant's remaining in continuous Active Service from the Date of Grant through such vesting date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Cessation of Service</u>. Except as may otherwise be provided in Section 3(a) above, automatically and
immediately upon the cessation of the Participant's Service (i) the unvested portion of the Award will terminate and be forfeited for no consideration, and (ii) the vested portion of the Award, if any, will terminate and be forfeited
for no consideration if the Participant's Service is terminated for Cause or occurs in circumstances that in the determination of the Administrator would have constituted grounds for the Participant's Service to be terminated for Cause (in
each case, without regard to the lapsing of any required notice or cure periods in connection therewith).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Delivery of Shares</u>. Subject to Section 5 below, the Company shall, as soon as practicable upon the vesting of any portion of the Award (but in no event later than thirty (30) days following the date on which such Restricted Share Units vest), effect delivery of the Shares with respect to such vested Restricted Share Units to the Participant (or, in the event of the Participant's death, to the person to whom the Award has passed by will or the laws of descent and distribution). No Shares will be delivered pursuant to the Award unless and until all legal requirements applicable to the delivery of such Shares have been complied with to the satisfaction of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Forfeiture; Recovery of Compensation</u>. The Administrator may cancel, rescind, withhold or otherwise limit or restrict the Award at any time if the Participant is not in compliance with all applicable provisions of this Agreement and the Plan. By accepting, or being deemed to have accepted, the Award, the Participant expressly acknowledges and agrees that his or her rights, and those of any permitted transferee of the Award, under the Award, including the right to any Shares acquired under the Award or proceeds from the disposition thereof, are subject to Section 6(a)(5) of the Plan (including any successor provision). The Participant further agrees to be bound by the terms of any clawback or recoupment policy of the Company that applies to incentive compensation that includes Awards such as the Restricted Share Units. Nothing in the preceding sentence may be construed as limiting the general application of Section 10 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Dividends; Other Rights</u>. The Award may not be interpreted to bestow upon the Participant any equity interest or ownership in the Company or any subsidiary prior to the date on which the Company delivers Shares to the Participant. The Participant is not entitled to vote any Shares by reason of the granting of the Award or to receive or be credited with any dividends declared and payable on any Share prior to the date on which any such Share is delivered to the Participant hereunder. The Participant will have the rights of a shareholder only as to those Shares, if any, that are actually delivered under the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Nontransferability</u>. The Award may not be transferred except as expressly permitted under Section 6(a)(3) of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Taxes</u>.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant expressly acknowledges that the vesting and/or settlement of the Restricted Share Units
acquired hereunder may give rise to emoluments, 'wages' or a benefit in kind which would be subject to withholding taxes in respect of income taxes, social security contributions and / or other payroll taxes. Without limitation to Section
(6) of the Equity Plan, if determined by the Company at relevant time for tax purposes, the number of Shares necessary to satisfy the minimum statutory withholding tax obligations at such time may be automatically released by the Participant
from the Shares otherwise deliverable to the Participant hereunder on such date to a broker or other third-party intermediary acceptable to the Company (the "**Broker**") and sold in order to satisfy such withholding tax obligations
(" **Sell to Cover** "). The Participant hereby authorizes the Company to instruct the Broker to sell such Shares. The Participant will be responsible for all third-party administration processing fees in connection with such Sell to
Cover. In addition, the Participant may be subject to and taxed in respect of short-term capital gains or losses that reflect the difference in the fair market value of the Shares determined for purposes of calculating tax withholdings and the sales
price actually achieved. The Participant shall be responsible for the compliance with any tax obligations which may arise in connection with the Sell to Cover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, the Participant acknowledges and agrees that the
Sell to Cover provision may not cover the Participant's full tax liability as it relates to the vesting and settlement of the Award and that the Participant shall remain fully responsible for his or her tax liability in respect of the vesting
and/or settlement of the Award in all cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant further acknowledges and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The instruction to the Broker to sell in connection with the Sell to Cover provision is intended to comply with
the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act and is to be interpreted to comply with the requirements of Rule 10b5-1(c)(1) under the Exchange Act,
including the applicable cooling-off period(s) described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Participant is not aware of any material, nonpublic information with respect to the Company or any
securities of the Company as of the date of this Agreement. The Participant entered into this Agreement in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1 under the
Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Sell to Cover contemplated by this Agreement is adopted to (A) be effective as of the Date of Grant
and (B) permit the Participant to sell a number of Shares issued upon the vesting or settlement of the Award sufficient to pay the statutory minimum amount of withholding taxes that become due as a result of the vesting or settlement of the
Award and which the Company is required by the applicable laws to withhold or deduct.

<sup>1</sup> *Note to Draft: For awards to non-employee directors or other non-employee advisors/consultants, Sections 8(a)-(d) should be deleted and replaced with the following: "(a) The Participant is responsible for satisfying and paying all taxes arising from or due in connection with the Award, or the delivery of Shares pursuant to the Award. The Company will have no liability or obligation related to the foregoing."* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Broker is under no obligation to arrange for any sale in connection with the Sell to Cover provision at any
particular price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Participant hereby authorizes the Broker to remit directly to the Company the proceeds necessary to cover
the Participant's tax liability as it relates to the vesting and settlement of the Award as provided in Section 8(a) above, and to retain the amount required to cover all applicable fees and commissions due to, or required to be collected
by, the Broker relating to the Sell to Cover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Participant hereby appoints the Company as his or her agent and attorney-in-fact to instruct the Broker with respect to the number of Shares to be sold under the Sell to Cover contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Participant hereby waives any claims he or she may have against the Company and its directors, officers or
employees now or in the future related to Company's instructions to the Broker or any actions taken by the Broker in effecting sales or otherwise and shall indemnify and hold the Company and its directors, officers, employees and agents
harmless from any losses, costs, damages, or expenses relating to any sale under the Sell to Cover contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) It may not be possible to sell Shares due to, among other reasons, (A) a legal or contractual restriction
applicable to the Participant or to the Broker, (B) a market disruption, (C) rules governing order execution priority on the Nasdaq Global Market or (D) if the Company determines that sales may not be effected hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Shares will be delivered pursuant to the Award unless and until the Participant has remitted to the Company
in cash or by check (or by such other means as may be acceptable to the Administrator) an amount sufficient to satisfy all taxes required to be withheld in connection with such vesting or settlement, whether through the Sell to Cover (to the extent
available) or otherwise. The Participant authorizes the Company and its subsidiaries to withhold any amounts due in respect of any required tax withholdings or payments from any amounts otherwise owed to the Participant, but nothing in this sentence
may be construed as relieving the Participant of any liability for satisfying his or her obligation under the preceding provisions of this Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Award is intended to comply with or be exempt from Section 409A of the Code and shall be construed and
administered in accordance with that intent. Notwithstanding the foregoing, in no event will the Company have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from,
the requirements of Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effect on Service</u>. Neither the grant of the Award, nor the delivery of Shares upon the vesting of all or any portion of the Award, will give the Participant any right to be retained in the employ or service of the Company or any of its subsidiaries, affect the right of the Company or any of its subsidiaries to discharge the Participant at any time, or affect any right of the Participant to terminate his or her Service at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Provisions of the Plan</u>. This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference. A copy of the Plan as in effect on the Date of Grant has been furnished to the Participant. By accepting, or being deemed to have accepted, all or any portion of the Award, the Participant agrees to be bound by the terms of the Plan and this Agreement. In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Restrictive Covenants</u>. The Participant acknowledges and agrees that, as a condition to the receipt and continued holding of the Restricted Share Units granted to the Participant under the Award, the Participant shall execute and be bound by the Restrictive Covenant Agreement attached hereto as <u>Exhibit A</u>. The provisions of <u>Exhibit A</u> shall survive any termination, expiration, forfeiture, transfer or other disposition of the Restricted Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Acknowledgements</u>. The Participant acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The grant of the Restricted Share Units is considered a one-time benefit and does not create a contractual or other right to receive any other award under the Plan, benefits in lieu of such awards or any other benefits in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Plan is a voluntary program of the Company and future awards, if any, will be at the sole discretion of the
Company, including, but not limited to, the timing of any award, the amount of any award, vesting provisions and purchase price, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The value of the Restricted Share Units is an extraordinary item of compensation outside of the scope of the
Participant's employment. As such, the Restricted Share Units are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-term service awards,
pension or retirement benefits or similar payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Participant authorizes the Company to use and disclose to any agent administering the Plan or providing
recordkeeping services with respect to the Plan such information and data as the Company shall request in order to facilitate the grant of the Restricted Share Units, the administration of the Restricted Share Units and the administration of the
Plan, and the Participant waives any data privacy rights he or she may have with respect to such information or the sharing of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) This Agreement may be executed in two or more counterparts, each of which will be an original and all of
which together will constitute one and the same instrument, (ii) this Agreement may be executed and exchanged using facsimile, portable document format (PDF) or electronic signature, which, in each case, will constitute an original signature
for all purposes hereunder, and (iii) such signature by the Company will be binding against the Company and will create a legally binding agreement when this Agreement is countersigned by the Participant.

*[Signature page follows.]* 

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The Company, by its duly authorized officer, and the Participant have executed this Agreement as of the Date of Grant.

---

| |
|:---|
|  NIQ GLOBAL INTELLIGENCE PLC |
| By: |

---

 <br> Name:    

 <br> Title:    

---

| | |
|:---|:---|
| Agreed and Accepted: | Agreed and Accepted: |
| By | |
|  | [Participant's Name] |

---

*Signature Page to Restricted Share Unit Award Agreement* 

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**EXHIBIT A** 

Restrictive Covenant Agreement

## Exhibit 10.23

**Exhibit 10.23** 

**<u>DEED OF INDEMNIFICATION</u>**

This Deed of Indemnification ("Deed") is made as of<u> </u>, 20 by and between NIQ Global Intelligence plc, a public limited company incorporated in Ireland (registered number 605526) having its registered office at 10 Earlsfort Terrace, Dublin 2, D02 T380 (the "Company"), and<u> </u>, [a member of the Board of Directors/an officer/an employee/an agent/a fiduciary] (the "Indemnitee").

**RECITALS** 

WHEREAS, the Board of Directors of the Company (the "Board") believes that highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers, or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

WHEREAS, in light of the litigation costs and risks to directors and officers resulting from their service to companies, and the desire of the Company to attract and retain qualified individuals to serve as directors and officers of the Company, it is reasonable, prudent and necessary for the Company to indemnify directors and officers of the Company to the Fullest Extent Permitted by Law so that they will serve or continue to serve the Company free from undue concern regarding such risks;

WHEREAS, the Company has requested, or may in the future request, that Indemnitee serve or continue to serve as a director and/or an officer of the Company and one or more Company Entities;

WHEREAS, one of the conditions that Indemnitee requires in order to serve as a director and/or an officer of the Company is that Indemnitee be so indemnified;

WHEREAS, the Company's Articles of Association (the "Articles") require indemnification of the officers and directors of the Company to the Fullest Extent Permitted by Law but the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and its directors, officers, and other persons with respect to indemnification; and

WHEREAS, Indemnitee may also have certain rights to indemnification and/or insurance provided by one or more of the Sponsor Entities (as defined in Section 2 of this Agreement) (or their affiliates) and/or any insurer providing insurance coverage under any policy purchased or maintained by such Sponsor Entities (or their affiliates), which Indemnitee, the Company and the Sponsor Entities (or their affiliates) intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company's acknowledgement of and agreement to the foregoing being a material condition to Indemnitee's willingness to serve as a director and/or officer of NIQ and one or more Company Entities.

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

Section 1. <u>Services to the Company.</u> Indemnitee agrees to serve as [a/an] [director/officer/employee/agent/fiduciary] of the Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law). This Deed does not create any obligation on the Company to continue Indemnitee in such position and is not an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.

Section 2. <u>Definitions.</u> As used in this Deed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Affiliate" shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended (as in effect on the date hereof).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Agent" means any person who is authorized by the Company or an Enterprise to act for or represent the interests of the Company or an Enterprise, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A "Change in Control" occurs upon the earliest to occur after the date of this Deed of any of the following 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;i. Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), other than the Sponsor Entities (as defined below) and their Related Parties, directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities unless the change in relative beneficial ownership of the Company's securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Deed), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv)) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two- thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving 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;iv. Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; 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;v. Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&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. For purposes of this Section 2(c), the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Person" has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided,
however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their ownership of stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Beneficial Owner" has the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company
with another entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Companies Act" means the Irish Companies Act 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Corporate Status" describes the status of a person who is or was acting as a director, officer, employee, fiduciary, or Agent of the Company or an Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Disinterested Director" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Enterprise" means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity for which Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Expenses" includes all reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Deed, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 13(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Deed, by litigation or otherwise. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Fullest Extent Permitted by Law" includes, but is not limited to: (1) the maximum extent authorized or permitted by the provisions of applicable law, as such laws may from time to time be amended to increase the scope of such permitted indemnification, and/or the Articles or other governing documents of the Company and any of its Subsidiaries (as defined below) that authorize, permit or contemplate indemnification by agreement, court action or the corresponding provision of any amendment to or replacement of such provisions; and (2) to the maximum extent authorized or permitted by any amendments to or replacements of Irish law and/or the Articles or other governing documents of the Company and any of its Subsidiaries adopted after the date of this Deed that either increase or decrease the extent to which a company may indemnify its directors, secretaries, officers and executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Independent Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Deed, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" does not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Proceeding" includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of Indemnitee's Corporate Status or by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee's part while acting pursuant to Indemnitee's Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification or reimbursement can be provided under this Deed. A Proceeding also includes a situation the Indemnitee believes in good faith may lead to or culminate in the institution of a Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Related Party" means, with respect to any Person, (i) any controlling stockholder, controlling member, general partner, subsidiary, spouse or immediate family member (in the case of an individual) of such Person, (ii) any estate, trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners or owners of which consist solely of one or more of the Sponsor Entities (as defined below) and their respective Affiliates (other than the Company and its subsidiaries, if applicable) and Related Parties and/or such other Persons referred to in the immediately preceding clause (i), or (iii) any executor, administrator, trustee, manager, director or other similar fiduciary of any Person referred to in the immediately preceding clause (ii), acting solely in such capacity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Sponsor Entities" means investment funds affiliated with or managed or advised by Advent International, L.P., KKR & Co. Inc. or any of their Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Subsidiaries" shall have the meaning given to it in the Companies Act.

Section 3. <u>Indemnity in Third-Party Proceedings.</u> The Company will indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, the Company will indemnify Indemnitee to the Fullest Extent Permitted by Law against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee's conduct was unlawful.

Section 4. <u>Indemnity in Proceedings by or in the Right of the Company.</u> The Company will indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, the Company will indemnify Indemnitee to the Fullest Extent Permitted by Law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. The Company will not indemnify Indemnitee for Expenses under this Section 4 related to any claim, issue or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company, unless, and only to the extent that, the courts of Ireland or any court in which the Proceeding was brought determines upon application by Indemnitee that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

Section 5. <u>Indemnification for Expenses of a Party Who is Wholly or Partly</u> <u>Successful.</u> To the Fullest Extent Permitted by Law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding the extent that Indemnitee is successful, on the merits or otherwise. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with or related to each successfully resolved claim, issue or matter to the Fullest Extent Permitted by Law. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue or matter.

Section 6. <u>Indemnification For Expenses of a Witness.</u> To the Fullest Extent Permitted by Law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee is a witness, deponent, interviewee, or otherwise asked to participate.

Section 7. <u>Partial Indemnification.</u> If Indemnitee is entitled under any provision of this Deed to indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company will indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

Section 8. <u>Additional Indemnification.</u> Notwithstanding any limitation in Sections 3, 4, or 5, the Company will indemnify Indemnitee to the Fullest Extent Permitted by Law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor).

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Section 9. <u>Exclusions.</u> Notwithstanding any provision in this Deed, the Company is not obligated under this Deed to make any indemnification payment to Indemnitee in connection with any Proceeding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except to the extent provided in Section 15(b) and except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory law or common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amount, where such an indemnification is expressly prohibited by applicable law (including, with respect to any director or secretary, in respect of any liability expressly prohibited from being indemnified or otherwise limited, including pursuant to section 235 of the Companies Act (including any successor provisions)), but (i) in no way limiting any rights under sections 233 and 234 of the Companies Act (including any successor provisions) or (ii) to the extent any such limitations or prescriptions are amended or determined by a court of competent jurisdiction to be void or inapplicable, or relief to the contrary is granted, then the Indemnitee shall receive the greatest rights then available under law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee's rights to indemnification, including a Proceeding (or any part of any Proceeding) initiated pursuant to Section 13 of this Deed, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

Section 10. <u>Procedure for Notification of Claim for Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnitee will notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee will include in the written notification to the Company a description of the nature of the Proceeding and the facts underlying the Proceeding and provide such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Indemnitee's failure to notify the Company will not relieve the Company from any obligation it may have to Indemnitee under this Deed, and any delay in so notifying the Company will not constitute a waiver by Indemnitee of any rights under this Deed. The Secretary of the Company will, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will be entitled to participate in the Proceeding at its own expense.

Section 11. <u>Procedure Upon Application for Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless a Change of Control has occurred, the determination of Indemnitee's entitlement to indemnification will 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;i. by a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&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. by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

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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. if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent Counsel selected by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. if so directed by the Board, by the stockholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Change in Control has occurred, the determination of Indemnitee's entitlement to indemnification will be made by written opinion provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The party selecting Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 11 will provide written notice of the selection to the other party. The notified party may, within ten (10) days after receiving written notice of the selection of Independent Counsel, deliver to the selecting party a written objection to such selection; <u>provided</u>, <u>however</u>, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 2 of this Deed, and the objection will set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the courts of Ireland have determined that such objection is without merit. If, within thirty (30) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof and the final disposition of the Proceeding, Independent Counsel has not been selected or, if selected, any objection to has not been resolved, either the Company or Indemnitee may petition the courts of Ireland for the appointment as Independent Counsel of a person selected by such court or by such other person as such court designates. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 13(a) of this Deed, Independent Counsel will be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indemnitee will cooperate with the person, persons or entity making the determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. The Company will reimburse any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making the indemnification determination irrespective of the determination as to Indemnitee's entitlement to indemnification and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing of the determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied and providing a copy of any written opinion provided to the Board by Independent Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If it is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee within thirty (30) days after such determination.

Section 12. <u>Presumptions and Effect of Certain Proceedings.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination will, to the Fullest Extent Permitted by Law, presume Indemnitee is entitled to indemnification under this Deed if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Deed, and the Company will, to the Fullest Extent Permitted by Law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Deed that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the determination of the Indemnitee's entitlement to indemnification has not made pursuant to Section 11 within sixty (60) days after the later of (i) receipt by the Company of Indemnitee's request for indemnification pursuant to Section 10(a) and (ii) the final disposition of the Proceeding for which Indemnitee requested Indemnification (the "Determination Period"), the requisite determination of entitlement to indemnification will, to the Fullest Extent Permitted by Law, be deemed to have been made and Indemnitee will be

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entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. The Determination Period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, the Determination Period may be extended an additional fifteen (15) days if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 11(a)(iv) of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of <u>nolo</u> <u>contendere</u> or its equivalent, will not (except as otherwise expressly provided in this Deed) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted based on the records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their duties, or on the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or on information or records given or reports made to the Company or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or other expert selected with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further, Indemnitee will be deemed to have acted in a manner "not opposed to the best interests of the Company," as referred to in this Deed if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan. The provisions of this Section 12(d) is not exclusive and does not limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee of the Enterprise may not be imputed to Indemnitee for purposes of determining Indemnitee's right to indemnification under this Deed.

Section 13. <u>Remedies of Indemnitee.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnitee may commence litigation against the Company in the courts of Ireland to obtain indemnification provided by this Deed in the event that (i) a determination is made pursuant to Section 11 of this Deed that Indemnitee is not entitled to indemnification under this Deed, (ii) the determination of entitlement to indemnification is not made pursuant to Section 11 of this Deed within the Determination Period, (iii) the Company does not indemnify Indemnitee pursuant to Section 5 or 6 or the second to last sentence of Section 11(d) of this Deed within thirty (30) days after receipt by the Company of a written request therefor, (iv) the Company does not indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Deed within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification, or (v) in the event that the Company or any other person takes or threatens to take any action to declare this Deed void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder. Alternatively, Indemnitee, at Indemnitee's option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee must commence such Proceeding seeking an adjudication or an award in arbitration within one hundred and eighty (180) days following the date on which Indemnitee first has the right to commence such Proceeding pursuant to this Section 13(a); <u>provided</u>, <u>however</u>, that the foregoing clause does not apply in respect of a Proceeding brought by Indemnitee to enforce Indemnitee's rights under Section 5 of this Deed. The Company will not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a determination is made pursuant to Section 11 of this Deed that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 13 will be conducted in all respects as a *de novo* trial, or arbitration, on the merits and Indemnitee may not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 13 the Company will have the burden of proving Indemnitee is not entitled to indemnification and will not introduce evidence of the determination made pursuant to Section 11 of this Deed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a determination is made pursuant to Section 11 of this Deed that Indemnitee is entitled to indemnification, the Company will be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 13, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company is, to the Fullest Extent Permitted by Law, precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 13 that the procedures and presumptions of this Deed are not valid, binding and enforceable and will stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is the intent of the Company that, to the Fullest Extent Permitted by Law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee's rights under this Deed by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company, to the Fullest Extent Permitted by Law, will (within thirty (30) days after receipt by the Company of a written request therefor) reimburse to Indemnitee such Expenses which are incurred by Indemnitee in connection with any action concerning this Deed, Indemnitee's right to indemnification from the Company, or concerning any directors' and officers' liability insurance policies maintained by the Company, and will indemnify Indemnitee against any and all such Expenses unless the court determines that each of the Indemnitee's claims in such action were made in bad faith or were frivolous or are prohibited by law.

Section 14. <u>Non-exclusivity; Survival of Rights; Insurance; Subrogation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The indemnification provided by this Deed is not exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles, any agreement, a vote of stockholders or a resolution of directors, or otherwise. The indemnification provided by this Deed may not be limited or restricted by any amendment, alteration or repeal of this Deed in any way with respect to any action taken or omitted by Indemnitee in Indemnitee's Corporate Status occurring prior to any amendment, alteration or repeal of this Deed. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Articles, or this Deed, it is the intent of the parties hereto that Indemnitee enjoy by this Deed the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy is cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby acknowledges that Indemnitee may have certain rights to indemnification and/or insurance provided by one or more other Persons with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities). The relationship between the Company and such other Persons, other than an Enterprise, with respect to the Indemnitee's rights to indemnification, and insurance is described by this subsection, subject to the provisions of subsection (d) of this Section 14 with respect to a Proceeding concerning Indemnitee's Corporate Status with an Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Company hereby acknowledges and agrees:

1) the Company is the indemnitor of first resort with respect to any request for indemnification made pursuant to this Deed concerning any Proceeding;

3) any obligation of any other Persons with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities) to indemnify Indemnitee in respect of any proceeding are secondary to the obligations of the Company's obligations;

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4) the Company will indemnify Indemnitee hereunder to the fullest extent provided herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities) or insurer of any such Person; 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. the Company irrevocably waives, relinquishes and releases (A) any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities) from any claim of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts paid by the Company to Indemnitee pursuant to this Deed and (B) any right to participate in any claim or remedy of Indemnitee against any Person (including, without limitation, any Sponsor Entities), whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any Person (including, without limitation, any Sponsor Entities), directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right.

&nbsp;&nbsp;&nbsp;&nbsp;&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 any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities) or their insurers advances or extinguishes any liability or loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise be payable by the Company or its insurers under this Deed. In no event will payment by any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities) or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company's obligation to indemnify any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities).

&nbsp;&nbsp;&nbsp;&nbsp;&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 indemnification provided by any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities) is specifically in excess over the Company's obligation to indemnify or any valid and collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of the Company, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies, including coverage in the event the Company does not or cannot, for any reason, indemnify Indemnitee as required by this Deed. If, at the time of the receipt of a notice of a claim pursuant to this Deed, the Company has director and officer liability insurance in effect, the Company will give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance with the procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. Indemnitee agrees to assist the Company efforts to cause the insurers to pay such amounts and will comply with the terms of such policies, including selection of approved panel counsel, if required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company's obligation to indemnify Indemnitee hereunder for any Proceeding concerning Indemnitee's Corporate Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification from such Enterprise. The Company and Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor of first resort with respect to indemnification for any Proceeding related to or arising from Indemnitee's Corporate Status with such Enterprise. The Company's obligation to indemnify Indemnitee is secondary to the obligations the Enterprise or its insurers owe to Indemnitee. Indemnitee agrees to take all reasonably necessary and desirable action to obtain from an Enterprise indemnification for any Proceeding related to or arising from Indemnitee's Corporate Status with such Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event of any payment made by the Company under this Deed, the Company will be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee from any Enterprise or insurance carrier. Indemnitee will execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

Section 15. <u>Duration of Deed.</u> This Deed continues until and terminates upon the later of: (a) ten (10) years after the date that Indemnitee ceases to have a Corporate Status or (b) one (1) year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification hereunder and of any

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Proceeding commenced by Indemnitee pursuant to Section 13 of this Deed relating thereto. The indemnification rights provided by or granted pursuant to this Deed are binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other Enterprise, and inure to the benefit of Indemnitee and Indemnitee's spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

Section 16. <u>Severability.</u> If any provision or provisions of this Deed is held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Deed (including without limitation, each portion of any Section of this Deed containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will not in any way be affected or impaired thereby and remain enforceable to the Fullest Extent Permitted by Law; (b) such provision or provisions will be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Deed (including, without limitation, each portion of any Section of this Deed containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent manifested thereby.

Section 17. <u>Interpretation</u>. Any ambiguity in the terms of this Deed will be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification permitted by law. The Company and Indemnitee intend that this Deed provide to the Fullest Extent Permitted by Law for indemnification in excess of that expressly provided, without limitation, by the Articles, vote of the Company stockholders or disinterested directors, or applicable law.

Section 18. <u>Enforcement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company expressly confirms and agrees that it has entered into this Deed and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Deed in serving or continuing to serve as a director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Deed constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Deed is a supplement to and in furtherance of the Articles, any directors' and officers' insurance maintained by the Company, and applicable law, and is not a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

Section 19. <u>Modification and Waiver.</u> No supplement, modification or amendment of this Deed is binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Deed will be deemed or constitutes a waiver of any other provisions of this Deed nor will any waiver constitute a continuing waiver.

Section 20. <u>Notice by Indemnitee.</u> Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which it may have to the Indemnitee under this Deed or otherwise.

Section 21. <u>Notices.</u> All notices, requests, demands and other communications under this Deed will be in writing and will be deemed to have been duly given if (a) delivered by hand to the other party, (b) sent by reputable overnight courier to the other party or (c) sent by facsimile transmission or electronic mail, with receipt of oral confirmation that such communication has been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Indemnitee, at the address indicated on the signature page of this Deed, or such other address as Indemnitee provides to the 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;(b) If to the Company to:

c/o NIQ Global Intelligence plc

200 West Jackson Boulevard

Chicago, Illinois 60606

Attention: John Blenke

Email: [\*\*\*]

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

Ropes & Gray LLP

800 Boylston Street

Boston, MA 02199

Attention: Craig Marcus; Thomas Fraser

E-mail: [\*\*\*]

or to any other address as may have been furnished to Indemnitee by the Company.

Section 22. <u>Applicable Law and Consent to Jurisdiction.</u> This Deed and the legal relations among the parties are governed by, and construed and enforced in accordance with, the laws of Ireland, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 13(a) of this Deed, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or Proceeding arising out of or in connection with this Deed may be brought only in the courts of Ireland and not in any state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the courts of Ireland for purposes of any action or Proceeding arising out of or in connection with this Deed, (iii) waive any objection to the laying of venue of any such action or Proceeding in the courts of Ireland, and (iv) waive, and agree not to plead or to make, any claim that any such action or Proceeding brought in the courts of Ireland has been brought in an improper or inconvenient forum.

Section 23. <u>Identical Counterparts.</u> This Deed may be executed in one or more counterparts, each of which will for all purposes be deemed to be an original but all of which together constitutes one and the same Deed. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Deed.

Section 24. <u>Electronic Signatures</u>: The Company and Indemnitee consent to the execution of this Deed or any documents referred to herein by electronic signature, provided that such manner of execution is permitted by law. The Company and Indemnitee agree that an executed copy of this Deed may be retained in electronic form and acknowledges that such electronic form shall constitute an original of this and may be relied upon as evidence of this Deed.

Section 25. <u>Headings.</u> The headings of this Deed are inserted for convenience only and do not constitute part of this Deed or affect the construction thereof.

*[Signature Page Follows]* 

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**IN WITNESS WHEREOF**, the parties have caused this Deed to be signed as of the day and year first above written.

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|:---|:---|
|  COMPANY: | INDEMNITEE |
| By: |  |
|  Name: | Name: |
|  Officer: | Address: |

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## Exhibit 10.24

**Exhibit 10.24** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name:** | **PAVENTURES II, LLC** |
| &nbsp;&nbsp;&nbsp;**Total Number of Shares:** | **[•]** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number of Time-Vesting Shares:** | **[•]** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number of Performance-Vesting Shares:** | **[•]** |
| &nbsp;&nbsp;&nbsp;**Date of Grant:** | **[•]** |

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**NIQ GLOBAL INTELLIGENCE PLC** 

**2025 EQUITY INCENTIVE PLAN** 

**<u>RESTRICTED SHARE AGREEMENT</u>**

This agreement (this "**Agreement**") evidences the grant (the "**Award**") of restricted and unrestricted PubCo Shares (as defined below) (such PubCo Shares collectively, the "**Shares**") by NIQ Global Intelligence plc (the "**Company**") to the Person named above (the "**Participant**") in consideration for such Person's provision of services to the Company, including in connection with the provision of services by the manager of such Person, James Peck (the "**Manager**"), pursuant to and subject to the terms of the NIQ Global Intelligence plc 2025 Equity Incentive Plan (as amended from time to time, the "**Plan**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant of the Shares</u>. The Company hereby issues to the Participant on the date of grant set forth above (the "**Date of Grant**"), pursuant to and subject to the terms set forth in this Agreement and in the Plan, the "Total Number of Shares," set forth above subject to adjustment pursuant to Section 7 of the Plan in respect of transactions occurring after the date hereof. The Participant agrees that, as a condition to the grant of the Award to the Participant, the Participant will contribute and transfer all Incentive Shares in the capital of AI PAVE DUTCHCO I B.V. (the "**Incentive Shares**") granted to the Participant pursuant to the Incentive Share Grant Agreements made on each of March 5, 2021, and June 17, 2024, each among AI PAVE DUTCHCO I B.V. and the Participant (the "**Incentive Share Grant Agreement**") to NIQ Global Intelligence plc and, as of and following such time, the Participant shall have no further rights with respect to the Incentive Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Meaning of Certain Terms</u>. Except as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan. The following terms have the following meanings:

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| | |
|:---|:---|
| (a). | "**<u>Active Service</u>**" means the Manager's active service to the Company or any of its subsidiaries in any employment or independent contractor capacity. For avoidance of doubt, any period in which the Manager is on approved paid time off, medical, or parental leave shall constitute Active Service for purposes hereof (save where the laws governing the employment of the Manager determines otherwise), provided that the Manager is expected to return to active Service after the conclusion of such approved leave. The Administrator may determine in its sole discretion whether any other approved leave shall constitute Active Service hereunder.  |

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| | |
|:---|:---|
| (b). | "**<u>Advent</u>**" means Advent International Corporation.  |

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| | |
|:---|:---|
| (c). | "**<u>Advent Cash Amounts</u>**" means, as of a given Measurement Date, without duplication, the sum of the following: (i) the amount of cash proceeds received by the Advent Group as consideration for a sale or other disposition of, any Advent Investments; and (ii) the amount of cash dividends and other cash distributions received by the Advent Group with respect to any Advent Investments. Notwithstanding anything to the contrary, the following shall be excluded from the calculation of "Advent Cash Amounts": reimbursements paid to the Advent Group for costs or expenses, management, consulting, advisory, transaction or similar fees paid to the Advent Group or indemnification payments made to the Advent Group.  |

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| | |
|:---|:---|
| (d). | "**<u>Advent Group</u>**" means Advent and its Affiliates.  |

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|:---|:---|
| (e). | "**<u>Advent Investment Amount</u>**" means (without duplication) all Capital Contributions made by the Advent Group and all other cash amounts invested by the Advent Group, directly or indirectly, in the Company, whether before, at or after the Date of Grant.  |

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| | |
|:---|:---|
| (f). | "**<u>Advent Investments</u>**" means, without duplication, the PubCo Shares held, directly or indirectly, by the Advent Group and any other investment included in the definition of Advent Investment Amount.  |

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| | |
|:---|:---|
| (g). | "**<u>Affiliate</u>**" means, as to any individual or entity, any other individual and/or entity at that, directly or indirectly, controls, is controlled by, or is under common control with such individual and/or entity. For this purpose, the term "control" (including its correlative meanings "controlled by" and "under common control with") shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of any individual and/or entity, whether through the ownership of securities or partnership or other ownership interests, by contract or other agreement, or otherwise.  |

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| | |
|:---|:---|
| (h). | "**<u>Capital Contribution</u>**" means, with respect to the Advent Group, the amount of money or value of property contributed, directly or indirectly, to the Company (as determined by the Administrator in accordance with the terms hereof) by the Advent Group at such time with respect to the PubCo Shares or any other equity interests of the Company held by the Advent Group.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "  **<u>Change in Control</u>**" means the first to occur of any of the following events: means the
first to occur of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an event in which any "person" as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934 (the "**1934 Act**") (other than (A) the Company, (B) any subsidiary of the Company, (C) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of any
subsidiary of the Company, and (D) any company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company), is or becomes the "beneficial owner"
(as defined in Section

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13(d) of the 1934 Act), together with all affiliates and associates (as such terms are used in Rule 12b-2 of the General Rules and Regulations under the 1934 Act) of such person, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of the merger or consolidation of the Company with any other company, other than (A) a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity),
in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, at least 50% of the combined voting power of the voting securities of the Company
or such surviving entity outstanding immediately after such merger or consolidation and (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) after which no "person"
"beneficially owns" (with the determination of such "beneficial ownership" on the same basis as set forth in clause (i) of this definition) securities of the Company or the surviving entity of such merger or consolidation
representing more than [50]% of the combined voting power of the securities of the Company or the surviving entity of such merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if during any period of twelve months, individuals who, at the beginning of such period, are members of the
Board (the "**Incumbent Board**") cease for any reason to constitute at least a majority of the members of the Board; *provided*, *however*, that if the appointment or election (or nomination for election) of any new Board
member subsequent to the Date of Adoption was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Agreement, be considered as a member of the Incumbent
Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the complete liquidation of the Company or the sale or disposition by the Company of all or substantially all
of the Company's assets.

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| | |
|:---|:---|
| (i). | "**<u>Covenant Breach</u>**" means a breach of any non-competition, non-solicitation, nondisparagement or confidentiality obligations in any agreement entered into by and between the Manager and the Company or one of its Subsidiaries, including the Employment Agreement.  |

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| | |
|:---|:---|
| (j). | "**<u>Employment Agreement</u>**" means the Employment Agreement by and between Nielsen Consumer LLC and the Manager, dated February 12, 2025.  |

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|:---|:---|
| (k). | "**<u>Good Leaver Termination</u>**" means a Termination of Service: (i) by the Company or applicable Subsidiary without Cause or (ii) by the Manager for Good Reason. For the avoidance of doubt, a Good Leaver Termination shall not include a Termination of Service: (A) by the Company or applicable Subsidiary for Cause or when grounds for Cause exist, (B) as a result of a Covenant Breach or (C) due to death or Disability.  |

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|:---|:---|
| (l). | "**<u>Good Reason</u>**" shall have the meaning given to such term in the Employment Agreement.  |

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|:---|:---|
| (m). | "**<u>Measurement Date</u>**" means any date upon which Advent Cash Amounts are received by the Advent Group.  |

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| | |
|:---|:---|
| (n). | "**<u>MOIC</u>**" means as of any Measurement Date, the quotient obtained by dividing (i) the Advent Cash Amounts by (ii) the Advent Investment Amount.  |

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|:---|:---|
| (o). | "**<u>Non-Cash Proceeds</u>**" means all non-cash property and securities, as of any Measurement Date, received by the Advent Group, and shall include the right to receive contingent or deferred consideration (e.g. pursuant to an escrow arrangement, an "earn-out", holdback or purchase price adjustment), in each case, with respect to the Advent Investments or of the Company.  |

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|:---|:---|
| (p). | "**<u>PubCo Shares</u>**" means ordinary shares of the Company.  |

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|:---|:---|
| (q). | "**<u>Termination of Service</u>**" means the Manager's cessation of Active Service for any reason.  |

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|:---|:---|
| (r). | "**<u>Tranche 2 Vesting Percentage</u>**" means: [Omitted.]  |

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|:---|:---|
| (s). | "**<u>Tranche 3 Vesting Percentage</u>**" means: [Omitted.]  |

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|:---|:---|
| (t). | "**<u>Tranche 4 Vesting Percentage</u>**" means: [Omitted.]  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Vesting</u>. [Omitted.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>[Reserved</u>.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Risk of Forfeiture; Recovery of Compensation</u>.

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|:---|:---|
| (a). | Subject to Sections 3(d) and 3(e) above, if the Manager's Active Service ceases for any reason, any then outstanding Restricted Shares acquired by the Participant hereunder will be automatically and immediately forfeited. The Participant hereby (a) appoints the Company as the Participant's attorney-in-fact to take such actions as may be necessary or appropriate to effectuate a transfer of the legal title of any such shares that are unvested and forfeited hereunder, (b) agrees to deliver to the Company, as a precondition to the issuance of any certificate or certificates with respect to Restricted Shares hereunder or the entry of the Participant or the Manager's name (or the name of their nominee) in the Company's Register of Members in respect of Shares, one or more share powers, endorsed in blank, with respect to such shares, and (c) agrees to sign such other powers and take such other actions as the Company may reasonably request to accomplish the transfer or forfeiture of any Restricted Shares that is forfeited hereunder. Any transfer or forfeiture of Shares under this section shall constitute an acquisition by the Company for no consideration and cancellation in accordance with, respectively, Section 102(1)(a) and Section 106 of the Companies Act 2014 of Ireland.  |

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|:---|:---|
| (b). | The Administrator may cancel, rescind, withhold or otherwise limit or restrict this Award at any time if the Participant or the Manager is not in compliance with all applicable provisions of this Agreement and the Plan. By accepting, or being deemed to have accepted, the Award, the Participant and the Manager expressly acknowledge and agree that the Participant's rights, and those of any permitted transferee of the Shares, under this Agreement, including the right to any Shares acquired under this Award or proceeds from the disposition thereof, are subject to Section 6(a)(5) of the Plan (including any successor provision). The Participant and the Manager further agree to be bound by the terms of any clawback or recoupment policy of the Company that applies to incentive compensation that includes awards such as this Award.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Restrictive Covenants</u>. Without limitation to any other non-competition, non-solicitation, non-disparagement or confidentiality obligations to which the Participant or the Manager is subject in respect of the Company or any of its Affiliates, (a) the restrictive covenants set forth in the Employment Agreement are incorporated herein by reference, (b) the Manager hereby re-affirms the Manager's restrictive covenant obligations under the Employment Agreement and nothing contained in this Agreement shall cancel, change or modify the Participant's or the Manager's obligations thereunder, and (c) the Participant and the Manager acknowledge and agree that the grant of the Award constitutes additional consideration supporting such restrictive covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Services of the Manager</u>. For all purposes of this Agreement and the Plan, each reference to the Participant shall automatically be deemed also to reference the Manager wherever such reference by context would relate to the provision of Active Services by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Retention of Certificates</u>. Any certificates representing Restricted Shares will be held by the Company. If Restricted Shares are held in book entry form, the Participant agrees that the Company may give stop transfer instructions to the depository to ensure compliance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Legend</u>. Where issued, any certificates representing Restricted Shares will contain a legend substantially in the following form:

THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE NIQ GLOBAL INTELLIGENCE PLC 2025 EQUITY INCENTIVE PLAN AND A RESTRICTED SHARE AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND NIQ GLOBAL INTELLIGENCE PLC. COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE IN THE OFFICES OF NIQ GLOBAL INTELLIGENCE PLC.

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Where certificates have been issued in respect of Restricted Shares, as soon as practicable following the vesting of any such Restricted Shares the Company shall cause a certificate or certificates covering such shares, without the aforesaid legend, to be issued and delivered to the Participant. If any Restricted Shares are held in book-entry form, the Company may take such steps as it deems necessary or appropriate to record and manifest the restrictions applicable to such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Dividends, etc</u>. The Participant will be entitled to (i) receive any and all dividends or other distributions paid with respect to those Restricted Shares of which the Participant is the record owner on the record date for such dividend or other distribution, and (ii) vote any Restricted Shares of which the Participant is the record owner on the record date for such vote; *provided, however*, that any property (other than cash) distributed with respect to Restricted Shares (the "associated share") acquired hereunder, including without limitation a distribution of Shares by reason of a share dividend, share split or otherwise, or a distribution of other securities with respect to an associated share, will be subject to the restrictions of this Agreement in the same manner and for so long as the associated share remains subject to such restrictions, and will be promptly forfeited if and when the associated share is so forfeited; *and further provided*, that the Administrator may require that any cash distribution with respect to the shares other than a normal cash dividend be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate to carry out the intent of the Plan. References in this Agreement to Restricted Shares refer, *mutatis mutandis*, to any such restricted amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Sale of Unrestricted Shares; Nontransferability of Shares</u>*.* The Participant understands that the Participant will be free to sell any Restricted Share once it has vested and become an Unrestricted Share, subject to (i) satisfaction of any applicable tax withholding requirements with respect to the vesting or transfer of such share; (ii) the completion of any administrative steps (for example, but without limitation, the transfer of certificates) that the Company may reasonably impose; and (iii) applicable requirements of federal and state securities laws. The Restricted Shares may not be transferred except as expressly permitted under Section 6(a)(3) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Certain Tax Matters</u>.

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|:---|:---|
| (a). | The Participant and the Manager expressly acknowledges that the award or vesting of the Restricted Shares acquired hereunder, and the payment of dividends with respect to such shares, may give rise to emoluments, "wages" or a benefit in kind which would be subject to withholding taxes in respect of income taxes, social security contributions and / or other payroll taxes. The Participant and the Manager expressly acknowledges and agrees that the Participant's rights hereunder are subject to the Participant or the Manager promptly remitting to the Company in cash or by check (or by such other means as may be acceptable to the Administrator) an amount sufficient to satisfy all taxes required to be withheld in connection with such award, vesting or payment. The Participant and the Manager authorize the Company and its subsidiaries to withhold any amounts due in respect of any required tax withholdings or payments from any amounts otherwise owed to the Participant or the Manager, but nothing in this sentence may be construed as relieving the Participant or the Manager of any liability for satisfying the Participant's or the Manager's obligation under the preceding provisions of this Section.  |

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|:---|:---|
| (b). | Within thirty (30) days from the Date of Grant, the each of the Participant and the Manager shall execute and file with the Internal Revenue Service an election under Section 83(b) of the Code with respect to the grant of Shares under this Agreement substantially in the form attached hereto as <u>Exhibit A</u>, and the Participant and the Manager shall each provide the Company with a copy of such executed and filed election promptly thereafter.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Effect on Employment</u>. Neither the grant of the Restricted Shares, nor the vesting of any portion of the Restricted Shares will give the Participant or the Manager any right to be retained in the employ or service of the Company or any of its subsidiaries, affect the right of the Company or any of its subsidiaries to discharge the Participant or the Manager at any time, or affect any right of the Participant or the Manager to terminate the Participant's or the Manager's Service at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Release of Incentive Shares.</u> In consideration for the Award, the Participant hereby unconditionally, irrevocably and forever releases and discharges any rights, title or interest the Participant has or may have with respect to the Incentive Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Provisions of the Plan</u>. This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference. A copy of the Plan as in effect on the Date of Grant has been furnished to the Participant. By accepting, or being deemed to have accepted, all or any portion of the Restricted Shares, the Participant and the Manager agrees to be bound by the terms of the Plan and this Agreement. In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan will control. Notwithstanding anything to the contrary in the Plan, in the event that the Administrator determines to make adjustments to outstanding Awards pursuant to Section 7(b) of the Plan, no such adjustment shall be made to the Shares issued hereunder without the Participant's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Form S-8 Prospectus</u>. The Participant acknowledges that the Participant has received and reviewed a copy of the prospectus required by Part I of Form S-8 relating to Shares that may be issued under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Share Ownership Guidelines</u>. The Restricted Shares are subject to the Company's Share Ownership Guidelines, as adopted from time to time, as such guidelines may be amended, revised or supplemented from time to time (the "**Guidelines**"). By accepting or being deemed to have accepted the Restricted Shares, the Participant acknowledges and agrees to comply with the terms and conditions of the Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Acknowledgements</u>. The Participant and Manager acknowledges and agrees that:

(a). The grant of Restricted Shares is considered a one-time benefit and does not create a contractual or other right to receive any other award under the Plan, benefits in lieu of such awards or any other benefits in the future.

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|:---|:---|
| (b). | The Plan is a voluntary program of the Company and future awards, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any award, the amount of any award, vesting provisions and purchase price, if any.  |

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|:---|:---|
| (c). | The value of the Restricted Shares is an extraordinary item of compensation outside of the scope of the Participant's employment. As such, the Restricted Shares are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-term service awards, pension or retirement benefits or similar payments.  |

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|:---|:---|
| (d). | The Participant authorizes the Company to use and disclose to any agent administering the Plan or providing recordkeeping services with respect to the Plan such information and data as the Company shall request in order to facilitate the grant of the Restricted Shares, the administration of the Restricted Shares and the administration of the Plan, and the Participant waives any data privacy rights the Participant may have with respect to such information or the sharing of such information.  |

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| | |
|:---|:---|
| (e). | This Agreement may be executed in two or more counterparts, each of which will be an original and all of which together will constitute one and the same instrument, (ii) this Agreement may be executed and exchanged using facsimile, portable document format (PDF) or electronic signature, which, in each case, will constitute an original signature for all purposes hereunder, and (iii) such signature by the Company will be binding against the Company and will create a legally binding agreement when this Agreement is countersigned by the Participant.  |

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*[Signature page follows.]* 

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The Company, by its duly authorized officer, and the Participant have executed this Agreement as of the Date of Grant.

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| |
|:---|
| NIQ GLOBAL INTELLIGENCE PLC |
| By: |

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Name: <br> Title:

Agreed and Accepted:

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| | |
|:---|:---|
| By | |
|  | PAVENTURES II, LLC |
| By | |
|  | JAMES PECK |

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**EXHIBIT A** 

**SECTION 83(B) ELECTION**

## Exhibit 23.1

**Exhibit 23.1** 

Consent of Independent Registered Public Accounting Firm

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated April 10, 2025, in Amendment No. 1 to the Registration Statement (Form S-1 No. 333-288376) and related Prospectus of NIQ Global Intelligence plc.

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| |
|:---|
| /s/ Ernst & Young LLP |
| Stamford, CT |
| July 14, 2025 |

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## Ex-Filing

**Exhibit 107** 

**Calculation of Filing Fee Tables** 

**Form S-1** 

**NIQ Global Intelligence plc** 

<u>Table 1: Newly Registered Securities</u> 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security<br>Type** | **Security<br>Class Title** | **Fee<br>Calculation<br>or Carry<br>Forward<br>Rule** | **Amount<br>Registered(1)** | **Proposed<br>Maximum<br>Offering<br>Price Per<br>Unit** | **Maximum<br>Aggregate<br>Offering Price** | **Fee Rate** | **Amount of<br>Registration<br>Fee** |
| &nbsp;&nbsp;&nbsp;Fees to Be Paid | Equity | Ordinary Shares,<br> nominal value<br> $0.00001 per<br> share | 457(o) | 57500000 | $24.00 | $1380000000 (2) | 0.00015310 | $211278.00 |
| &nbsp;&nbsp;&nbsp;Fees Previously Paid | Equity | Ordinary Shares,<br> nominal value<br> $0.00001 per<br> share | 457(o) |  |  | $100000000 (2) | 0.00015310 | $15310.00 |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $1380000000 |  | $211278.00 |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  | $15310.00 |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $195968.00 |

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(1) Includes up to 7,500,000 shares the underwriters have the option to purchase from the selling shareholder.

(2) Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(o) under
the Securities Act of 1933, as amended.