# EDGAR Filing Document

**Accession Number:** 0002107018
**File Stem:** 0001104659-26-066058
**Filing Date:** 2026-5
**Character Count:** 3397226
**Document Hash:** 5f4bd9c0b72b506abdda4fc4f3f3164a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-066058.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001104659-26-066058

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 48

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DPC Holdings Ltd
- **CENTRAL INDEX KEY:** 0002107018
- **STANDARD INDUSTRIAL CLASSIFICATION:** NONFERROUS FOUNDRIES (CASTINGS) [3360]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296215
- **FILM NUMBER:** 261016133

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** DONINGTON COURT, 2ND FLOOR
- **STREET 2:** PEGASUS BUSINESS PARK, HERALD WAY
- **CITY:** DERBY
- **PROVINCE COUNTRY:** X0
- **ZIP:** DE742UZ
- **BUSINESS PHONE:** 212-819-8503

**MAIL ADDRESS:**
- **STREET 1:** 1221 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020

**[**TABLE OF CONTENTS**](#TOC)

As filed with the Securities and Exchange Commission on May 26, 2026

Registration No. 333-

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form S-1

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

DPC Holdings Limited\*

(Exact Name of Registrant as Specified in its Charter)

Jersey 3360 Not Applicable <br> (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.)

2nd Floor, Donington Court, Pegasus Business Park, Herald Way, Derby, DE742UZ +44(0)115 663 0139

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

Corporation Service Company 241 Little Falls Drive Wilmington, DE 19808 Tel: +1 (302) 636-5401

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

 *Copies to:* 

---

| | | |
|:---|:---|:---|
| Richard Browne, Esq. John R. Vetterli, Esq. Jessica Y. Chen, Esq. White & Case LLP 1221 Avenue of the Americas New York, NY 10020 Tel: +1 (212) 819-8200  | Helen Barrett-Hague, Esq. General Counsel & Chief Risk Officer DPC Holdings Limited Donington Court, 2nd Floor Pegasus Business Park, Herald Way Derby, DE742UZ United Kingdom  | Richard D. Truesdell, Jr., Esq. Roshni Banker Cariello, Esq. Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 Tel: +1 (212) 450-4000  |

---

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

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

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

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

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

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

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

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

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

\*

Prior to the consummation of this offering, we intend to change the legal status of our Company from a Jersey private company to a Jersey public limited company and our name will be DPC Holdings PLC.

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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 we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

#### Subject to completion, dated , 2026

### Ordinary Shares
![[MISSING IMAGE: lg_doncasters-4clr.jpg]](lg_doncasters-4clr.jpg)

### DPC Holdings Limited
This is the initial public offering of ordinary shares of DPC Holdings Limited. We are offering ordinary shares.

Prior to this offering, there has been no public market for our ordinary shares. We anticipate that the initial public offering price for our ordinary shares will be between $ and $. We intend to apply to list our ordinary shares on the New York Stock Exchange, or NYSE, subject to notice of official issuance, under the symbol "DPC."

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

 **Investing in our ordinary shares involves substantial risks. See "Risk Factors" beginning on page [23](#tRIFA) to read about factors you should consider before buying our ordinary shares.** 

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

---

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

---

(1) See "Underwriting" for a description of compensation payable to the underwriters.

At our request, the underwriters have reserved up to ordinary shares, or % of the shares offered by this prospectus, for sale at the initial public offering price through a directed share program to certain of our non-employee directors, management, employees, friends and family. Any reserved shares not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. Morgan Stanley & Co. LLC will administer our directed share program. See "Underwriting — Directed Share Program" for additional information.

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

The underwriters expect to deliver the ordinary shares against payment on or about , 2026.

(\*lead bookrunners listed in alphabetical order)

---

| | |
|:---|:---|
| **Jefferies\***  | **Morgan Stanley\***  |
| **Barclays**  | **Moelis & Company**  |
| **RBC Capital Markets**  | **Rothschild & Co**  |

---

Prospectus dated , 2026

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![[MISSING IMAGE: cv_ifc-4c.jpg]](cv_ifc-4c.jpg)

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#### **Table of Contents**

---

| | |
|:---|:---|
| | **Page**  |
| [Summary](#tPRSU)  | [1](#tPRSU) |
| [Risk Factors](#tRIFA)  | [23](#tRIFA) |
| [Special Note Regarding Forward-Looking Statements](#tSNRF)  | [48](#tSNRF) |
| [Use of Proceeds](#tUOP)  | [50](#tUOP) |
| [Dividend Policy](#tDIPO)  | [51](#tDIPO) |
| [Capitalization](#tCAP)  | [52](#tCAP) |
| [Dilution](#tDIL)  | [53](#tDIL) |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tMDAA)  | [55](#tMDAA) |
| [Business](#tBUS)  | [82](#tBUS) |
| [Management](#tMAN)  | [103](#tMAN) |
| [Executive Compensation](#tEXCO)  | [109](#tEXCO) |
| [Certain Relationships and Related Party Transactions](#tCRAR)  | [117](#tCRAR) |
| [Principal Shareholders](#tPRSH)  | [118](#tPRSH) |
| [Description of Share Capital](#tDOSC)  | [123](#tDOSC) |
| [Shares Eligible for Future Sale](#tSEFF)  | [135](#tSEFF) |
| [Taxation](#tTAX)  | [137](#tTAX) |
| [Legal Matters](#tLEMA)  | [155](#tLEMA) |
| [Experts](#tEXP)  | [155](#tEXP) |
| [Enforcement of Civil Liabilities](#tEOCL)  | [156](#tEOCL) |
| [Where You Can Find Additional Information](#tWYCF)  | [157](#tWYCF) |
| [Index to Consolidated Financial Statements](#tICFS)  | [F-1](#tICFS) |

---

Through and including , 2026 (the 25<sup>th</sup> day after the date of this prospectus), all dealers effecting transactions in our ordinary shares, whether or not participating in this offering, may be required to deliver a prospectus. This requirement is in addition to the dealers' obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

Neither we nor the underwriters have authorized anyone to provide information different from that contained in this prospectus, any amendment or supplement to this prospectus or in any free writing prospectus prepared by us or on our behalf. Neither we nor the underwriters take any responsibility for, and can provide no assurance as to the reliability of, any information other than the information in this prospectus and any free writing prospectus prepared by us or on our behalf. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our ordinary shares. Our business, financial condition, results of operations and prospects may have changed since such date. This prospectus is not an offer to sell or the solicitation of an offer to buy these ordinary shares in any circumstances under which such offer or solicitation is unlawful.

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

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

#### Market and Industry Data
This prospectus includes data, forecasts and information obtained from industry publications and surveys and other information available to us. Some data is also based on our good faith estimates, which are derived from management's knowledge of the industry and independent sources. Although we have not independently verified any of the data from third-party sources, nor have we ascertained the underlying assumptions relied upon therein, based on management's knowledge and experience, we believe that these third-party sources are reliable and that the third-party information included in this prospectus or in our estimates is accurate and complete. While we are not aware of any misstatements regarding the industry data presented herein, estimates and forecasts involve uncertainties and risks and are subject to change based on various factors, including those discussed under the headings "Special Note Regarding Forward-Looking Statements" and "Risk Factors" in this prospectus.

#### Presentation of Financial and Other Information
 *U.S. GAAP Financial Statements* 

On September 8, 2025, our board of directors approved our adoption of United States Generally Accepted Accounting Principles, or U.S. GAAP. Our consolidated financial statements as of and for the year ended December 31, 2024 were our first annual audited consolidated financial statements required to be prepared in accordance with U.S. GAAP. We have not prepared any financial information in accordance with U.S. GAAP as of or for any prior periods. For periods prior to 2024, we prepared our consolidated financial statements solely in accordance with International Financial Reporting Standards, or IFRS Accounting Standards. As a result, our financial information for the periods prior to 2024 are not directly comparable to our financial information for the full fiscal years ended December 31, 2025 and 2024.

 *Currency Presentation* 

In this prospectus, references to "dollars," "U.S. dollars" and "$" are to the currency of the United States and references to "British Pound Sterling," "Pounds," "GBP" and "£" are to the currency of the United Kingdom. We have converted certain U.S. dollar amounts presented in this prospectus from GBP amounts solely for the convenience of the reader. We make no representation that the pound or dollar amounts shown in this prospectus could have been or could be converted into U.S. dollars or British pounds at the rates shown in this prospectus or at any other rate. The Federal Reserve Bank noon buying rate for the British pound to US dollar on December 31, 2025, was GBP 0.74 per US$1.00, unless otherwise specified. The Federal Reserve Bank noon buying rate for the British pound to US dollar on March 29, 2026, was GBP 0.75 per US$1.00, unless otherwise specified. The conversion of amounts expressed in GBP as of a specified date at the then prevailing exchange rate may result in presentation of U.S. dollar amounts that differ from U.S. dollar amounts that would have been obtained by converting British pounds as of another specified date.

 *Rounding* 

Certain figures included in this prospectus have been rounded for ease of presentation. Percentage figures included in this prospectus have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this prospectus may vary from those obtained by performing the same calculations using the figures in our consolidated financial statements. Certain other amounts that appear in this prospectus may not sum due to rounding.

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#### Certain Defined Terms
As used in this prospectus, unless the context otherwise requires, "DPC Holdings Limited," "Doncasters," "we," "us," "our" and "the Company" in this prospectus refer to DPC Holdings Limited and its consolidated subsidiaries. In addition, as used in this prospectus, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "ABL Facility" refers to the seven-year senior secured asset backed lending facility with Wells Fargo entered into on March 6, 2020, as amended in August 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Aerospace" or "Aerospace end market" refers to the manufacture and sale of our products, including engine structural castings, blades and vanes, and airframe structural castings, to customers in the commercial aerospace, defense, and space end markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Articles of Association" refers to our amended and restated memorandum and articles of association, which will be adopted and filed immediately prior to the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Backlog" refers to our order backlog, representing contractually firm purchase orders and does not represent remaining performance obligations as defined in Accounting Standards Codification, or ASC, 606.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Board" refers to our board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Bochum" refers to Doncasters Precision Castings, Bochum GmbH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Chard" refers to Chard Precision Castings Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "CSOP" refers to a company share option plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Deritend" refers to Doncasters Precision Castings — Deritend International Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Exchange Act" refers to the U.S. Securities and Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "FAA" refers to the Federal Aviation Administration in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "GDPR" refers to the General Data Protection Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Groton" refers to Doncasters Inc., doing business as Doncasters Precision Castings of Groton.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "IGT" or "IGT end market" refers to the manufacture and sale of our products, including blades and vanes and engine structural castings, to customers in the industrial gas turbines end market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "ITEPA" refers to the Income Tax (Earnings and Pensions) Act 2003.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Jersey Registrar" refers to the registrar of companies in Jersey

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "JFSC" refers to the Jersey Financial Services Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Long Beach" refers to Certified Alloy Products, Inc., doing business as Doncasters Superalloys of Long Beach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "LTAs" refers to framework agreements with our customers that set out the standard terms, such as price, quality and conditions, for future, separate orders over a set period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Mexicali" refers to UPM Casting S.A. de C.V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "MIP" refers to our cash-based management incentive plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "MRO" refers to maintenance, repair, and overhaul.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "NYSE" refers to the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "OEM(s)" refers to original equipment manufacturer(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Oxford" refers to Southern Tool LLC, doing business as Doncasters Structural Castings of Oxford.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "PIK Forgiveness" refers to the reduction of outstanding principal balance of the Shareholder PIK Loan. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "R&C" refers to Ross & Catherall Limited.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Sarbanes-Oxley Act" refers to the Sarbanes-Oxley Act of 2002, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "SEC" refers to the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Securities Act" refers to the U.S. Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Shareholder PIK Loan" refers to the payment-in-kind loan facility with a syndicate of financial institutions entered into on March 6, 2020 (as amended and/or amended and restated from time to time). In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Springfield" refers to Doncasters Inc., doing business as Doncasters Forgings of Springfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Term Loan" refers to the six-year, senior secured term note loan facility entered into with a syndicate of financial institutions on April 23, 2024, as amended on April 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Tier 1 supplier" refers to a company that directly supplies products or components to a primary manufacturer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Tier 2 supplier" refers to a company that supplies materials or components to Tier 1 suppliers rather than directly to the manufacturer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Transportation" or "Transportation end market" refers to the manufacture and sale of hot-side turbo wheels for the commercial vehicle, off-highway and passenger car end market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Turbo Wheels" refers to our reporting segment which includes sales to customers in the Transportation end market, and includes our Trucast UK, Trucast US, Uni-Pol China, Uni-Pol India and Ivostud facilities. Our Ivostud business is currently classified as a business held for sale and we expect to divest Ivostud within the next 12 months from the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Uni-Pol China" refers to Jiangyin Uni-Pol Co Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Uni-Pol India" refers to Jiangyin Uni-Pol Vacuum Casting India Pvt Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "U.S. GAAP" refers to the generally accepted accounting principles in the United States.

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#### Prospectus Summary
 *This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all the information that you should consider before deciding to invest in our ordinary shares. You should read the entire prospectus carefully, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes included elsewhere in this prospectus, before making an investment decision. Unless the context otherwise requires, the terms "Doncasters," "we," "us," "our" and "the Company" in this prospectus refer to DPC Holdings Limited and its consolidated subsidiaries. Certain terms used in this prospectus are defined in the section titled "Certain Defined Terms."* 

#### Who We Are
A specialist manufacturer of complex engine products for aerospace engines and industrial gas turbines, supporting leading OEM programs.

#### Specialist Manufacturer of Engine Products Consisting of Complex Castings and Superalloys with Deep Technical Expertise and Global Scale
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Specialist manufacturer of highly engineered mission-critical precision engine products used in extreme operating environments for global aerospace and industrial gas turbine customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • One of a very limited number of global-scale suppliers serving a technologically demanding and highly capacity-constrained environment.

#### High Barriers to Entry, including Cutting-Edge Metallurgy, Rigorous OEM Qualifications, Vertical Integration and Large-Scale, Costly Capital Equipment with Long Lead Times
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Vertically integrated producer of nickel- and cobalt-based superalloys with proprietary metallurgy and specialist engineering expertise, providing key barrier to entry to subscale niche suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Specialist expertise and deep process knowledge combine with longstanding OEM relationships and process and part qualifications to create additional significant barriers to entry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Manufacturing process requires large-scale and costly capital equipment with long lead times for installation, commissioning and approval.

#### Substantial and Growing Market from Aerospace and IGT Super Cycles
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Multi-year aerospace and industrial gas turbine super cycles with demand tailwinds from growing installed bases and OEM order backlogs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Secured positions with global OEMs supplying critical parts on the highest-growth aerospace and IGT engine platforms.

#### Highly-Visible Growth Further Accelerated by Differentiated Strategic Partnerships with Blue-Chip Customers
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Revenue growth underpinned by multi-year order books, long-term agreements, and recurring aftermarket spare parts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Strategic customer partnerships signed which are expected to deliver incremental annual revenue of more than $200 million with global OEMs driving customer-supported capital investment, increased order values and margin accretion. Additional customer partnerships under negotiation.

#### Further Strong Margin Expansion Potential from Operational Leverage, Operating Efficiencies and Value Pricing
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Operating leverage benefits from our revenue growth through investment in our global manufacturing footprint and capacity supported by our margin-accretive strategic customer partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Additional margin opportunity from improved operational efficiencies coupled with value pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Path to expand adjusted EBITDA margins towards industry leading metrics.

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#### Significant Further Value Creation Opportunities Driven by Proven Team
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Experienced leadership team with track record of successful execution and value creation having driven adjusted EBITDA margin increase from mid-single digits in 2020 to 16.5% in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Clear value creation levers driving profitable growth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Above market growth backed by firm backlog, long-term agreements, increased capacity and capability investments and strategic customer partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Further margin expansion opportunities through operational leverage of increased output, margin-accretive strategic customer partnerships, operational efficiencies, and value-based pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Significant improvements in cash generation from profitable revenue growth, capacity utilization, and customer capital investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Excess cash flow available for investment in further organic expansion, disciplined M&A to accelerate strategic objectives, and from strategic customer partnerships underpinning investment.

#### Our Company
We are a leading independent manufacturer of highly engineered engine products which include complex precision cast components and nickel- and cobalt-based superalloys primarily serving the high growth Aerospace and IGT end markets. Both markets are supported by highly-attractive, long-term structural growth drivers and are experiencing demand super cycles, which we expect to create a very strong, long-term growth environment for our business. We believe we are one of a limited number of companies worldwide with the cutting-edge engineering, chemistry, and metallurgy expertise, along with the large-scale specialized casting equipment required to manufacture these mission-critical parts under strict environmental controls for the most demanding applications within our end markets. In 2025, we maintained 14 principal facilities and generated $837 million of revenue, of which approximately 70% was covered by LTAs.

We primarily manufacture products that operate across some of the most in-demand aeroengine and gas turbine platforms, as characterized by the large number of installed units and the substantial amount of sales orders that have been committed to by customers, or backlogs of our customers, which include the world's leading global Aerospace and IGT OEMs. Through decades of operations, we have developed deep engineering expertise, technical know-how, and a collaborative, customer-centric culture that provides solutions to our OEM customers' most complex casting challenges. Our capabilities and operational expertise complement our advanced manufacturing assets, leading to best-in-class quality assurance processes that allow us to deliver reliable performance at scale.

We believe our unique, customer-oriented approach deeply entrenches us in our customers' manufacturing processes and has enabled our ongoing evolution from a transactional, individual parts supplier to a true, strategic partner. In 2024, we began expanding our existing strategic customer partnerships with a select number of key customers in the Aerospace and IGT end markets, including significant customer-funded investments to increase capacity at our manufacturing facilities. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate. We believe we are currently the only competitor able to provide Aerospace and IGT OEMs with dedicated capacity and visibility into increased production planning. As we scale this approach, we believe it will drive larger portfolio-level awards and extended contracts with improved commercial terms and increased share-of-work, enabling us to win incremental business and take market share on priority programs.

The key to being able to facilitate customer demand in these supply-constrained markets is through owning our own supply chain. Our vertically integrated business model includes three superalloy manufacturing facilities which fulfill all our internal nickel- and cobalt-based superalloy requirements for Aerospace and IGT castings. We also operate integrated ceramic core production units at both of our large IGT facilities. High-performance nickel- and cobalt-based superalloys are extremely difficult to develop and manufacture but are essential to the casting production chain. Our vertical integration reduces our usage of external supply chains, which are currently experiencing significant capacity constraints, since our

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facilities produce the majority of the critical components that we require. Additionally, we also supply superalloys to a diverse set of external customers across the Aerospace and IGT end markets. Our vertical integration also includes key post-cast processes such as Hot Isostatic Pressing, heat treatment and X-Ray which are performed in-house at certain facilities. We have opportunities to further develop these capabilities and further reduce usage of external sub-contractors.

Our product portfolio includes critical components of nearly every major commercial aircraft program, all categories of large and heavy-frame IGT platforms currently in production, including aftermarket content on legacy IGT platforms, and several defense and space programs, positioning us to capture a meaningful share of the multi-billion-dollar total addressable market across the Aerospace and IGT end markets. Many of the current and next-generation aeroengine and gas turbine platforms we serve are experiencing some of the highest build rates in the industry and our customers are actively working to further increase production on key platforms to meet exceptional demand. We work directly with the world's leading Aerospace and IGT OEMs such as GE Aerospace, Honeywell, Pratt & Whitney, Rolls-Royce, Safran, Ansaldo Energia, Doosan, GE Vernova and Siemens Energy. The majority of our Aerospace and IGT engine products operate in extreme environments, characterized by high temperature and pressure, and as such are safety-critical, integral components of our customers' supply chains. Our position as a key supplier is supported by our strong relationships and consistent track record of on-time delivery of highly advanced precision cast components across the world that enables our customers to fulfill their multi-year orderbooks. Diversification by product, customer, and platform provides resiliency across cycles and supports strong, recurring revenue. Our content is embedded in the most in-demand aeroengine and gas turbine platforms today. Within the Aerospace end market, our engine products are critical to CFM International's LEAP engine family and Pratt & Whitney's GTF engine family, which are two leading single aisle engine families in the world powering Boeing's 737 family and Airbus' A320 and A321 families, and GE Aerospace's GEnx engine, which powers the Boeing 787 Dreamliner. Within the IGT end market, our content is critical to major heavy-frame gas turbine programs such as the F-class and H-class turbines manufactured by Siemens Energy. Each of these aeroengine and gas turbine platforms are in high demand, with multi-year orderbook visibility.

Our nickel-based and cobalt-based investment castings are used in a wide range of performance critical applications, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Engine Products — Aerospace:** We manufacture structural castings largely for engines in the Aerospace end market and are actively expanding our Aerospace capabilities. Stationary parts, including turbine center frames, bearing housings, combustion diffusers, fins inducers, near flow path seals, blade outer seals, combustion seal segments, injector housings and nozzles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Engine Products — IGT:** We manufacture turbine airfoils (blades and vanes) for the IGT end market. This includes rotating and stationary parts that operate in the hot section of an aeroengine or industrial gas turbine, where they must withstand extreme temperatures and pressures, which require exceptionally tight dimensional and metallurgical control and are safety-critical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Hot-Side Turbocharger Wheels:** We manufacture hot-side turbocharger wheels for the transportation end market for off-highway, commercial, and passenger vehicles. Turbocharging is one of the most powerful emissions reduction solutions for internal combustion engines and is universally used in hybrid powertrains.

The below two diagrams illustrate a selection of the engine products we manufacture, which primarily focus on the hot section of aeroengines and industrial gas turbines, respectively, with structural castings and torque bars being key components of our engine products for Aerospace and turbine airfoils being the key components of engine products for IGT:

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#### Engine Products — Aerospace:
![[MISSING IMAGE: ph_aerospace-4clr.jpg]](ph_aerospace-4clr.jpg)

#### Engine Products — IGT:
![[MISSING IMAGE: ph_industrigas-4clr.jpg]](ph_industrigas-4clr.jpg)

(1) Present throughout the entire engine

(2) Present both in high pressure and low pressure turbine section

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In 2025, approximately 70% of our revenue was covered by LTAs with our OEM customers, including our strategic customer partnerships, which provide us certainty on pricing and margin, and the remaining approximately 30% of our revenue is generated under individual spot purchase orders not covered by an LTA. This is by choice as it provides us with flexibility and the opportunity to respond to market conditions and allows us to capture premium margins and opportunity. The commercial terms of all our key end market Aerospace and IGT LTAs have been renegotiated by our management team since 2020. Our LTAs are framework agreements which set out the terms and conditions under which customers place specific purchase orders for our parts. The LTAs set out specific part pricing which is typically fixed but subject to escalation clauses which allow for the pass through on movements in metal costs, in line with industry standards, and our aerospace and IGT contracts have been significantly strengthened to include specific protections against increases in energy costs, labor costs, tariffs and general inflation through prices linked to published indices. Aerospace and IGT LTAs typically guarantee us a minimum level of market share for the applicable part but in certain cases, also include long-term volume commitments for the life of the LTA as is the case in three of our strategic customer partnerships. Other key terms in the LTAs include payment terms, performance metrics and other terms of business. Our LTAs typically span 5 years or longer. Our LTAs provide us with significant visibility on future volumes, revenue, and profitability with orders being placed under these LTAs. As at December 31, 2025, our order Backlog was $725 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings. As at March 29, 2026, our order backlog was $930 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings.

In 2024, we began expanding our strategic customer partnerships with a select number of key customers in the Aerospace and IGT end markets, including significant investments by the customer to increase the capacity at our manufacturing facilities. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate. The structure of these strategic customer partnerships demonstrates the long-term commitment our customers are making to us and supports the capital investment necessary to increase our capacity. We believe these strategic customer partnerships will help us increase our market share of high-value content on key programs, which will be accretive to our overall adjusted EBITDA margin profile. We continue to build a pipeline of additional strategic customer partnerships which should offer a meaningful additional growth avenue for us moving forward.

Our revenue from spot purchase orders provides us with a high degree of flexibility in allocation of capacity and pricing. Given the current supply-constrained market conditions, we believe our mix of LTAs and spot purchase orders creates an optimal balance for our business.

We believe our OEM customers view us as a high-quality, scaled alternative to the two large industry participants, Precision Castparts Corporation, or PCC, and Howmet Aerospace, Inc., or Howmet. This is evidenced by our continued volume growth across our Aerospace and IGT end markets, increased share capture on major platforms within these end markets, and the strategic customer partnerships including capital investment from major OEMs. We continue to proactively collaborate with customers, prioritize timelines, and have deepened trusted strategic customer partnerships that underpin our growth trajectory.

In 2025, approximately 40% of our castings revenue was generated from the aftermarket, currently weighted more to the IGT end market given our leading positions supplying airfoils which are routinely replaced over the typical 20-year lifecycle of a gas turbine. We expect our aftermarket revenue in the IGT end market to benefit from significant growth in the installed base of heavy-frame turbines and current robust OEM backlogs. We similarly expect our aftermarket revenue derived from the Aerospace end market to increase by 2030 due to our strategic partnership with a key Aerospace customer. This partnership includes an investment to substantially increase the capacity at two of our Aerospace manufacturing facilities to apply our directionally solidified and single crystal casting technologies to manufacture aerospace blades and vanes for both OEM and aftermarket applications.

Over our nearly 250-year history, we have built unmatched technical know-how, strong operational capabilities, collaborative relationships with our customers, and a strategically invested asset footprint, resulting in an attractive market position. In 2020, we underwent a change in ownership and initiated a management-led turnaround designed to create operational and financial improvements. Management drove this turnaround by focusing on the following four key strategic pillars:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To be customer-centric in all that we do, ensuring that customers receive the best service in respect of quality, on-time delivery and working together to achieve a mutually beneficial outcome;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Renewal of both the asset base and talent within the workforce which is fundamental to our successful operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To implement a continuous improvement mindset across all of our manufacturing facilities to drive operational performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To achieve a set of stretching financial targets including revenue and adjusted EBITDA growth, adjusted EBITDA margin improvement and improvements in cash generation.

Current management includes a refreshed leadership team that has refocused our business on operational excellence and customer centricity by implementing our "operational toolbox" across all our sites. Our operational toolbox includes daily and weekly monitoring of key performance indicators which help our site- and divisional-level management identify operational improvements to implement. Additionally, since 2020 we have deployed over $170 million in capital expenditures to expand our capacity and modernize our assets, which has led to an increase in productivity, reduction in scrap rates, and material improvement to our quality and on-time delivery rates. This turnaround allowed for strong margin expansion with an improvement in the net loss position from $193 million in 2024 to $173 million in 2025 and an improvement in adjusted EBITDA margin from the mid-single digits in 2020 to 16.5% in 2025.

For the year ended December 31, 2025, we generated $837 million of revenue, of which $291 million or 35% was generated in our Aerospace end market, $351 million or 42% was generated in our IGT end market, and $195 million or 23% was generated in our Transportation end market. Since 2020 and under the leadership of our current management team, our revenue has more than doubled, from approximately $365 million revenue in 2020, reflecting strong volume and price improvements supported by end market demand and stronger customer relationships driving increased platform and part participation. In 2025, our capital expenditures totaled $31 million, comprised of investment in capacity expansion, capability expansion, productivity initiatives, equipment upgrades across our manufacturing footprint, health and safety initiatives, and ordinary course maintenance activities to sustain production continuity. These investments are closely aligned with strategic customer partnerships and are a core component of our operating model. We generated a net loss of $173 million for the year ended December 31, 2025, and $138 million of adjusted EBITDA, the former largely reflecting the high and predominantly non-cash interest charge on the Shareholder PIK Loan. In 2025, our adjusted EBITDA margin of 16.5% was a significant increase from our mid-single digit adjusted EBITDA margin in 2020. In 2025, the segment adjusted EBITDA margins for our Engine Products — North America and Engine Products — Europe segments, which comprise of our sales into the Aerospace and IGT end markets, were 18.2% and 21.9%, respectively. The segment adjusted EBITDA margin for our Turbo Wheels segment, which comprises of our sales into the Transportation end market, was 6.5%. For a discussion of the use of adjusted EBITDA and adjusted EBITDA margin, and a reconciliation to the most directly comparable U.S. GAAP measures, see "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures." We expect to achieve further margin progression through operating leverage on higher volumes, improved operational execution, and value-based pricing initiatives. We expect these factors and strong demand across our major end markets to drive additional volume growth on recent capacity investment, producing further operating leverage and productivity gains.

#### Our Competitive Strengths

#### Leading Manufacturer of Complex and Highly Engineered Precision Castings
We believe we are a global leader in complex precision castings and one of a limited number of companies worldwide with the cutting-edge engineering and metallurgy expertise and the large-scale specialized casting equipment required to manufacture highly technical mission-critical parts under strict environmental controls required to meet stringent safety and regulatory standards for the most demanding applications within our end markets. Our Engine Products include high-pressure airfoils, engine structural castings, and superalloys that are crucial for modern aeroengines and heavy-frame industrial gas turbines. These parts typically operate in the hot section of an engine or turbine, an environment defined by extremely

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high temperature and pressure, and as a result require precise dimensional accuracy and cutting-edge casting processes to manufacture, which include single crystal and directionally solidified casting. We also manufacture hot-side turbocharger wheels, which are critical to enhancing automotive fuel efficiency and performance.

#### High Barriers to Entry
Our industry is defined by substantial barriers to entry, including specialized manufacturing technical know-how, deep engineering expertise, stringent safety-driven qualification requirements and customer approvals, large manufacturing assets with high capital expenditure requirements and long build times, and regulatory certifications. We believe these barriers provide us with a strong incumbency advantage, supported by our precision, quality, and customer trust built through decades of operations. Our infrastructure, processing capability, and OEM certifications enable us to operate as a scaled manufacturer of some of the largest and most complex castings, particularly large structural components as well as directionally solidified and single crystal airfoils. These components are not only essential to operations but they also help our OEM customers significantly improve their operational efficiency to the highest levels of aeroengine and gas turbine performance, which is a key factor driving competitiveness and product adoption.

#### Vertically Integrated Global Operations
We operate globally across 14 advanced manufacturing facilities that are strategically located near our key customers and in locations where we have access to available, cost-effective labor. A cornerstone of our strategy is our vertical integration model that includes three dedicated facilities supplying 100% of our internal demand for nickel- and cobalt-based superalloys for our Engine Products for the Aerospace and IGT end markets. To cover the requirements of both our internal and external superalloy customers, we have the ability to make more than 500 customized superalloy specifications. This vertical integration ensures the reliability of our supply of critical raw materials by eliminating dependence on the handful of external vendors that are able to produce these superalloys and allows us to capture additional profit in the casting value chain. Our vertical integration also includes key post-cast processes such as Hot Isostatic Pressing, heat treatment, X-Ray, non-destructive testing, and dimensional inspection which are performed in-house at certain facilities. We have opportunities to further develop these capabilities and further reduce usage of external sub-contractors. These processes being in addition to the core casting processes of wax assembly, shell and foundry. We believe our vertical integration, in combination with our global footprint and advanced facilities, positions us as a reliable supplier of highly specialized products to the leading OEMs in these capacity-constrained end markets. This enables us to execute on highly visible demand, maintain strong pricing power, and deliver resilient, growing margins which we expect to approach those of our larger peers over time.

#### Highly Diversified and Resilient Business Model Across Growth End Markets of Aerospace and IGT
We operate across both the Aerospace and IGT end markets, which combined accounts for 92% of our total segment adjusted EBITDA in the year ended December 31, 2025. See Note 4 to our audited consolidated financial statements included elsewhere in this prospectus. Our Engine Products are diversified across Aero engine platforms and heavy frame IGT products, with an estimated 60% of our castings revenue derived from OEM sales and 40% derived from aftermarket sales in 2025. We expect our aftermarket sales to grow with our revenue in future years as we expand our product offerings further into the Aerospace end market to include blades and vanes, which have a significant aftermarket component.

We reinforce our revenue with multi-decade relationships with leading Aerospace and IGT OEMs and LTAs that typically are 5 years or longer, guarantee a minimum market share, and occasionally guarantee future revenue. In 2025, approximately 70% of our revenue was generated from such LTAs. These agreements, combined with firm backlog and published OEM build schedules, give us clear line-of-sight to volumes and secure demand which allows our value creation to center on disciplined execution with upside from contract expansion, extension, or renewal. Furthermore, in 2025, our top 10 customers accounted for 68% of sales, with no single engine or turbine program accounting for over 7% of sales. Furthermore, in the quarter ended March 29, 2026, our top 10 customers accounted for 70% of sales, with no single engine or turbine program accounting for over 7% of sales. Our resilience is further underpinned by our strong strategic partnerships with our customers which extend throughout the lifecycle of the product and span early

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engineering collaboration, new product introduction, and extensive process and product qualification for OEM fulfillment and recurring aftermarket demand. This results in diversified revenue across production ramp-up and in-service support. The lifecycle of both aeroengine and IGT programs can be in excess of 50 years from the point of entry into service through production ramp up of approximately 30 years, and aftermarket requirements of over 20 years.

#### Key Strategic Partner to Blue-Chip OEM Customers
Following our ownership change in 2020, we have executed upon a management-led operational turnaround involving significant investment in our core casting and alloy operations, renewed focus on operational excellence, and developed a nimbler, customer-centric culture across our organization. These actions have materially increased our capacity, and improved production quality, on-time delivery and financial performance. As a result, we are transitioning from a transactional, individual parts supplier to a true, strategic partner with our customers as demonstrated by our deeper integration into their production process through increased collaboration, single- and dual-source supplier positions, large orders reflecting portfolios of products, and LTAs. Having completed this turnaround, we believe we are recognized by our customers as a high-quality, scaled alternative to the two largest industry participants, PCC and Howmet. We continue to proactively collaborate with customers, prioritize timeliness, and deepen trusted strategic customer partnerships that underpin our growth trajectory.

The strategic nature of our customer relationships is further reinforced by the durability of these relationships. We have entered four strategic customer partnerships to date, two with major IGT customers and two with major Aerospace customers. These strategic customer partnerships are designed to address our customers' critical supply chain challenges for castings and position us as a long-term preferred solution partner. These recent strategic customer partnerships include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 15-year agreement with a major Aerospace OEM customer for us to supply aeroengine blades and vanes, which includes an investment by the customer to significantly increase capacity in our manufacturing facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 7-year extension of an existing agreement with a major IGT OEM customer for us to supply blades and vanes, with an expanded scope, an increased duration, a significant investment to increase capacity, and guaranteed volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 9-year extension to an existing agreement with a major IGT OEM customer for us to supply guaranteed volumes of directionally solidified turbine airfoils with investment to further increase capacity in our IGT operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Three fully agreed agreements with an existing major Aerospace OEM customer to increase our supply of casting and superalloy volumes and margins while underwriting greenfield superalloy expansion.

We believe these strategic customer partnerships not only strengthen our position in a capacity-constrained market for years to come, with up to 80% of customer contribution to capital investment, but they also demonstrate the importance of our offer with OEMs in providing additional capacity and competition within these supply-constrained markets and a clear pathway to capture additional market share from our competitors at accretive margins. Our reputation and capabilities of being a leading independent, high-quality manufacturer of highly engineered critical parts to our customers reinforces our role as a scaled alternative to the larger incumbents in our end markets.

#### Proven Operating Model
We promote a culture that empowers our key employees at each of our facilities to act with the operational agility needed to quickly respond to evolving customer needs. Our ongoing expansion of traditional LTAs into broader strategic customer partnerships evidences the differentiating nature of our entrepreneurial culture. We believe we are unique in providing our OEM customers with dedicated capacity and visibility into increased production planning, which has enabled our single- and dual-source supplier positions and clear pathway to capture additional market share from our largest competitors at attractive margins. Our strong customer orientation is reinforced by a global manufacturing footprint that is strategically

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located near our major Aerospace and IGT OEM customers, allowing us to focus on customer requirements and rapidly deliver solutions. Accountability is maintained through a disciplined cadence of key performance indicator reviews at the site, divisional, and group levels, using real-time operational metrics to guide actions, seek continuous improvement, and drive measurable performance gains.

#### Proven Leadership Team Positioned to Drive Further Value Creation
We benefit from a management team with extensive leadership experience and deep industry expertise. Since 2020, our team has successfully driven our comprehensive operational turnaround that refocused our business on operational excellence and customer centricity, implementing our operational toolbox across all our sites, which has helped us evolve into a true, strategic partner that customers recognize as a high-quality, scaled alternative to the two largest industry participants, PCC and Howmet. Through deployment of our operational toolbox and disciplined capital investment, we have delivered strong adjusted EBITDA margin growth. In 2025, our adjusted EBITDA margin of 16.5% was a significant increase from our mid-single digit adjusted EBITDA margin in 2020 and we believe that we are on a clear path to further improvement in-line with our best-in-class casting peer. With strong topline growth, growing margins, and reduced debt, we expect significant earnings growth to drive value creation.

#### Growth Strategy
Our growth strategy prioritizes organic growth through volume, price, and operational excellence, complemented by strategic acquisitions. Our medium-term castings revenue growth forecast does not include any unidentified parts or "go-get" revenue.

#### Our core growth value drivers are:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Operation Execution and Excellence:** We will continue to convert our firm order backlog into profitable revenue through disciplined execution across our global operations, which is supported by our LTAs that provide significant business visibility. As at December 31, 2025 our order backlog was $725 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings. As at March 29, 2026, our order backlog was $930 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings. As customers increase production rates across major Aerospace and IGT platforms, our focus on responsiveness, quality, and on-time delivery will reinforce customer confidence and support future contract renewals. Multi-year visibility into anticipated revenue provides a basis for improved operational planning, working capital management, and effective capital allocation. We are undertaking initiatives to strengthen supply chain resilience, such as enhanced supplier oversight, diversified sourcing strategies, and strategic inventory procurement for long-lead materials. Additionally, we are proactively aligning production capacity, labor planning, and supplier readiness with expected rate increases, while accelerating actions necessary to support growth with LTAs, multi-program volume commitments, and coordinated investment roadmaps with key OEMs. We are also enhancing program governance through our established project management office, which designs and implements key expansion initiatives by expanding capabilities and resources at this level and allowing the facilities to remain focused on operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Investment in Capacity to Meet Demand:** As customer demand continues to rise, we are strategically expanding production capacity through the commissioning of new equipment, production lines, and increased automation, a portion of which is funded through our strategic customer partnerships with key OEMs. Our strategy emphasizes early workforce training, process qualification, and capability validation to shorten the production ramp and support customer delivery schedules. Targeted debottlenecking and automation initiatives are expected to deliver continuous improvements in throughput and cost efficiency. We are continuing to implement lean facility layouts designed to reduce material movement, minimize product queue times, and improve flow through pre- and post-cast operations. Our capacity expansion roadmap aligns anticipated capital investments with customer demand profiles and emerging technological requirements. Project selection will be guided by defined return-thresholds, customer commitments, and strategic importance. We are also enhancing manufacturing flexibility through modular production cells for better responsiveness to shifting

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customer mix. Collectively, these actions position our network to support higher volumes, shorter lead times, and increased share-of-work on key platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Cutting-Edge Development and Expansion:** We expect to expand our market participation by increasing share on existing platforms and engagement on next generation Aerospace and IGT platforms as they arise. Our advanced manufacturing capability to produce precision castings provides a competitive advantage in winning these new platform opportunities. In the Aerospace end market, we are increasing our exposure to high-aftermarket content components through customer funded development partnerships that position us favorably for long-term recurring revenue streams. Our existing product portfolio already supports 40% of revenue from the aftermarket, especially within the IGT end market, and we believe there is a meaningful opportunity to increase the aftermarket exposure further in the Aerospace aftermarket, especially with airfoils for aeroengines. Leveraging these capabilities across end markets is expected to enhance our growth prospects, deepen customer integration, and expand lifetime value on key platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Drive Margin Expansion:** We are pursuing greater margins and aiming to enhance the long-term profitability of our business through the operating leverage impact of volume growth, value-based pricing, operational excellence, and margin-accretive strategic customer partnerships. As volumes increase, we will be able to deliver greater operating leverage of our current facilities and recent capacity expansion. We continue to strengthen our pricing practices to ensure commercial terms reflect the value we deliver to our customers through the complexity of our advanced precision manufacturing processes and market share, but also our strong performance in quality, responsiveness, and turnaround time. As part of these programs, we plan to expand further into next generation technologies such as robotics, digital shop floor analytics, and closed loop process controls to increase throughput, labor productivity and manufacturing yields, and reduce scrap. We are reinforcing functional excellence in engineering, operations, and quality through structured problem solving and rigorous root cause methodologies to improve process stability and compress cycle times while increasing equipment uptime. Capital expenditures will be prioritized toward equipment capacity and capability and digital systems that provide cost advantages and support scalable growth, governed by disciplined return on investment criteria. As we continue to invest in our growing Aerospace and IGT end markets, our Turbo Wheels business is expected to serve as a key cash generator to fund these investments with its robust cash-flow profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Strategic Customer Partnership Growth:** We are continuing to widen and deepen our strategic customer partnerships with leading Aerospace and IGT OEMs through aligning long-term volume expectations with investment requirements. Our commercial strategy includes seeking multi-year customer agreements with balanced risk provisions and pricing structures that support sustainable margin expansion. We will continue to develop and expand our differentiated, OEM-supported capacity model where customers partner with us through contracted investment in our ongoing capacity expansion while we operate the assets under long-dated, margin-accretive LTAs across a multitude of platforms and sites. We believe we are the only competitor in our end markets able to provide OEMs with dedicated capacity and visibility into increased production planning. As we scale this approach, it will drive larger portfolio-level awards and extended contracts with improved commercial terms and increased share-of-work, enabling us to win incremental business and take market share on priority programs. We believe that consistent operational performance such as on-time delivery, quality, and engineering responsiveness will enable us to expand our share of work across priority platforms. We engage with our customers through early-stage engineering collaboration, including rapid prototyping, quality assessments, qualifications, and accelerated industrialization, as well as joint improvement initiatives and transparent communication on capacity and performance to support the long-term growth of next-generation hot section components. Through these actions, we aim to strengthen our position as a top supplier with differentiated capabilities in complex, high-precision castings. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate, which could be as early as 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Strong Cash Generation to Support Continued Investment:** We believe our key growth value drivers will combine to support strong cash generation to allow for continued investment into our business both in respect of continued organic expansion and inorganic opportunities. We expect the

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significant output and revenue growth to drop through at margin-accretive levels. Our continued strengthening of operational execution is expected to allow for an increase in current capacity utilization and optimum utilization of new capacity being brought online providing improved returns on invested capital. Opportunities also exist to optimize working capital levels to further enhance cash generation. Lastly, the strategic customer partnerships and associated capital contributions are expected to help ensure that the cash returns from these programs achieve our expectations. The greater level of cash generation will allow for flexibility with regards to further investment in capacity and capabilities thereby creating the flywheel effect of continued growth, margin expansion, cash generation, and ultimately value creation over the short, medium and long term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Complementary M&A Accelerating Growth:** We will continue to take a disciplined approach at evaluating both tactical and strategic acquisitions that accelerate our strategy, strengthen our core capabilities, expand vertical integration, and introduce internally designed process technologies that enhance product and competitive differentiation. We are also exploring tactical acquisitions that could expand our presence in adjacent high-growth segments including next-generation space and defense applications. Integration efforts will focus on capturing cost and revenue synergies through coordinated supply chain structures, optimized production footprints, and unified technology roadmaps. Our acquisition strategy will remain targeted and disciplined, with transactions evaluated against defined strategic criteria and financial thresholds to ensure alignment with organic growth objectives, returns, and preservation of financial flexibility. We expect to maintain a targeted pipeline of potential targets that may accelerate long-term growth, margin expansion, and competitive advantage.

#### Our Industry

#### End Markets
We are strategically positioned across three end markets: Aerospace (including commercial aerospace, defense, and space), IGT, and Transportation.

We aim to advance our market share within our two most prominent end markets, Aerospace and IGT. Both end markets are supported by highly attractive, long-term structural growth drivers, and are currently experiencing powerful demand super cycles, creating a very strong long-term growth environment for our business. In the Aerospace end market, rising global air travel, fuel efficiency prioritization, lagging aircraft deliveries, and aging fleets are driving multi-year demand for our engine components and other structural castings. In the IGT end market, increasing global electricity demand that current grid infrastructure cannot accommodate is enhancing the demand for natural gas and our IGT parts. These secular tailwinds are driving significant demand with major OEMs as customer order backlogs extend well into the 2030s.

 *Aerospace* 

The global aerospace industry has historically grown above GDP growth as a result of globalization, rising middle-class wealth, and resilient travel demand. According to Boeing's 2025 commercial outlook, since 2012, passenger air travel has risen 60%, while airplane deliveries have fallen 5%. With air travel demand expected to grow at 3% to 4% annually for the next two decades, this imbalance is driving substantial fleet demand and sustained growth for new, more fuel-efficient aircraft and engines. As a result, we are experiencing record demand and order backlogs from OEMs for our investment castings and superalloys that support engines for Airbus and Boeing platforms, with over 15,000 commercial aircraft ordered on a combined basis. Heightened geopolitical tensions and rising global defense budgets fuel demand for advanced components across defense and space platforms leading to further demand pressures within the supply constrained market, further strengthening the commercial aerospace tailwinds.

The diagram below illustrates the current aircraft delivery imbalance based on pre-COVID-19 pandemic aircraft delivery trends, which is leading to the supply demand imbalance:

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![[MISSING IMAGE: mt_realaircraft-4clr.jpg]](mt_realaircraft-4clr.jpg)

The graph below highlights the record commercial aircraft order backlog for Airbus and Boeing caused by the supply / demand imbalance. The current commercial aircraft order backlog for Airbus and Boeing represents approximately 7 – 8 years of aircraft production and delivery for each OEM based on current and projected delivery rates as provided by each, respectively. Based on the publicly announced build rate targets, Airbus and Boeing are expected to increase their annual number of aircraft deliveries by 10% and 11% to 1,200 and 800 per year respectively. This is expected to result in new engine deliveries between 2024 and 2044 of 84,000.

![[MISSING IMAGE: bc_airbusboeing-4clr.jpg]](bc_airbusboeing-4clr.jpg)

As new aircraft deliveries increase the global commercial fleet and the existing aircraft fleet ages, the need for aftermarket services increases. According to the International Air Transport Association, or IATA, at the end of 2024, the average age of the global commercial fleet was approximately 15 years, representing a 30-year high, with many aircraft operating well beyond their original design life due to new aircraft delivery delays. This extended utilization accelerates the wear on certain critical parts that we supply, providing additional aftermarket demand alongside new aircraft production. Maintenance support provides predictable demand over the life of the installed base, resulting in recurring revenue and cash flow. By serving both

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new OEM production and aftermarket replacement cycles, we are positioned to benefit from the super cycle in commercial aerospace demand while supporting long-term fleet reliability.

 *Industrial Gas Turbines* 

Global electricity demand is entering a new age, driven by widespread electrification, accelerating industrial consumption, and the rapid expansion of data centers and artificial intelligence, or AI. According to Siemens Energy and the International Energy Agency (IEA), global electricity demand is growing faster than GDP and is expected to increase by 4% per annum by 2030 and to double by 2050. GE Vernova expects annual electricity investment to reach $3.4 trillion by 2040, with Bain forecasting data center capacity demand to increase by 16% per annum. Reindustrialization across Western nations is further accelerating manufacturing load growth and regional power requirements that current capacity cannot sustain. To meet the demand surge, utilities and developers are seeking industrial gas turbines to provide responsive, reliable power generation solutions to support grid infrastructure, which is driving higher demand for the parts we supply. Natural gas, and therefore gas turbines, represents one of the only credible, low carbon, and cost-competitive options to support the required increase in electricity demand, offering a more efficient and lower-emission performance compared to coal and oil. According to the IEA, global installed natural gas power generation capacity exceeds 2 terawatts, and Ember estimates that natural gas supplied 22% of global electricity generation in 2024, underscoring its continued role as a meaningful component of the global power generation mix.

Similar to Aerospace, the IGT end market is experiencing a super cycle of demand amidst a supply constrained castings environment. The necessity for power generation to supplement expanding load growth and electricity consumption is catalyzing unprecedented ordering momentum and record backlogs by OEMs for heavy-frame platforms. Even as renewable electricity sources take on a larger share of total power generation, natural gas and gas turbines will continue to remain a crucial requirement to long-term grid reliability. Unlike the power generation of renewable sources such as wind and solar, which can fluctuate based on weather and external elements, gas turbines provide a steady baseload output, which can also respond quickly when renewable production falls. The recent surge in AI advancement and data center development provides further upside to future power generation demand and subsequent orders. The growth in the IGT airfoil castings end market results in casting orders being forecasted to grow at an average annual rate of 9% from 2024 through 2035 with the heavy-frame segment that we are most exposed to expected to grow at an even higher rate. Underpinning this growth is the acceleration in global electricity demand, which has resulted in expanding backlogs for the major IGT OEMs. According to public sources, these major IGT OEMs, including GE Vernova, Mitsubishi Power, and Siemens Energy have indicated a combined backlog of over 170GW, representing a 3 to 4 year lead time for production visibility and delivery for each OEM due to supply constraints that limit production ramp-up. This rapidly growing installed base will lead to further long-term aftermarket requirements, generating predictable revenue and reliable cash flow.

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The diagram below illustrates the expanding IGT airfoil castings market:

![[MISSING IMAGE: bc_igtturbine-4clr.jpg]](bc_igtturbine-4clr.jpg)

Our Engine Products are trusted by major OEMs in the IGT end market, including Siemens Energy, as evidenced by our LTAs. The record order backlogs for IGTs has led to many OEMs announcing actions to raise production to meet continuous growth in electricity demand. Castings remains a key constraint to OEM production ramp-up. To match demand, we have completed and launched multiple investment programs that will expand our capacity over the medium- to long-term for our IGT customers. Through these investments and our vertically integrated, global manufacturing footprint, we are ensuring we scale to meet this growing demand for next-generation turbine platforms. With long-term strategic customer partnerships, proven technical expertise, and global scale, we are uniquely positioned to further capture the super cycle growth in the IGT end market.

 *Transportation* 

We are the market leader and one of the only worldwide suppliers of hot-side turbocharger wheels for the transportation industry, supporting global Tier 1 suppliers with global brands. Amidst emission regulations, automakers are improving the performance of internal combustion and hybrid powertrains by relying on turbochargers to reduce emissions and enable engine downsizing. Turbo wheels operate in high temperatures, utilizing exhaust streams, and are a natural adjacency to our Aerospace and IGT hot section components. We supply hot-side turbo wheels and related components for internal combustion and hybrid powertrains that support commercial vehicle, off-highway, and passenger car applications equipment, as well as marine and static generator systems.

We continue to grow market share within Transportation, generating strong, consistent cash flow with low capital requirements. The cash generated by Turbo Wheels is actively reinvested to expand capacity in our higher growth Aerospace and IGT markets. As our presence and market share in Aerospace and IGT continue to accelerate, we expect Turbo Wheels to comprise a smaller percentage of our total EBITDA over time. In 2025, the Turbo Wheels segment represented 8% of total segment adjusted EBITDA. See Note 4 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Barriers to Entry and Supply Constraints
The industries we operate in are reinforced by significant technical, customer, industry, capital investment, and regulatory barriers to entry, exhibited by the lack of scaled global casting suppliers across Aerospace and IGT end markets. Together, these technical demands, customer assurances, and the scale of capital investments make it difficult for new entrants.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Specialist Technical Expertise**: The investment casting process for nickel-based and cobalt-based superalloy components requires decades of accumulated deep process know-how and precision engineering to meet the extreme performance standards demanded. This includes the ability to manufacture parts at the cutting edge of casting technology which includes large directionally solidified IGT blades and single crystal parts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Safety Critical Qualifications:** New entrants and subscale suppliers face significant barriers, as achieving even baseline investment castings capabilities and securing National Aerospace and Defense Contractors Accreditation Program, or NADCAP and Aerospace Standard 9100, or AS9100, certifications demand over a year of development and substantial capital investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Vertical Integration**: Nickel-based and cobalt-based superalloys are subject to increasingly tighter specifications, requiring specialized metallurgical expertise and equipment. Limited availability and high technical requirements create a competitive advantage for established producers and restrict access for new entrants. Our vertically integrated model provides a significant advantage through security of supply and certainty for our own casting manufacturing demands, alongside the opportunity to sell superalloy to external customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Highly Skilled Workforce**: Access to skilled labor has been a critical factor in operating complex facilities where we maintain over 3,000 employees globally, many of whom have years of experience operating in investment castings and superalloy facilities. Critical quality positions generally require 6 to 12 months of training before employees can achieve the necessary accreditations and operate unsupervised, underscoring the importance of workforce stability and experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Longstanding OEM Customer Relationships**: OEM approvals and certifications in Aerospace and IGT end markets are stringent, often taking years to obtain, reflecting the high safety standards and low tolerance for operational risk. Customers must approve the manufacturing processes for each part produced down to highly specific parameters, adding layers of complexity and time to qualification. Established suppliers with proven quality and reliability hold entrenched positions, making it difficult for new players to gain trust and secure LTAs. To illustrate our high-quality credentials, we hold the highest rating with a key OEM in the Aerospace end market, the Platinum Award from RTX, which only a handful of suppliers across the global supply chain obtain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **High Switching Costs, Operational Risk and Ramp Up Time**: Switching suppliers for critical casting components involves lengthy qualifications and manufacturing process development, resulting in significant cost and operational risks. The tooling and qualification costs are typically borne by the customer, further reinforcing their commitment to suppliers they already work with, who understand their specific product requirements and manufacturing processes. These dynamics create strong customer stickiness and make it challenging for new suppliers to displace incumbents and has provided us with the opportunity to extend our product offering with existing customers. Despite these barriers, we have been successful in winning majority roles for parts and volume from competitors by leveraging relationships, our understanding of their operational processes, and their need for supply security throughout a demand super cycle. This is evident in the strategic customer partnerships we are developing with global OEMs where they are investing in our asset base to support their capacity requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Capital Equipment Investment Scale**: Manufacturing large-scale, high-precision castings requires expensive, specialized equipment and lengthy installation and certification timelines, along with specific customer approvals after installation and commissioning. The capital investment scale and long lead time represents a major barrier for new and smaller entrants seeking to compete at scale. Additionally, we benefit from customers' capital investment decisions already made, with new equipment being brought online over the forecast period to support strategic customer partnerships and their respective growth plans.

These factors create high barriers to entry and therefore a concentrated industry with limited new entrants or scale players. Our established capabilities and global scale position us as a leading supplier capable of capitalizing on our structural advantages to drive continued growth and margin expansion within markets experiencing demand super cycles and constrained supply.

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#### Competitive Landscape
We operate as one of a small number of globally-scaled manufacturers of cast Engine Products, which include nickel- and cobalt-based castings and superalloys, with our most prominent direct competitors being Howmet and PCC, alongside Consolidated Precision Products, Corp., or CPP. Significant barriers to entry restrict both new entrants and subscale niche suppliers from becoming scaled competitors to the four globally scaled manufacturers.

Our customer-centric approach and strategic customer partnerships set us apart from our direct competitors. By collaborating closely throughout the engineering and production process, we develop deep, long-term customer relationships with major OEMs in the Aerospace and IGT end markets, who support scalable suppliers to help facilitate their multi-year order backlogs. We are developing these relationships into strategic customer partnerships that drive customer investment in our growth, including direct financial support for new equipment and capacity expansions that are backed by future revenue commitments. Customers remain deeply entrenched with us as they value suppliers who meet complex technical requirements and deliver reliably. This commitment to execution and alignment has helped us maintain strong positions on key platforms and capture market share from competitors as super cycles accelerate demand across our primary end markets. Furthermore, customers are actively diversifying their supply chains, creating additional opportunities for us to expand market share.

The concerted effort to invest in our workforce since 2020 has preserved critical and highly experienced talent and has positioned us to ramp operations rapidly as demand rebounded. This continuity, combined with our customer-centric approach and operational scale, has enabled us to deliver reliably and capture accelerated volume. Our delivery, quality performance, and the high-touch value we provide have supported meaningful price increases in our LTAs, contributing to our margin improvement. Additionally, our LTAs incorporate downside protection through metal cost pass-throughs and inflationary clauses that are borne by the customer, which help protect margins. Looking ahead, continued volume expansion, operational leverage, and productivity gains from recent capital investments and strategic customer partnerships are expected to further enhance our growth and profitability.

#### Risk Factors Summary
Investing in our ordinary shares involves risks. You should carefully consider the risks described in "Risk Factors" beginning on page [23](#tRIFA) before making a decision to invest in our ordinary shares. If any of these risks actually occur, our business, financial condition or results of operations would likely be materially adversely affected. In such case, the trading price of our ordinary shares would likely decline, and you may lose all or part of your investment. The following is a summary of some of the principal risks we face:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our manufacturing processes are complex and dependent upon critical, high-cost equipment with limited or no production alternatives, and if we experience any material disruption or manufacturing difficulties or fail to manage the increasing technological complexity of our operations, our business could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Due to the concentration of OEM and Tier 1 suppliers in our end markets, a significant portion of our revenue is concentrated among a relatively small number of customers and end markets, and a significant decline in business with our major customers could materially impact our business, financial performance and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We use third parties for certain processes and raw material purchases that are critical to the manufacture of our products and we may experience significant disruptions if the third parties are unwilling or unable to meet our demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Failure to attract and retain a qualified workforce and key personnel or to provide adequate succession planning could adversely affect our operations and competitiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We derive a substantial majority of our revenue from our global operations, which expose us to risks, such as geopolitical risks, that could adversely affect our business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Energy availability disruptions resulting from geopolitical instability may impair our manufacturing operations and adversely affect our business.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any significant delay or inability to successfully expand our operations and failure to manage growth effectively could materially adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Information technology system failures, cyberattacks, and security breaches may threaten the integrity of our intellectual property, networks, products and other sensitive information, disrupt our business operations, and result in reputational harm and other negative consequences having a material adverse effect on our financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The competition we face may have an adverse effect on profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The loss of key members of our senior management team and other key personnel may impede the implementation of our business plans in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The markets in which we operate can be cyclical, and downturns in them may adversely affect the results of our business, financial performance and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our indebtedness may limit our ability to raise additional capital for our expansion plans, and we cannot be sure that additional financing will be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A decline in our financial performance or outlook could negatively impact our credit profile, access to capital markets and borrowing costs.

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

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

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

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

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

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

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

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

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#### Corporate Information
We were incorporated in Jersey, Channel Islands, as Alloy Topco Limited in November 2019 and changed our name to DPC Holdings Limited in December 2025. We are a holding company that indirectly holds all the equity interests of Alloy Parent Limited, a limited company domiciled and incorporated in Jersey and its subsidiaries. Alloy Parent Limited is an intermediate holding company within the Doncasters Group, which operates under the "Doncasters" brand name. Prior to the consummation of this offering, we intend to change the legal status of our Company from a Jersey private company to a Jersey public limited company and our name will be DPC Holdings PLC

Our principal executive offices are located at Donington Court, 2nd Floor, Pegasus Business Park, Herald Way, Derby, DE742UZ, United Kingdom and our registered office is located at 47 Esplanade, St. Helier, JE1 0BD, Jersey. Our telephone number is +44 (0)115 663 0139. We maintain a website at www.doncasters.com. The reference to our website is intended to be an inactive textual reference only. The information contained on, or that can be accessed through, our website is not part of this prospectus.

#### Simplified Ownership Structure
A simplified organizational chart showing certain legal entities within our corporate structure is set forth below (all subsidiaries are, directly or indirectly, 100% owned by DPC Holdings Limited).

![[MISSING IMAGE: fc_simplified-bwlr.jpg]](fc_simplified-bwlr.jpg)

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#### The Offering
Ordinary shares offered by us

ordinary shares.

Underwriters' option to purchase additional ordinary shares from us

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

Ordinary shares to be outstanding after this offering

ordinary shares (or ordinary shares if the underwriters exercise in full their option to purchase additional ordinary shares).

Use of proceeds

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

We intend to use the net proceeds from this offering to partially repay certain outstanding indebtedness, including repaying our Shareholder PIK Loan, and the remainder for general corporate purposes including funding working capital, future growth projects and amounts due under our cash-based management incentive plan, or MIP. We may also use a portion of the net proceeds for potential strategic acquisitions, although we have no agreements or commitments with respect to any such potential acquisitions as of the date of this prospectus.

See "Use of Proceeds."

Dividend policy

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

Directed Share Program

At our request, the underwriters have reserved up to ordinary shares, or % of the shares offered by this prospectus, for sale at the initial public offering price through a directed share program to certain of our non-employee directors, management, employees, friends and family. Any reserved shares not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. Morgan Stanley & Co. LLC will administer our directed share program. See "Underwriting — Directed Share Program" for additional information.

Risk factors

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

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Proposed symbol

We intend to apply to list our ordinary shares on the NYSE under the symbol "DPC."

The number of ordinary shares that will be outstanding after this offering is based on ordinary shares outstanding as of , 2026, after giving effect to the effectiveness of our amended and restated articles of association upon close of this offering. Unless otherwise indicated, the number of ordinary shares to be outstanding as of , 2026 after this offering excludes (1) ordinary shares reserved for future issuance under our equity incentive plan, or the Equity Incentive Plan, and (2) the exercise by the underwriters of their option to purchase up to additional ordinary shares from us.

#### Summary Consolidated Financial and Other Data
The following tables set forth our summary consolidated financial and other data for the periods indicated. You should read the following summary consolidated financial and other data in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus. Historical results are not necessarily indicative of future results. Our financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP. The summary historical consolidated statements of operations and summary historical consolidated statements of cash flow data presented below for the three months ended March 29, 2026 and March 30, 2025 and the historical consolidated balance sheet data as of March 29, 2026 presented below were derived from the unaudited condensed consolidated interim financial statements and the related notes thereto, included elsewhere in this prospectus, which in the opinion of our management, include all adjustments necessary to present fairly our results of operations and financial conditions at the date and for the periods presented. The summary consolidated balance sheet, statement of income and cash flow data as of and for the years ended December 31, 2025 and December 31, 2024 are derived from our audited consolidated financial statements appearing elsewhere in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months <br> Ended <br> March 29,**  | **Three Months <br> Ended <br> March 30,**  | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **($ in millions, except share and per share amounts)**  | **2026**  | **2025**  | **2025**  | **2024**  |
| **Consolidated Statements of Income (Loss):**  |  |  |  |  |
| Revenue  | $237 | $188 | $837 | $746 |
| Cost of sales  | (180) | (146) | (644) | (605) |
| **Gross profit**  | **57** | **42** | **193** | **141** |
|  Selling, general and administrative expenses<sup>(1)</sup>  | (45) | (42) | (198) | (110) |
| Interest expense<sup>(2)</sup>  | (53) | (52) | (222) | (203) |
| Interest income  | 0 | 0 | 2 | 1 |
| Foreign currency gain/(loss), net  | (2) | 8 | 16 | 4 |
| Loss on debt modification  |  |  |  | (9) |
|  Reversal/(Impairment) of disposal group held for sale  |  |  | 5 | (9) |
| **Loss before income tax**  | **(43)** | **(44)** | **(204)** | **(185)** |
| Income tax credit (expense)  | (4) | (9) | 31 | (8) |
| **Net loss**  | $**(47)** | $**(53)** | $**(173)** | $**(193)** |
|  Net loss per share attributable to ordinary <br> shareholders (basic and diluted)  | (0.10) | (0.12) | (0.38) | (0.43) |
|  Weighted-average shares outstanding used <br> in computing net loss per share <br> attributable to ordinary shareholders <br> (basic and diluted)<sup>(3)</sup>  | 451747577 | 451747577 | 451747577 | 451747577 |

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(1) Includes non-cash expenses of $29 million in 2024, $87 million in 2025, $13 million for the three months ended March 29, 2026 and $21 million for the three months ended March 30, 2025 of MIP expenses which are not expected to continue at the same level in future periods. 2025 also includes $18 million of one-time costs related to the IPO.

(2) Includes $148 million and $121 million of interest in respect of the Shareholder PIK Loan in 2025 and 2024, respectively, and $40 million and $36 million for the three months ended March 29, 2026 and March 30, 2025, respectively. The total outstanding principal balance was $878 million and $728 million, as of December 31, 2025 and 2024, respectively. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources" and Note 13 to our audited consolidated financial statements included elsewhere in this prospectus.

(3) Basic and diluted net loss per share attributable to ordinary shareholders is computed based on the weighted average number of ordinary shares outstanding during each period. For additional information, see Note 6 to our consolidated financial statements included elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
| | **As of March 29,**  | **As of December 31,**  | **As of December 31,**  |
| **($ in millions)**  | **2026**  | **2025**  | **2024**  |
| **Consolidated balance sheet data:** |  |  |  |
| Cash and cash equivalents and restricted cash deposit  | $33 | $32 | $32 |
| Accounts receivable, net of allowances  | 168 | 156 | 119 |
| Total assets  | 939 | 895 | 747 |
| Total liabilities  | (1176) | (1859) | (1537) |
| Total shareholders' equity (deficit)  | (237) | (964) | (790) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months <br> Ended**  | **Three Months <br> Ended**  | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **($ in millions)**  | **March 29, <br> 2026**  | **March 30, <br> 2025**  | **2025**  | **2024**  |
| **Consolidated Statements of Cash Flow Data:** |  |  |  |  |
| Net cash from/(used in) operating activities<sup>(1)</sup>  | $(7) | $19 | $42 | $(17) |
| Net cash used in investing activities  | (10) | (4) | (31) | (35) |
| Net cash (used in)/provided by financing activities  | 18 | (22) | (13) | 50 |
|  Net change in cash and cash equivalents and restricted cash deposit  | 1 | (7) |  | (2) |

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(1) Includes $72 million and $71 million of cash interest paid for the year ended 2025 and 2024, respectively, as well as $15 million and $3 million of cash interest paid for the three months ended March 29, 2026 and March 30, 2025, respectively.

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| | | | |
|:---|:---|:---|:---|
| | **Three Months <br> Ended**  | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **($ in millions, except for per share amounts and percentages)**  | **March 29, 2026**  | **2025**  | **2024**  |
| **Additional Financial Data** |  |  |  |
| Adjusted EBITDA<sup>(1)</sup>  | $40 | $138 | $97 |
| Adjusted EBITDA Margin<sup>(1)</sup>  | 16.9% | 16.5% | 13.0% |
| Adjusted net debt<sup>(1)</sup>  | $542 | $524 | $527 |
| Adjusted net debt to adjusted EBITDA<sup>(1)</sup>  | 3.6 | 3.8 | 5.4 |
| Adjusted net income (loss)<sup>(1)</sup>  | $12.0 | $45.0 | $(35.0) |

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(1) See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures" for how we define and calculate adjusted EBITDA, adjusted EBITDA margin, adjusted net debt, adjusted net debt to adjusted EBITDA and adjusted net income (loss), a reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures, and a discussion about the limitations of these non-GAAP financial measures.

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#### Risk Factors
 *This offering and an investment in our ordinary shares involve a high degree of risk. You should consider carefully the risks described below and all other information contained in this prospectus, before you decide to buy our ordinary shares. If any of the following risks actually occurs, our business, financial condition and results of operations could be materially and adversely affected. In that event, the trading price of our ordinary shares would likely decline and you might lose all or part of your investment.* 

#### Risks Related to Our Business and Our Industry
 ***Our manufacturing processes are complex and dependent upon critical, high-cost equipment with limited or no production alternatives, and if we experience any material disruption or manufacturing difficulties or fail to manage the increasing technological complexity of our operations, our business could be adversely affected.***

If our operations, particularly at any of our key manufacturing facilities, were to be disrupted, including due to significant equipment failures, natural disasters, power outages, fires, explosions, floods, communications failures, terrorism, theft, sabotage, adverse weather conditions, public health crises, labor disputes, labor shortages, or similar reasons, we may be unable to effectively meet our obligations to, or demand from, our customers. For example, in 2021, we experienced a fire at one of our manufacturing facilities caused by an electrical outage that temporarily disrupted our operations. Further, from time to time, we have replaced our older, existing shell lines with new shell lines, which can take up to 18 months to become operational, and in the event the existing shell line ceases working, we may need to buy from equipment suppliers which may cause a delay or disrupt our operations. While we maintain business continuity plans for each of the manufacturing processes at each of our facilities, including onsite back-up power generators, any significant disruption or substantial damage to our key facilities may adversely affect our business, financial performance or results of operations.

The manufacture of many of our products is a complex process. Manufacturing problems arising from equipment failure or malfunction, inadvertent failure to follow regulatory or customer specifications and procedures, including those related to quality or safety, and problems with raw materials could have an adverse impact on our ability to fulfill orders or meet product quality or performance requirements, which may result in negative publicity and damage to our reputation, adversely impacting product demand and customer relationships. For example, our IGT and Aerospace manufacturing processes rely heavily on superalloys and a disruption to the availability of superalloys could negatively impact our IGT and Aerospace operations. Interruptions in production capability could increase our costs and reduce our sales, including causing us to incur costs for premium freight, make substantial capital expenditures, or purchase alternative raw material at higher costs to fulfill customer orders. Additionally, a delivery delay by us due to production interruptions could subject us to liability from customer claims that such delay resulted in losses to the customer. Furthermore, product manufacturing or performance issues could result in recalls, customer penalties, contract cancellation, and product liability exposure in addition to a material adverse effect on our business, financial condition or results of operations. Quality issues can also result in reputational harm to us with a potential loss of attractiveness of our products to new and existing customers. Because of approval, license, and qualification requirements applicable to manufacturers and/or their suppliers, sources of alternatives to mitigate manufacturing disruptions may not be readily available to us or our customers. Production of certain products and the execution of particular manufacturing processes are concentrated in specific facilities or on designated production lines. As a result, we may have limited ability to transfer such production to other locations or substitute capacity without incurring significant delays, costs, or operational disruptions. Should insurance or other risk transfer mechanisms, such as our existing business continuity plans, be insufficient to recover all costs, we could experience a material adverse effect on our business, results of operations, financial position and cash flows.

 ***We use third parties for certain processes and raw material purchases that are critical to the manufacture of our products and we may experience significant disruptions if the third parties are unwilling or unable to meet our demand.***

We obtain certain raw materials from suppliers and outsource certain processes to third parties that are critical to the manufacture of our products, including rare earth elements such as tungsten and hafnium.

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From time to time, we may use third parties to provide labor, technological infrastructure and energy required for our manufacturing process. In addition, our manufacturing processes have several sub-processes, including shell production, X-ray processing, hot isostatic pressing (HIP) and heat treatment, that we outsource to third-parties.

We face availability, capacity, pricing, and supply chain risk of such raw materials and processes which are subject to factors beyond our control. For example, certain rare earth elements and metals (i.e., tungsten and hafnium) and key input metals, such as automotive grade superalloys for our Transportation end market, are primarily available in a limited number of countries, and trade disputes, geopolitical tensions, such as the ongoing Russia-Ukraine conflict, ongoing conflicts in Iran and the Middle East, and trade tensions between the United States and China, economic circumstances, political conditions, or public health issues may limit our ability to obtain and/or increase the costs of obtaining such materials. Further, China is a predominant producer of these materials, and China has in the past restricted export of certain of these materials and may in the future continue to restrict, expand restrictions, or stop exporting these or other materials, and as a result, our suppliers' ability to obtain such supply may be constrained, and we may be unable to obtain sufficient quantities, or obtain supply in a timely manner or at a commercially reasonable cost. Constrained supply of rare earth elements, minerals, and metals, including tungsten and hafnium, may restrict our ability to manufacture certain of our products. Additionally, constraints on raw material supply, or increases in raw material costs, could materially and adversely impact our profit margins.

Although these raw materials and outsourced third-party processes are generally available from multiple suppliers, any significant delay or inability to access alternative sources may impact our ability to timely manufacture our products, which could cause us to lose sales, incur additional costs, delay new product introductions or suffer harm to our reputation. For example, in 2025, one of our third-party suppliers that provides X-ray processing had an incident that temporarily disrupted their ability to perform X-ray processing for us and any transition to a replacement supplier or outsourced processor may require customer, regulatory, or technical qualification, which could further delay our ability to resume normal production.

Further, increasing costs of these raw materials and outsourced third-party processes could adversely affect our financial performance or results of operations. For example, the costs of certain critical raw materials, such as nickel, cobalt, tungsten, chromium, vanadium, ruthenium and hafnium containing these alloys have been volatile due to factors beyond our control. We expect to mitigate most of the adverse impact of rising raw material costs through pass-through clauses and provisions in our LTAs and surcharges, but changes in business conditions could adversely affect our ability to recover rapid increases in raw material costs and may adversely affect our results of operations.

If suppliers increase the price of critical raw materials or the third-party processes, or are unwilling or unable to meet our demand, we may not have alternative sources of supply. While we generally intend to pass through higher raw material costs to our customers through contractual agreements in the form of price increases, there can be a delay between an increase in our costs and our ability to increase the prices of our products. This delay can have a material impact on our cash flow from operations. Additionally, we may not be able to increase the prices of our products due to competitive pricing pressure and other factors. Furthermore, to the extent that we have quoted prices to customers and accepted customer orders for products prior to purchasing necessary raw materials, or have existing contracts, we may be unable to raise the price of products to cover all or part of the increased cost of the raw materials to our customers.

The manufacture of some of our products is a complex process and requires long lead times. As a result, we may experience delays or shortages in the supply of raw materials. If unable to obtain adequate and timely receipts of required raw materials, we may be unable to timely manufacture sufficient quantities of products. This could cause us to lose sales, incur additional costs, delay new product introductions or suffer harm to our reputation.

 ***Due to the concentration of OEM and Tier 1 suppliers in our end markets, a significant portion of our revenue is concentrated among a relatively small number of customers and end markets, and a significant decline in business with our major customers could materially impact our business, financial performance and results of operations.***

We have long-standing customer relationships with large blue-chip OEM and Tier 1 suppliers in the Aerospace, IGT and Transportation end markets. Our top 10 customers accounted for 68% of our revenues

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for the year ended December 31, 2025 and 66% of our revenues for the year ended December 31, 2024. Furthermore, in the three months ended March 29, 2026, our top 10 customers accounted for 70% of sales, with no single engine or turbine program accounting for over 7% of sales. Additionally, our top two customers accounted for 38% of our revenues for the year ended December 31, 2025 and 34% of our revenues for the year ended December 31, 2024. Our top two customers accounted for 43% of our revenues for the quarter ended March 29, 2026 and 36% of our revenues for the three months ended March 30, 2025. A significant downturn, adverse development or deterioration in the business or financial condition of a key customer, or the loss of a key customer, could adversely affect our business, financial performance and results of operations. Our customers may also elect to dual-source, re-source, or in-source work that we currently perform, which could result in reduced order volumes, increased pricing pressure, or the loss of future business.

The level of purchases and product mix demanded by our customers is often affected by events beyond their control, including general economic conditions, demand for their products, conditions in the airline and power generation industries, regulatory scrutiny and/or suspension or discontinuation of aircraft, shifts in the availability of financing for certain types of power generation projects, caps or fees on carbon emissions, competitiveness of gas turbines within fossil fuel-based power generation and renewable energy technologies, transition to electric vehicles, disruptions in deliveries, business disruptions, strikes and other factors. Significant changes in the demand for our customers' end products, program delays, the share of their requirements that is awarded to us or changes in the design or materials used to construct their products could result in a significant loss of business with these customers. The loss of, or significant reduction in, purchases by any of our other significant customers could materially impair our business, financial performance and results of operations.

Further, approximately 70% of our sales in 2025 are made under LTAs which are subject to renewal, renegotiation, or re-pricing on expiry or at periodic intervals or upon changes in competitive supply conditions. We have three key contracts that expire in the next one to two years representing approximately 10% of our revenue. While the current management team has a strong track record of renewing contracts there remains the risk of non-renewal, which could have a material adverse effect on our business and results of operations. In addition, certain of our LTAs allow for termination by convenience by our customers. Our failure to successfully renew, renegotiate, maintain, or favorably re-price such agreements, or a material deterioration in or termination of these customer relationships, could result in a reduction or loss in customer revenue and adversely affect our business, financial condition and results of operations. Some of our contracts have been established on a fixed-price basis which commit us to a specific price well before the completion of applicable products. However, actual costs may be different from those we originally estimated and may result in reduced profitability or losses on those products. This risk is greater in a high inflationary environment. In addition, certain of our LTAs do not provide for minimum purchase commitments, and these agreements may permit customers to reduce purchase volumes, delay orders, or terminate the arrangements. As a result, our revenues, profitability, and cash flows could be adversely affected.

Moreover, we anticipate the demand for our products to increase over the next several years. Any unanticipated acceleration or deceleration of customer demand for our products may result in constraints or inefficiencies related to our manufacturing and administrative infrastructure. We may also fail to meet production targets and commitments, or encounter difficulty or unexpected costs in meeting such levels. Similarly, we and/or our suppliers may not be able to ramp up production quickly enough to meet the demand. All of which may lead to delays, loss of sales or loss of potential opportunities and adversely affect our business, financial condition, results of operations, or competitive position.

#### Failure to attract and retain a qualified workforce and key personnel or to provide adequate succession planning could adversely affect our operations and competitiveness.
Our success, competitiveness and ability to execute on our global strategies as well as expansion plans and maintain a culture of innovation depend in large part on our ability to attract, retain and motivate qualified employees and leaders with expertise and capabilities, representing diverse backgrounds and experiences. Achieving this objective may be difficult due to many factors, including fluctuations in global economic and industry conditions, such as the impact of inflation, management changes, increasing local and

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global competition for talent, particularly due to the increase in remote working opportunities, the availability of qualified employees, restructuring and alignment activities (including workforce reductions), and the attractiveness of our compensation and benefit programs. In particular, the difficulty to attract qualified employees is increased due to the presence of our competitors' facilities in the same geographic location and the technical skillset required for such employees. If we are unable to attract, retain and motivate qualified employees and leaders, we may be unable to fully capitalize on current and new market opportunities, which could adversely impact our business and results of operations. The loss or retirement of employees presents particular challenges to the extent they involve the departure of key, knowledgeable and experienced employees and the resulting need to identify and train existing or new candidates to perform necessary functions, and ineffective succession planning could result in unexpected costs, reduced productivity, and/or difficulties with respect to internal processes and controls. If we are unable to attract and retain a qualified and inclusive workforce, we may be unable to maintain our competitive position and our future success could be materially adversely affected.

If we fail to attract, train, develop, and retain a global workforce with the skills and in the locations we need to operate and grow our business, our business and operations could be adversely impacted. Furthermore, the continuity of key personnel, senior management and our executive officers, and the preservation of institutional knowledge are vital to the success of our growth and business strategy.

As of December 31, 2025, approximately 36% of our full-time employees were covered by collective bargaining agreements, which on occasion require renegotiation. As of March 29, 2026, approximately 37% of our full-time employees were covered by collective bargaining agreements, which on occasion require renegotiation. The outcome of future negotiations relating to such collective bargaining agreements may not be favorable to us in that they may increase our operating expenses and lower our net income as a result of higher wages or benefit expenses. In addition, negotiations divert management's attention and could disrupt operations, which may adversely affect our results of operations. If we are unable to negotiate acceptable collective bargaining agreements, we may have to address the threat of work slowdowns and strikes. Depending on the nature of the threat, the impacted products, the location of the affected employees or the type and duration of any work action, these actions could have a material adverse impact on our business, financial performance and results of operations.

 ***We derive a substantial majority of our revenue from our global operations, which expose us to risks, such as geopolitical risks, that could adversely affect our business, financial condition or results of operations***

For the years ended December 31, 2025 and 2024, 64% and 68% of our revenues, respectively, were derived from sales outside the United States. For the three months ended March 29, 2026 and March 30, 2025, 60% and 66% of our revenues, respectively, were derived from sales outside the United States. We currently have global operations in the UK, Europe, Mexico, China and India, and purchase a portion of our raw materials, such as nickel, cobalt, tantalum, tungsten, chromium, vanadium, ruthenium and hafnium, from suppliers in other jurisdictions. In particular, our Transportation end market is dependent on automotive

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grade superalloys which are primarily sourced from suppliers in China. Energy costs also impact operating costs at our manufacturing facilities, the costs of shipping our products to our customers and the costs of shipping raw materials to our facilities. Therefore, our operations are affected by economic, political, legal, and other factors in the United States and a number of other jurisdictions that could adversely affect our business, financial performance and results of operations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • economic and commercial instability risks, including changes in local government laws, regulations and policies, such as those related to tariffs, sanctions and trade barriers, taxation, exchange controls, employment regulations, and repatriation of assets or earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • geopolitical risks such as political instability, civil unrest, expropriation, nationalization of properties by a government, imposition of sanctions, and renegotiation or nullification of existing agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • wars such as those in Ukraine and in Iran and the Middle East, cyber threats, terrorist activities, or other dangerous conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with applicable U.S. and foreign laws, including antitrust and competition regulations, the Foreign Corrupt Practices Act and other anti-bribery and corruption laws, and laws concerning trade, including the International Traffic in Arms Regulations, the Export Administration Regulations, and the sanctions, regulations and embargoes administered by the U.S. Department of Treasury's Office of Foreign Assets Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • aggressive or selective enforcement of laws and regulations by foreign governmental authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exposure to fluctuations in foreign currency exchange rates and interest rates, as well as inflation, economic factors, and currency controls in the countries in which it operates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • major public health issues, such as an outbreak of a pandemic or epidemic.

Further, we operate in countries that have experienced labor unrest, political instability or conflict and strife in the past, including Mexico, China, and India, and we may experience work stoppages or similar disruptions at our facilities in these countries. Ongoing global conflicts, such as those in Iran and the Middle East, as well as those between Ukraine and Russia have caused increased raw material costs and material shortages and, as a result, adversely impacted certain of our suppliers and the cost availability of our input materials. Our international operations are subject to a variety of risks that could adversely affect our business, financial performance and results of operations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • potentially longer payment cycles for sales in foreign countries and difficulties in collecting accounts receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • difficulties in staffing and managing our foreign offices and the increased travel, infrastructure and legal compliance costs associated with multiple international locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • disruptions in transport and logistics activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • additional withholding taxes or other taxes on our foreign income and repatriated cash, and tariffs or other restrictions on foreign trade or investment, including export duties and quotas, trade and employment restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • imposition of, or unexpected adverse changes in, foreign laws or regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increased exposure to foreign currency exchange rate risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduced protection for intellectual property rights in some countries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • natural disasters, pandemics, political unrest, war or acts of terrorism.

These risks could also disrupt the cross border movement of raw materials, components, and finished products, which could delay production or customer deliveries.

Trade tensions between the United States and China, Russia, Canada, Mexico and other countries have been escalating in recent years. In addition, trade tensions between the United States, the UK and the EU have escalated recently due to the ongoing situation between the U.S. and Greenland. Increased tariffs, sanctions, and other trade restrictions, as well as the existing and potential further responses from countries

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subject to such tariffs, sanctions, and other trade restrictions, could adversely affect the global economy and financial markets and, consequently, adversely affect our business, financial condition and results of operations.

Changes in trade rules, local sanctions, tariffs, or geopolitical conditions may occur with little or no notice, and we may not be able to adapt our sourcing, production, logistics, or pricing arrangements quickly enough to avoid disruption or increased costs. Although the effect of any of the foregoing factors is difficult to predict, any one or more of them could adversely affect our business, financial condition, or results of operations.

#### Energy availability disruptions resulting from geopolitical instability have and may in the future impair our manufacturing operations and adversely affect our business.
We use third parties for our supply of energy resources consumed in the manufacture of our products. The prices for and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions. For example, as a result of the ongoing conflicts in Iran and the Middle East, our facility in India temporarily halted production for a two-week period in March 2026, due to the lack of availability of liquefied petroleum gas. Mitigating actions were put in place to convert the manufacturing process to alternative fuels with the facility returning to full-rate production after a five-week period. Inventory in the supply chain and spare capacity in the facility was used to limit the impact of the production down time and catch up when operations had resumed. This meant that the impact on our results from operations was not material. These market conditions often are affected by political and economic factors and by supply and demand trends that are beyond our control. While energy costs are generally passed on to our customers, there is a certain level of exposure to increases in energy costs or material shortages.

Further, geopolitical instability and armed conflict, including ongoing conflicts in Iran and the Middle East, have the potential to precipitate government-mandated energy conservation measures, restrictions on industrial energy consumption, and broader disruptions to global energy supply chains, including potential oil supply lockdowns or embargoes affecting regional energy markets. Government-imposed restrictions on the availability or consumption of energy — whether arising from geopolitical conflict, national energy conservation policies, oil supply disruptions, or the threat thereof — could result in the temporary or extended curtailment or complete cessation of production at one or more of our manufacturing facilities. There can be no assurance that market conditions arising from armed conflicts and geopolitical tensions will not worsen in the future.

Ongoing global conflicts, such as those between Ukraine and Russia and in Iran and the Middle East, have caused increased raw material costs and material shortages and, as a result, adversely impacted certain of our suppliers and the cost availability of our input materials. Such conditions can compound the impact of energy supply restrictions, as reduced access to energy at our facilities may coincide with increased input costs and supply chain disruptions, further straining our operational capacity.

While we generally intend to pass through energy costs to our customers through contractual agreements in the form of price increases, there can be a delay between an increase in our costs and our ability to increase the prices of our products. To the extent that government-mandated energy restrictions are sudden or prolonged, this delay may result in a period of unrecovered cost exposure that adversely impacts our profitability. Further, increases in energy costs, or changes in costs relative to energy costs paid by competitors, has and may continue to adversely affect our profitability. To the extent that these uncertainties cause suppliers and customers to be more cost sensitive, increased energy prices may have an adverse effect on our business, operating results and financial condition.

If our operations were to be disrupted, we may be unable to effectively meet our obligations to, or demand from, our customers. Such curtailments could prevent us from fulfilling customer orders, result in increased production costs, cause delivery delays, and expose us to contractual liability. Interruptions in production capability could increase our costs and reduce our sales, including causing us to incur costs for premium freight, make substantial capital expenditures, or purchase alternative raw material at higher costs to fulfill customer orders, and should insurance or other risk transfer mechanisms be insufficient to recover all costs, we could experience a material adverse effect on our business, results of operations, financial position and cash flows.

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It is not possible to predict the extent and duration of geopolitical conflicts or any associated market disruptions, which could have a material adverse effect on our business, financial position, results of operations and cash flows. Although the effect of any of the foregoing factors is difficult to predict, any one or more of them could adversely affect our business, financial condition, or results of operations.

 ***Any significant delay or inability to successfully expand our operations and failure to manage growth effectively could materially adversely affect our business, financial condition and results of operations.***

We expect the demand for our products in the Aerospace and IGT end markets to increase over the next several years. In order to support this expected growth in demand, we have committed and deployed significant capital to, and our customers have agreed to make investments in, our strategic growth projects to increase our capacity and improve our operational performance. We currently have several projects planned at our Bochum, Groton, Deritend, Mexicali and Oxford facilities along with a new greenfield facility to increase capacity expansion. These projects will incur significant costs and place increased demand on management as well as operational and financial resources. Our success in expanding our operations depends upon numerous factors, including our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ensure the necessary resources are in place to properly execute these projects in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • optimize our operational performance to handle such increases in capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • maximize the potential opportunities with minimal impacts to our existing operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • manage our growth while maintaining the quality and consistency of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • manage additional labor costs in connection with the increases in capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • attract and manage qualified personnel with technical expertise.

If we cannot achieve these factors our expansion projects may take longer than expected, cost more than planned, or fail to deliver the expected capacity, efficiency, or operational improvements. Delays in procuring, installing or obtaining the required customer and regulatory approvals for new capital equipment, or difficulties in ramping such equipment to full production rate while simultaneously maintaining output at existing facilities, could result in our failure to meet the delivery timelines and volume commitments agreed under our strategic customer partnerships, which could adversely affect our customer relationships, revenues and results of operations. Even where new capital equipment is successfully installed and approved, we may face challenges optimizing the manufacturing processes to achieve the margin contribution we expect.

Further, the expansion projects require significant management attention, which will coincide with us becoming a newly public company. If we are unable to effectively manage the expansion of our operations along with being a newly public company, then our business, results of operations, prospects, and financial condition could be materially adversely affected. Any inability to manage growth could delay the execution of our growth strategies or disrupt our operations. Similarly, over-expansion, including due to expansion by our competitors, or investments in anticipation of growth that does not materialize or develops slower than we expect, could adversely affect our business, financial performance and results of operations.

 ***Information technology system failures, cyberattacks, and security breaches may threaten the integrity of our intellectual property, networks, products and other sensitive information, disrupt our business operations, and result in reputational harm and other negative consequences having a material adverse effect on our financial condition and results of operations.***

Our information technology systems could be subject to damage, disruption or interruption as a result of power outages, computer network and telecommunications failures (including operational failures, server malfunctions, software bugs, errors or defects, or software or hardware failures), cyberattacks, catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes, acts of war, or terrorism, usage errors or misconduct by employees or other disruption. If our information technology systems are disrupted or damaged or cease to function properly, our sales could be impeded, our manufacturing or other critical functions could be disrupted or prevented or we may have to make a significant investment to fix or replace such information technology systems, and may suffer loss of critical data and interruptions or delays in

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our operations. In addition, our expected growth will increase the technological complexity of our operations as we seek to increase capacity, which could place a strain on our administrative, operational and financial infrastructure. Moreover, such a disruption could cause reputational and financial harm or cause our clients to seek to terminate their contracts, delay or withhold payment or make claims against us. If we fail to successfully enhance our information technology systems and technological infrastructure, we may experience delays or disruptions to our manufacturing processes, and we may be unable to effectively meet our obligations to, or demand from, our customers. Any material disruption in our information technology systems, or delays or difficulties in implementing or integrating new systems or enhancing current systems, could have an adverse effect on our business, financial condition, or results of operations.

We have in the past been, and may in the future be, subject to cyberattacks and security incidents, whether by malicious external actors, through internal negligence or unintentional human error, by less sophisticated individuals utilizing readily available attack tools such as ransomware-as-a-service or phishing kits, or as a result of other factors, any of which may be intended to, or may inadvertently, circumvent our security capabilities. We are susceptible to inadvertent compromises of our systems and data, including those arising from process, coding, or human errors. Increased global cybersecurity vulnerabilities, threats, computer viruses and more sophisticated and targeted cyberattacks, such as ransomware, as well as cybersecurity failures resulting from human and technological errors, pose a risk to the security of our systems and networks, and the confidentiality, availability, and integrity of our data, as well as those of our customers, suppliers, and other counterparties. Cyberattacks, data breaches, data losses and other security incidents can result from, among other things, inadequate personnel, employee error or malicious activity, inadequate or failed internal control processes and systems, or external events or actors that interrupt normal business operations and may include disruptions, failures, service outages, unauthorized access or misuse, software bugs, server malfunctions, software and hardware failure, defective software or hardware updates, malware and ransomware, social engineering and phishing attacks, denial-of-service attacks, misconduct, fraud, and other events that could have a serious impact on us. We face threats of cyberattacks due to the industries we serve, the locations of our operations, and our technological innovations. Moreover, we utilize third-party suppliers, technology applications and services to, among other things, host, transmit, or otherwise process electronic data in connection with our business activities, including our supply chain, operations, and communications. Our suppliers or these technology applications or services may face cyberattacks, compromises, or other security incidents from a variety of sources. While we maintain certain integrations with our partners, suppliers, and customers, any shared connectivity poses a risk to the security of our network as well as the larger ecosystem in which we operate. As our global presence increases, including as a result of this offering, we believe that the risk of being the target of a cyber threat will be heightened. As attackers become more capable (including sophisticated state or state-affiliated actors and those leveraging artificial intelligence to conduct increasingly complex and multi-vector attacks) the risks in this area continue to grow.

Cybersecurity breaches or technology failures at our facilities, or those of our suppliers, could result in changes to the timing or volume of our orders which could impact the timing or availability of raw materials that could delay our manufacturing processes, or could have a significant negative effect on our operations, reputation, financial resources, and the value of our intellectual property. Cyberattacks and other security incidents have increased in frequency and sophistication in recent years and are conducted by internal actors and organized groups and individuals with a wide range of motives and expertise, including organized criminal groups, "hacktivists," terrorists, nation states, nation-state supported actors and others. Consequently, we may be unable to anticipate these techniques, react in a timely manner, or implement preventive measures, which could result in delays in our detection or remediation of, or other responses to, cyberattacks, security breaches and other security-related incidents. Although we limit the availability of open source software in our systems by requiring IT and operational personnel to request access through our third-party risk management process, the availability of open source software used in our solutions could also expose us to security vulnerabilities. In addition to requiring approval, we run scans to flag the use of any uncontrolled software that has not been approved, and we also currently have restrictions in place in the United States and across our Europe facilities to block access to any executable files being installed and are currently expanding such restrictions to our facilities located across Asia. The use of new and evolving technologies, such as artificial intelligence, or AI, and quantum computing presents risks and challenges that can impact our business. Unauthorized use or misuse of AI by our employees, suppliers or others may

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result in the disclosure of confidential company or customer data, reputational harm, privacy law violations, cybersecurity risks, and legal liability.

In addition to existing risks from the integration of digital technologies into our business portfolio, the adoption of new technologies in the future may also increase our exposure to cybersecurity incidents and failures. An unknown vulnerability or compromise could potentially impact the security of our software or connected products and lead to the misuse or unintended use of our products, loss of our intellectual property, misappropriation of sensitive, confidential or personal information, safety risks or unavailability of products.

While we perform cybersecurity due diligence on key suppliers that support our information and operational technology infrastructure and require connectivity to our environments, because we do not control our suppliers and our ability to monitor their cybersecurity is limited, we cannot ensure the cybersecurity measures they take will be sufficient to protect any information we share with them. Due to applicable laws and regulations or contractual obligations, we may be held responsible for cyberattacks, data breaches, data losses and other security incidents attributed to our suppliers as they relate to the information we share with them.

While we continually work to safeguard our systems and mitigate potential risks, there is no assurance that such actions will be sufficient to prevent cybersecurity incidents that manipulate or improperly use our systems or networks, compromise confidential, personal or otherwise protected information, destroy or corrupt data, block access to our systems, or otherwise disrupt our operations or those of our suppliers. The occurrence of such events could negatively impact our reputation and our competitive position and could result in litigation with third parties, regulatory action (including reporting obligations, investigation, fines and penalties), loss of business, potential liability, disruption to our operations, misappropriation of personal, proprietary, confidential or sensitive information, increased cybersecurity protection costs, lost revenues arising from the unauthorized use of personal, proprietary, confidential or sensitive information or the failure to retain or attract our customers following an operational or security incident, increased insurance premiums and increased remediation costs including liabilities for stolen assets or information and repairs of system damage, among others), as well as damages to our competitiveness, share price and long-term shareholder value any of which could have a material adverse effect on our financial condition and results of operations. In addition, our remediation efforts may not be successful, and we may not have adequate insurance to cover these losses. Furthermore, while we maintain insurance policies that may cover certain liabilities in connection with a cybersecurity incident, we cannot be certain that our insurance coverage will be adequate for liabilities actually incurred, that insurance will continue to be available to us on commercially reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim. The successful assertion of one or more large claims against us that exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements, could have a material adverse effect on our business, including our financial condition, results of operations and reputation.

#### The competition we face may have an adverse effect on our business, financial condition, results of our operations and profitability.
The markets for our products are highly competitive. Our main competitors that serve both the Aerospace and IGT end markets are Howmet and PCC, who are much larger than us and may have more resources. Further, new entrants in our end markets, new product offerings, new and/or emerging technologies in the marketplace, or new facilities may compete with or replace our products. The willingness of customers to accept alternative solutions for the products sold by us, pricing pressure from competitors, and technological advancements or other developments by or affecting our competitors or customers could adversely affect our business, financial condition, or results of operations. Our competitive position continues to grow, and future performance will depend, in part, on our ability to, on a timely basis, develop and innovate processes, deploy technology initiatives, and implement advanced manufacturing technologies. While we intend to continue to develop new products and services, we may not be able to successfully differentiate our products or services from those of our competitors or achieve and maintain technological advantages.

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Companies that are strategic partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us. Industry consolidation may result in stronger competitors who are better able to obtain favorable terms from suppliers or who are better able to compete as sole-source vendors for customers. Consolidation within our customer base may result in customers who are better able to exert leverage in negotiating prices and other terms of sale, or may lead to reduced demand for our products if a combined entity replaces us with one of our competitors with which it had prior relationships. The result of these circumstances could have a material adverse effect on our business, operating results and financial condition.

 ***The markets in which we operate can be cyclical, and downturns in them may adversely affect the results of our business, financial performance and results of operations.***

Some of the markets in which we operate have been, to varying degrees, cyclical and have experienced downturns which may impact our ability to produce consistent results and accurately forecast demand for our products. 35% of our revenues for the year ended December 31, 2025 and 36% of our revenues for the year ended December 31, 2024 were recognized from sales to the Aerospace end market and 42% of our revenues for the year ended December 31, 2025 and 38% of our revenues for the year ended December 31, 2024 were recognized from sales to the IGT end market, and 23% of our revenues for the year ended December 31, 2025 and 27% of our revenues for the year ended December 31, 2024 were recognized from sales to the Transportation end market. A downturn in these markets could occur at any time as a result of events that are industry specific, such as aircraft production slowdown resulting from the impact of a public health crisis on air travel, the grounding, regulatory scrutiny and/or suspension or discontinuation of aircraft in which our products are used, shifts in availability of financing for certain types of power generation projects, caps or fees on carbon emissions, shifting sentiments between electric vehicles and gasoline or diesel fuel or other macroeconomic events, such as geopolitical conditions, including the ongoing conflicts in Iran and the Middle East, global conflict, political unrest or terrorist attacks, or an economic downturn or recession. Any deterioration in any of the cyclical markets we serve could adversely affect our business, financial performance and results of operations. A decline in demand in any of our end markets may reduce our sales and could also have a disproportionate effect on our profitability and cash flows.

Other than during the COVID-19 pandemic, air traffic has generally grown consistently over the long-term and led to record demand for aircraft. However, supply chain challenges in the aerospace industry, as well as labor disruptions and regulatory issues experienced by certain participants in the industry, continue to delay planned production and negatively impact aircraft build rates. For example, in 2024, based on publicly available information, we understand Boeing's production was impacted by a door plug blow out which resulted in the FAA announcing that it had informed Boeing that the FAA would not (i) agree to any request from Boeing for an expansion in production or (ii) approve additional production lines for its 737 MAX aircraft until the FAA was satisfied that any applicable Boeing quality control issues were resolved. In addition, also based on publicly available information, industrial action undertaken by Boeing's work force further impacted Boeing's production of aircraft in 2024. These issues resulted in a temporary reduction in demand for certain products we manufacture with revenue, earnings and cash flow slightly negatively impacted, although it is difficult for us to quantify the exact amount of impact given the effects of inventory in the supply chain and the time lag between our production of a part and the final production of an aircraft. Since 2024, based on publicly available information, Boeing's operational performance has improved with production of the 737 MAX aircraft having been stabilized at 38 aircraft per month, and in October 2025, the FAA authorized Boeing to increase production of the aircraft to 42 per month. Boeing production rates could have a material impact on our financial performance. Ongoing or additional deferrals, cancellations, or reductions in demand that result in decreased aircraft build rates would, if significant, have a negative impact on sales for our Aerospace products and as a result reduce our operating income. Ongoing pressures on build rates, or reductions in demand, for commercial aircraft or a delay in deliveries could result from many factors, including delays in the startup or ramp-up of new programs, suspension or discontinuation of current commercial aircraft programs, changes in the propensity for the general public to travel by air (including as a result of terrorist events and any subsequent military response, a public health crisis or a global conflict), a significant change in the cost of aviation fuel, a change in technology resulting in the use of alternative materials, environmental concerns (including climate change), consolidation and

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liquidation of airlines, availability of funding for new aircraft purchases or leases, inventory corrections or disruptions throughout the supply chain, labor disruptions and work stoppages and slower macroeconomic growth.

In addition, our customers emphasize the need for cost reduction or other improvements in contract terms throughout the supply chain. In response to these pressures, we may be required to accept increased risk or face the prospects of margin compression on some products in the future which could adversely affect our business, financial condition and results of operations. Where possible, we seek to offset or mitigate the impact of such pressures through productivity and performance improvements, cost index contractual provisions, hedging and other actions, which may not be successful. Further, while the manufacturing processes for our Aerospace products are highly complex and require significant expertise, any technological advances, such as 3D printing, may offer customers cheaper alternatives which could adversely affect the demand for our products.

The industrial gas turbine, or IGT, market is also historically cyclical in nature. Demand for power generation products is global and is affected by the state of the United States and world economies, the availability of financing to power generation project sponsors, the increase in renewable energy and the political environments of numerous countries. Any technological advances in alternative energy products, such as solar, wind, nuclear (including small modular reactors), hydropower, geothermal or hydrogen, improvements in the electric grid or other sources of power generation that use lower priced fuel or no fuel, or other fuel cell technologies may negatively affect the IGT end market which could decrease demand for our IGT products. Moreover, any decline in the increased demand for energy as the result of the rise of AI infrastructure and data centers projects or delays due to construction, grid availability, environmental permitting or other constraints may also decrease demand in the IGT end market. Decreased demand for our products in the IGT end market may have a material adverse effect on our business, financial performance and results of operations.

 ***The loss of key members of our senior management team and other key personnel may adversely affect our business and impede the implementation of our business plans in a timely manner.***

The execution of our business plans depends in part upon the continued service of our senior management team and other key personnel, who possess unique and extensive industry knowledge and experience. Competition for management and key personnel is intense, and the pool of qualified candidates is limited. The loss of or other unavailability of our key personnel, senior management or our executive officers could significantly harm our business, and any unplanned turnover or failure to develop adequate succession plans for key positions could deplete our institutional knowledge base, result in loss of technical or other expertise, delay or impede the execution of our business plans, and erode our competitiveness. In addition, we do not have "key person" life insurance policies covering any of our executive officers, senior management or other key personnel.

 ***We have in the past consummated acquisitions and intend to continue to pursue acquisitions. Our business may be adversely affected if we cannot consummate acquisitions on satisfactory terms, or if we cannot effectively integrate acquired operations.***

We may pursue acquisitions that we believe present opportunities to accelerate our growth strategies, particularly in the Aerospace and IGT end markets. Any future growth through acquisitions will be partially dependent upon the continued availability of suitable acquisition candidates at favorable prices and upon advantageous terms and conditions. However, we may not be able to find suitable acquisition candidates to purchase or may be unable to acquire desired businesses or assets on acceptable terms or at all, including due to a failure to receive necessary regulatory approvals. In addition, we may not be able to raise the capital necessary to fund future acquisitions. Because we may actively pursue a number of opportunities simultaneously, we may encounter unforeseen expenses, complications and delays, including regulatory complications or difficulties in employing sufficient staff and maintaining operational and management oversight.

If we consummate an acquisition, our capitalization and results of operations may change significantly. Future acquisitions could result in margin dilution and likely result in the incurrence of additional debt and

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an increase in interest and amortization expenses or periodic impairment charges related to goodwill and other intangible assets as well as significant charges relating to integration costs.

The businesses we acquire may not perform in accordance with expectations and our business judgments concerning the value, strengths and weaknesses of businesses acquired may prove incorrect. In addition, an acquisition may fail to deliver the expected strategic benefits, synergies, growth opportunities, or returns that justified the investment. We also may not be able to successfully integrate any business we acquire into our existing business. The successful integration of new businesses depends on our ability to manage these new businesses and bring operating and compliance standards to levels consistent with our existing businesses. Assimilating operations and products may be unexpectedly difficult. The successful integration of future acquisitions may also require substantial attention from our senior management and the management of the acquired business, which could decrease the time that they have to serve and attract customers, develop new products and services or attend to other acquisition opportunities. Additional potential risks include that we may lose key employees, customers or vendors of an acquired business, and we may become subject to pre-existing liabilities and obligations of the acquired businesses. These liabilities may be known at the time of the acquisition, but could be underestimated by us, or they may not be known to us until after the acquisition. In the case of an acquisition in which we do not assume all the liabilities of the acquired business, we typically obtain indemnification from the seller against the unassumed liabilities, although no assurance can be given that such indemnification will be sufficient in amount, scope or duration to fully offset the risk of the unassumed liabilities. Liabilities of acquired businesses that ultimately are borne by us (either because we assume them or our indemnification right proves to be insufficient or unenforceable) could have a material adverse effect on our business, financial condition or results of operations.

 ***Our business, financial condition and results of operations could be adversely affected if we fail to adequately protect, maintain, or enforce our intellectual property rights.***

Our business depends on our ability to develop, commercialize, protect, maintain, and enforce our intellectual property rights, including patents, trademarks, trade secrets, and proprietary information, in the United States and internationally. We rely on a combination of intellectual property laws and contractual agreements to safeguard these rights, but such protection may not be adequate or enforceable in all jurisdictions, and enforcing our rights can involve significant costs and administrative efforts.

Our intellectual property rights, including patents, trademarks and trade secrets, may be challenged, invalidated, circumvented, infringed, misappropriated, or otherwise violated. We cannot guarantee that our pending patent applications will be granted, that our existing or future patents will provide sufficient protection, or that we will seek or obtain protection in all jurisdictions where it may be desirable. In addition, effective protection may not be available in some jurisdictions.

We also rely on trade secrets, know-how, and confidential information, protected through agreements with employees, contractors, and third parties. These agreements may not always prevent unauthorized use or disclosure, and we may not have entered into such agreements with every party that has access to our proprietary information. Competitors or other third parties may independently discover, copy, or reverse engineer our technology, or develop similar technology.

We may incur significant costs to avoid, manage, defend, and litigate intellectual property matters. Third parties may assert claims that we have infringed, misappropriated, or otherwise violated their intellectual property rights, which could result in costly and time-consuming disputes, injunctions, damages, settlement payments, or the need to modify our products or business practices. Our customer contracts and intellectual property license agreements may include indemnification obligations, which could expose us to additional costs if claims are brought against our customers or licensees related to our products or services.

We use software, digital tools, and information technology systems in our business, including, in some cases, software subject to open source license terms. The use of such software may create risks relating to license compliance, system security, operational reliability, and the protection of our proprietary information. If we fail to comply with the terms of applicable open source licenses, or if software used in our systems or operations contains vulnerabilities, defects, or other issues, we could incur additional costs, experience

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operational disruption, put the protection of our proprietary information and intellectual property at risk or become subject to claims or other liabilities.

Enforcing or defending our intellectual property rights may involve litigation, which is expensive, time-consuming and unpredictable, and could divert management attention or negatively impact our reputation and share price. Any failure to adequately protect or enforce our intellectual property, or unfavorable outcomes in litigation, could adversely affect our business, financial condition, and operating results.

 ***We could incur substantial costs as a result of data protection concerns, and any failure to comply with evolving data privacy and cybersecurity laws and regulations may adversely impact our business and financial results.***

We are required to comply with stringent, complex and evolving laws, rules, regulations and standards in many jurisdictions, as well as contractual obligations, relating to data privacy and cybersecurity. Ensuring compliance with such requirements may increase operating costs, impact our data processing practices and policies and the development of new products or services, and reduce operational efficiency, any of which could adversely affect our business and operations. The interpretation and application of data protection laws in the United States, UK, Europe, China, India, Mexico and elsewhere including, but not limited to, the General Data Protection Regulation, its equivalent in the United Kingdom, and the California Consumer Privacy Act, the Mexican Federal law on Protection of Personal Data held by Private Parties and other applicable privacy and cybersecurity laws, rules regulations and standards (collectively, the "Data Protection Laws"), are uncertain and evolving. Our global operations may also require the transfer or access of personal information across multiple jurisdictions, which may subject us to additional restrictions and compliance obligations under applicable Data Protection Laws. It is possible that these laws may be interpreted and applied in a manner that is inconsistent with our data practices. Complying with these various laws is difficult and could cause us to incur substantial costs or require us to change our business practices in a manner adverse to our business. Further, although we have implemented internal controls and procedures designed to ensure compliance with the Data Protection Laws, our controls and procedures may not enable us to be fully compliant with all Data Protection Laws.

Moreover, while we strive to publish and prominently display privacy policies that are materially accurate, comprehensive, and compliant with applicable laws, rules, and regulations, we cannot ensure that our privacy policies and other statements regarding our practices will be sufficient to protect us from claims, proceedings, liability or adverse publicity relating to data privacy and cybersecurity. Although we endeavor to comply with our privacy policies, we may at times fail to do so or be alleged to have failed to do so. If our public statements about our use, collection, disclosure and other processing of personal information, whether made through our privacy policies, information provided on our website, press statements or otherwise, are alleged to be deceptive, unfair or misrepresentative of our actual practices, we may be subject to potential government or legal investigation or action, including by the Federal Trade Commission or applicable state attorneys general and claims brought by, or on behalf of, affected persons.

Any failure or perceived failure by us or any third parties with which we do business to comply with applicable privacy policies or Data Protection Laws, or any compromise of cybersecurity that results in unauthorized access to, or unauthorized loss, destruction, use, modification, acquisition, disclosure, release, transfer or other processing of personal information, may result in requirements to modify or cease certain operations or practices, the expenditure of substantial costs, time and other resources, proceedings or actions against us, legal liability, governmental investigations, enforcement actions, claims, fines, judgments, awards, penalties, sanctions and costly litigation (including class actions).

#### We may be affected by global climate change or by legal, regulatory, customer, or supplier responses to such change.
Increased concern over climate change has led to new and proposed legislative and regulatory initiatives, such as cap-and-trade systems and additional limits on emissions of greenhouse gases, which in turn may trigger customer decarbonization requirements, as well as obligations to disclose certain greenhouse gas emissions and other climate-related information. New or revised laws, regulations, and policies in this area and customer decarbonization requirements could directly and indirectly affect us and our customers and suppliers, including by increasing the costs of production or impacting demand for certain products, which

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could result in an adverse effect on our financial condition, results of operations, and cash flows. If we are unable to meet applicable customer decarbonization requirements or other climate related expectations, we could lose existing business or be less competitive in winning new business. Additionally, we and our customers and suppliers utilize natural gas, electricity and other fuels to operate facilities. Significant increased energy costs and/or costs to transition to renewable energy sources, as a result of new laws, such as carbon pricing or product energy efficiency requirements, or as a result of customer requirements, could be passed along to us and our suppliers. Compliance with any new or more stringent laws or regulations, or stricter interpretations of existing laws, could require additional expenditures by us or our customers or suppliers.

Physical risks associated with climate change may result in an increase of the exposure to, and impact of, events with damage due to extreme heat, flooding, extreme winds and extreme precipitation for our locations or those of our suppliers or customers. Prolonged periods of drought may result in wildfires and/or restrictions on process water use. These climate-related impacts may have an adverse effect on production capacity of our sites or those of our suppliers or customers or otherwise cause supply chain disruptions. These types of incidents could have a material adverse effect on our results of operations and financial condition.

 ***Failure to maintain a level of corporate social responsibility which may result in negative publicity, or diverging approaches to corporate social responsibility matters from different stakeholders, could damage our reputation and could adversely affect our business, financial condition or results of operations.***

In light of evolving expectations around corporate social responsibility, our reputation could be adversely impacted by a failure (or perceived failure) to maintain a level of corporate social responsibility. In today's environment, an allegation or perception regarding quality, safety, or corporate social responsibility can negatively impact our reputation. This may include, without limitation: failure to maintain certain ethical, social and/or environmental practices for our operations and activities, or failure to require our suppliers or other third parties to do so; our environmental impact, including our impact on the environment, greenhouse gas emissions and climate-related risks, renewable energy, water stewardship and waste management; responsible sourcing in our supply chain; the practices of our employees, agents, customers, suppliers, or other third parties (including others in our industry) with respect to any of the foregoing, actual or perceived; the failure to be perceived as appropriately addressing matters of social responsibility, including matters related to diversity, equality and inclusion; consumer perception of statements made by us, our employees and executives, agents, customers, suppliers, or other third parties (including others in our industry); or our responses to any of the foregoing. A number of our customers have adopted, or may adopt, procurement policies that include social and environmental responsibility provisions or requirements that we must adhere to. An increasing number of investors are also requiring companies to disclose corporate, social and environmental policies, practices and metrics. If we are unable to comply with, or are unable to cause our suppliers to comply with, such policies, or meet the requirements of our customers and investors, among other risks, a customer may stop purchasing products from us, a supplier may cease working with us or an investor may sell their shares, and may take legal action against us, which could harm our reputation, revenue and results of operations. Further, we may be subject to rulemaking regarding corporate social responsibility and/or disclosure, as public awareness and focus on social and environmental issues has led to legislative and regulatory efforts to impose increased regulations and require further disclosure. As a result, we may become subject to new or more stringent regulations, legislation or other governmental requirements, stakeholder requirements or industry standards and/or an increased demand to meet voluntary criteria related to such matters. Increased or more stringent regulations, stakeholder requirements or industry standards, including around climate change concerns, could subject us to additional costs and restrictions and require us to make certain changes to our manufacturing practices and/or product designs, which could negatively impact our business, results of operations, financial condition and competitive position.

Conversely, in recent years "anti-environmental, social and governance" sentiment has increased in parts of the United States, with several states and Congress having proposed or enacted "anti-environmental, social and governance" policies, legislation, or initiatives or issued related legal opinions. As such, we may also face increased scrutiny from stakeholders who have diverging views related to business practices and company activities related to corporate social responsibility topics and climate change, which could result in reputational harm, litigation and other adverse consequences. Exactly how and which corporate social

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responsibility considerations will shape stakeholder behavior, regulatory frameworks, capital market dynamics, and our ability to raise capital and access liquidity, is uncertain.

In addition, any isolated incidents, or the aggregated effect of individually insignificant incidents related to our products, operations, and services can erode trust and confidence, particularly if such incident or incidents result in adverse publicity, governmental investigations or litigation, and as a result, could tarnish our brand and lead to a material adverse effect on our business, financial position, results of operations and cash flows. In particular, product quality issues could negatively impact customer confidence in our brands and our products. If our product offerings do not meet applicable safety standards or customers' expectations regarding safety or quality, or are alleged to have quality issues or to have caused personal injury or other damage, we could experience lower revenue and increased costs and be exposed to legal, financial and reputational risks, as well as governmental enforcement actions. In addition, actual, potential or perceived product safety concerns could result in costly product recalls.

#### Our use of AI could expose us to liability or adversely affect our business.
We use, or may in the future use, artificial intelligence, generative artificial intelligence, machine learning and similar tools and technologies (collectively, "AI") in connection with our business. The use of AI may expose us to risks such as reputational, legal and regulatory challenges, as well as additional costs. For example, generative artificial intelligence may produce inaccurate or biased content, which could affect our products and services. If content or recommendations generated by AI are perceived as deficient or flawed, our reputation and competitive position could be adversely affected.

#### Risks Related to Legal and Regulatory Matters

#### We may be exposed to significant legal proceedings, investigations, or changes in U.S. federal, state, or foreign law, regulation, or policy.
The manufacture and sale of our products expose us to potential product liability, commercial disputes, employment actions, employee benefits, compliance with domestic and international laws and regulations, personal injury, patent infringement, property damage, tax and related claims. Due to the uncertainties of litigation, we can give no assurance that we will prevail on claims made against us in the lawsuits that we currently face or that additional claims will not be made against us in the future. We produce ultra-high strength, high temperature and corrosion-resistant alloys designed for our customers' demanding applications particularly in our Aerospace and IGT end markets. We have complex manufacturing processes necessary to meet our customers' stringent product specifications. We are also required to adhere to various third-party quality certifications and perform sufficient internal quality reviews to ensure compliance with established standards. If we fail to meet the customer specifications for their products, we may be subject to product quality costs and claims. These costs are generally not insured. The impacts of product liability and quality claims could have a material adverse impact on our results of operations, financial condition and cash flows. In the event that one of our products fail to perform as expected, regardless of fault, or is used in an unexpected manner, and such failure or use results in, or is alleged to result in, bodily injury and/or property damage or other losses, we may be subject to product liability lawsuits and other claims, or may participate in a recall or other corrective action involving such product. There can be no assurance that our insurance coverage will be adequate or continue to be available on terms acceptable to us. In addition, if

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any product is perceived to be defective or unsafe, our sales could decrease, our reputation could be adversely impacted or we could be exposed to government investigations or regulatory enforcement actions.

We are also subject to a variety of global legal and regulatory compliance risks in connection with our business and products. These risks include, among other things, potential claims, class action lawsuits or compliance issues, including those relating to securities laws, employment laws, intellectual property rights, cyber, security and privacy, insurance, commercial matters, antitrust and competition, human rights, third-party relationships, ESG (including climate-related/sustainability and other) rules and regulations, supply chain operations, and the manufacture and sale of products. An adverse outcome in one or more of proceedings or investigations, or unfavorable changes in laws, regulations or policies, or other contingencies that we cannot predict with certainty, could have a material adverse effect on our financial condition, results of operations, or cash flows, including reputational harm, loss of customers, and substantial monetary damages and/or non-monetary penalties.

 ***We are exposed to environmental, health, and safety risks and are subject to a broad range of health, safety, and environmental laws and regulations which may result in substantial costs, obligations and liabilities.***

Our global operations and properties, as well as our customers and suppliers, are subject to numerous complex and increasingly stringent health, safety, and environmental laws and regulations. In addition, there are a number of environmental, social and supply chain due diligence and reporting regimes (such as the Corporate Sustainability Due Diligence Directive, or CSDDD, and the Corporate Sustainability Reporting Directive, or CSRD) that are currently being implemented by the EU (and are already in place in relation to conflict minerals) that will add further compliance and reporting obligations in relation to environment, health and safety and social risks. The costs of complying with such laws and regulations, as well as participation in assessments and cleanups of sites, and internal voluntary programs, have been, and in the future could be, significant. Environmental matters for which we may be liable may exist or arise in the future at our present or formerly owned or operated sites, at sites presently or formerly owned or operated by our predecessors or affiliates, at sites that we may acquire in the future, or at third-party sites used by us or our predecessors or affiliates for material and waste handling and disposal or otherwise impacted by our operations. Under certain environmental laws and regulations, such as the Comprehensive Environmental Response, Compensation, and Liability Act, or CERCLA, such liability could be joint and several, without regard to fault. This can also be the case in the UK under the Contaminated Land Regime. However, liability determination can be complicated. In general, in relation to the UK, liability will fall to the polluter(s) itself and will only fall to the landowner in circumstances where it is not possible to find the original polluter(s). Compliance with health, safety, and environmental laws and regulations, including increased indirect costs resulting from our suppliers incurring additional compliance costs that are passed on to us, and remediation obligations, may impact our results of operations or liquidity.

In addition, the industrial activities conducted at our facilities present a significant risk of injury or death to our employees or third-parties that may be on site. Our operations are subject to regulation by various federal, state, and local agencies in the United States, including the Occupational Safety and Health Administration, and regulation by foreign government entities abroad responsible for employee health and safety such as the Health and Safety Executive in the UK. Material liabilities relating to injury, death, or other workers' compensation claims could have a material adverse effect on our results of operations and financial condition or result in negative publicity and/or significant reputational harm.

 ***Our business may be adversely affected if we were to lose our government or industry accreditations, if more stringent government regulations were enacted or if industry oversight were to increase.***

We hold certain accreditations, such as accreditation through NADCAP for the aerospace industry and ISO accreditations, that are required in order for us to manufacture and sell our products. If new and more stringent government regulations are adopted or if industry oversight increases, we might incur significant expenses to comply with any new regulations or heightened industry oversight. In addition, if any existing material authorizations or approvals were revoked or suspended, our business would be adversely affected.

We are at times required to obtain approval to export our products from U.S. Government agencies and similar agencies elsewhere in the world. U.S. laws and regulations applicable to us include the Arms

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Export Control Act, the International Traffic in Arms Regulations, or ITAR, the Export Administration Regulations, or EAR, and the sanctions administered by the United States Department of the Treasury's Office of Foreign Assets Control, OFAC. EAR restricts the export of commercial and dual-use products and technical data to certain countries, while ITAR restricts the export of defense products, technical data and defense services.

Failure to obtain approval to export, or a determination by the U.S. Government or similar agencies elsewhere in the world from which we failed to receive required approvals or licenses, could eliminate or restrict our ability to sell our products outside the United States or another country of origin, and the penalties that could be imposed by the U.S. Government or other applicable government for failure to comply with these laws could be significant.

#### We may be subject to risks relating to changes in our tax rates or exposure to additional income tax liabilities.
We are subject to income taxes in the jurisdictions in which we operate. Our domestic and international tax liabilities are dependent upon the location of earnings among these different jurisdictions. Our future results of operations could be adversely affected by changes in our effective tax rate as a result of changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets, challenges by tax authorities or changes in, or the interpretation of, tax laws or regulations. In addition, the amount of income taxes we have paid is subject to ongoing audits by U.S. federal, state and local tax authorities and non-U.S. tax authorities. If these audits result in assessments different from amounts reserved, future financial results may include unfavorable adjustments to our tax liabilities, which could have a material adverse effect on our results of operations.

 ***We provide benefits to active and retired employees throughout most of our Company, most of which are not covered by insurance; and thus, our financial condition can be adversely affected if our investment returns are insufficient to meet these obligations.***

We have obligations to provide substantial benefits to active and retired employees, and most of the associated costs we paid are not covered by insurance. In addition, certain employees are covered by defined benefit pension plans, with the majority of our plans covering employees in the United States. Many domestic and international competitors do not provide defined benefit plans and/or retiree health care plans, and other international competitors operate in jurisdictions with government sponsored health care plans that may offer them a cost advantage. A decline in the value of plan investments in the future, an increase in costs or liabilities or unfavorable changes in laws or regulations that govern pension plan funding could materially change the timing and amount of required pension funding. A requirement to accelerate or increase pension contributions in the future could have a material adverse effect on our results of operations, cash flows and financial condition. In the UK, we have no remaining defined benefit obligations as our legacy defined benefit pension plans have been entirely de-risked and fully bought out by insurance companies, with all associated liabilities transferred.

#### Regulations related to conflict minerals could adversely impact our business.
The SEC has promulgated final rules mandated by the Dodd-Frank Act regarding disclosure of the use of tin, tantalum, tungsten and gold, known as conflict minerals, in products manufactured by public companies. These rules require due diligence to determine whether such minerals originated from the Democratic Republic of Congo, or the DRC, or an adjoining country and whether such minerals helped finance the armed conflict in the DRC. There are costs associated with complying with these disclosure requirements going forward, including costs to determine the origin of conflict minerals used in our products. In addition, the implementation of these rules could adversely affect the sourcing, supply and pricing of materials used in our products. Also, we may face disqualification as a supplier for customers and reputational challenges if the due diligence procedures we continue to implement do not enable us to verify the origins for all conflict minerals or to determine that such minerals are DRC conflict-free.

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#### Risks Related to Financial Matters
 ***Our indebtedness may limit our ability to raise additional capital for our expansion plans, and we cannot be sure that additional financing will be available.***

We have historically had high leverage. To satisfy existing obligations and support the development of our business, we depend on our ability to generate cash flow from operations and to borrow funds. We may require additional financing for liquidity, capital requirements or for our strategic growth projects and acquisition opportunities. The agreements governing our existing debt contain restrictive covenants that may limit our ability to obtain such financing while the debt is outstanding. In addition, we may not be able to obtain financing on terms and at interest rates that are favorable to us or at all. Any inability by us to obtain financing in the future could have a material adverse effect on our business, financial position, results of operations and cash flows.

In addition, if we were to undertake a substantial acquisition for cash, the acquisition would likely need to be financed in part through additional financing from banks, through offerings of debt or equity securities or through other arrangements. Such acquisition financing might increase our liabilities or decrease our net income, adjusted EBITDA, net cash flows and adversely affect our leverage. We cannot assure you that the necessary acquisition financing would be available to us on acceptable terms if and when required.

#### A decline in our financial performance or outlook could negatively impact our credit profile, access to capital markets and borrowing costs.
As of the date of this prospectus, our total debt was approximately $687 million. A decline in our financial performance or outlook due to internal or external factors, including our ability to generate sufficient cash flow to service our debt, successfully execute on our projects or to optimize our operational performance from our capital investments to increase capacity, could adversely affect our credit ratings and our access to the capital or credit markets on terms and conditions that we find acceptable. Credit ratings may be revised or revoked at any time at the sole discretion of the credit rating organizations. A downgrade of our credit ratings could result in negative consequences, including limiting our ability to obtain future financing on favorable terms, if at all, increasing borrowing costs and credit facility fees, triggering collateral postings, and adversely affecting the market price of our securities. For information on our credit ratings, see "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources." Additionally, geopolitical risks, including the ongoing conflicts in Iran and the Middle East, could impact our access to global capital markets or limit our access at suitable rates. Limitations on our ability to access global capital markets, a reduction in our liquidity or an increase in borrowing costs could materially and adversely affect our ability to maintain or grow our business, which in turn may adversely affect our financial condition, liquidity and results of operations.

 ***Foreign currency exchange rate fluctuations and volatility in global currency markets could have a material adverse effect on our business, financial condition and results of operations.***

While our presentation currency for our consolidated financial statements is the U.S. dollar, a significant part of our revenues is denominated in Euros and GBP. Consequently, fluctuations in foreign currency exchange rates may cause our revenues and expenses to fluctuate and may impact our profitability, cash flows and our results generally. These risks related to exchange rate fluctuations and currency volatility may increase in the future as our operations outside the United States continue to expand. While we use forward foreign currency exchange contracts to hedge known cash flows in currencies other than an entities functional currency, this does not hedge against longer term currency exposure or the translational impact of movements in foreign currency rates. If we expand our hedging strategies in the future, we could be exposed to the risk of non-performance of our hedging counterparties. Additionally, the successful implementation of our hedging strategy in the future may depend on the willingness of hedging counterparties to extend credit. Consequently, our business, financial condition, and results of operations may be materially adversely affected by fluctuations in currency exchange rates.

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#### Risks Related to this Offering and Ownership of Our Ordinary Shares
 ***We have identified material weaknesses in our internal control over financial reporting that, if not corrected, could result in material misstatements of our financial statements.***

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, or SOX, 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 as of December 31, 2025. A material weakness is defined as a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our financial statements, if not corrected, will not be prevented or detected on a timely basis.

The following are the material weaknesses we identified as of December 31, 2025: (i) lack of a formal control framework, including sufficiently documented and precise controls over financial reporting and general IT controls; (ii) lack of resource and expertise necessary to apply U.S. GAAP conversions from IFRS, including whether the list of adjustments are complete and accurate; and (iii) lack of sufficient segregation of duties related to the control over review and approval of journal entries posted into financial reporting systems across components.

The control deficiencies described above were considered to be material weaknesses because they could have resulted in a misstatement of our account balances or disclosures that could result in a material misstatement to our annual or interim consolidated financial statements that would not be prevented or detected.

Neither we nor our independent registered public accounting firm have performed an evaluation of our internal control over financial reporting in accordance with Section 404 of SOX. Following this offering, we will be required to disclose, on a quarterly basis, changes made in our internal control over financial reporting. We will also be required, pursuant to Section 404(a) of SOX, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting as of the end of the first complete fiscal year after this offering. It is possible that additional material weaknesses and control deficiencies could be identified once such evaluations are completed.

We have taken steps to enhance our internal control environment and plan to take additional steps to remediate the material weaknesses, enhance our U.S. GAAP-experienced personnel and strengthen other identified control points. Specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have and will continue to implement process changes and additional internal reporting and control procedures, including those designed to ensure appropriateness of revenue recognition at our manufacturing sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have and will continue to strengthen automated controls within our information technology systems so that we may collect the necessary information to enable us to more effectively monitor and comply with applicable requirements on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have engaged professional organizations with the required skills in the preparation of financial statements under U.S. GAAP to assist in the monitoring of our process changes and additional internal reporting procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have made and will make more personnel changes that will include the hiring of additional experienced senior operational and financial roles and we will continue to evaluate the structure of our operational and finance teams and add resources, personnel and training as needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have and will continue to improve communication and coordination processes across our business and operations, including among our finance teams and record-keeping procedures and we have expanded cross-functional involvement and input across our teams; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we are in the process of documenting, assessing and testing our internal control over financial reporting as part of our efforts to comply with Section 404 of SOX. We expect that our efforts as a newly public company to comply with Section 404 of SOX will contribute to our overall remediation efforts.

The actions that we have taken and will continue to take are subject to ongoing senior management review as well as our Audit and Risk Committee oversight. Although we plan to complete this remediation process as quickly as possible, our efforts may not be successful in remediating the material weaknesses. In addition, we will incur additional costs in improving our internal control over financial reporting. If we are unable to successfully remediate the material weaknesses or if we identify additional material weaknesses, we may not detect errors on a timely basis. This could harm our operating results, cause us to fail to meet our SEC reporting obligations or stock exchange listing requirements on a timely basis, adversely affect our reputation, cause our share price to decline or result in inaccurate financial reporting or material misstatements in our annual or interim financial statements.

Additionally, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of SOX until the later of the year following our first annual report required to be filed with the SEC, or the date we are no longer an "emerging growth company" as defined in the JOBS Act. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with how our controls are documented, designed or operating.

 ***As a public company, we are subject to complex legal and accounting requirements that will require us to incur significant expenses and will expose us to risk of non-compliance.***

As a public company, we are subject to numerous legal and accounting requirements, that do not apply to private companies. The cost of compliance with many of these requirements is material, not only in absolute terms but, more importantly, in relation to the overall scope of the operations of a small company. Our management team is relatively less experienced in complying with these requirements, and our management resources are limited, which may lead to errors in our accounting and financial statements, and which may adversely affect our results of operations. This inexperience and lack of resources may also increase the cost of compliance and may also increase the risk that we will fail to comply. Failure to comply with these requirements can have numerous adverse consequences including, but not limited to, our inability to file required periodic reports on a timely basis, resulting in loss of market confidence and/or governmental or private actions against us. We cannot assure you that we will be able to comply with all of these requirements or that the cost of such compliance will not prove to be a substantial competitive disadvantage vis-à-vis our privately held and larger public competitors.

 ***Substantial future sales or the perception of future sales of our ordinary shares, by us or our existing shareholders in the public market following the completion of this offering, could cause the market price of our ordinary shares to decline.***

The market price of our ordinary shares could decline as a result of substantial sales of our ordinary shares, particularly sales by our directors, executive officers and significant shareholders, a large number of our ordinary shares becoming available for sale or the perception in the market that holders of a large number of shares intend to sell their shares. Immediately following completion of this offering, we will have ordinary shares outstanding, based on the number of shares outstanding as of December 31, 2025 (or ordinary shares if the underwriters exercise in full their option to purchase additional shares). This includes the shares sold in this offering, which may be resold in the public market immediately. The remaining shares are currently restricted securities, but which may be sold into the market in the future. See "Shares Eligible for Future Sale." Substantially all of these shares are also subject to lock-up agreements restricting their sale for 180 days after the date of this prospectus, as more fully described in "Underwriting." Jefferies LLC and Morgan Stanley & Co. LLC may, in their sole discretion, permit our officers, directors, employees and current shareholders who are subject to the 180-day contractual lock-up to sell shares prior to the expiration of the lock-up agreements.

Upon the expiration of the lock-up agreements described above, all of such shares subject to the lock-up agreements will be eligible for resale in a public market, subject, in the case of shares held by our

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affiliates, to volume, manner of sale and other limitations under Rule 144 under the Securities Act. Our diverse set of existing shareholders may not act in a coordinated manner upon the expiration of the lock-up agreements.

Furthermore, in connection with this offering we intend to file a registration statement on Form S-8 under the Securities Act to register all our ordinary shares issuable or reserved for issuance under our equity incentive plans. This amounted to shares as of December 31, 2025. Accordingly, shares registered under such registration statement will be available for sale in the open market, unless such shares are subject to vesting restrictions with us or the lock-up restrictions described below.

We intend to register ordinary shares that we may issue under our employee equity incentive plans. Once we register these shares, they will be able to be sold freely in the public market upon issuance, subject to existing market stand-off and/or lock-up agreements.

 ***Our issuance of additional ordinary shares or other equity-related securities in connection with financings, acquisitions, investments, our equity incentive plans or otherwise could dilute each shareholder's ownership interest or adversely affect the market price of our ordinary shares.***

We may raise capital through equity financings in the future. As part of our business strategy, we may pursue acquisitions or make investments and issue equity securities to pay for any such acquisition or investment. We expect to issue additional equity securities in the future in connection with one or more of these practices. We also intend to utilize equity-based compensation as a key component of our compensation program. Any additional issuances of ordinary shares would have the effect of diluting our earnings/(loss) per share and our existing shareholders' respective individual ownership percentages and lead to volatility in the market price of our ordinary shares. We cannot predict the effect that future issuances of ordinary shares or other equity-related securities would have on the market price of our ordinary shares.

#### Market volatility may affect our share price and the value of your investment.
Following the completion of this offering, the market price for our ordinary shares is likely to be volatile, in part because our ordinary shares have not been traded publicly previously. The initial public offering price will be determined by negotiations between us and the underwriters. You may not be able to resell your ordinary shares above the initial public offering price and may suffer a loss on your investment. In addition, the market price of our ordinary shares may fluctuate significantly in response to a number of factors, most of which we cannot predict or control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • announcements of new commercial relationships, acquisitions or other events by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • fluctuations in stock market prices and trading volumes of securities of similar companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general market conditions and overall fluctuations in U.S. equity markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actual or anticipated fluctuations in our results or those of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in securities analysts' estimates of our financial performance or failure to meet their expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales of large blocks of our ordinary shares, including sales by our executive officers, directors and significant shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • additions or departures of any of our key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • lawsuits threatened or filed against us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changing legal, regulatory or geopolitical developments in the United States and other countries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other events or factors, including those resulting from war, incidents of terrorism or responses to these events.

In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices of

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many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past, shareholders have instituted securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs and divert resources and the attention of management from our business and adversely affect our business, results of operations, financial condition and cash flows.

 ***Our operating results fluctuate from quarter to quarter, making future operating results difficult to predict, and failure to meet market expectations could cause the price of our ordinary shares to decline.***

Our quarterly operating results historically have fluctuated and are likely to continue to fluctuate depending on many factors, including the rate at which we renew our existing contracts, that a significant percentage of our revenue comes from transactions that may have longer lead times, such as our casting process, which may impact the timing of receiving payment from the customer, and we may incur significant expenses in a quarter such as capital expenditures for our facilities. Accordingly, our quarterly results are difficult to predict prior to the end of the quarter and we may be unable to confirm or adjust expectations with respect to our operating results for a quarter until that quarter has closed. Any failure to meet our quarterly revenue or earnings expectations could adversely impact the market price of our ordinary shares.

#### An active trading market for our ordinary shares may never develop or be sustained.
We intend to apply to list the ordinary shares on the NYSE under the symbol "DPC." However, we cannot assure you that an active trading market for our ordinary shares will develop on that exchange or elsewhere or, if developed, that any market will be sustained. Accordingly, we cannot assure you of the likelihood that an active trading market for our ordinary shares will develop or be maintained, the liquidity of any trading market, your ability to sell your ordinary shares when desired or the prices that you may obtain for your shares.

 ***Our management will have broad discretion over the use of the proceeds we receive in this offering and might not apply the proceeds in ways with which you may agree with or that increase the value of your investment.***

Our management will have broad discretion over the use of our net proceeds from this offering, and you will be relying on the judgment of our management regarding the application of these proceeds. We intend to use the net proceeds from this offering to repay certain outstanding indebtedness and the remainder for general corporate purposes including funding working capital, future growth projects and amounts due under our MIP. We may also use a portion of the net proceeds for potential strategic acquisitions, although we have no agreements or commitments with respect to any such potential acquisitions as of the date of this prospectus. As such, our management could spend the proceeds in ways that do not necessarily improve our results of operations or enhance the value of our ordinary shares. For a further description of our intended use of the proceeds of the offering, see "Use of Proceeds."

 ***If securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they change their recommendations regarding our ordinary shares or our sector adversely, the price of our ordinary shares and trading volume could decline.***

The trading market for our ordinary shares will be influenced by the research and reports that securities or industry analysts may publish about us, our business, our market or our competitors. If any of the analysts who may cover us change their recommendation regarding our ordinary shares or our sector adversely, or provide more favorable relative recommendations about our competitors, the price of our ordinary shares would likely decline. If any analyst who may cover us were to cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the price of our ordinary shares or trading volume to decline.

 ***We are an "emerging growth company," and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our ordinary shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act, and we have elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public

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companies that are not "emerging growth companies." See "Prospectus Summary — Implications of Being an Emerging Growth Company." We cannot predict if investors will find our ordinary shares less attractive because we will rely on these exemptions. If some investors find our ordinary shares less attractive as a result, there may be a less active trading market for our ordinary shares and our share price may be more volatile.

#### Investors in this offering will experience immediate and substantial dilution of $ per share.
Based on an assumed initial public offering price of $ per ordinary share (which is the midpoint of the price range set forth on the cover of this prospectus), purchasers of our ordinary shares in this offering will experience an immediate and substantial dilution of $ per ordinary share in the net tangible book value per ordinary share from the initial public offering price, and our historical and pro forma net tangible book value as of December 31, 2025 would be $ per ordinary share. See "Dilution."

#### We do not intend to pay dividends on our ordinary shares, so any returns will be limited to the value of our ordinary shares.
We have never declared or paid cash dividends on our ordinary shares. We currently anticipate that we will retain any future earnings and do not expect to pay any dividends in the foreseeable future. Any determination to pay dividends in the future will be at the discretion of our board of directors and will be dependent on a number of factors, including our financial condition, results of operations, capital requirements, general business conditions and other factors that our board of directors may deem relevant. Until such time that we pay a dividend, investors must rely on sales of their ordinary shares after price appreciation, which may never occur, as the only way to realize any future gains on their investments.

#### Risks Related to Our Being a Jersey Company
 ***As a UK-resident parent company, the Company is subject to the UK tax regime, including UK anti-avoidance rules, which may adversely affect the Company and its shareholders.***

While the Company was incorporated in Jersey, the Company is currently, and is expected to remain, tax resident in the United Kingdom for UK tax purposes by reason of its central management and control being exercised in the UK. As a result, the Company is subject to UK corporation tax on its worldwide profits and gains and to the full range of UK tax rules and anti-avoidance provisions applicable to UK tax resident companies, including rules relating to controlled foreign companies, transfer pricing, interest deductibility, hybrid mismatches and other measures designed to counter base erosion and profit shifting.

The determination of a company's tax residence, and the application of many aspects of the UK tax regime, are highly fact specific and involve the exercise of judgment. Although the Company intends to manage and operate its business in a manner designed to comply with applicable UK tax laws and to mitigate unintended tax exposure or leakage, there can be no assurance that HMRC will not challenge the Company's tax residence position, the availability of reliefs or exemptions, or the application of any relevant anti-avoidance rules. In addition, changes in UK tax law, judicial interpretation, administrative practice or international tax standards could adversely affect the Company or its shareholders, potentially with retrospective effect.

#### Changes to tax laws could adversely affect us.
We are subject to tax laws in multiple tax jurisdictions and judgment is required in determining our global provision for income taxes. While we believe our tax positions are consistent with the tax laws in the jurisdictions in which we conduct business, it is possible that these positions may be overturned by tax authorities, which may have a significant impact on our global provision for income taxes. Furthermore, changes in tax laws or regulations may be proposed or enacted that could significantly affect our overall tax expense.

In October 2015, the Organisation for Economic Co-operation and Development, or the OECD, published its final recommendations on base erosion and profit shifting, or BEPS. These BEPS recommendations propose measures to coordinate multilateral action on international tax rules. Several of the areas of tax law on which the BEPS project has focused have led or will lead to changes in the domestic law

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of individual OECD jurisdictions. The implementation of recommendations arising from the action points comprising BEPS has resulted in significant changes to local tax legislation and international double tax treaties over recent years. For example, BEPS has resulted in jurisdictions implementing laws which (among other things): (i) limit deductibility of interest payments; (ii) expand the scope of permanent establishment (thereby extending the scope of jurisdictions' taxing rights); (iii) counteract hybrid mismatch arrangements; and (iv) strengthen 'Controlled Foreign Company' rules. Legislation introduced in relation to hybrid mismatches came into effect on January 1, 2017, and legislation to restrict tax deductions for interest expenses of large groups was brought into effect from April 1, 2017.

In addition, the OECD is continuing to work on a two-pillar initiative, or BEPS 2.0, which is aimed at (i) shifting taxing rights to the jurisdiction of the consumer, also referred to as Pillar One; and (ii) ensuring a global level of minimum taxation for multinational enterprises, or MNEs, with consolidated revenue of at least €750,000,000, also referred to as Pillar Two. If the €750,000,000 threshold is exceeded in the accounting periods ended 31 December 2025 and 31 December 2026, then the Pillar Two rules should apply to the Group from 1 January 2027. Pillar Two broadly consists of two interlocking domestic rules (together the Global Anti-Base Erosion Rules, or the GloBE Rules: (i) an Income Inclusion Rule, or IIR, which imposes top-up tax on a parent entity with respect to the low-taxed income of a constituent entity; and (ii) an Undertaxed Profits Rule, or UTPR, which denies deductions or requires an equivalent adjustment to the extent the low-taxed income of a constituent entity is not subject to tax under an IIR. In addition to the IIR and UTPR, the GloBE Rules also provide for a Qualified Domestic Minimum Top-up Tax, or QDMTT, which operates to increase domestic tax liability with respect to the low-taxed constituent entity. A jurisdiction that incorporates the QDMTT becomes the first in line to levy any top-up tax from constituent entities located in its jurisdiction. There is also a treaty-based Subject To Tax Rule that allows source jurisdictions to impose limited source taxation on certain related party payments subject to tax below a minimum rate. The UK has enacted legislation to implement the IRR, UTPR and a Domestic Minimum Top-Up Tax, or DMTT. We continue to monitor any additional guidance released by the OECD, along with the pending and adopted legislation in the jurisdictions in which we operate. Changes related to Pillar Two may increase our liability to taxes in those countries.

The timing, scope, and implementation of the Pillar Two provisions into the domestic law of relevant countries continues to evolve. On 5 January 2026, the G20/ OECD Inclusive Framework published details of a 'side-by-side package' in relation to the Pillar Two global minimum tax rules. The document includes agreed administrative guidance on a permanent simplified effective tax rate (ETR) safe harbor and a side-by-side system applicable to US-headed multi-national groups. Depending on how the model GloBE Rules are implemented or clarified by additional commentary or guidance in the future, they may result in material additional tax being payable by our business and the businesses of the companies in which we invest. The ultimate implementation of the BEPS project may also increase the complexity and the burden and costs of compliance and advice relating to our ability to efficiently fund, hold and realize investments, and could necessitate or increase the probability of some restructuring of our group or business operations. The implementation of the BEPS project may also lead to additional complexity in evaluating the tax implications of ongoing investments and restructuring transactions within our business. If U.S. or other foreign tax authorities change applicable tax laws, our overall taxes could increase, and our results of operations, business, financial condition, or prospects may be adversely affected.

 ***It may be difficult to enforce a U.S. judgment against us or our directors and officers outside the United States, or to assert U.S. securities law claims outside of the United States.***

Several of our directors and executive officers are not residents of the United States, and the majority of our assets and the assets of these persons are located outside the United States. As a result, it may be difficult for investors to effect service of process upon us within the United States or other jurisdictions, including judgments predicated upon the civil liability provisions of the federal securities laws of the United States. See "Enforcement of Civil Liabilities." Additionally, it may be difficult for you to assert U.S. securities law claims in actions originally instituted outside of the U.S. Foreign courts may refuse to hear a U.S. securities law claim because foreign courts may not be the most appropriate forums to bring such a claim. Even if a foreign court agrees to hear a claim, it may determine that the law of the jurisdiction in which the foreign court resides, and not U.S. law, is applicable to the claim. Further, if U.S. law is found to be

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applicable, the content of applicable U.S. law must be proved as a fact, which can be a time-consuming and costly process and certain matters of procedure would still be governed by the law of the jurisdiction in which the foreign court resides.

In particular, investors should be aware of the uncertainty as to whether the courts of Jersey would recognize and enforce judgments of U.S. courts obtained against us or our directors or management predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or entertain original actions brought in courts of Jersey against us or our directors or officers predicated upon the securities laws of the United States or any states in the United States. As a result of the difficulty associated with enforcing a judgment against us, you may not be able to collect any damages awarded by either a U.S. or foreign court.

#### The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation.
We are incorporated under Jersey law. The rights of holders of ordinary shares is governed by Jersey law, including the provisions of the Jersey Companies Law, and by our memorandum and articles of association. These rights differ in certain respects from the rights of shareholders in typical U.S. corporations. See "Description of Share Capital — Comparison of Delaware Corporate Law and Jersey Corporate Law" in this prospectus for a description of the principal differences between the provisions of the Jersey Companies Law applicable to us and the Delaware General Corporation Law relating to shareholders' rights and protections. Further, there can be no assurance that the laws of Jersey will not change in the future or that they will serve to protect investors in a similar fashion afforded under corporate law principles in the United States, which could adversely affect the rights of investors.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to grow revenue and expand our market share across the Aerospace, IGT, and Transportation end markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to convert our firm order backlog into revenue at anticipated build rates, and the risk that customer program delays, design changes, or cancellations could result in orders not being converted at the times or volumes we currently expect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to deliver incremental annual revenue in excess of $200 million from our signed strategic customer partnerships when operating at full run rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to expand and deepen our strategic customer partnerships with leading Aerospace and IGT OEMs, including the ability to secure additional partnerships beyond those already signed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to renew, renegotiate, and maintain our long-term agreements with key customers on commercially acceptable terms as such agreements approach expiration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to expand our capacity and bring new manufacturing capabilities online on time and on budget, including through capital investments funded in part by our OEM customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to achieve and sustain margin expansion through operating leverage, value-based pricing, and operational efficiency initiatives, and to approach the margins of our larger industry peers over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectation that volume growth will generate operating leverage and that incremental revenue will convert to earnings at margin-accretive rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to grow aftermarket revenue in both our Aerospace and IGT end markets as the installed base of engines and turbines we serve expands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to obtain, maintain, protect and enforce our intellectual property and similar proprietary rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to prevent system failures, cyberattacks, and security breaches that may threaten the integrity of our intellectual property, networks, products and other sensitive information, disrupt our business operations, and result in reputational harm and other negative consequences;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectation that our Turbo Wheels business will continue to serve as a significant source of cash generation to fund investment across our Aerospace and IGT platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to generate sufficient cash flow to fund continued organic investment and to pursue disciplined acquisitions that accelerate our strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to identify, consummate, and successfully integrate potential acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectations regarding the growth of the Aerospace and IGT end markets and the demand super cycles we believe are driving those markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectations regarding OEM production rates, aircraft delivery volumes, and electricity demand growth and their effect on demand for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to attract, develop, and retain key management, engineering, and skilled manufacturing personnel necessary to execute our growth strategy and capacity expansion program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to service and manage our indebtedness and maintain adequate liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectations regarding the factors that will continue to affect our results of operations, including macroeconomic conditions, foreign currency fluctuations, inflationary pressures, supply chain disruptions, and movements in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our expectations regarding the use of the net proceeds from this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our intention not to pay cash dividends on our ordinary shares for the foreseeable future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our estimated total addressable market across the Aerospace, IGT, and Transportation end markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our inability to manage indebtedness, access additional financing sources, or maintain liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to manage the transition to being a publicly traded company, including the implementation of public company reporting, compliance and governance requirements, while simultaneously executing our strategic growth and capacity expansion program; and

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

We caution you that the foregoing list may not contain all of the forward-looking statements made in this prospectus. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this prospectus may not occur.

The forward-looking statements made in this prospectus relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. 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. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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#### Use of Proceeds
We estimate that the net proceeds from the sale of our ordinary shares will be approximately $ million, based on the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. If the underwriters' option to purchase additional shares from us is exercised in full, we estimate that we will receive additional net proceeds of approximately $ million after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

Each $1.00 increase (decrease) in the assumed initial public offering price per share would increase (decrease) the estimated net proceeds to us by approximately $ million (or approximately $ million if the underwriters exercise in full their option to purchase additional ordinary shares), assuming that the number of ordinary shares sold by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1,000,000 shares in the number of ordinary shares offered by us would increase (decrease) the net proceeds to us from this offering by approximately $ million, assuming that the assumed initial public offering price remains the same, and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.

The principal purpose of this offering is to maintain a strong path towards growth by allowing us to obtain additional capital, increase our financial flexibility and visibility in the marketplace, create a public market for our ordinary shares and facilitate our future access to the public equity markets. We intend to use the net proceeds from this offering to repay outstanding indebtedness as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $ million under our Term Loan, which matures on April 23, 2030, and bears an effective interest rate of 10.8% as of December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $ million under our ABL, which matures on July 20, 2027, and bears effective interest rates ranging from of 5.3 – 7.3%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $ under our Shareholder PIK Loan, which matures on March 5, 2028, and bears an interest rate of 0.5% per annum for the fixed cash margin plus a payment-in-kind (capitalized) margin of 13.5%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $ million under our management incentive plan (see "Executive Compensation — Narrative Disclosure to Summary Compensation Table — Termination and Change in Control Provisions — Management Incentive Plan").

We intend to use the remainder, if any, for general corporate purposes including funding working capital, as well as future acquisitions and future growth projects.

We may also use a portion of the net proceeds for potential strategic acquisitions, although we have no agreements or commitments with respect to any such potential acquisitions as of the date of this prospectus.

We will have broad discretion over the uses of the net proceeds in this offering, and, as of the date of this prospectus, we have not allocated the net proceeds to particular uses. Until we use the proceeds we receive from this offering for the above mentioned purposes, we intend to invest the net proceeds in short-term, investment-grade interest-bearing securities such as money market funds, certificates of deposit, commercial paper and obligations of the U.S. government and government agencies.

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#### Dividend Policy
We do not currently pay cash dividends on our ordinary shares. We currently intend to retain any future earnings and do not expect to pay any cash dividends on our ordinary shares for the foreseeable future. Any determination to pay dividends in the future will be at the discretion of our board of directors and will be dependent on a number of factors, including our earnings, capital requirements and overall financial conditions.

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#### Capitalization
The following table sets forth our cash and cash equivalents and restricted cash deposit, and capitalization as of March 29, 2026 on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • on an as adjusted basis to give effect to the sale of our ordinary shares offered by us in this offering at an assumed initial public offering price of $ per share, which is the midpoint of the estimated initial public offering price range reflected on the cover page of this prospectus, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

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

---

| | | |
|:---|:---|:---|
| | **As of March 29, 2026**  | **As of March 29, 2026**  |
| | **Actual**  | **As adjusted**  |
|  | **(in millions) <br> (Unaudited)**  | **(in millions) <br> (Unaudited)**  |
| Cash and cash equivalents and restricted cash deposit  | 33 |  |
| Borrowings  | 712 |  |
| Share capital  |  |  |
| Additional paid-in capital  |  |  |
| Total shareholders' deficit  | (237) |  |
| Total capitalization  | 508 |  |

---

A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, would increase (decrease) the as adjusted amount of each of cash and cash equivalents and restricted cash deposit, additional paid-in capital, total shareholders' deficit and total capitalization by approximately $ 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 underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1,000,000 shares in the number of shares offered by us would increase (decrease) the as adjusted amount of each of cash and cash equivalents and restricted cash deposit, additional paid-in capital, total shareholders' deficit and total capitalization by approximately $ per share, assuming that the initial public offering price of $ per share remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters' option to purchase additional ordinary shares from us were exercised in full, as adjusted cash and cash equivalents and restricted cash deposit, additional paid-in capital, total shareholders' deficit and total capitalization as of March 29, 2026 would be $ million, $ million, $ million and $ million, respectively.

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#### Dilution
If you invest in our ordinary shares in this offering, your ownership interest will be diluted to the extent of the difference between the initial public offering price per share of our ordinary shares and the pro forma as adjusted net tangible book value per share of our ordinary shares immediately after this offering. Our historical net tangible book value (deficit) as of March 29, 2026, was $(408) million, or $(0.90) per ordinary share. We calculate historical net tangible book value (deficit) by taking the amount of our total tangible assets and subtracting the amount of our total liabilities. We calculate historical net tangible book value (deficit) per share by taking our historical net tangible book value (deficit) and dividing that amount by the total number of ordinary shares outstanding as of March 29, 2026. Our pro forma net tangible book value as of March 29, 2026 was $ million, or $ per ordinary share. Net tangible book value per share represents the amount of our total tangible assets less our total liabilities, divided by the number of ordinary shares outstanding as of March 29, 2026.

After giving effect to the sale by us of of our ordinary shares at an assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range reflected on the cover page of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our net tangible book value as of March 29, 2026 would have been $ million, or $ per share. This amount represents an immediate increase in pro forma net tangible book value of $ per share to our existing shareholders and an immediate dilution in pro forma net tangible book value of $ per share to new investors purchasing our ordinary shares in this offering at the assumed initial public offering price. The following table illustrates this dilution:

---

| | |
|:---|:---|
| Assumed initial public offering price per share  | $— |
| &nbsp;&nbsp;&nbsp; Historical net tangible book value (deficit) per share as of March 29, <br> 2026  | (0.90) |
| &nbsp;&nbsp;&nbsp; Pro forma net tangible book value per share as of March 29, 2026  |  |
| &nbsp;&nbsp;&nbsp; Increase in pro forma net tangible book value per share attributable to new <br> investors  |  |
| Pro forma as adjusted net tangible book value per share after this offering  |  |
| Dilution per share to new investors in this offering  | $— |

---

Each $1.00 increase (decrease) in the assumed initial public offering price of per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value per share to new investors by $, and would increase (decrease) dilution per share to new investors in this offering by $, 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. Similarly, each increase (decrease) of 1,000,000 shares in the number of shares offered by us would increase (decrease) our pro forma as adjusted net tangible book value by approximately $ per share and increase (decrease) the dilution to new investors by $ per share, assuming the assumed initial public offering price remains the same, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters' option to purchase additional ordinary shares from us is exercised in full, the pro forma as adjusted net tangible book value per share of our ordinary shares, as adjusted to give effect to this offering, would be $ per share, and the dilution in pro forma net tangible book value per share to new investors in this offering would be $ per share.

The following table summarizes, on a pro forma basis, as of March 29, 2026 the differences between the number of shares purchased from us, the total consideration paid to us in cash and the average price per share that existing shareholders paid, on the one hand, and new investors are paying in this offering, on the other hand. The calculation below is based on an assumed initial public offering price of $ per

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ordinary share (the midpoint of the price range set forth on the cover page of this prospectus) before deducting underwriting discounts and commissions and estimated offering expenses payable by us:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares Purchased**  | **Shares Purchased**  | **Total Consideration**  | **Total Consideration**  | **Total Consideration**  | **Average Price <br> Per Share**  |
| | **Number**  | **Percent**  | **Amount**  | **Percent**  | **Percent**  | **Average Price <br> Per Share**  |
| Existing shareholders  |  | % |  | $— | % | $|
| New investors  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total  |  | 100% |  |  | 100% |  |

---

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase (decrease) the total consideration paid by new investors and total consideration paid by all shareholders by approximately $ 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. Similarly, each increase (decrease) of 1,000,000 shares in the number of shares offered by us would increase (decrease) the total consideration paid by new investors and total consideration paid by all shareholders by approximately $ million, assuming that the initial public offering price of $ per share remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters' option to purchase additional ordinary shares from us. If the underwriters' option to purchase additional our ordinary shares were exercised in full, our existing shareholders would own % and our new investors would own % of the total number of our ordinary shares outstanding upon completion of this offering.

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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 "Selected Consolidated Financial and Other Data" and our consolidated financial statements and related notes included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from the forward-looking statements below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections entitled "Risk Factors" and "Special Note Regarding Forward-Looking Statements" and elsewhere in this prospectus.* 

#### Overview
We are a leading independent manufacturer of complex, highly engineered precision cast components and nickel- and cobalt-based superalloys serving the high growth Aerospace and IGT end markets, both of which are experiencing demand super cycles. Our products are manufactured to precise dimensional accuracy. We believe we are one of a limited number of companies worldwide with the cutting-edge engineering, chemistry and metallurgy expertise, along with the large-scale specialized casting equipment required to manufacture these mission-critical parts under strict environmental controls for the most demanding applications within our end markets.

Our operations consist of three reportable segments, Engine Products — North America, Engine Products — Europe and Turbo Wheels, and we maintain 14 principal facilities. See "— Segment Information." For the year ended December 31, 2025, our revenue was $837 million, net loss was $173 million, adjusted EBITDA was $138 million (with an adjusted EBITDA margin of 16.5%) and capital expenditures were $31 million. For the year ended December 31, 2025 the Aerospace and IGT end markets represented 35% and 42% of our revenue, respectively, and 70% of our revenue was generated through LTAs. For the three months ended March 29, 2026 our revenue was $237 million, net loss was $47 million, adjusted EBITDA was $40 million (with an adjusted EBITDA margin of 16.9%) and capital expenditures were $10 million. For the three months ended March 29, 2026, the Aerospace and IGT end markets represented 39% and 40% of our revenue, respectively. For a discussion of the use of adjusted EBITDA and adjusted EBITDA margin, and a reconciliation to the most directly comparable U.S. GAAP measures, see "— Non-GAAP Financial Measures."

In 2025, an estimated 40% of our casting revenue was generated from the aftermarket, weighted more to the IGT end market given our leading positions supplying turbine airfoils (blades and vanes) which are routinely replaced over the lifecycle of a gas turbine. Growth in both IGT and Aerospace comes from the high level of demand in both industries from OEM customers which is growing significantly. The supply chain is capacity constrained and we are adding capacity to meet the growing demand, as evidenced by our strategic customer partnerships. We have driven strong margin improvement in recent years through operating leverage on higher volumes, improved operational execution, and improved pricing supported by the capacity-constrained nature of the global supply chain. Our capital expenditures represent sustained investment in capacity expansion, equipment upgrades, and productivity initiatives across our manufacturing footprint. These investments are closely aligned with strategic customer partnerships and are a core component of our operating model.

#### Factors Affecting Our Results of Operations
Our results of operations have been affected in the past and we believe will continue to be affected in the future by the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Operational execution**. We operate in two capacity-constrained end markets, Aerospace and IGT, with demand for investment castings in both end markets outstripping available supply. Our output is dependent on our ability to maximize production with the resources, including equipment, facilities and people, available to us. This includes our ability to bring new capacity online through the capital investments that we are undertaking and doing so on time and on budget. The capital investments will also require additional employees who will need to be recruited, trained and embedded into our business in order to achieve our planned increases in capacity and output. We also manufacture a mix

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of different parts for different end markets, customers and end platforms which have different commercial terms attached to them. See "Risk Factors — Risks Related to Our Business and Industry — Any significant delay or inability to successfully expand our operations and failure to manage growth effectively could materially adversely affect our business, financial condition and results of operations" and "Risk Factors — Risks Related to Our Business and Industry — Our manufacturing processes are complex and dependent upon critical, high-cost equipment with limited or no production alternatives, and if we experience any material disruption or manufacturing difficulties or fail to manage the increasing technological complexity of our operations, our business could be adversely affected."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Performance of the Aerospace, IGT and Transportation end markets**. We derive a significant portion of our revenues from customers in the Aerospace, IGT and Transportation end markets. While the parts we sell into these end markets are currently in high demand with this demand increasing, a downturn in any of these end markets would impact on the results of our operations. See "Risk Factors — Risks Related to Our Business and Industry — The markets in which we operate can be cyclical, and downturns in them may adversely affect the results of our business, financial performance and results of operations." Sales to the Aerospace end market accounted for 35% and 36% of our revenue in 2025 and 2024, respectively, and sales to the IGT end market accounted for 42% and 38% of our revenue in 2025 and 2024, respectively, while sales to the Transportation end market accounted for 23% and 27% of our revenue in 2025 and 2024, respectively. Sales to the Aerospace end market accounted for 39% of our revenue for the three months ended March 29, 2026, and sales to the IGT end market accounted for 40% of our revenue for the three months ended March 29, 2026, while sales to the Transportation end market accounted for 21% of our revenue for the three months ended March 29, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Industry and customer concentration**. The nature of the two key end markets that we operate in is one of high barriers to entry with only a limited number of blue-chip OEMs that have the scale and capability to produce the end products. As a result, there is a degree of customer concentration and our results of operations may be affected should there be a significant change in demand for our customers' products. See "Risk Factors — Risks Related to Our Business and Industry — Due to the concentration of OEM and Tier 1 suppliers in our end markets, a significant portion of our revenue is concentrated among a relatively small number of customers and end markets, and a significant decline in business with our major customers could materially impact our business, financial performance and results of operations."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Economic and geopolitical environment**. We currently have global operations in the United States, UK, Europe, Mexico, China and India. Our results of operations are affected by economic and geopolitical instability factors which include the availability and price of raw materials, foreign exchange rates, availability and costs of energy, tariffs, sanctions, interest rates and other trade restrictions. Our manufacturing processes use third parties for certain sub-processes, and we purchase materials from a global supplier network. See "Risk Factors — Risks Related to Our Business and Industry — We derive a substantial majority of our revenue from our global operations, which expose us to risks, such as geopolitical risks, that could adversely affect our business, financial condition or results of operations."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Public company costs.** We have incurred, and expect to continue to incur, certain non-recurring professional fees and other expenses as part of our initial public offering and our transition to becoming a public company. In addition we are implementing and will continue to implement additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. In particular, we expect our accounting, legal and personnel-related expenses and directors' and officers' insurance costs to increase as we establish more comprehensive compliance and governance functions, grow the size of our board, establish, maintain and review internal controls over financial reporting in accordance with the Sarbanes-Oxley Act and prepare and distribute periodic reports in accordance with SEC rules. Our financial statements for the year ended December 31, 2025 and for the three months ended March 29, 2026 reflect the impact of these expenses, as will the financial statements following this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Acquisitions and Divestments.** We may contemplate the acquisition of businesses and other investments that would accelerate our strategy. See "Risk Factors — Risks Related to Our Business

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and Our Industry — We have in the past consummated acquisitions and intend to continue to pursue acquisitions. Our business may be adversely affected if we cannot consummate acquisitions on satisfactory terms, or if we cannot effectively integrate acquired operations." We may also seek to make divestments of businesses that we consider non-core or that could perform better under different ownership. As an example, in 2024, we committed to a plan to sell our Ivostud business which is currently classified as a business held for sale and we expect to divest Ivostud within the next 12 months from the date hereof. For further detail, see Note 19 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Results of Operations

#### Three months ended March 29, 2026 compared with three months ended March 30, 2025
The following table summarizes our results of operations for the three months ended March 29, 2026 and March 30, 2025. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended**  | **Three months ended**  | **Change**  | **Change**  |
| | **March 29, 2026**  | **March 30, 2025**  | $**%**  | **%**  |
|  | **(in millions, except percentages)**  | **(in millions, except percentages)**  | **(in millions, except percentages)**  | **(in millions, except percentages)**  |
| Revenue  | $237 | $188 |  | 26% |
| Cost of sales  | (180) | (146) |  | 23% |
| **Gross profit**  | **57** | **42** |  | 36% |
| Selling, general and administrative expenses  | (45) | (42) |  | 7% |
| Interest expense  | (53) | (52) |  | 2% |
| Interest income  | 0 | 0 |  | n/m |
| Foreign currency gain/(loss), net  | (2) | 8 |  | (125)% |
| **Loss before income tax**  | (43) | (44) |  | 2% |
| Income tax expense  | (4) | (9) |  | 56% |
| **Net Loss**  | $**(47)** | $**(53)** |  | 11% |

---

n/m = not meaningful

#### Revenue
 *Sources of Revenue* 

We generate revenue from a diverse number of end markets and geographical areas. The principal geographical areas are the United States, UK, Rest of Europe and the Rest of the World. We produce Engine Products for the Aerospace and IGT end markets, which include turbine airfoils and structural castings, as well as turbocharger wheels for the Transportation end market. We are vertically integrated with the production of advanced superalloy materials, which are used as the raw material for our investment castings and also sold externally to other casting manufacturers operating principally in the Aerospace and IGT end markets.

We generated revenue of $237 million for the three months ended March 29, 2026, compared to revenue of $188 million for the three months ended March 30, 2025, representing an increase of $49 million or 26%.

The following table sets forth the end market breakdown of revenue for the three months ended March 29, 2026 and March 30, 2025:

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| | | |
|:---|:---|:---|
| **End Market**  | **Three months ended <br> March 29, 2026**  | **Three months ended <br> March 30, 2025**  |
|  | **(in millions)**  | **(in millions)**  |
| Aerospace  | $93 | $65 |
| IGT  | 94 | 73 |
| Transportation  | 50 | 50 |
| **Total Net Sales**  | $**237** | $**188** |

---

The principal drivers behind this increase in revenue consisted of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for Aerospace for the three months ended March 29, 2026 increased $28 million, or 43%, to $93 million compared to $65 million for the three months ended March 30, 2025. The increase in total net sales for Aerospace for the three months ended March 29, 2026 is primarily attributable to new equipment installation and ramp up, which has increased capacity and allowed us to increase our production volumes to better meet the high levels of customer demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for IGT for the three months ended March 29, 2026 increased $21 million, or 29%, to $94 million compared to $73 million for the three months ended March 30, 2025. The increase in total net sales for IGT for the three months ended March 29, 2026 is primarily attributable to an increase in capacity which has driven greater output and therefore volume increases to meet the continued high levels of customer demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for Transportation for the three months ended March 29, 2026 were $50 million, flat compared to $50 million for the three months ended March 30, 2025, reflecting a relatively stable end market.

#### Cost of sales
Cost of sales primarily consists of direct costs required to manufacture our products and provide our services. These costs include the cost of metal, direct labor, energy and utility costs, other materials and overhead costs directly related to our product and services. Overhead costs include depreciation of property, plant and equipment, sub-contract costs, freight costs and repairs and maintenance. The costs of metal, direct labor and energy account for the largest portion of our cost of sales.

Cost of sales for the three months ended March 29, 2026 increased by $34 million, or 23%, to $180 million compared to $146 million for the three months ended March 30, 2025. The increase in cost of sales for the three months ended March 29, 2026 is primarily attributable to increases in volume of parts sold into the Aerospace and IGT end markets and output, across both our IGT and Aerospace end markets.

#### Gross profit
Gross profit for the three months ended March 29, 2026 increased $15 million, or 36%, to $57 million compared to $42 million for the three months ended March 30, 2025. The increase in cost of sales for the three months ended March 29, 2026 of 23% was outpaced by our increase in net sales of 26%, leading to an increase in the gross profit percentage to 24.1% for the three months ended March 29, 2026 from 22.3% for the three months ended March 30, 2025.

#### Selling, general and administrative expenses
Selling, general and administrative, or SG&A, expense primarily consists of expenses related to the employment costs of the Company's management and other non-production individuals at the manufacturing facilities, along with the general costs of support functions such as finance, accounting, legal, information technology and human resources.

Selling, general and administrative expenses for the three months ended March 29, 2026 increased $3 million to $45 million compared to $42 million for the three months ended March 30, 2025, representing an increase of 7%. The increase in selling, general and administrative expenses for the three months ended March 29, 2026 is primarily attributable to:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • one-time costs necessary to prepare for this offering, including audit and IPO readiness costs, of $8 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increased recurring operational costs as the business prepares to operate as a public company post IPO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general inflationary increases; offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a reduction in the non-cash charge in relation to the management incentive plan of $8 million.

#### Interest expense
Interest expense for the three months ended March 29, 2026 increased $1 million, or 2%, to $53 million compared to $52 million for the three months ended March 30, 2025. The increase in interest expense for the three months ended March 29, 2026 is primarily attributable to the increased balance on the Shareholder PIK Loan as a result of the non-cash interest element which is capitalized to the loan amount.

#### Foreign currency gain/(loss), net
We recorded a foreign currency loss, net of $2 million for the three months ended March 29, 2026, as compared to a foreign currency gain, net of $8 million for the three months ended March 30, 2025. Foreign currency gains and losses are recognized in respect of our external and intra-Group financing structure. The loss for the three months ended March 29, 2026, related to the movement in the foreign exchange rate between USD and GBP.

#### Income tax expense
We recorded an income tax expense of $4 million for the three months ended March 29, 2026, compared to an income tax expense of $9 million for the three months ended March 30, 2025. The reduction in the tax expense in the three months ended March 29, 2026 compared to the three months ended March 30, 2025 is primarily attributable to the impact of changes in valuation allowances and the global mix of income.

#### Net loss
We recorded a net loss of $47 million for the three months ended March 29, 2026 versus a net loss of $53 million for the three months ended March 30, 2025, an improvement of $6 million, or 11%, for the reasons summarized above.

#### Year ended December 31, 2025 compared with the year ended December 31, 2024
The following discussion summarizes our results of operations for the years ended December 31, 2025 and 2024. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  | **Change**  | **Change**  |
| | **2025**  | **2024**  | $**%**  | **%**  |
|  | **(in millions, except percentages)**  | **(in millions, except percentages)**  | **(in millions, except percentages)**  | **(in millions, except percentages)**  |
| Revenue  | $837 | $746 |  | 12% |
| Cost of sales  | (644) | (605) |  | 6% |
| **Gross profit**  | **193** | **141** |  | **37%** |
| Selling, general and administrative expenses  | (198) | (110) |  | 80% |
| Interest expense<sup>(1)</sup>  | (222) | (203) |  | 9% |
| Interest income  | 2 | 1 |  | 100% |
| Foreign currency gain/(loss), net  | 16 | 4 |  | 300% |
| Loss on debt modification  |  | (9) |  | n/m |
| Reversal/(Impairment) of disposal group held for sale  | 5 | (9) |  | n/m |
| **Loss before income tax**  | **(204)** | **(185)** |  | **10%** |
| Income tax benefit (expense)  | 31 | (8) |  | n/m |
| **Net Loss**  | $**(173)** | $**(193)** |  | **10%** |

---

n/m = not meaningful

(1) Includes $148 million and $121 million of interest in respect of the Shareholder PIK Loan in 2025 and 2024, respectively. The total outstanding principal balance was $878 million and $728 million, as of December 31, 2025 and 2024, respectively. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources" and Note 13 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Revenue
 *Sources of Revenue* 

We generated revenue of $837 million for the year ended December 31, 2025, compared to revenue of $746 million for the year ended December 31, 2024, representing an increase of $91 million or 12%.

The following table sets forth the end market breakdown of revenue as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **End Market**  | **Year ended <br> December 31, 2025 <br> (in millions)**  | **Year ended <br> December 31, 2024 <br> (in millions)**  |
| Aerospace  | $291 | $267 |
| IGT  | 351 | 280 |
| Transportation  | 195 | 199 |
| **Total Net Sales**  | $**837** | $**746** |

---

The principal drivers behind this increase in revenue consisted of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for Aerospace for the year ended December 31, 2025 increased $24 million or 9% to $291 million compared to $267 million for the year ended December 31, 2024. The increase in total net sales for Aerospace for the year ended December 31, 2025 reflected continued high levels of customer demand, which drove greater output and therefore volume increases, with such volume increases limited by a temporary interruption of production at our Groton facility in 2025 in order to expand through the installation of new capital equipment.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for IGT for the year ended December 31, 2025 increased $71 million or 25% to $351 million compared to $280 million for the year ended December 31, 2024. The increase in total net sales for IGT for the year ended December 31, 2025 is primarily attributable to an increase in capacity leading to increased output and therefore volume increases to meet the higher levels of customer demand.

These increases were partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Total net sales for Transportation for the year ended December 31, 2025 decreased $4 million or 2% to $195 million compared to $199 million for the year ended December 31, 2024. The decrease in total net sales for Transportation for the year ended December 31, 2025 is primarily attributable to volume decreases as a result of decreases in end market demand.

#### Cost of sales
Cost of sales for the year ended December 31, 2025 increased by $39 million, or 6%, to $644 million compared to $605 million for the year ended December 31, 2024. The increase in cost of sales for the year ended December 31, 2025 is primarily attributable to increases in volume and output, primarily in our IGT business, consistent with the increase in our revenue during the same period.

#### Gross profit
Gross profit for the year ended December 31, 2025 increased $52 million, or 37%, to $193 million compared to $141 million for the year ended December 31, 2024. The increase in cost of sales for the year ended December 31, 2025 of 6% was outpaced by our increase in revenue of 12% during the period, leading to an increase in gross profit percentage to 23.1% for the year ended December 31, 2025 from 18.9% for the year ended December 31, 2024.

#### Selling, general and administrative expenses
Selling, general and administrative expenses for the year ended December 31, 2025 increased $88 million to $198 million compared to $110 million for the year ended December 31, 2024, representing an increase of 80%. The increase in selling, general and administrative expenses for the year ended December 31, 2025 is primarily attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • An increase in the non-cash charge in relation to the management incentive plan of $58 million from $29 million in 2024 to $87 million in 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • An increase in costs of $18 million primarily driven by one-time costs necessary to prepare for this offering, including audit and IPO readiness costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Inflationary and headcount increases in support of the growth of the business.

#### Interest expense
Interest expense for the year ended December 31, 2025 increased $19 million, or 9%, to $222 million compared to $203 million for the year ended December 31, 2024. The increase in interest expense for the year ended December 31, 2025 is primarily attributable to the increase in principal amount of the Shareholder PIK Loan and resulting higher interest charge. This was partially offset by a reduction in interest on the Term Loan and ABL facilities. The reduction in Term Loan interest was despite the additional $50 million that was drawn against the facility on April 25, 2025 and reflects the reduction in the applicable base interest rate. The reduction in ABL interest reflected both reductions in the applicable base interest rates and lower levels of drawings against the facility.

#### Foreign currency gain/(loss), net
We recorded foreign currency gain, net of $16 million in 2025, as compared to $4 million in 2024, representing an increase of $12 million. Foreign currency gains and losses are recognized in respect of our external and intra-Group financing structure. The gain in 2024 related the devaluation of U.S. dollars relative

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to GBP. The larger gain in 2025 related to a further devaluation of U.S. dollars relative to GBP and a one-off non-cash foreign currency gain in respect of a restructure of our intra-Group financing structure.

#### Loss on debt modification
We recorded a loss of $9 million in 2024 and we did not record anything in 2025. The loss in 2024 is attributable to the extension of the expiry date of the Shareholder PIK Loan which was extended on January 31, 2024 to March 2028. It was concluded that was a substantial modification with the extinguishment accounting resulting in the loss on debt modification recognized.

#### Reversal/(Impairment) of disposal group held for sale
During 2024, we committed to a plan to sell our Ivostud business. This decision was made as part of a strategic initiative. At December 31, 2024, classification as held for sale was deemed appropriate as we are firmly committed to the plan to sell the Ivostud business. The sale of the business was delayed beyond 12 months from the date of classification as an asset held for sale. However, we remain committed to securing the sale and the asset is available for immediate sale in its present condition. Accordingly, the assets and liabilities associated with that business were presented as a disposal group held for sale.

We have reviewed the carrying amount of the assets held for disposal. At December 31, 2024 we recorded a write down of $9 million upon initial classification of the disposal group at the lower of carrying amount and fair value less costs to dispose. Of this amount, approximately $4 million, $1 million and $1 million were allocated to the Property, Plant and Equipment, Right of Use assets and Other Intangible assets, respectively. The remaining impairment loss of $3 million has been recorded against the carrying amount of disposal group. At December 31, 2025 we recognized a subsequent gain of $5 million on remeasurement from the change in fair value of the disposal group. For more information, see Note 19 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Income tax benefit (expense)
We recorded an income tax benefit of $31 million in 2025, compared to an income tax expense of $8 million in 2024, representing an improvement of $39 million. The movement to a tax credit in 2025 from a tax charge in 2024 is primarily driven by revisions to valuation allowances of $21 million against deferred tax assets due to changes in the recognition of UK prior year tax losses. In addition non-deductible expenses of $17 million contribute to the improvement between the years.

#### Net loss
We recorded a net loss of $173 million in 2025 versus a net loss of $193 million in 2024, an improvement of $20 million, or 10%, for the reasons summarized above.

#### Segment Information
Our operations consist of three reportable segments: Engine Products — North America, Engine Products — Europe and Turbo Wheels. Our Engine Products category is split into two operating segments to reflect the way in which the Company is managed and the vertically integrated nature of those regions with superalloy facilities in both segments supplying 100% of the internal superalloy demand for the casting facilities in those regions. Operating segments are defined as distinguishable components of the enterprise which are evident from internal organizational structure and for which separate financial information is evaluated regularly by our Chief Executive Officer who is our Chief Operating Decision Maker, or CODM. The measure of profit and loss that is used by the CODM to evaluate the performance of these operating segments is Segment Adjusted EBITDA. The CODM uses Segment Adjusted EBITDA to evaluate each segment's performance and allocate resources as it provides insight on segment profitability, operational effectiveness, and supports the CODM in monitoring the impact of strategic initiatives such as pricing adjustments, cost management, capital investments and capacity utilization. This measure is predominantly used in the annual budget and forecasting process, where the CODM considers Segment Adjusted EBITDA trends and variances to guide capital expenditure decisions, allocate personnel, and deploy other operational resources across the segments to drive overall company growth and profitability.

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The following table provides segment revenue and segment adjusted EBITDA by each reportable segment for the three months ended March 29, 2026:

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended March 29, 2026**  | **For the three months ended March 29, 2026**  | **For the three months ended March 29, 2026**  |
| **($ in millions)**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North America**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $104 | $87 | $46 |
| Inter-segment sales  | $— | $— | $— |
| **Gross segment revenue**  | $**104** | $**87** | $**46** |
| Adjusted cost of sales<sup>(1)</sup>  | $(71) | $(60) | $(38) |
| Adjusted selling, general and administrative expenses<sup>(1)</sup>  | $(6) | $(4) | $(5) |
| Other segment items<sup>(2)</sup>  | $(4) | $(3) | $(1) |
| **Segment adjusted EBITDA**  | $**23** | $**20** | $**2** |
| **Segment adjusted EBITDA margin**<sup>(</sup><sup>3)</sup>  | **22.4%** | **22.8%** | **3.7%** |

---

The following table provides segment revenue and segment adjusted EBITDA by each reportable segment for the three months ended March 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **For the three months ended March 30, 2025**  | **For the three months ended March 30, 2025**  | **For the three months ended March 30, 2025**  |
| **($ in millions)**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North America**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $80 | $61 | $47 |
| Inter-segment sales  | $— | $5 | $— |
| **Gross segment revenue**  | $**80** | $**66** | $**47** |
| Adjusted cost of sales<sup>(1)</sup>  | $(58) | $(47) | $(40) |
| Adjusted selling, general and administrative expenses<sup>(1)</sup>  | $(4) | $(3) | $(3) |
| Other segment items<sup>(2)</sup>  | $(3) | $(3) | $(1) |
| **Segment adjusted EBITDA**  | $**15** | $**13** | $**3** |
| **Segment adjusted EBITDA margin<sup>(3)</sup>**  | **18.7%** | **19.7%** | **6.8%** |

---

(1) Cost of sales and selling, general and administrative expenses have been adjusted to exclude depreciation and amortization, site closure, refinancing, and other re-organization costs, claims, settlements and litigation costs, and management incentive plan costs. The adjusted cost of sales includes adjustments for inter-segment sales.

(2) Other segment items include research and development costs, corporate expenses recharges and others.

(3) Segment adjusted EBITDA margin is the quotient of Segment adjusted EBITDA divided by Gross segment revenue for each of our Engine Products — Europe, Engine Products — North America and Turbo Wheels segments. Segment adjusted EBITDA margins are calculated based on the exact segment adjusted EBITDA and gross segment revenue and therefore may not calculate the same based off the rounded figures presented above.

The following table provides change comparisons in segment revenue and segment adjusted EBITDA by each reportable segment for the three months ended March 29, 2026 and March 30, 2025, by dollar and percentage:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, 2025 <br> ($ and %)**  |
| **($ in millions)**  | **Engine Products – <br> Europe**  | **Engine Products – <br> Europe**  | **Engine Products – <br> North America**  | **Engine Products – <br> North America**  | **Turbo Wheels**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $24 | 30% | $26 | 43% | $(1) | (2)% |
| Inter-segment sales  | $— | n/m | $(5) | n/m | $— | n/m |
| **Gross segment revenue**  | $**24** | **30%** | $**21** | **32%** | $**(1)** | **(2)%** |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  | **Change for the three months ended March 29, 2026 versus March 30, <br> 2025 <br> ($ and %)**  |
| **($ in millions)**  | **Engine Products – <br> Europe**  | **Engine Products – <br> Europe**  | **Engine Products – <br> North America**  | **Engine Products – <br> North America**  | **Turbo Wheels**  | **Turbo Wheels**  |
| Adjusted cost of sales<sup>(1)</sup>  | $(13) | (22)% | $(13) | (28)% | $2 | 5% |
|  Adjusted selling, general and administrative <br> expenses<sup>(1)</sup>  | $(2) | (50)% | $(1) | (33)% | $(2) | (67)% |
| Other segment items<sup>(2)</sup>  | $(1) | (33)% | $(0) | —% | $(0) |  |
| **Segment adjusted EBITDA**  | $**8** | **53%** | $**7** | **54%** | $**(1)** | **(33)%** |

---

n/m = not meaningful

#### Engine Products — Europe
The Engine Products — Europe segment manufactures complex, highly engineered engine products which include complex precision cast components and superalloys which are primarily used in the IGT end market as well as the Aerospace end market and includes our Chard, Deritend, Bochum and R&C facilities. Gross segment revenue for Engine Products — Europe increased by $24 million, or 30%, to $104 million for the three months ended March 29, 2026 compared to $80 million for the three months ended March 30, 2025. Segment adjusted EBITDA for Engine Products — Europe increased by $8 million, or 53%, to $23 million for the three months ended March 29, 2026, compared to $15 million for the three months ended March 30, 2025. The increase in total net sales in the Engine Products — Europe segment for the three months ended March 29, 2026 is primarily attributable to continued increases in capacity in Engine Products — Europe leading to increased output and sales of our turbine airfoils to better meet the higher levels of customer demand. The increase in sales has dropped through to segment adjusted EBITDA at 33%. This resulted in an increase in segment adjusted EBITDA margin from 18.7% in 2025 to 22.4% in 2026.

#### Engine Products — North America
The Engine Products — North America segment manufactures complex, highly engineered engine products which include complex precision cast components and superalloys which are primarily used in the Aerospace end market as well as the IGT end market and includes our Groton, Oxford, Springfield, Mexicali and Long Beach facilities. Gross segment revenue for Engine Products — North America increased by $21 million, or 32%, to $87 million for the three months ended March 29, 2026 compared to $66 million for the three months ended March 30, 2025. Segment adjusted EBITDA for Engine Products — North America increased by $7 million, or 54%, to $20 million for the three months ended March 29, 2026, compared to $13 million for the three months ended March 30, 2025. The increase in total net sales in the Engine Products — North America segment for the three months ended March 29, 2026 is primarily attributable to the installation of new equipment leading to increased capacity and output of our structural castings. The increase in sales has dropped through to segment adjusted EBITDA at 33% demonstrating the operational leverage impact of increased volume. This resulted in an increase in segment adjusted EBITDA margin from 19.7% in 2025 to 22.8% in 2026.

#### Turbo Wheels
Our Turbo Wheels segment primarily serves the Transportation end market and includes our Trucast UK, Trucast US, Uni-Pol China, Uni-Pol India and Ivostud facilities. It focuses on serving the Transportation market and manufactures turbocharger wheels and other precision components for commercial vehicle and passenger car turbo engines, focusing on enhancing engine efficiency and performance. Gross segment revenue for Turbo Wheels decreased by $1 million, or 2%, to $46 million for the three months ended March 29, 2026 compared to $47 million for the three months ended March 30, 2025. Segment adjusted EBITDA for Turbo Wheels decreased by $1 million, or 33%, to $2 million for the three months ended March 29, 2026, compared to $3 million for the three months ended March 30, 2025. The decrease in total net sales in the Turbo Wheels segment for the three months ended March 29, 2026 is primarily attributable to softening end

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market demand. The decrease in sales has dropped through to segment adjusted EBITDA at 100%. This resulted in a decrease in segment adjusted EBITDA margin from 6.8% in 2025 to 3.7% in 2026.

#### Other segment items
Other segment items primarily relates to the recharge of corporate costs to the primary segments. The allocation is done based on an assessment of the services received by each primary segment. For more information regarding our segments, see Note 4 to our audited consolidated financial statements included elsewhere in this prospectus.

The following table provides segment revenue and segment adjusted EBITDA by each reportable segment for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **For the year ended December 31, 2025**  | **For the year ended December 31, 2025**  | **For the year ended December 31, 2025**  |
| **($ in millions)**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North America**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $386 | $266 | $185 |
| Inter-segment sales  | $1 | $17 | $— |
| **Gross segment revenue**  | $**387** | $**283** | $**185** |
| Adjusted cost of sales<sup>(1)</sup>  | $(277) | $(208) | $(154) |
| Adjusted selling, general and administrative expenses<sup>(1)</sup>  | $(15) | $(12) | $(17) |
| Other segment items<sup>(2)</sup>  | $(10) | $(12) | $(2) |
| **Segment adjusted EBITDA<sup>(3)</sup>**  | $**85** | $**51** | $**12** |
| **Segment adjusted EBITDA margin<sup>(4)</sup>**  | **21.9%** | **18.2%** | **6.5%** |

---

The following table provides segment revenue and segment adjusted EBITDA by each reportable segment for the year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **For the year ended December 31, 2024**  | **For the year ended December 31, 2024**  | **For the year ended December 31, 2024**  |
| **($ in millions)**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North America**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $314 | $236 | $196 |
| Inter-segment sales  | $2 | $24 | $— |
| **Gross segment revenue**  | $**316** | $**260** | $**196** |
| Adjusted cost of sales<sup>(1)</sup>  | $(244) | $(197) | $(162) |
| Adjusted selling, general and administrative expenses<sup>(1)</sup>  | $(15) | $(11) | $(16) |
| Other segment items<sup>(2)</sup>  | $(5) | $(10) | $(8) |
| **Segment adjusted EBITDA**  | $**52** | $**42** | $**10** |
| **Segment adjusted EBITDA margin<sup>(3)</sup>**  | **16.5%** | **16.2%** | **5.1%** |

---

(1) Cost of sales and selling, general and administrative expenses have been adjusted to exclude depreciation and amortization, site closure, refinancing, and other re-organization costs, claims, settlements and litigation costs, and management incentive plan costs. The adjusted cost of sales includes adjustments for inter-segment sales.

(2) Other segment items include research and development costs, corporate expenses recharges and others.

(3) Segment adjusted EBITDA margin is the quotient of Segment adjusted EBITDA divided by Gross segment revenue for each of our Engine Products — Europe, Engine Products — North America and Turbo Wheels segments. Segment adjusted EBITDA margins are calculated based on the exact segment adjusted EBITDA and gross segment revenue and therefore may not calculate the same based off the rounded figures presented above.

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The following table provides change comparisons in segment revenue and segment adjusted EBITDA by each reportable segment for the year ended December 31, 2025 and 2024, by dollar and percentage:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Change Between 2025 and 2024 by $ and %**  | **Change Between 2025 and 2024 by $ and %**  | **Change Between 2025 and 2024 by $ and %**  | **Change Between 2025 and 2024 by $ and %**  | **Change Between 2025 and 2024 by $ and %**  | **Change Between 2025 and 2024 by $ and %**  |
| **($ in millions)**  | **Engine Products – <br> Europe**  | **Engine Products – <br> Europe**  | **Engine Products – <br> North America**  | **Engine Products – <br> North America**  | **Turbo Wheels**  | **Turbo Wheels**  |
| Third-party revenue – consolidated  | $72 | 23% | 30 | 13% | (11) | (6)% |
| Inter-segment sales  | $(1) | (50)% | (7) | (29)% |  | n/m  |
| **Gross segment revenue**  | $**71** | **22%** | **23** | **9%** | **(11)** | **(6)%** |
| Adjusted cost of sales<sup>(1)</sup>  | $(33) | (14)% | (11) | (6)% | 8 | (5)% |
|  Adjusted selling, general and administrative expenses<sup>(1)</sup>  | $— |  | (1) | (9)% | (1) | (6)% |
| Other segment items<sup>(2)</sup>  | $(5) | (100)% | 2 | 20% | 6 | (75)% |
| **Segment adjusted EBITDA**  | $**33** | **63%** | **9** | **21%** | **2** | **20%** |

---

#### Engine Products — Europe
The Engine Products — Europe segment manufactures complex, highly engineered engine products which include complex precision cast components and superalloys which are primarily used in the IGT end market as well as the Aerospace end market and includes our Chard, Deritend, Bochum and R&C facilities. Gross segment revenue for Engine Products — Europe increased by $71 million, or 22%, to $387 million for the year ended December 31, 2025, compared to $316 million for the year ended December 31, 2024. Segment adjusted EBITDA for Engine Products — Europe increased by $33 million, or 63%, to $85 million for the year ended December 31, 2025, compared to $52 million for the year ended December 31, 2024. The increase in total net sales in the Engine Products — Europe segment for the year ended December 31, 2025 is primarily attributable to the increase in capacity in our Engine Products — Europe segment leading to increased output to better meet the higher levels of customer demand. Strong end market demand driven by IGT has led to increased volume and scarcity of supply. The increase in sales has dropped through to segment adjusted EBITDA at 46%, demonstrating the operational leverage impact of increased volume alongside increases in value-pricing. This resulted in an increase in segment adjusted EBITDA margin from 16.5% in 2024 to 21.9% in 2025.

#### Engine Products — North America
The Engine Products — North America segment manufactures complex, highly engineered engine products which include complex precision cast components and superalloys which are primarily used in the Aerospace end market as well as the IGT end market and includes our Groton, Oxford, Springfield, Mexicali and Long Beach facilities. Gross segment revenue for Engine Products — North America increased by $23 million, or 9%, to $283 million for the year ended December 31, 2025, compared to $260 million for the year ended December 31, 2024. Segment adjusted EBITDA for Engine Products — North America increased by $9 million, or 21%, to $51 million for the year ended December 31, 2025, compared to $42 million for the year ended December 31, 2024. The increase in gross segment revenue is primarily attributable to increased output against continued high levels of customer demand in Aerospace, with output limited by a temporary interruption of production in 2025 in order to expand through the installation of new capital equipment. The increase in sales has dropped through to segment adjusted EBITDA at 39%. This resulted in an increase in segment adjusted EBITDA margin from 16.2% in 2024 to 18.2% in 2025.

#### Turbo Wheels
Our Turbo Wheels segment primarily serves the Transportation end market and includes our Trucast UK, Trucast US, Uni-Pol China, Uni-Pol India and Ivostud facilities. It focuses on serving the Transportation market and solely manufactures turbocharger wheels and other precision components for commercial vehicle and passenger car turbo engines, focusing on enhancing engine efficiency and performance. Gross segment revenue for Turbo Wheels decreased by $11 million, or 6%, to $185 million for the year ended December 31, 2025, compared to $196 million for the year ended December 31, 2024. Segment adjusted

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EBITDA for Turbo Wheels increased by $2 million, or 20%, to $12 million for the year ended December 31, 2025, compared to $10 million for the year ended December 31, 2024. The decrease in gross segment revenue for the Turbo Wheels segment is primarily attributable to decreases in end market demand. Cost saving initiatives have offset the impact to segment adjusted EBITDA, resulting in an increase in segment adjusted EBITDA margin from 5.1% in 2024 to 6.5% in 2025.

#### Other segment items
Other segment items primarily relates to the recharge of corporate costs to the primary segments. The allocation is done based on an assessment of the services received by each primary segment. The reduction in other segment items in Turbo Wheels from $8 million in 2024 to $2 million in 2025 relates to a partial credit of certain costs recharged in 2024.

For more information regarding our segments, see Note 4 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Liquidity and Capital Resources
Our principal historical cash requirements have been to fund working capital, capital expenditures and to service our indebtedness. We expect to satisfy our cash requirements with cash on hand, cash flows from operations and available borrowings under our external financing facilities.

#### Term Loan
On April 23, 2024, we entered into a six-year, senior secured term note loan facility with a syndicate of financial institutions, which was subsequently amended in April 2025 (as amended, the "Term Loan") to refinance our then-existing indebtedness and increase liquidity. The interest on the outstanding principal balance of the Term Loan is payable quarterly and accrues at a variable rate based on Secured Overnight Financing Rate "SOFR" plus a 6.5% margin. The Term Loan is secured by our property, plant and equipment and the obligations are guaranteed by certain of our subsidiaries. As of December 31, 2025 and 2024, we had an outstanding balance of $517 million and $470 million, respectively, under the Term Loan and the effective interest rate was 10.8% and 11.6%, respectively. The maturity date of the Term Loan is April 23, 2030, provided that the maturity date under the Shareholder PIK Loan (in effect on or prior to December 5, 2027) is extended to July 23, 2030, otherwise the maturity date of the Term Loan will be December 5, 2027.

#### Shareholder PIK Loan
On March 6, 2020, we entered into a payment-in-kind loan facility, or the Shareholder PIK Loan, with a syndicate of financial institutions to refinance our then-existing indebtedness. We effected several amendments to the Shareholder PIK Loan, for instance we amended the Shareholder PIK Loan in 2024 to extend the maturity date from March 6, 2025 to March 6, 2028. The Shareholder PIK Loan bears interest at a fixed rate of 14% per annum, of which 0.5% is paid in cash and 13.5% accrues on the then-outstanding principal balance as PIK interest, in each case which is paid and capitalized (as applicable) quarterly, and the principal amount of the Shareholder PIK Loan is due at maturity. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026. As of December 31, 2025 and 2024, we had an outstanding balance of $878 million and $728 million, respectively, under the Shareholder PIK Loan and the effective interest rate was 14.0% per annum in both periods. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026.

#### Revolving Credit Facility — ABL Facility
On March 6, 2020, we entered a seven-year senior secured asset backed lending facility with Wells Fargo, which was subsequently amended in August 2022, or as amended, the ABL Facility, which provides for a maximum borrowing capacity of up to £90 million ($121 million using a conversion rate of £0.74 per U.S. dollar as at December 31, 2025) and was primarily intended to provide for our working capital needs. Interest on outstanding borrowings under the ABL is payable monthly and accrues at a variable rate based on

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SONIA/SOFR/EURIBOR plus 3.0%, and we pay a commitment fee of 0.9% per annum on the unused portion of the facility. The ABL Facility is secured by our accounts receivable and inventory and our obligations are guaranteed by certain of our subsidiaries. As of December 31, 2025, we had an outstanding balance of $1 million which compares to $40 million as of December 31, 2024 under the ABL Facility and the effective interest rates ranged from 5.3% – 7.3% for the year ended December 31, 2025 and (6.5% – 8.1%) for the year ended December 31, 2024.

At December 31, 2025, we had other loans of $38 million, as compared to $49 million at December 31, 2024. These consisted of a number of working capital and term loan facilities in India and China and some equipment financing in the United States and the United Kingdom.

At December 31, 2025, we had cash and cash equivalents of $32 million, as compared to $25 million at December 31, 2024, and $0 in restricted cash deposit as compared to $7 million at December 31, 2024.

#### Capital Expenditures
We have invested more than $170 million in our manufacturing facilities since 2020, which has expanded our capacity and replaced aged machinery with state of the art equipment which has and will improve operational performance and margins. We expect to incur approximately $58 million in capital expenditures over the next 12 months primarily to increase our capacity and capabilities.

#### Working Capital
We believe that our current cash and cash equivalents and the amounts available under our revolving credit facility will be sufficient to meet our anticipated cash needs for working capital and capital expenditures for at least the 12 months following this offering.

#### Cash Flows
The following table summarizes the major components of net cash flows for the periods presented:

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| | | |
|:---|:---|:---|
| | **Three months ended**  | **Three months ended**  |
| **($ in millions)**  | **March 29, 2026**  | **March 30, 2025**  |
| Net cash from/(used in) operating activities  | (7) | 19 |
| Net cash used in investing activities  | (10) | (4) |
| Net cash (used in)/generated from financing activities  | 18 | (22) |
|  Effect of exchange rate fluctuations on cash and cash equivalents and restricted cash deposit  |  | 8 |
|  Net increase/(decrease) in cash and cash equivalents and restricted cash deposit  | 1 | 1 |

---

#### Operating Activities
Our primary source of operating cash inflows is customer receipts. Our primary uses of operating cash outflows are payments to suppliers, employees and utility providers, as well as for interest payments. As our business has expanded, our working capital requirements have grown. We expect our working capital to grow as we continue to grow our business.

For the three months ended March 29, 2026, net cash used in operating activities was $(7) million, primarily attributable to net income adjusted to remove non-cash items of $23 million and an increase in operating assets and liabilities of $30 million. The net cash used in operating activities in the three months to March 29, 2026 was negatively impacted by an increase in input metal costs, which is the key driver of the increase in inventories of $43 million. For the three months ended March 30, 2025, net cash from operating activities was $19 million, primarily attributable to net income adjusted to remove non-cash items of $28 million and an increase in operating assets and liabilities of $7 million. Net cash from/(used in) operating activities included $15 million and $3 million of interest paid for the three months ended March 29, 2026 and March 30, 2025, respectively.

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#### Investing Activities
Our investing activities have primarily consisted of purchases of property, plant and equipment. For the three months ended March 29, 2026, net cash used in investing activities was $(10) million, which was made up of $10 million of capital expenditures. For the three months ended March 30, 2025, net cash used in investing activities was $(4) million, which was made up of $4 million of capital expenditures.

#### Financing Activities
Our financing activities have primarily consisted of repayments of borrowings and proceeds from borrowings.

Our financing activities have primarily consisted of repayments of borrowings and proceeds from borrowings. Net cash provided by financing activities was $18 million for the three months ended March 29, 2026, primarily attributable to net drawdowns against the ABL Facility and other debt facilities. All customer receivables secured under the ABL agreement are paid back to the ABL Facility on a daily basis driving the majority of the $275 million of repayment of borrowings in the three months ended March 29, 2026 ($197 million in the three months ended March 30, 2025), alongside other repayments to our other debt facilities. This is offset by the proceeds of borrowings which primarily relates to draw downs against the ABL Facility of $293 million in the three months ended March 29, 2026 ($175 million in the three months ended March 30, 2025). Net cash used in financing activities was $(22) million for the three months ended March 30, 2025, primarily attributable to net repayments of borrowings under the ABL Facility and other debt facilities.

The following table summarizes the major components of net cash flows for the periods presented:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31**  | **Year Ended December 31**  |
| **($ in millions)**  | **2025**  | **2024**  |
| Net cash from/(used in) operating activities  | 42 | (17) |
| Net cash used in investing activities  | (31) | (35) |
| Net cash (used in)/generated from financing activities  | (13) | 50 |
|  Effect of exchange rate fluctuations on cash and cash equivalents and restricted cash deposit  | 2 |  |
| Net decrease in cash and cash equivalents and restricted cash deposit  |  | (2) |

---

#### Operating Activities
Our primary source of operating cash inflows is customer receipts. Our primary uses of operating cash outflows are payments to suppliers, employees and utility providers, as well as for interest payments. As our business has expanded, our working capital requirements have grown. We expect our working capital to grow as we continue to grow our business.

In 2025, net cash flows from operating activities was $42 million, primarily attributable to net income adjusted to remove non-cash items of $41 million and a $1 million decrease in operating assets and liabilities. In 2024, net cash used in operating activities was $17 million primarily attributable to net income adjusted to remove non-cash items of $19 million and an increase in operating assets and liabilities of $36 million. Net cash from / (used) in operating activities included $72 million and $71 million of interest paid in 2025 and 2024, respectively. The change in net cash from/(used) in operating activities is primarily attributable to an increase in customer receipts linked to the increase in revenue from payments, as well as an increase in supplier payments. Given that the increase in customer receipts exceeded the increase in supplier payments, net cash from operations is net up overall. This resulted in an increase in net income adjusted to remove cash items of $22 million and the increase in operating assets and liabilities in 2024 of $36 million compared to a $1 million decrease in 2025 which resulted in a $59 million improvement in net cash from operations.

#### Investing Activities
Our investing activities have primarily consisted of purchase of property, plant and equipment. In 2025, net cash used in investing activities was $31 million, which was made up of $31 million of capital

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expenditures. In 2024, net cash used in investing activities was $35 million, which included $37 million of capital expenditures, partially offset by proceeds received from fixed asset disposals.

#### Financing Activities
Our financing activities have primarily consisted of repayments of borrowings and proceeds from borrowings.

Net cash used by financing activities was $13 million for 2025 which is primarily attributable to the net repayment to our ABL Facility, partially offset by the additional draw down on the Term Loan facility on April 25, 2025. All customer receivables secured under the ABL agreement are paid back to the ABL Facility on a daily basis driving the majority of the $1,019 million of repayment of borrowings ($1,323 million in 2024), alongside other repayments to our other debt facilities. This is partially offset by the proceeds of borrowings which primarily relates to draw downs against the ABL Facility of $1,006 million ($1,384 million in 2024), alongside other drawdowns from our other debt facilities. Net cash provided by financing activities was $50 million for 2024 consisting primarily of the net position of proceeds from and repayments to our ABL Facility along with the proceeds from the refinancing of the Term Loan on April 23, 2024. The decrease in net cash generated by financing activities is primarily attributable to the improvements in net cash from operating activities in 2025 and the reduced need for net cash from financing activities. We expect the completion of this offering to result in a material increase in our cash flows from financing activities.

#### Contractual Obligations
As of December 31, 2025 and 2024, there were $53 million and $11 million committed capital expenditure but not spent mainly related to Plant, machinery and equipment, respectively.

As of December 31, 2025, our total debt was $1,434 million, including $1,280 million in non-current borrowings and $154 million in current borrowings, as compared to total debt of $1,287 million, including $1,255 million in non-current borrowings and $32 million in current borrowings as of December 31, 2024. For more information on our non-current borrowings, see "— Liquidity and Capital Resources" and Note 13 to our audited consolidated financial statements included elsewhere in this prospectus. Our total lease obligations are $16 million, with $2 million due in less than one year. See Note 12 to our audited consolidated financial statements included elsewhere in this prospectus.

As of March 29, 2026, our total debt was $712 million, including $549 million in non-current borrowings and $163 million in current borrowings. Our total lease obligations are $18 million, with $5 million due in less than one year.

#### Other Obligations and Commitments
 *Management Incentive Plan* 

As part of the 2020 restructuring, we implemented a cash-based management incentive plan which was designed to provide incentives for our senior management and to deliver long-term shareholder returns. The total liability in respect of the MIP was $146 million and $54 million for the years ended December 31, 2025 and December 31, 2024, respectively, of which $132 million and $49 million, respectively, was separately presented on the consolidated balance sheet, and $14 million and $5 million, respectively, was recognized in accrued expenses and other current liabilities related to social security and sundry taxes. For more details, see Note 18 to our audited consolidated financial statements included elsewhere in this prospectus.

In addition, we have future obligations under various contracts relating to pensions and other post-retirement benefit plans. For more detailed information, see Note 16 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Off-Balance Sheet Arrangements
We do not currently engage in off-balance sheet financing arrangements. In addition, we do not have any interest in entities referred to as variable interest entities, which includes special purpose entities and

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other structured finance entities. We have issued two letters of credit against the ABL Facility which relate to UK energy hedging contracts and intra-Group financing arrangements. These are not expected to have a material impact on us.

#### Quantitative and Qualitative Disclosure about Market Risk

#### Foreign Currency Risk
Our reporting currency is the U.S. dollar. The reporting and functional currency of our wholly-owned foreign subsidiaries is a combination of local currency and the U.S. dollar.

Our sales and operating expenses are generally denominated in the currencies of the countries in which our operations are located, which are in the United States, the United Kingdom, Germany, Mexico, China and India. Our consolidated results of operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign exchange rates. We hedge our exposure to fluctuations in foreign currency exchange rates through the use of forward foreign currency exchange contracts. A 10% increase or decrease in the relative value of the U.S. dollar for the year ended December 31, 2025 would not have resulted in a material impact on our operating results.

#### Interest Rate Risk
Our primary exposure to interest rate risk results from outstanding borrowings under the Term Loan and Revolving Credit Facility, which has a variable interest rate component. We estimate that a 1.0% increase in the applicable average interest rates for the year ended December 31, 2025 would have resulted in an estimated $5 million increase in interest expense. See "— Liquidity and Capital Resources" above.

We had cash of $32 million and $25 million as of December 31, 2025 and 2024, respectively, and restricted cash deposits of $0 and $7 million as of December 31, 2025 and 2024, respectively, which is held for working capital and general corporate purposes. We do not have cash equivalents, other restricted cash or marketable securities and we do not enter into investments for trading or speculative purposes. Our cash holdings in interest-bearing accounts are exposed to market risk due to fluctuations in interest rates, which may affect our interest income.

We will continue to monitor market risk due to fluctuations in interest rates and potential impacts to the fair value of our holdings and operating cash flows.

#### Inflation Risk
We have generally experienced increases in our costs of labor, materials and services consistent with overall rates of inflation, but we do not believe that inflation has had a material effect on our business, results of operations, or financial condition. We expect the impact of such increases will be mitigated by efforts to lower costs through manufacturing efficiencies and identifying alternative sourcing and pass-through clauses in our contracts, as we did in the year ended December 31, 2025. However, continued cost inflation and supply chain disruptions during 2026 may continue to require similar efforts to mitigate the impact of continued cost inflation and supply chain disruptions on our results of operations. Our inability or failure to offset cost increases could adversely affect our business, results of operations, or financial condition.

#### Credit Risk
Credit risk is the financial loss if a customer or counterparty to financial instruments fails to meet its contractual obligation. Credit risk arises from our cash and cash equivalents and trade and other balances. The concentration of our credit risk is considered by counterparty, geography and currency. We give careful consideration to which organizations we use for our banking services in order to minimize credit risk.

We use forward-looking information in our analysis of expected credit losses for all instruments, which is limited to the carrying value of cash and cash equivalents and trade and other balances. Our management considers the above measures to be sufficient to control the credit risk exposure.

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#### Application of Critical Accounting Policies and Estimates
Our accounting policies and their effect on our financial condition and results of operations are more fully described in our consolidated financial statements included elsewhere in this prospectus. We have prepared our financial statements in conformity with U.S. GAAP, which requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, revenue and expenses and disclosure of contingent assets and liabilities. These estimates are prepared using our best judgment, after considering past and current events and economic conditions. While management believes the factors evaluated provide a meaningful basis for establishing and applying sound accounting policies, management cannot guarantee that the estimates will always be consistent with actual results. In addition, certain information relied upon by us in preparing such estimates includes internally generated financial and operating information, external market information, when available, and when necessary, information obtained from consultations with third-parties. Actual results could differ in a material adverse manner from these estimates. See "Risk Factors" for a discussion of the possible risks which may affect these estimates.

We believe that the accounting policies discussed below are the most critical to our financial results and to the understanding of our past and future performance, as these policies relate to the more significant areas involving management's estimates and assumptions. We consider an accounting estimate to be critical if: (1) it requires us to make assumptions because information was not available at the time or it included matters that were highly uncertain at the time we were making our estimate; and (2) changes in the estimate could have a material impact on our financial condition or results of operations. For additional significant accounting policies, Note 2 to our audited consolidated financial statements included elsewhere in this prospectus.

#### Revenue
Revenue related to contracts with customers is recognized in accordance with ASC 606, Revenue from Contracts with Customers, when the associated performance obligation has been satisfied and the control of the goods has been transferred to customers, in an amount that reflects the consideration we expect to receive in exchange for those goods.

We follow the five-step model outlined in ASC 606 for revenue recognition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Identification of the contract(s) with the customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Identification of the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Determination of the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Allocation of the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Recognition of revenue when, or as, a performance obligation is satisfied

 *Identification of Performance obligations* 

<u>Product sales</u> 

We produce Engine Products which include turbine airfoils and structural castings for the aeroengines and IGT power systems as well as turbocharger wheels for commercial vehicle and passenger car turbo engines.

<u>Consignment arrangements</u> 

We also have consignment inventory agreements whereby we provide goods to a consignee to sell, but we retain ownership of the goods until they are sold to an end-customer or we surrender control of the inventory to the consignee for payment.

 *Determining transaction price and standalone selling prices* 

The transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. Our contracts typically only have one performance obligation, such that we do not allocate components of the transaction price.

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 *Variable consideration* 

Certain contracts with customers give rise to variable consideration. At contract inception, we have the right to charge customers when the market price of certain metals and other alloys exceeds the price stated within the contract. At contract inception, we constrain all estimates of variable consideration and do not include the variable consideration in the transaction price. At each period end, we will recognize revenue for the amount in which the market price of the metals and other alloys exceeds the stated contract price. Variable consideration is estimated utilizing the most likely amount method that is expected to be earned as we are able to estimate within a sufficiently narrow range of possible outcomes based on observable market prices and the terms of the underlying contracts. Variable consideration is reassessed at each reporting date and adjustments are made, when necessary.

We also provide certain customers the right of return of scrap material, which we can use to fulfill future customer orders. Estimated scrap material returns are variable consideration recorded as a reduction in revenues at the time of sale, based using the expected value method. We estimate the variable consideration using historical return experience, adjusted for known trends, to arrive at the amount of consideration expected to be received. We evaluate the return liability at each reporting date, and adjustments, are made, when necessary. Liabilities for return allowances are included in other accrued and other current liabilities on the consolidated balance sheets. The rights to recover products from customers associated with its liabilities for return reserves are included in inventory on our consolidated balance sheets.

 *Satisfaction of performance obligations* 

For product sales, most of our revenue is derived from sales of goods under ex-works shipping terms, whereby control of the goods transfers to the customer when the products are made available for collection at our premises. At that point, the customer assumes the risks and rewards of ownership, including responsibility for transportation and handling. For non-ex works terms with customers, revenue is recognized at the time of delivery to, or collection by, the customer and when all performance obligations under the sale contract have been fulfilled and title has passed to the customer.

For consignment inventory agreements, revenue is recognized upon the end-customer receiving goods from the consignee, or when we surrender control of the inventory to the consignee.

 *Payment terms* 

Invoices are issued to and are due for payment by customers according to the terms of the contractual arrangement that exists. Contractual terms vary by customer and invoices are generally settled between the date of issue prior to delivery and up to 90 days after the invoice date (depending on the terms negotiated in advance). For revenue recognized over time, customers are billed based on the terms of the contract, which are typically monthly, or quarterly. Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities.

 *Contract assets and liabilities* 

We do not have material contract assets or contract liabilities associated with customer contracts. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenue during the years ended December 31, 2025 and 2024 that was included in the contract liability balance as of January 1, 2024 and January 1, 2025, respectively.

 *Costs to obtain or fulfill a customer contract* 

We have certain costs to obtain and fulfill a customer contract, such as shipping costs. We recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less. Incremental costs of obtaining contracts that would be recognized over greater than one year are not material.

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 *Significant estimates and judgments* 

The revenues accounted for under ASC 606 do not require significant estimates or judgments, primarily for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The transaction price is generally fixed and stated on our contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • As noted above, our contracts generally do not include multiple performance obligations, and accordingly do not generally require estimates of the standalone selling price for each performance obligation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Most of our revenue is recognized as of a point-in-time and the timing of the satisfaction of the applicable performance obligations is readily determinable. As noted above, revenue is generally recognized at the time of delivery to the customer, or in the case of ex-works contracts, when we make the product available to the customer.

#### Inventories
Inventories are stated at the lower of cost and net realizable value on a first-in, first-out basis. Cost comprises direct materials and, where applicable, direct labor costs and those overheads, including depreciation of property, plant and equipment, that have been incurred in bringing the inventories to their present location and condition. When cost is computed using standard cost, the standard cost approximates actual cost. Direct materials mainly consist of alloy which can either be 100% virgin or an approved blend, including the use of revert material which arises as a by-product of the production processes. Net realizable value represents the estimated selling prices less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

If we identify excess, obsolete or unsalable items, inventories are written down to their net realizable value in the period in which the impairment is identified. These adjustments are recorded based upon various factors, including the level of product manufactured by us, and current and projected demand.

#### Goodwill
Goodwill is the excess of the purchase price over the estimated fair values of the underlying net assets of an acquired business. At the time of acquisition, goodwill is allocated to reporting units based on the relative fair value of each reporting unit at the acquisition date. We assess goodwill for impairment at least annually, with the latest assessment performed as of December 31, or more frequently if conditions indicate that such impairment could exist. Impairment testing for goodwill is performed at the reporting unit level. We first evaluate 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 the qualitative assessment indicates potential impairment, or if we elect to bypass the qualitative assessment, a quantitative test is performed. The quantitative test calculates the excess of the reporting unit's fair value over its carrying amount, including goodwill, utilizing a discounted cash flow method. The test for impairment of goodwill requires us to make several assumptions and estimates regarding market conditions and our future profitability to determine the fair value of the reporting unit. Significant assumptions used in the reporting unit fair value measurements include forecasted cash flows, including revenue and expense growth rates, discount rates, and revenue and earnings multiples. An impairment loss is recognized when the carrying amount of the reporting unit net assets exceeds the estimated fair value of the reporting unit. The impairment loss is limited to the total amount of goodwill allocated to that reporting unit.

#### Impairment of long-lived assets
Long-lived assets consist primarily of property and equipment, right-of-use lease assets, and definite-lived intangible assets. We assess the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indications of impairment exist, projected future undiscounted cash flows associated with the asset (or asset group) would be compared to the carrying value of the asset to determine whether the asset's value is recoverable. If impairment is determined, we record an impairment loss equal to the excess of the carrying value of the long-lived asset over its estimated fair value in the period at which such a determination is made.

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In assessing the level of the impairment, we compared the carrying value of our investment to its fair value, less costs to sell where the fair value less costs to sell was based on determined primarily based on the expected transaction price contemplated under the letter of intent. Upon classification of the Ivostud business as held for sale, its cumulative foreign currency translation adjustment within shareholders' equity was included with its carrying value.

#### Income Taxes
The taxation expense for the year represents the sum of current tax and deferred tax. The expense is recognized in the Consolidated Income Statements, in the Statements of Comprehensive Income or in equity depending on the accounting treatment of the related transaction.

 *Current Tax* 

Current tax is determined based on taxable income for the period, including adjustments for prior periods. It is calculated using tax rates that have been enacted at the end of the reporting period. We have elected to record penalties related to income tax within its income tax expense (benefit) and interest within its interest expense.

 *Deferred Tax* 

We account for income taxes in accordance with ASC 740, "Income Taxes" using the asset and liability method.

Under this method, deferred tax assets and liabilities are recognized based upon the estimated future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense (benefit) in the period the tax rates are enacted.

Our deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. We evaluate the realizability of deferred tax assets for each of the jurisdictions in which they operate by assessing all positive and negative evidence. This includes historical operating results, known or planned operating developments, the period of time over which certain temporary differences will reverse, consideration of the reversal of certain deferred tax liabilities, tax loss carryback capability in the particular country, and prudent and feasible tax planning strategies. After evaluation of these factors, if the deferred tax assets are expected to be realized within the tax carryforward period allowed for that specific country, we would conclude that no valuation allowance would be required. To the extent that the deferred tax assets exceed the amount that is expected to be realized within the tax carryforward period for a particular jurisdiction, we establish a valuation allowance.

 *Unrecognized Tax Benefits* 

We recognize benefits from tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the positions. The tax benefits recognized in the consolidated financial statements from such positions are measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement. Judgment is required in evaluating tax positions and determining unrecognized tax benefits. We re-evaluate the technical merits of our tax positions and may recognize the benefit of a tax position in certain circumstances, including when: (1) a tax examination is completed; (2) applicable tax laws change, including through a tax case ruling or legislative guidance; or (3) the applicable statute of limitations expires.

 *Residual Income Tax Effects* 

We allocate income taxes to other comprehensive income and income tax amounts accumulate in accumulated other comprehensive income, or AOCI, in accordance with ASC 740, Income Taxes. The

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income tax effects of items included in AOCI are released into the consolidated statement of income (loss) in the same period in which the related pre-tax amounts are reclassified using the specific identification method. When an event occurs that results in the partial or full reclassification of amounts from AOCI (such as disinvestment of foreign operations), the corresponding income tax effects are released from AOCI and recognized in income consistent with the underlying item.

#### Quarterly Results of Operations and Other Financial Data
The following tables set forth our historical unaudited consolidated statements of operations 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 data set forth below should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  |
| **($ in millions, except share and per share amounts)**  | **March 30, <br> 2025**  | **June 29, <br> 2025**  | **September 28, <br> 2025**  | **December 31, <br> 2025**  | **March 29, <br> 2026**  |
|  **Consolidated Statements of Income (Loss):**  |  |  |  |  |  |
| Revenue  | 188 | 201 | 221 | 227 | 237 |
| Cost of sales  | (146) | (150) | (168) | (180) | (180) |
| **Gross profit**  | **42** | **51** | **53** | **47** | **57** |
|  Selling, general and administrative expenses  | (42) | (45) | (50) | (61) | (45) |
| Interest expense  | (52) | (55) | (57) | (58) | (53) |
| Interest income  |  |  | 1 | 1 |  |
| Foreign currency gain/(loss), net  | 8 | 13 | (5) |  | (2) |
|  Reversal/(Impairment) of disposal group held for sale  |  | 3 |  | 2 |  |
| **Loss before income tax**  | **(44)** | **(33)** | **(58)** | **(69)** | **(43)** |
| Income tax benefit (expense)  | (9) | (16) | 16 | 40 | (4) |
| **Net loss**  | **(53)** | **(49)** | **(42)** | **(29)** | **(47)** |
|  Net loss per share attributable to ordinary shareholders – basic and diluted  | (0.12) | (0.11) | (0.09) | (0.06) | (0.10) |
|  Weighted-average shares outstanding <br> used in computing net loss per share <br> attributable to ordinary <br> shareholders – basic and diluted  | 451747577 | 451747577 | 451747577 | 451747577 | 451747577 |
|  **Other Data (in thousands, except percentages):**  |  |  |  |  |  |
| Adjusted EBITDA<sup>(1)</sup>  | 29 | 36 | 37 | 36 | 40 |
| Adjusted EBITDA Margin<sup>(1)</sup>  | 15.4% | 17.9% | 16.7% | 15.9% | 16.9% |

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(1) See "— Non-GAAP Financial Measures" below for how we define and calculate adjusted EBITDA, adjusted EBITDA margin and adjusted net income (loss), a reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures, and a discussion about the limitations of these non-GAAP financial measures.

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#### Non-GAAP Financial Measures

#### Adjusted EBITDA and adjusted EBITDA margin
Adjusted EBITDA is a non-GAAP financial measure that we define as net loss before interest income, interest expense, income taxes, depreciation and amortization, and further adjusted for certain items that management believes are not indicative of our core operating performance, including site closure, refinancing, and other re-organization costs, legal and professional fees incurred on refinancing of the senior debt facility, receipt of an insurance claim, management incentive plan expenses which are not expected to continue at the same level in future periods, impairment of non-core assets held for sale or gains from remeasurements from the change in fair value of the disposal group, one-off costs related to the IPO, costs incurred in relation to the development of an upgraded ERP system, and foreign currency gains and losses that relate to our external and intra-Group financing structure. Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.

The following table reconciles net loss, the most directly comparable U.S. GAAP measure, to adjusted EBITDA and adjusted EBITDA margin for the periods presented for each of the quarters indicated (in millions unless otherwise indicated):

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|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
| **($ in millions)**  | **March 30, <br> 2025**  | **June 29, <br> 2025**  | **September 28, <br> 2025**  | **December 31, <br> 2025**  | **March 29, <br> 2026**  | **December 31, <br> 2025**  | **December 31, <br> 2024**  |
| **Net income/(loss)**  | $**(53)** | $**(49)** | $**(42)** | $**(29)** | $**(47)** | $**(173)** | $**(193)** |
| Interest income  | (0) | (0) | (1) | (1) | (0) | (2) | (1) |
| Interest expense<sup>(1)</sup>  | 52 | 55 | 57 | 58 | 53 | 222 | 203 |
| Income taxes  | 9 | 16 | (16) | (40) | 4 | (31) | 8 |
| Depreciation and amortization  | 7 | 7 | 7 | 11 | 7 | 32 | 32 |
| Site closure and refinancing costs  | 0 | 1 | (1) | (1) | 0 | (1) | 7 |
| One-time costs related to the IPO  | 0 | 0 | 5 | 13 | 8 | 18 | 0 |
| Claims, settlements and litigation costs  | 0 | (2) | 1 | 3 | 0 | 2 | (2) |
| Long term management incentive plan<sup>(2)</sup>  | 21 | 23 | 21 | 22 | 13 | 87 | 29 |
| IT development project and others  | 1 | 1 | 1 | 2 | 0 | 5 | 0 |
| Loss on debt modification  |  |  |  |  |  |  | 9 |
|  Impairment/(reversal) of disposal group held for sale  | 0 | (3) | 0 | (2) | 0 | (5) | 9 |
| Foreign currency gain/(loss), net  | (8) | (13) | 5 | 0 | 2 | (16) | (4) |
| **Adjusted EBITDA**  | $**29** | $**36** | $**37** | $**36** | $**40** | $**138** | $**97** |
| Revenue  | $188 | $201 | $221 | $227 | $237 | $837 | $746 |
| **Adjusted EBITDA margin**  | **15.4%** | **17.9%** | **16.7%** | **15.9%** | **16.9%** | **16.5%** | **13.0%** |

---

(1) Includes $148 million and $121 million of interest in respect of the Shareholder PIK Loan in 2025 and 2024, respectively, and $40 million and $36 million for the three months ended March 29, 2026 and March 30, 2025, respectively. The total outstanding principal balance was $878 million and $728 million, as of December 31, 2025 and 2024, respectively. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources" and Note 13 to our audited consolidated financial statements included elsewhere in this prospectus.

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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;

(2) Relates to the non-cash MIP expenses which are not expected to continue at the same level in future periods.

We present adjusted EBITDA and adjusted EBITDA margin as supplemental performance measures because we believe they facilitate operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting interest expenses, net and foreign currency gains and losses, net), tax positions (such as the impact on periods or companies of changes in effective tax rates), non-cash charges resulting from depreciation of long-lived assets (affecting relative depreciation and amortization expense) and other items that are not representative of core operating performance or items that we do not expect to continue at the same level in future periods. We believe that adjusted EBITDA and adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Nevertheless, this information should be considered as supplemental in nature and is not meant as a substitute for net loss recognized in accordance with U.S. GAAP.

We understand that although adjusted EBITDA and adjusted EBITDA margin are frequently used by securities analysts, lenders and others in their evaluation of companies, adjusted EBITDA and adjusted EBITDA margin have limitations as an analytical tool and you should not consider it in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adjusted EBITDA and adjusted EBITDA margin do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments, including depreciation and amortization of assets that often have to be replaced in the future, or amounts due under our MIP (see "Certain Relationships and Related Party Transactions — Management Incentive Plan"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adjusted EBITDA and adjusted EBITDA margin do not reflect changes in, or cash requirements for, our working capital needs.

#### Adjusted net income/loss
Adjusted net income is a non-GAAP financial measure that we define as net income/loss adjusted for certain items that management believes are not indicative of our core operating performance, including site closure, refinancing, and other re-organization costs, legal and professional fees incurred on refinancing of the senior debt facility, the loss on debt modification following the refinancing activity, receipt of an insurance claim, management incentive plan expenses which are not expected to continue at the same level in future periods, impairment of non-core assets held for sale or gains from remeasurements from the change in fair value of the disposal group, one-off costs related to the IPO, costs incurred in relation to the development of an upgraded ERP system, foreign currency gains and losses that relate to our external and intra-Group financing structure, Shareholder PIK loan interest expense and tax adjustments.

The following table reconciles net loss, the most directly comparable U.S. GAAP measure, to adjusted net loss for the periods presented:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **($ in millions)**  | **March 29, <br> 2026**  | **March 30, <br> 2025**  | **2025**  | **2024**  |
| **Net loss**  | (47) | (53) | (173) | (193) |
| Site closure and refinancing costs  |  |  | (1) | 7 |
| One-time costs related to the IPO  | 8 |  | 18 |  |
| Claims, settlements and litigation costs  |  |  | 2 | (2) |
| Long term management incentive plan  | 13 | 21 | 87 | 29 |
| IT development project and others  |  | 1 | 5 |  |
| Loss on debt modification  |  |  |  | 9 |
| Impairment of disposal group held for sale  |  |  | (5) | 9 |
| Foreign currency gain/(loss), net  | 2 | (8) | (16) | (4) |
| Shareholders PIK loan interest expense  | 40 | 36 | 148 | 121 |
| Tax charge relating to the above adjustments  | (4) | (4) | (20) | (11) |
| **Adjusted net income (Loss)**  | **12** | **(7)** | **45** | **(35)** |

---

We present adjusted net income/(loss) as a supplemental measure because we believe it provides information to management and investors about operating performance across reporting periods on a consistent basis by excluding items that are not representative of core operating performance or items that we do not expect to continue at the same level in future periods. Nevertheless, this information should be considered as supplemental in nature and is not meant as a substitute for net income/(loss) recognized in accordance with U.S. GAAP. We understand that although adjusted net income/(loss) is frequently used by securities analysts, lenders and others in their evaluation of companies, adjusted net income/(loss) has limitations as an analytical tool and you should not consider it in isolation, or as a substitute for analysis of our net income/(loss) as reported under U.S. GAAP. Limitations associated with using adjusted net income/(loss) include that there may be additional adjustments in future periods that may be excluded from the measure. Management believes it is appropriate to also consider net income/(loss) as the most comparable U.S. GAAP measure. Other companies, including companies in our industry, may calculate adjusted net income/(loss) differently or not at all, which reduces their usefulness as a comparative measure. You should consider adjusted net income/(loss) along with other financial performance measures, including net income/(loss), and our financial results presented in accordance with U.S. GAAP. We understand that although adjusted net income/(loss) are frequently used by securities analysts, lenders and others in their evaluation of companies, adjusted net income/(loss) have limitations as an analytical tool and you should not consider it in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The exclusion of costs such as asset impairments, restructuring, refinancing and site closure costs which can impact on shareholder value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Where the exclusions relate to cash costs this can result in a disconnect between adjusted net income/(loss) performance and cash flow performance.

#### Adjusted net debt and adjusted net debt to adjusted EBITDA
Adjusted net debt is a non-GAAP financial measure we define as the sum of borrowings, current and non-current, or total debt, less the carrying amount of shareholder loan facilities, and less cash and cash equivalents and restricted cash deposit. Adjusted net debt to adjusted EBITDA is defined as adjusted net debt divided by adjusted EBITDA.

The following table reconciles total borrowings, the most directly comparable U.S. GAAP measure, to adjusted net debt and adjusted net debt to adjusted net EBITDA for the periods presented:

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---

| | | | |
|:---|:---|:---|:---|
| | **Three Months <br> Ended <br> March 29, <br> 2026**  | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **($ in millions)**  | **Three Months <br> Ended <br> March 29, <br> 2026**  | **2025**  | **2024**  |
| Borrowings, current  | 163 | 154 | 32 |
| Borrowings, non-current  | 549 | 1280 | 1255 |
| Less: Shareholder PIK Loan  | (137) | (878) | (728) |
| Less: Cash and cash equivalents and restricted cash deposit  | (33) | (32) | (32) |
| **Adjusted net debt**  | **542** | **524** | **527** |
| Last 12 months Adjusted EBITDA  | 149 | 138 | 97 |
| **Adjusted net debt to adjusted EBITDA**  | **3.6** | **3.8** | **5.4** |

---

We present adjusted net debt and adjusted net debt to adjusted EBITDA as supplemental measures because we believe they are key indicators of our financial leverage and capital structure that provides view of our financial leverage by excluding shareholders' loan (Shareholder PIK Loan) as it offers a clearer picture of our third parties debt obligations that are typically subject to significant cash interest amounts. In December 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026. See "— Liquidity and Capital Resources" and Note 13 to our audited consolidated financial statements included elsewhere in this prospectus. Additionally, we intend to use certain of the net proceeds from this offering to repay the remaining balance of the Shareholder PIK Loan.

Nevertheless, this information should be considered as supplemental in nature and is not meant as a substitute for borrowings, current and non-current recognized in accordance with U.S. GAAP.

Other companies, including companies in our industry, may calculate adjusted EBITDA, adjusted EBITDA margin, adjusted net debt, adjusted net debt to adjusted EBITDA, and adjusted net income/(loss) differently or not at all, which reduces their usefulness as a comparative measure. You should consider adjusted EBITDA, adjusted EBITDA margin, adjusted net debt, adjusted net debt to adjusted EBITDA, and adjusted net income/(loss) along with other financial performance measures, including net income/(loss), net cash from/(used) in operating activities and total borrowings and our financial results presented in accordance with U.S. GAAP.

#### New and Revised Financial Accounting Standards
The JOBS Act permits emerging growth companies such as us to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

#### Recently Issued and Adopted Accounting Pronouncements
The following standards have been recently issued which could be applicable to us.

 *Recently adopted accounting standards* 

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280). ASU 2023-07 requires that a public entity disclose: (1) on an annual and interim basis, significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit or loss; (2) on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; and (3) the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The other segment items category is the difference between segment revenue less the segment expenses disclosed and each reported measure of segment profit or loss. For public business entities, the new guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years

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beginning after December 15, 2024. We adopted the new guidance in 2024. See Note 4 to our audited consolidated financial statements included elsewhere in this prospectus.

 *Accounting standards issued but not yet adopted* 

In December 2023, the Financial Accounting Standards Board, or FASB, issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance in this ASU enhances the transparency and decision functionality of income tax disclosures to provide investors information to better assess how an entity's operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flow. The amendments in this ASU require public entities to disclose the following specific categories in the rate reconciliation by both percentages and reporting currency amounts: the effect of state and local income tax, net of federal (national) income tax, foreign tax effects, effects of changes in tax laws or rates enacted in the current period, effects of cross-border tax laws, tax credits, changes in valuation allowances, nontaxable or nondeductible items and changes in unrecognized tax benefits. The amendments in ASU 2023-09 also require public entities to provide additional information for reconciling items that meet the quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income (loss) by the applicable statutory income tax rate). The ASU requires reporting entities to annually disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign localities. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, entities other than public business entities have an additional year to adopt the guidance. We will apply the amendments in this ASU for the first time in the annual period ending December 31, 2026, under the non-public business entities adoption timeline available for an emerging growth company, and are currently assessing the impact of the adoption of ASU 2023-09 on the disclosures in the consolidated financial statements.

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. The guidance in this ASU improves the disclosures about a public business entity's expense by requiring more detailed information about the types of expenses included within the income statement expense captions, such as: inventory purchases, employee compensation, depreciation and intangible asset amortization. This ASU does not change or remove current expense disclosure requirements, however, it does affect where this information appears in the notes to financial statements, as entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 is a requirement for additional disclosure. Additionally, in January 2025, the FASB issued ASU 2025-01 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220- 40): Clarifying the Effective Date, which clarifies the effective date for non-calendar year-end entities. We will apply the amendments in this ASU for the first time in the annual period ending December 31, 2027, under the non-public business entities adoption timeline available for an emerging growth company, and currently assessing the impact of the adoption of ASU 2024-03 on the consolidated financial statements.

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#### Business

#### Our Company
We are a leading independent manufacturer of complex, highly engineered engine products which include complex precision cast components and nickel- and cobalt- based superalloys primarily serving the high growth Aerospace and IGT end markets. Both markets are supported by highly-attractive, long-term structural growth drivers and are experiencing demand super cycles, which we expect to create a very strong, long-term growth environment for our business. We believe we are one of a limited number of companies worldwide with the cutting-edge engineering, chemistry, and metallurgy expertise, along with the large-scale specialized casting equipment required to manufacture these mission-critical parts under strict environmental controls for the most demanding applications within our end markets. In 2025, we maintained 14 principal facilities and generated $837 million of revenue, of which approximately 70% was covered by LTAs. All of our LTAs are framework agreements which set out the terms and conditions under which customers place specific purchase orders for our parts. The LTAs set out specific part pricing which is typically fixed but subject to escalation clauses which allow for the pass through to the customer of movement in metal costs, and other inflationary cost increases which give protection against rising input costs including tariffs, other input materials, labor, energy and logistics in a number of cases through prices linked to published indices. Other key terms in the LTAs include payment terms, performance metrics and other terms of business. Our LTAs typically span 5 years or longer and those for the Aerospace and IGT end markets typically guarantee us a minimum level of market share for the applicable part but in certain cases they also include long term volume commitments for the life of the LTA as is the case in three of our strategic customer partnerships.

We primarily manufacture Engine Products that operate across some of the most in-demand aeroengine and gas turbine platforms, as characterized by the large number of installed units and the substantial amount of sales orders that have been committed to by customers, or backlogs of our customers, which include the world's leading global Aerospace and IGT OEMs. Through decades of operations, we have developed deep engineering expertise, technical know-how, and a collaborative, customer-centric culture that provides solutions to our OEM customers' most complex casting challenges. Our capabilities and operational expertise complement our advanced manufacturing assets, leading to best-in-class quality assurance processes that allow us to deliver reliable performance at scale.

We believe our unique, customer-oriented approach deeply entrenches us in our customers' manufacturing processes and has enabled our ongoing evolution from a transactional, individual parts supplier to a true, strategic partner. In 2024, we began expanding our existing strategic customer partnerships with a select number of key customers in the Aerospace and IGT end markets, including significant customer-funded investments to increase capacity at our manufacturing facilities. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate. We believe we are currently the only competitor able to provide Aerospace and IGT OEMs with dedicated capacity and visibility into increased production planning. As we scale this approach, we believe it will drive larger portfolio-level awards and extended contracts with improved commercial terms and increased share-of-work, enabling us to win incremental business and take market share on priority programs.

The key to being able to facilitate customer demand in these supply-constrained markets is through owning our own supply chain. Our vertically integrated business model includes three superalloy manufacturing facilities which fulfill all our internal nickel- and cobalt-based superalloy requirements for our Engine Products for the Aerospace and IGT castings. We also operate integrated ceramic core production units at both of our large IGT facilities. High-performance nickel- and cobalt-based superalloys are extremely difficult to develop and manufacture but are essential to the casting production chain. Our vertical integration reduces our usage of external supply chains, which are currently experiencing significant capacity constraints, since our facilities produce the majority of the critical components that we require. Additionally, we also supply superalloys to a diverse set of external customers across the Aerospace and IGT end markets. Our vertical integration also includes key post-cast processes such as Hot Isostatic Pressing, heat treatment and X-Ray which are performed in-house at certain facilities. We have opportunities to further develop these capabilities and further reduce usage of external sub-contractors.

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Our product portfolio includes critical components of nearly every major commercial aircraft program, all categories of large and heavy-frame IGT platforms currently in production, including aftermarket content on legacy IGT platforms, and several defense and space programs, positioning us to capture a meaningful share of the multi-billion-dollar total addressable market across the Aerospace and IGT end markets. Many of the current and next-generation aeroengine and gas turbine platforms we serve are experiencing some of the highest build rates in the industry and our customers are actively working to further increase production on key platforms to meet exceptional demand. We work directly with the world's leading Aerospace and IGT OEMs such as GE Aerospace, Honeywell, Pratt & Whitney, Rolls-Royce, Safran, Ansaldo Energia, Doosan, GE Vernova and Siemens Energy. The majority of our Aerospace and IGT Engine Products operate in extreme environments, characterized by high temperature and pressure, and as such are safety-critical, integral components of our customers' supply chains. Our position as a key supplier is supported by our strong relationships and consistent track record of on-time delivery of highly advanced precision cast components across the world that enables our customers to fulfill their multi-year orderbooks. Diversification by product, customer, and platform provides resiliency across cycles and supports strong, recurring revenue. Our content is embedded in the most in-demand aeroengine and gas turbine platforms today. Within the Aerospace end market, our products are critical to CFM International's LEAP engine family and Pratt & Whitney's GTF engine family, which are two leading single aisle engine families in the world powering Boeing's 737 family and Airbus' A320 and A321 families, and GE Aerospace's GEnx engine, which powers the Boeing 787 Dreamliner. Within the IGT end market, our content is critical to major heavy-frame gas turbine programs such as the F-class and H-class turbines manufactured by Siemens Energy. Each of these aeroengine and gas turbine platforms are in high demand, with multi-year orderbook visibility.

Our key product groups of nickel-based and cobalt-based investment castings are used in a wide range of performance critical applications, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Engine Products — Aerospace:** We manufacture structural castings largely for engines in the Aerospace end market and are actively expanding our Aerospace capabilities. Stationary parts, including turbine center frames, bearing housings, combustion diffusers, fins inducers, near flow path seals, blade outer seals, combustion seal segments, injector housings and nozzles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Engine Products — IGT:** We manufacture turbine airfoils (blades and vanes) for the IGT end market and are actively expanding our Aerospace capabilities. This includes rotating and stationary parts that operate in the hot section of an aeroengine or industrial gas turbine, where they must withstand extreme temperatures and pressures, which require exceptionally tight dimensional and metallurgical control and are safety-critical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Hot-Side Turbocharger Wheels:** We manufacture hot-side turbocharger wheels for the transportation end market for off-highway, commercial, and passenger vehicles. Turbocharging is one of the most powerful emissions reduction solutions for internal combustion engines and is universally used in hybrid powertrains.

The below two diagrams illustrate a selection of the products we manufacture, which primarily focus on the hot section of aeroengines and industrial gas turbines, respectively, with structural castings and torque bars being the key components of the engine products for Aerospace and turbine airfoils being the key components of the engine products for IGT:

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#### Engine Products — Aerospace:
![[MISSING IMAGE: ph_aerospace-4clr.jpg]](ph_aerospace-4clr.jpg)

#### Engine Products — IGT:
![[MISSING IMAGE: ph_industrigas-4clr.jpg]](ph_industrigas-4clr.jpg)

(1) Present throughout the entire engine

(2) Present both in high pressure and low pressure turbine section

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In 2025, approximately 70% of our revenue was covered by LTAs with our OEM customers, including our strategic customer partnerships, and approximately 30% of our revenue was derived from spot purchase orders. Our LTAs are framework agreements which set out the terms and conditions under which customers place specific purchase orders for our parts. The LTAs set out specific part pricing which is typically fixed but subject to escalation clauses which allow for the pass through to the customer of movement in metal costs, and other inflationary cost increases which give protection against rising input costs including tariffs, other input materials, labor, energy and logistics in a number of cases through prices linked to published indices. Other key terms in the LTAs include payment terms, performance metrics and other terms of business. Our LTAs typically span 5 years or longer; however, certain of our LTAs allow for termination by convenience by our customers. The LTAs for the Aerospace and IGT end markets typically guarantee us a minimum level of market share for the applicable part but in certain cases they also include long term volume commitments for the life of the LTA as is the case in three of our strategic customer partnerships. Our LTAs provide us with significant visibility on future volumes, revenue, and profitability with specific purchase orders being placed under these LTAs.

As at December 31, 2025, our order Backlog was $725 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings. As at March 29, 2026, our order backlog was $930 million, representing contractually firm purchase orders, which covers more than 12 months of production of Aerospace and IGT castings.

In 2024, we began expanding our strategic customer partnerships with a select number of key customers in the Aerospace and IGT end markets, including significant investments by the customer to increase the capacity at our manufacturing facilities. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate. This revenue number is based on the specific parts set out in each of the agreements and either the volume commitment from the customer in the agreement or a demand forecast received from the customer applied to the contractual price as specified in the agreement. The structure of these strategic customer partnerships demonstrates the long-term commitment our customers are making to us and supports the capital investment necessary to increase our capacity. We believe these strategic customer partnerships will help us increase our market share of high-value content on key programs, which will be accretive to our overall adjusted EBITDA margin profile. We continue to build a pipeline of additional strategic customer partnerships which should offer a meaningful additional growth avenue for us moving forward.

Our revenue from spot purchase orders provides us with a high degree of flexibility in allocation of capacity and pricing. Given the current supply-constrained market conditions, we believe our mix of LTAs and spot purchase orders creates an optimal balance for our business.

We believe our OEM customers view us as a high-quality, scaled alternative to the two large industry participants, PCC and Howmet. This is evidenced by our continued volume growth across our Aerospace and IGT end markets, increased share capture on major platforms within these end markets, and the strategic customer partnerships including capital investment from major OEMs. We continue to proactively collaborate with customers, prioritize timelines, and have deepened trusted strategic customer partnerships that underpin our growth trajectory.

In 2025, approximately 40% of our castings revenue was generated from the aftermarket, currently weighted more to the IGT end market given our leading positions supplying airfoils which are routinely replaced over the typical 20-year lifecycle of a gas turbine. We expect our aftermarket revenue in the IGT end market to benefit from significant growth in the installed base of heavy-frame turbines and current robust OEM backlogs. We similarly expect our aftermarket revenue derived from the Aerospace end market to increase by 2030 due to our strategic partnership with a key Aerospace customer. This partnership includes an investment to substantially increase the capacity at two of our Aerospace manufacturing facilities to apply our directionally solidified and single crystal casting technologies to manufacture aerospace blades and vanes for both OEM and aftermarket applications.

Over our nearly 250-year history, we have built unmatched technical know-how, strong operational capabilities, collaborative relationships with our customers, and a strategically invested asset footprint, resulting in an attractive market position. In 2020, we underwent a change in ownership and initiated a

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management-led turnaround designed to create operational and financial improvements. Management drove this turnaround by focusing on the following four key strategic pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To be customer-centric in all that we do, ensuring that customers receive the best service in respect of quality, on-time delivery and working together to achieve a mutually beneficial outcome;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Renewal of both the asset base and talent within the workforce which is fundamental to our successful operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To implement a continuous improvement mindset across all of our manufacturing facilities to drive operational performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To achieve a set of stretching financial targets including revenue and adjusted EBITDA growth, adjusted EBITDA margin improvement and improvements in cash generation.

Current management includes a refreshed leadership team that has refocused our business on operational excellence and customer centricity by implementing our "operational toolbox" across all our sites. Our operational toolbox includes daily and weekly monitoring of key performance indicators which help our site- and divisional-level management identify operational improvements to implement. Additionally, since 2020 we have deployed over $170 million in capital expenditures to expand our capacity and modernize our assets, which has led to an increase in productivity, reduction in scrap rates, and material improvement to our quality and on-time delivery rates. This turnaround allowed for strong margin expansion with an improvement in the net loss position from $193 million in 2024 to $173 million in 2025 and an improvement in adjusted EBITDA margin from the mid-single digits in 2020 to 16.5% in 2025.

For the year ended December 31, 2025, we generated $837 million of revenue, of which $291 million or 35% was generated in our Aerospace end market, $351 million or 42% was generated in our IGT end market, and $195 million or 23% was generated in our Transportation end market. Since 2020 and under the leadership of our current management team, our revenue has more than doubled, from approximately $365 million revenue in 2020, reflecting strong volume and price improvements supported by end market demand and stronger customer relationships driving increased platform and part participation. In 2025, our capital expenditures totaled $31 million, comprised of investment in capacity expansion, capability expansion, productivity initiatives, equipment upgrades across our manufacturing footprint, health and safety initiatives, and ordinary course maintenance activities to sustain production continuity. These investments are closely aligned with strategic customer partnerships and are a core component of our operating model. We generated a net loss of $173 million for the year ended December 31, 2025, and $138 million of adjusted EBITDA, the former largely reflecting the high and predominantly non-cash interest charge on the Shareholder PIK Loan. In 2025, our adjusted EBITDA margin of 16.5% was a significant increase from our mid-single digit adjusted EBITDA margin in 2020. In 2025, the segment adjusted EBITDA margins for our Engine Products — North America and Engine Products — Europe segments, which comprise of our sales into the Aerospace and IGT end markets, were 18.2% and 21.9%, respectively. The segment adjusted EBITDA margin for our Turbo Wheels segment, which comprises of our sales into the Transportation end market, was 6.5%. For a discussion of the use of adjusted EBITDA and adjusted EBITDA margin, and a reconciliation to the most directly comparable U.S. GAAP measures, see "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures." We have achieved this margin increase through operating leverage on higher volumes, improved operational execution, and value-based pricing initiatives. We expect these factors to continue to drive further margin expansion, while strong demand across our major end markets is expected to drive additional volume growth on recent capacity investment, producing further operating leverage and productivity gains.

#### Our Competitive Strengths

#### Leading Manufacturer of Complex and Highly Engineered Precision Castings
We believe we are a global leader in complex precision castings and one of a limited number of companies worldwide with the cutting-edge engineering and metallurgy expertise and the large-scale specialized casting equipment required to manufacture highly technical mission-critical parts under strict environmental controls required to meet stringent safety and regulatory standards for the most demanding applications within our end markets. Our Engine Products include high-pressure airfoils, engine structural

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castings, and superalloys that are crucial for modern aeroengines and heavy-frame industrial gas turbines. These parts typically operate in the hot section of an engine or turbine, an environment defined by extremely high temperature and pressure, and as a result require precise dimensional accuracy and cutting-edge casting processes to manufacture, which include single crystal and directionally solidified casting. We also manufacture hot-side turbocharger wheels, which are critical to enhancing automotive fuel efficiency and performance.

#### High Barriers to Entry
Our industry is defined by substantial barriers to entry, including specialized manufacturing technical know-how, deep engineering expertise, stringent safety-driven qualification requirements and customer approvals, large manufacturing assets with high capital expenditure requirements and long build times, and regulatory certifications. We believe these barriers provide us with a strong incumbency advantage, supported by our precision, quality, and customer trust built through decades of operations. Our infrastructure, processing capability, and OEM certifications enable us to operate as a scaled manufacturer of some of the largest and most complex castings, particularly large structural components as well as directionally solidified and single crystal airfoils. These components are not only essential to operations but they also help our OEM customers significantly improve their operational efficiency to the highest levels of aeroengine and gas turbine performance, which is a key factor driving competitiveness and product adoption.

#### Vertically Integrated Global Operations
We operate globally across 14 advanced manufacturing facilities that are strategically located near our key customers and in locations where we have access to available, cost-effective labor. A cornerstone of our strategy is our vertical integration model that includes three dedicated facilities supplying 100% of our internal demand for nickel- and cobalt-based superalloys for our Engine Products for the Aerospace and IGT end markets. To cover the requirements of both our internal and external superalloy customers, we have the ability to make more than 500 customized superalloy specifications. This vertical integration ensures the reliability of our supply of critical raw materials by eliminating dependence on the handful of external vendors that are able to produce these superalloys and allows us to capture additional profit in the casting value chain. Our vertical integration also includes key post-cast processes such as Hot Isostatic Pressing, heat treatment, X-Ray, non-destructive testing, and dimensional inspection which are performed in-house at certain facilities. We have opportunities to further develop these capabilities and further reduce usage of external sub-contractors. These processes being in addition to the core casting processes of wax assembly, shell and foundry. We believe our vertical integration, in combination with our global footprint and advanced facilities, positions us as a reliable supplier of highly specialized products to the leading OEMs in these capacity-constrained end markets. This enables us to execute on highly visible demand, maintain strong pricing power, and deliver resilient, growing margins which we expect to approach those of our larger peers over time.

#### Highly Diversified and Resilient Business Model Across Growth End Markets of Aerospace and IGT
We operate across both the Aerospace and IGT end markets, which combined accounts for 92% of our total segment adjusted EBITDA in the year ended December 31, 2025. See Note 4 to our audited consolidated financial statements included elsewhere in this prospectus. Our Engine Products are diversified across Aero engine platforms and heavy frame IGT products, with an estimated 60% of our castings revenue derived from OEM sales and 40% derived from aftermarket sales in 2025. We expect our aftermarket sales to grow with our revenue in future years as we expand our product offerings further into the Aerospace end market to include blades and vanes, which have a significant aftermarket component.

We reinforce our revenue with multi-decade relationships with leading Aerospace and IGT OEMs and LTAs that typically are 5 years or longer, guarantee a minimum market share, and occasionally guarantee future revenue. In 2025, approximately 70% of our revenue was generated from such LTAs. These agreements, combined with firm backlog and published OEM build schedules, give us clear line-of-sight to volumes and secure demand which allows our value creation to center on disciplined execution with upside from contract expansion, extension, or renewal. Our LTAs are framework agreements which set out the terms and conditions under which customers place specific purchase orders for our parts. The LTAs set out specific part pricing which is typically fixed but subject to escalation clauses which allow for the pass through to the

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customer of movement in metal costs, and other inflationary cost increases which give protection against rising input costs including tariffs in a number of cases. Other key terms in the LTAs include payment terms, performance metrics and other terms of business. Aerospace and IGT LTAs typically guarantee us a minimum level of market share for the applicable part but in certain cases they also include long term volume commitments as is the case in three of our strategic customer partnerships. Furthermore, in 2025, our top 10 customers accounted for 68% of sales, with no single engine or turbine program accounting for over 7% of sales. Furthermore, in the quarter ended March 29, 2026, our top 10 customers accounted for 70% of sales, with no single engine or turbine program accounting for over 7% of sales. Our resilience is further underpinned by our strong strategic partnerships with our customers which extend throughout the lifecycle of the product and span early engineering collaboration, new product introduction, and extensive process and product qualification for OEM fulfillment and recurring aftermarket demand. This results in diversified revenue across production ramp-up and in-service support. The lifecycle of both aeroengine and IGT programs can be in excess of 50 years from the point of entry into service through production ramp up of approximately 30 years, and aftermarket requirements of over 20 years.

#### Key Strategic Partner to Blue-Chip OEM Customers
Following our ownership change in 2020, we have executed upon a management-led operational turnaround involving significant investment in our core casting and alloy operations, renewed focus on operational excellence, and developed a nimbler, customer-centric culture across our organization. These actions have materially increased our capacity, and improved production quality, on-time delivery and financial performance. As a result, we are transitioning from a transactional, individual parts supplier to a true, strategic partner with our customers as demonstrated by our deeper integration into their production process through increased collaboration, single- and dual-source supplier positions, large orders reflecting portfolios of products, and LTAs. Having completed this turnaround, we believe we are recognized by our customers as a high-quality, scaled alternative to the two largest industry participants, PCC and Howmet. We continue to proactively collaborate with customers, prioritize timeliness, and deepen trusted strategic customer partnerships that underpin our growth trajectory.

The strategic nature of our customer relationships is further reinforced by the durability of these relationships. We have entered four strategic customer partnerships to date, two with major IGT customers and two with major Aerospace customers. We remain responsible for the full manufacturing process of the parts under each agreement with operating limitations being limited to specifically allocating the capacity to that customer only. Should the customer not require the full utilization of the dedicated equipment then we are allowed to use the capacity to manufacture parts for other customers subject to the specific terms and conditions of the agreements and approval and tooling requirements. Each of the four strategic customer partnerships are based on LTA agreements that have principal terms and conditions in line with our typical LTAs with additional features such as customer funded investment, capacity reservation payments, or volume commitments. These strategic customer partnerships are designed to address our customers' critical supply chain challenges for castings and position us as a long-term preferred solution partner. These recent strategic customer partnerships include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 15-year agreement with a major Aerospace OEM customer for us to supply aeroengine blades and vanes, which includes an investment by the customer to significantly increase capacity in our manufacturing facilities. The agreement gives the customer security of supply and provides us with profitable revenue growth opportunity with the margins from the incremental revenue expected to be accretive to our current margins. The expected incremental revenue generated from the partnership is based on an agreed volume of specifically identified parts, with the manufacturing process development already underway. The program is expected to reach full run rate in 2028 with the full year effect recognized in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 7-year extension of an existing agreement with a major IGT OEM customer for us to supply blades and vanes, with an expanded scope, an increased duration, a significant investment to increase capacity, and guaranteed volumes. The agreement provides the customer with dedicated capacity and therefore security of supply, whilst providing us with profitable revenue growth opportunity. The expected incremental revenue generated from the partnership is based on the volume commitment from the customer as specified in the agreement for parts which we already manufacture. We believe

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the margin on the contract is expected to be accretive to our existing business. The program is expected to reach full run rate in 2028 with the full year effect recognized in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A 9-year extension to an existing agreement with a major IGT OEM customer for us to supply guaranteed volumes of directionally solidified turbine airfoils with investment to further increase capacity in our IGT operations. The majority of incremental revenue expected to be generated from the partnership is based on both increased volumes of parts already manufactured along with new parts with the contract expected to be margin accretive to our existing business. The program is expected to reach full run rate in 2028 with the full year effect recognized in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Three signed agreements with an existing major Aerospace OEM customer to increase our supply of casting and superalloy volumes and margins while underwriting greenfield superalloy expansion. The agreement provides a volume commitment from the customer that is expected to underpin our capital investment in the greenfield facility. The new facility is expected to begin production in 2029 and is designed to meet both the demands of the Aerospace OEM customer and our growing internal demand.

We believe these strategic customer partnerships not only strengthen our position in a capacity-constrained market for years to come, with up to 80% of customer contribution to capital investment, but they also demonstrate the importance of our offer with OEMs in providing additional capacity and competition within these supply-constrained markets and a clear pathway to capture additional market share from our competitors at accretive margins. Our reputation and capabilities of being a leading independent, high-quality manufacturer of highly engineered critical parts to our customers reinforces our role as a scaled alternative to the larger incumbents in our end markets.

#### Proven Operating Model
We promote a culture that empowers our key employees at each of our facilities to act with the operational agility needed to quickly respond to evolving customer needs. Our ongoing expansion of traditional LTAs into broader strategic customer partnerships evidences the differentiating nature of our entrepreneurial culture. We believe we are unique in providing our OEM customers with dedicated capacity and visibility into increased production planning, which has enabled our single- and dual-source supplier positions and clear pathway to capture additional market share from our largest competitors at attractive margins. Our strong customer orientation is reinforced by a global manufacturing footprint that is strategically located near our major Aerospace and IGT OEM customers, allowing us to focus on customer requirements and rapidly deliver solutions. Accountability is maintained through a disciplined cadence of key performance indicator reviews at the site, divisional, and group levels, using real-time operational metrics to guide actions, seek continuous improvement, and drive measurable performance gains.

#### Proven Leadership Team Positioned to Drive Further Value Creation
We benefit from a management team with extensive leadership experience and deep industry expertise. Since 2020, our team has successfully driven our comprehensive operational turnaround that refocused our business on operational excellence and customer centricity, implementing our operational toolbox across all our sites, which has helped us evolve into a true, strategic partner that customers recognize as a high-quality, scaled alternative to the two largest industry participants, PCC and Howmet. Through deployment of our operational toolbox and disciplined capital investment, we have delivered strong adjusted EBITDA margin growth. In 2025, our adjusted EBITDA margin of 16.5% was a significant increase from our mid-single digit adjusted EBITDA margin in 2020 and we believe that we are on a clear path to further improvement in-line with our best-in-class casting peer. With strong topline growth, growing margins, and reduced debt, we expect significant earnings growth to drive value creation.

#### Growth Strategy
Our growth strategy prioritizes organic growth through volume, price, and operational excellence, complemented by strategic acquisitions. Our medium-term castings revenue growth forecast does not include any unidentified parts or "go-get" revenue.

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#### Our core growth value drivers are:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Operation Execution and Excellence:** We will continue to convert our firm order Backlog into profitable revenue through disciplined execution across our global operations, which is supported by our LTAs that provide significant business visibility. As at December 31, 2025 our purchase order Backlog was $725 million, representing contractually firm orders, which covers more than 12 months of production of Aerospace and IGT castings. As at March 29, 2026, our purchase order backlog was $930 million, representing contractually firm orders, which covers more than 12 months of production of Aerospace and IGT castings. As customers increase production rates across major Aerospace and IGT platforms, our focus on responsiveness, quality, and on-time delivery will reinforce customer confidence and support future contract renewals. Multi-year visibility into anticipated revenue provides a basis for improved operational planning, working capital management, and effective capital allocation. We are undertaking initiatives to strengthen supply chain resilience, such as enhanced supplier oversight, diversified sourcing strategies, and strategic inventory procurement for long-lead materials. Additionally, we are proactively aligning production capacity, labor planning, and supplier readiness with expected rate increases, while accelerating actions necessary to support growth with LTAs, multi-program volume commitments, and coordinated investment roadmaps with key OEMs. We are also enhancing program governance through our established project management office, which designs and implements key expansion initiatives by expanding capabilities and resources at this level and allowing the facilities to remain focused on operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Investment in Capacity to Meet Demand:** As customer demand continues to rise, we are strategically expanding production capacity through the commissioning of new equipment, production lines, and increased automation, a portion of which is funded through our strategic customer partnerships with key OEMs. Our strategy emphasizes early workforce training, process qualification, and capability validation to shorten the production ramp and support customer delivery schedules. Targeted debottlenecking and automation initiatives are expected to deliver continuous improvements in throughput and cost efficiency. We are continuing to implement lean facility layouts designed to reduce material movement, minimize product queue times, and improve flow through pre- and post-cast operations. Our capacity expansion roadmap aligns anticipated capital investments with customer demand profiles and emerging technological requirements. Project selection will be guided by defined return-thresholds, customer commitments, and strategic importance. We are also enhancing manufacturing flexibility through modular production cells for better responsiveness to shifting customer mix. Collectively, these actions position our network to support higher volumes, shorter lead times, and increased share-of-work on key platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Cutting-Edge Development and Expansion:** We expect to expand our market participation by increasing share on existing platforms and engagement on next generation Aerospace and IGT platforms as they arise. Our advanced manufacturing capability to produce precision castings provides a competitive advantage in winning these new platform opportunities. In the Aerospace end market, we are increasing our exposure to high-aftermarket content components through customer funded development partnerships that position us favorably for long-term recurring revenue streams. Our existing product portfolio already supports 40% of revenue from the aftermarket, especially within the IGT end market, and we believe there is a meaningful opportunity to increase the aftermarket exposure further in the Aerospace aftermarket, especially with airfoils for aeroengines. Leveraging these capabilities across end markets is expected to enhance our growth prospects, deepen customer integration, and expand lifetime value on key platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Drive Margin Expansion:** We are pursuing greater margins and aiming to enhance the long-term profitability of our business through the operating leverage impact of volume growth, value-based pricing, operational excellence, and margin-accretive strategic customer partnerships. As volumes increase, we will be able to deliver greater operating leverage of our current facilities and recent capacity expansion. We continue to strengthen our pricing practices to ensure commercial terms reflect the value we deliver to our customers through the complexity of our advanced precision manufacturing processes and market share, but also our strong performance in quality, responsiveness, and turnaround time. As part of these programs, we plan to expand further into next generation technologies such as robotics, digital shop floor analytics, and closed loop process controls to increase throughput, labor productivity and manufacturing yields, and reduce scrap. We are reinforcing

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functional excellence in engineering, operations, and quality through structured problem solving and rigorous root cause methodologies to improve process stability and compress cycle times while increasing equipment uptime. Capital expenditures will be prioritized toward equipment capacity and capability and digital systems that provide cost advantages and support scalable growth, governed by disciplined return on investment criteria. As we continue to invest in our growing Aerospace and IGT end markets, our Turbo Wheels business is expected to serve as a key cash generator to fund these investments with its robust cash-flow profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Strategic Customer Partnership Growth:** We are continuing to widen and deepen our strategic customer partnerships with leading Aerospace and IGT OEMs through aligning long-term volume expectations with investment requirements. Our commercial strategy includes seeking multi-year customer agreements with balanced risk provisions and pricing structures that support sustainable margin expansion. We will continue to develop and expand our differentiated, OEM-supported capacity model where customers partner with us through contracted investment in our ongoing capacity expansion while we operate the assets under long-dated, margin-accretive LTAs across a multitude of platforms and sites. We believe we are the only competitor in our end markets able to provide OEMs with dedicated capacity and visibility into increased production planning. As we scale this approach, it will drive larger portfolio-level awards and extended contracts with improved commercial terms and increased share-of-work, enabling us to win incremental business and take market share on priority programs. We believe that consistent operational performance such as on-time delivery, quality, and engineering responsiveness will enable us to expand our share of work across priority platforms. We engage with our customers through early-stage engineering collaboration, including rapid prototyping, quality assessments, qualifications, and accelerated industrialization, as well as joint improvement initiatives and transparent communication on capacity and performance to support the long-term growth of next-generation hot section components. Through these actions, we aim to strengthen our position as a top supplier with differentiated capabilities in complex, high-precision castings. We expect the four strategic customer partnerships that have been fully agreed to date to deliver incremental annual revenue of more than $200 million when operating at full run rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Strong Cash Generation to Support Continued Investment:** We believe our key growth value drivers will combine to support strong cash generation to allow for continued investment into our business both in respect of continued organic expansion and inorganic opportunities. We expect the significant output and revenue growth to drop through at margin-accretive levels. Our continued strengthening of operational execution is expected to allow for an increase in current capacity utilization and optimum utilization of new capacity being brought online providing improved returns on invested capital. Opportunities also exist to optimize working capital levels to further enhance cash generation. Lastly, the strategic customer partnerships and associated capital contributions are expected to help ensure that the cash returns from these programs achieve our expectations. The greater level of cash generation will allow for flexibility with regards to further investment in capacity and capabilities thereby creating the flywheel effect of continued growth, margin expansion, cash generation, and ultimately value creation over the short, medium and long term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Complementary M&A Accelerating Growth:** We will continue to take a disciplined approach at evaluating both tactical and strategic acquisitions that accelerate our strategy, strengthen our core capabilities, expand vertical integration, and introduce internally designed process technologies that enhance product and competitive differentiation. We are also exploring tactical acquisitions that could expand our presence in adjacent high-growth segments including next-generation space and defense applications. Integration efforts will focus on capturing cost and revenue synergies through coordinated supply chain structures, optimized production footprints, and unified technology roadmaps. Our acquisition strategy will remain targeted and disciplined, with transactions evaluated against defined strategic criteria and financial thresholds to ensure alignment with organic growth objectives, returns, and preservation of financial flexibility. We expect to maintain a targeted pipeline of potential targets that may accelerate long-term growth, margin expansion, and competitive advantage.

#### Our Industry
For a description of the industry we operate in, the barriers to entry and our competitive landscape, see "Prospectus Summary — Our Industry."

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#### Our History
We have nearly 250 years of history. Doncasters Group was established in Sheffield, UK in 1778 by Daniel Doncaster. We began as a file-making business and, over time, expanded into steel converting, forging, and is now focused on the manufacturing of investment castings and superalloys. In 1902, we were incorporated as a limited company and subsequently broadened our operations to include forging and drop forging trades. Over the following decades, we expanded our footprint through the acquisition of facilities in the United States, the United Kingdom and mainland Europe, and diversified into the Aerospace and IGT end markets. In 2001, we merged with Ross Catherall Group and were acquired by the private equity arm of the Royal Bank of Scotland. In 2006, we were acquired by Dubai International Capital who later exited as part of the 2020 restructuring described below.

On March 6, 2020, a financial restructuring of the Group was completed by way of a Scheme of Arrangement sanctioned by the English Courts that transferred ownership of the Group to DPC Holdings Limited. Under the terms of the Scheme of Arrangement, (i) 50% of our first lien debt outstanding was reinstated and exchanged for a senior term facility and the remaining 50% was exchanged for a Shareholder PIK Loan, (ii) 20% of our second lien debt outstanding was reinstated and exchanged for the Shareholder PIK Loan, and (iii) the lenders were issued equity pro rata to their holdings of the Shareholder PIK Loan in DPC Holdings Limited. Pursuant to a consent letter, the Shareholder PIK Loan unanimously consented in December 2025 to reduce the outstanding principal balance of the Shareholder PIK Loan by 85% for no consideration, which was effected on March 19, 2026. Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026.

Following the 2020 restructuring, a new board and management team was put in place which implemented a new Group wide strategy based on four strategic pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

renewal of talent and capital equipment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

improving customer experience,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

improving operational performance, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

setting ambitious targets for the 5-year period.

We acquired Uni-Pol group in 2022 which was a turbo wheel business with operations in Mexico, China and India, in order to primarily address the strategic gap with respect to lack of low-cost manufacturing locations. The Mexico facility we own following the Uni-Pol acquisition is a key part of our strategy to increase capacity and is transitioning to an aerospace-lead facility to support our U.S. aerospace sites by performing labor intensive post cast finishing operations. Under our strategic partnership with a key OEM in the Aerospace end market, the Mexico facility is expected to become an end-to-end aerospace casting facility.

Today, we operate 14 advanced manufacturing facilities producing nickel-based and cobalt-based superalloys and investment castings and stud welding systems across North America, the United Kingdom, Europe and Asia, serving a broad blue-chip client base worldwide and maintaining a leading position in specialist manufacturing and casting of superalloys.

#### Our Segments, Core Capabilities and End Markets
We operate through three segments: Engine Products — North America, Engine Products — Europe, and Turbo Wheels, serving the Aerospace, IGT, and Transportation end markets.

Our Engine Products — North America segment predominantly serves the Aerospace end market and is vertically integrated through its superalloy production at our Long Beach facility and aerospace casting facilities in Groton, Connecticut; Springfield, Illinois, and Oxford, Alabama in the United States, and Mexicali, Mexico. Our Engine Products — Europe segment predominantly serves the IGT end market and is vertically integrated through superalloy production at R&C Sheffield, UK and Bochum, Germany, and casting facilities at Deritend, UK, Bochum, Germany, and Chard, UK. Our Turbo Wheels segment serves

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the passenger, commercial, and off-highway vehicle end markets with casting facilities in India, China, the United States, and the UK. This segment procures alloys required for its production externally.

The following table sets forth our end markets and key products and components:

---

| | | |
|:---|:---|:---|
| **Engine Products**  | **Engine Products**  | **Turbo Wheels**  |
| **Aerospace**  | **Industrial Gas Turbines**  | **Transportation**  |
| Engine Structural Castings | Turbine Airfoils <br> (Blades and Vanes)  | Hot-side turbo wheels  |
| Turbine Airfoils <br> (Blades and Vanes) | Combustion Heat Tiles & <br> Near Flow Path Seals  |  |
| Torque Bars | Structural Castings  |  |
| VIM Superalloys | VIM Superalloys  |  |

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#### Core Capabilities: Investment Castings and Superalloys
We manufacture superalloy and castings. Metallurgy, the foundation for the performance of our core capabilities, includes the production of nickel-based and cobalt-based superalloys and highly complex, engineered precision investment castings for primary application mainly in the Aerospace and IGT end markets.

***Investment castings****.* We believe our investment castings are some of the most technically advanced investment castings in the world and are on the cutting edge of casting technology. Our investment castings are categorized into three types: equiax, directionally solidified, and single crystal, the latter of which are the most technologically demanding castings to make in the world. These castings are used across a wide range of performance critical applications, such as turbine blades and vanes, structural castings, and other components for aeroengines and airframes, industrial gas turbines, and "hot-side" turbo wheels and other special components requiring high metallurgical integrity. Our production facilities excel at vacuum-melting and use the highest quality materials through both the casting process and post-cast finishing operations that ensure we produce a consistent product that meets exact customer specifications and tightly controlled chemistry. Our manufacturing expertise and process know-how results in significant barriers to entry and make us a leader in our field.

In building our vertically integrated investment castings capabilities, we have improved and helped ensure material availability while shortening lead times, which has provided valuable supply chain resilience. Through our commitment to vertical integration of production, we internally supply 100% of the superalloy requirements of our aerospace and IGT casting facilities, showing a capacity to meet growing customer demand in these end markets.

Our castings are utilized in applications that require reliable performance under extreme temperature and pressure, such as the high-pressure sections of aeroengines and industrial gas turbines. These applications necessitate precise accuracy and adherence to customer specifications in the manufacturing process with minimal tolerance for deviation. Our manufactured parts operate in extreme environments at temperatures over 1,000 degrees Celsius and pressures up to 30 BAR.

***Superalloys****.* The reliable production of high-performance castings begins with precisely controlled alloys. Alloy quality — achieved through the precise understanding, targeting, and control of metallurgy — is essential to ensuring cast components achieve their performance requirements. We have made significant and strategic investments in this space to support our foundries and customers. Just as our portfolio of mission-critical components operates in extreme environments of pressure, temperature and mechanical stress, the underlying alloy and its metallurgy must meet the same demanding standards.

Our engine products include nickel-based and cobalt-based vacuum-melted superalloys in the form of ingots. We believe we manufacture some of the hardest to make superalloys in the industry with low sulfur levels of less than 0.5 parts per million. We consistently achieve this standard through tightly controlled raw material charge lot selections, technical knowledge of alloy sequencing, refined melt practice, and use of our low sulfur master heat library.

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Our superalloys are typically nickel or cobalt based and include minor elements such as tungsten, chromium, vanadium, ruthenium and hafnium to give the materials their high-performance attributes for performance critical applications. Our in-house melt operations — including Long Beach, R&C, and Bochum — anchor our vertically integrated approach. These facilities produce nickel-based superalloys and cobalt-based superalloys, providing supply for our aerospace and IGT investment casting facilities, as well as external superalloy supply to customers principally operating in the Aerospace and IGT end markets.

Our nickel-based and cobalt-based superalloys are produced via vacuum melting or air melting production methods. We primarily produce our superalloys via vacuum induction melting, or VIM. VIM, a vacuum melting process where base metal is melted into technically specific and complex metal products, requires tight process control and strict adherence to approved procedures. Our sites produce alloy recipes which are all individual and highly specific.

#### End Markets: Aerospace, Industrial Gas Turbines, and Transportation
Our key end markets are Aerospace and IGT, which combined generated 92% and 90% of our total segment adjusted EBITDA in 2025 and 2024 respectively, and 77% and 73% of our revenue in 2025 and 2024 respectively. See Note 4 to our audited consolidated financial statements included elsewhere in this prospectus. For the three months ended March 29, 2026 and 2025, the Aerospace and IGT markets generated 96% and 90% of our total segment adjusted EBITDA and 79% and 73% of our revenue, respectively. See Note 4 to our interim consolidated financial statements included elsewhere in this prospectus. We also operate in other end markets, including Transportation.

***Aerospace****.* The Aerospace end market represented 35% of our revenue for the year ended December 31, 2025 and 36% of our revenue for the year ended December 31, 2024. For the three months ended March 29, 2026 and March 30, 2025, the Aerospace end market represented 39% and 35% of our revenue, respectively. The key engine products we manufacture for our customers in the Aerospace end market include engine structural castings, blades and vanes, and airframe structural castings. We also produce VIM superalloy in the form of ingots to any customer specification in the Aerospace end market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Engine Structural Castings</u>. These products span a wide range of parts, including turbine center frames, bearing housings, combustion diffusers, fins inducers, near flow path seals, blade outer seals, combustion seal segments, injector housing and nozzles. Our combustion and engine structural components are typically made from high-strength vacuum cast nickel-based superalloys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Turbine Airfoils (Blades and Vanes)</u>. Blades and vanes extract power from and control the air flow through a turbine. Blades are rotating parts and vanes are stationary. While currently most of our blade and vane production is for IGT applications, we are expanding capabilities to include aerospace blades and vanes and adding directionally solidified and single crystal capability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Torque Bars</u>. Structural castings that are primarily used in the braking systems of landing gear.

Today, we primarily produce parts for new build aeroengines with structural castings typically lasting for the life of an engine. We are increasing our capability in production of aerospace airfoils, which require replacement a number of times over the life of the engine and will increase our level of exposure to the aerospace aftermarket.

The commercial aerospace industry is experiencing significant order backlogs, with over 15,000 narrow-body and wide-body jets on order across both key OEMs in the Aerospace end market, Airbus and Boeing. The current build rates for both are significantly below their stated aims for the short- and medium-term targets and availability of engines is a key gating item with respect to their ability to ramp up output. Our confirmed-order book covers more than 12 months of aerospace castings production. A key determinant in engine availability is the availability of castings, such as the engine structural castings we produce. We predominantly manufacture parts for engine OEMs who supply Boeing's and Airbus' key growth platforms. While we are currently more balanced toward Boeing, we are targeting additional Airbus parts to achieve a more balanced portfolio across aircraft OEMs. Defense is a small but growing part of the business, which we expect to increase with rising global tensions. We also have exposure to the space end market supplying casting and alloys in production and for new parts in development.

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***Industrial Gas Turbines****.* The IGT end market represented 38% of our revenue in 2024 and 42% of our revenue in 2025. For the three months ended March 29, 2026 and March 30, 2025, the IGT end market represented 40% and 39% of our revenue, respectively. The key components we manufacture for customers in the IGT industry are mainly blades and vanes and engine structural castings. We also supply VIM superalloys for castings, forgings and coatings.

We have a specialized capability for large directionally solidified and single crystal blades and vanes which are focused on the heavy frame IGT platforms. These castings are some of the most complex IGT castings in the world with the ability to manufacture these limited to a small number of facilities globally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Turbine Airfoils (Blades and Vanes)</u>. We manufacture a broad range of investment cast turbine airfoils, commonly used in gas turbines. The airfoils are designed to control the flow of air and gas through the hot section of a turbine in order to convert the gas into energy and require replacements during the lifecycle of a turbine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Combustion Heat Tiles, Near Flow Path Seals and Other Engine Structural Castings</u>. We produce various configurations of casing, heat shield, seal segments, enclosures near flow pass seals, injection nozzles and static seals for IGT applications. We also produce structural castings which serve as structural parts in an IGT. These are stationary parts in the turbine onto which other components are built and typically last for the life of the engine or turbine. Structural castings are manufactured using the equiax method.

The main models we produce for the IGT airfoil (blades and vanes) market are heavy frame platforms. The significant level of demand for IGT castings is most acute for these heavy frame platforms. This reflects an increase in the average size and complexity of turbines given efficiency requirements which have an increased complexity of airfoils. As the installed base of these heavy frame platforms grows, the aftermarket requirement for these parts will also increase and which we expect will provide long-term revenue visibility. An operating life of an IGT typically exceeds 20 years with full sets of high-pressure turbine blades being replaced a number of times during that period depending on usage.

We have increased volume at our two key IGT facilities following investments in capacity and capability driven by our customers' requirements. This has driven operational leverage along with improvements in operational performance and commercial terms including pricing both in and out of our LTAs. Our confirmed-order book covers more than 12 months of IGT castings production and associated revenue through our two key IGT facilities via long-term contracts.

***Transportation****.* The Transportation end market represented 27% of our revenue in 2024 and 23% of our revenue in 2025. This is expected to grow by capturing market share in the medium term but will represent a smaller percentage of our overall revenue due to the expected growth of our Aerospace and IGT end markets. For the three months ended March 29, 2026 and March 30, 2025, the Transportation end market represented 21% and 26% of our revenue, respectively. The key products we manufacture for the commercial vehicle, off-highway and passenger car industry are hot-side turbo wheels, which convert exhaust gases into mechanical energy, increasing fuel efficiency and performance. The turbo wheels business has a balanced mix of commercial vehicle, off highway and passenger car applications allowing for diversification in the use of its parts. We produce large diameter turbo wheels for commercial vehicles and smaller diameter turbo wheels for passenger cars. Unlike our Aerospace and IGT castings, we source superalloy used in our turbo wheels production from third parties.

#### Customers and Suppliers

#### Customers
Our track record of success, on time delivery, proven quality levels and excellent service has driven strong customer retention. Our average customer tenure is more than 20 years.

Given the nature of our blue-chip OEM customer base, our top 10 customers account for 68% of our revenue in 2025 and approximately 66% of our revenue in 2024, with all key OEMs served. Furthermore, in the quarter ended March 29, 2026, our top 10 customers accounted for 70% of sales, with no single engine or turbine program accounting for over 7% of sales. During 2025 and 2024, our top two customers

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accounted for more than 30% of total revenues each year. Customer A accounted for 22% and 19% and Customer B accounted for 16% and 15% of our total revenue in 2025 and 2024, respectively. Our top two customers accounted for 43% of our revenues for the quarter ended March 29, 2026 and 36% of our revenues for the three months ended March 30, 2025. Growth opportunities above market growth rates reflect specific programs with certain of our current customers, as is the case with the strategic customer partnerships that we have entered into. We have also developed new customer relationships with newer entrants to the OEM market with a strategic partnership having been agreed with an OEM in the IGT end market which further diversifies our end-customer mix.

***Aerospace.*** We primarily sell our Aerospace castings to engine OEMs to supply engines to Boeing and Airbus, including: GE Aerospace, Honeywell, Pratt & Whitney, Rolls Royce, and Safran, and other Tier 1 suppliers such as Collins Aerospace. We also maintain aftermarket sales with certain of these customers. Our Aerospace business also supplies both external superalloy and castings to customers in the space and the defense markets, which currently make up a small proportion of our revenue though represent significant opportunities for growth.

***IGT.*** We sell our IGT products directly to OEMs, including Ansaldo Energia, Doosan, GE Vernova and Siemens Energy*.* We also maintain aftermarket sales with customers in IGT.

***Turbo Wheels****.* Our main turbo wheels customers are Borg Warner, Cummins and Garrett.

#### Key Suppliers and Raw Materials
Our key inputs are metal, energy and labor. We are vertically integrated through our ability to manufacture nickel and cobalt-based superalloys and to fulfill 100% of our internal demand in the Aerospace and IGT end markets through our superalloy manufacturing facilitates, which reduces the usage of individual suppliers given the limited number of companies globally that manufacture superalloys for sale in the external market.

The key raw materials we require are base elements which can be procured from a wide variety of different suppliers and geographic regions which establishes security of supply for the majority of elements that we purchase. We purchase these from a diverse mix of suppliers both through spot buys on a back-to-back basis with a customer order and through LTAs with pass-through clauses and provisions which provides certainty on pricing. We purchase from certain suppliers in China for certain metals and turbo wheels superalloy. A degree of supplier concentration also exists with external subcontractors for processes such as Hot Isostatic Pressing (HIP), X-ray, tooling manufacture and cores. We are developing a plan to diversify our subcontractor supply chain by bringing certain processes in house and contracting with new suppliers. See, "Risk Factors — We use third parties for certain processes that are critical to the manufacture of our products and we may experience significant disruptions if the third parties are unwilling or unable to meet our demand."

#### Sales and Marketing
Our customers are serviced through LTAs or purchase orders with associated terms and conditions. Approximately 70% of our revenue was generated under LTAs in 2025, which provide us certainty on pricing and margin, and the remaining revenue is generated under individual purchase orders not covered by an LTA. This provides us with flexibility to respond to market conditions and allows us to capture premium margins and opportunity. The commercial terms of all our key end market Aerospace and IGT LTAs have been renegotiated by our management team since 2020. The renegotiated LTAs typically include pass through on movements in metal costs, in line with industry standards, and our aerospace and IGT contracts have been significantly strengthened to include specific protections against increases in energy costs, labor costs, tariffs and general inflation through prices linked to published indices. Aerospace and IGT contracts guarantee minimum market share and in certain cases guaranteed volumes under the life of the LTA.

Long Beach and R&C sell our superalloys externally under different contractual arrangements, including a mix of LTAs and spot purchase orders. Subject to customer approval, production can be shifted between facilities depending on capacity, as certain superalloys can be produced at either location. Pricing

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is determined by the cost of base elements plus an added value processing cost, reflecting processing expenses and the use of facility-specific intellectual property to manufacture superalloys according to precise customer specifications.

#### Intellectual Property
We operate as a make-to-print manufacturer, with component designs provided by the customer. Intellectual property in the product design and tooling is owned by our customers and licensed to us for use in the manufacturing process.

Our intellectual property is primarily concentrated in the manufacturing process know-how, which is complex and developed over time by skilled and experienced engineers. Our over 385 engineers whose years of experience and know-how around casting processes helps differentiate our business and creates barriers to entry for competitors. Understanding the complexity of the process of both the manufacture of nickel-based and cobalt-based superalloys and of investment castings are skills developed over a number of years and cannot be easily recreated. Our trade secrets, mostly regarding manufacturing processes and material compositions give many of our businesses important advantages in their markets. We continue to develop these processes to drive operational performance improvements and efficiency gains which drives cost reductions and capacity increases as our customers continue on their innovation journey.

We believe our domestic and international patent, trade secret and trademark assets, and proprietary knowledge help us maintain a competitive advantage. Our rights under our patents, as well as the products made and sold under them, are important to us as a whole and, to varying degrees and depending on the products and end market they service, important to each business. Our patents generally concern particular products, manufacturing equipment, or techniques, however we are not materially dependent on any single patent or trade secret.

As of December 1, 2025, Uni-Pol China holds 34 Chinese issued patents, which will expire between 2035 and 2044. Uni-Pol China owns six Chinese pending patent applications, for which the rights and duration are pending grant of the patent by the applicable national or regional patent authority.

Additionally, as of March 29, 2026, we owned 37 registered U.S. and foreign trademarks and 5 pending trademark applications in Mexico, Hong Kong, UK and at WIPO (International).

#### Facilities
We maintain 14 principal manufacturing facilities globally. Of our 14 total sites, (i) we own five facilities and lease one facility in North America, with five of these in the United States and one in Mexico, (ii) we own four facilities in the United Kingdom, (iii) we own one facility and lease one facility in continental Europe and (iv) we own one facility in India and lease one facility in China.

Our facilities are geographically aligned with major OEM customers and Tier 1 suppliers. We operate a relatively decentralized model with sites predominantly responsible for their operations and manufacturing output, with Group oversight and support.

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A table of our sites by segment, their location and capabilities is set out below:

![[MISSING IMAGE: mp_location-4c.jpg]](mp_location-4c.jpg)

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| | | |
|:---|:---|:---|
| **Site**  | **Country of Operation**  | **Production Capabilities**  |
| **Engine Products — North America** |  |  |
| Oxford | USA | Aerospace, IGT |
| Groton | USA | Aerospace, IGT |
| Springfield | USA | Aerospace, IGT |
| Long Beach | USA | Superalloys |
| Mexicali | Mexico | Aerospace, Turbo Wheels |
| **Engine Products — Europe** |  |  |
| Chard | UK | IGT, Aerospace |
| Bochum | Germany | IGT, Aerospace, Superalloys |
| Deritend | UK | IGT |
| Ivostud | Germany | Turbo Wheels |
| R&C | UK | Superalloys |
| **Turbo Wheels** |  |  |
| Trucast | UK | Turbo Wheels |
| Trucast LLC | USA | Turbo Wheels |
| Uni-Pol China | China | Turbo Wheels |
| Uni-Pol India | India | Turbo Wheels |

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We have invested more than $170 million in our manufacturing facilities since 2020 as part of our strategic expansion, which has generated operational improvement and margin enhancement. See, "Management's Discussion and Analysis and Results of Operations — Capital Expenditures."

We expect to have significant new capacity coming online in the short and medium term, including some of which are being supported by capex investments of our customers. These investments ensure that our capacity expansion roadmap is in place out to 2028 with further investments in the planning and negotiation stages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A factory extension to our Groton facility to house a new state-of-the-art shell line system completed in the third quarter of 2025 along with a digital X-ray unit, doubling plant capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The installation of equipment at our Mexicali facility to perform labor intensive post-cast operations for our U.S. aerospace facilities to increase the capacity of our U.S. plants and take advantage of

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labor availability and lower rates in Mexico. The last key piece of equipment is expected to be installed in the second half of 2026 with qualification and ramp up to follow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Installation of new directionally solidified and single crystal equipment in Oxford. This expands our U.S. aerospace capability beyond equiax castings and represents our entry into the high-volume aerospace blades and vanes market with a significant aftermarket requirement. We expect the equipment to be installed and commissioned by the end of 2027 with production ramp up during 2028 such that the equipment can operate at full run rate in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Installation of equiax casting equipment at our Mexicali facility, which will see it become an end-to-end casting facility. We expect the timetable to be aligned to the Oxford expansion above with equipment installed and commissions in 2027, production ramp up in 2028, with full rate output occurring during 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A major investment package into our Bochum facility to double capacity, which includes new shell line systems and 4 directional solidified and single crystal casting furnaces. This is alongside other equipment such as core kilns which will double the capacity of the facility. We expect a stage expansion program with the first two furnaces installed and commissioned by early 2027, the second two furnaces and new shell line by the end of 2027 such that production ramp up can occur during 2028 with the new equipment operating at rate in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A new 8,000lbs vacuum induction melt furnace at R&C, providing state-of-the-art technology which was installed and commissioned in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A new greenfield superalloy facility in the USA which will allow us to continue to ramp up its manufacture of nickel- and cobalt-based superalloys to support the growing demand of our internal casting facilities as well as our external superalloy customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A facility extension to consolidate two sites and house new shell line systems and furnace overhauls at our Deritend facility, which was completed in 2023 to modernize and increase capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A new shell line system at our Chard facility to modernize and increase capacity. This was installed and commissioned in early 2026 with part qualification taking place during the balance of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Utilization of a new 100,000 square foot manufacturing facility in India, representing a strategic asset for participation and opportunity for capacity expansion in the fast-growing aerospace industry in India. The plan for the utilization of the new facility is early stage with no set timetable at this point.

#### Government and Industry Regulation
As a global manufacturer of components used in aircraft and automotive engines and industrial gas turbines, we operate in a highly regulated environment. With operations, suppliers, and customers across multiple jurisdictions, we are subject to a broad range of domestic and international laws, regulations and industry standards governing safety, quality, defense contracting, export controls and manufacturing practices.

#### Aircraft and Aerospace
The components manufactured for our customers in the aerospace industry incorporate our parts into aircraft engines. Although we are not required to hold direct FAA production approvals, we must comply with extensive flow down requirements from our customers, including traceability, documentation, and quality system controls. Outside of the United States, we are subject to comparable regulatory frameworks administered by the European Union Aviation Safety Agency, United Kingdom Civil Aviation Authority and the Civil Aviation Administration of China. We maintain global certifications in the industry including AS 9001.

Because some of our components are used in military aircraft engines and defense related platforms, we are subject to OEM flow-down requirements under the Federal Acquisition Regulations, or FAR, and the Defense Federal Acquisition Regulation Supplement, or DFARS. These include FAR Part 52 clauses applicable to subcontractors, DFARS Cybersecurity requirements, including compliance with NIST

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SP 800-171, Specialty Metals Restrictions and the Buy American Act. Defense related activities outside of the United States may also be subject to foreign procurement regulations and national security requirements.

#### Transportation
Parts used in combustible engines are subject to certain regulatory frameworks related to safety, materials, and manufacturing practices. As a sub-supplier or Tier 2 supplier, we are not directly regulated by government agencies such as the National Highway Traffic Safety Administration, Environmental Protection Agency or the California Air Resource Board. However, Transportation OEMs and Tier 1 suppliers impose extensive quality, testing and traceability requirements for which we undergo routine audits to maintain approved supplier status. As part of the approved supplier status, we must also maintain certifications in global automotive standards such as ISO/TS 16949 and IATF 16949. We must also be compliant with international materials regulations such as the EU Regulation on the Registration, Evaluation, Authorization and Restriction of Chemicals, or REACH.

#### Industrial Gas Turbines
Our manufacturing processes for parts for use in IGT for power generation and mechanical drive applications are subject to regulatory and industry standards including materials integrity, customer specific qualification processes and international standards such as AS9100.

#### Export Controls and International Trade Compliance.
As a global supplier we are subject to U.S. export control laws, including the International Traffic in Arms Regulations, or ITAR, and the Export Administration Regulations, or EAR, as well as comparable foreign export control regimes. These laws govern the export, reexport, and transfer of controlled items, technical data, and services. Compliance obligations include licensing, foreign-person access controls, screening, and recordkeeping. In addition, we are subject to economic and trade sanctions administered by the U.S. Department of the Treasury's Office of Foreign Assets Control, or OFAC, as well as sanctions regimes imposed by the European Union, the United Kingdom, and other jurisdictions. These laws restrict dealings with certain countries, regions, entities, and individuals. We maintain processes to screen suppliers, customers, and transactions against applicable restricted-party lists.

We also maintain Know-Your-Supplier, or KYS, and Know-Your-Customer, or KYC procedures designed to mitigate risks related to supply chain integrity, diversion, counterfeit parts, and prohibited end-use or end-user activities. These procedures include due diligence, supplier onboarding controls, periodic reviews, and transaction monitoring.

We are further subject to U.S. anti-boycott laws, which prohibit participation in or cooperation with certain foreign boycotts not sanctioned by the United States, and we are required to report boycott-related requests to the U.S. government.

#### Data Protection and Privacy
As a global company, we are subject to numerous data protection, cybersecurity, and privacy laws that govern the collection, use, storage, transfer, and protection of personal information. These laws vary by jurisdiction and continue to evolve, creating a complex and expanding compliance environment. In the EU, we are subject to the General Data Protection Regulation, or GDPR, which imposes strict requirements on the processing of personal data including the lawful basis for processing, cross-border transfer restrictions, and breach notifications. In the UK, we are subject to the UK GDPR and Data Protection Act 2018 which mirrors many of the EU GDPR requirements. In the US, we are subject to a patchwork of federal and state privacy and cybersecurity laws including the aforementioned defense related FAR/DFAR requirements as well as the California Consumer Privacy Act as amended by the California Privacy Rights Act, or CPRA, which provides California residents with rights related to access, deletion and opt-out of certain data usage. In China, we are subject to the Personal Information Protection Law, or PIPL, and the Data Security Law which regulates local storage of data, cross-border transfers, security assessments and restrictions on providing data to foreign authorities. In India, we are subject to the Digital Personal Data

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Protection Act 2023, or DPDP Act, which regulates rights to access, correction, deletion and grievance and redressal, cross border transfers and breach notifications.

Our operations may in the future be subject to new and more stringent regulatory requirements, so in that regard, we closely monitor these regulatory frameworks and industry trade groups to attempt to understand how possible future regulations might impact us. See, "Risk Factors — Risks Related to Legal and Regulatory Matters — Our business may be adversely affected if we were to lose our government or industry accreditations, if more stringent government regulations were enacted or if industry oversight were to increase".

#### Environmental Matters and Risk Management
We are subject to a wide range of environmental, energy, safety and related regulatory requirements in the jurisdictions in which we operate, including the Health and Safety at Work Act 1974, Environmental Protection Acts 1990 and 2001, the Environmental Permitting (England and Wales) Regulations 2016 and Modern Slavery Act 2015 in England, CERCLA in the United States, EU Conflict Minerals Regulation (Regulation (EU) 2017/821) in Germany and the Environment (Protection) Act, 1986 in India. These govern, among other things, employee health and safety, discharges of pollutants into the air and water, the generation, handling, storage, transportation, treatment, release, disposal of, and exposure to, hazardous materials and wastes, and the investigation and remediation of certain materials, substances and wastes. Environmental laws and regulations have generally become more stringent over time, and this trend is likely to continue. We are committed to monitoring our business's environmental performance, and to the health and safety of our employees, and as such we continually make efforts to strive for our operations to be in substantial compliance with all applicable environmental laws and regulations. Environmental laws and regulations or claims from governmental authorities or third parties may require that we investigate and/or remediate or otherwise be responsible for the effects of any releases or disposal of materials at sites associated with past or present operations, including at third-party sites, such as third-party disposal sites.

Certain of our stakeholders, such as customers, investors, lenders, and employees have sustainability-related expectations for our operations, including certain customers who impose supply chain due diligence requirements and environmental, health and safety audit rights.

The nature of our business exposes us to a range of environmental, climate-related and sustainability-related risks and opportunities that may affect our cost base, capital requirements and long-term strategy. These include physical risks from climate change, such as extreme weather events and longer-term shifts in temperature and precipitation, which may disrupt manufacturing activities, supply chains, logistics or workforce safety across certain locations, as well as transition risks arising from evolving climate-related legislation, regulation, taxation, customer requirements and market expectations across the jurisdictions in which we operate. For further information on environmental-related risks, including climate change, see "Risk Factors — We are exposed to environmental, health, and safety risks and are subject to a broad range of health, safety, and environmental laws and regulations which may result in substantial costs, obligations and liabilities."

We recognize the need to embed sustainable practices into our business operations and we have implemented centrally coordinated governance, risk identification and reporting processes integrated into our broader enterprise risk management framework, including the use of climate-related risk assessment and scenario analysis that seeks to align with recognized approaches such as the Task Force on Climate-related Financial Disclosures (TCFD). While we continue to develop and refine our assessment and financial quantification of these environmental risks and opportunities, certain physical climate-related risks at specific locations have already been assessed and quantified based on observed conditions and current climate projections, while the scale and timing of other impacts remain dependent on external regulatory, market and technological developments. Actual outcomes, however, may differ from current assessments.

#### Employees
As of March 29, 2026, we had approximately 3,077 employees (including 169 Ivostud employees), including part-time and temporary employees, with 1,408 employees in Engine Products — Europe, 696 employees in Engine Products — North America and 869 employees supporting our Turbo Wheels segment.

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Of those employees, approximately 37% were unionized, with unionized employees at the Chard, Bochum, Springfield, Ivostud, R&C and Uni-Pol India sites.

Our employees are critical to our long-term success and are essential to helping us meet our goals. Our workforce is 59% production employees, 12% engineering, technical and quality assurance employees, 11% operational support and 12% general and administrative employees. Our employee base includes over 380 highly skilled and experienced engineers, metallurgists and technical employees across our manufacturing sites, with an average tenure of 9.5 years and an average tenure of all employees of 8.5 years.

It is crucial that we continue to attract, retain and motivate exceptional and high-performing employees by providing opportunities available for all our employees to contribute to the Company and to grow and develop in their careers. We offer training and development programs to encourage advancement from within and to support our employees' growth. We leverage both formal and informal programs to identify, foster, and retain top talent at the corporate and operating unit levels. We believe we offer competitive compensation programs to help attract and retain our employees.

#### Legal Proceedings
From time to time, we may be party to litigation or subject to claims incident to the ordinary course of business. We are not subject to any litigation the outcome of which would be reasonably expected to have a material adverse effect on our business, operating results or financial condition.

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#### Management

#### Executive Officers and Directors
The following table sets forth the name, age and position of each of our executive officers and directors as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Name**  | **Age**  | **Position**  |
|  ***Executive officers*** |  |  |
| Michael Joseph Quinn | 57  | Chief Executive Officer and Executive Director |
| David John Egan | 58  | Chief Financial Officer and Executive Director |
| Jason Mays | 55  | Chief Operating Officer |
|  ***Directors*** |  |  |
| Dirkson Charles<sup>(1)</sup> | 61  | Director and Co-Chairperson |
| Nicholas Sanders<sup>(1)(2)(3)(4)</sup> | 64  | Director and Co-Chairperson |
| Henry F. Brooks<sup>(1)(2)</sup> | 66  | Director |
| Taiwo K. Danmola<sup>(1)(4)</sup> | 66  | Director |
| Stanley Deal<sup>(1)(2)</sup> | 61  | Director |
| C. Alexander Harman<sup>(3)</sup> | 50  | Director |
| Willibald Meixner<sup>(1)(3)(4)</sup> | 61  | Director |

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(1) Independent director under the NYSE listing requirements

(2) Member of our compensation committee.

(3) Member of our nominating and governance committee.

(4) Member of our audit and risk committee.

#### Executive Officers
***Michael Joseph Quinn*** currently serves as Chief Executive Officer and Executive Director of DPC Holdings Limited, positions he has held since March 2020. Prior to joining the Company, Mr. Quinn served as Chief Operating Officer of WElink Energy, a global renewables company, from April 2019 to March 2020. From November 2017 to April 2019, Mr. Quinn served as Chief Executive Officer of Ervia, the parent company of Irish Water and Gas Networks Ireland. From January 2015 to November 2017, he served as Chief Executive Officer of Bord na Móna, a renewable energy company. Mr. Quinn also previously held the role of Group Vice President at Precision Castparts Corporation from 2005 to 2014, where he had responsibility for five operating businesses across 10 locations. Mr. Quinn is a Non-Executive Director of BNRG renewables, a global solar developer. Mr. Quinn holds a degree in Applied Physics and Electronics from Dublin City University and a Post Graduate Diploma in Project Management from University of Limerick; he has also completed advanced leadership programs at Harvard and Michigan University and holds the Institute of Directors Diploma in Company Direction from the Irish Management Institute.

Mr. Quinn's prior high-level leadership positions across the industrial and utilities sectors make him an essential Board member.

***David John Egan*** currently serves as Chief Financial Officer and Executive Director of DPC Holdings Limited, positions he has held since May 2024. Prior to joining the Company, Mr. Egan served as Group Chief Financial Officer and director of RS Group plc (LSE:RS1), product and service solutions distributor company serving both industrial and electronic customers globally, from March 2016 to May 2023. During this period, he also briefly served as the interim Chief Executive Officer. Mr. Egan has held extensive senior executive and board-level roles, having served as a Non-Executive Director and audit committee chairman at Tribal Group, Finance Director at Alent PLC, and Group Chief Financial Officer at ESAB, a subsidiary of Colfax Corporation. Mr. Egan holds a Bachelor of Administration from Griffith University, Australia, and is a fellow certified practicing accountant (FCPA) with a C.P.A. licensed in Australia.

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Mr. Egan's financial and business experience, prior high-level leadership positions and C.P.A. license make him an essential Board member.

***Jason Mays*** has been currently serving as Chief Operating Officer since January 2025. Prior to becoming COO Mr. Mays served as President of Americas and has been with Doncasters for over 13 years. Prior to joining the Company, Mr. Mays served as the General Manager of U.S. Casting & Machining Operations for Hitchiner manufacturing company, from 2006 to 2012. Prior to that Mr. Mays held various technical and operations roles within Howmet from 1990 to 2006. Mr. Mays holds a Bachelor of Applied Arts and Sciences degree from Midwestern State University. Mr. Mays also completed the Alcoa Executive Leadership Program at Case Western Reserve University. Currently, Mr. Mays serves as a Board member for the Investment Casting Institute.

#### Non-Employee Directors
***Dirkson Charles*** currently serves as the Non-Executive Director and Co-Chairperson of the Board of DPC Holdings Limited, positions he has held since March 2020 and February 2026, respectively. In addition, Mr. Charles, the founder of Loar Group Inc., has served as its President, Chief Executive Officer and Executive Co-Chairman of Loar since 2012. He has also served as President, Chief Executive Officer and Executive Co-Chairman of Loar Holdings Inc., formerly known as Loar Holdings, LLC, or Loar, since 2017. He has also served as Executive Manager and Co-Chairman of the Board of Managers of LA 13 since its inception in 2017. From May 2007 to December 2010, Mr. Charles served as an Executive Vice President of McKechnie responsible for all aspects of financial operations for this multinational organization. From February 1989 to May 2007, Mr. Charles was Executive Vice President and Chief Financial Officer with K&F, a leading manufacturer of aviation wheels, brakes, fuel tanks and brake control systems. In addition, Mr. Charles was with Arthur Andersen and Company for five years where he supervised audit engagements and acquired expertise in the Securities and Exchange Commission rules and regulations. Mr. Charles has also served as a Director of Builders FirstSource, Inc. since June 2022. Mr. Charles holds an undergraduate degree in public accounting and an M.B.A. in finance from Pace University. He is a certified public accountant in the State of New York.

Mr. Charles' service as a member of the board of directors of a public company, prior high-level leadership positions and his critical accounting skills as a licensed C.P.A. and from his prior experience in public accounting make him an essential Board member.

***Nicholas Sanders*** currently serves as Non-Executive Director and Co-Chairperson of DPC Holdings Limited, positions he has held since March 2020. Mr. Sanders has held various roles in the aerospace industry, most recently serving as Executive Chairman of Gardner Aerospace from 2010 to 2019. Mr. Sanders began his career at Rolls Royce spending 13 years working on engine development and technical support. He then spent almost a decade at Lucas Aerospace where he was made Group VP Operations in 1996 and where he gained foundational experience of driving major turnaround programs. In 2002, he became CEO of CompAir, leading a buyout with Alchemy Partners. He also served as interim CEO of Deloro Stellite (a Duke Street investment) before co-founding Better Capital. Mr. Sanders is also the chairman of Latecoere Air (EPA:LAT), a French aerospace manufacturing company, the chairman of Walker Precision, a private high-precision manufacturing services company, and the chairman of Lonestar Fasteners, a private manufacturer and supplier of high-performance, specialty fasteners. Mr. Sanders holds a B.S.C. in Mechanical Engineering from Manchester University.

Mr. Sanders' extensive aerospace industry experience and engineering knowledge and board director roles make him an essential board member.

***Henry F. Brooks*** currently serves as a Non-Executive Director of DPC Holdings Limited, a position he has held since March 2026. Previously, Mr. Brooks served as President — Power & Controls, Collins Aerospace, an RTX Company (f/k/a United Technologies Corporation) (NYSE:RTX), and served as a special advisor from July 2025 through March 15, 2026. He has over 40 years of experience across the engineering, operations and business unit management industries, including positions at Brooks Precision Machining, Inc. and Sundstrand Corporation. Mr. Brooks also serves as a Non-Executive Director of Badger Meter Inc. (NYSE:BMI), a manufacturer of flow measurement and water quality monitoring, where he serves on the Compensation and Human Resources Committee. Mr. Brooks is the immediate past Chairman

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of the General Aviation Manufacturers Association (LON: GAMA). Mr. Brooks earned his executive MBA from Northeastern University in Boston, Massachusetts, a bachelor's degree in manufacturing engineering technology and his associate's degree in metal casting engineering technology from the Milwaukee School of Engineering.

Mr. Brooks' extensive experience across engineering, operations, M&A, customer account management and business unit leadership in the aerospace and defense industry, as well as his experience as a member of public company boards, make him an essential board member.

***Taiwo Danmola*** currently serves as Non-Executive Director of DPC Holdings Limited, a position he has held since January 1, 2026. Mr. Danmola has served as the Managing Member of Taiwo Danmola LLC since January 2021. He has also served as a Financing and Accounting Consultant at Global Infrastructure Solutions Inc. since 2021. Mr. Danmola has also served as Director of Loar Holdings Inc. since 2024 and of Security Mutual Life Insurance Company of New York since September 2022. Prior to his current positions, Mr. Danmola served as Assurance Partner at Ernst & Young, LLP from 2002 to 2020 and at Arthur Andersen, LLP from 1997 to 2002. Since 2022, Mr. Danmola served as a non-Trustee member of the audit committee of the Brooklyn Public Library and was appointed, effective April 2023, to its Board of Trustees. Mr. Danmola holds a B.S. in Accounting and a Minor in Economics from St. John's University. Mr. Danmola is a Certified Public Accountant in New York State.

Mr. Danmola has vast experience in accounting and auditing. Through his previous experience as an Assurance Partner at large auditing firms, he brings valuable knowledge to the board and the audit and risk committee.

***Stanley Deal*** currently serves as Non-Executive Director of DPC Holdings Limited, a position he has held since February 1, 2026 and sits on the Compensation Committee. Previously, he was the Executive Vice President, President and Chief Executive Officer, Boeing Commercial Airplanes from October 2019 to March 2024. Mr. Deal joined Boeing in 1986, and his previous positions include Executive Vice President, President and Chief Executive Officer, Boeing Global Services from November 2016 to October 2019; Senior Vice President of Commercial Aviation Services from March 2014 to November 2016; Vice President and General Manager of Supply Chain Management and Operations for Commercial Airplanes from September 2011 to February 2014; Vice President of Supplier Management from February 2010 to August 2011; and Vice President of Asia Pacific Sales from December 2006 to January 2010. He previously served as a member of Boeing's Executive Council and founded and led Boeing Global Services as its inaugural President and Chief Executive Officer. Mr. Deal currently serves as an Operating Executive Board Member for JFLCO, a position he has held since April 2025, and he serves on many of the boards with JFLCO's investments, including CTS Engines, Wellman Dynamics and Forged Solutions. He is also a member of the board of CTS Engines, a privately-owned aerospace company owned by JFLCO, a position he has held since June 2025. Mr. Deal holds a B.S. in Aerospace, Aeronautical and Astronautical Engineering from the University of Illinois Urbana-Champaign and an MBA from Pepperdine Graziadio Business School.

Mr. Deal's extensive aerospace industry experience and leadership experience make him an essential board member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***C. Alexander Harman*** currently serves as Non-Executive Director of DPC Holdings Limited, a position he has held since February 1, 2026. Mr. Harman is currently Managing Partner at J.F. Lehman & Company, or JFLCO, an alternative asset manager, and is a member of JFLCO's Management Committee and Private Equity and Credit Investment Committees. He shares overall responsibility for the firm's management, capital formation and investment activities. He has primary responsibility for the acquisition, oversight and disposition of private equity and credit portfolio investments and operational oversight of the firm. Prior to JFLCO, Mr. Harman was a member of the Global Energy Group at J.P. Morgan & Company, where he focused on natural resources and utility-related M&A as well as debt- and equity-financings. He has served on many of the boards for JFLCO's investments, including currently serving as Chairman of CodeMettle, NorthStar Group, TMS Group and Wellman Dynamics and as a director of Atlas Air Worldwide, Atomic Transport, CTS Engines, Mission Microwave, Trillium Engineering and Wrist Group. Mr. Harman graduated cum laude from Williams College, where he earned a B.A. in history.

Mr. Harman's extensive experience as an institutional investor in both private equity and credit and experience serving as a member of multiple boards and as a committee member on several of such boards make him an essential board member.

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***Willibald Meixner*** currently serves as a Non-Executive Director of DPC Holdings Limited, a position he has held since February 2026. Mr. Meixner has over 30 years of experience in the global energy industry working in service and new equipment businesses for steam turbine generators, turbo compressors, gas turbines and power plants. He has held multiple leadership positions, including as Chief Executive Officer of the Power and Gas Division from 2015 to 2019, at Siemens until 2021. He is also a Non-Executive Director of SolydEra SpA, a technology leader in the field of fuel cell development and manufacturing, since 2024. Mr. Meixner holds a degree in mechanical engineering from the University of the German Army, Neubiberg, as well as a Master of Business Administration from the European School of Management and Technologies in Berlin.

Mr. Meixner's extensive leadership experience in the aerospace and IGT industries make him an essential board member.

#### Board Composition
Our business 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 amended and restated Articles of Association that will become effective upon the closing of this offering. Upon the closing of this offering, our board of directors will consist of 9 directors, 6 of whom will qualify as "independent" under the NYSE listing standards.

Our Articles of Association will provide that the number of our directors shall be fixed from time to time by a resolution of our board of directors. Our Articles of Association will also provide for a classified board of directors, with directors in Class I (expected to be Messrs. Sanders, Brooks and Egan), directors in Class II (expected to be Messrs. Deal, Danmola and Meixner) and directors in Class III (expected to be Messrs. Charles, Quinn and Harman). See "Description of Share Capital."

Each of our executive officers serves at the discretion of our board of directors and holds office until his or her successor is duly appointed and qualified or until his or her earlier resignation or removal. There are no family relationships among any of our directors or executive officers.

#### Director Independence
Under the rules of the NYSE, independent directors must comprise a majority of a listed company's board of directors. In addition, the rules of the NYSE require that, subject to specified exceptions, each member of a listed company's audit, compensation and nominating and corporate governance committees must be independent. Under the rules of the NYSE, a director is independent only if our board of directors makes an affirmative determination that the director has no relationship which would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Although the NYSE permits certain phase-ins with respect to board and committee independence requirements following the completion of an initial public offering for compliance with these independence requirements, we will comply with all of them immediately following the listing of our ordinary shares in connection with this offering.

Prior to this offering, our board of directors undertook a review of its composition, the composition of its committees and the independence of each director. Based on information provided by each director concerning his background, employment and affiliations, including family relationships, our board of directors has determined that Messrs. Charles, Sanders, Brooks, Danmola, Deal and Meixner do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is "independent" as that term is defined under the NYSE listing standards. In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our share capital by each non-employee director, and the transactions involving them described in the section titled "Certain Relationships and Related Party Transactions."

#### Board Committees
Our board of directors has the authority to appoint committees to perform certain management and administration functions. Upon the closing of this offering, our board of directors will have an audit and

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risk committee, a compensation committee, and a nominating and corporate governance committee. The composition and responsibilities of each committee are described below. Members will serve on these committees until their resignation or until otherwise determined by the board of directors.

#### Audit and Risk Committee
Our audit and risk committee oversees our accounting and financial reporting process and the audit of our financial statements and assists our board of directors in monitoring our financial systems and our legal and regulatory compliance. Our audit and risk committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • appointing, compensating and overseeing the work of our independent auditors, including resolving disagreements between management and the independent registered public accounting firm regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • approving engagements of the independent registered public accounting firm to render any audit or permissible non-audit services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing the qualifications and independence of the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing our financial statements and related disclosures and reviewing our critical accounting policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing the adequacy and effectiveness of our internal control over financial reporting, including oversight of our internal audit processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • establishing procedures for the receipt, retention and treatment of accounting and auditing related complaints and concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and discussing with management and the independent registered public accounting firm the results of our annual audit, our quarterly financial statements and our publicly filed reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and approving in advance any proposed related person transactions.

Our audit and risk committee consists of Messrs. Sanders, Danmola and Meixner with Mr. Danmola serving as the committee's chairperson. Each member of the committee is "independent" as defined under NYSE listing standards and Rule 10A-3(b)(1) of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Each member of the audit and risk committee meets the requirements for financial literacy under the applicable rules and regulations of the SEC and the NYSE. In addition, our board of directors has determined that Mr. Danmola is an audit committee financial expert within the meaning of Item 407(d) of Regulation S-K under the Securities Act of 1933, as amended, or the Securities Act. Our audit and risk committee will operate under a written charter that will satisfy the applicable standards of the SEC and the NYSE.

#### Compensation Committee
Our compensation committee oversees our compensation policies, plans and programs. Our compensation committee charter will provide that our compensation committee has responsibility for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and recommending policies, plans and programs relating to compensation and benefits of our directors, officers and employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and recommending compensation and the corporate goals and objectives relevant to compensation of our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and approving compensation and corporate goals and objectives relevant to compensation for executive officers other than our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating the performance of our Chief Executive Officer and other executive officers in light of established goals and objectives;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • administering our equity compensations plans for our employees and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and recommending indemnification and insurance matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • administering our clawback policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and overseeing reports and disclosures related to compensation required by the SEC.

Our compensation committee consists of Messrs. Sanders, Brooks and Deal, with Mr. Sanders serving as the committee's chairperson. Our board of directors has considered the independence and other characteristics of each member of our compensation committee. Compensation committee members must satisfy the NYSE independence requirements and additional independence criteria set forth under Rule 10C-1 of the Exchange Act. In order to be considered independent for purposes of Rule 10C-1, our board of directors must consider whether the director has accepted, other than in his capacity as a member of the board, consulting, advisory or other fees from us or whether he or she is an affiliated person of us. Each of the members of our compensation committee qualifies as an independent director pursuant to the NYSE rules and Rule 10C-1. Each member of our compensation committee is also a non-employee director, as defined pursuant to Rule 16b-3 promulgated under the Exchange Act, or Rule 16b-3, and an outside director, as defined pursuant to Section 162(m) of the Code, or Section 162(m).

#### Nominating and Corporate Governance Committee
Our nominating and corporate governance committee oversees and assists our board of directors in reviewing and recommending corporate governance policies and nominees for election to our board of directors and its committees. Our nominating and corporate governance committee charter will provide that our nominating and corporate governance committee has responsibility for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating and making recommendations regarding the organization and governance of our board of directors and its committees and changes to our certificate of incorporation and bylaws and shareholder communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assessing the performance of board members and making recommendations regarding committee and chair assignments and composition and the size of our board of directors and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • recommending desired qualifications for board and committee membership and conducting searches for potential members of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating and making recommendations regarding the creation of additional committees or the change in mandate or dissolution of committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and making recommendations with regard to our corporate governance guidelines and compliance with laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing succession planning for our executive officers and evaluating potential successors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and approving conflicts of interest of our directors and corporate officers, other than related person transactions reviewed by the audit and risk committee.

Our nominating and corporate governance committee consists of Messrs. Sanders, Harman and Meixner, with Mr. Sanders serving as the committee's chairperson. Our board of directors has determined that Messrs. Sanders and Meixner are "independent" as defined under the NYSE listing standards.

Our board of directors may from time to time establish other committees.

#### Code of Business Conduct and Ethics
We have adopted a code of business conduct and ethics that is applicable to all of our employees, officers and directors, including our chief executive and senior financial officers. The code of business conduct and ethics will be available on our website at www.doncasters.com. We expect that any amendment to the code, or any waivers of its requirements, will be disclosed on our website. The inclusion of our website in this prospectus does not include or incorporate by reference the information on our website into this prospectus.

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#### Compensation Committee Interlocks and Insider Participation
None of the members of our compensation committee is an officer or employee of our company. In 2025, the members of our then Nominating and Remuneration Committee consisted of Mr. Charles, Mr. Sanders and Mr. Quinn. Mr. Quinn was and is our CEO.

#### Executive Compensation

#### Introduction
The primary objectives of our executive compensation programs are to attract and retain talented executives to effectively manage and lead our company. The compensation packages for our named executive officers generally include a base salary, annual cash bonuses and other benefits and perquisites.

Our named executive officers for 2025 are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Michael Joseph Quinn, our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • David John Egan, our Chief Financial Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Jason Mays, our Chief Operating Officer.

#### Summary Compensation Table
The following table provides summary information concerning compensation of our named executive officers for services rendered to us during 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position**  | **Year**  | **Salary<sup>(1)</sup> <br> ($)**  | **Bonus<sup>(2)</sup> <br> ($)**  | **Stock <br> Award <br> ($)**  | **All Other <br> Compensation<sup>(3)</sup> <br> ($)**  | **Total <br> ($)**  |
|  Michael Joseph Quinn, <br> Chief Executive Officer  | 2025 | $672679 | $470269 | &nbsp;&nbsp; – &nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp; | $151207 | $1294155 |
|  David John Egan, <br> Chief Financial Officer  | 2025 | $645095 | $450995 | &nbsp;&nbsp; – &nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp; | $120873 | $1216963 |
|  Jason Mays, <br> Chief Operating Officer  | 2025 | $362422 | $174343 | &nbsp;&nbsp; – &nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – &nbsp;&nbsp;&nbsp; | $15853 | $552618 |

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(1) Amounts reflect the named executive officer's base salary earned during the fiscal year presented, using a conversion rate of £0.75 pounds to one dollar and €0.87 euros to one dollar, as at close of business 29<sup>th</sup> March 2026, as applicable.

(2) For a further discussion of the Company's cash bonuses, see "— Bonus Compensation" below.

(3) All other compensation amounts include 401(k) and pension contributions by the Company.

#### 2026 Compensation Changes
Effective April 1, 2026, annual salary and bonus targets were increased for our key employees, including our named executive officers. The increased base salaries and annualized bonus targets for our named executive officers are summarized below, with 2026 base salaries going into effect as of April 1, 2026.

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| | | |
|:---|:---|:---|
| **Name and Principal Position**  | **2026 Base <br> Salary<sup>(1)</sup>**  | **2026 Annual <br> Bonus Target<sup>(2)</sup>**  |
|  Michael Joseph Quinn, <br> Chief Executive Officer  | $940754 | $858483 |
|  David John Egan, <br> Chief Financial Officer  | $703877 | $510311 |
|  Jason Mays, <br> Chief Operating Officer  | $500000 | $337500 |

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(1) Amounts reflect the named executive officer's updated 2026 annualized base salary, using a conversion rate of £0.75 pounds to one dollar and €0.87 euros to one dollar, as at close of business 29<sup>th</sup> March 2026, as applicable.

(2) 2026 annual bonus targets are pro-rated based on the named executive officer's target bonus in effect through 31<sup>st</sup> March 2026 and the updated target bonus that went into effect April 1, 2026.

#### Narrative Disclosure to Summary Compensation Table

#### Senior Management Employment Agreements
Each of our named executive officers is party to employment contracts, the terms of each of which are described below.

 *Michael Joseph Quinn Employment Agreement* 

Effective as of February 10, 2020, Mr. Quinn entered into an employment agreement with Doncasters, which agreement was amended on July 30, 2025 (together, the "Quinn Employment Agreement"), pursuant to which Mr. Quinn serves as our Chief Executive Officer.

The Quinn Employment Agreement provides for (i) an annual base salary subject to annual review and increase based on company performance and Mr. Quinn's performance, (ii) eligibility to receive a discretionary annual cash bonus, subject to his continued employment, (iii) eligibility to participate in our management incentive plan on the same terms as similarly situated employees and subject to the rules of the plan, (iv) eligibility to participate in our health care scheme at no cost to self, spouse or dependents, (v) salary continuation during times of illness for up to 12 weeks, subject to a maximum of 12 weeks' payment over any 12 month period, (vi) a car allowance, and (vii) eligibility to participate in a pension scheme pursuant to statutory requirements. Pursuant to the Quinn Employment Agreement, Mr. Quinn is subject to perpetual confidentiality restrictions, non-competition restrictions for three months following his termination and non-solicitation of customers or employees and non-interference restrictions for twelve months following his termination. Doncasters must provide Mr. Quinn six months' written notice of the termination of his employment and may place Mr. Quinn on garden leave during such time or provide a payment in lieu of such notice period.

 *David John Egan Employment Agreement* 

Effective as of March 19, 2024, Mr. Egan entered into an employment agreement with Doncasters, pursuant to which he was appointed to serve as our CFO and member of our board of directors, or the Egan Employment Agreement.

The Egan Employment Agreement provides for (i) an annual base salary, subject to review from time to time, (ii) eligibility to participate in our discretionary annual bonus program, (iii) eligibility to participate in our life assurance scheme and health and welfare programs at no cost, (iv) annual contributions to Mr. Egan's personal pension arrangements, (v) guaranteed salary continuation during times of illness for up to 26 weeks, subject to a maximum of 26 weeks' payment over any 12 month period, in addition to discretionary salary continuation for any extended period, and (vi) statutory benefits including various family and personal leaves. Pursuant to the Egan Employment Agreement, Mr. Egan is subject to perpetual

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confidentiality restrictions, non-competition restrictions for six months following his termination and non-solicitation of customers or employees and non-interference restrictions for twelve months following his termination. Doncasters must provide Mr. Egan six months' written notice of the termination of his employment and may place Mr. Egan on garden leave during such time or provide a payment in lieu of such notice period.

 *Jason Mays Employment Agreement* 

Effective as of February 21, 2018, Mr. Mays entered into a letter agreement with Doncasters, which agreement was amended to appoint Mr. Mays as our Chief Operating Officer effective January 1, 2025, or the Mays Agreement. The Mays Agreement provides that Mr. Mays is eligible to participate in our discretionary annual bonus program. Doncasters must provide Mr. Mays three months' written notice of the termination of his employment and may provide a payment in lieu of such notice period. Severance payments Mr. Mays is entitled to upon a termination of his employment other than for Cause (as defined in the Mays Agreement) is described in "— Termination and Change in Control Provisions" below.

#### Outstanding Equity Awards at December 31, 2025
We had no outstanding equity awards as of December 31, 2025.

#### Termination and Change in Control Provisions
 *Severance Payments and Benefits* 

If Mr. Mays' employment is terminated for a reason other than Cause (as defined in the Mays Employment Agreement), subject to Mr. Mays execution of a release of claims and compliance with post-termination restrictive covenants, Mr. Mays will be paid an amount equal to six months' base salary, which will be paid in accordance with our regular payroll practices. Mr. Mays is subject to post-termination non-competition and non-solicitation (of customers, prospective customers and employees) restrictions for a period of six months.

 *Management Incentive Plan* 

In the event our named executive officers' employment is terminated due to (i) redundancy (within the meaning of the Employment Rights Act of 1996 (or any applicable equivalent overseas legislation)), (ii) retirement as agreed between the named executive officer and the board, (iii) the named executive officer's death, (iv) the named executive officers inability to perform duties for at least six (6) months due to physical or mental incapacity, (v) any dismissal by DPC Holdings Limited or any of its subsidiaries that is later determined by a court to be unfair (other than for a procedural reason), or (vi) as otherwise determined by the board, the named executive officer will remain eligible to receive payment under the MIP.

#### Bonus Compensation
 *Annual Bonuses* 

Each of our named executive officers is eligible to earn a discretionary cash bonus in accordance with the terms of their employment agreements, in order to reward them for their performance during the fiscal year and to recognize their contributions to the growth of our business. The bonus amounts earned for fiscal 2025 service are reflected in the "Bonus" column in the Summary Compensation Table above.

 *Management Incentive Plan* 

Our Management Incentive Plan, or MIP, is a form of cash incentive program in which our named executive officers and directors are eligible to participate. This offering will constitute a payment triggering event under the MIP. To provide greater certainty to our investors as to the magnitude of the MIP payouts, our Board and our shareholders approved an amendment to the MIP such that the payouts thereunder will be determined based on the initial public offering price set forth on the cover page of this prospectus.

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Each participant in the MIP will be eligible to receive an allocated portion of the funds available for payout under the MIP, subject to their continued employment and there being no notice to terminate their employment (except as otherwise described in "Termination and Change in Control Provisions" above) through the applicable payment trigger, including this offering.

Gross payouts, before any applicable tax withholdings or payments, under the MIP to our named executive officers are estimated to be: $, $ and $ for Mr. Quinn, Mr. Egan, and Mr. Mays, respectively. For tax purposes, the MIP payments will be taxable as compensation and the net amount actually received by each of Mr. Quinn, Mr. Egan, and Mr. Mays will reflect their respective federal, state, local, payroll and social security tax obligations. Certain MIP participants, including Mr. Quinn, Mr. Egan and Mr. Mays have agreed to reinvest in the Company and purchase ordinary shares, using approximately 35%, 45% and 20%, of their after-tax MIP proceeds for Mr. Quinn, Mr. Egan and Mr. Mays, respectively, as part of the directed share program in connection with this offering described under "Underwriting — Directed Share Program".

In addition, our Board and our shareholders also approved the termination of the MIP in connection with this offering, subject only to the payment of the MIP amounts owe thereunder at the time of this offering, as described above.

#### Director Compensation

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| | | | |
|:---|:---|:---|:---|
| **Name**  | **Fees Earned or <br> Paid in Cash <br> ($)**  | **Stock <br> Awards <br> ($)**  | **Total <br> ($)**  |
| Dirkson Charles  | $200000 | &nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $200000 |
| Nicholas Sanders  | $125000 | &nbsp;&nbsp; – &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $125000 |

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#### Narrative to Director Compensation Table
During the year ended December 31, 2025, Dirkson Charles and Nicholas Sanders received cash compensation to compensate them for their service as non-employee directors and are also eligible to participate in the MIP.

Gross payouts, before any applicable tax withholdings or payments, under the MIP to Mr. Charles and Mr. Sanders are estimated to be $ and $, respectively. Mr. Charles and Mr. Sanders have agreed to reinvest in the Company and purchase ordinary shares using approximately 100% and 75%, respectively, of their after-tax MIP proceeds, as part of the directed share program in connection with this offering described under "Underwriting — Directed Share Program".

In connection with this offering, our Board adopted the following annual cash retainers for each of our non-employee directors, excluding C. Alexander Harman, which are paid on a monthly basis:

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| | |
|:---|:---|
| **Role**  | **Amount**  |
| Board member and Co-Chair of the Board  | $300000 |
| Chair of the Audit & Risk Committee\*  | $225000 |
| Chair of the Compensation Committee\*  | $225000 |
| Chair of the Nominations & Corporate Governance Committee\*  | $225000 |
| Chair of the Strategy Committee\*  | $225000 |
| Board and Committee member  | $175000 |

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\*

not payable to Co-Chairs of the Board

 *Director Share Program Under Equity Incentive Plan and Participation in Directed Share Program* 

Pursuant to the terms of the Equity Incentive Plan (as defined below), we intend to offer our independent directors the opportunity to make a one-time election to participate in a share purchase and matching grant

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program, which provides that if the independent director purchases ordinary shares (the "Purchased Shares") (the date of the first such purchase, the "Purchase Date") as part of the directed share program in connection with this offering as described under "Underwriting — Directed Share Program" or, with respect to an individual who becomes a non-employee director after the closing of this offering, at fair value within 30 days following the date the individual becomes a non-employee director, then the company will issue pursuant to the Equity Incentive Plan a matching grant of fully vested ordinary shares (the "Matching Grant Shares").

Under the directed share program, Mr. Charles, Mr. Sanders, Mr. Brooks, Mr. Danmola, Mr. Deal and Mr. Meixner will be eligible to purchase, in the aggregate, up to 1,000,000 ordinary shares and in connection with this offering, up to 250,000 ordinary shares under the Equity Incentive Plan may become Matching Grant Shares. The ordinary shares available for purchase under the directed share program and the corresponding Matching Grant Shares will be available to such directors on a pro-rata basis and, to the extent any director does not purchase their full pro-rata allocation, the remaining portion of their ordinary shares eligible for purchase under the directed share program will be available for purchase by directors who elect to purchase their maximum pro-rata allocation. The number of Matching Grant Shares to each director will equal the number of ordinary shares having an aggregate fair market value that is equal to 25% of the aggregate fair market value of the shares purchased by the director.

For the purchase of ordinary shares under the director share program not in connection with this offering, the number of Matching Grant Shares will equal the lesser of (i) the number of ordinary shares having an aggregate fair market value that is equal to 25% of the aggregate fair market value of the shares purchased by the director or (ii) the number of ordinary shares having an aggregate value equal to the product of (a) 41,667 multiplied by (b) the initial public offering price set forth on the cover page of this prospectus.

If an eligible director elects to participate in this program, the Matching Grant Shares will be restricted from sale pursuant to the terms of the Equity Incentive Plan as follows: all Matching Grant Shares will be restricted from sale prior to the third anniversary of such director's Purchase Date and Purchased Shares will be restricted from sale prior to the first anniversary of such director's Purchase Date.

Mr. Harman is not eligible to participate in the director share purchase program.

Our directors will be reimbursed for travel, food, lodging and other expenses directly related to their activities as directors. Our Board may revise the compensation arrangements for our directors from time to time.

#### Compensation Arrangements to be Adopted in Connection with this Offering
 *Equity Incentive Plan* 

In order to incentivize our employees following the completion of this offering, our Board adopted, and our shareholders approved, the DPC Holdings Limited 2026 Equity Incentive Plan (the "Equity Incentive Plan") for employees, consultants and/or directors. Our named executive officers will be eligible to participate in the Equity Incentive Plan. The Equity Incentive Plan provides for the grant of options and matching share awards, intended to align the interests of service providers, including our named executive officers and directors, with those of our shareholders.

#### Summary of the Equity Incentive Plan
In connection with this offering, our Board adopted, and our shareholders have approved the Equity Incentive Plan, pursuant to which employees, consultants and directors of our company and employees, consultants and directors of our affiliates performing services for us, including our executive officers, will be eligible to receive awards. The Equity Incentive Plan provides for the grant of share options to eligible participants and matching share awards to non-employee directors, in each case, intended to align the interests of participants with those of our shareholders.

 *Share Reserve* 

An aggregate of 55,250,000 ordinary shares will be available for issuance under the Equity Incentive Plan. Shares issued under the Equity Incentive Plan may be authorized but unissued shares or treasury

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shares. Of these 55,250,000 ordinary shares, (1) 250,000 ordinary shares may be granted as Matching Grant Shares described above in connection with the directors' participation in the directed share program in connection with this offering, (2) 30,000,000 ordinary shares may be granted immediately following the effectiveness of the Equity Incentive Plan, subject to the occurrence of this offering occurring within five business days following pricing, (3) 5,000,000 ordinary shares may be granted when all lock-up and similar restrictions agreed in connection with this offering by the shareholders as of the date of adoption of the Equity Incentive Plan have been irrevocably and unconditionally released, and (4) a further 5,000,000 ordinary shares may be granted on or following each anniversary of this offering; provided, that, following the first anniversary of this offering, the annual grant limitations will not apply once the trading price of an ordinary share trades at or above two times the offering price of a share as set forth on the cover page of this prospectus.

If an award under the Equity Incentive Plan expires, terminates, or is forfeited, settled in cash, or canceled without having been fully exercised, any unused shares subject to the award will be available for new grants under the Equity Incentive Plan. If shares issuable upon exercise, vesting, or settlement of an award are surrendered or tendered to the Company in payment of the purchase or exercise price of an award or any taxes required to be withheld in respect of an award, in each case, in accordance with the terms of the Equity Incentive Plan, such surrendered or tendered shares will be added back to the share reserve. Awards granted under the Equity Incentive Plan in substitution for any options or other share or share-based awards granted by an entity before the entity's merger or consolidation with us or our acquisition of the entity's property or shares will not reduce the shares available for grant under the Equity Incentive Plan, but may count against the maximum number of shares that may be issued upon the exercise of incentive share options.

 *Administration* 

The Equity Incentive Plan will be administered by our compensation committee, or by our Board, to the extent appropriate (such body administering the plan, the "EIP Administrator"). The EIP Administrator has the authority to construe and interpret the Equity Incentive Plan, grant awards and make all other determinations necessary or advisable for the administration of the plan. Awards under the Equity Incentive Plan may be made subject to "performance conditions" and other terms.

 *Eligibility* 

Our employees, consultants and directors, and employees, consultants and directors of our affiliates, will be eligible to receive awards under the Equity Incentive Plan. The EIP Administrator will determine who will receive awards, and the terms and conditions associated with such award subject to the terms and conditions of the Equity Incentive Plan.

 *Term* 

The Equity Incentive Plan will terminate ten years from the date our Board approved the plan unless it is terminated earlier by our Board.

 *Share Options* 

Options granted under the Equity Incentive Plan may be granted as incentive share options under the Code (as defined below) or nonstatutory share options and may be exercisable at such times and subject to such terms and conditions of the Equity Incentive Plan and as the EIP Administrator determines. The maximum term of options granted under the Equity Incentive Plan is the earlier of (i) 10 years from the grant date (or 5 years from the grant date, in the case of an incentive share option granted to an employee who owns ordinary shares possessing more than 10% of the total combined voting power of all classes of shares of the Company, its subsidiaries or any parent) or (ii) unless otherwise provided for the in award agreement, (a) 90 days after the date of termination of employment other than upon death, disability or cause, (b) one year after the date of separation from service for death or disability, or (c) upon termination for cause.

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The Equity Incentive Plan also contains a UK sub-plan, which is intended to qualify as a company share option plan, or CSOP, that meets the requirements of Schedule 4 to the Income Tax (Earnings and Pensions) Act 2003, or ITEPA. Options granted as CSOP options are, subject to certain qualifying conditions being met, potentially U.K. tax favored options up to an individual limit of £60,000 calculated by reference to the market value of the shares under option at the date of grant. Options granted as CSOP options must have an exercise price equal to or more than the market value of a share on the date of grant and, where the exercise of an option is to be satisfied by newly issued shares, the exercise price must not be less than the nominal value of a share. CSOP options can only be granted for so long as we continue to meet the criteria under the CSOP regime.

 *Matching Share Awards* 

Fully vested ordinary shares consisting of matching share grants described under "— Director Compensation" are available to incentivize non-employee directors to invest in ordinary shares.

 *Additional Provisions* 

Awards granted under the Equity Incentive Plan may not be transferred in any manner other than by will or by the laws of descent and distribution, and all such rights will be exercisable, during the participant's lifetime, only by the participant, except for certain non-statutory share options that may be transferred to certain family members as the EIP Administrator determines.

In the event of a change in control (as defined in the Equity Incentive Plan), all outstanding share options will become immediately exercisable with respect to all of the shares subject to such share options. In the event of any change to our outstanding ordinary shares or capital structure, such as a share split, reverse share split, recapitalization, reorganization, merger, consolidation, combination, division, exchange, spin off, share dividend, or extraordinary cash or non-cash dividend or other relevant change in capitalization or any extraordinary cash or non-cash dividend, all awards will be equitably adjusted or substituted (which may include cash payments) to the extent necessary to preserve the economic intention of such awards. A committee or subcommittee appointed by the Board may establish a program under which dividend equivalent rights may be granted in conjunction with other awards, and it is intended that any such dividend equivalent rights would be either exempt from, or in compliance with, Section 409A of the Code.

 *IPO Grants* 

In connection with this offering, we anticipate granting an aggregate of options to purchase ordinary shares to certain employees and our non-employee directors, other than Mr. Harman, divided into five equal size tranches: Tranche A, Tranche B, Tranche C, Tranche D and Tranche E. Tranche A vests on the first anniversary of the grant date with an exercise price set at the initial public offering price. Tranche B vests on the second anniversary of the grant date with an exercise price set at the product of 1.10 and the initial public offering price. Tranche C vests on the third anniversary of the grant date with an exercise price set at the product of 1.21 and the initial public offering price. Tranche D vests on the fourth anniversary of the grant date with an exercise price set at the product of 1.331 and the initial public offering price. Tranche E vests on the fifth anniversary of the grant date with an exercise price set at the product of 1.464 and the initial public offering price. The options will expire on the earlier of (i) ten years from the grant date or (ii) 90 days after termination of employment other than upon death, disability or cause.

Included in the options we anticipate granting as described above, we anticipate granting , and options to Mr. Quinn, Mr. Egan, and Mr. Mays, respectively, and options to each of Mr. Charles, Mr. Sanders, Mr. Brooks, Mr. Danmola, Mr. Deal and Mr. Meixner. These options are subject to the same terms and conditions as set forth above. All awards granted in connection with this offering will be subject to the terms of the Equity Incentive Plan and individual award agreements.

Of the shares proposed to be placed under option for Mr. Egan, a certain amount of these will be granted as CSOP options, up to the maximum limit(s) permitted by Schedule 4 of ITEPA or such other applicable law.

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 *MIP Recognition Grants* 

In addition, in connection with the amendment to the MIP described above, such that the payouts thereunder will be determined based on the initial public offering price set forth on the cover page of this prospectus, we anticipate granting approximately options to MIP participants, including , , , and options to Mr. Quinn, Mr. Egan, Mr. Mays, Mr. Charles and Mr. Sanders, respectively. These options will be subject to the terms of the Equity Incentive Plan and individual award agreements and will be immediately vested on grant but subject to the lock-up period.

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#### Certain Relationships and Related Party Transactions
In addition to the compensation arrangements, including employment, termination of employment and change in control arrangements, discussed in the sections titled "Management" and "Executive Compensation". The following is a description of each transaction since January 1, 2023 and each currently proposed transaction in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have been or are to be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amount involved exceeded or exceeds $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any of our directors, executive officers or holders of more than 5% of our outstanding share capital, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest.

#### Indemnification of Officers and Directors and Insurance
Following completion of this offering, our Articles of Association will provide that we will indemnify each of our directors and officers to the fullest extent permitted by Jersey law. In addition, we have entered, or will enter, into indemnification agreements with each of our directors and executive officers. See "Description of Share Capital — Comparison of Delaware Corporate Law and Jersey Corporate Law — Indemnification of directors and executive officers and limitation of liability" below for more details. We also have purchased directors' and officers' liability insurance.

#### Directed Share Program
At our request, the underwriters have reserved up to ordinary shares, or % of the shares offered by this prospectus, for sale at the initial public offering price through a directed share program to certain of our non-employee directors, management, employees, friends and family. Any reserved shares not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. Morgan Stanley & Co. LLC will administer our directed share program. See "Prospectus Summary — The Offering — Directed Share Program" for additional information.

#### Related Persons Transaction Policy
We have adopted formal written procedures for the review, approval, or ratification of transactions with related persons, or the Related Persons Transaction Policy. The Related Persons Transaction Policy will provide that the audit and risk committee of our board of directors will be charged with reviewing for approval or ratification all transactions with "related persons" (as defined in paragraph (a) of Item 404 of Regulation S-K) that are brought to the audit and risk committee's attention. We also maintain certain compensation agreements and other arrangements with certain of our executive officers, which are described under "Executive Compensation" elsewhere in this prospectus.

#### Management Incentive Plan
As part of the 2020 restructuring, we implemented a cash-based management incentive plan, or MIP, which was designed to provide incentives for our senior management and board members, including our named executive officers who are eligible to participate, and to deliver long-term shareholder returns. For further details, see "Executive Compensation — Narrative Disclosure to Summary Compensation Table — Termination and Change in Control Provisions — Management Incentive Plan." As of December 31, 2025, we had a $132 million liability in respect of the MIP recognized on the face of the balance sheet. An additional $14 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes in 2025. See Note 18 to our audited consolidated financial statements included elsewhere in this prospectus. As of March 29, 2026, we had a $144 million liability in respect of the MIP recognized on the face of the balance sheet. An additional $15 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes. See Note 10 to our unaudited condensed consolidated financial statements included elsewhere in this prospectus.

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#### Principal Shareholders
The following table sets forth the beneficial ownership of our ordinary shares (i) as of and (ii) immediately following this offering, as adjusted to reflect the sale of ordinary shares, in each case, by the following individuals or groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all of our current directors and named executive officers as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each person known by us to be the beneficial owner of more than 5% of the outstanding ordinary shares.

The percentage ownership information shown in the table prior to this offering is based upon 451,747,577 ordinary shares outstanding as of May 19, 2026. The percentage ownership information shown in the table after this offering is based upon ordinary shares outstanding as of after giving effect to the sale of ordinary shares by us in this offering and assuming no exercise of the underwriters' option to purchase additional ordinary shares.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities, or have the right to acquire such powers within 60 days. Under these rules, more than one person may be deemed beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest. In addition, the rules include ordinary shares issuable pursuant to the exercise of share options that are either immediately exercisable or exercisable on or before , which is 60 days after the date of this prospectus. These shares are deemed to be outstanding and beneficially owned by the person holding those options for the purpose of computing the percentage ownership of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person. The information contained in the following table is not necessarily indicative of beneficial ownership for any other purpose, and the inclusion of any shares in the table does not constitute an admission of beneficial ownership of those shares. Unless otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them, subject to applicable community property laws. The information set forth below regarding the beneficial ownership for each of our principal shareholders has been furnished by such shareholders. In addition, the following table does not reflect any ordinary shares that may be purchased in this offering or pursuant to our directed share program described under "Underwriting — Directed Share Program."

Except as otherwise indicated in the table below, addresses of named beneficial owners are care of DPC Holdings Limited., 2nd Floor, Donington Court, Pegasus Business Park, Herald Way, Derby, DE742UZ.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares Beneficially Owned <br> Prior to Offering**  | **Shares Beneficially Owned <br> Prior to Offering**  | **Shares Beneficially Owned <br> After Offering**  | **Shares Beneficially Owned <br> After Offering**  |
| **Name of Beneficial Owner**  | **Number**  | **%**  | **Number**  | **%**  |
| **5% Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; J F Lehman<sup>(1)</sup>  | 75572492 | 16.7% |  |  |
| &nbsp;&nbsp;&nbsp; Corre Opportunities Fund<sup>(2)</sup>  | 43274275 | 9.6% |  |  |
| &nbsp;&nbsp;&nbsp; Searchlight Opportunities<sup>(3)</sup>  | 41830415 | 9.3% |  |  |
| &nbsp;&nbsp;&nbsp; Lord Abbett & Co LLC<sup>(4)</sup>  | 32228577 | 7.1% |  |  |
| &nbsp;&nbsp;&nbsp; Hill City Capital<sup>(5)</sup>  | 29974426 | 6.6% |  |  |
| &nbsp;&nbsp;&nbsp; Entities affiliated with Man Investment Partners <br> (US) LP<sup>(6)</sup>  | 29843561 | 6.6% |  |  |
| &nbsp;&nbsp;&nbsp; UBS Asset Management  | 28825531 | 6.4% |  |  |
| &nbsp;&nbsp;&nbsp; Mudrick Capital Management<sup>(7)</sup>  | 25610693 | 5.7% |  |  |
| **Named Executive Officers and Directors:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Michael Joseph Quinn  | \* | \* |  |  |
| &nbsp;&nbsp;&nbsp; David John Egan  | \* | \* |  |  |
| &nbsp;&nbsp;&nbsp; Jason Mays  | \* | \* |  |  |
| &nbsp;&nbsp;&nbsp; Dirkson Charles  | \* | \* |  |  |
| &nbsp;&nbsp;&nbsp; Nicholas Sanders  | \* | \* |  |  |
| &nbsp;&nbsp;&nbsp; Henry F. Brooks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Taiwo K. Danmola  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Stanley Deal<sup>(1)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C. Alexander Harman<sup>(1)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Willibald Meixner  |  |  |  |  |
| All executive officers and directors as a group (10 persons)  |  |  |  |  |

---

\*

Less than 1%.

(1) Includes 75,572,492 ordinary shares held by JFL Fund VI Alloy Holdings, LLC, or Alloy Holdings. Alloy Holdings may be deemed to be controlled by its sole members, JFL Equity Investors VI, L.P., or JFL Fund VI, JFL Parallel Fund VI, L.P., or JFL Parallel VI, and JFL Executive Investors VI, L.P., or JFL Executive VI (together with JFL Fund VI and JFL Parallel VI, the "JFL Funds"). The JFL Funds are controlled by their general partner, JFL GP Investors VI, LLC, or Ultimate GP VI. Ultimate GP VI is controlled by its managers Messrs. Stephen L. Brooks, C. Alexander Harman, Louis N. Mintz and Glenn M Shor. Mr. C. Alexander Harman is the Managing Partner at J.F. Lehman & Company, LLC, or JFLCo. Mr. Harman does not individually direct the voting or disposition of the shares held of record by the entities affiliated with JFLCo and disclaims beneficial ownership of such shares held by such entities except to the extent of their pecuniary interest therein. The principal business address of each entity is c/o J.F. Lehman & Company, LLC, 55 Hudson Yards, 23<sup>rd</sup> Floor, New York, NY 10001. Each of JFL Holdings, the JFL Funds, and the Ultimate GP VI and each of Messrs. Brooks, Harman, Mintz and Shor disclaims beneficial ownership of the shares held by Alloy Holdings and the JFL Funds, except to the extent of their pecuniary interest therein.

(2) Corre Opportunities Qualified Master Fund, LP ("Corre Opportunities Fund") has shared voting power and shared dispositive power with respect to 17,360,457 ordinary shares; Corre Horizon Fund, LP ("Corre Horizon") has shared voting power and shared dispositive power with respect to 11,201,163 ordinary shares; Corre Horizon II Fund, LP ("Corre Horizon II" and together with Corre Qualified Fund and Corre Horizon, the "Funds") has shared voting power and shared dispositive power with respect to 14,712,655 ordinary shares; Corre Partners Advisors, LLC (the "General Partner") has shared voting power and shared dispositive power with respect to 43,274,275 ordinary shares; Corre Partners Management, LLC (the "Investment Advisor") has shared voting power and shared dispositive power

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with respect to 43,274,275 ordinary shares; John Barrett has shared voting power and shared dispositive power with respect to 43,274,275 ordinary shares. The General Partner serves as the general partner to the Funds, the Investment Advisor has been delegated investment authority over the assets of the Funds by the General Partner. Corre Opportunities Fund may be deemed to be the beneficial owner of 17,360,457 ordinary shares, Corre Horizon may be deemed to be the beneficial owner of 11,201,163 ordinary shares, Corre Horizon II may be deemed to be the beneficial owner of 14,712,655 ordinary shares, and (iv) each of the General Partner, the Investment Adviser and Mr. Barrett may be deemed to be the beneficial owner of 43,274,275 ordinary shares. The business address of the Funds is c/o Corre Partners Management, LLC, 12 East 49th Street, 40th Floor, New York, New York 10017. Each of (i) the General Partner, which serves as the general partner of the Funds, (ii) the Investment Advisor, which has been delegated investment authority over the assets of the Funds by the General Partner, and (iii) Mr. John Barrett, who serves as the managing member of the General Partner and the Investment Adviser, has shared power to vote or direct the vote, and shared power to dispose or direct the disposition of, the ordinary shares beneficially owned or to be owned by the Funds.

(3) Includes (i) 5,729,283 ordinary shares held by SOF Holdings, L.P., (ii) 832,025 ordinary shares held by Searchlight Opportunities Master Fund II-A, L.P., and (iii) 35,269,107 ordinary shares held by SOF II DBT I, L.P. As members of the board of managers of Searchlight Opportunities Fund GP, LLC, which has the power to vote or dispose of the securities held by SOF Holdings, L.P., and Searchlight Opportunities Fund II GP, LLC, which has the power to vote or dispose of the securities held by Searchlight Opportunities Master Fund II-A, L.P. and SOF II DBT I, L.P., Erol Uzumeri, Eric Zinterhofer and Oliver Haarmann may be deemed to have shared voting and investment power with respect to such securities. The principal business address of each of SOF Holdings, L.P., Searchlight Opportunities Master Fund II-A, L.P., SOF II DBT I, L.P., Searchlight Opportunities Fund GP, LLC, Searchlight Opportunities Fund II GP, LLC, Erol Uzumeri, Eric Zinterhofer and Oliver Haarmann is 745 Fifth Avenue, 27th Floor, New York, NY 10151.

(4) Includes 32,228,577 ordinary shares held by various accounts managed by Lord, Abbett & Co. LLC, over which Lord, Abbett & Co. LLC exercises investment discretion. Douglas Sieg is the managing member of Lord, Abbett & Co. LLC with the power to exercise voting and dispositive power over the 32,228,577 ordinary shares of Lord, Abbett & Co. LLC. The business address of each of Lord, Abbett & Co. LLC, Mr. Sieg, and the various managed accounts is 30 Hudson Street, Jersey City, NJ 07302.

(5) Includes 29,974,426 ordinary shares held by Hill City Capital Master Fund LP ("HCCMF"). Hill City Capital GP LLC serves as the general partner of HCCMF. Hill City Capital LP serves as the investment manager of HCCMF. Hill City GP LLC serves as the general partner of Hill City Capital LP. Herbert Frazier serves as the managing member of each of Hill City Capital GP LLC and Hill City GP LLC. By virtue of these relationships, each of Hill City Capital GP LLC, Hill City Capital LP, Hill City GP LLC and Mr. Frazier may be deemed to share voting and dispositive power over the 29,974,426 ordinary shares held by HCCMF. Each of the foregoing disclaims beneficial ownership of these shares except to the extent of its or his pecuniary interest therein, if any. The principal business address of HCCMF is c/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman KY1-9009. The principal business address of each of Hill City Capital GP LLC, Hill City Capital LP, Hill City GP LLC and Mr. Frazier is 121 High Street, 3rd Floor, Boston, Massachusetts 02110.

(6) Includes 29,843,561 ordinary shares held by investment funds (the "Man (US) Funds") to which Man Investment Partners (US) LP serves as investment manager. Man Investment Partners (US) LP has investment and voting power with respect to such shares. The principal business address of the Man (US) Funds is c/o Man Investment Partners (US) LP, 299 Park Avenue, 24th Floor, New York, NY 10171. Man Investment Partners (US) LP is an indirect subsidiary of Man Group PLC. In accordance with SEC Release No. 34-39538 (January 12, 1998), the beneficial ownership reported herein does not include securities, if any, beneficially owned by other affiliates or business units whose beneficial ownership of securities are disaggregated from that of Man Investment Partners (US) LP in accordance with such release.

(7) Includes (i) 25,610,693 ordinary shares of Alloy Topco Limited, and (ii) term loan positions in Doncasters, in each case held by certain funds, investors, entities or accounts that are managed,

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sponsored or advised by Mudrick Capital Management, L.P. or its affiliates. Jason Mudrick is the founder, general partner and Chief Investment Officer of Mudrick Capital Management, L.P. Scott Bynum is a Portfolio Manager of Mudrick Capital Management, L.P. Each of Mr. Mudrick and Mr. Bynum, through Mudrick Capital Management, L.P., is responsible for the voting and investment decisions relating to such securities. Each of the aforementioned entities and individuals disclaims beneficial ownership of the securities held of record by any other entity or individual explicitly named in this footnote except to the extent of such entity or individual's pecuniary interest therein, if any. The principal business address of each of Mudrick Capital Management, L.P., Mr. Mudrick and Mr. Bynum is c/o Mudrick Capital Management, L.P., 31 West 52nd Street, 16th Floor, New York, NY 10019.

#### Registration Rights Agreement
In connection with this offering, we intend to enter into a Registration Rights Agreement with holders of 5% or more of our ordinary shares, or the Reporting Holders. With the exception of underwriting discounts, commissions, and certain other expenses, we will pay all expenses related to any demand registration, takedown request or piggyback rights described below, subject to reasonable fees and disbursements of one counsel for the selling holders. The registration rights described below will expire upon the earliest to occur of: (i) seven years after the completion of this offering or (ii) as to a given holder of registration rights, the date after the completion of this offering when such holder of registration rights hold below 1% of our total outstanding ordinary shares and can sell all of such holder's registrable securities during any three-month period pursuant to Rule 144 promulgated under the Securities Act. Following this offering, holders of an aggregate of approximately of our ordinary shares will be entitled to the registration rights described below.

*Demand Registrations.* Beginning 180 days following the pricing of this offering, or earlier if the lock-up agreement entered into in connection with this offering is waived by the underwriters for all lock-up parties pro rata, Reporting Holders holding an aggregate of 10% or more of our ordinary shares may request the registration of a portion of their ordinary shares, or the Registrable Securities, on a Form S-3, or if not available, on a Form S-1, or a Demand Registration. Reporting Holders may make up to three Demand Registration requests on Form S-3 or two Demand Registration requests on Form S-1, as long as at least $50 million of Registrable Securities are being registered, with the limit of only one Demand Registration at a time and no Demand Registration requests within four months of another request having been fulfilled. Once a Demand Registration request is received, we will provide notice to non-demanding shareholders holding 1% or more of our ordinary shares and director and management holders, who may elect to join in the registration.

*Takedown Requests.* If a shelf registration statement is effective and available for use, Reporting Holders holding an aggregate of 10% or more of our Ordinary Shares may request, a Takedown Request, that we conduct a registered takedown offering to one or more underwriters on a firm commitment basis. Reporting Holders may make up to three Takedown Requests per year, as long as at least $50 million of Registrable Securities are being offered, with the limit of only one Takedown at a time and no Takedown Requests within four months of another request having been fulfilled. Once a Takedown Request is received (other than a Takedown Request for a block trade), we will provide notice to non-requesting shareholders holding 1% or more of our ordinary shares and director and management holders, who may elect to join in the offering, subject to cutbacks. If the Takedown Request is for a block trade, we will give notice to non-requesting shareholders holding 5% or more of our ordinary shares and institutional shareholders that may be deemed our affiliates, who may elect to join in the block trade.

*Piggyback Rights.* In addition to the above, if we file a prospectus supplement to an effective shelf registration statement or a registration statement (other than pursuant to certain exceptions) for an offering by us one or more underwriters on a firm commitment basis we will provide notice to shareholders holding 1% or more of our ordinary shares and director and management holders and offer them the opportunity to include Registrable Securities in the offering, subject to cutback and certain customary exceptions.

*Cutbacks.* If the managing underwriters advise that the number of Registrable Securities proposed to be included in an offering exceeds the number of Registrable Securities which can be sold in the market in

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an orderly fashion, then (i) in the case of an offering initiated by us, all other holders will be cut back pro rata to allow us to proceed with the offering, and (ii) in the case of an offering pursuant to a request by one or more Reporting Holders, the demanding holders will be able to include their Registrable Securities and reduce the Registrable Securities of other holders on a pro rata basis.

All holders of Registrable Securities under the Registration Rights Agreement who join an offering will agree to customary lock-ups of up to 90 days in connection with any underwritten offering, so long as our executive officers and directors agree to a similar lock-up. All Demand Registrations and Takedown Requests will be subject to (i) customary black-out periods as part of our policy, and (ii) deferral at our sole discretion for up to 90 days in each 360-day period.

The foregoing description of the Registration Rights Agreement is intended as a summary only and is qualified in its entirety by reference to the form of Registration Rights Agreement expected to be in effect at the closing of this offering, which is filed as an exhibit to the registration statement of which this prospectus forms a part.

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#### Description of Share Capital
 *The following descriptions are summaries of the material terms of our Articles of Association and Memorandum of Association (as amended, our "Articles of Association" and "Memorandum of Association," respectively). Reference is made to the more detailed provisions of, and the descriptions are qualified in their entirety by reference to, the Articles of Association and Memorandum of Association, copies of which are filed with the SEC together as an exhibit to the registration statement of which this prospectus is a part, and applicable law.* 

Our authorized share capital will consist of an unlimited number of ordinary shares, no par value and, if authorized in the future, an unlimited number of preferred shares, no par value.

#### Ordinary Shares
All outstanding ordinary shares are validly issued, fully paid and non-assessable. The ordinary shares do not have pre-emptive, subscription or redemption rights. Neither our Memorandum of Association or Articles of Association nor the laws of Jersey restrict in any way the ownership or voting of ordinary shares held by non-residents of Jersey.

Our board of directors may issue authorized but unissued ordinary shares without further shareholder action, unless shareholder action is required by applicable law or by the rules of a stock exchange or quotation system on which any series of our shares may be listed or quoted.

*Dividend and Liquidation Rights*. Holders of ordinary shares are entitled to receive equally, share for share, any dividends that may be declared in respect of our ordinary shares by the board of directors out of funds legally available therefore. In the event of our liquidation, after satisfaction of liabilities to creditors, holders of ordinary shares are entitled to share pro rata in our net assets. Such rights may be affected by the grant of preferential dividend or distribution rights to the holders of a class or series of preferred shares that may be authorized in the future.

*Shareholder Meetings and Quorum*. Pursuant to Jersey law, an annual general meeting shall be held once every calendar year at the time (within a period of not more than 18 months after the last preceding annual general meeting) and at the place as may be determined by the board of directors. The quorum required for a general meeting of shareholders consists of shareholders present in person or by proxy who hold or represent between them a majority of the outstanding shares entitled to vote at such meeting.

*Voting Rights.* Holders of ordinary shares have one vote for each ordinary share held on all matters submitted to a vote of holders of ordinary shares. These voting rights may be affected by the grant of any special voting rights to the holders of a class or series of preferred shares that may be authorized in the future.

An ordinary resolution requires approval by the holders of a majority of the voting rights represented at a meeting, in person or by proxy, and voting thereon.

A special resolution, which will be required for important matters (such as, for example, a resolution amending our Memorandum of Association or Articles of Association or approving any change in authorized capitalization, or distributing the Company's assets in connection with a liquidation or winding-up), requires approval by the holders of two-thirds (66.67%) of the voting rights represented at a meeting, in person or by proxy, and voting thereon.

*Requirements for Advance Notification of Shareholder Nominations and Proposals*. Our Articles of Association establish advance notice and related procedures with respect to shareholder proposals and nomination of candidates for election as directors.

*Modification of Class Rights*. The rights attached to any class (unless otherwise provided by the terms of issue of that class), such as voting, dividends and the like, may be varied with the sanction of an ordinary resolution passed at a separate general meeting of the holders of the shares of that class.

#### Directors

#### Appointment and removal
The management of the Company is vested in its board of directors. The articles of association provide that there shall be a board of directors consisting of no fewer than two directors and the size of the board of directors shall not be subject to a maximum.

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The directors are divided into three classes designated as Class I, Class II and Class III, respectively. Class I directors shall initially serve until the first annual general meeting following the initial effectiveness of the articles of association (expected in 2026), Class II directors shall initially serve until the second annual general meeting following the initial effectiveness of the articles of association (expected in 2026) and Class III directors shall initially serve until the third annual general meeting following the initial effectiveness of the articles of association (expected in 2026). At each succeeding annual general meeting, directors will be elected for a full term of three years to succeed the directors of the class whose terms expire at such annual general meeting.

Ordinary shareholders may nominate directors pursuant to the advance notice provisions of the articles of association (including the requirements for timely notice and other obligatory information regarding the nominating shareholder and the nominee). If a vacancy arises on the board of directors, the vacancy may be filled only by the affirmative vote of a majority of the directors then in office, even though less than a quorum, or by a sole remaining director, and not by the vote of shareholders. The appointment and removal of directors is also subject to the applicable rules of the NYSE and to the provisions of the Shareholder Director Nominee Agreement.

The detailed procedures for the nomination of persons proposed to be elected as directors at any general meeting of the Company are set out in the articles of association.

#### Indemnification of Directors and Officers
To the fullest extent permitted by law, the articles of association provide that the directors and officers of the Company shall be indemnified from and against all liability which they incur in execution of their duty in their respective offices.

#### Exclusive Forum Provisions
Unless the Company consents in writing to the selection of an alternative forum, the courts of the Island of Jersey are 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 Company's shareholders, (iii) any action asserting a claim arising pursuant to any provision of Jersey law or the articles of association or (iv) any action asserting a claim in any way relating to the constitution or conduct of the Company (or, if such courts do not have subject matter jurisdiction thereof, the jurisdiction that does have jurisdiction). Unless the Company selects or 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 applicable law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the United States federal securities laws of the United States of America, including, in each case, the Securities Act and the Exchange Act and the applicable rules and regulations promulgated thereunder.

#### Other Jersey, Channel Islands Law Considerations
 *Purchase of Own Shares* 

As with declaring a dividend, we may not buy back or redeem (to the extent redeemable) our shares unless our directors who are to authorize the buyback or redemption have made a statutory solvency statement that, immediately following the date on which the buyback or redemption is proposed, the Company will be able to discharge its liabilities as they fall due and, having regard to prescribed factors, we will be able to continue to carry on business and discharge its liabilities as they fall due for the 12 months immediately following the date on which the buyback or redemption is proposed (or until we are dissolved on a solvent basis, if earlier).

If the above conditions are met, we may purchase shares in the manner described below.

We may purchase on a securities exchange our own shares pursuant to a resolution of our shareholders. The resolution authorizing the purchase must specify the maximum number of shares to be purchased; the

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maximum and minimum prices which may be paid; and a date, not being later than five years after the passing of the resolution, on which the authority to purchase is to expire.

We may, subject to the law, purchase our own shares otherwise than on a securities exchange as determined by the directors under a written purchase contract pre-approved by an ordinary resolution of our shareholders or by a resolution of the directors, or if the shares are to be purchased for nil consideration, by a resolution of our directors. The shareholder from whom we propose to purchase or redeem shares is not entitled to take part in such shareholder vote in respect of the shares to be purchased.

We may fund a redemption or purchase of our own shares from any source. We cannot purchase our shares if, as a result of such purchase, only treasury shares would remain in issue.

If it is not prohibited by our Articles of Association, any shares that we redeem or purchase may be held by us as treasury shares. Any shares held by us as treasury shares may be cancelled, transferred for any purposes (for or without consideration), or held without cancelling or transferring them. Shares redeemed or purchased by us are cancelled where we have not been authorized to hold these as treasury shares.

 *Mandatory Purchases and Acquisitions* 

The Jersey Companies Law provides that where a person has made an offer to acquire a class of all of our outstanding shares not already held by the person and has as a result of such offer acquired or contractually agreed to acquire 90% or more of such outstanding shares to which the offer relates, that person is then entitled (and may be required) to acquire the remaining shares of such shares. In such circumstances, a holder of any such remaining shares may apply to the Jersey court for an order that the person making such offer not be entitled to purchase the holder's shares or that the person purchases the holder's shares on terms different to those under which the person made such offer.

 *Compromises and Arrangements* 

Where we and our creditors or shareholders or a class of either of them propose a compromise or arrangement between us and our creditors or our shareholders or a class of either of them (as applicable), the Jersey court may order a meeting of the creditors or class of creditors or of our shareholders or class of shareholders (as applicable) to be called in such a manner as the court directs. Any compromise or arrangement approved by a majority in number representing 75% or more in value of the creditors or a member or members representing 75% or more of the voting rights of shareholders or class of either of them (as applicable) if sanctioned by the court, is binding upon us and all the creditors, shareholders or members of the specific class of either of them (as applicable).

Whether our capital is to be treated as being divided into a single or multiple class(es) of shares is a matter to be determined by the court. The court may in its discretion treat a single class of shares as multiple classes, or multiple classes of shares as a single class, for the purposes of the shareholder approval referred to above taking into account all relevant circumstances, which may include circumstances other than the rights attaching to the shares themselves.

 *Conflicts of Interest* 

Jersey law permits companies to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to us or our officers, directors or shareholders. Subject to applicable law, our articles of association renounce any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to certain directors, principals, members, officers, associated funds, employees and/or representatives of a member or its affiliates, and directors who are not employees. Our articles of association provide that, subject to applicable law, the foregoing persons will not 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, subject to applicable law, in the event that the foregoing persons acquire knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself or themselves, such person will have no duty to communicate or offer such transaction or business opportunity

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to us or any of our affiliates and they may take any such opportunity for themselves or direct it to another person or entity. Our articles of association do not renounce our interest in any business opportunity that is expressly offered to such persons solely in his or her capacity as a director of our Company.

#### Market Listing
We intend to apply to have our ordinary shares authorized for listing on the NYSE under the symbol "DPC."

#### Transfer Agent and Registrar
The transfer agent and registrar for our ordinary shares will be Broadridge Corporate Issuer Solutions, LLC. The transfer agent and registrar's address is 51 Mercedes Way, Edgewood, NY 11717.

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#### COMPARISON OF DELAWARE CORPORATE LAW AND JERSEY CORPORATE LAW
Jersey companies are governed by the Jersey Companies Law. The Jersey Companies Law differs from laws applicable to Delaware corporations and their shareholders. For comparison purposes, set forth below is a summary of some significant differences between the laws applicable to companies incorporated in the State of Delaware and the provisions of the Jersey Companies Law applicable to us.

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| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
|  ***Mergers and similar arrangements; Appraisal rights***  |  ***Mergers and similar arrangements; Appraisal rights***  |
| Under the Delaware General Corporation Law, with certain exceptions, a merger, consolidation, sale, lease or transfer of all or substantially all of the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction. The Delaware General Corporation Law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90.0% of each class of capital stock, without a vote by the shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights. | A sale or disposal of all or substantially all the assets of a Jersey company must be approved by the board of directors and, only if our Articles of Association require, by the shareholders in a general meeting. A merger involving a Jersey company must be generally documented in a merger agreement which must be approved by special resolution (being a two-thirds majority, if our Articles of Association do not specify a greater majority) of shareholders of that company. <br> There are no appraisal rights under the Jersey Companies Law.  |
|  ***Shareholders' suits***  |  ***Shareholders' suits***  |
| Class actions and derivative actions generally are available to shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action. | Under Article 141 of the Jersey Companies Law, a shareholder may apply to court for relief on the ground that the conduct of a company's affairs, including a proposed or actual act or omission by a company, is "unfairly prejudicial" to the interests of shareholders generally or of some part of shareholders, including at least the shareholder making the application. <br> There may also be customary law personal actions available to shareholders. Under Article 143 of the Jersey Companies Law (which sets out the types of relief a court may grant in relation to an action brought under Article 141 of the Jersey Companies Law), the court may make an order regulating the affairs of a company, requiring a company to refrain from doing or continuing to do an act complained of, authorizing civil proceedings and providing for the purchase of shares by a company or by any of its other shareholders.  |

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| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
|  ***Shareholder vote on board and management compensation***  |  ***Shareholder vote on board and management compensation***  |
| Under the Delaware General Corporation Law, the board of directors has the authority to fix the compensation of directors, unless otherwise restricted by the certificate of incorporation or bylaws. | Subject to restrictions in our Articles of Association, the board of directors may set the compensation of directors and members of management.  |
|  ***Classified Board***  |  ***Classified Board***  |
| A classified board is permitted under both Delaware corporate law and the Jersey Companies Law. | Our articles of association provided that our board of directors is comprised of three classes, each serving a three-year term, one class being elected each third year. See "— Directors — Appointment and Removal" above. |
|  ***Indemnification of directors and executive officers and limitation of liability***  |  ***Indemnification of directors and executive officers and limitation of liability***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Delaware General Corporation Law provides that a certificate of incorporation may contain a provision eliminating or limiting the personal liability of directors and officers of the corporation for monetary damages for breach of a fiduciary duty as a director or officer, except no provision in the certificate of incorporation may eliminate or limit the liability of a director or officer for: <br> &nbsp;&nbsp;&nbsp;&nbsp; • any breach of the duty of loyalty to the corporation or its shareholders; <br>&nbsp;&nbsp;&nbsp;&nbsp; • acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; <br>&nbsp;&nbsp;&nbsp;&nbsp; • statutory liability for unlawful payment of dividends or unlawful share purchase or redemption; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • any transaction from which the director or officer derived an improper personal benefit. <br>A Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any proceeding, other than an action by or on behalf of the corporation, because the person is or was a director or officer, against liability incurred in connection with the proceeding if the director or officer acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation; and the director or officer, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. <br> Unless ordered by a court, any foregoing indemnification is subject to a determination that the director or officer has met the applicable standard of conduct:  | The Jersey Companies Law does not contain any provision permitting Jersey companies to limit the liabilities of directors for breach of fiduciary duty. <br> However, a Jersey company may exempt from liability, and indemnify directors and officers, for liabilities incurred in connection with any proceedings (including legal fees, judgments, fines, settlement amounts and costs reasonably incurred in connection with the proceedings) by reason of the fact that the person is or was an officer of the company/serving as an officer of another entity at the request of the company. <br> An indemnity would be unenforceable under the Jersey Companies Law against the company to the extent it purports to indemnify a person who did not act honestly, in good faith and in what they believed to be in the best interests of the company and, in the case of criminal proceedings, if the person had reasonable cause to believe that their conduct was unlawful. <br> Our articles of association provided that our directors and officers are indemnified to the fullest extent permitted by law. See "— Directors — Indemnification of Directors and Officers" above.  |

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| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • by a majority vote of the directors who are not parties to the proceeding, even though less than a quorum; <br>&nbsp;&nbsp;&nbsp;&nbsp; • by a committee of directors designated by a majority vote of the eligible directors, even though less than a quorum; <br>&nbsp;&nbsp;&nbsp;&nbsp; • by independent legal counsel in a written opinion if there are no eligible directors, or if the eligible directors so direct; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • by the shareholders. <br>Moreover, a Delaware corporation may not indemnify a director or officer in connection with any proceeding in which the director or officer has been adjudged to be liable to the corporation unless and only to the extent that the court determines that, despite the adjudication of liability but in view of all the circumstances of the case, the director or officer is fairly and reasonably entitled to indemnity for those expenses which the court deems proper.  | |
|  ***Directors' fiduciary duties***  |  ***Directors' fiduciary duties***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: <br> &nbsp;&nbsp;&nbsp;&nbsp; • the duty of care; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • the duty of loyalty. <br>The duty of care 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 or herself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. <br> The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, 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  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under the Jersey Companies Law, a director of a Jersey company, in exercising the director's powers and discharging the director's duties, has a duty to <br> &nbsp;&nbsp;&nbsp;&nbsp; • act honestly and in good faith with a view to the best interests of the company; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. <br>Customary law is also an important source of law in the area of directors' duties in Jersey as it expands upon and provides a more detailed understanding of the general duties and obligations of directors. The Jersey courts view English common law as highly persuasive in this area. <br> In summary, the following duties will apply as manifestations of the general fiduciary duty under the Jersey Companies Law: a duty to act in good faith and in what he or she bona fide considers to be the best interests of the company; a duty to exercise powers for a proper purpose; a duty to avoid any actual or potential conflict between his or her own and the company's interests; and a duty to account for profits and not take personal profit from any opportunities arising from his or her directorship, even if he or she is acting honestly and for the good of the company. However, the articles of association of a company may permit the director to be  |

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| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
| fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. | personally interested in arrangements involving the company (subject to the requirement to have disclosed such interest). <br> Our articles of association provide that certain directors and officers are permitted to engage in certain corporate opportunities. See "— Other Jersey, Channel Islands Law Considerations — Conflicts of Interest" above.  |
|  ***Shareholder action by written consent***  |  ***Shareholder action by written consent***  |
| A Delaware corporation may, in its certificate of incorporation, eliminate the right of shareholders to act by written consent.  | If permitted by the articles of association of a company, a written consent signed and passed by the specified majority of members may affect any matter that otherwise may be brought before a shareholders' meeting, except for the removal of a company's auditors. Such consent shall be deemed effective when the instrument, or the last of several instruments, is signed by the specified majority of members or on such later date as is specified in the resolution. |
|  ***Shareholder proposals; Special meetings of shareholders***  |  ***Shareholder proposals; Special meetings of shareholders***  |
| A shareholder of a Delaware corporation has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. <br> A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.  | The Jersey Companies Law does not provide for a shareholder right to put a proposal before the shareholders at the annual general meeting. <br> Shareholders holding 10% or more of a Jersey company's voting rights and entitled to vote at the relevant meeting may legally require such company's directors to call a meeting of shareholders. The Jersey Financial Services Commission, or the JFSC, may, at the request of any officer, secretary or shareholder, call or direct the calling of an annual general meeting. Failure to call an annual general meeting in accordance with the requirements of the Jersey Companies Law is a criminal offence on the part of a Jersey company and its directors and secretary.  |
|  ***Cumulative voting***  |  ***Cumulative voting***  |
| Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation provides for it. | There are no provisions in the Jersey Companies Law relating to cumulative voting. |
|  ***Removal of directors***  |  ***Removal of directors***  |
| A director of a Delaware corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. | There is no statutory right under Jersey Companies Law for shareholders to nominate, appoint or remove directors of a company. <br> If provided for in the articles of association, a director may be removed from office by the holders of ordinary shares by special resolution or other threshold only for "cause" (as defined in the articles of association). In addition, a director may be  |

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| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
|  | removed from office by the board of directors by resolution made by the board of directors for "cause" if the articles of association provide for such a right. <br> Our articles of association do not specify that directors may only be removed for "cause" by the holders of ordinary shares. <br> Our articles of association provide that any director may be removed if the director (i) becomes bankrupt, (ii) is subject to a court order on the ground of mental disorder for their detention or for the appointment of a guardian, (iii) is absent from meetings for six months without leave and the board of directors resolves that their office be vacated, (iv) is the subject of certain investigations and the board of directors resolve that it is undesirable that the director remain a director of the Company, (v) has notice served upon them, signed by all other directors, that the director shall be vacated or (vi) for directors other than a co-chair or a director holding an executive office, is required by the other directors to resign from office after notice provided by the director to resign from office and fails to do so within 30 days of a resolution of the board of directors.  |
|  ***Transactions with interested directors***  |  ***Transactions with interested directors***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interested director transactions are permissible and may not be legally voided if: <br> &nbsp;&nbsp;&nbsp;&nbsp; • either a majority of disinterested directors, or a majority in interest of holders of shares of the corporation's capital stock entitled to vote upon the matter, approves the transaction upon disclosure of all material facts; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • the transaction is determined to have been fair as to the corporation as of the time it is authorized, approved or ratified by the board of directors, a committee thereof or the shareholders. <br>| An interested director must disclose to the company the nature and extent of any interest in a transaction with the company, or one of its subsidiaries, which to a material extent conflicts or may conflict with the interests of the company and of which the director is aware. <br> Failure to disclose an interest entitles the company or a shareholder to apply to the court for an order setting aside the transaction concerned and directing that the director account to the company for any profit. <br> A transaction is not voidable and a director is not accountable notwithstanding a failure to disclose an interest if the transaction is confirmed by special resolution of shareholders or the nature and extent of the director's interest in the transaction are disclosed in reasonable detail to all the other directors, if a majority of the directors without a conflicting interest in the transaction authorize the transaction. <br> Although it may still order that a director account for any profit, a court will not set aside a transaction unless it is satisfied that the interests of third parties who have acted in good faith would not  |

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| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
|  | thereby be unfairly prejudiced and the transaction was not reasonable and fair in the interests of the company at the time it was entered into. <br> Under our articles of association, directors are permitted to be interested in transactions with the Company, however, they must declare the nature of their interest to the board of directors, provided, however, that directors are not required to disclose any information confidential to a third party or relating to a corporate interest if such disclosure would result in a breach of duty or obligation owed to such third party or in connection with such corporate interest.  |
|  ***Transactions with interested shareholders***  |  ***Transactions with interested shareholders***  |
| The Delaware General Corporation Law generally prohibits a Delaware corporation from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15.0% or more of the corporation's outstanding voting shares within the past three years. <br> This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.  | The Jersey Companies Law has no comparable provision. As a result, a Jersey company cannot avail itself of the types of protections afforded by the Delaware business combination statute. However, although Jersey law does not regulate transactions between a company and its significant shareholders, as a general matter, such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders. |
|  ***Dissolution; Winding up***  |  ***Dissolution; Winding up***  |
| Unless the board of directors of a Delaware corporation approves the proposal to dissolve, dissolution must be approved by shareholders holding 100.0% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. | Under the Jersey Companies Law, a Jersey company may be voluntarily dissolved, liquidated or wound up by a special resolution of the shareholders. In addition, a company may be wound up by the courts of Jersey if the court is of the opinion that it is just and equitable to do so or that it is expedient in the public interest to do so. <br> Alternatively, a creditor with a claim against a Jersey company of not less than £3,000 may apply to the Royal Court of Jersey for the property of that company to be declared *en désastre* (being the Jersey law equivalent of a declaration of bankruptcy). Such an application may also be made by the Jersey  |

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| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
|  | company itself without having to obtain any shareholder approval. |
|  ***Variation of rights of shares***  |  ***Variation of rights of shares***  |
| A Delaware corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. | Under Jersey law, the rights attached to any class of shares may only be varied (unless otherwise provided in the articles of association or by the terms of issue of that class) with the written consent of the holders of two-thirds of the shares of such class or with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class. <br> The articles of association may specify what is, or is not to be, regarded as a variation of the rights of any class of members of the company.  |
|  ***Amendment of governing documents***  |  ***Amendment of governing documents***  |
| A Delaware corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. | The memorandum of association and the articles of association of a Jersey company may only be amended by special resolution (being a two-thirds majority if the articles of association of the company do not specify a greater majority) passed by shareholders in general meeting or by written resolution (if not prohibited by the articles of association) signed by either all the shareholders entitled to vote or, if authorized by the articles of association, the specified majority (being a two-thirds majority if the articles of association of the company do not specify a greater majority). |
|  ***Blank check preferred stock/shares***  |  ***Blank check preferred stock/shares***  |
| A Delaware corporation's certificate of incorporation may give the board of directors the right to issue new classes of preferred shares with voting, conversion dividend distribution, and other rights to be determined by the board of directors at the time of issuance, which could prevent a takeover attempt and thereby preclude shareholders from realizing a potential premium over the market value of their shares. <br> In addition, Delaware law does not prohibit a corporation from adopting a shareholder rights plan, or "poison pill," which could prevent a takeover attempt and also preclude shareholders from realizing a potential premium over the market value of their shares.  | Where the United Kingdom City Code on Takeovers and Mergers does not apply to a company, Jersey law does not prohibit a company from adopting a shareholder rights plan, or "poison pill," which could prevent a takeover attempt and also preclude shareholders from realizing a potential premium over the market value of their shares. <br> Our articles of association provide that the board of directors is authorized to issue preferred shares in one or more series or classes and determine, from time to time before issuance, the number of shares to be included in any such series or class and the designation, powers, preferences, rights and qualifications, limitations or restrictions of such series or class.  |
|  ***Inspection of books and records***  |  ***Inspection of books and records***  |
| Shareholders of a Delaware corporation, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose, and to | The register of shareholders and books containing the minutes of general meetings or of meetings of any class of shareholders of a Jersey company must during business hours be open to the inspection of a |

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| **DELAWARE CORPORATE LAW**  | **JERSEY CORPORATE LAW**  |
| obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation. | shareholder of the company without charge. <br> The register of directors and secretaries must during business hours (subject to such reasonable restrictions as the company may by its articles of association or in general meeting impose, but so that not less than two hours in each working day be allowed for inspection) be open to the inspection of a shareholder or director of the company without charge.  |
|  ***Payment of dividends***  |  ***Payment of dividends***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The board of directors may approve a dividend without shareholder approval. Subject to any restrictions contained in its certificate of incorporation, the board may declare and pay dividends upon the shares of its capital stock either: <br> &nbsp;&nbsp;&nbsp;&nbsp; • out of its surplus; or <br>&nbsp;&nbsp;&nbsp;&nbsp; • in case there is no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. <br>Shareholder approval is required to authorize capital stock in excess of that provided in the charter. Directors may issue authorized shares without shareholder approval.  | Subject to restrictions in our Articles of Association, under Jersey Companies Law, a Jersey company may make a distribution at any time and out of any source (other than the nominal capital account or capital redemption reserve) provided that the directors of the company who authorize the distribution make a solvency statement in the prescribed form confirming that they have formed the opinion that immediately following the date on which the distribution is proposed and for a 12 month period thereafter the company will be able to discharge its liabilities as they fall due. <br> Likewise, authorizing directors must also make a statutory solvency statement in the event of redeeming or purchasing the company's shares.  |
|  ***Creation and issuance of new shares***  |  ***Creation and issuance of new shares***  |
| All creation of shares requires the board of directors to adopt a resolution or resolutions, pursuant to authority expressly vested in the board of directors by the provisions of the company's certificate of incorporation. | Pursuant to authority vested in the board under the memorandum and articles of association, the board of directors may authorize the issuance of new shares through a resolution. |

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#### Shares Eligible for Future Sale
Immediately prior to this offering, there was no public market for our ordinary shares. Future sales of substantial amounts of ordinary shares in the public market, or the perception that such sales may occur, could adversely affect the market price of our ordinary shares. Furthermore, because only a limited number of shares will be available for sale shortly after this offering due to contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our ordinary shares in the public market after the restrictions lapse. This may adversely affect the prevailing market price and our ability to raise equity capital in the future. Although we intend to apply to have our ordinary shares approved for listing on the NYSE, we cannot assure you that there will be an active public market for our ordinary shares.

Upon completion of this offering and based upon 451,747,577 shares outstanding as of May 19, 2026, we will have outstanding an aggregate of ordinary shares, assuming no exercise of the underwriters' option to purchase additional shares. Of these shares, all of the shares sold in this offering by us will be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased in this offering by our "affiliates," as that term is defined in Rule 144 under the Securities Act, whose sales would be subject to certain limitations and restrictions described below. The remaining ordinary shares held by existing shareholders will be restricted securities as that term is defined in Rule 144 under the Securities Act. Restricted securities may be sold in the public market only if registered or if they qualify for exemption under Rules 144 or 701 under the Securities Act, which rules are summarized below, or another exemption.

As a result of the lock-up agreements described below and the provisions of Rule 144 and Rule 701 under the Securities Act, our ordinary shares (excluding the shares sold in this offering) that will be available for sale in the public market are as follows:

---

| | |
|:---|:---|
| **Date of Availability of Sale**  | **Approximate Number of <br> Shares Eligible for Sale**  |
| On the date of this prospectus  |  |
| Between 90 and 180 days from the date of this prospectus  |  |
|  At various times after 180 days from the date of this prospectus (subject, in some cases, to volume limitations)  |  |

---

#### Equity Compensation Plans
We intend to file one or more registration statements on Form S-8 under the Securities Act to register all our ordinary shares issuable or reserved for issuance under our equity incentive plans. This amounted to shares as of the date of this prospectus. The first such registration statement is expected to be filed soon after the date of this prospectus and will automatically become effective upon filing with the SEC. Accordingly, shares registered under such registration statement will be available for sale in the open market, unless such shares are subject to vesting restrictions with us or the lock-up restrictions described below.

#### Lock-Up Agreements
We, our officers, directors and holders of substantially all of our ordinary shares and securities convertible into, or exercisable for, ordinary shares, have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any of their ordinary shares or securities convertible into or exchangeable for ordinary shares during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of Jefferies LLC and Morgan Stanley & Co. LLC. This consent may be given at any time. There are no agreements among Jefferies LLC and Morgan Stanley & Co. LLC, us and any of our security holders or affiliates releasing them from these lock-up agreements prior to the expiration of the 180-day period.

#### Rule 144
In general, under Rule 144, beginning 90 days after the effective date of the registration statement of which this prospectus is a part, a person who is not our affiliate and has not been our affiliate at any time during the preceding three months and who is not a party to a lock-up agreement as described above will be

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entitled to sell any our ordinary shares that such person has beneficially owned for at least six months, including the holding period of any prior owner other than one of our affiliates, without regard to volume limitations. Sales of our ordinary shares by any such person would be subject to the availability of current public information about us if the shares to be sold were beneficially owned by such person for less than one year.

In addition, under Rule 144, a person may sell our ordinary shares acquired from us immediately upon the closing of this offering, without regard to volume limitations or the availability of public information about us, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the person is not our affiliate and has not been our affiliate at any time during the preceding three months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the person has beneficially owned the shares to be sold for at least one year, including the holding period of any prior owner other than one of our affiliates.

Beginning 90 days after the date of this prospectus, our affiliates who have beneficially owned our ordinary shares for at least six months, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell within any three-month period a number of shares that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 1% of the number of our ordinary shares then outstanding, which will equal shares immediately after this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the average weekly trading volume in our ordinary shares on during the four calendar weeks preceding the date of filing of a Notice of Proposed Sale of Securities Pursuant to Rule 144 with respect to the sale.

Sales under Rule 144 by our affiliates are also subject to manner of sale provisions and notice requirements and to the availability of current public information about us.

#### Rule 701
In general, under Rule 701, any of our employees, directors, officers, consultants or advisors who purchase shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of this offering is entitled to sell such shares 90 days after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirements of Rule 144 and, in the case of non-affiliates, without having to comply with the holding period, public information, volume limitation or notice filing provisions of Rule 144. The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, as amended, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus.

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#### Taxation
The following discussion of taxation is of a general nature and does not purport to be a complete analysis of all tax considerations that may be relevant to a particular prospective investor in connection with the acquisition, ownership or disposition of ordinary shares. The tax consequences applicable to any particular investor will depend on that investor's individual circumstances, status, residence and the laws and practices of the jurisdictions in which such investor is subject to taxation. In particular, prospective investors may be subject to tax consequences under the laws of jurisdictions other than the United States or the UK. The following sections describe certain U.S. federal income tax considerations and certain UK tax considerations only and do not address the tax treatment of investors under the laws of any other jurisdiction. Prospective investors are advised to consult their own professional tax advisors as to the tax consequences applicable to them of the acquisition, ownership and disposition of the ordinary shares, including the applicability and effect of any state, local, foreign or other tax laws and any changes in applicable tax laws or administrative practice.

#### Certain U.S. Federal Income Tax Considerations for U.S. Holders of Ordinary Shares
The following is a discussion of certain U.S. federal income tax consequences to U.S. Holders (defined below) of acquiring, owning and disposing of ordinary shares, but it does not purport to be a comprehensive discussion of all tax considerations that may be relevant to a particular person's decision to acquire ordinary shares. This discussion applies only to a U.S. Holder that acquires ordinary shares in this offering and that owns ordinary shares as capital assets for U.S. federal income tax purposes. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, its legislative history, U.S. Treasury regulations promulgated under the Code, and administrative rulings and judicial interpretations thereof, in each case as in effect of the date of this prospectus. Except as expressly described herein, this discussion does not address the U.S. federal income tax consequences that may apply to U.S. Holders under the Convention Between the Government of the United States of America and the Government of the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital Gains, or the Treaty. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below. No ruling will be sought from the U.S. Internal Revenue Service, or the IRS, with respect to any statement or conclusion in this discussion, and there can be no assurance that the IRS will not challenge such statement or conclusion in the following discussion or, if challenged, that a court will uphold such statement or conclusion.

In addition, this discussion does not describe all of the tax consequences that may be relevant in light of a U.S. Holder's particular circumstances, including any U.S. state, local or non-U.S. tax law, the Medicare tax on net investment income, and any estate or gift tax laws, and it does not describe differing tax consequences applicable to U.S. Holders subject to special rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • certain banks or financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • regulated investment companies and real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • dealers or traders in securities that use a mark-to-market method of tax accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons holding ordinary shares as part of a hedge, straddle, constructive sale, wash sale, or conversion, integrated or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons liable for the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons required for U.S. federal income tax purposes to accelerate the recognition of any item of gross income with respect to ordinary shares as a result of such income being recognized on an applicable financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • entities or arrangements classified as partnerships or pass-through entities for U.S. federal income tax purposes or holders of equity interests therein;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tax-exempt entities, "individual retirement accounts" or "Roth IRAs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • certain U.S. expatriates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons that own, directly, indirectly or constructively, ten percent (10%) or more of the total voting power or value of all of our outstanding shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons owning ordinary shares in connection with a trade or business conducted outside the United States.

U.S. Holders should consult their tax advisors concerning the U.S. federal, state, local and non-U.S. tax consequences of acquiring, owning and disposing of ordinary shares in their particular circumstances.

For purposes of this discussion, a "U.S. Holder" is a person that, for U.S. federal income tax purposes, is a beneficial owner of ordinary shares and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an individual citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia;

&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; • a trust if a court within the United States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all substantial decisions of the trust or otherwise if the trust has a valid election in effect under current Treasury regulations to be treated as a United States person.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes owns ordinary shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the status and activities of the partnership. Partnerships owning ordinary shares and partners in such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of acquiring, owning and disposing of the ordinary shares.

THE DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS SET OUT BELOW IS FOR GENERAL INFORMATION ONLY. ALL PROSPECTIVE PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP, OR DISPOSITION OF ORDINARY SHARES IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES, INCLUDING THE APPLICABILITY AND EFFECT OF OTHER FEDERAL, STATE, LOCAL, NON-U.S. AND OTHER TAX LAWS, INCLUDING THE TREATY, AND POSSIBLE CHANGES IN TAX LAW.

#### Taxation of Distributions
Subject to the discussion below under "— Passive Foreign Investment Company Rules," the gross amount of any distribution of cash or property paid with respect to ordinary shares will generally be included in a U.S. Holder's gross income as dividend income on the date actually or constructively received to the extent such distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Distributions in excess of our current and accumulated earnings and profits will be treated first as a non-taxable return of capital, thereby reducing the U.S. Holder's adjusted tax basis in the ordinary shares (but not below zero), and thereafter as either long-term or short-term capital gain depending upon whether the U.S. Holder held the ordinary shares for more than one year as of the time such distribution is actually or constructively received. Because we do not prepare calculations of its earnings and profits using U.S. federal income tax principles, it is expected that distributions generally will be taxable to U.S. Holders as dividends, and taxable at ordinary income tax rates.

Dividends on ordinary shares generally will not be eligible for the dividends-received deduction generally available to U.S. corporations with respect to dividends received from other U.S. corporations. With respect to certain non-corporate U.S. Holders, including individual U.S. Holders, dividends will be generally taxed at the lower capital gains rate applicable to "qualified dividend income," provided that (i) our ordinary shares are readily tradable on an established securities market in the United States or we are

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eligible for the benefits of the Treaty, (ii) we are not a PFIC (as discussed below under "— Passive Foreign Investment Company Rules") for our taxable year in which the dividend is paid and the preceding taxable year, and (iii) certain holding period and other requirements are met.

A U.S. Holder may be entitled, subject to certain conditions and limitations, to a credit against its U.S. federal income tax liability, or to a deduction, if elected, in computing its U.S. federal taxable income, for non-refundable UK income taxes withheld from dividends, if any, at a rate not exceeding the rate provided in the Treaty (if applicable). For purposes of the foreign tax credit limitation, dividends we pay generally will constitute foreign source income in the "passive category income" basket. However, there are significant complex limitations on a U.S. Holder's ability to claim such a credit or deduction. U.S. Holders should consult their tax advisors concerning their availability in their particular circumstances.

#### Sale or Other Taxable Disposition of Ordinary Shares
Subject to the discussion below under "— Passive Foreign Investment Company Rules," a U.S. Holder generally will recognize gain or loss for U.S. federal income tax purposes on the sale, exchange or other taxable disposition of ordinary shares in an amount equal to the difference between the amount realized on the disposition and the U.S. Holder's adjusted tax basis in the ordinary shares disposed of, in each case as determined in U.S. dollars. Such gain or loss generally will be capital gain or loss and will be long-term capital gain or loss if the U.S. Holder's holding period for the ordinary shares exceeds one year. Long-term capital gains of certain non-corporate U.S. Holders (including individuals) are generally eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

If any UK tax is imposed on the sale or other disposition of ordinary shares, a U.S. Holder's amount realized will include the gross amount of the proceeds of the sale or other disposition before deduction of the UK tax. See "— Certain United Kingdom Tax Considerations — UK Taxation of Capital Gains" for a description of when a disposition may be subject to UK taxation. U.S. Holders should consult their own tax advisors concerning the creditability or deductibility of any UK income tax imposed on the disposition of ordinary shares in their particular circumstances.

#### Passive Foreign Investment Company Rules
In general, a corporation organized outside the United States will be treated as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes in any taxable year in which (a) 75% or more of its gross income is passive income, or the income test, or (b) 50% or more of its assets by value either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market value of such assets, or the asset test. For this purpose, "gross income" generally includes all sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations or sources, and "passive income" generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. For purposes of the PFIC income test and asset test described above, if we own, directly or indirectly, 25% or more of the total value of the outstanding shares of another corporation, we will be treated as if we (a) held a proportionate share of the assets of such other corporation and (b) received directly a proportionate share of the income of such other corporation.

Based on the nature of our business, the composition of our income and assets, the value of our assets, our intended use of the proceeds from the offering, and the expected price of ordinary shares, we do not believe that we were a PFIC for our most recently ended taxable year, or expect that we will be a PFIC for our current taxable year or in the foreseeable future. However, because a determination of whether we are a PFIC must be made annually after the end of each taxable year and our PFIC status for each taxable year will depend on facts, including the composition of our income and assets and the value of our assets (which may be determined in part by reference to the market value of the ordinary shares) at such time, there can be no assurance that we will not be a PFIC for the current or any future taxable year. If we are a PFIC for any taxable year during which a U.S. Holder holds ordinary shares and any of our non-U.S. subsidiaries is also a PFIC, such U.S. Holder will be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors about the application of the PFIC rules to any of our subsidiaries.

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Generally, if we are a PFIC for any taxable year during which a U.S. Holder holds ordinary shares, the U.S. Holder may be subject to adverse tax consequences. Generally, gain recognized by a U.S. Holder upon a disposition (including, under certain circumstances, a pledge) of ordinary shares by the U.S. Holder would be allocated ratably over the U.S. Holder's holding period for such ordinary shares. The amounts allocated to the taxable year of disposition (or the taxable year of receipt, in the case of an excess distribution) and to years before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for that taxable year for individuals or corporations, as appropriate, and an interest charge would be imposed on the tax attributable to the allocated amount. Further, to the extent that any distribution received by a U.S. Holder on the ordinary shares exceeds 125% of the average of the annual distributions on such ordinary shares received during the preceding three years or the U.S. Holder's holding period, whichever is shorter, that distribution would be subject to taxation in the same manner as gain, described immediately above. Certain elections may be available that would result in alternative treatments of the ordinary shares if the Company was a PFIC.

If we were a PFIC for any year during which a U.S. Holder owned ordinary shares, we would generally continue to be treated as a PFIC with respect to such U.S. Holder for all succeeding years during which such U.S. Holder held the ordinary shares, even if we ceased to meet the threshold requirements for PFIC status.

If a U.S. Holder owns ordinary shares during any year in which we are a PFIC, the U.S. Holder generally will be required to file an IRS Form 8621 annually with respect to us, generally with the U.S. Holder's U.S. federal income tax return for that year unless specified exceptions apply.

U.S. Holders should consult their tax advisors regarding our PFIC status for any taxable year and the potential application of the PFIC rules.

#### Information Reporting and Backup Withholding
Payments of dividends and sales proceeds from a sale, exchange or other taxable disposition (including redemption) of ordinary shares that are made within the United States, by a U.S. payor or through certain U.S.-related financial intermediaries to a U.S. Holder generally are subject to information reporting, unless the U.S. Holder is a corporation or other exempt recipient, and if required, demonstrates that fact. In addition, such payments may be subject to backup withholding, unless (1) the U.S. Holder is a corporation or other exempt recipient or (2) the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding in the manner required.

Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder will generally be allowed as a credit against the U.S. Holder's U.S. federal income tax liability or may entitle the U.S. Holder to a refund, provided that the required information is timely furnished to the IRS.

#### Foreign Financial Asset Reporting
Certain U.S. Holders who are individuals or certain specified entities that own "specified foreign financial assets" with an aggregate value in excess of $50,000 at the end of the taxable year or $75,000 at any time during the taxable year (and in some circumstances, a higher threshold) may be required to report information relating to the ordinary shares by attaching a complete IRS Form 8938, Statement of Specified Foreign Financial Assets (which requires U.S. Holders to report "foreign financial assets," which generally include financial accounts held at a non-U.S. financial institution, interests in non-U.S. entities, as well as stock and other securities issued by a non-U.S. person), to their tax return for each year in which they hold the ordinary shares, subject to certain exceptions (including an exception for the ordinary shares held in accounts maintained by U.S. financial institutions). U.S. Holders should consult their tax advisors regarding their reporting obligations with respect to their acquisition, ownership, and disposition of the ordinary shares.

#### Certain United Kingdom Tax Considerations
 *The following statements are of a general nature and do not purport to be a complete analysis of all potential United Kingdom, or UK, tax consequences of acquiring, holding and disposing of the ordinary shares* 

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 *or of the UK tax position of the Company or any other member of the Group. They are based on current UK tax law and on the current published practice of His Majesty's Revenue and Customs, or HMRC, (which may not be binding on HMRC), as of the date of this prospectus, all of which are subject to change, possibly with retrospective effect. The statements relating to the UK tax position of the Company are intended to be a general summary of certain UK tax considerations applicable to the Company and do not constitute, and should not be relied upon as, tax advice. They are intended to address only certain UK tax consequences for holders of ordinary shares who are tax resident in (and only in) the UK (except where expressly stated otherwise) who are the absolute beneficial owners of the ordinary shares and any dividends paid on them and who hold the ordinary shares as investments (other than in an individual savings account or a self-invested personal pension). They do not address the UK tax consequences which may be relevant to certain classes of shareholders such as traders, brokers, dealers, banks, financial institutions, insurance companies, investment companies, collective investment schemes, tax-exempt organizations, trustees, persons connected with the Company, persons holding their ordinary shares as part of hedging or conversion transactions, shareholders who have (or are deemed to have) acquired their ordinary shares by virtue of an office or employment, and shareholders who are or have been officers or employees of the Company.* 

 *The following is intended only as a general guide and is not intended to be, nor should it be considered to be, legal or tax advice to any particular prospective subscriber for, or purchaser of, any ordinary shares. Accordingly, prospective subscribers for, or purchasers of, any ordinary shares persons concerned with the tax position of the Company who are in any doubt as to their tax position regarding the acquisition, ownership or disposition of any ordinary shares or who are subject to tax in a jurisdiction other than the UK should consult their own tax advisors.* 

#### UK Taxation of the Company
The Company is incorporated in Jersey, but it is anticipated that it will be managed and operated in such a way that it is, and will remain, treated as resident in the United Kingdom for UK tax purposes by reason of its central management and control being exercised in the UK.

As a UK tax resident company, the Company is subject to UK corporation tax on its worldwide profits and gains, subject to the availability of any applicable reliefs, exemptions and allowances under UK tax law and, where relevant, double taxation treaties. The Company is also subject to the general body of UK tax legislation applicable to UK-resident multinational groups, including rules relating to transfer pricing, controlled foreign companies, interest deductibility, hybrid mismatches and other UK anti-avoidance provisions.

The determination of a company's tax residence and the application of UK tax law depend on the particular facts and circumstances and involve the exercise of judgment. Although it is anticipated that the Company will be managed and operated in a manner intended to ensure compliance with applicable UK tax law, there can be no assurance that the Company's tax residence position, or the application of relevant UK tax rules to the Company or other members of the Group, will not be challenged by HMRC or affected by changes in law, judicial interpretation or administrative practice.

#### UK Taxation of Dividends

#### Withholding Tax
The Company will not be required to withhold UK tax at source when paying dividends. The amount of any liability to UK tax on dividends paid by the Company will depend on the individual circumstances of a shareholder.

#### Individual Shareholders
Different rates of UK income tax apply to different bands of a UK resident individual's dividend income, which for these purposes includes UK and non-UK source dividends and certain other distributions in respect of shares.

An individual shareholder who is resident for tax purposes in the UK may, depending on his or her particular circumstances, be subject to UK tax on dividends received from the Company. An individual

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shareholder who is not resident for tax purposes in the UK should not be chargeable to UK income tax on dividends received from the Company unless he or she carries on (whether solely or in partnership) any trade, profession or vocation in the UK through a branch or agency to which the ordinary shares are attributable. There are certain exceptions for trading in the UK through independent agents, such as some brokers and investment managers.

All dividends received by a UK tax resident individual holder of any ordinary shares from the Company or from other sources will form part of the shareholder's total income for income tax purposes and will constitute the top slice of that income. A nil rate of income tax will apply to the first £500 (for tax year 2025/2026 and based on current law, expected to apply for the tax year 2026/2027) of taxable dividend income received by the shareholder in a tax year (the "dividend allowance"). Income within the dividend allowance will be taken into account in determining whether income in excess of the dividend allowance falls within the basic rate, higher rate or additional rate tax bands. Dividend income in excess of the dividend allowance will be taxed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

for the tax year 2025/2026 at 8.75% to the extent that the excess amount falls within the basic rate tax band, 33.75% to the extent that the excess amount falls within the higher rate tax band and 39.35% to the extent that the excess amount falls within the additional rate tax band; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

based on current law, expected to apply for the tax year 2026/2027, at 10.75% to the extent that the excess amount falls within the basic rate tax band, 35.75% to the extent that the excess amount falls within the higher rate tax band and 39.35% to the extent that the excess amount falls within the additional rate tax band.

#### Corporate Shareholders
Corporate shareholders which are resident for tax purposes in the UK should not be subject to UK corporation tax on any dividend received from the Company so long as the dividends qualify for exemption (as is likely) and certain conditions are met. However, it should be noted that the exemptions are not comprehensive and are also subject to anti avoidance rules. If the conditions for exemption are not met or cease to be satisfied, or such a shareholder elects for an otherwise exempt dividend to be taxable, the shareholder will be subject to UK corporation tax on dividends received from the Company, at the rate of corporation tax applicable to that shareholder (the main rate of UK corporation tax is currently 25%.

Corporate shareholders who are not resident in the UK will not generally be subject to UK corporation tax on dividends unless they are carrying on a trade, profession or vocation in the UK through a permanent establishment in connection with which the ordinary shares are used, held, or acquired.

A shareholder who is resident outside the UK may be subject to non-UK taxation on dividend income under local law.

#### UK Taxation of Capital Gains

#### UK Resident Shareholders
A disposal or deemed disposal of ordinary shares by an individual or corporate shareholder who is resident in the UK may, depending on the shareholder's circumstances and subject to any available exemptions or reliefs, give rise to a chargeable gain or allowable loss for the purposes of UK taxation of chargeable gains.

For individual shareholders who are resident in the UK, any chargeable gain arising on a disposal of ordinary shares will be subject to UK capital gains tax at the rate of 18% to the extent that the gain falls within the income tax basic rate band and at the rate of 24% to the extent that it exceeds the income tax basic rate band (in each case when treated as received on top of any taxable income and other chargeable gains in that tax year and each such rate as applicable in the tax year 2025/2026 and based on current law, expected to apply for the tax year 2026/2027). For UK resident corporate shareholders, any chargeable gain will be subject to corporation tax, in the absence of any relief such as the substantial shareholding exemption, at the prevailing rate (the main rate of UK corporation tax is currently 25%).

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#### Non-UK Shareholders
Shareholders who are not resident in the UK and, in the case of an individual shareholder, not temporarily non-resident, should not be liable for UK tax on capital gains realized on a sale or other disposal of ordinary shares unless (i) such ordinary shares are used, held or acquired for the purposes of a trade, profession or vocation carried on in the UK through a branch or agency or, in the case of a corporate shareholder, through a permanent establishment or (ii) where certain conditions are met, the Company derives 75% or more of its gross value from UK land. Shareholders who are not resident in the UK may be subject to non-UK taxation on any gain under local law.

Generally, an individual shareholder who has ceased to be resident in the UK for UK tax purposes for a period of five years or less and who disposes of any ordinary shares during that period may be liable on their return to the UK to UK taxation on any capital gain realized (subject to any available exemption or relief).

#### UK Stamp Duty and UK Stamp Duty Reserve Tax, or SDRT
UK stamp duty will not be payable on the issuance of any ordinary shares. Assuming that any document effecting a transfer of ordinary shares, or containing an agreement to transfer an equitable interest in ordinary shares, is neither: (i) executed in the UK; nor (ii) relates to any property situate, or to any matter or thing done or to be done, in the UK (noting that the term "matter or thing done or to be done" is very wide and may include involvement of UK bank accounts in payment mechanics), then no UK stamp duty should be payable on such document.

Even if a document effecting a transfer of ordinary shares, or containing an agreement to transfer an equitable interest in the Shares, is: (i) executed in the UK; and/or (ii) relates to any property situate, or to any matter or thing done or to be done, in the UK, in practice it should not be necessary to pay any UK stamp duty on such document unless the document is required for any official purposes in the UK. If it is necessary to pay UK stamp duty, it may also be necessary to pay interest and penalties.

No SDRT should be payable in respect of the issuance of or any agreement to transfer ordinary shares, provided that the ordinary shares are not registered in a register kept in the UK nor paired with shares issued by a body corporate incorporated in the UK. It is not intended that such a register will be kept in the UK nor that the ordinary shares will be paired with shares issued by a body corporate incorporated in the UK.

#### Certain Jersey Tax Considerations
 *The following summary contains a description of certain Jersey income tax consequences of the acquisition, ownership and disposition of ordinary shares, but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase ordinary shares. The summary is based upon the tax laws of and regulations thereunder as of the date hereof, which are subject to change. This summary of Jersey taxation issues can only provide a general overview of this area and it is not a description of all the tax considerations that may be relevant to a decision to invest in the Company.* 

 *The following summary of the anticipated treatment of the Company and holders of ordinary shares (other than residents of Jersey) is based on Jersey taxation law and practice as it is understood to apply at the date of this document and may be subject to any changes in Jersey law occurring after such date. It does not constitute legal or tax advice and does not address all aspects of Jersey tax law and practice (including such tax law and practice as it applies to any land or building situate in Jersey). Legal advice should be taken with regard to individual circumstances. Prospective investors in the ordinary shares should consult their professional advisors on the implications of acquiring, buying, selling or otherwise disposing of ordinary shares in the Company under the laws of any jurisdiction in which they may be liable to taxation.* 

 *Shareholders should note that tax law and interpretation can change and that, in particular, the levels and basis of, and reliefs from, taxation may change and may alter the benefits, if any, of investment in the Company. Any person who is in any doubt about their tax position or who is subject to taxation in a jurisdiction other than Jersey should consult their own professional advisor.* 

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#### Company Residence
Under the Income Tax (Jersey) Law 1961 (as amended), or Tax Law, a company shall be regarded as resident in Jersey if it is incorporated under the Jersey Companies Law unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • its business is centrally managed and controlled outside Jersey in a country or territory where the highest rate at which any company may be charged to tax on any part of its income is 10% or higher; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the company is resident for tax purposes in that country or territory.

It is intended that the Company will not be resident for tax purposes in Jersey and not subject to any rate of tax in Jersey as it will instead be resident in the United Kingdom where the tax rate is in excess of 10%.

#### Summary
Under current Jersey law, there are no capital gains, capital transfer, gift, wealth or inheritance taxes, or any death or estate duties. No capital or stamp duty is levied in Jersey on the issue, conversion, redemption, or transfer of ordinary shares. On the death of an individual holder of ordinary shares (whether or not such individual was domiciled in Jersey), duty at rates of up to 0.75% of the value of the relevant ordinary shares may be payable on the registration of any Jersey probate or letters of administration which may be required in order to transfer, convert, redeem, or make payments in respect of, ordinary shares held by a deceased individual sole shareholder, subject to a cap of £100,000.

#### Income Tax
The general rate of income tax under the Tax Law on the profits of companies regarded as resident in Jersey or having a permanent establishment in Jersey is 0% ("zero tax rating") though certain exceptions from zero tax rating might apply.

#### Withholding Tax
For so long as the Company is subject to a zero-tax rating or is not deemed to be resident for tax purposes in Jersey, no withholding in respect of Jersey taxation will be required on payments in respect of the ordinary shares to any holder of the ordinary shares not resident in Jersey.

#### Stamp Duty
In Jersey, no stamp duty is levied on the issue or transfer of the ordinary shares except that stamp duty is payable on Jersey grants of probate and letters of administration, which will generally be required to transfer ordinary shares on the death of a holder of such ordinary shares if such holder was entered as the holder of the shares on the register maintained in Jersey. In the case of a grant of probate or letters of administration, stamp duty is levied according to the size of the estate (wherever situated in respect of a holder of ordinary shares domiciled in Jersey, or situated in Jersey in respect of a holder of ordinary shares domiciled outside Jersey) and is payable on a sliding scale at a rate of up to 0.75% on the value of an estate up to a maximum stamp duty charge of £100,000. The rules for joint holders through a nominee are different and advice relating to this form of holding should be obtained from a professional advisor.

Jersey does not otherwise levy taxes upon capital, inheritances, capital gains or gifts nor are there otherwise estate duties.

#### Substance Legislation
With effect from January 1, 2019, Jersey has implemented legislation designed to ensure that companies carrying on certain activities have adequate substance on the island. Broadly, the legislation applies to holding companies which are resident for tax purposes on the island. As discussed above at 'Company Residence,' it is intended that the company is tax resident in the United Kingdom and, if and for so long as this is the case, the legislation will not apply to the Company.

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#### Underwriting
Subject to the terms and conditions set forth in the underwriting agreement, dated , 2026, among us and Jefferies LLC and Morgan Stanley & Co. LLC, as the representatives of the underwriters named below and the joint book-running managers of this offering, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the respective number of ordinary shares shown opposite its name below:

---

| | |
|:---|:---|
| **Underwriter**  | **Number of Shares**  |
| Jefferies LLC  |  |
| Morgan Stanley & Co. LLC  |  |
| Barclays Capital Inc.  |  |
| Moelis & Company LLC  |  |
| RBC Capital Markets, LLC  |  |
| Rothschild & Co US Inc.  |  |
| &nbsp;&nbsp;&nbsp; Total  |  |

---

The underwriting agreement provides that the obligations of the several underwriters are subject to certain conditions precedent such as the receipt by the underwriters of officers' certificates and legal opinions and approval of certain legal matters by their counsel. The underwriting agreement provides that the underwriters will purchase all of the ordinary shares if any of them are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the non-defaulting underwriters may be increased or the underwriting agreement may be terminated. We have agreed to indemnify the underwriters and certain of their controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required to make in respect of those liabilities.

The underwriters have advised us that, following the completion of this offering, they currently intend to make a market in the ordinary shares as permitted by applicable laws and regulations. However, the underwriters are not obligated to do so, and the underwriters may discontinue any market-making activities at any time without notice in their sole discretion. Accordingly, no assurance can be given as to the liquidity of the trading market for the ordinary shares, that you will be able to sell any of the ordinary shares held by you at a particular time or that the prices that you receive when you sell will be favorable.

The underwriters are offering the shares of ordinary shares subject to their acceptance of the shares of ordinary shares from us and subject to prior sale. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part. In addition, the underwriters have advised us that they do not intend to confirm sales to any account over which they exercise discretionary authority except sales to accounts over which they have discretionary authority to exceed 5% of the ordinary shares being offered.

#### Commission and Expenses
The underwriters have advised us that they propose to offer the shares of ordinary shares to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers, which may include the underwriters, at that price less a concession not in excess of $ per share of ordinary shares. After the offering, the initial public offering price, concession and reallowance to dealers may be reduced by the representatives. No such reduction will change the amount of proceeds to be received by us as set forth on the cover page of this prospectus.

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The following table shows the public offering price, the underwriting discounts and commissions that we are to pay the underwriters and the proceeds, before expenses, to us in connection with this offering. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Per Share**  | **Per Share**  | **Total**  | **Total**  |
| | **Without <br> Option to <br> Purchase <br> Additional <br> Shares**  | **With Option <br> to Purchase <br> Additional <br> Shares**  | **Without <br> Option to <br> Purchase <br> Additional <br> Shares**  | **With Option <br> to Purchase <br> Additional <br> Shares**  |
| Public offering price  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |
| Underwriting discounts and commissions paid by us  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |
| Proceeds to us, before expenses  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |

---

We estimate expenses payable by us in connection with this offering, other than the underwriting discounts and commissions referred to above, will be approximately $.

#### Determination of Offering Price
Prior to this offering, there has not been a public market for our ordinary shares. Consequently, the initial public offering price for our ordinary shares will be determined by negotiations between us and the representatives. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which the ordinary shares will trade in the public market subsequent to the offering or that an active trading market for the ordinary shares will develop and continue after the offering.

#### Listing
We intend to apply to have our ordinary shares approved for listing on the NYSE under the trading symbol "DPC."

#### Stamp Taxes
If you purchase ordinary shares offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

#### Option to Purchase Additional Shares
We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of shares from us at the public offering price set forth on the cover page of this prospectus, less underwriting discounts and commissions. If the underwriters exercise this option, each underwriter will be obligated, subject to specified conditions, to purchase a number of additional shares proportionate to that underwriter's initial purchase commitment as indicated in the table above. This option may be exercised only if the underwriters sell more shares than the total number set forth on the cover page of this prospectus.

#### No Sales of Similar Securities
We and all directors and officers and the holders of substantially all of our outstanding ordinary shares and securities exercisable into ordinary shares have agreed that, without the prior written consent of Jefferies LLC and Morgan Stanley & Co. LLC on behalf of the underwriters, we and they will not, and will not publicly disclose an intention to, during the period ending 180 days after the date of this registration statement, or the restricted period:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • file any registration statement with the Securities and Exchange Commission relating to the offering of ordinary shares or any securities convertible into or exercisable or exchangeable for ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the ordinary shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • publicly announce any intention to do any of the foregoing;

whether any such transaction described above is to be settled by delivery of ordinary shares or such other securities, in cash or otherwise. In addition, we and each such person agrees that, without the prior written consent of Jefferies LLC and Morgan Stanley & Co. LLC on behalf of the underwriters, we or such other person will not, during the restricted period, make any demand for, or exercise any right with respect to, the registration of any shares of ordinary shares or any security convertible into or exercisable or exchangeable for ordinary shares that would cause a registration statement to be publicly filed.

The restrictions described in the immediately preceding paragraph do not apply to transfers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • as a bona fide gift or to charitable organizations or educational institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or any immediate family member of the securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to an immediate family member or dependent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to a trust whose beneficiaries consist exclusively of one or more of the securityholder and/or an immediate family member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to a nominee or custodian acting on behalf of someone who would themselves be eligible to receive shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • by operation of law pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement, or related court order related to the distribution of assets in connection with the dissolution of a marriage or civil union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to a corporation, partnership, limited liability company or other entity of which the securityholder or any immediate family member is the legal and beneficial owner of all of the outstanding equity securities or similar interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the securityholder is a trust, to a trustor, trustee or beneficiary of the trust or to the estate of a beneficiary of such trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the securityholder is a corporation, partnership, limited liability company, trust or other business entity, to any shareholder, partner, or member of, or owner of a similar equity interest in, the securityholder, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the securityholder 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 so long as the transferee is an affiliate of the securityholder (including where the securityholder is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership) or (B) as part of a distribution or other transfer or distribution to general or limited partners, members or shareholders of, or other holders of equity interest in, the securityholder;

with the understanding that for all of the above exceptions, (i) no payment or value is received in return, (ii) the transferee executes the same lock-up agreement, and (iii) no voluntary public disclosure or filing is made during the restricted period. Additionally, the restrictions described in the paragraph above do not apply to transfers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • where the securityholder may purchase ordinary shares (A) from the underwriters in this offering (if the securityholder is not our officer or director) or (B) in open market transactions after the

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completion of the offering; provided that no public disclosure or filing under the Exchange Act shall be required or shall be voluntarily made reporting a reduction in beneficial ownership in connection with subsequent sales of ordinary shares or other securities acquired in this offering or in such open market transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in connection with the exercise, vesting or settlement of options or other rights to purchase ordinary shares or any options or warrants or other rights to acquire s ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares (including, in each case, by way of "net" or "cashless" exercise), including for the payment of exercise price and tax and remittance payments due as a result of the exercise, vesting or settlement of such options or rights; provided that any ordinary shares or any options or other rights to acquire ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares received as a result of such exercise, vesting or settlement shall remain subject to the terms of the lock-up agreement; and provided further that any such options or rights are held by the securityholder pursuant to an agreement or equity award granted under a equity incentive plan or other equity award plan, each such agreement or plan which is described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pursuant to a bona fide third-party tender offer, merger, amalgamation, consolidation or other similar transaction that is approved by the Board and made to all holders of our share capital after the offering involving a change of control of us (including, without limitation, the entering into any lock-up, voting or similar agreement pursuant to which the securityholder may agree to transfer, sell, tender or otherwise dispose of ordinary shares or any options or warrants or other rights to acquire ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares or other such securities in connection with such transaction, or vote any shares or units or any options or warrants or other rights to acquire ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares or other such securities in favor of any such transaction), provided that in the event that such tender offer, merger, amalgamation, consolidation or other similar transaction is not completed, the securityholder's ordinary shares or any options or warrants or other rights to acquire ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares, shall remain subject to the provisions of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to us in connection with the conversion, exchange or reclassification of existing equity securities into shares, provided that any shares received upon such conversion, exchange or reclassification remain subject to the transfer restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to us in connection with (A) the termination of the securityholder's employment with us, (B) the securityholder's death or disability or (C) pursuant to agreements under which we have the option to repurchase such ordinary shares or any options or warrants or other rights to acquire ordinary shares or any securities exchangeable or exercisable for or convertible into ordinary shares, or to acquire other securities or rights ultimately exchangeable or exercisable for or convertible into ordinary shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • facilitating the establishment of a trading plan on behalf of our shareholder, officer or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of ordinary shares, provided that (i) such plan does not provide for the transfer of ordinary shares during the restricted period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by us 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 Jefferies LLC and Morgan Stanley & Co. LLC waive or release all or any portion of the securities subject to lock-up agreements, the release has to be made on a pro rata basis with all the securityholders other than (i) releases for a transfer without consideration and the transferee signs a lock-up agreement,

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

(ii) releases pursuant to an underwritten offering pursuant to the registration rights agreement described herein where the lock-up party is offered to participate on a pro rata basis, or (iii) releases for 1% or less of our total outstanding ordinary shares immediately following the consummation of this offer.

#### Stabilization
The underwriters have advised us that they, pursuant to Regulation M under the Exchange Act, and certain persons participating in the offering may engage in short sale transactions, stabilizing transactions, syndicate covering transactions or the imposition of penalty bids in connection with this offering. These activities may have the effect of stabilizing or maintaining the market price of the ordinary shares at a level above that which might otherwise prevail in the open market. Establishing short sales positions may involve either "covered" short sales or "naked" short sales.

"Covered" short sales are sales made in an amount not greater than the underwriters' option to purchase additional shares of our ordinary shares in this offering. The underwriters may close out any covered short position by either exercising their option to purchase additional shares of our ordinary shares or purchasing shares of our ordinary shares in the open market. In determining the source of shares to close out the covered short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the option to purchase additional shares.

"Naked" short sales are sales in excess of the option to purchase additional shares of our ordinary shares. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares of our ordinary shares in the open market after pricing that could adversely affect investors who purchase in this offering.

A stabilizing bid is a bid for the purchase of shares of ordinary shares on behalf of the underwriters for the purpose of fixing or maintaining the price of the ordinary shares. A syndicate covering transaction is the bid for or the purchase of shares of ordinary shares on behalf of the underwriters to reduce a short position incurred by the underwriters in connection with the offering. Similar to other purchase transactions, the underwriter's purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our ordinary shares or preventing or retarding a decline in the market price of our ordinary shares. As a result, the price of our ordinary shares may be higher than the price that might otherwise exist in the open market. A penalty bid is an arrangement permitting the underwriters to reclaim the selling concession otherwise accruing to a syndicate member in connection with the offering if the ordinary shares originally sold by such syndicate member are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member.

Neither we nor any of the underwriters, make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our ordinary shares. The underwriters are not obligated to engage in these activities and, if commenced, any of the activities may be discontinued at any time.

#### Electronic Distribution
A prospectus in electronic format may be made available by e-mail or on the web sites or through online services maintained by one or more of the underwriters or their affiliates. In those cases, prospective investors may view offering terms online and may be allowed to place orders online. The underwriters may agree with us to allocate a specific number of shares of ordinary shares for sale to online brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in electronic format, the information on the underwriters' web sites and any information contained in any other web site maintained by any of the underwriters is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters and should not be relied upon by investors.

#### Other Activities and Relationships
The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory,

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investment management, investment research, principal investment, hedging, financing and brokerage activities. The underwriters and certain of their affiliates have, from time to time, performed, and may in the future perform, various commercial and investment banking and financial advisory services for us and our affiliates, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and certain of their affiliates and employees may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments issued by us and our affiliates. If the underwriters or their respective affiliates have a lending relationship with us, they routinely hedge their credit exposure to us consistent with their customary risk management policies. The underwriters and their respective affiliates may hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities or the securities of our affiliates, including potentially the ordinary shares offered hereby. Any such short positions could adversely affect future trading prices of the ordinary shares offered hereby. The underwriters and certain of their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such 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.

#### Directed Share Program
At our request, the underwriters have reserved up to ordinary shares, or % of the ordinary shares offered by this prospectus, for sale at the public offering price through a directed share program to certain of our non-employee directors, management, employees, friends and family. If purchased, the shares purchased by our non-employee directors and management will be subject to the terms of any lock-up agreements.

The number of ordinary shares available for sale to the general public will be reduced to the extent that such persons purchase such reserved shares. Any reserved shares not so purchased will be offered by the underwriters to the general public on the same basis as the other ordinary shares offered by this prospectus. Other than the underwriting discount described on the front cover of this prospectus, the underwriters will not be entitled to any commission with respect to ordinary shares sold pursuant to the directed share program. We will agree to indemnify the underwriters against certain liabilities and expenses, including liabilities under the Securities Act, in connection with sales of the ordinary shares reserved for the directed share program. Morgan Stanley & Co. LLC will administer our directed share program.

#### Selling Restrictions
 *Canada* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)

Resale Restrictions

The distribution of the shares in Canada is being made only in the provinces of Ontario, Quebec, Alberta and British Columbia on a private placement basis exempt from the requirement that we prepare and file a prospectus with the securities regulatory authorities in each province where trades of these securities are made. Any resale of the shares in Canada must be made under applicable securities laws which may vary depending on the relevant jurisdiction, and which may require resales to be made under available statutory exemptions or under a discretionary exemption granted by the applicable Canadian securities regulatory authority. Purchasers are advised to seek legal advice prior to any resale of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)

Representations of Canadian Purchasers

By purchasing shares in Canada and accepting delivery of a purchase confirmation, a purchaser is representing to us and the dealer from whom the purchase confirmation is received that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the purchaser is entitled under applicable provincial securities laws to purchase the shares without the benefit of a prospectus qualified under those securities laws as it is an "accredited investor" as defined under National Instrument 45-106 — *Prospectus Exemptions*,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the purchaser is a "permitted client" as defined in National Instrument 31-103 — *Registration Requirements, Exemptions and Ongoing Registrant Obligations*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • where required by law, the purchaser is purchasing as principal and not as agent, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the purchaser has reviewed the text above under Resale Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)

Conflicts of Interest

Canadian purchasers are hereby notified that certain of the underwriters are relying on the exemption set out in section 3A.3 or 3A.4, if applicable, of National Instrument 33-105 — *Underwriting Conflicts* from having to provide certain conflict of interest disclosure in this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D)

Statutory Rights of Action

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if the prospectus (including any amendment thereto) such as this document contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser of these securities in Canada should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (E)

Enforcement of Legal Rights

All of our directors and officers as well as the experts named herein may be located outside of Canada and, as a result, it may not be possible for Canadian purchasers to effect service of process within Canada upon us or those persons. All or a substantial portion of our assets and the assets of those persons may be located outside of Canada and, as a result, it may not be possible to satisfy a judgment against us or those persons in Canada or to enforce a judgment obtained in Canadian courts against us or those persons outside of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (F)

Taxation and Eligibility for Investment

Canadian purchasers of the shares should consult their own legal and tax advisors with respect to the tax consequences of an investment in shares in their particular circumstances and about the eligibility of the shares for investment by the purchaser under relevant Canadian legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (G)

Language of Documents

 *The purchaser confirms its express wish and that it has requested that this document, all documents evidencing or relating to the sale of the securities described herein and all other related documents be drawn up exclusively in the English language. L'acquéreur confirme sa volonté expresse et qu'il a demandé que le présent document, tous les documents attestant de la vente des titres décrits dans le présent document ou s'y rapportant ainsi que tous les autres documents s'y rattachant soient rédigés exclusivement en langue anglaise.* 

#### Australia
This prospectus is not a disclosure document for the purposes of Australia's Corporations Act 2001 (Cth) of Australia, or Corporations Act, has not been lodged with the Australian Securities & Investments Commission and is only directed to the categories of exempt persons set out below. Accordingly, if you receive this prospectus in Australia:

You confirm and warrant that you are either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's certificate to the Company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a person associated with the Company under Section 708(12) of the Corporations Act;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act;

To the extent that you are unable to confirm or warrant that you are an exempt sophisticated investor, associated person or professional investor under the Corporations Act any offer made to you under this prospectus is void and incapable of acceptance.

You warrant and agree that you will not offer any of the securities issued to you pursuant to this prospectus for resale in Australia within 12 months of those securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.

#### European Economic Area
In relation to each Member State of the European Economic Area (each, a "Relevant State"), no shares have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares which have been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that the shares may be offered to the public in that Relevant State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&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 the shares shall require us or any of the representatives to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of this provision, the expression "offer to the public" in relation to the shares in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

#### Hong Kong
No securities have been offered or sold, and no securities may be offered or sold, in Hong Kong, by means of any document, other than to persons whose ordinary business is to buy or sell shares or debentures, whether as principal or agent; or to "professional investors" as defined in the Securities and Futures Ordinance, or SFO, (Cap. 571) of Hong Kong and any rules made under that Ordinance; or in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance, or CO, (Cap. 32) of Hong Kong or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO. No document, invitation or advertisement relating to the securities has been issued or may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made under that Ordinance.

This prospectus has not been registered with the Registrar of Companies in Hong Kong. Accordingly, this prospectus may not be issued, circulated or distributed in Hong Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities will be required, and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on

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offers of the securities described in this prospectus and the relevant offering documents and that he is not acquiring, and has not been offered any securities in circumstances that contravene any such restrictions.

#### Israel
This document does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the shares is directed only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.

#### Japan
The offering has not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948 of Japan, as amended), or FIEL, and the underwriters will not offer or sell any securities, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEL and any other applicable laws, regulations and ministerial guidelines of Japan.

#### Singapore
This prospectus has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, or SFA, Chapter 289 of Singapore, (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) where no consideration is or will be given for the transfer;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) where the transfer is by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) as specified in Section 276(7) of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.

#### Switzerland
The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility in Switzerland. This prospectus has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this prospectus nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this prospectus nor any other offering or marketing material relating to the offering, the Company or the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, and the offer of securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or CISA. The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of securities.

#### United Kingdom
No shares have been offered or will be offered pursuant to the offering to the public in the United Kingdom except that the shares the 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 qualified investor as defined in paragraph 15 of Schedule 1 to the POATRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

to fewer than 150 persons (other than qualified investors as defined in paragraph 15 of Schedule 1 to the POATRs) in the United Kingdom subject to obtaining the prior consent of the relevant Manager or Managers nominated by the Issuer for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

in any other circumstances falling within Part 1 of Schedule 1 to the POATRs.

For the purposes of this provision, the expression an "offer to the public" in relation to any 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 the securities to be offered so as to enable an investor to decide to buy or subscribe for the securities and the expression "POATRs" means the Public Offers and Admissions to Trading Regulations 2024.

This prospectus and other material in relation to the shares described herein is directed at and is being distributed in the United Kingdom only to "qualified investors" within the meaning of paragraph 15 of Schedule 1 of the POATR that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("Order"), (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order, or (iii) other persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) may lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this prospectus relates will only be available to and will only be engaged in with relevant persons. Any person in the United Kingdom who is not a relevant person should not act or rely on this prospectus or any of its contents.

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#### Legal Matters
The validity of the ordinary shares offered by this prospectus will be passed upon for us by Carey Olsen Jersey LLP, Channel Islands. Certain other matters will be passed upon for us by White & Case LLP, New York, New York. Certain matters in connection with this offering will be passed upon for the underwriters by Davis Polk & Wardwell LLP, New York, New York.

#### Notices under Jersey Law
The directors of the Company have taken all reasonable care to ensure that the facts stated in this document are true and accurate in all material respects, and that there are no other facts the omission of which would make misleading any statement in the document, whether of facts or of opinion. All of the directors accept responsibility accordingly.

A copy of this document has been delivered to the registrar of companies in Jersey, or the Jersey Registrar, in accordance with Article 5 of the Companies (General Provisions) (Jersey) Order 2002, as amended, and the Jersey Registrar has given, and has not withdrawn, his consent to its circulation.

The JFSC has given, and has not withdrawn, its consent under Article 2 of the Control of Borrowing (Jersey) Order 1958 to the issue of securities in the company.

The JFSC is protected by the Control of Borrowing (Jersey) Law 1947, as amended, against liability arising from the discharge of its functions under that law. It must be distinctly understood that, in giving these consents, neither the Jersey Registrar nor the JFSC take any responsibility for the financial soundness of the Company or for the correctness of any statements made or opinions expressed, with regard to it.

If you are in any doubt about the contents of this document you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser.

It should be remembered that the price of securities and the income from them can go down as well as up. Our company secretary is Gen II Corporate Services (Jersey) Limited, whose current business address is 47 Esplanade, St Helier, Jersey JE1 0BD, Channel Islands. Our registered office is 47 Esplanade, St Helier, Jersey JE1 0BD, Channel Islands.

#### Experts
The consolidated financial statements of DPC Holdings Limited and its subsidiaries as of December 31, 2025 and 2024, and for each of the years in the two-year period ended December 31, 2025, have been included herein and in the registration statement in reliance upon the report of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.

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#### Enforcement of Civil Liabilities
U.S. laws do not necessarily extend either to us or our officers or directors. We are organized under the laws of Jersey. Many of our directors and officers reside outside of the United States. Substantially all the assets of both us and our directors and officers are located outside the United States. As a result, it may not be possible for investors to effect service of process on either us or our officers and directors within the United States, or to enforce against these persons or us, either inside or outside the United States, a judgment obtained in a U.S. court predicated upon the civil liability provisions of the federal securities or other laws of the United States or any U.S. state.

We have appointed Corporation Service Company as our agent to receive service of process with respect to any action brought against us in the United States under the federal securities laws of the United States or of the laws of any state of the United States.

A judgment of a U.S. court is not directly enforceable in Jersey, but constitutes a cause of action which will be enforced by Jersey courts provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the applicable U.S. courts had jurisdiction over the case, as recognized under Jersey law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the judgment is given on the merits and is final, conclusive and non-appealable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the judgment relates to the payment of a sum of money, not being taxes, fines or similar governmental penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the defendant is not immune under the principles of public international law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the same matters at issue in the case were not previously the subject of a judgment or disposition in a separate court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the judgment was not obtained by fraud or duress and was not based on a clear mistake of fact; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the recognition and enforcement of the judgment is not contrary to public policy in Jersey, including observance of the principles of what are called "natural justice," which among other things require that documents in the U.S. proceeding were properly served on the defendant and that the defendant was given the right to be heard and represented by counsel in a free and fair trial before an impartial tribunal.

It is the policy of Jersey courts to award compensation for the loss or damage actually sustained by the person to whom the compensation is awarded. Although the award of punitive damages is generally unknown to the Jersey legal system that does not mean that awards of punitive damages are not necessarily contrary to public policy. Whether a judgment was contrary to public policy depends on the facts of each case. Exorbitant, unconscionable, or excessive awards will generally be contrary to public policy. Moreover, if a U.S. court gives a judgment for multiple damages against a qualifying defendant the amount which may be payable by such defendant may be limited by virtue of the Protection of Trading Interests Act 1980, an Act of the UK extended to Jersey by the Protection of Trading Interests Act 1980 (Jersey) Order, 1983, which provides that such qualifying defendant may be able to recover such amount paid by it as represents the excess of such multiple damages over the sum assessed as compensation by the court that gave the judgment. A "qualifying defendant" for these purposes is a citizen of the UK and Colonies, a body corporate incorporated in the UK, Jersey or other territory for whose international relations the UK is responsible or a person carrying on business in Jersey.

Jersey courts cannot enter into the merits of the foreign judgment and cannot act as a court of appeal or review over the foreign courts. In addition, a plaintiff who is not resident in Jersey may be required to provide a security bond in advance to cover the potential of the expected costs of any case initiated in Jersey. In addition, we have been further advised by our legal counsel in Jersey, that it is uncertain as to whether the courts of Jersey would entertain original actions based on U.S. federal or state securities laws, or enforce judgments from U.S. courts against us or our officers and directors which originated from actions alleging civil liability under U.S. federal or state securities laws.

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#### Where You Can Find Additional Information
We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the ordinary shares offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our ordinary shares, we refer you to the registration statement, including the exhibits filed as a part thereof. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

Upon the completion of this offering, we will be subject to the information reporting requirements of the Exchange Act, and we will file reports, proxy statements, and other information with the SEC. These reports, proxy statements, and other information will be available on the website of the SEC referred to above.

We also maintain a website at www.doncasters.com, at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Information contained on, or that can be accessed through, our website is not incorporated by reference in this prospectus, and you should not consider information on our website to be part of this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

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#### DPC HOLDINGS LIMITED

#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| | **Page**  |
| DPC HOLDINGS LIMITED |  |
| *Audited Consolidated Financial Statements* |  |
| &nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#fREPO)  | [F-2](#fREPO) |
| &nbsp;&nbsp;&nbsp; [Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024](#tCBS)  | [F-3](#tCBS) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Income (Loss) for the Years Ended December 2025 and 2024](#tCSOI)  | [F-4](#tCSOI) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 2025 and 2024](#tCSOC)  | [F-5](#tCSOC) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Cash Flow Statements for the Years Ended December 2025 and <br> 2024](#tCCFS)  | [F-6](#tCCFS) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Shareholders' Equity (Deficit) for the Years Ended December 2025 and 2024](#tCSOC1)  | [F-7](#tCSOC1) |
| &nbsp;&nbsp;&nbsp; [Notes to the Consolidated Financial Statements](#tNTTC)  | [F-8](#tNTTC) |
| *Unaudited Condensed Consolidated Financial Statements* |  |
| &nbsp;&nbsp;&nbsp; [Consolidated Balance Sheet as of March 29, 2026](#tUCCS)  | [F-48](#tUCCS) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statement of Income (Loss) for the Three Months Ended March 29, 2026 and March 30, 2025](#tUCCS1)  | [F-49](#tUCCS1) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statement of Comprehensive Income (Loss) for the Three Months Ended March 29, 2026 and March 30, 2025](#tUCCB)  | [F-50](#tUCCB) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Cash Flow Statements for the Three Months Ended March 29, 2026 and March 30, 2025](#tUCCC)  | [F-51](#tUCCC) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Shareholders' Equity (Deficit) for the Three Months Ended March 29, 2026 and March 30, 2025](#tUCCS2)  | [F-52](#tUCCS2) |
| &nbsp;&nbsp;&nbsp; [Notes to the Consolidated Financial Statements](#tNTTU)  | [F-53](#tNTTU) |

---

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#### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors

DPC Holdings Limited:

 *Opinion on the Consolidated Financial Statements* 

We have audited the accompanying consolidated balance sheets of DPC Holdings Limited and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income (loss), comprehensive income (loss), changes in shareholders' equity (deficit), and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

 *Basis for Opinion* 

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company's auditor since 2021.

Birmingham, United Kingdom

April 14, 2026

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#### DPC HOLDINGS LIMITED

#### CONSOLIDATED BALANCE SHEET (in millions)

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 32 | 25 |
| &nbsp;&nbsp;&nbsp; Restricted cash deposit  |  | 7 |
| &nbsp;&nbsp;&nbsp; Accounts receivables, less allowances for credit losses of $0 million and $0 million of December 31, 2025 and 2024  | 156 | 119 |
| &nbsp;&nbsp;&nbsp; Inventories  | 181 | 146 |
| &nbsp;&nbsp;&nbsp; Prepayments and other current assets  | 42 | 28 |
| &nbsp;&nbsp;&nbsp; Assets held for sale  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets**  | **431** | **339** |
| Property, plant and equipment, net  | 221 | 205 |
| Right-of-use assets  | 15 | 16 |
| Deferred tax assets  | 44 | 7 |
| Goodwill  | 78 | 73 |
| Other intangible assets, net  | 96 | 98 |
| Other non-current assets  | 10 | 9 |
| **Total assets**  | **895** | **747** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable, trade  | 106 | 67 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities  | 116 | 58 |
| &nbsp;&nbsp;&nbsp; Liability for management incentive plan (related party balance)  | 132 | 49 |
| &nbsp;&nbsp;&nbsp; Borrowings, current  | 154 | 32 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, current  | 2 | 1 |
| &nbsp;&nbsp;&nbsp; Liabilities directly associated with the assets held for sale  | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities**  | **516** | **212** |
| Borrowings, non-current  | 1280 | 1255 |
| Operating lease liabilities, non-current  | 14 | 15 |
| Deferred tax liabilities  | 2 | 4 |
| Pension liabilities, non-current  | 26 | 26 |
| Other non-current liabilities  | 21 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities**  | **1859** | **1537** |
| Commitments and contingencies (refer to Note 17) |  |  |
| **Shareholders' equity (deficit)** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, nil par value, 451,747,577 shares authorized, 451,747,577 shares issued and 451,747,577 shares outstanding as of December 31, <br> 2024;  |  |  |
| Accumulated deficit  | (936) | (763) |
| Accumulated other comprehensive loss  | (28) | (27) |
| &nbsp;&nbsp;&nbsp; **Total shareholders deficit**  | (964) | (**790)** |
| Total Liabilities and equity  | **895** | **747** |

---

The accompanying notes form an integral part of these consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### CONSOLIDATED STATEMENT OF INCOME (LOSS) (in millions, except for loss per share and weighted-average shares outstanding)

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Revenue  | 837 | 746 |
| Cost of sales  | (644) | (605) |
| **Gross profit**  | **193** | **141** |
| Selling, general and administrative expenses  | (198) | (110) |
| Interest expense  | (222) | (203) |
| Interest income  | 2 | 1 |
| Foreign currency gain/(loss), net  | 16 | 4 |
| Loss on debt modification  |  | (9) |
| Reversal/ (Impairment) of disposal group held for sale  | 5 | (9) |
| **Loss before income tax**  | **(204)** | **(185)** |
| Income tax benefit (expense)  | 31 | (8) |
| **Net Loss**  | **(173)** | **(193)** |
| **Net Loss per share** |  |  |
| **Basic**  | (0.38) | (0.43) |
| **Diluted**  | (0.38) | (0.43) |
| **Weighted-average shares outstanding** |  |  |
| **Basic**  | 451747577 | 451747577 |
| **Diluted**  | 451747577 | 451747577 |

---

The accompanying notes form an integral part of these consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (in millions)

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Net Loss  | (173) | (193) |
| **Other comprehensive income/(loss), net of tax:** |  |  |
| Exchange gain / (loss) on translation of foreign operations (net of tax)  | (1) | (9) |
| **Total other comprehensive income/(loss) for the year, net of tax**  | **(1)** | **(9)** |
| **Total comprehensive income/(loss) for the year, net of tax**  | **(174)** | **(202)** |

---

The accompanying notes form an integral part of these consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### CONSOLIDATED CASH FLOW STATEMENTS (in millions)

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, 2025**  | **Year Ended <br> December 31, 2024**  |
|  | **$ millions**  | **$ millions**  |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp; **Net loss**  | (173) | (193) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment  | 23 | 22 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets and cloud computing arrangements  | 9 | 10 |
| &nbsp;&nbsp;&nbsp; Deferred income tax benefits  | (40) | (4) |
| &nbsp;&nbsp;&nbsp; Operating lease expense  | 3 | 3 |
| &nbsp;&nbsp;&nbsp; Foreign currency (gain)/loss, net  | (16) | (4) |
| &nbsp;&nbsp;&nbsp; (Reversal)/Impairment of disposal group held for sale  | (5) | 9 |
| &nbsp;&nbsp;&nbsp; Loss on debt modification  |  | 9 |
| &nbsp;&nbsp;&nbsp; Inventory provision  | 3 | 6 |
| &nbsp;&nbsp;&nbsp; Long term management incentive plan  | 87 | 29 |
| &nbsp;&nbsp;&nbsp; Non-cash interest expense  | 150 | 132 |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Receivable, prepayments and other current assets  | (40) | 14 |
| &nbsp;&nbsp;&nbsp; Inventories  | (28) | 6 |
| &nbsp;&nbsp;&nbsp; Payables, accrued expenses and other liabilities  | 70 | (48) |
| &nbsp;&nbsp;&nbsp; Pensions assets and liabilities  | (2) | (3) |
| &nbsp;&nbsp;&nbsp; Derivatives assets and liabilities  | 5 | (1) |
| &nbsp;&nbsp;&nbsp; Operating lease assets and liabilities  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash from / (used) in operating activities**  | **42** | **(17)** |
| **Cash flows from investing activities** |  |  |
| Proceeds from disposal of property, plant and equipment  |  | 2 |
| Purchase of property, plant and equipment  | (31) | (36) |
| Purchase of intangible assets  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities**  | **(31)** | **(35)** |
| **Cash flows from financing activities** |  |  |
| Proceeds from borrowings  | 1006 | 1384 |
| Repayment of borrowings  | (1019) | (1323) |
| Payment of issuance costs  |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash (used) / provided by financing activities**  | **(13)** | **50** |
| Effect of exchange rate fluctuations on cash and cash equivalents held  | 2 | 0 |
|  (Decrease)/Increase in cash and cash equivalents and restricted cash deposit  |  | (2) |
| **Cash and cash equivalents and restricted cash deposit at beginning of year**  | **32** | **34** |
| **Cash and cash equivalents and restricted cash deposit at end of year**  | **32** | **32** |
| **Reconciliation to consolidated balance sheet** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 32 | 25 |
| &nbsp;&nbsp;&nbsp; Restricted cash deposit  |  | 7 |
| **Total** | **32** | **32** |
| **Supplemental disclosures of cash flow information:** |  |  |
| Income taxes paid  | (6) | (6) |
| Interest paid  | (72) | (71) |
| Capital expenditures incurred but not yet paid  |  | 1 |

---

The accompanying notes form an integral part of these consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (in millions, except number of shares)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ordinary shares**  | **Ordinary shares**  | **Accumulated <br> Deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Income**  | **Total <br> Equity**  |
| | **Number of Shares**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **Balance as of January 1, 2024**  | **451747577** |  | (570) | (18) | (588) |
| Net income (loss)  |  |  | (193) |  | (193) |
| Currency translation adjustment  |  |  |  | (9) | (9) |
| **Balance as of December 31, 2024**  | **451747577** |  | (763) | (27) | (790) |
| Net income (loss)  |  |  | (173) |  | (173) |
| Currency translation adjustment  |  |  |  | (1) | (1) |
| **Balance as of December 31, 2025**  | **451747577** |  | **(936)** | **(28)** | **(964)** |

---

The accompanying notes form an integral part of these consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Nature of the business

DPC Holdings Limited (the "Company") is the ultimate holding Company within the Doncasters Group which trades under the "Doncasters" brand name. Doncasters is a vertically integrated manufacturer of high-quality engineered precision components for aeroengines, industrial gas turbines and other specialist high performance applications. Doncasters operates from fourteen principal manufacturing facilities across the UK, Europe, North America and Asia. The consolidated financial statements for the year ended December 31, 2025 and 2024 comprise the Company and its subsidiaries (together referred to as the "Group").

2. Summary of Significant Accounting Policies

#### Basis of preparation
The Group's consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), and have been prepared on a going concern basis. The Group's fiscal year ends on December 31. Any reference in these notes to the applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB").

#### Principles of consolidation
The consolidated financial statements comprises the financial information of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated on consolidation.

#### Use of estimates
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in the Group's consolidated financial statements include, but are not limited to, impairment of non-current assets, management incentive plan, inventory provision, and Unrecognized Tax benefits related to income taxes. The Group bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they are identified. Actual results could differ materially from those estimates upon subsequent resolution of the identified matters.

#### Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand, short-term deposits with original maturities of three months or less from the origination date.

#### Restricted cash deposit
Restricted cash deposit consists primarily of cash that collateralize our borrowings. Restricted cash is recorded as current or non-current assets in the consolidated balance sheets depending on the duration of the restriction and the purpose for which the restriction exists. There are no restrictions as at 31 December 2025.

#### Inventories
Inventories are stated at the lower of cost and net realizable value on a first-in, first-out basis. Cost comprises direct materials and, where applicable, direct labor costs and those overheads, including

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depreciation of property, plant and equipment, that have been incurred in bringing the inventories to their present location and condition. When cost is computed using standard cost, the standard cost approximates actual cost. Direct materials mainly consist of alloy which can either be 100% virgin or an approved blend, including the use of revert material which arises as a by-product of the production processes. Net realizable value represents the estimated selling prices less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

If the Group identifies excess, obsolete or unsalable items, inventories are written down to their net realizable value in the period in which the impairment is identified. These adjustments are recorded based upon various factors, including the level of product manufactured by the Group, and current and projected demand.

#### Property, plant and equipment
Property, plant and equipment are stated at cost less depreciation and impairment. Property, plant, and equipment is depreciated on a straight-line basis over their estimated useful lives as follows:

Buildings 20 – 25 years <br> Plant, machinery and equipment 3 – 25 years <br> Freehold land Not depreciated

Costs incurred in the repair and maintenance of property and equipment are charged to the income statement as incurred and are included in "Selling, general and administrative expenses" and "Cost of sales".

#### Goodwill
Goodwill is the excess of the purchase price over the estimated fair values of the underlying net assets of an acquired business. At the time of acquisition, goodwill is allocated to reporting units based on the relative fair value of each reporting unit at the acquisition date. The Group assesses goodwill for impairment at least annually as of December 31, or more frequently if conditions indicate that such impairment could exist. Impairment testing for goodwill is performed at the reporting unit level. The Group first evaluates 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 the qualitative assessment indicates potential impairment, or if the Group elects to bypass the qualitative assessment, a quantitative test is performed. The quantitative test calculates the excess of the reporting unit's fair value over its carrying amount, including goodwill, utilizing a discounted cash flow method. The test for impairment of goodwill requires the Group to make several assumptions and estimates regarding market conditions and our future profitability to determine the fair value of the reporting unit. Significant assumptions used in the reporting unit fair value measurements include forecasted cash flows, including revenue and expense growth rates, discount rates, and revenue and earnings multiples. An impairment loss is recognized when the carrying amount of the reporting unit net assets exceeds the estimated fair value of the reporting unit. The impairment loss is limited to the total amount of goodwill allocated to that reporting unit.

#### Other intangible assets
On acquisition of a business, the Group recognizes any specifically identifiable intangible assets separately from goodwill, initially measuring the intangible assets at fair value. Separately purchased intangible assets are initially measured at cost. Costs incurred to renew or extend the term of recognized intangible assets are expensed as incurred within selling, general and administrative expenses in the consolidated statements of income (loss). Amortization is charged to cost of goods sold in the consolidated statements of income (loss) on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. The Group does not have any intangible assets (other than goodwill) with an indefinite useful life. Other intangible assets are amortized from the date they are available for use. The estimated useful lives are as follows:

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| | |
|:---|:---|
| Software costs | 3 – 5 years |
| Customer contracts and related customer relationships | 10 – 20 years |
| Non contractual customer relationships | 10 – 20 years |
| Trade names | 25 years |
| Technology and know-how | 1 – 10 years |

---

Costs associated with research and development activities are treated as an expense in the period in which they are incurred.

 *Internal-Use Software* 

The Group follows ASC 350-40, "Internal-Use Software" ("ASC-350-40") to account for development costs incurred for the costs of computer software developed or obtained for internal use. ASC 350-40 requires such costs to be capitalized once certain criteria are met. Capitalized internal-use software costs are primarily comprised of direct and contracted labor, and related expenses. Capitalized employee costs are limited to the time directly spent on such projects. ASC 350-40 includes specific guidance on costs not to be capitalized, such as overhead, general and administrative, and training costs. Internal-use software includes software utilized for internal systems and tools. Costs are capitalized once the project is defined, funding is committed, and it is confirmed the software will be used for its intended use. Capitalization of these costs concludes once the project is substantially complete and the software is ready for its intended purpose. Post-configuration training and maintenance costs are expensed as incurred. Internal-use software is included in "Other intangible assets, net" in the consolidated balance sheets once available for its intended use. Amortization expense for internal-use software utilized for internal systems and tools is included in "selling, general, and administrative expense", in the consolidated statements of income (loss).

 *Cloud computing arrangements* 

The Group capitalizes implementation costs associated with its Cloud Computing Arrangements ("CCA") consistent with costs capitalized for internal-use software. Capitalized CCA implementation costs are included in "prepayments and other current assets" and "Other non-current assets" in the Group's consolidated balance sheet. The CCA implementation costs are amortized over the term of the related hosting agreement, including renewal periods that are reasonably certain to be exercised. Amortization expense of CCA implementation costs is recorded to "selling, general, and administrative expense" in the Group's consolidated statement of income (loss). The CCA implementation costs are included within operating activities in the Company's consolidated statements of cash flows.

Amortization expense for capitalized CCA was $0.9 million and $0 million for the year ended December 31, 2025 and 2024 respectively.

#### Leases
The Group determines if an agreement is a lease at inception. The Group's material lease contracts are generally for offices, vehicles and machinery. The Group considers the contractual terms to determine the lease term used to record each lease agreement. The lease terms may include options, at the Group's sole discretion, to extend or terminate the lease that it is reasonably certain to exercise. The Group determines the lease term used to record each lease by including the initial lease term and, in the case where there are options to extend, will include the option to extend if it has determined that it reasonably certain that the Group would exercise those options. The Group's lease contracts are typically between 1 and 9 years.

Leases are classified as either finance or operating at inception of the lease and reassessed each time a lease is modified, with classification affecting the pattern of expense recognition in the consolidated statement of income (loss). Operating and finance leases result in the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. ROU assets represent the Group's right to use the leased asset for the lease term and lease liabilities represent the obligation to make lease payments. The ROU assets also include any lease payments made in advance and less any lease incentives received.

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As the implicit rate of most of the Group's leases is not readily determinable, the liability is calculated as the present value of the remaining minimum lease payments using the Group's incremental borrowing rate at the commencement of the lease. The determination of the incremental borrowing rate takes into consideration the expected term of the lease, the currency in which the lease is denominated, and a financing spread adjustment based on the actual borrowing rate incurred by the Group. Operating lease expense is recorded on a straight-line basis over the lease term. Finance lease cost includes amortization of the ROU assets on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset and interest on the lease liabilities using the effective interest method. Certain leases contain variable lease payments,, such as common area maintenance, property taxes, and usage-based amounts, which are recognized when the associated activity occurs.

Leases with a lease term of 12 months or less are not recorded on the balance sheet. Short term lease expense is recognized on a straight-line basis over the lease term. The Group elected the practical expedient to not separate lease components from non-lease components for all asset classes.

#### Impairment of long-lived assets
Long-lived assets consist primarily of property and equipment, right-of-use lease assets, and definite-lived intangible assets. The Group assesses the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indications of impairment exist, projected future undiscounted cash flows associated with the asset (or asset group) would be compared to the carrying value of the asset to determine whether the asset's value is recoverable. If impairment is determined, the Group records an impairment loss equal to the excess of the carrying value of the long-lived asset over its estimated fair value in the period at which such a determination is made.

#### Commitments and contingencies
The Group is subject to various claims, lawsuits, and other proceedings that arise in the ordinary course of business, including those related to product liability, environmental matters, intellectual property, and contractual disputes. The Group also enters into various commitments in the normal course of business.

In accordance with ASC 450, "Contingencies," the Group accrues for loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a range of loss can be reasonably estimated, and no amount within the range is a better estimate than any other, the Group accrues the minimum amount of the range. If the Group determines that a loss is reasonably possible but not probable, or if the loss is probable but not reasonably estimable, the Group discloses the nature of the contingency and provides an estimate of the possible loss or range of loss, if such an estimate can be made. Gain contingencies are not recognized until they are realized.

Legal costs associated with defending claims are expensed as incurred.

The Group's significant commitments, including contractual obligations for future purchases of goods or services, capital expenditures, and other long-term agreements, are disclosed in the notes to the consolidated financial statements. These commitments are evaluated periodically for potential impact on the Group's consolidated balance sheet and consolidated statement of income (loss).

#### Revenue recognition
Revenue related to contracts with customers is recognized in accordance with ASC 606, Revenue from Contracts with Customers, when the associated performance obligation has been satisfied and the control of the goods has been transferred to customers, in an amount that reflects the consideration the Group expects to receive in exchange for those services.

The Group follows the five-step model outlined in ASC 606 for revenue recognition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Identification of the contract(s) with the customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Identification of the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Determination of the transaction price

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Allocation of the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Recognition of revenue when, or as, a performance obligation is satisfied

 *Identification of Performance obligations* 

<u>Product Sales:</u> 

The Group's revenues are recorded for the sale of components from its two product categories (i) Engine Products, which include turbine airfoils and structural components for the Aerospace market and Industrial Gas Turbine end markets, and (ii) turbocharger wheels for the Transportation end market. Contracts with customers consist of accepted Purchase Orders, which may be governed by long term agreements for larger customers. These contracts with customers consist of the manufacturing of products which represent single performance obligations.

<u>Consignment arrangements:</u> 

The Group also has consignment inventory agreements whereby the Group provides goods to a consignee to sell, but the Group retains ownership of the goods until they are sold to an end customer or the Group surrenders control of the inventory to the consignee for payment. The performance obligation is as per product sales noted above.

 *Determining transaction price and standalone selling prices* 

The transaction price is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. The Group's contracts typically only have one performance obligation, such that the Group does not allocate components of the transaction price.

 *Variable consideration* 

Certain contracts with customers give rise to variable consideration. At contract inception, the Group has the right to charge customers when the market price of certain metals and other alloys exceeds the price stated within the contract. At contract inception, the Group constrains all estimates of variable consideration and does not include the variable consideration in the transaction price. At each period end, the Group will recognize revenue for the amount in which the market price of the metals and other alloys exceeds the stated contractual price. Variable consideration is estimated utilizing the most likely amount method that is expected to be earned as the Group is able to estimate within a sufficiently narrow range of possible outcomes based on observable market prices and the terms of the underlying contracts. Variable consideration is reassessed at each reporting date and adjustments are made, when necessary.

The Group also provides certain customers the right of return of scrap material, which the Group can use to fulfill future customer orders. Estimated scrap material returns are variable consideration recorded as a reduction in revenues at the time of sale, based using the expected value method. The Group estimates the variable consideration using historical return experience, adjusted for known trends, to arrive at the amount of consideration expected to be received. The Group evaluates the return liability at each reporting date, and adjustments, are made, when necessary. Liabilities for return allowances are included in other accrued and other current liabilities on the consolidated balance sheets. The rights to recover products from customers associated with its liabilities for return reserves are included in inventory on the Group's consolidated balance sheets.

 *Satisfaction of performance obligations* 

For product sales, most of the Group's revenue is derived from sales of goods under ex-works shipping terms, whereby control of the goods transfers to the customer when the products are made available for collection at the Group's premises. At that point, the customer assumes the risks and rewards of ownership, including responsibility for transportation and handling. For non-ex works terms with customers, revenue is recognized at the time of delivery to, or collection by, the customer and when all performance obligations under the sale contract have been fulfilled and title has passed to the customer.

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For consignment inventory agreements, revenue is recognized upon the end customer receiving goods from the consignee, or when the Group surrenders control of the inventory to the consignee.

 *Payment terms* 

Invoices are issued to and are due for payment by customers according to the terms of the contractual arrangement that exists. Contractual terms vary by customer and invoices are generally settled between the date of issue prior to delivery and up to 90 days after the invoice date (depending on the terms negotiated in advance). For revenue recognized over time, customers are billed based on the terms of the contract, which are typically monthly, or quarterly. Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities.

 *Contract assets and liabilities* 

The Group does not have material contract assets or contract liabilities associated with customer contracts. The Group's contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. The Group did not recognize material revenue during the year ended December 31, 2025 and 2024 that were included in the contract liability balance as of January 1, 2025 and 2024 respectively.

 *Costs to obtain or fulfill a customer contract* 

The Group has certain costs to obtain and fulfill a customer contract, such as shipping costs. The Group recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Group otherwise would have recognized is one year or less. Incremental costs of obtaining contracts that would be recognized over greater than one year are not material.

 *Significant estimates and judgments* 

The revenues accounted for under ASC 606 do not require significant estimates or judgments, primarily for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The transaction price is generally fixed and stated on the Group's contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • As noted above, the Group's contracts generally do not include multiple performance obligations, and accordingly do not generally require estimates of the standalone selling price for each performance obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Group's revenues do not include material amounts of variable consideration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Most of the Group's revenue is recognized as of a point-in-time and the timing of the satisfaction of the applicable performance obligations is readily determinable. As noted above, the ASC 606 revenue is generally recognized at the time of delivery to the customer, or in the case of ex-works contracts, when the Group makes the product available to the customer.

#### Income Taxes
The taxation expense for the year represents the sum of current tax and deferred tax. The expense is recognized in the Consolidated Income Statements, in the Statements of Comprehensive Income or in equity depending on the accounting treatment of the related transaction.

 *Current Tax* 

Current tax is determined based on taxable income for the period, including adjustments for prior periods. It is calculated using tax rates that have been enacted at the end of the reporting period. The Company has elected to record penalties related to income tax within its income tax expense (benefit) and interest within its interest expense.

 *Deferred Tax* 

The Group accounts for income taxes in accordance with ASC 740, "Income Taxes" using the asset and liability method.

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Under this method, deferred tax assets and liabilities are recognized based upon the estimated future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense (benefit) in the period the tax rates are enacted.

The Group's deferred tax assets are reduced by a valuation allowance if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. A valuation allowance may be required if the weight of positive evidence is insufficient to overcome strong negative evidence such as a history of cumulative losses in recent years. The Group evaluates the realizability of deferred tax assets for each of the jurisdictions in which they operate by assessing all positive and negative evidence. This includes historical operating results, known or planned operating developments, the period of time over which certain temporary differences will reverse, consideration of the reversal of certain deferred tax liabilities, tax law carryback capability in the particular country, and prudent and feasible tax planning strategies. After evaluation of these factors, if the deferred tax assets are expected to be realized within the tax carryforward period allowed for that specific country, the Group would conclude that no valuation allowance would be required. To the extent that the deferred tax assets exceed the amount that is expected to be realized within the tax carryforward period for a particular jurisdiction, the Group establishes a valuation allowance.

 *Unrecognized Tax Benefits* 

The Group recognizes benefits from tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the positions. The tax benefits recognized in the consolidated financial statements from such positions are measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement. Judgment is required in evaluating tax positions and determining unrecognized tax benefits. The Group re-evaluates the technical merits of its tax positions and may recognize the benefit of a tax position in certain circumstances, including when: (1) a tax examination is completed; (2) applicable tax laws change, including through a tax case ruling or legislative guidance; or (3) the applicable statute of limitations expires.

 *Residual Income Tax Effects* 

The Group allocates income taxes to other comprehensive income and income tax amounts accumulate in accumulated other comprehensive income ("AOCI"), in accordance with ASC 740, Income Taxes. The income tax effects of items included in AOCI are released into the consolidated statement of income (loss) in the same period in which the related pre-tax amounts are reclassified using the specific identification method. When an event occurs that results in the partial or full reclassification of amounts from AOCI (such as disinvestment of foreign operations), the corresponding income tax effects are released from AOCI and recognized in income consistent with the underlying item.

#### Foreign currency translation and transactions
The Consolidated Financial Statements are presented in U.S. dollars, which is the Group's reporting currency. The functional currency of the Company is also U.S. dollars. The financial statements of the Group's subsidiaries are maintained in their respective functional currencies based on their primary economic environment. In preparing the Consolidated Financial Statements, the financial statements of foreign subsidiaries are translated into U.S. dollars in accordance with ASC 830, Foreign Currency Matters.

Assets and liabilities of foreign subsidiaries that have a functional currency other than U.S. dollars are translated into U.S. dollars using exchange rates at the balance sheet date. Revenues and expenses are translated at average exchange rates effective during the year. Equity items are translated at historical exchange rates. Translation adjustments arising from the process of converting the functional currency into the presentation currency are accumulated in other comprehensive income (loss) as a component of equity in the Consolidated Balance Sheets.

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#### Business Combinations
Business combinations are accounted for using the acquisition method. The cost of an acquisition is determined as the total of the consideration transferred, measured at its fair value on the acquisition date, along with the fair value of any non-controlling interests in the acquiree.

The acquisition method of accounting requires the recognition of assets acquired and liabilities assumed at their fair values as of the acquisition date. Goodwill is measured as the excess of consideration transferred over the acquisition date net fair values of the assets acquired and the liabilities assumed. The determination of the fair value requires the estimation of fair values based on non-observable inputs that are included in valuation models. An income approach, which generally relies upon projected cash flow models, is used in estimating the fair value of the acquired intangible assets. The fair value of acquired inventory is based on inventory cost and other assumptions. The cash flow projections are based on management's estimates of economic and market conditions including the estimated future cash flows from revenues of acquired assets, the timing and projection of costs and expenses and the related profit margins, tax rates, and an appropriate discount rate. Although the Group's fair value estimates are based upon assumptions believed to be reasonable, these estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the measurement period of one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon conclusion of the measurement period or final determination of fair values of the purchase price of an acquisition, whichever comes first, any subsequent adjustments are recorded in earnings on the income statement.

Acquisition-related expenses are recognized separately from the business combination and expensed as selling, general and administrative expenses in the consolidated statement of income (loss) as incurred.

#### Classification of assets held for sale
The Group classifies long-lived assets (or disposal groups) as held for sale when certain criteria are met, in accordance with ASC 360 "Property, Plant, and Equipment". These criteria include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Management is committed to a plan to sell the asset (or disposal group).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The asset (or disposal group) is available for immediate sale in its present condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • An active program to locate a buyer and other actions required to complete the plan to sell the asset (or disposal group) have been initiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The sale of the asset (or disposal group) is considered probable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The sale is expected to be completed within one year from the date of classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Actions required to complete the plan indicate that it is unlikely that the plan will be significantly changed or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Upon classification as held for sale, the asset (or disposal group) is measured at the lower of its carrying amount or its fair value less costs to sell. An impairment loss is recognized for any initial write-down to fair value less costs to sell. Depreciation and amortization cease once an asset (or disposal group) is classified as held for sale.

Subsequent to initial classification, the asset (or disposal group) continues to be measured at the lower of its carrying amount or fair value less costs to sell. Any subsequent increases in fair value less costs to sell are recognized as a gain, but not in excess of any cumulative impairment loss previously recognized.

Assets classified as held for sale are presented separately on the consolidated balance sheets under current assets. Liabilities directly associated with assets held for sale are presented separately under current liabilities.

If the criteria for classification as held for sale are no longer met, the asset (or disposal group) is reclassified as held and used. Upon reclassification, the asset (or disposal group) is measured at the lower of its carrying amount before being classified as held for sale (adjusted for any depreciation, amortization, or impairment that would have been recognized had it not been classified as held for sale) or its fair value at the date of the subsequent decision not to sell.

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#### Functional and reporting currency
The reporting currency of the consolidated financial statements is the U.S. Dollars ("USD" or "$"). The functional currency of the Group's subsidiaries is the currency of the primary economic environment in which they operate. All amounts disclosed have been rounded to the nearest millions, unless otherwise stated.

#### Fair value measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Level 3 measurements often involve significant management judgment or estimation, and include assets or liabilities valued using pricing models or discounted cash flow techniques.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

As of December 31, 2025 and 2024, the carrying amounts of the cash and cash equivalents, account receivables, account payables, and other liabilities approximated the estimated fair values. There were no financial assets or liabilities carried at fair value.

#### Accounts receivable and allowance for credit losses
Accounts receivable, less allowances on the consolidated balance sheets include amounts billed and currently due from customers and do not bear interest. The allowances for credit losses is assessed at least annually and reflect the Group's estimate of the amount of receivables that it will be unable to collect based on historical write-off experience reflecting the level of uncollected receivables over the contractual life of the receivables, adjusted for factors that are specific to the receivables, the industry in which the Group operates and the economic environment. Adjustments to the loss allowances are recognized in the consolidated statement of income (loss). Accounts receivables are written off when recoverability is assessed as being remote while subsequent recoveries of amounts previously written off are credited to the consolidated statement of income (loss).

#### Borrowings
Borrowings are recognized at the proceeds received at issuance, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds and the redemption value is recognized in the consolidated statement of income (loss) over the period of the borrowings using the effective interest method. Those borrowings are also recorded on an amortized cost basis. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent that there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.

Under ASC 470-50, any substantial modification of the terms of an existing financial liability, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial

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liability. The difference between the carrying value of the financial liability extinguished and the consideration paid, in respect of the new liability, is recognized in the statement of income/(loss). If a modification is determined not to be substantial, then a new effective interest rate shall be determined based on the amended term of the financial liability.

For substantial modifications (extinguishments), fees paid directly to creditors are included in the calculation of the gain or loss on extinguishment of the original debt. Fees paid to third parties that are directly attributable to the issuance of the new debt are capitalized as part of the carrying amount of new debt, and amortized using the effective interest method over the term of the new debt. In addition to this, cash paid to creditors and third-party service providers in connection with a debt extinguishment is classified as a financing cash outflow, consistent with the treatment of costs incurred for the issuance of a new debt instrument.

For non-substantial modifications, fees paid to existing creditors are capitalized as an adjustment to the carrying amount of the modified debt and amortized as interest expense using the revised effective interest rate. Fees paid to third parties in connection with non-substantial modifications are expensed as incurred. Such expenses are recognized within Selling, general and administrative expenses in the consolidated statement of income (loss). For non-substantial modifications, cash paid to creditors is classified as a financing cash outflow, while cash paid to third-party advisors is classified as an operating cash outflow, consistent with the respective treatments of capitalized and expensed costs.

An embedded derivative is separated from its host contract and accounted for as a standalone derivative financial instrument pursuant to ASC 815. Accordingly, the Group has assessed if embedded derivatives should be separated from its host contract and accounted for as a derivative instrument based on whether all three ASC 815 criteria are met: (1) the economic characteristics and risks of the embedded derivative are not clearly and closely related to the economic characteristics and risks of the host contract, (2) the hybrid instrument is not remeasured at fair value under GAAP with changes in fair value reported in earnings as they occur, and (3) a separate instrument with the same terms as the embedded derivative would be a derivative instrument. The Group considers any call (put) options that can accelerate the settlement of debt instruments against the four step criteria prescribed by ASC 815 in the assessment of closely and clearly criteria noted above. The Group assessed its debt instruments for embedded derivatives that may require bifurcation from their host contracts and determined that no derivative require bifurcation.

#### Government grants
Government grants received for research and development expenditure credits are recorded in the consolidated statement of income (loss) in the period in which the grants are earned.

#### Management incentive plan
The cash-based Management Incentive Plan ("MIP") has been accounted for under ASC 710, "Compensation". The expected liability is charged to the income statement over the MIP service period. Refer to Note 18 — Management Incentive Plan in the Notes to the consolidated financial statements for additional information.

#### Employee benefits
The Group sponsors various employee benefit plans, including defined contribution plans and defined benefit plans, in accordance with local regulations and practices.

 *Defined contribution plans* 

The Group sponsors defined contribution plans for eligible employees. Under these plans, the Group makes contributions to individual employee accounts, typically based on a percentage of the employee's eligible compensation. The Group's contributions are expensed as incurred. Once the contributions have been made, the Group has no further legal or constructive obligation to pay further contributions. The Group's contributions to defined contribution plans are recognized as expense the Consolidated statements of Income (Loss) during the period in which the employee renders service.

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 *Defined benefit plans* 

The Group sponsors defined benefit pension plans for certain eligible employees. The accounting for these plans is performed in accordance with ASC 715, "Compensation — Retirement Benefits." The Group recognizes the funded status of its defined benefit pension plans (the difference between the fair value of plan assets and the projected benefit obligation) on its consolidated balance sheets. The funded status is measured as of December 31 of each year based on actuarial valuations carried out by independent qualified actuaries. Plan assets (if any) are measured at their fair values at the balance sheet date. Benefit obligations are measured using the projected unit credit method.

<u>Net Periodic Benefit Cost:</u> 

The net periodic benefit cost for defined benefit plans is recognized in the consolidated statements of income (loss) and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Service Cost: The actuarial present value of benefits attributed to employee service during the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Interest Cost: The increase in the projected benefit obligation due to the passage of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Expected Return on Plan Assets: The expected return on the fair value of plan assets, calculated using the expected long-term rate of return on plan assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Prior Service Cost/Credit: The cost of retroactive benefits granted in a plan amendment. Retroactive benefits are benefits granted in a plan amendment (or initiation) that are attributed by the benefit formula to employee services rendered in periods before the amendment. Prior service costs/credits are recognized in the income statement in the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Actuarial Gains and Losses: Recognized in the income statement in the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Plan Administration Expenses: Expenses incurred in administering the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Gains and Losses on Curtailments and Settlements: Recognized in the period in which the curtailment or settlement occurs.

Note 16 discloses where each component of net periodic benefit cost is recognized within the consolidated statements of income (expense).

<u>Actuarial Assumptions</u> 

The measurement of the projected benefit obligation and net periodic benefit cost is based on various actuarial assumptions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Discount Rate: Determined by reference to market yields on high-quality corporate bonds at the balance sheet date, with maturities that correspond to the expected timing of benefit payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Expected Return on Plan Assets: Based on historical returns, current market conditions, and the expected future asset allocation of the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mortality Rates: Based on published mortality tables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Rate of Compensation Increase: Reflects the Group's long-term view of salary increases.

<u>Plan Assets</u> 

Plan assets are held in trust and are measured at fair value. The fair value of plan assets is determined using quoted market prices when available. For assets without quoted market prices, fair value is determined using valuation techniques that consider observable inputs.

All benefit plans are invested in accordance with the Scheme's investment policy. The investment policy outlines the investment objectives, strategies and target asset allocations. The Investment Manager of the Scheme has control over the operation, funding and investment strategy of the Scheme and but works closely with the Group to agree funding and investment strategy.

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The investment philosophies for the Group's benefit plans support the allocation of assets to minimize risks and optimize net returns. Strategies used include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Increase the value of assets to equal or exceed the present value of the liabilities, while controlling volatility within asset allocation guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Grow the Plan funding level such that investment risk can be progressively reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Provide sufficient liquidity to meet anticipated cash needs.

Strategic Asset Allocation —

The investment portfolio is split into Liability Matching Portfolio (48%), Return Seeking Portfolio (50%) and Liquidity Portfolio (2%).

Tactical Asset Allocation —

The Investment Manager will have discretionary authority to construct and manage the Liability Matching, Return Seeking and Liquidity portfolios based on the limits and restrictions as below —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a)

Within the Liability Matching Assets, the following direct allocation limits will apply:

---

| | | |
|:---|:---|:---|
| **Asset Class**  | **Minimum %**  | **Maximum %**  |
| US Treasury or Agency Bonds  | 0 | 80 |
| Short Duration Investment Grade Bonds  | 0 | 50 |
| Intermediate Duration Investment Grade Bonds  | 0 | 50 |
| Long Duration Investment Grade Bonds  | 20 | 100 |
| High Yield Bonds  | 0 | 30 |
| Cash  | 0 | 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b)

Return Seeking Portfolio is designed to provide returns in excess of the performance of the underlying instruments over a 3-5 year horizon with the objective of improving the Plan's funding level. Within the Return Seeking Portfolio, the following direct asset allocation guidelines will be used:

---

| | | |
|:---|:---|:---|
| **Asset Class**  | **Minimum %**  | **Maximum %**  |
| Domestic Equity  | 20 | 60 |
| Foreign Equity  | 20 | 60 |
| High Yield / Convertible Bonds  | 0 | 20 |
| Emerging Market Bonds  | 0 | 20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c)

The benchmark for the Liquidity Portfolio will consist of the following market index: 100% FTSE 3-Month T-Bill Index.

 *Other long-term employee benefit obligations* 

In some countries, the Group also has liabilities for long service leave and annual leave that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in in the consolidated statement of income (loss).

#### Equity
Ordinary shares are determined using the nominal value of shares that have been issued. Accumulated deficit includes all current and prior period results as disclosed in the consolidated statements of income

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(loss). The Group's equity consists of 451,747,577 ordinary share which are allotted, called up, and with nil par value as of December 31, 2025 and 2024.

#### Loss per share
Loss per share is computed by dividing net loss available to common shareholders by the weighted-average number of ordinary shares outstanding. There are no potential ordinary shares nor any dilutive instruments outstanding during the year ended December 31, 2025 and 2024.

#### Concentrations
The Group evaluates concentrations of risk in accordance with ASC 275-10 — "Risks and Uncertainties". A concentration exists when a single customer, supplier, geographic region, or other external factor accounts for a significant portion of revenues, receivables, or supply chain activity (typically >10%).

 *Customer and sales concentrations* 

The Group extends credit to customers based on their financial strength, payment history, and other relevant factors. A significant concentration of accounts receivable Group a limited number of customers could expose the Group to credit risk and potential collection issues. The Group has the following concentrations related to its accounts receivables and sales greater than 10% of their respective totals:

---

| | | |
|:---|:---|:---|
| **Year Ended December 31, 2025**  | **Accounts <br> receivables**  | **Sales**  |
| **Customer A**  | 17% | 22% |
| **Customer B**  | 16% | 16% |
| **Total**  | 33% | 38% |

---

---

| | | |
|:---|:---|:---|
| **Year Ended December 31, 2024**  | **Accounts <br> receivables**  | **Sales**  |
| **Customer A**  | 12% | 19% |
| **Customer B**  | 10% | 15% |
| **Total**  | 22% | 34% |

---

 *Other concentrations* 

As of December 31, 2025 and 2024, the Group has evaluated its supplier, and geographic exposures and determined that no additional concentrations exist.

#### Recently Issued Accounting Pronouncements
The following standards have been recently issued which could be applicable to the Group.

 *Accounting standards issued but not yet adopted* 

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance in this ASU enhances the transparency and decision functionality of income tax disclosures to provide investors information to better assess how an entity's operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flow. The amendments in this ASU require public entities to disclose the following specific categories in the rate reconciliation by both percentages and reporting currency amounts: the effect of state and local income tax, net of federal (national) income tax, foreign tax effects, effects of changes in tax laws or rates enacted in the current period, effects of cross-border tax laws, tax credits, changes in valuation allowances, nontaxable or nondeductible items and changes in unrecognized tax benefits. The amendments in ASU 2023-09 also require public entities to provide additional information for reconciling items that meet the quantitative threshold (if the effect of those

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reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income (loss) by the applicable statutory income tax rate). The ASU requires reporting entities to annually disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign localities. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024, entities other than public business entities have an additional year to adopt the guidance. The Group will apply the amendments in this ASU for the first time in the annual period ending December 31, 2026, under the non-public business entities adoption time line available for emerging growth company, and currently assessing the impact of the adoption of ASU 2023-09 on the consolidated financial statements.

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. The guidance in this ASU improves the disclosures about a public business entity's expense by requiring more detailed information about the types of expenses included within the income statement expense captions, such as: inventory purchases, employee compensation, depreciation and intangible asset amortization. This ASU does not change or remove current expense disclosure requirements, however, it does affect where this information appears in the notes to financial statements, as entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 is a requirement for additional disclosure. Additionally, in January 2025, the FASB issued ASU 2025-01 Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220- 40): Clarifying the Effective Date, which clarifies the effective date for non-calendar year-end entities. The Group will apply the amendments in this ASU for the first time in the annual period ending December 31, 2027, under the non-public business entities adoption time line available for emerging growth company, and currently assessing the impact of the adoption of ASU 2024-03 on the consolidated financial statements.

3. Revenue

The Group generates revenue in a diverse number of markets and geographical areas. The principal geographical areas are the United Kingdom, the Rest of Europe, the United States of America and the Rest of the World. The Group produces two product categories being Engine Products, which include turbine airfoils and structural components for the Aerospace market and Industrial Gas Turbine ("IGT") end markets, and turbocharger wheels for the Transportation end market. The Group is vertically integrated with the production of advanced superalloy materials, which are used to supply the Group's key end markets.

Revenue is disaggregated by diversified end-use markets and by geographical locations based on the location of the customers.

Information of the Group's overall revenue by geographic locations are as follows:

---

| | | |
|:---|:---|:---|
| **Geographic location**  | **Year ended <br> December 31, <br> 2025**  | **Year ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Rest of Europe  | 328 | 289 |
| United States of America  | 298 | 240 |
| Rest of the World  | 140 | 153 |
| United Kingdom  | 71 | 64 |
| **Total Net Sales**  | **837** | **746** |

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Information of the Group's overall revenue by end-use markets are as follows:

---

| | | |
|:---|:---|:---|
| **End-Use Market**  | **Year ended <br> December 31, <br> 2025**  | **Year ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Aerospace  | 291 | 267 |
| IGT  | 351 | 280 |
| Transportation  | 195 | 199 |
| **Total Net Sales**  | **837** | **746** |

---

The following table contains a roll forward of deferred revenue for the year ended December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
| **Deferred revenue**  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Beginning balance, January 1  | **4** | **3** |
| Revenue (cash) received in advance  | **13** | **3** |
| &nbsp;&nbsp;&nbsp; Less: revenue recognized  | (3) | (2) |
| Ending Balance  | **14** | **4** |

---

4. Segment reporting

Operating segments are defined as distinguishable components of the enterprise which are evident from internal organizational structure and for which separate financial information is evaluated regularly by the Group's Chief Operating Decision Maker ("CODM") in order to assess each segment's performance and to allocate resources to them. The CODM of the Group is the Chief Executive Officer.

The Group used the management approach to identify its reportable segments, as required by ASC 280. The management approach is based on the way the Group's management organizes and evaluates its operations and based on the way the Group's operations are managed and reported in its internal financial reporting system. The determination of the Group's operating segments is mainly based on a mix of geography and nature of products / services and have been identified as: Engine Products — North America, Engine Products — Europe and Turbo Wheels. The Group has concluded that their operating segments are consistent with their reportable segments.

 *Engine Products — North America* 

The Engine Products — North America segment comprises of the sites Groton, Oxford, Springfield, Unipol Mexico, DPC New England, and Long Beach. The segment manufactures complex, highly engineered precision cast components and superalloys which are primarily used in the Aerospace end market with some elements of IGT.

 *Engine Products — Europe* 

The Engine Products — Europe segment comprises of the sites Chard, Deritend, Bochum and Ross & Catherall. The segment manufactures complex, highly engineered precision cast components and superalloys which are primarily used in the IGT end market with some elements of Aerospace.

 *Turbo Wheels* 

Whilst the other two operating segments are formed based on geographical location of the sites, this segment is based on the market served, i.e. automotive. The Turbo Wheels segment manufactures turbocharger wheels and other precision components for commercial vehicle and passenger car turbo engines, focusing

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on enhancing engine efficiency and performance. Turbo Wheels segment comprises of the sites Trucast UK, Trucast US, Uni-Pol China, Uni-Pol India and Ivostud (all locations).

The measure of profit and loss that is used by the CODM to evaluate the performance of these operating segments is segment Adjusted EBITDA. The CODM uses segment Adjusted EBITDA when making decisions about capital and resource allocation and in performance assessment process.

Segment results includes any support function costs that are directly attributable to the relevant segment, and excludes any central support costs that are not directly attributable are shown as a reconciling item. Central costs are shown separately from the segments as these costs cannot be allocated to individual segments. Transactions between operating segments are accounted for under the same basis as other independent third -party transactions.

The following table provides segment revenue and segment performance measure by each reportable segment for the year ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As at December 31, 2025**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North <br> America**  | **Turbo <br> Wheels**  | **Total**  |
| **3<sup>rd</sup> party Revenue – consolidated**  | **386** | **266** | **185** | **837** |
| Inter-segment sales  | 1 | 17 |  | 18 |
| **Gross segment Revenue**  | **387** | **283** | **185** | **855** |
| Adjusted Cost of Sales\*  | (277) | (208) | (154) |  |
| Adjusted Selling, general and administrative expenses\*  | (15) | (12) | (17) |  |
| Other segment items\*\*  | (10) | (12) | (2) |  |
| **Segment Adjusted EBITDA**  | **85** | **51** | **12** | **148** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As at December 31, 2024**  | **Engine <br> Products – <br> Europe**  | **Engine <br> Products – <br> North <br> America**  | **Turbo <br> Wheels**  | **Total**  |
| **3<sup>rd</sup> party Revenue – consolidated**  | **314** | **236** | **196** | **746** |
| Inter-segment sales  | 2 | 24 |  | 26 |
| **Gross segment Revenue**  | **316** | **260** | **196** | **772** |
| Adjusted Cost of Sales\*  | (244) | (197) | (162) |  |
| Adjusted Selling, general and administrative expenses\*  | (15) | (11) | (16) |  |
| Other segment items\*\*  | (5) | (10) | (8) |  |
| **Segment Adjusted EBITDA**  | **52** | **42** | **10** | **104** |

---

\*

Cost of sales and selling, general and administrative expenses have been adjusted to exclude depreciation and amortization, restructure and other reorganization costs, claims, settlements and litigation costs, long term management incentive plan. The adjusted cost of sales includes adjustments for inter-segment sales.

\*\*

Other segment items including research and development costs, corporate expenses recharges.

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The following table reconciles segment performance measure to loss before income tax for the year ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
| <br> **Total Segment Adjusted EBITDA**  | **$ millions** <br>**148** | **$ millions** <br>**104** |
| Unallocated corporate expenses  | (10) | (7) |
| Site closure and refinancing costs  | 1 | (7) |
| One-time costs related to the IPO  | (18) |  |
| Claims, settlements, litigation costs  | (2) | 2 |
| Long-term management incentive plan  | (87) | (29) |
| IT Development Project & others  | (5) |  |
| Loss on debt modification  |  | (9) |
| Impairment of disposal group held for sale  | 5 | (9) |
| Foreign currency gain/(loss), net  | 16 | 4 |
| Interest expense\*  | (222) | (203) |
| Interest income  | 2 | 1 |
| Depreciation and amortization  | (32) | (32) |
| **Loss before income tax**  | **(204)** | **(185)** |

---

\*

Interest expense includes Shareholder PIK interest of $148 million and $121 million for the year ended December 31, 2025 and 2024.

Additional data by segment for the year ended December 31, 2025 and 2024, is as follows:

---

| | | |
|:---|:---|:---|
| **Depreciation and Amortization**  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 14 | 14 |
| Engine Products – North America  | 10 | 8 |
| Turbo Wheels  | 6 | 7 |
| Unallocated  | 2 | 3 |
| **Consolidated depreciation and amortization**  | **32** | **32** |

---

---

| | | |
|:---|:---|:---|
| **Addition to long lived asset\***  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 18 | 16 |
| Engine Products – North America  | 12 | 14 |
| Turbo Wheels  | 1 | 6 |
| Unallocated  |  |  |
| **Consolidated long lived assets**  | **31** | **36** |

---

\*

Long lived assets include property, plant, and equipment, and right-of-use lease assets.

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| | | |
|:---|:---|:---|
| **Total Assets**  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 430 | 350 |
| Engine Products – North America  | 200 | 175 |
| Turbo Wheels  | 218 | 217 |
| Corporate  | 47 | 5 |
| **Consolidated assets**  | **895** | **747** |

---

#### Geographical Financial Information

---

| | | |
|:---|:---|:---|
| **Long-lived assets\***  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ million**  | **$ million**  |
| Rest of Europe  | 49 | 39 |
| United States of America  | 96 | 90 |
| Rest of the World  | 17 | 24 |
| United Kingdom  | 74 | 68 |
| **Consolidated long-lived assets**  | **236** | **221** |

---

\*

Long lived assets include property, plant, and equipment, and right-of-use lease assets.

5. Income taxes

The components of loss before income taxes for the years ended December 31, 2025 and 2024, are as follows:

---

| | | |
|:---|:---|:---|
| **Income (loss) before income taxes**  | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| United Kingdom  | (215) | (161) |
| United States  | (4) | (18) |
| Other countries  | 15 | (6) |
| **Total** | **(204)** | **(185)** |

---

The components of income tax expense (benefit) / expense for the years ended December 31, 2025 and 2024, are as follows:

---

| | | |
|:---|:---|:---|
| **Current tax**  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| United Kingdom  | 3 |  |
| United States  | 4 | 6 |
| Other Countries  | 2 | 6 |
| **Total current tax expense**  | **9** | **12** |
| **Deferred tax** |  |  |
| United Kingdom  | (33) | (1) |
| United States  | (3) | (3) |
| Other Countries  | (4) |  |
| **Total deferred tax (benefit)**  | **(40)** | **(4)** |
| **Total income tax (benefit) / expense**  | **(31)** | **8** |

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A reconciliation of the reported income tax (benefit) / expense and the amount computed by applying the UK statutory income tax rate of 25% (25% in 2024), the income tax rate in our country of tax domicile, to the loss before income taxes for year ended December 31, 2025 and 2024, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  | **Year Ended <br> December 31, <br> 2024**  |
| | **$ million**  | **%**  | **$ million**  | **%**  |
| **Loss before income tax**  | **(204)** |  | **(185)** |  |
| Computed tax at statutory income tax rate  | (51) | 25.0% | (46) | 24.9% |
| Tax effect of: |  |  |  |  |
| Other expenses not deducted for income tax purposes  | 12 | (5.9)% | 28 | (15.1)% |
| Overseas taxation  | 8 | (3.9)% | 6 | (3.2)% |
| Interest not deducted for income tax purposes  |  |  | 1 | (0.5)% |
| Adjustments in respect of prior periods  | 3 | (1.5)% | (3) | 1.6% |
| Changes in valuation allowance  | (6) | 2.9% | 15 | (8.1)% |
| Changes in unrecognized tax benefits  | 3 | (1.5)% | 7 | (3.8)% |
| **Total income tax (benefit) / expense**  | **(31)** | **15.2%** | **8** | **(4.3)%** |

---

There are no effects of changes in tax law or rates enacted in the periods, effects of cross-border tax laws, or tax credits, which are material for separate disclosure.

The components of deferred income tax assets (liabilities) are as follows:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| **Deferred tax assets:** |  |  |
| Other intangible assets  | 5 | 5 |
| Property, plant and equipment  |  | 2 |
| Operating lease liabilities  | 5 | 5 |
| Accrued expenses  | 5 | 9 |
| Pension liabilities  | 3 | 6 |
| Management incentive plan  | 24 | 10 |
| Others  | 6 | 1 |
| Operating loss and tax credit carryforwards  | 91 | 65 |
| &nbsp;&nbsp;&nbsp; **Total deferred tax assets**  | **139** | **103** |
| &nbsp;&nbsp;&nbsp; Less: valuation allowance  | (40) | (42) |
| &nbsp;&nbsp;&nbsp; **Total deferred tax assets, net of valuation allowance**  | **99** | **61** |
| **Deferred tax liabilities:** |  |  |
| Other intangible assets  | (25) | (26) |
| Property, plant and equipment  | (23) | (20) |
| Accrued expenses  |  | (4) |
| Right of use assets  | (5) | (5) |
| Others  | (2) | (3) |
| **Total deferred tax liability**  | **(55)** | **(58)** |
| **Total net deferred tax asset**  | **44** | **3** |

---

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[**TABLE OF CONTENTS**](#TOC2)

As of December 31, 2025, the Group has UK non-trading tax loss carryforwards of $219 million (2024: $89 million), UK capital loss carryforwards of $35 million (2024: $39 million), UK R&D carryforwards of $0.4 million (2024: $2 million) and $105 million of tax loss carryforwards related to Germany (2024:$64 million). All of the UK and German carryforwards do not expire. As of December 31, 2025 the Group also has UK interest carryforwards of $110 million (2024:$86 million), which do not expire, and interest carryforwards in Germany of $74 million (2024: $67 million) which do not expire.

$23.8 million deferred tax asset has been recognized in the period in relation to historic losses in the UK due to the implementation of restructuring which has resulted in additional taxable income against which the losses can be offset.

A valuation allowance has been provided where it is more likely than not that the deferred tax assets will not be realized. The following table presents the changes in the carrying amount of the valuation allowance for year ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Beginning balance  | 42 | 60 |
| Additions recognized in income  | 28 | 15 |
| Reductions recognized in income  | (34) |  |
| Translation Adjustments  | 3 | (2) |
| Deferred tax assets written off  |  | (19) |
| Assets held for sale  | 1 | (12) |
| **Net change in the valuation allowance**  | **(2)** | **(18)** |
| **Ending balance**  | **40** | **42** |

---

The Group has recorded deferred tax liabilities of $1 million (2024: $3 million) for investments in foreign subsidiaries in jurisdictions where foreign earnings are not indefinitely reinvested.

The Group conducts operations globally, and, as part of our global business, files numerous tax returns. The Group is routinely examined by various taxing authorities. The Group's global tax positions are reviewed by management on a regular basis. Based on these reviews, the results of discussions and resolutions of matters with certain tax authorities, tax rulings and court decisions and the expiration of statute of limitations, unrecognized tax benefits are adjusted as necessary.

The tax years that remain subject to examination by tax authorities as of December 31, 2025, are the financial years ending March 31, 2018 onwards in India; the years ended December 31, 2018 onwards for Germany; the years ended December 31, 2023 onwards in the United Kingdom; and the year ended December 31, 2022 onwards in the United States.

The following table provides a reconciliation of the total amounts of unrecognized tax benefits:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| **Balance at beginning of year**  | 30 | 24 |
| Gross increases related to prior period positions  | 1 |  |
| Gross increases related to tax positions taken in the current year  | 2 | 9 |
| Gross decreases related to expiration of statute of limitations  | (2) | (1) |
| Gross decreases related to prior period positions  | (5) |  |
| Foreign exchange  | 2 | (2) |
| **Balance at end of year**  | **28** | **30** |

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[**TABLE OF CONTENTS**](#TOC2)

As of December 31, 2025, there are $28.2 million of unrecognized tax benefits that would favorably impact the effective tax rate if recognized. As of December 31, 2024, there are $30.3 million of unrecognized tax benefits that would favorably impact the effective tax rate if recognized.

The Group recognizes penalties associated with income taxes in income tax expense (benefit), and interest within its interest expense in the consolidated statement of income (loss). The Group had accrued interest and penalties relating to unrecognized tax benefits of $8.0 million and $8.6 million for the year ended December 31, 2025 and 2024 respectively. The Group had recorded $0.2m and $0.6m of interest and $0.8m and $0.6m of penalties to the consolidated statement of income/(loss) for the year ended December 31, 2025, and 2024 respectively.

6. Loss per share (basic and diluted)

Basic earnings per share is computed by dividing net income available to shareholders for the period by the weighted average number of ordinary shares outstanding for the period. As the Group has no outstanding instruments that could result in the issuance of additional ordinary shares, there are no potential ordinary shares. Therefore, diluted loss per share is equal to basic loss per share. The computation of net loss per share for the years ended December 31, 2025 and 2024 respectively was as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended <br> December 31, <br> 2025**  | **Year ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Net loss  | (173) | (193) |
|  Weighted average number of ordinary shares outstanding (basic and diluted)  | 451747577 | 451747577 |
| Net loss per share (basic and diluted)  | (0.38) | (0.43) |

---

7. Accounts receivable, Net

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Accounts receivables  | 156 | 119 |
| Less: Allowances  | 0 | 0 |
| **Accounts Receivable, Net**  | **156** | **119** |

---

The Group has applied the current expected credit loss model to the balance and determined that a provision of $0 million and $0 million were required for the years ended December 31, 2025 and 2024 respectively

8. Inventories

Inventories consisted of the following components at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Raw materials and supplies  | 52 | 50 |
| Work in process  | 91 | 71 |
| Finished products  | 30 | 26 |
| Right of return assets  | 13 | 6 |
| Subtotal  | **186** | **153** |
| Less: Allowance for excess and obsolete inventory  | (5) | (7) |
| **Total Inventories, net**  | **181** | **146** |

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[**TABLE OF CONTENTS**](#TOC2)

The expenses related to excess and obsolete inventory impairment were $3 million and $6 million for the year ended December 31, 2025 and December 31, 2024 respectively, and these are included in "Cost of sales" in the Group's consolidated statements of income (loss).

9. Property, Plant and Equipment

Property, Plant and Equipment consisted of the following components as at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Land and Buildings  | 112 | 103 |
| Plant, machinery and equipment  | 193 | 161 |
| Construction in progress  | 32 | 40 |
| Subtotal  | **337** | **304** |
| Less: accumulated depreciation  | (116) | (99) |
| &nbsp;&nbsp;&nbsp; **Total Property, Plant and Equipment, net**  | **221** | **205** |

---

Depreciation was $23 million and $22 million for the year ended December 31, 2025 and 2024 respectively, and is included in cost of sales and selling, general, and administrative expense, in the Group's consolidated statements of income (loss).

10. Goodwill

Goodwill is not amortized but instead is tested at least annually for impairment as of December 31, or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired by performing a multi-step impairment test. As of December 31, 2025, the Group has seven reporting units with goodwill recorded.

---

| | | | |
|:---|:---|:---|:---|
| **Reporting Unit**  | **Operating segment**  | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  |  | **$ millions**  | **$ millions**  |
| Ross & Catherall  | Engine Products – Europe  | 19 | 17 |
| DPC Bochum  | Engine Products – Europe  | 18 | 15 |
| Groton  | Engine Products – North America  | 6 | 6 |
| Long Beach  | Engine Products – North America  | 7 | 7 |
| Oxford  | Engine Products – North America  | 0 | 0 |
| Unipol Mexico  | Engine Products – North America  |  |  |
| Turbo Wheels  | Turbo Wheels  | 28 | 28 |
| **Total Goodwill**  |  | **78** | **73** |

---

During the year ended December 31, 2024, the Group reorganized its reporting units. The Trucast UK, Trucast US, Uni-Pol China, and Uni-Pol India reporting units, which were separate reporting units in the prior year, were aggregated into a single "Turbo Wheels" reporting unit. This change reflects how management manage and monitor the operations of these businesses year ended December 31, 2024. The goodwill previously allocated to Trucast UK ($6 million), Trucast US ($4 million), Uni-Pol China ($8 million), and Uni-Pol India ($9 million) has been reallocated to the new Turbo Wheels reporting unit.

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[**TABLE OF CONTENTS**](#TOC2)

The changes in the carrying amount of goodwill by reporting units during the year ended December 31, 2024 and 2025 are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Legacy Reporting Units**  | **Legacy Reporting Units**  | **Legacy Reporting Units**  | **Legacy Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  | **Reporting Units**  |
| **Reporting Unit**  | **Trucast <br> UK**  | **Trucast <br> US**  | **Uni-Pol <br> China**  | **Uni-Pol <br> India**  | **Turbo <br> Wheels**  | **Long <br> Beach**  | **Ross & <br> Catherall**  | **DPC <br> Bochum**  | **Groton**  | **Unipol <br> Mexico**  | **Oxford**  | **Total**  |
| Balance as of January 1, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross goodwill  | 6 | 4 | 8 | 9 |  | 7 | 18 | 16 | 6 | 9 | 0 | **83** |
| Transfers  | (6) | (4) | (8) | (9) | 27 |  |  |  |  |  |  |  |
| Accumulated Impairment Losses  |  |  |  |  |  |  |  |  |  | (9) |  | (9) |
| Impairment Losses  |  |  |  |  |  |  |  |  |  |  |  | **—** |
| Exchange difference  |  |  |  |  | 1 |  | (1) | (1) |  |  |  | (1) |
| Balance as of December 31, 2024  |  |  |  |  | 28 | 7 | 17 | 15 | 6 |  | 0 | **73** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reporting Unit**  | **Turbo <br> Wheels**  | **Long <br> Beach**  | **Ross & <br> Catherall**  | **DPC <br> Bochum**  | **Groton**  | **Unipol <br> Mexico**  | **Oxford**  | **Total**  |
| **Balance as of January 1, 2025** |  |  |  |  |  |  |  |  |
| Gross goodwill  | **27** | **7** | **18** | **16** | **6** | **9** | **0** | **83** |
| Accumulated Impairment Losses  |  |  |  |  |  | (9) |  | (9) |
| Impairment Losses  |  |  |  |  |  |  |  | **—** |
| Exchange difference  | 1 |  | 1 | 2 |  |  |  | **4** |
| **Balance as of December 31, 2025**  | **28** | **7** | **19** | **18** | **6** | **—** | **0** | **78** |

---

During the year ended December 31, 2025 and 2024, the fair value for the Group's reporting units was estimated using an income approach by projecting discounted cash flows of the reporting units. When preparing the quantitative impairment test, potential impairment is identified by comparing the fair value of a reporting unit to its carrying value. If the carrying value of the reporting unit exceeds its fair value, any impairment loss is measured by the difference between the carrying value of the reporting unit and its fair value, not to exceed the carrying amount of goodwill. The determination of the fair value of a reporting unit requires significant estimates and assumptions, including significant unobservable inputs. The key inputs included, but were not limited to, discount rates, terminal growth rates, management's internal forecasts which include numerous assumptions such as projected net sales, gross profit, sales mix, operating and capital expenditures and earnings before interest and taxes, among others. No impairment resulted from the quantitative annual goodwill impairment test as the reporting units had excess of fair value over carrying value.

11. Other intangible assets, Net

Other intangible assets, net consisted of the following as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025**  | **Useful life (in Years)**  | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Net <br> Carrying <br> Amount**  |
|  |  | **$ millions**  | **$ millions**  | **$ millions**  |
| Software  | 3 – 5 years  | 9 | (7) | 2 |
| Customer Relationships  | 10 – 20 years  | 66 | (23) | 43 |
| Customer Contracts  | 10 – 20 years  | 61 | (19) | 42 |
| Brands  | 25 years  | 13 | (4) | 9 |
| Total other intangibles, Net  |  | **149** | (53) | **96** |

---

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[**TABLE OF CONTENTS**](#TOC2)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024**  | **Useful life (in Years)**  | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Net <br> Carrying <br> Amount**  |
|  |  | **$ millions**  | **$ millions**  | **$ millions**  |
| Software  | 3 – 5 years  | 9 | (6) | 3 |
| Customer Relationships  | 10 – 20 years  | 62 | (18) | 44 |
| Customer Contracts  | 10 – 20 years  | 57 | (15) | 42 |
| Brands  | 25 years  | 13 | (4) | 9 |
| Total other intangibles, Net  |  | **141** | (43) | **98** |

---

The Group does not have any indefinite-lived intangible assets other than Goodwill.

The Group recorded amortization expense of $9 million and $10 million during fiscal year 2025 and 2024 respectively related to intangible assets. The estimated annual amortization expense related to intangible assets for each of the succeeding five fiscal years is $8 million in fiscal year 2027, $8 million in 2028, and $23 million in fiscal years 2029, 2030 and 2031.

12. Leases

The Group's leases comprise office premises, vehicles and machinery. The tables below present financial information associated with the lease balances and related expenses for the year ended December 31, 2025 and 2024.

Variable lease payments that do not depend on an index or a rate, are not included in the operating lease right-of-use asset or operating lease liability balances and are recognized in the period in which the expenses are incurred. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain they will be exercised or not, respectively. Options to extend lease terms that are reasonably certain of exercise are recognized as part of the operating lease right-of-use asset and operating lease liability balances.

---

| | | | |
|:---|:---|:---|:---|
| | **Classification**  | **As of December 31, <br> 2025**  | **As of December 31, <br> 2024**  |
|  |  | **$ millions**  | **$ millions**  |
| **Assets** | | | |
| Operating lease assets  | Right-of-use assets | 15 | 16 |
| **Total lease assets**  |  | **15** | **16** |
| **Liabilities** |  |  |  |
| **Current**  | Operating lease liabilities  | (2) | (1) |
| **Non-Current**  | Operating lease liabilities  | (14) | (15) |
| **Total lease liabilities**  |  | **(16)** | **(16)** |

---

The Group recorded operating lease costs of $3 million and $3 million for the years ended December 31, 2025 and 2024, respectively. Variable lease costs were $0 million and $0 million, and short-term lease costs were $0 million and $0 million for the years ended December 31, 2025 and 2024, respectively.

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
| **Weighted-average remaining lease term (years)**  | **7.3** | **8.1** |
| **Weighted-average discount rate**  | **13.0%** | **12.6%** |

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[**TABLE OF CONTENTS**](#TOC2)

---

| | | |
|:---|:---|:---|
| **Maturity of lease liabilities as of December 31, 2025 and 2024**  | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Due within 1 year  | 4 | 3 |
| Due within 2 years  | 3 | 3 |
| Due within 3 years  | 3 | 3 |
| Due within 4 years  | 3 | 3 |
| Due within 5 years  | 3 | 3 |
| Thereafter  | 7 | 10 |
| Total  | 23 | 25 |
| Less amount representing interest  | (7) | (9) |
| **Present value of lease liabilities**  | **16** | **16** |

---

During the year ended December 31, 2025 and December 31, 2024, the Group has made payment of $4 million and $4 million respectively in relation to the operating lease liabilities, it is recorded as part of the cashflows from operating activities.

13. Borrowings

Borrowings, net of unamortized original issue premiums and unamortized debt issuance costs, consists of the following:

As of December 31, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2025**  | **2025**  | **2025**  | **2024**  | **2024**  | **2024**  |
| **Currency**  | **Category**  | **Floating <br> rate**  | **Fixed rate**  | **Total**  | **Floating <br> rate**  | **Fixed rate**  | **Total**  |
|  |  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| US$  | Term Loan | 517 |  | **517** | 470 |  | **470** |
| Multi-currency  | Shareholder PIK Loan  |  | 878 | **878** |  | 728 | **728** |
| Multi-currency  | Revolving credit facility  | 1 |  | **1** | 40 |  | **40** |
| Multi-currency  | Other loans | 11 | 27 | **38** | 20 | 29 | **49** |
| Total  |  | **529** | **905** | **1434** | **530** | **757** | **1287** |
| Current  |  | **14** | **140** | **154** | **20** | **12** | **32** |
| Non-current  |  | **515** | **765** | **1280** | **510** | **745** | **1255** |

---

Future principal repayments of the Group's borrowings are as follows as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31, 2025**  | **Term loan**  | **PIK Loan**  | **Revolving <br> credit <br> facility**  | **Other loans**  |
|  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| &nbsp;&nbsp;&nbsp; 2026  |  | 131 |  | 23 |
| &nbsp;&nbsp;&nbsp; 2027  |  |  | 1 | 6 |
| &nbsp;&nbsp;&nbsp; 2028  |  | 747 |  | 5 |
| &nbsp;&nbsp;&nbsp; 2029  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp; 2030  | 517 |  |  | 2 |
| &nbsp;&nbsp;&nbsp; Thereafter  |  |  |  |  |
| Total before unamortized discount and issuance costs  | 517 | 878 | 1 | 38 |
| &nbsp;&nbsp;&nbsp; Less: unamortized discount and issuance costs  |  |  |  |  |
| Total borrowings  | 517 | 878 | 1 | 38 |

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[**TABLE OF CONTENTS**](#TOC2)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31, 2024**  | **Term loan**  | **PIK Loan**  | **Revolving <br> credit <br> facility**  | **Other loans**  |
|  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| &nbsp;&nbsp;&nbsp; 2025  | 1 |  |  | 31 |
| &nbsp;&nbsp;&nbsp; 2026  | 1 |  |  | 7 |
| &nbsp;&nbsp;&nbsp; 2027  |  |  | 40 | 6 |
| &nbsp;&nbsp;&nbsp; 2028  |  | 728 |  | 4 |
| &nbsp;&nbsp;&nbsp; 2029  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp; Thereafter  | 468 |  |  |  |
| Total before unamortized discount and issuance costs  | 470 | 728 | 40 | 49 |
| &nbsp;&nbsp;&nbsp; Less: unamortized discount and issuance costs  |  |  |  |  |
| Total borrowings  | 470 | 728 | 40 | 49 |

---

The following table presents the total interest expense related to the Group's borrowings during the year ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, <br> 2025**  | **Year Ended <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Contractual interest expense  | 222 | 203 |
| Amortization of debt issuance costs  |  |  |
| Total interest expense  | 222 | 203 |

---

 *Term Loan* 

On April 23, 2024 the Group entered into a senior secured term note loan facility (the "Term Loan Agreement") with a syndicate of financial institutions. The Term Loan Agreement provides for a six-year term loan facility, maturing in April 2030.

The proceeds from the Term Loan Agreement were primarily utilized to refinance existing indebtedness, and to provide increased levels of liquidity to the Group.

Interest on the outstanding principal balance of the term loan is payable quarterly and accrues at a variable rate based on Secured Overnight Financing Rate "SOFR" plus a 6.5% margin.

The Term Loan Agreement is secured by the Group's property, plant and equipment. subject to certain exclusions. The obligations under the Term Loan Agreement are guaranteed by certain of the Group's wholly owned subsidiaries.

The Term Loan Agreement contains customary affirmative and negative covenants, including, but not limited to, restrictions on the Group's ability to incur additional indebtedness, create liens, make investments, pay dividends or other distributions, and engage in certain merger or acquisition transactions. The agreement also includes financial covenants, under which the Group's net debt cannot exceed a certain multiple of the adjusted measure of EBITDA, which is tested quarterly. As of the reporting date the Group was in compliance with all applicable covenants.

The principal amount of the term loan is repayable in quarterly instalments, with the remaining unpaid principal balance due at maturity. The Group may, at its option, prepay the term loan in whole or in part, subject to certain conditions and, in some cases, prepayment premiums.

On April 25, 2025, the Group drew down an additional $50 million on the term loan facility on the same terms. The proceeds were primarily utilized to repay amounts owed on the ABL facility.

Additionally, the Term Loan Agreement also provided the Group a committed revolving credit facility of $50 million, which expires on the same date as the loan. The interest rate on the revolving credit facility

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is the same as for the existing term loan. In conjunction with the draw down of the term loan facility, the limit of the committed revolving credit facility increased to $75 million. At December 31, 2025 and 2024, there were no borrowings under the committed revolving credit facility, and the entire committed amount was available for borrowing.

As of December 31, 2025, the effective interest rate on the Term Loan was 10.8%. (December 31, 2024: 11.6%)

Prior to the refinancing on 23 April 2024 the loan was denominated in Sterling, US Dollar and Euro tranches. The Sterling term loan bore interest at SONIA plus a credit adjustment spread, which was 12.1% at December 31, 2023. The US dollar term loan bore interest at SOFR plus a credit adjustment spread, which was 12.07% at December 31, 2023. The 1st lien EURO term loan bore interest at EURIBOR (provided that such rate shall not be less than 0 % per annum with respect to any term loan) plus 6.0% at December 31, 2023.

 *Shareholder PIK loan* 

On 6 March 2020 the Group entered into a Payment in Kind — Shareholder PIK loan facility with a syndicate of financial institutions. The proceeds from the Shareholder PIK Loan Agreement were utilized to refinance existing indebtedness.

The Shareholder PIK facility term loan bears interest at a fixed rate of 14% per annum (13.5% payment-in-kind interest that rolls up with the principal debt amount and 0.5% cash payment interest). Interest is calculated quarterly and becomes part of the loan principal under the payment-in-kind arrangement. For the year ended December 31, 2025 and 2024, $148 million and $121 million, respectively, of interest expense has been incurred for such Shareholder PIK loan.

The principal amount of the Shareholder PIK Loan is repayable in one instalment due at maturity. The Group may, at its option, prepay the term loan in whole or in part, subject to certain conditions. On 23 April 2024 a partial Shareholder PIK repayment of $50 million was made using part of the proceeds from the enlarged term loan facility.

The original maturity of the facility was 31 March 2025, and the Group has amended the term of the Shareholder PIK loan during 2024 and the maturity was extended to March 2028. The Group evaluated this amendment and considered whether it is a substantial modification. This evaluation included comparing the net present value of cash flows of the amended debt to the original debt to determine if changes greater than 10 percent occurred. The Group concluded that it was a substantial modification and applied the extinguishment accounting, resulting a loss of debt modification of $9 million in the year ended December 31, 2024.

As of December 31, 2025, the effective interest rate on the Shareholder PIK Loan was 14.0%. (December 31, 2024: 14.0%). Please also refer to subsequent event disclosure (note 20) for information on the forgiveness of the outstanding principal balance of the PIK Loan, which became effective on March 19, 2026.

 *Revolving credit facility* 

On 6 March 2020 the Group entered into a senior secured asset backed lending facility (the "ABL") with Wells Fargo. The ABL provides for a maximum borrowing capacity of up to £90.0 million and expires in July 2027.

The ABL is primarily intended to provide liquidity for the Group's working capital needs.

Interest on outstanding borrowings under the ABL is payable monthly and accrues at a variable rate based on SONIA/SOFR/EURIBOR plus 3.0%, being 3.0% at December 31, 2025

In addition to interest, the Group pays a commitment fee of 0.9% per annum on the unused portion of the facility.

The ABL is secured by the Group's accounts receivable and inventory subject to certain exclusions. The obligations under the ABL are guaranteed by certain of the Group's wholly owned subsidiaries.

------

[**TABLE OF CONTENTS**](#TOC2)

The ABL contains customary affirmative and negative covenants, including, but not limited to, restrictions on the Group's ability to incur additional indebtedness, create liens, make investments, pay dividends or other distributions, and engage in certain merger or acquisition transactions.

As of December 31, 2025, the Group had £1 million outstanding under the ABL, resulting in £78.4 million being available for future borrowings. As of December 31, 2024, the Group had £31.7 million outstanding under the ABL, resulting in £39.9 million being available for future borrowings.

As of December 31, 2025, the effective interest rates on the ABL were ranged from 5.3% – 7.3%. (December 31, 2024: 6.5% – 8.1%)

 *Other loans* 

Other loans consist of a number of working capital and term loan facilities in India and China and some equipment financing in the United States and the United Kingdom.

As of December 31, 2025, the range of effective interest rates on the Other Loans ranged from 4.8% to 11.2%. (December 31, 2024: 4.8% to 11.2%)

14. Prepayments and other current assets

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Prepayments  | 13 | 12 |
| Income taxes refundable  | 3 | 2 |
| Other receivables  | 25 | 13 |
| Cloud computing arrangements – current  | 1 | 1 |
| **Total Prepayments and other current assets**  | **42** | **28** |

---

Other receivables represent receivable of research and development expenditure credits, other sundry debtors and other financial assets.

#### Cloud Computing Agreement
The Group is a party to certain cloud computing arrangements in relation to their Enterprise Resource Planning (ERP) system. The Group amortize the capitalized costs for cloud computing arrangements on a straight-line basis and the amortization period is 7.6 years. The amortization expenses for the year ended December 31, 2025 was $0.9 million and was recorded under selling, general and administrative expenses in the consolidated statements of income (loss).

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Implementation costs capitalized  | 10 | 8 |
| Accumulated amortization  | 1 | 0 |
| Total  | 9 | 8 |
| Current  | 1 | 1 |
| Non-Current  | 8 | 7 |

---

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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;

15. Accrued expenses and other current liabilities

---

| | | |
|:---|:---|:---|
| | **As of <br> December 31, <br> 2025**  | **As of <br> December 31, <br> 2024**  |
|  | **$ millions**  | **$ millions**  |
| Accruals and deferred income  | 75 | 35 |
| Social security and sundry taxes  | 15 | 8 |
| Other payables and provisions  |  | 6 |
| Income taxes payable  | 9 | 1 |
| Refund liability  | 17 | 8 |
| Total Accrued Expenses and other current liabilities  | **116** | **58** |

---

16. Pensions and Other Postretirement Benefits

#### United Kingdom
In the United Kingdom, most employees are covered by either defined benefit or defined contribution pension plans. The defined contribution plan complies with the UK Government's auto enrolment legislation and applies to the vast majority of employees. There has been minimal 'opt out' by employees. Since 1993, all new entrants join defined contribution plans with all contributions being invested with a financial institution.

As of December 31, 2025 and 2024, the company's legacy defined benefit pension plans, comprising the Triplex and Doncasters schemes, have been entirely de-risked and fully bought out by insurance companies, with all associated liabilities transferred. As a result, the Group has no remaining defined benefit obligation. The remaining UK pension assets held by the Group as of December 31, 2025 and 2024 include only cash, which is stated at market value.

#### United States
In the United States, pension benefits are provided to employees by either defined benefit or defined contribution pension plans. The Group operates defined benefit plans across a number of its sites. Benefits in respect of these plans are based primarily on either years of service and employees' average pay or a stated amount for each year of service. Pension costs are calculated and funded based on annual actuarial estimates, except that funding is subject to limitations under applicable tax regulations. Plan assets consist primarily of cash, equity, and fixed income securities.

The Group provides unfunded health care and life insurance benefits to retired US employees. Accrued obligations are recognized on the balance sheet, using accrual accounting and actuarial methods. No assets are set aside for these obligations. Plan amendments and experience gains/losses are recognized immediately in consolidated statement of income/(loss) in accordance with ASC 715 requirements.

#### Germany
In Germany, pension benefits are provided to employees through defined benefit plans. The Group operates defined benefit plans across a number of its sites. Benefits in respect of these plans are based primarily on either years of service and employees' average pay or a stated amount for each year of service. Pension costs are calculated and funded based on annual actuarial estimates, except that funding is subject to limitations under applicable tax regulations. These pension plans are principally unfunded.

The Group also offers an early retirement program, ATZ (Altersteilzeit), which provides certain employees bonus payments for a reduction in working hours. The ATZ plan had a net liability of $2 million and $1 million as of December 31, 2025 and December 31, 2024 respectively.

The vested benefit obligation for a defined-benefit pension or other retirement plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement.

------

[**TABLE OF CONTENTS**](#TOC2)

The following provides a reconciliation of benefit obligations, plan assets and funded status of the funded plans:

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2025 <br> Funded plans**  | **Funded pension plans**  | **Funded pension plans**  | **Funded pension plans**  |
| **As of December 31, 2025 <br> Funded plans**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **As of December 31, 2025 <br> Funded plans**  | **UK**  | **US**  | **Total**  |
| **Change in projected benefit obligation:** |  |  |  |
| Projected benefit obligation at beginning of year  | **—** | (19) | (19) |
| Service Cost  | **—** | **—** |  |
| Interest Cost  | **—** | (1) | (1) |
| Amendments  | **—** | **—** | **—** |
| Actuarial gains and (losses)  | **—** | (1) | (1) |
| Settlements  | **—** | **—** | **—** |
| Participant contributions  | **—** | **—** | **—** |
| Benefits paid  | **—** | 2 | 2 |
| Currency translation and others  | **—** | 1 | 1 |
| Projected benefit obligation at end of year  | **—** | (18) | (18) |
| **Change in plan assets:** |  |  |  |
| Fair value of plan assets at beginning of year  | **1** | **11** | 12 |
| Actual return on plan assets  | **—** | 1 | 1 |
| Administrative expenses  | **—** | **—** | **—** |
| Settlements  | **—** | **—** | **—** |
| Contributions by the employer  | **—** | 1 | 1 |
| Participant contributions  | **—** | **—** | **—** |
| Benefits paid  | **—** | (2) | (2) |
| Foreign currency exchange rate changes  | **—** |  |  |
| Fair value of plan assets at the end of year  | **1** | **11** | **12** |
| **Funded Status of the plans**  | **1** | **(7)** | **(6)** |
| **Amounts recognized in the consolidated balance sheets** |  |  |  |
| Pension and other non-current assets  | 1 |  | **1** |
| Pension liabilities – non-current  |  | (7) | (7) |
| **Funded Status of the plans**  | **1** | **(7)** | **(6)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31 2024 <br> Funded plans**  | **Funded pension plans**  | **Funded pension plans**  | **Funded pension plans**  |
| **As of December 31 2024 <br> Funded plans**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **As of December 31 2024 <br> Funded plans**  | **UK**  | **US**  | **Total**  |
| **Change in projected benefit obligation:** |  |  |  |
| Projected benefit obligation at beginning of year  | **0** | (21) | (21) |
| Service Cost  |  |  |  |
| Interest Cost  | 0 | (1) | (1) |
| Amendments  |  |  |  |
| Actuarial gains and (losses)  | 0 | 1 | 1 |
| Settlements  |  |  |  |
| Participant contributions  |  |  |  |
| Benefits paid  | 0 | 2 | 2 |
| Currency translation and others  | 0 | 0 | 0 |
| Projected benefit obligation at end of year  | **0** | (19) | (19) |

---

------

[**TABLE OF CONTENTS**](#TOC2)

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31 2024 <br> Funded plans**  | **Funded pension <br> plans**  | **Funded pension <br> plans**  | **Funded pension <br> plans**  |
| **As of December 31 2024 <br> Funded plans**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **As of December 31 2024 <br> Funded plans**  | **UK**  | **US**  | **Total**  |
| **Change in plan assets:** |  |  |  |
| Fair value of plan assets at beginning of year  | **1** | **11** | 12 |
| Actual return on plan assets  | 0 | 1 | 1 |
| Actuarial gains and (losses)  | 0 |  | 0 |
| Administrative expenses  | 0 |  | 0 |
| Settlements  |  |  |  |
| Contributions by the employer  |  | 1 | 1 |
| Participant contributions  |  |  |  |
| Benefits paid  | 0 | (2) | (2) |
| Foreign currency exchange rate changes  | 0 | 0 | 0 |
| Fair value of plan assets at the end of year  | **1** | **11** | 12 |
| **Funded Status of the plans**  | **1** | (8) | (7) |
| **Amounts recognized in the consolidated balance sheets** |  |  |  |
| Pension and other non-current assets  | 1 |  | 1 |
| Pension liabilities – non-current  |  | (8) | (8) |
| **Funded Status of the plans**  | **1** | **(8)** | **(7)** |

---

The following provides a reconciliation of benefit obligations, plan assets and unfunded status of the unfunded plans:

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2025 <br> Unfunded plans**  | **Unfunded pension plans**  | **Unfunded pension plans**  | **Unfunded pension plans**  |
| **As of December 31, 2025 <br> Unfunded plans**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **As of December 31, 2025 <br> Unfunded plans**  | **US**  | **Germany**  | **Total**  |
| **Change in projected benefit obligation:** |  |  |  |
| Projected benefit obligation at beginning of year  | (1) | (14) | (15) |
| Service Cost  | **—** | **—** |  |
| Interest Cost  | **—** | (1) | (1) |
| Amendments  | **—** | **—** | **—** |
| Actuarial gains and (losses)  | **—** | 1 | 1 |
| Settlements  | **—** | **—** | **—** |
| Participant contributions  | **—** | **—** | **—** |
| Benefits paid  | **—** | 1 | 1 |
| Currency translation and others  | **—** | (1) | (1) |
| **Projected benefit obligation at end of year**  | **(1)** | **(14)** | **(15)** |
| **Unfunded Status of the plans**  | **(1)** | **(14)** | **(15)** |
| **Amounts recognized in the consolidated balance sheets** |  |  |  |
| Pension liabilities – non-current  | (1) | (14) | (15) |
| **Unfunded Status of the plans**  | **(1)** | **(14)** | **(15)** |

---

------

[**TABLE OF CONTENTS**](#TOC2)

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2024 <br> Unfunded plans**  | **Unfunded pension plans**  | **Unfunded pension plans**  | **Unfunded pension plans**  |
| **As of December 31, 2024 <br> Unfunded plans**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **As of December 31, 2024 <br> Unfunded plans**  | **US**  | **Germany**  | **Total**  |
| **Change in projected benefit obligation:** |  |  |  |
| Projected benefit obligation at beginning of year  | (1) | (16) | (17) |
| Service Cost  | **—** | **—** |  |
| Interest Cost  | **—** | (0) | (0) |
| Amendments  | **—** | **—** | **—** |
| Actuarial gains and (losses)  | **—** | 1 | 1 |
| Settlements  | **—** | **—** | **—** |
| Participant contributions  | **—** | **—** | **—** |
| Benefits paid  | **—** | 1 | 1 |
| Currency translation and others  | **—** |  |  |
| **Projected benefit obligation at end of year**  | **(1)** | **(14)** | **(15)** |
| **Unfunded Status of the plans**  | **(1)** | **(14)** | **(15)** |
| **Amounts recognized in the consolidated balance sheets** |  |  |  |
| Pension liabilities – non-current  | (1) | (14) | (15) |
| **Unfunded Status of the plans**  | **(1)** | **(14)** | **(15)** |

---

The following provides a reconciliation of benefit obligations, plan assets and funded status of the other long-term benefit plan in Germany (ATZ):

---

| | |
|:---|:---|
| **As of December 31, 2025**  | **Other long term benefit <br> plan — Germany <br> ATZ**  |
|  | **In $ million <br> Total**  |
| **Change in benefit obligation:** |  |
| Benefit obligation at beginning of year  | (2) |
| Service Cost  | (2) |
| Interest Cost  |  |
| Amendments  | **—** |
| Actuarial gains and (losses)  |  |
| Settlements  | **—** |
| Participant contributions  | **—** |
| Benefits paid  | 1 |
| Currency translation and others  | **—** |
| Benefit obligation at end of year  | (3) |
| **Change in plan assets:** |  |
| Fair value of plan assets at beginning of year  | 1 |
| Actual return on plan assets  |  |
| Administrative expenses  | **—** |
| Settlements  | **—** |
| Contributions by the employer  |  |
| Participant contributions  | **—** |

---

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[**TABLE OF CONTENTS**](#TOC2)

---

| | |
|:---|:---|
| **As of December 31, 2025**  | **Other long term benefit <br> plan — Germany <br> ATZ**  |
|  | **In $ million <br> Total**  |
| Benefits paid  |  |
| Foreign currency exchange rate changes  |  |
| Fair value of plan assets at the end of year  | **1** |
| **Funded Status of the plan**  | **(2)** |
| **Amounts recognized in the consolidated balance sheets** |  |
| Pension liabilities – non-current  | (2) |
| **Funded Status of the plans**  | **(2)** |

---

---

| | |
|:---|:---|
| **As of December 31, 2024**  | **Other long term benefit <br> plan — Germany <br> ATZ**  |
|  | **In $ million <br> Total**  |
| **Change in benefit obligation:** |  |
| **Benefit obligation at beginning of year**  | **(2)** |
| Service Cost  | (1) |
| Interest Cost  | (0) |
| Amendments  |  |
| Actuarial gains and (losses)  | 0 |
| Settlements  |  |
| Participant contributions  |  |
| Benefits paid  | 1 |
| Currency translation and others  |  |
| **Benefit obligation at end of year**  | **(2)** |
| **Change in plan assets:** |  |
| **Fair value of plan assets at beginning of year**  | **1** |
| Actual return on plan assets  |  |
| Administrative expenses  |  |
| Settlements  |  |
| Contributions by the employer  |  |
| Participant contributions  |  |
| Benefits paid  |  |
| Foreign currency exchange rate changes  |  |
| **Fair value of plan assets at the end of year**  | **1** |
| **Funded Status of the plan**  | (1) |
| **Amounts recognized in the consolidated balance sheets** |  |
| Pension liabilities – non-current  | (1) |
| **Funded Status of the plans**  | (1) |

---

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[**TABLE OF CONTENTS**](#TOC2)

The following provides a reconciliation of accumulated postretirement benefit obligations for unfunded plans:

---

| | |
|:---|:---|
| **As of December 31, 2025**  | **Other Postretirement <br> Benefit Plans**  |
|  | **$ million <br> US**  |
| **Unfunded plans** | |
| **Change in accumulated postretirement benefit obligation:** |  |
| Accumulated postretirement benefit obligation at beginning of year  | (2) |
| Service Cost  |  |
| Interest Cost  |  |
| Amendments  |  |
| Actuarial gains and (losses)  |  |
| Settlements  |  |
| Participant contributions  |  |
| Benefits paid  |  |
| Currency translation and others  |  |
| Accumulated postretirement benefit obligation at end of year  | (2) |
| **Unfunded Status at end of year**  | **(2)** |
| **Amounts recognized in the consolidated balance sheets** |  |
| Pension liabilities – non-current  | (2) |
| **Net (Liability) Recognized**  | (2) |

---

---

| | |
|:---|:---|
| **As of December 31, 2024**  | **Other Postretirement <br> Benefit Plans**  |
|  | **$ million <br> US**  |
| **Unfunded plans** | |
| **Change in accumulated postretirement benefit obligation:** |  |
| Projected benefit obligation at beginning of year  | (2) |
| Service Cost  |  |
| Interest Cost  |  |
| Amendments  |  |
| Actuarial gains and (losses)  |  |
| Settlements  |  |
| Participant contributions  |  |
| Benefits paid  |  |
| Currency translation and others  |  |
| Accumulated postretirement benefit obligation at end of year  | (2) |
| **Unfunded Status of the plans**  | **(2)** |
| **Amounts recognized in the consolidated balance sheets** |  |
| Pension liabilities – non-current  | (2) |
| **Net (Liability) Recognized**  | **(2)** |

---

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[**TABLE OF CONTENTS**](#TOC2)

The following additional information is for plans with projected benefit obligations in excess of plan assets for funded and unfunded pension plans as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2025**  | **Funded and Unfunded <br> Pension Plans**  | **Funded and Unfunded <br> Pension Plans**  | **Funded and Unfunded <br> Pension Plans**  | **Total**  |
| | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| | **UK**  | **US**  | **Germany**  | |
| Projected benefit Obligation  |  | &nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;(32) |
| Fair value of plan assets  |  | 10 |  | 10 |
| PBO in excess of plan assets  |  | (18) | (14) | (22) |

---

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2024**  | **Funded and Unfunded <br> Pension Plans**  | **Funded and Unfunded <br> Pension Plans**  | **Total**  |
| | **$ millions**  | **$ millions**  | **$ millions**  |
| | **US**  | **Germany**  | |
| Projected benefit Obligation  | &nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;(34) |
| Fair value of plan assets  | 11 |  | 11 |
| PBO in excess of plan assets  | (9) | (14) | (23) |

---

The following additional information is for plans with accumulated postretirement benefit obligations ("APBO") in excess of plan assets as of December 31, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2025**  | **Other postretirement <br> benefit plans**  | **Other postretirement <br> benefit plans**  | **Total**  |
| | **$ millions**  | **$ millions**  | **$ millions**  |
|  | **US**  | **Germany**  |  |
| Accumulated postretirement benefit obligation  | &nbsp;&nbsp;&nbsp;&nbsp;(2) |  | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Fair value of plan assets  |  |  |  |
| APBO in excess of plan assets  | (2) |  | (2) |

---

---

| | | |
|:---|:---|:---|
| **As of December 31, 2024**  | **Other postretirement <br> benefit plans**  | **Total**  |
| | **$ millions**  | **$ millions**  |
|  | **US**  |  |
| Accumulated postretirement benefit obligation  | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Fair value of plan assets  |  |  |
| APBO in excess of plan assets  | (2) | (2) |

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[**TABLE OF CONTENTS**](#TOC2)

The components of the net periodic pension expense (income) related to the Company's pension and other postretirement benefits for the year ended December 31, 2025 and December 31, 2024 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year ended December 31, 2025**  | **Income Statement line item**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Total**  |
| | | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
|  |  | **UK**  | **US**  | **Germany**  |  |
| Service Cost  | Cost of Sales |  |  | (2) | (2) |
| Interest Cost  | Interest expense | 0 | (1) | (1) | (2) |
| Administrative Expenses  | Selling, general, and administrative expense  | (0) | (0) |  | (0) |
|  Expected return on plan assets  | Selling, general, and administrative expense  |  | 1 |  | 1 |
| Actuarial gains and (losses)  | Selling, general, and administrative expense  | (0) | (1) | 1 | 0 |
| Other  | Selling, general, and administrative expense  |  | (0) | (0) | (0) |
|  **Net pension expense <br> (income)**  |  | **(0)** | **(1)** | **(2)** | **(3)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year ended December 31, 2024**  | **Income Statement line item**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Pension Plans, <br> Other long <br> term benefit <br> plans & Other <br> postretirement <br> benefit Plans**  | **Total**  |
| | | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
|  |  | **UK**  | **US**  | **Germany**  |  |
| Service Cost  | Cost of Sales |  |  | (1) | (1) |
| Interest Cost  | Interest expense | (0) | (1) | (0) | (1) |
| Administrative Expenses  | Selling, general, and administrative expense  | (0) | (0) |  | (0) |
|  Expected return on plan assets  | Selling, general, and administrative expense  |  | 1 | 0 | 1 |
| Actuarial gains and (losses)  | Selling, general, and administrative expense  | (0) | 1 | 1 | 2 |
| Other  | Selling, general, and administrative expense  |  |  | (0) | (0) |
|  **Net pension expense <br> (income)**  |  | **(0)** | **1** | **(0)** | **1** |

---

Weighted-average assumptions used by the plans are as follows:

#### Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at fiscal year end

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Plans**  | **Pension Plans**  | **Pension Plans**  | **Postretirement <br> Plans**  |
| **Year ended 31 December 2025**  | **UK**  | **US**  | **Germany**  | **Postretirement <br> Plans**  |
| Discount rate  | n/a | 5.13% | 4.25% | 5.13% |
| Inflation rate  | n/a | 0% | 2% | n/a |
| Expected long-term rate of return on plan assets  | n/a | 5.13% | 4.25% | 5.13% |
| Long-term rate of compensation increase  | n/a | 0% | 3% | n/a |

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[**TABLE OF CONTENTS**](#TOC2)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Plans**  | **Pension Plans**  | **Pension Plans**  | **Postretirement <br> Plans**  |
| **Year ended 31 December 2024**  | **UK**  | **US**  | **Germany**  | **Postretirement <br> Plans**  |
| Discount rate  | n/a | 5.37% | 3.45% | 5.37% |
| Inflation rate  | n/a | 0% | 2% | n/a |
| Expected long-term rate of return on plan assets  | n/a | 5.37% | 3.45% | 5.37% |
| Long-term rate of compensation increase  | n/a | 0% | 3% | n/a |

---

The discount rate is determined by reference to market yields on high quality corporate bonds, where available, or government bonds at the balance sheet date.

The Group's pension plans' target and actual weighted-average asset allocations as at December 31, 2025 and December 31, 2024, by asset category are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Targeted**  | **Targeted**  | **Actual**  | **Actual**  | **Actual**  |
| | **UK**  | **US**  | **Germany**  | **UK**  | **US**  | **Germany**  |
| **As at December 31, 2025**  | **2025**  | **2025**  | **2025**  | **2025**  | **2025**  | **2025**  |
| Cash  | 100% | 4% | 100% | 100% | 4% | 100% |
| Equity securities  |  | 43% |  |  | 78% |  |
| Fixed Income securities  |  | 53% |  |  | 18% |  |
| **Total**  | 100% | 100% | 100% | 100% | 100% | 100% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Targeted**  | **Targeted**  | **Actual**  | **Actual**  | **Actual**  |
| | **UK**  | **US**  | **Germany**  | **UK**  | **US**  | **Germany**  |
| **As at December 31, 2024**  | **2024**  | **2024**  | **2024**  | **2024**  | **2024**  | **2024**  |
| Cash  | 100% | 4% | 100% | 100% | 3% | 100% |
| Equity securities  |  | 43% |  |  | 77% |  |
| Fixed Income securities  |  | 53% |  |  | 20% |  |
| **Total**  | 100% | 100% | 100% | 100% | 100% | 100% |

---

The fair values of the Group's pension plan assets as of December 31, 2025 and December 31, 2024, by asset category and by the levels of inputs used to determine fair value were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| | **Fair value measurements <br> using input type**  | **Fair value measurements <br> using input type**  |  | |
| **($ millions)**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Cash  | 2 |  |  | **2** |
| Equity securities  | 5 | 3 |  | **8** |
| Fixed Income securities  | 2 |  |  | **2** |
| **Fair value of plan assets at end of year**  | 9 | 3 |  | **12** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  |
| | **Fair value measurements <br> using input type**  | **Fair value measurements <br> using input type**  |  | |
| **($ millions)**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Cash  | 2 |  |  | 2 |
| Equity securities  | 5 | 3 |  | 8 |
| Fixed Income securities  | 3 |  |  | 3 |
| **Fair value of plan assets at end of year**  | 10 | 3 |  | 13 |

---

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#### Cash Flows — Employer Contributions
The Group made contributions to the funded defined benefit pension plans of $1 million during fiscal year 2025. During the fiscal years ended December 31, 2025, the Group made contributions of nil, to unfunded pension plans. For the year ended 31 December 2026, the contributions paid over to the plan are expected to be $1 million (2025: $1 million).

17. Capital commitments and contingent liabilities

 *Commitments* 

As of December 31, 2025 and 2024, there were $53 million and $11 million committed capital expenditure but not spent mainly related to Plant, machinery and equipment, respectively.

 *Contingent liabilities: Legal Proceedings and others* 

In addition to the matters discussed above, various other lawsuits, claims, and proceedings have been or may be instituted or asserted against the Group, including those pertaining to environmental, product liability, safety and health, employment, tax and antitrust matters. While the amounts claimed in these other matters may be substantial, the ultimate liability cannot currently be determined because of the considerable uncertainties that exist. Therefore, it is possible that the Company's liquidity or results of operations in a period could be materially affected by one or more of these other matters. However, based on facts currently available, management believes that the disposition of these other matters that are pending or asserted will not have a material adverse effect, individually or in the aggregate, on the results of operations, financial position or cash flows of the Group.

 *Legacy Provisions* 

Legacy provisions are contingent liabilities which were recognized as part of the business acquisition accounting. These provisions relate to legacy historical issues that the former employee may claim against the Group, and will be carried until the possible liability is settled, cancelled or expires.

18. Management Incentive Plan — related party transaction

The shareholders of DPC Holdings Limited, implemented a cash-based Management Incentive Plan ("MIP") as part of the financial restructuring of the Doncasters Group in March 2020. The plan is designed to provide incentives for senior managers and above (including executive and non-executive directors) to deliver long-term shareholder returns. Under the plan, individuals are entitled to receive a cash sum payable by the Company which is only paid out if certain conditions are met.

Individual payments are equal to a percentage of the amounts repaid on the DPC Holdings Limited PIK facility loan, with varying percentages depending on whether repayment on the loan exceeds certain thresholds. These thresholds increased by 13.5% on a quarterly basis with the first increase taking place on 30 September 2020. The rules of the plan were updated in March 2024 such that the 13.5% compounding was removed. This led to a significant increase in the charge and liability for the year ended December 31, 2024.

Participation in the plan is at the board of directors and shareholder discretion and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. The amount of the expected liability has been calculated by estimating the enterprise value ("EV") of DPC Holdings Limited on an assumed future exit date of 1 March 2026, by applying an EV/EBITDA multiple to the Group's estimated EBITDA (as defined in the Management Incentive Plan for DPC Holdings) for the 12 months prior to exit.

The resulting future MIP value has been discounted to present value on December 31, 2025 using a 25% required rate of return. As of December 31, 2025, the MIP had been awarded to nine participants and the charge to the consolidated statement of income (loss) in the period relating to the MIP and associated social security was $87 million. As of December 31, 2024, the MIP had been awarded to nine participants and the charge to the consolidated statement of income (loss) in the period relating to the MIP and associated social security was $29 million.

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Five participants in the MIP also each have a fractional shareholding in DPC Holdings Limited, the ultimate parent undertaking. As of December 31, 2025, those directors and key management personnel of the Group (two of whom are non-executive directors) control 0.44% of the voting shares of DPC Holdings Limited, the ultimate parent undertaking, with some shareholdings owned through companies.

The total liability in respect of the MIP as of December 31, 2025 was $146 million, of which $132 million was separately presented on the consolidated balance sheet, and $14 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes.

The total liability in respect of the MIP as of December 31, 2024 was $54 million, of which $49 million was separately presented on the consolidated balance sheet, and $5 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes.

19. Disposal group held for sale

During 2024, the Group's management committed to a plan to sell its Ivostud business. This decision was made as part of a strategic initiative. While the sale did not close within twelve months of the original date of classification, the Group continued negotiations with a committed buyer throughout 2025. Therefore, at December 31, 2025, classification as held for sale was deemed appropriate as management is firmly committed to the plan to sell the Ivostud business, and the business is available for immediate sale in its present condition. The sale is considered highly probable, with management expecting completion within one year of the balance sheet date. Furthermore, the actions undertaken to facilitate the sale indicate that it is unlikely the plan will be significantly changed or withdrawn. Accordingly, the assets and liabilities associated with that business are presented as a disposal group held for sale as of December 31, 2025.

This disposal group does not represent a strategic shift that will have a major effect on the Group's operations and financial results and therefore does not meet the criteria for presentation of a discontinued operation.

The Group has reviewed the carrying amount of the assets held for disposal and concluded that an impairment should be taken in the amount of $9 million as at December 31, 2024. Of this amount, approximately $4 million, $1 million and $1 million were allocated to the Property, Plant and Equipment, Right of Use assets and Other Intangible assets respectively, which has been fully written down. The remaining impairment loss of $3 million has been recorded against the carrying amount of the disposal group. As at 31 December 2025, the Group recognised a gain on remeasurement from the change in fair value of the disposal group of $5 million.

In assessing the level of the impairment, management compared the carrying value of its investment to its fair value less costs to sell, where the fair value less costs to sell was determined primarily based on the expected transaction price contemplated under the letter of intent. Upon classification of the Ivostud business as held for sale, its cumulative foreign currency translation adjustment within shareholders' equity was included with its carrying value.

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The major classes of assets and liabilities classified as held for sale as of December 31, 2025 and December 31, 2024, are as follows:

---

| | | |
|:---|:---|:---|
| | **2025**  | **2024**  |
|  | **$ million**  | **$ million**  |
| Property, plant equipment  | 2 |  |
| Inventories  | 11 | 11 |
| Trade and other receivables  | 4 | 4 |
| Cash and cash equivalents  | 3 | 2 |
| Less: Impairment loss  | (0) | (3) |
| **Assets held for sale**  | **20** | **14** |
| Trade and other payables  | (3) | (2) |
| Operating lease liabilities  | (1) | (1) |
| Other liabilities  | (1) | (1) |
| Pension liabilities  | (1) | (1) |
| **Liabilities held for sale**  | **(6)** | **(5)** |

---

The results of operations of the Ivostud business continue to be included in the Group's consolidated statements of income. Similarly, the cash flows generated by or used in the operations of the Ivostud business are included within the respective categories of the consolidated statements of cash flows.

20. Subsequent events

On December 2, 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026 (the "PIK Forgiveness"). As of December 31, 2025 and 2024, we had an outstanding balance of $878 million and $728 million, respectively, under the Shareholder PIK Loan and the effective interest rate was 14.0% per annum in both periods.

Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as at March 19, 2026.

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#### DPC HOLDINGS LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS) (in millions, except for loss per share and weighted-average shares outstanding)

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Revenue  | 237 | 188 |
| Cost of sales  | (180) | (146) |
| **Gross profit**  | **57** | **42** |
| Selling, general and administrative expenses  | (45) | (42) |
| Loss on sale of property, plant and equipment  | 0 |  |
| Interest expense  | (53) | (52) |
| Interest income  | 0 | 0 |
| Foreign currency gain/(loss), net  | (2) | 8 |
| **Loss before income tax benefit/(expense)**  | **(43)** | **(44)** |
| Income tax expense  | (4) | (9) |
| **Net Loss**  | **(47)** | **(53)** |
| **Net Loss per share** |  |  |
| **Basic**  | (0.10) | (0.12) |
| **Diluted**  | (0.10) | (0.12) |
| **Weighted-average shares outstanding** |  |  |
| **Basic**  | 451747577 | 451747577 |
| **Diluted**  | 451747577 | 451747577 |

---

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (in millions)

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Net Loss  | (47) | (53) |
| **Other comprehensive income/(loss), net of tax:** |  |  |
| Exchange gain / (loss) on translation of foreign operations (net of tax)  | (0) | 0 |
| **Total other comprehensive income/(loss) for the period, net of tax**  | **(0)** | **0** |
| **Total comprehensive income/(loss) for the period, net of tax**  | **(47)** | **(53)** |

---

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (in millions)

---

| | | |
|:---|:---|:---|
| | **As of March 29 <br> 2026**  | **As of December 31 <br> 2025**  |
|  | **$ millions**  | **$ millions**  |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 30 | 32 |
| &nbsp;&nbsp;&nbsp; Restricted cash deposit  | 3 |  |
| &nbsp;&nbsp;&nbsp; Accounts receivables, less allowances for credit losses of $0 million and $0 million as of March 29, 2026 and December 31, 2025  | 168 | 156 |
| &nbsp;&nbsp;&nbsp; Inventories  | 217 | 181 |
| &nbsp;&nbsp;&nbsp; Prepayments and other current assets  | 38 | 42 |
| &nbsp;&nbsp;&nbsp; Assets held for sale  | 18 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets**  | **474** | **431** |
| Property, plant and equipment, net  | 224 | 221 |
| Right-of-use assets  | 17 | 15 |
| Deferred tax assets  | 43 | 44 |
| Goodwill  | 78 | 78 |
| Other intangible assets, net  | 93 | 96 |
| Other noncurrent assets  | 10 | 10 |
| **Total Assets**  | **939** | **895** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable, trade  | 119 | 106 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities  | 127 | 116 |
| &nbsp;&nbsp;&nbsp; Liability for management incentive plan  | 144 | 132 |
| &nbsp;&nbsp;&nbsp; Borrowings, current  | 163 | 154 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, current  | 5 | 2 |
| &nbsp;&nbsp;&nbsp; Liabilities directly associated with the assets held for sale  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities**  | **564** | **516** |
| Borrowings, non-current  | 549 | 1280 |
| Operating lease liabilities, non-current  | 13 | 14 |
| Deferred tax liabilities  | 1 | 2 |
| Pension liabilities, non-current  | 26 | 26 |
| Other non-current liabilities  | 23 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities**  | **1176** | **1859** |
| Commitments and contingencies (refer to Note 9) |  |  |
| **Shareholders' deficit** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, nil par value 451,747,577 shares authorized, 451,747,577 shares issued and 451,747,577 shares outstanding as of March 29, 2026 and December 31, 2025;  |  |  |
| Accumulated deficit  | (983) | (936) |
| Additional paid in capital  | 774 |  |
| Accumulated other comprehensive loss  | (28) | (28) |
| &nbsp;&nbsp;&nbsp; **Total shareholders deficit**  | **(237)** | **(964)** |
| **Total Liabilities and Equity**  | **939** | **895** |

---

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (in millions)

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp; **Net loss**  | **(47)** | **(53)** |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of property, plant and equipment  | 5 | 5 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets and cloud computing arrangements  | 2 | 2 |
| &nbsp;&nbsp;&nbsp; Loss on the sale of property, plant and equipment  | (0) |  |
| &nbsp;&nbsp;&nbsp; Deferred income tax benefits  | 4 | 9 |
| &nbsp;&nbsp;&nbsp; Operating lease expense  | 2 | 1 |
| &nbsp;&nbsp;&nbsp; Foreign currency (gain)/loss, net  | 2 | (8) |
| &nbsp;&nbsp;&nbsp; Inventory provision  | 4 |  |
| &nbsp;&nbsp;&nbsp; Management incentive plan  | 13 | 21 |
| &nbsp;&nbsp;&nbsp; Non-cash interest expense  | 38 | 49 |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Receivable, prepayments and other current assets  | (10) | (13) |
| &nbsp;&nbsp;&nbsp; Inventories  | (43) | (2) |
| &nbsp;&nbsp;&nbsp; Income tax receivable and payable  | (0) | (1) |
| &nbsp;&nbsp;&nbsp; Payables, accrued expenses and other liabilities  | 25 | 9 |
| &nbsp;&nbsp;&nbsp; Deferred consideration  | (1) |  |
| &nbsp;&nbsp;&nbsp; Operating lease assets and liabilities  | (1) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash (used)/from in operating activities**  | **(7)** | **19** |
| **Cash flows from investing activities** |  |  |
| Proceeds from disposal of property, plant and equipment  | 0 | 0 |
| Purchase of property, plant and equipment  | (10) | (4) |
| Purchase of intangible assets  |  | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities**  | **(10)** | **(4)** |
| **Cash flows from financing activities** |  |  |
| Proceeds from borrowings  | 293 | 175 |
| Repayment of borrowings  | (275) | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided/(used) by financing activities**  | **18** | **(22)** |
| Effect of exchange rate fluctuations on cash and cash equivalents held  | (0) | 8 |
| Increase/(Decrease) in cash and cash equivalents and restricted cash deposit  | 1 | (7) |
| **Cash and cash equivalents and restricted cash deposit at beginning of period**  | **32** | **32** |
| **Cash and cash equivalents and restricted cash deposit at end of period**  | **33** | **33** |
| **Reconciliation to consolidated balance sheet** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 30 | 26 |
| &nbsp;&nbsp;&nbsp; Restricted cash deposit  | 3 | 7 |
| **Total** | **33** | **33** |
| **Supplemental disclosures of cash flow information:** |  |  |
| Income taxes paid  | (1) | (1) |
| Interest paid  | (15) | (3) |
| PIK forgiveness  | 774 |  |

---

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (in millions)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ordinary shares**  | **Ordinary shares**  | **Additional <br> paid in <br> capital**  | **Accumulated <br> Deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Income**  | **Total Equity**  |
| | **Number of Shares**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **Balance at December 31, 2025**  | **451747577** |  | **—** | **(936)** | **(28)** | **(964)** |
| Net income (loss)  |  |  |  | (47) |  | (47) |
| Capital contribution  |  |  | 774 |  |  | 774 |
| Currency translation adjustment  |  |  |  |  | (0) | (0) |
| **Balance as of March 29, 2026**  | **451747577** |  | **774** | **(983)** | **(28)** | **(237)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ordinary shares**  | **Ordinary shares**  | **Accumulated Deficit**  | **Accumulated Other <br> Comprehensive <br> Income**  | **Total <br> Equity**  |
| | **Number of Shares**  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| **Balance at December 31, 2024**  | **451747577** |  | **(763)** | **(27)** | **(790)** |
| Net income (loss)  |  |  | (53) |  | (53) |
| Currency translation adjustment  |  |  |  | 0 | 0 |
| **Balance as of March 30, 2025**  | **451747577** |  | **(816)** | **(27)** | **(843)** |

---

The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

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#### DPC HOLDINGS LIMITED

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Nature of the business

DPC Holdings Limited (the "Company") is the ultimate holding Company within the Doncasters Group which trades under the "Doncasters" brand name. Doncasters is a vertically integrated manufacturer of high-quality engineered precision components for aeroengines, industrial gas turbines and other specialist high performance applications. Doncasters operates from fourteen principal manufacturing facilities across the UK, Europe, North America and Asia.

2. Summary of Significant Accounting Policies

#### Basis of preparation
The unaudited condensed consolidated financial statements should be read together with our audited financial statements and accompanying notes for year ended December 31, 2025, included in our Registration Statement on S-1 (the "Registration Statement"), filed with the U.S. Securities and Exchange Commission (the "SEC") on 15 April 2026. The Group's unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and the rules and regulations of the SEC regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2025 included herein has been derived from the audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Group's annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Group's financial information. The interim results of operations for the quarter ended March 29, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other interim period or for any other future year. The Group prepares its interim financial information using a 4-4-5 reporting calendar, whereby each of the first three quarters comprises two four-week periods and one five-week period, with each quarter ending on the last Sunday of the relevant reporting period. The fourth quarter is aligned to the statutory year end and therefore reflects the period to 31 December. Accordingly, interim reporting periods do not correspond to calendar months, and year-to-date results for the interim periods are based on the 4-4-5 calendar, with the final quarter adjusting to align the full financial year with the calendar year end. The unaudited condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries (together referred to as the "Group"), after elimination of intercompany accounts and transactions. Any reference in these notes to the applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB").

Unless otherwise stated, the accounting policies of the Group are consistent with those described in Note 2 of the consolidated financial statements included within the Registration Statement.

#### Use of estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in the Group's condensed consolidated financial statements include, but are not limited to, impairment/(reversal) of disposal group held-for-sale, management incentive plan, inventory provision, and Unrecognized Tax benefits related to income taxes. The Group bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in

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circumstances, facts and experience. Changes in estimates are recorded in the period in which they are identified. Actual results could differ materially from those estimates upon subsequent resolution of the identified matters.

#### Recently Issued Accounting Pronouncements
 *Accounting standards issued but not yet adopted* 

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU should be applied on a prospective basis and retrospective application is permitted. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Group will apply the amendments in this ASU for the first time in the annual period ending December 31, 2026, under the non-public business entities adoption time line available for emerging growth company, and currently assessing the impact of the adoption of ASU 2023-09 on the consolidated financial statements.

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.* The amendments in this update require disclosure of specified information about certain costs and expenses. The guidance is effective for fiscal years beginning after December 15, 2026 on a prospective basis. Early adoption is permitted. The Group will apply the amendments in this ASU for the first time in the annual period ending December 31, 2027, under the non-public business entities adoption time line available for emerging growth company, and currently assessing the impact of the adoption of ASU 2024-03 on the consolidated financial statements.

3. Revenue

The Group generates revenue in a diverse number of markets and geographical areas. The principal geographical areas are the United Kingdom, the Rest of Europe, the United States of America and the Rest of the World. The Group produces two product categories being Engine Products, which include turbine airfoils and structural components for the Aerospace and Industrial Gas Turbine ("IGT") end markets, and turbocharger wheels for the Transportation end market. The Group is vertically integrated with the production of advanced superalloy materials, which are used to supply the Group's key end markets.

Revenue is disaggregated by diversified end-use markets and by geographical locations based on the location of the customers.

Information of the Group's overall revenue by geographic locations are as follows:

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| **Geographic location**  | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Rest of Europe  | 86 | 73 |
| United States of America  | 94 | 64 |
| Rest of the World  | 45 | 40 |
| United Kingdom  | 12 | 11 |
| **Total Net Sales**  | **237** | **188** |

---

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Information of the Group's overall revenue by end-use markets is as follows:

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| **End-Use Market**  | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Aerospace  | 93 | 65 |
| IGT  | 94 | 73 |
| Transportation  | 50 | 50 |
| **Total Net Sales**  | **237** | **188** |

---

The following table contains a roll forward of deferred revenue for the quarter ended March 29, 2026 and year end December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Deferred revenue**  | **March 29, 2026**  | **December 31, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Beginning balance, January 1  | **14** | **4** |
| Revenue (cash) received in advance  | 0 | 13 |
| Less: revenue recognized  | (1) | (3) |
| Ending Balance  | **13** | **14** |

---

4. Segment reporting

Operating segments are defined as distinguishable components of the enterprise which are evident from internal organizational structure and for which separate financial information is evaluated regularly by the Group's Chief Operating Decision Maker ("CODM") in order to assess each segment's performance and to allocate resources to them. The CODM of the Group is the Chief Executive Officer.

The Group used the management approach to identify its reportable segments, as required by ASC 280. The management approach is based on the way the Group's management organizes and evaluates its operations and based on the way the Group's operations are managed and reported in its internal financial reporting system. The determination of the Group's operating segments is based on its major product categories, which are Engine Products and Turbo Wheels. Engine Products is split into two operating segments of Engine Products — Europe and Engine Products — North America reflecting the vertically integrated nature of the supply chains within those regions. The third operating segment being Turbo Wheels. The Group has concluded that their operating segments are consistent with their reportable segments.

 *Engine Products — North America* 

The Engine Products — North America segment comprises of the sites Groton, Oxford, Springfield, Unipol Mexico, DPC New England, and Long Beach. The segment manufactures complex, highly engineered precision cast components and superalloys which are primarily used in the Aerospace end market with some elements of IGT.

 *Engine Products — Europe* 

The Engine Products — Europe segment comprises of the sites Chard, Deritend, Bochum and Ross & Catherall. The segment manufactures complex, highly engineered precision cast components and superalloys which are primarily used in the IGT end market with some elements of Aerospace.

 *Turbo Wheels* 

Whilst the other two operating segments are formed based on geographical location of the sites, this segment is based on the market served, i.e. automotive. The Turbo Wheels segment manufactures turbocharger wheels and other precision components for commercial vehicle and passenger car turbo engines, focusing on enhancing engine efficiency and performance. Turbo Wheels segment comprises of the sites Trucast UK, Trucast US, Uni-Pol China, Uni-Pol India and Ivostud (all locations).

------

[**TABLE OF CONTENTS**](#TOC2)

The measure of profit and loss that is used by the CODM to evaluate the performance of these operating segments is Segment Adjusted EBITDA. The CODM uses Segment Adjusted EBITDA to evaluate segment's performance and allocate resources as it provides insight on segment profitability, operational effectiveness, and supports the CODM in monitoring the impact of strategic initiatives such as pricing adjustments, cost management, capital investments and capacity utilization. This measure is predominantly used in the annual budget and forecasting process, where the CODM considers Segment Adjusted EBITDA trends and variances to guide capital expenditure decisions, allocate personnel, and deploy other operational resources across the segments to drive overall company growth and profitability.

Segment results include any support function costs that are directly attributable to the relevant segment, and exclude any central support costs that are not directly attributable are shown as a reconciling item. Central costs are shown separately from the segments as these costs cannot be allocated to individual segments. Transactions between operating segments are accounted for under the same basis as other independent third-party transactions.

The following tables provide segment revenue and segment performance measure by each reportable segment for the quarters ended March 29, 2026 and March 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quarter Ended March 29, 2026**  | **Engine <br> Products — <br> Europe**  | **Engine <br> Products — <br> North America**  | **Turbo <br> Wheels**  | **Total**  |
| **3<sup>rd</sup> party Revenue – consolidated**  | 104 | 87 | 46 | 237 |
| Inter-segment sales  |  |  |  |  |
| **Gross segment Revenue**  | **104** | **87** | **46** | **237** |
| Adjusted Cost of Sales\*  | (71) | (60) | (38) |  |
| Adjusted Selling, general and administrative expenses\*  | (6) | (4) | (5) |  |
| Other segment items\*\*  | (4) | (3) | (1) |  |
| **Segment Adjusted EBITDA**  | **23** | **20** | **2** | **45** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quarter Ended March 30, 2025**  | **Engine <br> Products — <br> Europe**  | **Engine <br> Products — <br> North America**  | **Turbo <br> Wheels**  | **Total**  |
| **3<sup>rd</sup> party Revenue – consolidated**  | 80 | 61 | 47 | 188 |
| Inter-segment sales  |  | 5 |  | 5 |
| **Gross segment Revenue**  | **80** | **66** | **47** | **193** |
| Adjusted Cost of Sales\*  | (58) | (47) | (40) |  |
| Adjusted Selling, general and administrative expenses\*  | (4) | (3) | (3) |  |
| Other segment items\*\*  | (3) | (3) | (1) |  |
| **Segment Adjusted EBITDA**  | **15** | **13** | **3** | **31** |

---

\*

Cost of sales and selling, general and administrative expenses have been adjusted to exclude depreciation and amortization, restructure and other reorganization costs, claims, settlements and litigation costs, long term management incentive plan. The adjusted cost of sales includes adjustments for inter-segment sales.

\*\*

Other segment items including research and development costs, corporate expenses recharges.

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[**TABLE OF CONTENTS**](#TOC2)

The following table reconciles segment performance measure to loss before income tax the quarters ended March, 29, 2026 and March 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Quarter Ended <br> March 29, 2026**  | **Quarter Ended <br> March 30, 2025**  |
| <br> **Total Segment Adjusted EBITDA**  | **$ millions** <br>**45** | **$ millions** <br>**31** |
| Unallocated corporate expenses  | (5) | (2) |
| One-time costs related to the IPO  | (8) |  |
| Management incentive plan  | (13) | (21) |
| IT Development Project & others  |  | (1) |
| Impairment of disposal group held for sale  | (0) | (0) |
| Foreign currency gain/(loss), net  | (2) | 8 |
| Interest expense\*  | (53) | (52) |
| Interest income  | 0 | 0 |
| Depreciation and amortization  | (7) | (7) |
| **Loss before income tax**  | **(43)** | **(44)** |

---

\*

Interest expense includes Shareholder PIK interest of $40 million and $36 million for the quarter ended March 29, 2026 and March 30, 2025.

Additional data by segment for the quarter ended March 29, 2026, and March 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Depreciation and Amortization**  | **Quarter ended <br> March 29, 2026**  | **Quarter ended <br> March 30, 2025**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 4 | 3 |
| Engine Products – North America  | 2 | 2 |
| Turbo Wheels  | 1 | 1 |
| Unallocated  | 0 | 1 |
| **Consolidated depreciation and amortization**  | **7** | **7** |

---

---

| | | |
|:---|:---|:---|
| **Addition to long lived asset\***  | **Quarter ended <br> March 29, 2026**  | **Quarter ended <br> March 30, 2025**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 7 | 2 |
| Engine Products – North America  | 2 | 2 |
| Turbo Wheels  |  |  |
| Unallocated  |  |  |
| **Consolidated long lived assets**  | **9** | **4** |

---

\*

Long lived assets include property, plant, and equipment, and right-of-use lease assets.

---

| | | |
|:---|:---|:---|
| **Total Assets**  | **March 29, <br> 2026**  | **December 31, <br> 2025**  |
|  | **$ million**  | **$ million**  |
| Engine Products – Europe  | 461 | 430 |
| Engine Products – North America  | 215 | 200 |
| Turbo Wheels  | 211 | 218 |
| Unallocated  | 52 | 47 |
| **Consolidated assets**  | **939** | **895** |

---

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[**TABLE OF CONTENTS**](#TOC2)

&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. Income taxes

The Company's effective tax rate (ETR) was (9.3%) and (20.5)% for the three months ended March 29, 2026 and March 30, 2025 ,respectively.

For the three months ended March 29, 2026 and March 30, 2025, the primary drivers of the effective tax rate were

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

the impact of changes in valuation allowances in the United Kingdom and Ivostud Germany business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

the impact of non-deductible interest and other expenses in the United Kingdom.

The main reason for the difference in the effective tax rates between March 30, 2025 and March 29, 2026 was the impact of changes in valuation allowances and the global mix of income.

The Company may settle certain tax examinations for different amounts than the Company has accrued as uncertain tax benefits. Consequently, the Company may need to accrue and ultimately pay additional amounts or pay lower amounts than previously estimated and accrued when positions are settled in the future. For the three months ended March 29, 2026 and March 30, 2025, the Company's liability for uncertain tax benefits decreased by $0.1 million and $3.5 million respectively (excluding interest and penalties and related tax attributes).

6. Loss per share (basic and diluted)

---

| | | |
|:---|:---|:---|
| | **Quarter ended**  | **Quarter ended**  |
| | **March 29, 2026**  | **March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| **Basic and diluted net loss per common share:** |  |  |
| Net loss  | (47) | (53) |
|  Weighted average number of ordinary shares outstanding (basic and diluted)  | 451747577 | 451747577 |
| Net loss per share (basic and diluted)  | (0.10) | (0.12) |

---

7. Inventories

Inventories consisted of the following components at March 29, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **As of <br> March 29, 2026**  | **As of <br> December 31, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Raw materials and supplies  | 79 | 52 |
| Work in process  | 98 | 91 |
| Finished products  | 34 | 30 |
| Right of return assets  | 15 | 13 |
| Subtotal  | **226** | **186** |
| Less: Allowance for excess and obsolete inventory  | (9) | (5) |
| **Total Inventories, net**  | **217** | **181** |

---

The expenses related to excess and obsolete inventory impairment were $4 million and $0 million for the quarter ended March 29, 2026 and March 30, 2025 respectively, and these are included in "Cost of sales" in the Group's consolidated statements of income (loss).

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[**TABLE OF CONTENTS**](#TOC2)

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

8. Borrowings

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Currency**  | **Category**  | **Floating**  | **Fixed**  | **March 29, 2026**  |
|  |  | **$ millions**  | **$ millions**  | **$ millions**  |
| US$  | Term loan | 515 |  | 515 |
| Multi-currency  | Shareholder PIK Loan  |  | 137 | 137 |
|  | Revolving credit facility  | 19 |  | 19 |
|  | Other loans | 15 | 26 | 41 |
| **Total** |  | **549** | **163** | **712** |
| **Current** |  | **13** | **150** | **163** |
| **Non-current** |  | **536** | **13** | **549** |
| **Total Borrowings**  |  | **549** | **163** | **712** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Currency**  | **Category**  | **Floating**  | **Fixed**  | **December 31, 2025**  |
|  |  | **$ millions**  | **$ millions**  | **$ millions**  |
| US$  | Term loan | 517 |  | **517** |
| Multi-currency  | Shareholder PIK Loan  |  | 878 | **878** |
|  | Revolving credit facility  | 1 |  | **1** |
|  | Other loans | 11 | 27 | **38** |
| **Total** |  | **529** | **905** | **1434** |
| **Current** |  | **14** | **140** | **154** |
| **Non-current** |  | **515** | **765** | **1280** |
| **Total Borrowings**  |  | **529** | **905** | **1434** |

---

Future principal repayments of the Group's borrowings are as follows as of March 29, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Term loan**  | **PIK Loan**  | **Revolving <br> credit <br> facility**  | **Other loans**  |
|  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| 9 months ended 31 December 2026  |  | 137 |  | 26 |
| Year ended 31 December 2027  |  |  | 19 | 7 |
| Year ended 31 December 2028  |  |  |  | 5 |
| Year ended 31 December 2029  |  |  |  | 2 |
| Year ended 31 December 2030  | 515 |  |  | 1 |
| Thereafter  |  |  |  |  |
| Total before unamortized discount and issuance costs  | 515 | 137 | 19 | 41 |
| &nbsp;&nbsp;&nbsp; Less: unamortized discount and issuance costs  |  |  |  |  |
| Total borrowings  | 515 | 137 | 19 | 41 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31**  | **Term loan**  | **PIK Loan**  | **Revolving <br> credit <br> facility**  | **Other loans**  |
|  | **$ millions**  | **$ millions**  | **$ millions**  | **$ millions**  |
| &nbsp;&nbsp;&nbsp; 2026  |  | 131 |  | 23 |
| &nbsp;&nbsp;&nbsp; 2027  |  |  | 1 | 6 |
| &nbsp;&nbsp;&nbsp; 2028  |  | 747 |  | 5 |
| &nbsp;&nbsp;&nbsp; 2029  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp; 2030  | 517 |  |  | 2 |
| &nbsp;&nbsp;&nbsp; Thereafter  |  |  |  |  |
| Total before unamortized discount and issuance costs  | 517 | 878 | 1 | 38 |
| &nbsp;&nbsp;&nbsp; Less: unamortized discount and issuance costs  |  |  |  |  |
| Total borrowings  | 517 | 878 | 1 | 38 |

---

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[**TABLE OF CONTENTS**](#TOC2)

The following table presents the total interest expense related to the Group's borrowings during the period ended March 29, 2026 and March 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Quarter ended <br> March 29, 2026**  | **Quarter ended <br> March 30, 2025**  |
|  | **$ millions**  | **$ millions**  |
| Contractual interest expense  | 53 | 52 |
| Amortization of debt issuance costs  | (0) | (0) |
| Total interest expense  | 53 | 52 |

---

 *Shareholder PIK loan* 

On December 2, 2025, our shareholders unanimously consented to reduce the outstanding principal balance of the Shareholder PIK Loan by 85%, which became effective on March 19, 2026 (the "PIK Forgiveness").

Following completion of the PIK Forgiveness, the outstanding principal balance of the Shareholder PIK Loan was $148 million, including accrued interest of $17 million, as of March 19, 2026. The gain on extinguishment of the debt has been recognized through the Unaudited Condensed Consolidated Statement of Changes in Shareholders' Equity, as additional paid in capital.

As of March 29, 2026, we had an outstanding balance of $137 million, under the Shareholder PIK Loan and the effective interest rate was 14.0% per annum. As of December 31, 2025, we had an outstanding balance of $878 million, and the effective interest rate was 14.0% per annum.

9. Capital commitments and contingent liabilities

 *Commitments* 

As of March 29, 2026 and December 31, 2025, there were $97 million and $53 million committed capital expenditure but not spent mainly related to Plant, machinery and equipment, respectively.

 *Contingent liabilities: Legal Proceedings and others* 

In addition to the matters discussed above, various other lawsuits, claims, and proceedings have been or may be instituted or asserted against the Group, including those pertaining to environmental, product liability, safety and health, employment, tax and antitrust matters. While the amounts claimed in these other matters may be substantial, the ultimate liability cannot currently be determined because of the considerable uncertainties that exist. Therefore, it is possible that the Company's liquidity or results of operations in a period could be materially affected by one or more of those other matters. However, based on facts currently available, management believes that the disposition of these other matters that are pending or asserted will not have a material adverse effect, individually or in aggregate, on the results of operations, financial position or cash flows of the Group.

 *Legacy provisions* 

Legacy provisions are contingent liabilities which are recognized as part of business acquisition accounting. These provisions relate to legacy historical issues that the former employee may claim against the Group and will be carried until the possible liability is settled, cancelled or expires.

10. Management Incentive Plan — Related Party Transaction

The shareholders of DPC Holdings Limited, implemented a cash-based Management Incentive Plan ("MIP") as part of the financial restructuring of the Doncasters Group in March 2020. The plan is designed to provide incentives for senior managers and above (including executive and non-executive directors) to deliver long-term shareholder returns. Under the plan, individuals are entitled to receive a cash sum payable by the Company which is only paid out if certain conditions are met.

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[**TABLE OF CONTENTS**](#TOC2)

Individual payments are equal to a percentage of the amounts repaid on the DPC Holdings Limited PIK facility loan, with varying percentages depending on whether repayment on the loan exceeds certain thresholds. These thresholds increased by 13.5% on a quarterly basis with the first increase taking place on 30 September 2020. The rules of the plan were updated in March 2024 such that the 13.5% compounding was removed.

Participation in the plan is at the board of directors and shareholder discretion, and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. The amount of the expected liability has been calculated by estimating the enterprise value ("EV") of DPC Holdings Limited on an assumed future exit date of 31 May 2026, by applying an EV/EBITDA multiple to the Group's estimated EBITDA (as defined in the Management Incentive Plan for DPC Holdings) for the 12 months prior to exit.

The resulting future MIP value has been discounted to present value on March 29, 2026, using a 25% required rate of return. As of March 29, 2026, 100% of the maximum MIP value had been awarded to 9 participants. The charge to the consolidated statement of income (loss) in the period ended March 29, 2026 relating to the MIP and associated social security was $13 million (March 30, 2025: $21 million).

Five participants in the MIP also each have a fractional shareholding in DPC Holdings Limited, the ultimate parent undertaking. As of March 29, 2026, those directors and key management personnel of the Group (two of whom are non-executive directors) control 0.44% of the voting shares of DPC Holdings Limited, the ultimate parent undertaking, with some shareholdings owned through companies.

The total liability in respect of the MIP as of March 29, 2026 was $159 million, of which $144 million was separately presented on the consolidated balance sheet, and $15 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes.

The total liability in respect of the MIP as of December 31, 2025, was $146 million, of which $132 million was separately presented on the consolidated balance sheet, and $14 million was recognized in accrued expenses and other current liabilities related to social security and sundry taxes.

11. Disposal group held for sale

During 2024, the Group's management committed to a plan to sell its Ivostud business. This decision was made as part of a strategic initiative. While the sale did not close within twelve months of the original date of classification, the Group continued negotiations with a committed buyer through the quarter ended March 29, 2026. Therefore, at March 29, 2026, classification as held for sale was deemed appropriate as management remains firmly committed to the plan to sell the Ivostud business, and the business is available for immediate sale in its present condition. Further, the sale is considered probable, with management expecting completion within one year of the balance sheet date. During the quarter ended March 29, 2026 the Group continued to maintain active negotiations with one potential buyer to facilitate the sale, indicating that it is unlikely the plan will be significantly changed or withdrawn. Accordingly, the assets and liabilities associated with that business are presented as a disposal group held for sale as of March 29, 2026.

At the reporting date, Ivostud business unit was measured at the lower of its carrying amount or fair value less costs to sell. As of March 29, 2026, the estimated fair value less costs to sell was determined to be $15 million, which did not result in any impairment/(reversals) during the period.

The major classes of assets and liabilities classified as held for sale as of March 29, 2026 and December 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| | **March 29, 2026**  | **December 31, 2025**  |
|  | **$ million**  | **$ million**  |
| Property, plant equipment  | 3 | 2 |
| Inventories  | 9 | 11 |
| Trade and other receivables  | 4 | 4 |
| Cash and cash equivalents  | 2 | 3 |
| **Assets held for sale**  | **18** | **20** |

---

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[**TABLE OF CONTENTS**](#TOC2)

---

| | | |
|:---|:---|:---|
| | **March 29, 2026**  | **December 31, 2025**  |
|  | **$ million**  | **$ million**  |
| Trade and other payables  | (3) | (3) |
| Operating lease liabilities  | (1) | (1) |
| Other liabilities  | (1) | (1) |
| Pension liabilities  | (1) | (1) |
| **Liabilities held for sale**  | **(6)** | **(6)** |

---

The results of operations of the Ivostud business continue to be included in the Group's consolidated statements of income. Similarly, the cash flows generated by or used in the operations of the Ivostud business are included within the respective categories of the consolidated statements of cash flows.

12. Subsequent events

On 22 May 2026 the Board adopted, and our shareholders approved, the DPC Holdings Limited 2026 Equity Incentive Plan (the "Equity Incentive Plan") for employees, consultants and/or directors. The Equity Incentive Plan provides for the grant of options and matching share awards, intended to align the interests of service providers, including our named executive officers and directors, with those of our shareholders.

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[**TABLE OF CONTENTS**](#TOC)

### Ordinary Shares
![[MISSING IMAGE: lg_doncasters-4clr.jpg]](lg_doncasters-4clr.jpg)

(\*lead bookrunners listed in alphabetical order)

---

| | |
|:---|:---|
| **Jefferies\***  | **Morgan Stanley\***  |
| **Barclays**  | **Moelis & Company**  |
| **RBC Capital Markets**  | **Rothschild & Co**  |

---

#### Prospectus dated , 2026
Until , 2026 (25 days after the date of this prospectus), all dealers that buy, sell or trade our ordinary shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters 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.

---

| | |
|:---|:---|
| | **Amount <br> to be Paid**  |
| Registration fee  | $13810 |
| FINRA filing fee  | $15500 |
| Listing fees  | $\* |
| Transfer agent's fees  | $\* |
| Printing and engraving expenses  | $\* |
| Legal fees and expenses  | $\* |
| Accounting fees and expenses  | $\* |
| Blue Sky fees and expenses  | $\* |
| Miscellaneous  | $\* |
| &nbsp;&nbsp;&nbsp; Total  | $\* |

---

\*

To be filed by amendment.

Each of the amounts set forth above, other than the Registration fee and the FINRA filing fee, is an estimate.

#### Item 14. Indemnification of Directors and Officers.
Our Articles of Association to be filed as an exhibit to this registration statement will provide for indemnification of the officers and directors to the fullest extent permitted by applicable law.

In addition, we will (to the fullest extent permitted by applicable law) enter into agreements to indemnify our directors and executive officers containing provisions, which are in some respects broader than the specific indemnification provisions contained in our Articles of Association. The indemnification agreements may require us, among other things, to indemnify such persons against expenses, including attorneys' fees, judgments, liabilities, fines and settlement amounts incurred by any such person in actions or proceedings, including actions by us or in our right, that may arise by reason of their status or service as our director or executive officer and to advance expenses incurred by them in connection with any such proceedings. The proposed form of such indemnification agreement is filed as Exhibit 10.12 to this registration statement.

The proposed form of the Underwriting Agreement, filed as Exhibit 1.1 to this registration statement, will provide for indemnification of the registrant and its officers and directors for certain liabilities arising under the Securities Act, or otherwise.

#### Item 15. Recent Sales of Unregistered Securities.
None.

#### Item 16. Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

The Exhibit Index is hereby incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

All schedules have been omitted because they are not required, are not applicable or the information is otherwise set forth in the Consolidated Financial Statements and related notes thereto.

#### Item 17. Undertakings .
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

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Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public 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.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

For purposes of determining any liability under the Securities Act of 1933, 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; (2)

For the purpose of determining any liability under the Securities Act of 1933, 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.

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#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit <br> No.**  | **Description**  |
| 1.1  | Form of Underwriting Agreement.\* |
| 3.1  | [Memorandum and Articles of Association of the Registrant.](tm269965d4_ex3-1.htm)  |
| 3.2  | [Form of Amended and Restated Memorandum and Articles of Association to become effective upon closing of this offering.](tm269965d4_ex3-2.htm) |
| 5.1  | [Opinion of Carey Olsen Jersey LLP](tm269965d4_ex5-1.htm)  |
| 10.1  | [Credit Agreement, dated as of April 23, 2024, by and among Alloy Parent Limited, as Holdings, Doncasters US Finance LLC and Doncasters US LLC, as Borrowers, the Lenders party thereto, GLAS USA LLC, as Administrative Agent, and GLAS Americas LLC, as Collateral Agent](tm269965d4_ex10-1.htm)  |
| 10.2  | [Amendment to Credit Agreement (Letter Amendment), dated June 7, 2024, by and among Alloy Parent Limited, as Holdings, Doncasters US Finance LLC and Doncasters US LLC, as Borrowers, GLAS USA LLC, as Administrative Agent, and the Consenting Lenders party thereto](tm269965d4_ex10-2.htm)  |
| 10.3  | [Amendment No. 2 to Credit Agreement, dated as of April 25, 2025, by and among Alloy Parent Limited, as Holdings, Doncasters US Finance LLC and Doncasters US LLC, as Borrowers, the other Loan Parties party thereto, the Term Lenders party thereto, GLAS USA LLC, as Administrative Agent, and GLAS Americas LLC, as Collateral Agent](tm269965d4_ex10-3.htm)  |
| 10.4  | [Employment Agreement, as amended, of Michael Quinn†](tm269965d4_ex10-4.htm) |
| 10.5  | [Employment Agreement of David Egan†](tm269965d4_ex10-5.htm)  |
| 10.6  | [Employment Agreement, as amended, of Jason Mays†](tm269965d4_ex10-6.htm) |
| 10.7  | [DPC Holdings Limited 2026 Equity Incentive Plan and UK Sub-Plan†](tm269965d4_ex10-7.htm)  |
| 10.9  | [Form of MIP Deed and Reinvestment Agreement†](tm269965d4_ex10-9.htm)  |
| 10.10  | [Shareholder Director Nominee Agreement](tm269965d4_ex10-10.htm) |
| 10.11  | [Form of Registration Rights Agreement](tm269965d4_ex10-11.htm)  |
| 10.12  | [Form of Indemnification Agreement between the Registrant and its directors and officers](tm269965d4_ex10-12.htm)  |
| 21.1  | [List of subsidiaries of the Registrant.](tm269965d4_ex21-1.htm)  |
| 23.1  | [Consent of KPMG LLP, independent registered public accountants.](tm269965d4_ex23-1.htm)  |
| 23.2  | [Consent of Carey Olsen Jersey LLP (included in Exhibit 5.1).](tm269965d4_ex5-1.htm) |
| 24.1  | [Power of Attorney (included in signature page to Registration Statement](#tPOA1)). |
| 107  | [Filing Fee Table](tm269965d2_ex-filingfees.htm) |

---

†

Compensatory plan or agreement.

\*

To be filed by amendment.

------

[**TABLE OF CONTENTS**](#TOC)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New York, New York on this day of May 26, 2026.

#### DPC HOLDINGS LIMITED
By:

/s/ Michael Joseph Quinn

Name:

Michael Joseph Quinn

Title:

Chief Executive Officer and Executive Director

#### POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that each person whose signature appears below hereby constitutes and appoints Michael Joseph Quinn and David John Egan, and each of them, his true and lawful attorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or his or her or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on May 26, 2026 in the capacities indicated:

---

| | |
|:---|:---|
| **Signatures**  | **Title**  |
| /s/ Michael Joseph Quinn <br>Michael Joseph Quinn  | Chief Executive Officer and Executive Director <br> (Principal Executive Officer)  |
| /s/ David John Egan <br>David John Egan  | Chief Financial Officer and Executive Director <br> (Principal Financial Officer and Principal <br> Accounting Officer)  |
| /s/ Dirkson Charles <br>Dirkson Charles  | Director  |
| /s/ Nicholas Sanders <br>Nicholas Sanders  | Director  |
| /s/ Henry F. Brooks <br>Henry F. Brooks  | Director  |
| /s/ Taiwo K. Danmola <br>Taiwo K. Danmola  | Director  |

---

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| **Signatures**  | **Signatures**  | **Title**  |
| /s/ Stanley Deal <br>Stanley Deal  | /s/ Stanley Deal <br>Stanley Deal  | Director  |
| /s/ C. Alexander Harman <br>C. Alexander Harman  | /s/ C. Alexander Harman <br>C. Alexander Harman  | Director  |
| /s/ Willibald Meixner <br>Willibald Meixner  | /s/ Willibald Meixner <br>Willibald Meixner  | Director  |
| **Doncasters Inc.**  | **Doncasters Inc.**  |  |
| By:  | /s/ Joseph Joseph <br>| Authorized Representative in the U.S.  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: <br>Joseph Joseph <br>|  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: <br>Corporate Secretary <br>|  |

---

------

## Exhibit 3.1

**Exhibit 3.1**

**COMPANIES (JERSEY) LAW 1991**

**PRIVATE COMPANY LIMITED BY SHARES**

**MEMORANDUM AND ARTICLES OF<br> ASSOCIATION**<br> of **<br> ALLOY TOPCO LIMITED**

Company Number 130424

(Adopted by special resolution passed on 6 March 2020)

**COMPANIES (JERSEY) LAW 1991 (the "Law")**

**MEMORANDUM OF ASSOCIATION**

**OF**

**ALLOY TOPCO LIMITED**

**(the "Company")**

***a no par value limited company***

**1.** **INTERPRETATION** 

Words and expressions contained in this Memorandum of Association have the same meanings as in the Law.

**2.** **COMPANY NAME** 

The name of the Company is Alloy Topco Limited.

**3.** **TYPE OF COMPANY** 

3.1 The Company is a private company.

3.2 The Company is a no par value company.

**4.** **NUMBER OF SHARES** 

There shall be no limit on the number of shares which may be issued by the Company and if the share capital structure of the Company is at any time divided into separate classes of share there shall be no limit on the number of shares of any class which may be issued by the Company.

**5.** **LIABILITY OF MEMBERS** 

The liability of a member arising from the holding of a share in the Company is limited to the amount (if any) unpaid on it.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Article** |  | **Page** |
| **1.** | **EXCLUSION OF STANDARD TABLE** | **1** |
| **2.** | **DEFINITIONS AND INTERPRETATION** | **1** |
| **3.** | **SHARE CAPITAL** | **9** |
| **4.** | **INCOME** | **9** |
| **5.** | **VOTING** | **9** |
| **6.** | **RETURN OF CAPITAL** | **10** |
| **7.** | **APPORTIONMENT OF CONSIDERATION ON A SALE OR AN IPO** | **10** |
| **8.** | **SHARE TRANSFERS: GENERAL** | **10** |
| **9.** | **DRAG ALONG RIGHTS** | **13** |
| **10.** | **TAG ALONG RIGHTS** | **16** |
| **11.** | **TRANSMISSION OF SHARES** | **19** |
| **12.** | **EXERCISE OF TRANSMITTEES' RIGHTS** | **20** |
| **13.** | **TRANSMITTEES BOUND BY PRIOR NOTICES** | **20** |
| **14.** | **COMPANY'S LIEN OVER PARTLY PAID SHARES** | **20** |
| **15.** | **ENFORCEMENT OF THE COMPANY'S LIEN** | **20** |
| **16.** | **CALL NOTICES** | **21** |
| **17.** | **LIABILITY TO PAY CALLS** | **22** |
| **18.** | **WHEN CALL NOTICE NEED NOT BE ISSUED** | **22** |
| **19.** | **FAILURE TO COMPLY WITH CALL NOTICE: AUTOMATIC CONSEQUENCES** | **23** |
| **20.** | **NOTICE OF INTENDED FORFEITURE** | **23** |
| **21.** | **DIRECTORS' POWER TO FORFEIT SHARES** | **24** |
| **22.** | **EFFECT OF FORFEITURE** | **24** |
| **23.** | **PROCEDURE FOLLOWING FORFEITURE** | **25** |
| **24.** | **SURRENDER OF SHARES** | **25** |
| **25.** | **DIRECTORS' AUTHORITY TO ALLOT SHARES** | **26** |
| **26.** | **POWERS TO ISSUE DIFFERENT CLASSES OF SHARE** | **26** |
| **27.** | **VARIATION OF CLASS RIGHTS** | **26** |
| **28.** | **COMPANY NOT BOUND BY LESS THAN ABSOLUTE INTERESTS** | **26** |
| **29.** | **PAYMENT OF COMMISSIONS ON SUBSCRIPTION FOR SHARES** | **27** |
| **30.** | **PROCEDURE FOR DISPOSING OF FRACTIONS OF SHARES** | **27** |
| **31.** | **SHARE CERTIFICATES** | **27** |
| **32.** | **REPLACEMENT SHARE CERTIFICATES** | **28** |
| **33.** | **REGISTER OF MEMBERS** | **28** |
| **34.** | **DIRECTORS' GENERAL AUTHORITY** | **28** |
| **35.** | **MEMBERS' RESERVE POWER** | **29** |

---

**36.** **DIRECTORS MAY DELEGATE** **29** 

**37.** **COMMITTEES** **29** 

**38.** **DIRECTORS TO TAKE DECISIONS COLLECTIVELY** **29** 

**39.** **UNANIMOUS DECISIONS** **30** 

**40.** **CALLING A DIRECTORS' MEETING** **30** 

**41.** **PARTICIPATION IN DIRECTORS' MEETINGS** **31** 

**42.** **QUORUM FOR DIRECTORS' MEETINGS** **31** 

**43.** **CHAIRING OF DIRECTORS' MEETINGS** **31** 

**44.** **CASTING VOTE** **32** 

**45.** **DIRECTORS' INTERESTS** **32** 

**46.** **RECORDS OF DECISIONS TO BE KEPT** **33** 

**47.** **DIRECTORS' DISCRETION TO MAKE FURTHER RULES** **33** 

**48.** **NUMBER OF DIRECTORS** **33** 

**49.** **METHODS OF APPOINTING DIRECTORS** **34** 

**50.** **TERMINATION OF DIRECTOR'S APPOINTMENT** **35** 

**51.** **DIRECTORS' REMUNERATION** **35** 

**52.** **DIRECTORS' EXPENSES** **36** 

**53.** **COMPANY SECRETARY** **36** 

**54.** **PROCEDURE FOR DECLARING DIVIDENDS** **36** 

**55.** **CALCULATION OF DIVIDENDS** **36** 

**56.** **PAYMENT OF DIVIDENDS AND OTHER DISTRIBUTIONS** **37** 

**57.** **DEDUCTIONS FROM DISTRIBUTIONS IN RESPECT OF SUMS OWED TO THE COMPANY** **37** 

**58.** **NO INTEREST ON DISTRIBUTIONS** **38** 

**59.** **UNCLAIMED DISTRIBUTIONS** **38** 

**60.** **NON-CASH DISTRIBUTIONS** **38** 

**61.** **WAIVER OF DISTRIBUTIONS** **39** 

**62.** **AUTHORITY TO CAPITALISE AND APPROPRIATION OF CAPITALISED SUMS** **39** 

**63.** **CONVENING OF GENERAL MEETINGS** **40** 

**64.** **NOTICE OF GENERAL MEETINGS** **40** 

**65.** **ATTENDANCE AND SPEAKING AT GENERAL MEETINGS** **40** 

**66.** **QUORUM FOR GENERAL MEETINGS** **41** 

**67.** **CHAIRING GENERAL MEETINGS** **41** 

**68.** **ATTENDANCE AND SPEAKING BY DIRECTORS AND NON-MEMBERS** **41** 

**69.** **ADJOURNMENT** **42** 

**70.** **CLASS MEETINGS** **42** 

**71.** **VOTING: GENERAL** **42** 

**72.** **ERRORS AND DISPUTES** **42** 

**73.** **POLL VOTES** **43** 

**74.** **CONTENT OF PROXY NOTICES** **43** 

**75.** **DELIVERY OF PROXY NOTICES** **44** 

**76.** **AMENDMENTS TO RESOLUTIONS** **44** 

**77.** **WRITTEN RESOLUTIONS** **45** 

**78.** **MEANS OF COMMUNICATION TO BE USED** **46** 

**79.** **COMPANY SEALS** **48** 

**80.** **PROVISION FOR EMPLOYEES ON CESSATION OF BUSINESS** **48** 

**81.** **ACCOUNTS AND AUDIT** **48** 

**82.** **INDEMNITY** **48** 

**83.** **INSURANCE** **48** 

**COMPANIES (JERSEY) LAW 1991**

**PRIVATE COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**of**

**ALLOY TOPCO LIMITED**

**Company Number 130424**

**(the "Company")**

**Adopted by special resolution passed on <u>2020</u>**

**INTERPRETATION AND LIMITATION OF LIABILITY**

**1.** **EXCLUSION OF STANDARD TABLE** 

None of the regulations contained in the Companies (Standard Table) (Jersey) Order 1992 shall apply to the Company and those regulations are hereby expressly excluded in their entirety and these Articles alone are the articles of association of the Company.

**2.** **DEFINITIONS AND INTERPRETATION** 

2.1 In these Articles,
 unless expressly stated otherwise:

"**Adoption Date**" means the date on which these articles of association are adopted by the Company;

"**Affiliate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case
 of a person which is a body corporate, any direct or indirect subsidiary undertaking, parent
 undertaking or nominee of that person and any direct or indirect subsidiary undertaking of
 such parent undertaking, or any entity which manages and/or advises that person, is managed
 and/or advised by that person, or is managed and/or advised by the same entity as that person,
 in each case from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case
 of a person which is an individual, any spouse, co-habitee and/or lineal descendants by blood
 or adoption or any person or persons acting in its or their capacity as trustee or trustees
 of a trust of which such individual is the settlor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case
 of a person which is a partnership or limited partnership, the partners of the person or
 their nominees or a nominee or trustee for the person, or any investors in a fund which holds
 interests, directly or indirectly, in the partnership or limited partnership or any sub-fund
 or any other partnership in which the partnership holds, directly or indirectly, any interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case
 of any investment fund, any Related Fund or controlled co-investment vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case
 of a person that is acting as nominee for another person, the person that has appointed or
 nominated such nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the case
 of any person referred to in paragraphs (c), (d) or (e) above, any entity that
 manages or advises such person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in the case
 of any person referred to in paragraphs (a) to (f) above, any Affiliate of such
 person;

"**Affiliate Transfer**" has the meaning given in Article 8.3;

"**Alternate**" or "**Alternate Director**" has the meaning given in Article 49.3;

"**Appointor**" has the meaning given in Article 49.3;

"**Articles**" means the Company's articles of association for the time being in force;

"**Asset Sale**" means a sale by the Company (or other Group Companies) of all, or substantially all, of the Group's business, assets and undertakings (other than pursuant to an intra-group reorganisation);

"**Bankruptcy**" includes individual insolvency proceedings in a jurisdiction other than Jersey which have an effect similar to that of bankruptcy and which references shall also have the meaning ascribed to it in the Interpretation (Jersey) Law 1954;

"**Board**" means the board of directors of the Company from time to time;

"**Board Observer**" means a person appointed by the Investors to attend meetings of the Board in the role of observer pursuant to any agreement between the members;

"**Business Day**" means a day (other than a Saturday or Sunday) on which banks in the City of London and Jersey are open for ordinary banking business;

"**Call**" has the meaning given in Article 16.1;

"**Call Notice**" has the meaning given in Article 16.1;

"**Call Payment Date**" has the meaning given in Article 19.2;

"**Capitalised Sum**" has the meaning given in Article 62.1(b);

"**CEO**" means the chief executive officer of the Group from time to time;

"**Chairman**" has the meaning given in Article 43 (*Chairing Of Directors' Meetings*);

"**Chairman of the Meeting**" has the meaning given in Article 66 (*Chairing General Meetings*);

"**Co-Investment Scheme**" means a scheme under which certain officers, Employees or partners of the relevant entity are entitled or required (as individuals or through any other person) directly or indirectly to acquire interests in shares in the Company or any other Group Company;

"**Companies Law**" means the Companies (Jersey) Law 1991, as amended;

"**Company's Lien**" has the meaning given in Article 14.1;

"**Company Secretary**" means any person (including without limitation associations and bodies of persons, whether corporate or unincorporated) appointed to perform any of the duties of secretary of the Company (including an assistant or deputy secretary) and in the event of two or more such persons being appointed as joint secretaries any one or more of the persons so appointed;

"**Competitor, Customer or Supplier**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any person
 who operates or plans to operate in the same industry or sector as the Group in any jurisdiction
 at the relevant time, in particular by providing or planning to provide products or services
 that are the same as, or substitutes for, the products and services provided by the Group
 at the relevant time; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any person
 who is a material customer, supplier, contractor or sub-contractor of one or more members
 of the Group at the relevant time,

together with such person's Affiliates, Related Funds, agents or proxies, or any person who, either alone or acting together with any other person, including any Affiliate of such person, holds greater than 25% direct or indirect ownership or controls more than 25% of the direct or indirect voting rights of any such person in (a) or (b), but excluding any person or any of its Affiliates that is, or whose interests are managed by, a bona fide Fund Manager (each, an "**Interested Party**") regularly engaged in or established for the purposes of making, purchasing or investing in loans, debt securities or other financial assets, which has not been established for the primary or main purpose of investing in the share capital of companies or to obtain a control position in any company, which, either alone or acting together with any other person, including any Affiliate of such person, holds greater than 25% direct or indirect ownership or controls more than 25% of the direct or indirect voting rights in any operating or portfolio company (being a subsidiary undertaking or group of subsidiary undertakings trading as a separate and distinct going concern) that would otherwise be a person falling within (a) or (b) above, where bona fide customary information barriers are in place between such operating or portfolio company and the Interested Party which restrict the sharing of information between such operating or portfolio company and the Interested Party with regards to the Group and such operating or portfolio company;

"**Director**" means a director for the time being of the Company, and includes any person occupying the position of director, by whatever name called;

"**Distribution Recipient**" has the meaning given in Article 56.2;

"**Document**" includes, unless otherwise specified, any document sent or supplied in electronic form;

"**Drag Along Notice**" has the meaning given in Article 9.2;

"**Dragged Shareholders**" has the meaning given in Article 9.1;

"**Dragged Shares**" has the meaning given in Article 9.1;

"**Drag Transfer Documents**" has the meaning given in Article 9.3;

"**Electronic Form**" has the meaning given in section 1168 of the UK Companies Act;

"**Eligible Director**" has the meaning given in Article 39.3;

"**Employee**" means an individual who is employed by, or is a director of, any Group Company from time to time or whose services are otherwise made available to any Group Company from time to time (and "**employment**" shall be construed accordingly);

"**Executive Director**" means any person appointed as an executive director of the Group by the Board from time to time;

"**Exit**" means an IPO, Winding-Up or completion of a Sale or completion of an Asset Sale;

"**Exit Conflict**" has the meaning given in Article 45.5;

"**Finance Documents**" means any financing or security agreements and related documents entered into by any Group Company and which are material to the Group as a whole, as amended, supplemented or replaced from time to time;

"**Fully Paid**" in relation to a share, means the full value of the share to be paid (whether in cash or otherwise) to the Company in respect of that share received by the Company or such share in issue credited as fully paid;

"**Fund Manager**" means any appropriately licensed and/or regulated person who acts for and on behalf of third party investors (and related investment arrangements) on a discretionary or non-discretionary basis pursuant to a management or advisory agreement in consideration for receipt of a management fee, advisory fee, carried interest and/or other similar form of remuneration;

"**Group**" means the Company or any New Holding Company and each of its or their subsidiary undertakings from time to time and "**member of the Group**" and "**Group Company**" shall be construed accordingly;

"**Hard Copy Form**" has the meaning given in section 1168 of the UK Companies Act;

"**Holdco PIK Facility Agreement**" means the term loan facility agreement entered into on or around the Adoption Date between, among others, Alloy Finco Limited (as borrower) and certain Investors (or their Affiliates or Related Funds) (as lenders), as amended, restated or supplemented and/or otherwise modified in accordance with its terms from time to time;

"**Holdco PIK Facility Debt**" has the meaning given in Article 8.4;

"**Holder**" in relation to shares means the person whose name is entered in the register of members as the holder of the shares;

"**Independent Non-Executive Director**" means a non-executive director that is not otherwise employed by or engaged to provide services to any member of the Group or any Investor or Affiliate of an Investor (but excluding any operating or portfolio company of any Investor or Affiliate of an Investor or of any other entity in which any Investor or Affiliate of an Investor holds an interest);

"**Instrument**" means a document in hard copy form;

"**Initial Independent Non-Executive Directo**r" means those Independent Non-Executive Directors who are appointed on or around the Adoption Date as the first Independent Non-Executive Directors of the Board;

"**Interested Party**" has the meaning given in this Clause 2.1;

"**Investor**" means any holder of Ordinary Shares from time to time;

"**Investor Majority**" means the holders of at least 50.1% of the issued Ordinary Shares acting by way of written consent or direction;

"**Investor Special Majority**" means the holders of at least 66.67% of the issued Ordinary Shares acting by way of written consent or direction;

"**Investor Super Majority**" means holders of at least 75% of the issued Ordinary Shares (or such higher percentage as may be required in relation to the specified matter by any agreement between the members) acting by way of written consent or direction;

"**IPO**" means the effective admission of shares of any Group Company to trading on any investment stock exchange as nominated by the Board;

"**Lien Enforcement Notice**" has the meaning given in Article 15.1(a);

"**Lower Drag Threshold**" has the meaning given in Article 9.1;

"**Member**" means a person who is the holder of a share;

"**New Holding Company**" means a holding company of the Company in which the share capital structure of the Company is replicated in all material respects, save that in the case of an IPO the share capital of any such holding company may comprise a single class of shares the holding of which is apportioned in accordance with Article 7.1;

"**Officer**" includes a secretary but otherwise has the meaning ascribed to it in the Companies Law;

"**Ordinary Resolution**" means a resolution of the Company in a general meeting of the Company adopted by a simple majority of the votes cast at that meeting;

"**Ordinary Shares**" means the ordinary shares of no par value in the capital of the Company having the rights and restrictions set out in the Articles;

"**Paid**" means paid or credited as paid;

"**Participate**", in relation to a directors' meeting, has the meaning given in Article 41.1;

"**Partly Paid**" in relation to a share means that part of that share's value at which it was issued which has not been paid to the Company;

"**Persons Entitled**" has the meaning given in Article 62.1(b);

"**Portfolio Company**" means, in relation to any person that is, or whose interests are (directly or indirectly) managed by, a bona fide Fund Manager, a subsidiary undertaking or group of subsidiary undertakings trading as a separate and distinct going concern;

"**Proposed Purchaser**" has the meaning given in Article 9.1;

"**Proposed Transferee**" has the meaning given in Article 10.1;

"**Proposed Transferors**" has the meaning given in Article 10.1;

"**Proxy Notice**" has the meaning given in Article 74.1;

"**Related Fund**" in relation to a fund (the "**first fund**") means a fund which is managed or advised by the same Fund Manager as the first fund or, if it is managed by a different Fund Manager, a fund whose Fund Manager is an Affiliate of the Fund Manager of the first fund;

"**Relevant Rate**" has the meaning given in Article 19.2;

"**Remuneration Committee**" means a standing committee of the directors of the Company established by the Board to make determinations on all matters concerning the general remuneration policy of the Group;

"**Restricted Investor**" has the meaning given in Article 5.3;

"**Sale**" means the transfer of shares (whether through a single transaction or a series of transactions) as a result of which any person, or persons connected (as defined in section 252 of the UK Companies Act) or acting in concert (as defined in the UK Takeover Code) with such person, holds more than 50% of the Ordinary Shares then in issue;

"**Sale Agreement**" has the meaning given in Article 9.1;

"**Shares**" means any shares in the capital of the Company of any class;

"**Subsidiary**" has the meaning given in section 1159 of the UK Companies Act;

"**Super Senior and Senior Term Facility Credit Agreement**" means the super senior and senior term facility agreement to be entered into on or around the Adoption Date between, amongst others, Doncasters US Finance LLC and Doncasters US LLC, certain Investors (or their Affiliates or Related Funds) and, if applicable, the Super Senior Lenders (as defined therein), as amended, restated or supplemented and/or otherwise modified in accordance with its terms from time to time;

"**Tag Acceptance Notice**" has the meaning given in Article 10.4;

"**Tag Closing Date**" has the meaning given in Article 10.2;

"**Tag Completion Date**" has the meaning given in Article 10.5;

"**Tag Deficit**" has the meaning given in Article 10.6;

"**Tag Offer**" has the meaning given in Article 10.1;

"**Tagging Shareholder**" has the meaning given in Article 10.4;

"**Tax**" means all forms of taxation, levy, impost, contribution, duty, liability and charge in the nature of taxation imposed anywhere in the world and all related withholdings or deductions of any nature (including, for the avoidance of doubt, PAYE and National Insurance contribution liabilities in the United Kingdom and corresponding obligations elsewhere) imposed or collected by a Tax Authority whether directly or primarily chargeable against, recoverable from or attributable to any of the Group Companies or another person and all fines, penalties, charges and interest related to any of the foregoing (and "**Taxes**" and "**Taxation**" shall be construed accordingly);

"**Tax Authority**" means a taxing or other governmental (local or central), state or municipal authority (whether within or outside the United Kingdom) competent to impose a liability for or to collect Tax;

"**Transfer**" has the meaning given in Article 8.1;

"**Transmittee**" means a person entitled to a share by reason of the death or bankruptcy of a member or otherwise by operation of law;

"**UK Companies Act**" means the Companies Act 2006 of the United Kingdom;

"**UK Takeover Code**" means the City Code on Takeovers and Mergers of the United Kingdom;

"**Upper Drag Threshold**" has the meaning given in Article 9.1;

"**Vendor Shareholders**" has the meaning given in Article 9.1;

"**Vendor Shares**" has the meaning given in Article 9.1;

"**Winding-Up**" means a distribution to the holders of Ordinary Shares pursuant to a winding-up or dissolution of the Company or a New Holding Company (including following an Asset Sale); and

"**Writing**" means the representation or reproduction of words, symbols or other information in a visible form by any method or combination of methods, whether sent or supplied in electronic form or otherwise.

2.2 In the Articles,
 unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) terms used
 shall, unless otherwise defined herein, bear the meaning ascribed to them in the UK Companies
 Act as in force on the date when the Articles became binding on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references
 to any Jersey legal term shall, for any jurisdiction other than Jersey, be deemed to include
 a reference to the term which most nearly approximates to the Jersey legal term in that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references
 to United Kingdom statutes, ordinances, regulations or any other instruments having the force
 of law therein shall be interpreted as if the Company was incorporated in the United Kingdom
 and subject to such provisions, to the extent the same does not contravene the Companies
 Law or any other law of Jersey. Where pursuant to these Articles the Company is said to be
 authorised or empowered to exercise any authorities, discretions or powers pursuant to any
 United Kingdom statutes, ordinances, regulations or any other instruments, the Company shall
 also be authorised and empowered to exercise any similar or analogous authorities, discretions
 or powers pursuant to the Companies Law or any other law of Jersey;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in interpreting
 the terms "**holding company** ", "**subsidiary** ", "**group undertaking** ", "**subsidiary undertaking**" and "**parent undertaking** ", a company is to be treated as (i) a member of a subsidiary or
 a subsidiary undertaking (as the case may be) even if its shares are registered in the name
 of a nominee or any party holding a security over those shares (or that secured party's
 nominee); or (ii) the holding company or parent undertaking (as the case may be) of
 another company even if its shares in the other company are registered in the name of a nominee
 or any party holding security over those shares (or that secured party's nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) references
 to Articles are references to the relevant article of these Articles unless expressly provided
 otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a reference
 to a statute, statutory provision or subordinate legislation is a reference to it as it is
 in force from time to time, taking account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any subordinate
 legislation from time to time made under it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amendment
 or re-amendment and includes any statute, statutory provision or subordinate legislation
 which it amends or re-enacts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references
 to the singular include the plural and vice versa and references that are gender neutral
 or gender specific include each and every gender and no gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references
 to a "**person**" include any individual, partnership, company, body corporate,
 corporation sole or aggregate, firm, joint venture, association, trust, government, state
 or agency of a state, unincorporated association or organisation, in each case whether or
 not having separate legal personality and irrespective of the jurisdiction in or under the
 law of which it was incorporated or exists, and a reference to any of them shall include
 a reference to the others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references
 to a "**company**" include any company, corporation or other body corporate
 wherever and however incorporated or established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the word
 "**dividend**" has the meaning ascribed to the word "**distribution** "
 in Article 114 of the Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) references
 to "**proportions paid up**" and/or "**proportions credited as paid up**" mean the proportions (whether in cash or other than in cash) paid up or credited
 as paid up against the relevant share as compared to the total amount to be paid up on each
 relevant share at the time of issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) references
 to "**sterling** ", "**pounds sterling**" or "**£** "
 are references to the lawful currency from time to time of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) references
 to times of the day are to London time unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) references
 to any English legal term for any action, remedy, method of judicial proceeding, legal document,
 legal status, court official or any other legal concept or thing shall in respect of any
 jurisdiction other than England be deemed to include what most nearly approximates in that
 jurisdiction to the English legal term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) words introduced
 by the word "**other**" shall not be given a restrictive meaning because they
 are preceded by words referring to a particular class of acts, matters or things; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) general
 words shall not be given a restrictive meaning because they are followed by words which are
 particular examples of the acts, matters or things covered by the general words and the words
 "**includes**" and "**including**" shall be construed without
 limitation.

2.3 The headings
 and sub-headings in the Articles are inserted for convenience only and shall not affect the
 construction of the Articles.

2.4 Where it is
 expressed in these Articles that the consent, determination or direction of an Investor Majority, Investor
 Special Majority or Investor Super Majority is required, such consent, determination or direction
 shall be deemed to have been given if the relevant matter or transaction has been consented
 to in writing by an Investor Majority, Investor Special Majority or Investor Super Majority,
 as applicable.

2.5 For the purposes
 of Article 90 of the Companies Law, it is hereby specified that a resolution to alter
 the Memorandum of Association or these Articles shall only be effective as a special resolution
 when it is passed by 75% of the members who (being entitled to do so) vote in person, or
 by proxy, at a general meeting of the company or on a resolution in writing (as the case
 may be).

**SHARES - RIGHTS AND RESTRICTIONS**

**3.** **SHARE CAPITAL** 

The share capital of the Company is as specified in the Memorandum of Association.

**4.** **INCOME** 

4.1 The rights as
 regards income attaching to each class of share shall be as set out in this Article 4
 (*Income*).

4.2 Any funds of
 the Company available for distribution and resolved with the consent of the Board and an
 Investor Majority to be distributed shall, subject to the provisions of the Companies Law
 and the Finance Documents, be distributed amongst the holders of the Ordinary Shares in proportion
 to the numbers of such shares held by them respectively.

**5.** **VOTING** 

5.1 The voting rights
 attaching to each class of share shall be as set out in this Article 5 (*Voting*).

5.2 Save as otherwise
 provided in the Articles, the holders of Ordinary Shares shall, in respect of the Ordinary
 Shares held by them, be entitled to receive notice of, attend and speak at and vote at, general
 meetings of the Company and on a show of hands each such holder shall have one vote and on
 a poll or on a written resolution each such holder shall have one vote for each Ordinary
 Share held by them.

5.3 If any Investor
 (together with its Affiliates and Related Funds) acquires more than 30% of the Ordinary Shares
 then in issue, the aggregate voting rights of such Investor (and its Affiliates and Related
 Funds) (any such person from time to time, a "**Restricted Investor**") shall
 be capped at the voting rights attributable to 30% of the Ordinary Shares then in issue (the
 "**Voting Cap**") and a Restricted Investor's share of those aggregate
 voting rights shall in that case be determined by reference to the total number of Ordinary
 Shares held by such Restricted Investor relative to the total number of Ordinary Shares held
 by all relevant Restricted Investors. In the event that any such Restricted Investor is determined
 by the Board to have instructed any other person (including through the counterparty of any
 unsettled trades), or entered into a voting agreement or a back-to-back arrangement or any
 arrangement having a similar effect, or otherwise acted in concert with any other person
 or Investor, with such actions having the aim or the effect of circumventing or manipulating
 the Voting Cap, all voting rights of such Investors determined by the Board to be involved
 shall be removed for such a time as is determined by the Board.

**6.** **RETURN OF CAPITAL** 

6.1 The rights as
 regards return of capital attaching to each class of share shall be as set out in this Article 6
 (*Return Of Capital*).

6.2 On a return
 of capital on a liquidation or otherwise, the surplus assets of the Company available for
 distribution among the members (after the payment of the Company's liabilities) shall
 be distributed amongst the holders of the Ordinary Shares in proportion to the number of
 fully paid Ordinary Shares held by them respectively.

**7.** **APPORTIONMENT OF CONSIDERATION ON A SALE OR AN IPO** 

7.1 In the event
 of a Sale the selling holders of shares in the Company (immediately prior to such Sale) shall
 procure that the total of all and any consideration in whatever form (net of all costs, fees,
 charges and expenses of the members who are selling their shares and each Group Company incurred
 in connection with the Sale, in each case as approved by an Investor Majority, which shall
 be borne as agreed in any agreement on such matters entered into by the selling members)
 received or receivable by members at any time in respect of the shares that are the subject
 of the Sale shall be reallocated between them so as to ensure the aggregate sale proceeds
 shall be distributed in accordance with Article 6.2 as if the date of such Sale were
 the date of the return of capital under such Article and as if the consideration for
 such Sale represented all of the assets of the Company available for distribution to the
 holders of shares in the Company.

7.2 In the event
 of an IPO the holders of shares in the Company (immediately prior to such IPO) shall procure
 that the shares (or shares in a New Holding Company) that are the subject of the IPO shall
 be reallocated between them so as to ensure the total of all and any consideration in whatever
 form (net of all costs, fees, charges and expenses of the members who are selling their shares
 and each Group Company incurred in connection with the IPO, which shall be borne as agreed
 in any agreement on such matters entered into by the selling members) shall be distributed
 in accordance with Article 6.2 as if the date of such IPO were the date of the return
 of capital under such Article and as if the same represented all of the assets of the
 Company available for distribution to the holders of shares in the Company. Any part or fractional
 entitlements shall be allocated by the directors acting in good faith.

**SHARE TRANSFERS**

**8.** **SHARE TRANSFERS: GENERAL** 

8.1 In these Articles
 references to any "**transfer**" of shares or any similar expression shall
 be deemed to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any sale
 or other disposition of the legal or equitable interest in the shares (including any voting
 rights attached to the shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the creation
 of Encumbrance over the legal or equitable interest in the shares (including any voting rights
 attached to the shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any direction
 by a person entitled to an allotment or issue of shares that any such shares be allotted
 or issued to any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any grant
 of an option to acquire either or both of the legal and equitable ownership of any shares
 by any person entitled to any such shares.

8.2 Subject to Articles
 8.4, 9 (*Drag Along Rights*) and 10 (*Tag Along Rights*), shares may be transferred
 to any person other than a Competitor, Customer or Supplier and provided that the terms of
 any Encumbrance that is created over the legal or equitable interest in any shares provide
 that such Encumbrance will be automatically released upon such shares becoming Dragged Shares
 in accordance with the Drag Right. Shares may only be transferred to a Competitor, Customer
 or Supplier if the Drag Right is exercised (in accordance with Article 9 (*Drag Along Rights*)) in connection with such transfer.

8.3 In addition,
 an Investor shall be entitled to transfer its Ordinary Shares at any time to any of its Affiliates
 or Related Funds (though not to any portfolio company, Competitor, Customer or Supplier)
 (an "**Affiliate Transfer**") and any such Affiliate Transfer shall not be
 subject to Articles 8.4, 9 (*Drag Along Rights*) or 10 (*Tag Along Rights*), provided
 that if such transferee ceases to be an Affiliate or Related Fund of the transferor, it shall
 promptly and in any event within seven (7) days of such cessation transfer any Ordinary
 Shares held by it back to the transferor or to another of such transferor's Affiliates
 or Related Funds (but not to any portfolio company, Competitor, Customer or Supplier).

8.4 For so long
 as any amounts remain unpaid under the Holdco PIK Facility Agreement (such unpaid amounts,
 including any fee, premium, penalty or similar cost, liability, expense or amount associated
 with the prepayment, termination and/or settlement of the facility provided thereunder, the
 "**Holdco PIK Facility Debt**") and unless Investors holding in aggregate
 more than 90% of the Ordinary Shares then in issue give their prior written consent, no Investor
 shall transfer to any person (including pursuant to Articles 9 (*Drag Along Rights*)
 and 10 (*Tag Along Rights*)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Ordinary
 Shares unless such Investor (or such Investor's Affiliate or Related Fund, as applicable)
 simultaneously transfers to the same transferee (or an Affiliate or Related Fund of the same
 transferee (but not to such transferee's portfolio companies or to a Competitor, Customer
 or Supplier)) the Relevant Proportion of Holdco PIK Facility Debt owed to such Investor (or
 such Investor's Affiliate or Related Fund); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Holdco
 PIK Facility Debt owed to such Investor (or its Affiliate or Related Fund) unless such Investor
 (or its Affiliate or Related Fund, as applicable) simultaneously transfers to the same transferee
 (or an Affiliate or Related Fund of the same transferee (but not to such transferee's
 portfolio companies or to a Competitor, Customer or Supplier)) the Relevant Proportion of
 Ordinary Shares held by such Investor (or such Investor's Affiliate or Related Fund),

and for these purposes the "**Relevant Proportion**" shall be determined by reference to Clause 22.3 of the Holdco PIK Facility Agreement.

8.5 Subject to Article 8.6,
 the Company shall register any transfer of shares within 14 days of an instrument of transfer
 in any usual form or any other form approved by the directors, executed by or on behalf of
 the transferor and, if any of the shares are partly paid, the transferee, being lodged (duly
 stamped if required) at the Company's registered office accompanied by the relevant
 share certificate(s) (to the extent certificates have been issued in respect of such
 shares) and such other evidence as the directors may reasonably require for the Company to
 satisfy itself acting reasonably that the transfer is not to a Competitor, Customer or Supplier,
 other than where permitted pursuant to Article 8.2, or to satisfy requirements that
 the Company or any regulated services provider to it may have for the purposes of (but not
 limited to) the Money Laundering Regulations 2017, the Joint Money Laundering Steering Group
 Guidance Notes, the Money Laundering (Jersey) Order 2008, the Proceeds of Crime (Jersey)
 Law 1999, the Control of Borrowing (Jersey) Order 1958 and applicable securities laws.

8.6 The directors
 must decline to register a transfer if the transfer: (a) is, as far as the directors
 are aware: (i) to a Competitor, Customer or Supplier, other than on a transfer of shares
 effected pursuant to Article 9 (*Drag Along Rights*) (as permitted by Article 8.2);
 or (ii) otherwise in breach of any of the Articles; or (b) does not, as determined
 by the directors, comply with applicable securities laws, including the U.S. Securities Act
 of 1933, as amended, or otherwise subjects the Company to the reporting requirements of the
 U.S. Securities Exchange Act of 1934, as amended, or any other similar rule or regulation
 after giving effect to such transfer (other than pursuant to an Exit (as defined in the Shareholders
 Agreement)). Any transfer in breach of the Articles shall be void.

8.7 No fee may be
 charged for registering any instrument of transfer or other document relating to or affecting
 the title to any share.

8.8 The Company
 may retain any instrument of transfer which is registered.

8.9 The transferor
 remains the holder of a share until the transferee's name is entered in the register
 of members as holder of it.

8.10 If the directors
 decline to register the transfer of a share in accordance with the Articles, they shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) send to
 the transferee a notice of refusal, including the reasons for the refusal, as soon as practicable
 and in any event within two months of the date on which the instrument of transfer was lodged
 with the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) return the
 instrument of transfer to the transferee with the notice of refusal unless they suspect that
 the proposed transfer may be fraudulent.

8.11 If a member
 defaults in transferring any shares that it is required to transfer pursuant to the Articles
 (including pursuant to Article 9 (*Drag Along Rights*)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the CEO
 or, in the case of a transfer pursuant to Article 9 (*Drag Along Rights*), the
 Vendor Shareholders, may authorise any individual to execute, complete and deliver in the
 name of and as agent for and irrevocable appointee of the defaulting member any instruments
 of transfer and other documents necessary to give effect to the transfer of the shares to
 the transferee, and the Company shall on receipt of the duly executed instrument of transfer
 and other documents (subject to the transfer being duly stamped) register the transferee
 as the holder of the shares in the Company's register of members (whether or not the
 certificates in respect of such shares (if any) have been delivered to the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's
 receipt of the purchase money shall be a good discharge to the transferee on behalf of the
 selling member, and the Company shall hold such purchase money on trust for the selling member
 and pay the proceeds of sale into a separate bank account in the Company's name and
 (i) to the extent any certificates have been issued in respect of such shares, if and
 when the transferor shall deliver up its certificates in respect of such shares to the Company
 (or an indemnity in a form reasonably satisfactory to the CEO or the Vendor Shareholders
 in respect of any such lost certificates); or (ii) if no share certificates have been
 issued in respect of such shares, if and when the transferor shall deliver such evidence
 of entitlement to shares as the directors may reasonably require, it shall thereupon be paid
 the purchase money, without interest and less any sums owed to the Company by the holder
 pursuant to the Articles or otherwise (and if such certificates shall comprise any shares
 which the holder has not become bound to transfer the Company shall issue to such holder
 a balance certificate for such shares) and receipt by the transferor of the purchase money
 (less any sums deducted pursuant to this Article 8.11(b)) shall constitute an implied
 warranty from such transferor in favour of the transferee that the legal and beneficial title
 to the relevant shares was transferred free from all Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) once the
 name of the purchaser has been entered in the register of members in purported exercise of
 these powers, the validity of the proceedings shall not be questioned by any person and the
 transferee shall not be bound to see to the application of the consideration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if, in relation
 to a Drag Along Notice, "**consideration**" for the purposes of Article 9.7
 includes an offer to subscribe for or acquire any share, debt instrument or other security
 in the capital of the Proposed Purchaser, or any group undertaking of the Proposed Purchaser,
 as an alternative (whether in whole or in part), the directors shall have full and unfettered
 discretion to elect which alternative to accept in respect of each defaulting transferor
 (and may elect for different alternatives for different defaulting transferors) and the directors
 so acting shall not have any liability to such defaulting transferor in relation thereto.

8.12 The members
 acknowledge and agree that the authority conferred under Article 8.11 is necessary as
 security for the performance by Dragged Shareholders of their obligations under the Articles
 (including, in particular, Article 9 (*Drag Along Rights*)).

8.13 To enable the
 Company to determine whether or not there has been any transfer of shares in breach of the
 Articles (or whether a proposed transfer may be in breach of the Articles) the directors
 may require any holder or the legal personal representatives of any deceased holder or any
 person named as transferee in any transfer lodged for registration or such other person as
 the directors may reasonably believe to have information relevant to such purpose, to furnish
 to the Company such information and evidence as the directors (acting reasonably) may think
 fit regarding any matter which they deem relevant to such purpose. If such information or
 evidence is not furnished within a reasonable time period to enable the directors to determine
 to their reasonable satisfaction that no such breach has occurred or will occur, or as a
 result of such information and evidence being furnished the directors are reasonably satisfied
 that such a breach has occurred or will occur, the directors shall forthwith notify the holder
 of such shares in writing of that fact and, if the holder fails to remedy such breach within
 20 days of receipt of such written notice, then the relevant shares shall cease to confer
 upon the holder thereof any rights to vote (whether on a show of hands or on a poll) or to
 constitute an eligible member in relation to any proposed written resolution or to receive
 dividends or other distributions. These rights may be reinstated by the directors.

**9.** **DRAG ALONG RIGHTS** 

9.1 Other than in
 the case of an Affiliate Transfer, if one or more Investors (the "**Vendor Shareholders** ")
 propose to transfer alone or between them Ordinary Shares (together, the "**Vendor Shares**") to a person or persons acting in concert (the "**Proposed Purchaser** ")
 on arms' length terms and this would result in the Proposed Purchaser (together with
 its or their Affiliates and/or Related Funds) holding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) more than
 50% in aggregate of the total number of Ordinary Shares then in issue (the "**Lower Drag Threshold** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) more than
 75% in aggregate of the total number of Ordinary Shares then in issue (the "**Upper Drag Threshold** "),

the Proposed Purchaser shall have the option following the execution of a binding agreement (whether conditional or unconditional) for the sale of the Vendor Shares (the "**Sale Agreement**") to require all of the other members (other than any members who are connected (as defined in section 252 of the UK Companies Act) with the Vendor Shareholders or acting in concert (as defined in the UK Takeover Code) with the Proposed Purchaser) (the "**Dragged Shareholders**") to sell and transfer all (but not less than all) of their Ordinary Shares (including any shares acquired by them after the Drag Along Notice is served but excluding any shares which are to be redeemed on or prior to the purchase) (the "**Dragged Shares**") to the Proposed Purchaser (or as the Proposed Purchaser shall direct) in accordance with the provisions of this Article 9 (*Drag Along Rights*) (the "**Drag Right**"), provided that the Drag Right triggered by the Lower Drag Threshold may only be exercised if the Super Senior and Senior Term Facility Credit Agreement and Holdco PIK Facility Agreement (to the extent not already repaid) will be repaid in full in connection with the same transaction.

9.2 For so long
 as the Ordinary Shares held by an Investor are stapled to the Holdco PIK Facility Debt owed
 to such Investor (or an Affiliate or Related Fund of such Investor) pursuant to Article 8.4,
 the Drag Along Notice will also, at the election of the Proposed Purchaser, either: (i) require
 each Dragged Shareholder (or Affiliate or Related Fund of such Dragged Shareholder) to transfer
 to the Proposed Purchaser on the proposed date of transfer the entire amount of the Holdco
 PIK Facility Debt owed to it immediately prior to the transfer (if any), the value of which
 will (if applicable) be reflected in the consideration payable to each Dragged Shareholder
 pursuant to Article 9.7; or (ii) require the Proposed Purchaser to pay the value
 of the Holdco PIK Facility Debt owed to each Dragged Shareholder (or an Affiliate or Related
 Fund of such Dragged Shareholder) (if any) to such Dragged Shareholder (or Affiliate or Related
 Fund) on the proposed date of transfer by way of full and final settlement and discharge
 of such Holdco PIK Facility Debt.

9.3 The Vendor Shareholders
 (on behalf of and at the instruction of the Proposed Purchaser) may exercise the option set
 out in Article 9.1 by giving written notice to that effect to the Company as agent for
 and on behalf of each of the Dragged Shareholders at any time before the transfer of the
 Vendor Shares to the Proposed Purchaser. Such written notice (a "**Drag Along Notice** ")
 shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the
 Dragged Shareholders are required to transfer the Dragged Shares (pursuant to this Article 9
 (*Drag Along Rights*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, at
 the election of the Proposed Purchaser, either: (i) the Dragged Shareholders (or the
 Affiliate or Related Fund of such Dragged Shareholders) are required to transfer the Holdco
 PIK Facility Debt owed to each Dragged Shareholder (or the Affiliate or Related Fund of such
 Dragged Shareholder) to the Proposed Purchaser; or (ii) the Proposed Purchaser will
 pay to the Dragged Shareholder (or the Affiliate or Related Fund of such Dragged Shareholder)
 the value of the Holdco PIK Facility Debt owed to such Dragged Shareholder (or the Affiliate
 or Related Fund of such Dragged Shareholder) by way of full and final settlement and discharge
 of such Holdco PIK Facility Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the person
 to whom the Dragged Shares (and, if applicable, the Holdco PIK Facility Debt) are to be transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the consideration
 for which the Dragged Shares (and, if applicable, the Holdco PIK Facility Debt) are to be
 transferred (calculated in accordance with Article 9.7); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the proposed
 timing for the transfer to become effective.

9.4 The Drag Along
 Notice shall be accompanied by all documents required to be executed by the relevant Dragged
 Shareholder (and, if applicable, an Affiliate or Related Fund of such Dragged Shareholder)
 in order to transfer legal and beneficial title to the Dragged Shares (and, if applicable,
 the Holdco PIK Facility Debt) to the Proposed Purchaser free from all Encumbrances (the "**Drag Transfer Documents** "). The Drag Transfer Documents may include certain conditions
 as agreed between the Vendor Shareholders and the Proposed Purchaser as well as representations,
 warranties and indemnities in the same terms given by the Vendor Shareholder but limited
 to the following matters (only): (i) the Dragged Shareholder's title to, and ownership
 of, the relevant Dragged Shares and its capacity and authority to enter into such transfer;
 and (ii) if applicable, a customary leakage indemnity with respect to leakage from the
 date of the accounts being used as the locked box accounts up until the date of completion
 of such transfer, subject to any permitted leakage items agreed by the Vendor Shareholders
 but which shall in any event include any dividend declared but not paid prior to the date
 of the Sale Agreement. The Dragged Shareholders shall not be required to give any other representations,
 warranties or indemnities.

9.5 A Drag Along
 Notice shall be irrevocable but shall lapse if the Vendor Shares are not sold to the Proposed
 Purchaser within 60 days from the date of service of the Drag Along Notice (or such longer
 period as may be: (a) required in order to satisfy any mandatory regulatory or anti-trust
 conditions; or (b) reasonably requested in writing to each of the Dragged Shareholders
 by the Vendor Shareholders). The Vendor Shareholders may serve (or may require the Company
 to serve) further Drag Along Notices where any particular Drag Along Notice lapses or where
 the terms listed in Article 9.3 or 9.4 change.

9.6 Notwithstanding
 any other provision of these Articles, during the period between service of a Drag Along
 Notice on a Dragged Shareholder in accordance with Article 9.3 and the Dragged Shares
 being transferred to the Proposed Purchaser in accordance with this Article 9 (*Drag Along Rights*), those Dragged Shares (and, if applicable, the Holdco PIK Facility Debt)
 may not be transferred other than under this Article 9 (*Drag Along Rights*).

9.7 Subject to the
 immediately following sentence, the consideration payable for each Dragged Share shall be
 paid, at the discretion of each Dragged Shareholder, either: (i) in cash in full; or
 (ii) in the same form and manner of payment (including in respect of any deferral or
 escrow) and subject to the same payment terms as will be received by the Vendor Shareholders
 pursuant to the Sale Agreement. Subject to Clause 9.11, the consideration for each Dragged
 Share shall be equal to the highest consideration paid by the Proposed Purchaser (and/or
 any of its Affiliates or Related Funds or concert parties) for any Ordinary Share in the
 12-month period prior to the date of the Drag Along Notice (plus the relevant proportion
 of any other consideration (in cash or otherwise) received or receivable by any Vendor Shareholder
 which, having regard to the transaction as a whole, can reasonably be regarded as an addition
 to the consideration paid or payable in respect of the Vendor Shares). In addition, each
 Dragged Shareholder (or the Affiliate or Related Fund of such Dragged Shareholder, as applicable)
 shall be entitled to receive in cash the full amount owed to it in respect of any Holdco
 PIK Facility Debt held by it.

9.8 The Sale Agreement
 shall provide that the Proposed Transferee shall pay all costs (other than Tax in respect
 of the transaction proceeds) incurred by the Vendor Shareholders and Dragged Shareholders
 (and relevant Affiliates or Related Funds of such Dragged Shareholders, as applicable) in
 connection with the transfer of the Vendor Shares and the Dragged Shares. In the event the
 Proposed Transferee cannot or will not pay such costs, each Dragged Shareholder shall pay
 (for and on behalf of any relevant Affiliates or Related Funds, as applicable) its pro rata
 share (as a deduction from, and calculated by reference to, the gross pre-Tax proceeds to
 be received by all Vendor Shareholders and Dragged Shareholders in respect of their shares
 and other securities to be sold or redeemed in connection with the relevant transaction,
 without prejudice to any other deductions lawfully required to be made) of such costs.

9.9 The sale of
 the Dragged Shares (and, if applicable, of the Holdco PIK Facility Debt) shall be completed
 on the date of completion of the sale of the Vendor Shares unless the Vendor Shareholders
 and the holders of more than 50% of the Dragged Shares agree otherwise. The Dragged Shareholders
 (and, if applicable, an Affiliate or Related Fund of such Dragged Shareholder) shall not
 be required to sell and transfer the Dragged Shares (or, if applicable, the Holdco PIK Facility
 Debt) prior to the date on which the Vendor Shares are transferred to the Proposed Purchaser.

9.10 If any person
 becomes a member of the Company pursuant to the exercise of a pre-existing option or other
 right to acquire shares after a Drag Along Notice has been served, such member will be bound
 to sell and transfer all shares it acquires to the Proposed Purchaser (or as the Proposed
 Purchaser may direct). The provisions of Articles 9.1 to 9.9 shall apply (with the necessary
 changes) to such member, save that if its shares are acquired after the sale of the Dragged
 Shares has been completed, completion of the sale of such member's shares shall take
 place immediately following the acquisition of such shares by such member.

9.11 In the event
 that any Dragged Shareholder has (or has a parent undertaking that has) a premium listing
 of equity securities on the London Stock Exchange (a "**Listed Dragged Shareholder** "),
 and does not have sole discretion over whether or not there is to be a transfer of its Dragged
 Shares pursuant to this Article 9 (*Drag Along Rights*), the maximum consideration
 payable to such Listed Dragged Shareholder for its Dragged Shares shall, notwithstanding
 any provision to the contrary in the Articles, be limited to the minimum amount that would
 constitute a Class 1 transaction in accordance with the Listing Rules of the London
 Stock Exchange, less £1.00 (the "**Capped Consideration** "). The difference
 between the Capped Consideration and the consideration that would have been payable to such
 Dragged Shareholder if it was not a Listed Dragged Shareholder shall be held by the Company
 in escrow until the Dragged Shareholder has received final approval for the transfer of its
 Dragged Shares, and such additional consideration shall be transferred to the Listed Dragged
 Shareholder as soon as reasonably practicable after the Company is notified of such approval.
 The provision of the foregoing in this Article 9.11 is for the benefit of each Listed
 Dragged Shareholder alone and may, within 5 Business Days of receipt of any Drag Along Notice
 by such Listed Dragged Shareholder, be waived by such Listed Dragged Shareholder in respect
 of itself in its sole discretion (whether entirely or subject to a higher cap determined
 by it).

9.12 The provisions
 of this Article 9 (*Drag Along Rights*) may be enforced in relation to a transfer
 to a New Holding Company as if that New Holding Company was the Proposed Purchaser.

**10.** **TAG ALONG RIGHTS** 

10.1 Other than
 in the case of an Affiliate Transfer or a transfer pursuant to Article 9 (*Drag Along Rights*), no sale or transfer for value of the legal or beneficial interest in Ordinary
 Shares (whether in one or a series of related transactions) shall be made to any person or
 persons acting in concert (together, the "**Proposed Transferee**") that would
 result in the Proposed Transferee (together with its or their Affiliates and/or Related Funds)
 holding more than 50% in aggregate of the total number of Ordinary Shares then in issue unless
 before such transfer is lodged for registration the Investors proposing to make the transfer
 (the "**Proposed Transferors**") have procured that an unconditional offer
 complying with the provisions of Article 10.3 has been made by the Proposed Transferee
 to the Company as agent for and on behalf of the holders of the other Ordinary Shares to
 acquire all (and not less than all) of their holdings of Ordinary Shares (the "**Tag Offer** ").

10.2 For so long
 as the Ordinary Shares held by an Investor are stapled to the Holdco PIK Facility Debt owed
 to such Investor (or such Investor's Affiliate or Related Fund) pursuant to Article 8.4,
 the Tag Offer will also, at the election of the Proposed Transferee, either: (i) require
 each Tagging Shareholder (or such Investor's Affiliate or Related Fund, as applicable)
 to transfer to the Proposed Transferee on the proposed date of transfer the proportion of
 the Holdco PIK Facility Debt owed to it immediately prior to the transfer (if any) which
 corresponds to the Ordinary Shares such Tagging Shareholder is transferring to the Proposed
 Transferee, the value of which (if applicable) will be reflected in the consideration payable
 to each Tagging Shareholder pursuant to Article 10.3(f); or (ii) require the Proposed
 Transferee to pay the value of the Holdco PIK Facility Debt owed to each Tagging Shareholder
 (or such Tagging Shareholder's Affiliate or Related Fund) (if any) to such Tagging
 Shareholder (or such Tagging Shareholder's Affiliate or Related Fund) on the proposed
 date of transfer by way of full and final settlement and discharge of such Holdco PIK Facility
 Debt.

10.3 The Tag Offer
 shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be open
 for acceptance for a period of at least seven (7) days following the making of the Tag
 Offer (the last date of such period being the "**Tag Closing Date** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) state that,
 at the election of the Proposed Transferee, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Tagging
 Shareholders (or such Tagging Shareholder's Affiliate or Related Fund) will be required
 to transfer to the Proposed Transferee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Proposed
 Transferee will pay to the Tagging Shareholder (or such Tagging Shareholder's Affiliate
 or Related Fund) the value of,

the proportion of the Holdco PIK Facility Debt owed to it which corresponds to the Ordinary Shares such Tagging Shareholder chooses to transfer to the Proposed Transferee (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) state whether
 it is conditional on acceptances which would, if the relevant transfers were registered,
 result in the Proposed Transferees holding or increasing their aggregate shareholding in
 the Company to a specified proportion of the Ordinary Shares in issue, provided that if the
 relevant condition is not satisfied or waived by the Proposed Transferee, no shares may be
 transferred pursuant to this Article 10 (*Tag Along Rights*) (including the Ordinary
 Shares whose proposed transfer led to the offer being made in accordance with this Article 10
 (*Tag Along Rights*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provide
 an estimate of the costs incurred by the Proposed Transferee and all other holders of shares
 in connection with the transfers by the Proposed Transferors and the Tagging Shareholders
 and the portion of which may be payable by the Tagging Shareholders (for and on behalf of
 their Affiliates or Related Funds, as applicable) for the purposes of Article 10.8 (provided
 that the Proposed Transferors may update this estimate at any time prior to the Tag Completion
 Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) be on terms
 that the purchase of any Ordinary Shares and, if applicable, corresponding Holdco PIK Facility
 Debt in respect of which such offer is accepted shall be completed at the same time as the
 purchase from the Proposed Transferors and, if the transfer of shares by the Proposed Transferors
 to the Proposed Transferees does not complete, the Tag Offer shall lapse and the provisions
 of this Article 10 shall cease to apply in relation to the Tag Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) specify
 the form (in cash or otherwise), amount and manner of payment (including in respect of any
 deferral or escrow) of the consideration payable for each Ordinary Share, which shall be
 equal to the highest consideration offered by the Proposed Transferee (and/or any of its
 Affiliates or Related Funds or concert parties) for any Ordinary Share in the six-month period
 prior to the date of the Tag Offer (but excluding any transfer, purchase or issuance of Ordinary
 Shares on the Adoption Date) (plus the relevant proportion of any other consideration (in
 cash or otherwise) received or receivable by the Proposed Transferors which, having regard
 to the transaction as a whole can be reasonably be regarded as an addition to the consideration
 paid or payable in respect of the Ordinary Shares being transferred by such Proposed Transferors).
 In addition, each Tagging Shareholder (or such Tagging Shareholder's Affiliate or Related
 Fund, as applicable) shall be entitled to receive in any case the full amount owed to it
 in respect of any Holdco PIK Facility Debt held by it.

10.4 The Company
 shall promptly notify the holders of Ordinary Shares which are the subject of a Tag Offer
 of the terms of the Tag Offer upon receiving notice of the same from the Proposed Transferee,
 following which any such holder who wishes to transfer some or all of their Ordinary Shares
 (and, if applicable, Holdco PIK Facility Debt) to the Proposed Transferee pursuant to the
 Tag Offer (a "**Tagging Shareholder**") shall serve notice on the Company
 to that effect (the "**Tag Acceptance Notice**") at any time before the Tag
 Closing Date.

10.5 Within three
 days after the Tag Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company
 shall notify the Proposed Transferee in writing of the names and addresses of the Tagging
 Shareholders who have accepted the Tag Offer, together with the number of Ordinary Shares
 the acceptance relates to (and, if applicable, the Holdco PIK Facility Debt);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company
 shall notify each Tagging Shareholder in writing of the identity of the Proposed Transferee;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each of
 the Company's notifications above shall indicate the date, time and place on which
 the sale and purchase of the Ordinary Shares is to be completed being a date notified by
 the Proposed Transferee which is not less than seven (7) days and not more than fourteen
 days after the Tag Closing Date (the "**Tag Completion Date** ").

10.6 If the total
 number of Ordinary Shares set out in all Tag Acceptance Notices is less than the total number
 of Ordinary Shares subject to the Tag Offer (the "**Tag Deficit** "), the Proposed
 Transferors shall be entitled to, at their election:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) allow Tagging
 Shareholders to transfer additional Ordinary Shares to the Proposed Transferees in such number
 as notified to the Tagging Shareholder by the Proposed Transferors on the same terms as the
 Tag Offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer
 such number of Ordinary Shares as equals the Tag Deficit on the same terms as the Tag Offer
 in addition to the Ordinary Shares proposed to be sold by them pursuant to the transfer which
 triggered the Tag Offer without any obligation to the other holders of Ordinary Shares in
 respect of the Tag Deficit.

10.7 Each Tagging
 Shareholder shall transfer the legal and beneficial title to its Ordinary Shares which are
 the subject of the Tag Acceptance Notice to the Proposed Transferee on the terms set out
 in this Article 10 (*Tag Along Rights*), along with, if applicable, the corresponding
 proportion of Holdco PIK Facility Debt, free from all Encumbrances, by delivering to the
 Company on or before the Tag Completion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly executed
 stock transfer form(s) in respect of such Ordinary Shares registered in its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent
 any certificates have been issued in respect of such shares, the relevant share certificate(s) (or
 an indemnity in respect thereof in a form satisfactory to the directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a duly executed
 sale agreement or form of acceptance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Tagging
 Shareholder is transferring Holdco PIK Facility Debt, a duly executed Transfer Certificate
 (as defined in the Holdco PIK Facility Agreement),

and, to the extent required by the Proposed Transferors, shall sign such other documents as are signed by the Proposed Transferors pursuant to the offer which may include representations, warranties and indemnities in the same terms given by the Proposed Transferors but limited to the following matters (only): (i) the Tagging Shareholder's title to, and ownership of, the relevant Ordinary Shares and its capacity and authority to enter into such transfer; and (ii) if applicable, a customary leakage indemnity with respect to leakage from the date of the accounts being used as the locked box accounts up until the date of completion of such transfer, subject to any permitted leakage items agreed by the Proposed Transferors, all against payment on the Tag Completion Date of the aggregate consideration due to it under the Tag Offer. The Proposed Transferors shall not be required to give any other representations, warranties or indemnities.

10.8 Any documents
 signed by the Proposed Transferors pursuant to the offer shall provide that the Proposed
 Transferee shall pay all costs incurred by the Proposed Transferors and the Tagging Shareholders
 in connection with the transfers by them pursuant to this Clause 10. In the event the Proposed
 Transferee cannot or will not pay such costs, each Tagging Shareholder shall pay its pro
 rata share (as a deduction from, and calculated by reference to, the gross pre-Tax proceeds
 to be received by all Proposed Transferors and Tagging Shareholders in respect of their shares
 and other securities to be sold or redeemed in connection with the relevant transaction,
 without prejudice to any other deductions lawfully required to be made) of such costs.

10.9 No offer shall
 be required under this Article 10 (*Tag Along Rights*) if a Drag Along Notice has
 been served under Article 9 (*Drag Along Rights*) and has not lapsed.

**11.** **TRANSMISSION OF SHARES** 

11.1 If title to
 a share passes to a transmittee, the Company may only recognise the transmittee as having
 any title to that share.

11.2 A transmittee
 who produces such evidence of entitlement to shares as the directors may properly require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may, subject
 to the Articles, choose either to become the holder of those shares or to have them transferred
 to another Affiliate of the original holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to the Articles, and pending any transfer of the shares to another Affiliate of the original
 holder, has the same rights and obligations as the original holder had.

11.3 Subject to
 Article 49.2, transmittees do not have the right to attend or vote at a general meeting,
 or to constitute an eligible member in relation to any proposed written resolution, in respect
 of shares to which they are entitled, by reason of the holder's death or bankruptcy
 or otherwise, unless they become the holders of those shares.

**12.** **EXERCISE OF TRANSMITTEES' RIGHTS** 

12.1 Transmittees
 who wish to become the holders of shares to which they have become entitled must notify the
 Company in writing of that wish.

12.2 If the transmittee
 wishes to have a share transferred to another person, the transmittee must execute an instrument
 of transfer in respect of it.

12.3 Any transfer
 made or executed under this Article 12 (*Exercise Of Transmittee's Rights*)
 is to be treated as if it were made or executed by the person from whom the transmittee has
 derived rights in respect of the share, and as if the event which gave rise to the transmission
 had not occurred.

**13.** **TRANSMITTEES BOUND BY PRIOR NOTICES** 

If a notice is given to a member in respect of shares and a transmittee is entitled to those shares, the transmittee is bound by the notice if it was given to the member before the transmittee's name has been entered in the register of members.

**14.** **COMPANY'S LIEN OVER PARTLY PAID SHARES** 

14.1 The Company
 has a lien (the "**Company's lien**") over every share which is partly
 paid, for all monies (whether presently payable or not) which have not been paid to the Company
 in respect of that share, and which is payable immediately or at some time in the future,
 whether or not a call notice has been sent in respect of it.

14.2 The Company's
 lien over a share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) takes priority
 over any third party's interest in that share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) extends
 to any dividend or other money payable by the Company in respect of that share and (if the
 lien is enforced and the share is sold by the Company) the proceeds of sale of that share.

14.3 The directors
 may at any time, decide that a share which is or would otherwise be subject to the Company's
 lien shall not be subject to it, either wholly or in part.

**15.** **ENFORCEMENT OF THE COMPANY'S LIEN** 

15.1 Subject to
 the provisions of this Article 15 (*Enforcement Of The Company's Lien*),
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an enforcement
 notice has been given in respect of a share (a "**lien enforcement notice** ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the person
 to whom the notice was given has failed to comply with it,

the Company may sell that share in such manner as the directors decide.

15.2 A lien enforcement
 notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may only
 be given in respect of a share which is subject to the Company's lien, in respect of
 which a sum is payable and the due date for payment of that sum has passed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must specify
 the share concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) must require
 payment of the sum payable within 14 days of the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) must be
 addressed either to the holder of the share or to a person entitled to it by reason of the
 holder's death, bankruptcy or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) must state
 the Company's intention to sell the share if the notice is not complied with.

15.3 Where shares
 are sold under this Article 15 (*Enforcement Of The Company's Lien*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the directors
 may authorise any person to execute an instrument of transfer of the shares to the purchaser
 or a person nominated by the purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the transferee
 is not bound to see to the application of the consideration, and the transferee's title
 is not affected by any irregularity in or invalidity of the process leading to the sale.

15.4 The net proceeds
 of any such sale (after payment of the costs of sale and any other costs of enforcing the
 lien) must be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) first, in
 payment of so much of the sum for which the lien exists as was payable at the date of the
 lien enforcement notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) second,
 to the person entitled to the shares at the date of the sale, but, to the extent any certificates
 have been issued in respect of such shares, only after the certificate for the shares sold
 has been surrendered to the Company for cancellation or an indemnity in lieu of the certificate
 in a form reasonably satisfactory to the directors has been given for any such lost certificates,
 and subject to a lien equivalent to the Company's lien over the shares before the sale
 for any money payable in respect of the shares after the date of the lien enforcement notice.

15.5 A certificate,
 affidavit or other official declaration by a director or the company secretary (if any) that
 the person is a director or the company secretary and that a share has been sold to satisfy
 the Company's lien on a specified date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is conclusive
 evidence of the facts stated in it as against all persons claiming to be entitled to the
 share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to compliance with any other formalities of transfer required by the Articles or by law,
 constitutes a good title to the share.

**16.** **CALL NOTICES** 

16.1 Subject to
 the Articles and the terms on which shares are allotted, the directors may send a notice
 (a "**call notice**") to a member requiring the member to pay the Company
 a specified sum of money (a "**call**") which is payable in respect of any
 amount partly paid or unpaid on the shares which that member holds at the date when the directors
 decide to send the call notice.

16.2 A call notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may not
 require a member to pay a call which exceeds the total sum unpaid on that member's
 shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must state
 when and how any call to which it relates it is to be paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may permit
 or require the call to be paid by instalments.

16.3 A member must
 comply with the requirements of a call notice, but no member is obliged to pay any call before
 14 days have passed since the notice was sent.

16.4 Before the
 Company has received any call due under a call notice the directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) revoke it
 wholly or in part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) specify
 a later time for payment than is specified in the call notice, by a further notice in writing
 to the member in respect of whose shares the call is made.

**17.** **LIABILITY TO PAY CALLS** 

17.1 Liability to
 pay a call is not extinguished or transferred by transferring the shares in respect of which
 it is required to be paid.

17.2 Joint holders
 of a share are jointly and severally liable to pay all calls in respect of that share.

17.3 Subject to
 the terms on which shares are allotted, the directors may, when issuing shares, provide that
 call notices sent to the holders of those shares may require them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to pay calls
 which are not the same; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to pay calls
 at different times.

**18.** **WHEN CALL NOTICE NEED NOT BE ISSUED** 

18.1 A call notice
 need not be issued in respect of sums which are specified, in the terms on which a share
 is allotted, as being payable to the Company in respect of that share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on allotment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the occurrence
 of a particular event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on a date
 fixed by or in accordance with the terms of allotment.

18.2 But if the
 due date for payment of such a sum has passed and it has not been paid, the holder of the
 share concerned is treated in all respects as having failed to comply with a call notice
 in respect of that sum, and is liable to the same consequences as regards the payment of
 interest and forfeiture.

**19.** **FAILURE TO COMPLY WITH CALL NOTICE: AUTOMATIC CONSEQUENCES** 

19.1 If a person
 is liable to pay a call and fails to do so by the call payment date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the directors
 may issue a notice of intended forfeiture to that person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the
 call is paid, that person must pay the Company interest on the call from the call payment
 date at the relevant rate.

19.2 For the purposes
 of this Article 19 (*Failure To Comply With Call Notice: Automatic Consequences*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the "**call payment date**" is the time when the call notice states that a call is payable, unless
 the directors give a notice specifying a later date, in which case the 'call payment
 date' is that later date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the "**relevant rate**" is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the rate fixed
 by the terms on which the share in respect of which the call is due was allotted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such other
 rate as was fixed in the call notice which required payment of the call, or has otherwise
 been determined by the directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if no rate
 is fixed in either of these ways, 5% per annum.

19.3 The relevant
 rate must not exceed by more than five (5) percentage points the base lending rate most
 recently set by the Monetary Policy Committee of the Bank of England in connection with its
 responsibilities under Part 2 of the Bank of England Act 1998.

19.4 The directors
 may waive any obligation to pay interest on a call wholly or in part.

**20.** **NOTICE OF INTENDED FORFEITURE** 

20.1 A notice of
 intended forfeiture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may be sent
 in respect of any share in respect of which a call has not been paid as required by a call
 notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must be
 sent to the holder of that share or to a person entitled to it by reason of the holder's
 death, bankruptcy or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) must require
 payment of the call and any accrued interest by a date which is not less than 14 days after
 the date of the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may require
 payment of all costs and expenses that may have been incurred by the Company by reason of
 such non-payment by a date which is not less than 14 days after the date of the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) must state
 how the payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) must state
 that if the notice is not complied with, the shares in respect of which the call is payable
 will be liable to be forfeited.

**21.** **DIRECTORS' POWER TO FORFEIT SHARES** 

If a notice of intended forfeiture is not complied with before the date by which payment of the call is required in the notice of intended forfeiture, the directors may decide that any share in respect of which it was given is forfeited, and the forfeiture is to include all dividends or other moneys payable in respect of the forfeited shares and not paid before the forfeiture.

**22.** **EFFECT OF FORFEITURE** 

22.1 Subject to
 the Articles, the forfeiture of a share extinguishes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all interests
 in that share, and all claims and demands against the Company in respect of it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all other
 rights and liabilities incidental to the share as between the person whose share it was prior
 to the forfeiture and the Company.

22.2 Any share which
 is forfeited in accordance with the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is deemed
 to have been forfeited when the directors decide that it is forfeited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is deemed
 to be the property of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may be sold,
 re-allotted or otherwise disposed of as the directors think fit.

22.3 If a person's
 shares have been forfeited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company
 must send that person notice that forfeiture has occurred and record it in the register of
 members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person
 ceases to be a member in respect of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent
 any certificates have been issued in respect of such shares, that person must surrender the
 certificate for the shares forfeited to the Company for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that person
 remains liable to the Company for all sums payable by that person under the Articles at the
 date of forfeiture in respect of those shares, including any interest (whether accrued before
 or after the date of forfeiture); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the directors
 may waive payment of such sums wholly or in part or enforce payment without any allowance
 for the value of the shares at the time of forfeiture or for any consideration received on
 their disposal.

22.4 At any time
 before the Company disposes of a forfeited share, the directors may decide to cancel the
 forfeiture on payment of all calls, interest and costs and expenses (if any) due in respect
 of it and on such other terms as they think fit.

**23.** **PROCEDURE FOLLOWING FORFEITURE** 

23.1 If a forfeited
 share is to be disposed of by being transferred, the Company may receive the consideration
 for the transfer and the directors may authorise any person to execute the instrument of
 transfer.

23.2 A certificate,
 affidavit or other official declaration by a director or the company secretary (if any) that
 the person is a director or the company secretary and that a share has been forfeited on
 a specified date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is conclusive
 evidence of the facts stated in it as against all persons claiming to be entitled to the
 share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to compliance with any other formalities of transfer required by the Articles or by law,
 constitutes a good title to the share.

23.3 A person to
 whom a forfeited share is transferred is not bound to see to the application of the consideration
 (if any) nor is that person's title to the share affected by any irregularity in or
 invalidity of the process leading to the forfeiture or transfer of the share.

23.4 If the Company
 sells a forfeited share, the person who held it prior to its forfeiture is entitled to receive
 from the Company the proceeds of such sale, net of any commission, and excluding any amount
 which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was, or
 would have become, payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) had not,
 when that share was forfeited, been paid by that person in respect of that share,

but no interest is payable to such a person in respect of such proceeds and the Company is not required to account for any money earned on them.

**24.** **SURRENDER OF SHARES** 

24.1 A member may
 surrender any share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect
 of which the directors may issue a notice of intended forfeiture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which the
 directors may forfeit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which has
 been forfeited.

24.2 The directors
 may accept the surrender of any such share.

24.3 The effect
 of surrender on a share is the same as the effect of forfeiture on that share.

24.4 A share which
 has been surrendered may be dealt with in the same way as a share which has been forfeited.

**SHARES - OTHER PROVISIONS**

**25.** **DIRECTORS' AUTHORITY TO ALLOT SHARES** 

25.1 Subject to
 any agreement between the members, the Board may offer, allot, issue, grant options or rights
 over any unissued shares or otherwise dispose of them to such persons, at such times and
 for such consideration and upon such terms and conditions as the Board may determine.

25.2 The Company
 may issue fractions of shares in accordance with and subject to the provisions of the Companies
 Law provided that a fraction of a share shall not entitle a member to a vote in respect thereof.
 A fraction of a share shall, however, be taken into account in determining the entitlement
 of a member as regards dividends or on a winding up.

**26.** **POWERS TO ISSUE DIFFERENT CLASSES OF SHARE** 

26.1 Subject to
 the Articles, but without prejudice to the rights attached to any existing share, the Company
 may issue shares with such rights or restrictions as may be determined by ordinary resolution.

26.2 The Company
 may issue shares which are to be redeemed, or are liable to be redeemed at the option of
 the Company or the holder, and the directors may determine the terms, conditions and manner
 of redemption of any such shares.

**27.** **VARIATION OF CLASS RIGHTS** 

27.1 Whenever the
 share capital of the Company is divided into different classes of shares, the rights attached
 to any class may, subject to the Companies Law, only be varied or abrogated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the
 consent in writing of the holders of at least 75% of the issued shares of the class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the
 sanction of a resolution of the holders of at least 75% of the issued shares of the class
 passed at a separate meeting of the holders of that class,

and may be so varied or abrogated either whilst the Company is a going concern or during or in contemplation of a Winding-Up.

27.2 The rights
 conferred on the holders of shares of any class shall not, unless otherwise expressly provided
 by the terms of the shares of that class, be deemed to be varied or abrogated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the creation,
 allotment or issue of further shares, or securities convertible into shares, ranking subsequent
 to, or *pari passu* with, them, or the issue of any debt securities by any Group Company,
 or the purchase or redemption by the Company of its own shares in accordance with the Companies
 Law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any alteration
 to these Articles made conditional upon, or otherwise in connection with, a Sale or an IPO
 or in accordance with Article 27.2(a).

27.3 The foregoing
 provisions of this Article 26.1 shall apply to the variation or abrogation of the special
 rights attached to some only of the shares of any class as if each group of shares of the
 class differently treated formed a separate class.

**28.** **COMPANY NOT BOUND BY LESS THAN ABSOLUTE INTERESTS** 

Except as required by law, no person is to be recognised by the Company as holding any share upon any trust, and except as otherwise required by law or the Articles, the Company is not in any way to be bound by or recognise any interest in a share other than the holder's absolute ownership of it and all the rights attaching to it.

**29.** **PAYMENT OF COMMISSIONS ON SUBSCRIPTION FOR SHARES** 

29.1 The Company
 may pay any person a commission in consideration for that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing,
 or agreeing to subscribe, for shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring,
 or agreeing to procure, subscriptions for shares.

29.2 Any such commission
 may be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in cash,
 or in fully paid or partly paid shares or other securities or partly in one way and partly
 in the other; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect
 of a conditional or an absolute subscription.

**30.** **PROCEDURE FOR DISPOSING OF FRACTIONS OF SHARES** 

30.1 This Article 30
 (*Procedure for Disposing of Fractions Of Shares*) applies where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there has
 been a consolidation or division of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as a result,
 members are entitled to fractions of shares.

30.2 The directors
 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sell the
 shares representing the fractions to any person including the Company for the best price
 reasonably obtainable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorise
 any person to execute an instrument of transfer of the shares to the purchaser or a person
 nominated by the purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute
 the net proceeds of sale in due proportion among the holders of the shares.

30.3 The person
 to whom the shares are transferred is not obliged to ensure that any purchase money is received
 by the person entitled to the relevant fractions.

30.4 The transferee's
 title to the shares is not affected by any irregularity in or invalidity of the process leading
 to their sale.

**31.** **SHARE CERTIFICATES** 

31.1 If requested
 by a member to do so, the Company must issue such member, free of charge, with one or more
 certificates in respect of the shares which that member holds.

31.2 Every certificate
 must specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect
 of how many shares, of what class, it is issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the extent
 to which the shares are paid up or, if fully paid up, a statement to that effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any distinguishing
 numbers assigned to them.

31.3 No certificate
 may be issued in respect of shares of more than one class.

31.4 If more than
 one person holds a share, only one certificate may be issued in respect of it.

31.5 Certificates
 must be executed in accordance with the Companies Law.

**32.** **REPLACEMENT SHARE CERTIFICATES** 

32.1 If a certificate
 issued in respect of a member's shares is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) damaged
 or defaced; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) said to
 be lost, stolen or destroyed,

that member is entitled to be issued with a replacement certificate in respect of the same shares.

32.2 A member exercising
 the right to be issued with such a replacement certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may at the
 same time exercise the right to be issued with a single certificate or separate certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must return
 the certificate which is to be replaced to the Company if it is damaged or defaced; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) must comply
 with such conditions as to evidence, indemnity and the payment of a reasonable fee as the
 directors decide.

**33.** **REGISTER OF MEMBERS** 

33.1 The directors
 shall maintain or cause to be maintained a register of members (required to be kept pursuant
 to Article 41 of the Companies Law) in the manner required by the Companies Law. The
 register shall be kept at the Company's registered office or at such other place in
 Jersey as the directors from time to time determine. Each year the directors shall prepare
 or cause to be prepared and filed an annual return containing the particulars required by
 the Companies Law.

33.2 The Company
 shall not be required to enter the names of more than four joint holders in the register.

**DIRECTORS' POWERS AND RESPONSIBILITIES**

**34.** **DIRECTORS' GENERAL AUTHORITY** 

Subject to the Articles and any agreement between the members, the directors are responsible for the management of the Company's business, for which purpose they may exercise all the powers of the Company.

**35.** **MEMBERS' RESERVE POWER** 

35.1 The members
 may, by resolution of an Investor Super Majority, direct the directors to take, or refrain
 from taking, any specified action.

35.2 No such resolution
 invalidates anything which the directors have done before the passing of the resolution.

**36.** **DIRECTORS MAY DELEGATE** 

36.1 Subject to
 the Articles and any agreement between the members, the directors may delegate any of the
 powers which are conferred on them under the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to such
 person or committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by such
 means (including by power of attorney);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to such
 an extent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in relation
 to such matters or territories; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on such
 terms and conditions,

in each case as they think fit.

36.2 If the directors
 so specify, any such delegation may authorise further delegation of the directors'
 powers by any person to whom they are delegated.

36.3 The directors
 may revoke any delegation in whole or part, or alter its terms and conditions.

**37.** **COMMITTEES** 

37.1 Committees
 to which the directors delegate any of their powers must follow procedures which are based
 as far as they are applicable on those provisions of the Articles which govern the taking
 of decisions by directors.

37.2 The directors
 may make rules of procedure for all or any committees, which prevail over rules derived
 from the Articles to the extent that they are not consistent with them.

**DECISION-MAKING BY DIRECTORS**

**38.** **DIRECTORS TO TAKE DECISIONS COLLECTIVELY** 

38.1 Subject to
 any agreement between the members, the general rule about decision-making by directors
 is that any decision of the directors must be either a majority decision at a meeting or
 a decision taken in accordance with Article 39 (*Unanimous Decisions*).

38.2 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company
 only has one director for the time being and that director is an Independent Non-Executive
 Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no provision
 of the Articles requires it to have more than one director,

the general rule does not apply, and the director may (for so long as he remains the sole director) take decisions without regard to any of the provisions of the Articles relating to directors' decision-making.

**39.** **UNANIMOUS DECISIONS** 

39.1 A decision
 of the directors is taken in accordance with this Article 39 (*Unanimous Decisions*)
 when all eligible directors indicate to each other by any means that they share a common
 view on a matter.

39.2 Such a decision
 may take the form of a resolution in writing (which may be in hard copy or electronic form),
 signed by each eligible director (whether or not each signs the same document) or to which
 each eligible director has otherwise indicated agreement in writing.

39.3 References
 in these Articles to an "**eligible director**" means a director who would
 have been entitled to vote on the relevant matter had it been proposed as a resolution at
 a directors' meeting and whose vote would have been counted in respect of such matter.

39.4 A decision
 may not be taken in accordance with this Article 39 (*Unanimous Decisions*) if
 the eligible directors would not have formed a quorum at such a meeting.

**40.** **CALLING A DIRECTORS' MEETING** 

40.1 Any director
 may call a directors' meeting by giving at least five (5) days' notice of
 the meeting to the directors and any Board Observers or by authorising the company secretary
 (if any) to give such notice, provided that such notice period can be shortened or waived
 by a simple majority of directors from time to time.

40.2 Notice of any
 directors' meeting must indicate and include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its proposed
 date and time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where it
 is to take place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if it is
 anticipated that directors participating in the meeting will not be in the same place, how
 it is proposed that they should communicate with each other during the meeting (including
 by telephone or electronic dial in or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an agenda;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an information
 pack setting out information relating to the items to be discussed at the meeting and a copy
 of the Group's latest management accounts and any other information reasonably required
 by any Director in order to perform his duties as a director of the Company.

40.3 Subject to
 Article 40.4, notice of a directors' meeting must be given to each director whether
 or not he is absent from the United Kingdom.

40.4 Notice of a
 directors' meeting need not be given to directors or Board Observers who waive their
 entitlement to notice of that meeting, by giving notice to that effect to the Company prior
 to or after the date on which the meeting is held. Where such notice is given after the meeting
 has been held, that does not affect the validity of the meeting, or of any business conducted
 at it. If a director participates in a directors' meeting, the director is taken to
 have consented to the meeting being held at short notice or to have waived notice of the
 meeting.

**41.** **PARTICIPATION IN DIRECTORS' MEETINGS** 

41.1 Subject to
 the Articles, directors participate in a directors' meeting, or part of a directors'
 meeting, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the meeting
 has been called and takes place in accordance with the Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they can
 each communicate to the others any information or opinions they have on any particular item
 of the business of the meeting.

41.2 In determining
 whether directors are participating in a directors' meeting, it is irrelevant where
 any director is or how they communicate with each other.

41.3 If all the
 directors participating in a meeting are not in the same place, they may decide that the
 meeting is to be treated as taking place wherever any of them is.

**42.** **QUORUM FOR DIRECTORS' MEETINGS** 

42.1 The quorum
 for the transaction of business at a meeting of the directors shall be any three (3) eligible
 directors (including at least two (2) Independent Non-Executive Directors).

42.2 At a directors'
 meeting, unless a quorum is participating, no proposal is to be voted on except a proposal
 to call another meeting.

42.3 If the total
 number of directors for the time being is less than the quorum required, the directors must
 not take any decision other than a decision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to appoint
 further directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to call
 a general meeting so as to enable the members to appoint further directors.

42.4 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within one
 (1) hour from the time appointed for a meeting of the directors a quorum is not present;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during any
 such meeting a quorum ceases to be present,

the meeting shall stand adjourned to the same day in the next week, at the same time and place or to such later date and at such other time and place as determined by the chairman (an "**Adjourned Meeting**"), and if at the Adjourned Meeting a quorum is not present within one hour from the time appointed for the meeting, or during any such meeting a quorum ceases to be present, the directors who are present shall constitute a quorum, provided that at least two (2) Independent Non-Executive Directors must be present.

**43.** **CHAIRING OF DIRECTORS' MEETINGS** 

43.1 The directors
 shall appoint an Independent Non-Executive Director to chair their meetings as nominated
 from time to time by an Investor Majority by notice in writing to the Company. The person
 so appointed for the time being is known as the chairman. An Investor Majority may in like
 manner at any time request that the chairman be removed from office as chairman and the directors
 shall remove him from such office on receipt of any such written request.

43.2 The chairman
 shall chair each directors' meeting at which he is present. If there is no director
 holding that office, or if the chairman is unwilling to chair the directors' meeting
 or is not participating in the meeting within ten minutes after the time at which it was
 to start, the Independent Non-Executive Directors present at the meeting may appoint any
 director to chair it.

**44.** **CASTING VOTE** 

If the numbers of votes for and against a proposal at a meeting of directors are equal, the chairman or other director chairing the meeting (or part of a meeting) shall have a casting vote.

**45.** **DIRECTORS' INTERESTS** 

45.1 A director
 who is in any way, directly or indirectly, interested in a proposed transaction or arrangement
 with the Company (including in relation to an Exit) which to a material extent conflicts
 or may conflict with the interests of the Company and of which he is aware shall disclose
 the nature and extent of his interest to the other directors before the Company enters into
 the transaction or arrangement.

45.2 A director
 who is in any way, directly or indirectly, interested in a transaction or arrangement that
 has been entered into by the Company which to a material extent conflicts or may conflict
 with the interests of the Company and of which he is aware shall disclose the nature and
 extent of his interest to the other directors as soon as is reasonably practicable, unless
 the interest has already been declared under Article 45.1.

45.3 Any declaration
 required by Article 45.1 or Article 45.2 must be made in accordance with Article 75(2) of
 the Companies Law.

45.4 If a declaration
 made under Article 45.1 or 45.2 proves to be, or becomes, inaccurate or incomplete,
 a further declaration must be made under Article 45.1 or 45.2, as appropriate.

45.5 A director
 need not declare an interest under Article 45.1 or 45.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if it cannot
 reasonably be regarded as likely to give rise to a conflict of interest pursuant to Article 75(1) of
 the Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if, or to
 the extent that, the other directors are already aware of it (and for this purpose the other
 directors are treated as aware of anything of which they ought reasonably to be aware);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if, or to
 the extent that, it concerns terms of his service contract that have been or are to be considered
 by a directors' meeting or by a committee of the directors appointed for the purpose
 under these Articles or any agreement between the members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the director
 is not aware of his interest or is not aware of the transaction or arrangement in question
 (and for this purpose a director is treated as being aware of matters of which he ought reasonably
 to be aware),

provided that where a director is in any way, directly or indirectly, interested in an Exit (an "**Exit Conflict**"), it will be deemed to give rise to a conflict of interest and the director shall be required to declare it under Article 45.1 or 45.2;

45.6 Subject to
 Clause 45.7 and the provisions of the Companies Law and provided that he has declared the
 nature and extent of any direct or indirect interest of his in accordance with Article 45.1
 or 45.2, a director notwithstanding his office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may be a
 party to, or otherwise be interested in, any transaction or arrangement with the Company
 or in which the Company is otherwise (directly or indirectly) interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall be
 entitled to vote at a meeting of directors (or of a committee of the directors) or participate
 in any unanimous decision, in respect of such existing or proposed transaction or arrangement
 in which he is interested (and shall be an eligible director for these purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may act
 by himself or through his firm in a professional capacity for the Company (otherwise than
 as auditor), and in any such case on such terms as to remuneration and otherwise as the directors
 may decide; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may be a
 director or other officer of, or employed or engaged by, or a party to any transaction or
 arrangement with, or otherwise be interested in, any body corporate in which the Company
 is otherwise (directly or indirectly) interested.

45.7 A director
 who has declared an Exit Conflict in accordance with Article 45.1 or 45.2, shall not
 be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) attend,
 and vote at, meetings of the directors (or any committee thereof) at which such matter will
 or may be discussed, and receive board papers relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receive
 confidential information and other documents and information relating to such matter, use
 and apply such information in performing his duties as an employee, director or officer of,
 or consultant to, an Investor or an Affiliate of that Investor and disclose that information
 to third parties in accordance with these Articles or any agreement between the members;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) give or
 withhold consent or give any direction or approval under these Articles or any agreement
 between the members on behalf of the Investors (or any of them) in relation to such matter.

**46.** **RECORDS OF DECISIONS TO BE KEPT** 

The directors must ensure that the Company keeps a record, in writing, for at least ten years from the date of the decision recorded, of every unanimous or majority decision taken by the directors.

**47.** **DIRECTORS' DISCRETION TO MAKE FURTHER RULES** 

Subject to the Articles, the directors may make any rule which they think fit about how they take decisions, and about how such rules are to be recorded or communicated to directors.

**APPOINTMENT OF DIRECTORS**

**48.** **NUMBER OF DIRECTORS** 

The Board shall be comprised of at least five (5) and no more than seven (7) directors, which shall include two Executive Directors and at least three (3) but no more than five (5) Independent Non-Executive Directors, provided that for 60 days from the Adoption Date, the Board shall be comprised of at least three (3) directors, which shall include one Executive Director and at least two (2) Independent Non-Executive Directors.

**49.** **METHODS OF APPOINTING DIRECTORS** 

49.1 Subject to
 Clause 49.2, any person who is willing to act as a director, and is permitted by law to do
 so, may be appointed to be a director.

49.2 Executive Directors
 shall be appointed by a decision of the directors. Independent Non-Executive Directors shall
 be appointed by notice in writing to the Company from an Investor Majority.

***Alternate Directors***

49.3 Any director
 (the "**appointor**") may appoint as an alternate any other director, or any
 other person approved by resolution of the directors, to exercise that director's powers,
 and carry out that director's responsibilities, in relation to the taking of decisions
 by the directors in the absence of the alternate's appointor. A person that is a representative
 of or affiliated with a Competitor, Customer or Supplier may not be appointed as an alternate.

49.4 Any appointment
 or removal of an alternate must be effected by notice in writing to the company signed by
 the appointor, or in any other manner approved by the directors. The notice must identify
 the proposed alternate, and, in the case of a notice of appointment, contain a statement
 signed by the proposed alternate that the proposed alternate is willing to act as the alternate
 of the director giving the notice.

49.5 An alternate
 director has the same rights, in relation to any directors' meeting or directors'
 written resolution, as the alternate's appointor. Except as the Articles specify otherwise,
 alternate directors are deemed for all purposes to be directors, are liable for their own
 acts and omissions, are subject to the same restrictions as their appointors and are not
 deemed to be agents of or for their appointors.

49.6 A person who
 is an alternate director but not a director may be counted as participating for the purposes
 of determining whether a quorum is participating (but only if that person's appointor
 is not participating), and may sign a written resolution (but only if it is not signed or
 to be signed by that person's appointor). No alternate may be counted as more than
 one director for such purposes. An alternate director is not entitled to receive any remuneration
 from the Company for serving as an alternate director.

49.7 A director
 who is also an alternate director has an additional vote on behalf of each appointor who
 is not participating in a directors' meeting and who would have been entitled to vote
 if they were participating in it.

49.8 A director
 who is also an alternate shall be entitled, in the absence of his appointor, to a separate
 vote on behalf of his appointor in addition to his own vote and to be counted as part of
 the quorum for directors' meetings on his own account and in respect of the director
 for whom he is the alternate (provided that, in each case, that director would have been
 entitled to vote if they were participating in the directors' meeting).

49.9 An alternate
 director's appointment as an alternate terminates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when the
 alternate's appointor revokes the appointment by notice to the Company in writing specifying
 when it is to terminate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the occurrence
 in relation to the alternate of any event which, if it occurred in relation to the alternate's
 appointor, would result in the termination of the appointor's appointment as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on the death
 of the alternate's appointor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) when the
 alternate's appointor's appointment as a director terminates.

**50.** **TERMINATION OF DIRECTOR'S APPOINTMENT** 

50.1 A person ceases
 to be a director as soon as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notice in
 writing to that effect is given to the Company by an Investor Majority, or an Investor Special
 Majority in the case of Initial Independent Non-Executive Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person
 ceases to be a director by virtue of any provision of the Companies Law or is prohibited
 from being a director by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a bankruptcy
 order is made against that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a composition
 is made with that person's creditors generally in satisfaction of that person's
 debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a registered
 medical practitioner who is treating that person gives a written opinion to the Company stating
 that that person has become physically or mentally incapable of acting as a director and
 may remain so for more than six months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) notification
 is received by the Company from that person that he is resigning from office, and such resignation
 has taken effect in accordance with its terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that person
 is convicted of a criminal offence (other than a motoring offence not resulting in disqualification)
 and the directors resolve that his office be vacated.

**51.** **DIRECTORS' REMUNERATION** 

51.1 Directors may
 undertake any services for the Company that the directors decide.

51.2 Directors who
 are not employed by any member (or any Affiliate of any member) or the Group shall be entitled
 to such reasonable and customary remuneration as the directors may from time to time determine
 which shall be consistent with market practice and subject to an aggregate maximum amount
 to be determined by the Remuneration Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for their
 services to the Company as directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any
 other service which they undertake for the Company.

51.3 Subject to
 the Articles, a director's remuneration may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) take any
 form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) include
 any arrangements in connection with the payment of a pension, allowance or gratuity, or any
 death, sickness or disability benefits, to or in respect of that director.

51.4 Unless the
 directors decide otherwise, directors' remuneration accrues from day to day.

51.5 Unless the
 directors decide otherwise, directors are not accountable to the Company for any remuneration
 or benefits which they receive as directors or other officers or Employees of the Company's
 subsidiary undertakings or of the Company's parent undertakings from time to time or
 of any other body corporate in which the Company or any such parent undertaking is interested.

**52.** **DIRECTORS' EXPENSES** 

52.1 The Company
 may pay any reasonable expenses which the directors and the company secretary (if any) properly
 incur in connection with their attendance at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) meetings
 of directors or committees of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) general
 meetings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) separate
 meetings of the holders of any class of shares or of debentures of the Company,

or otherwise in connection with the exercise of their powers and the discharge of their responsibilities in relation to the Company.

**53.** **COMPANY SECRETARY** 

The directors shall appoint such person who is willing to act as the company secretary for such term, at such remuneration, and upon such conditions as they may think fit and may from time to time remove such person and appoint a replacement in each case by a decision of the directors.

**DIVIDENDS AND OTHER DISTRIBUTIONS**

**54.** **PROCEDURE FOR DECLARING DIVIDENDS** 

54.1 Subject to
 Article 4 (*Income*), the Company may by resolution of an Investor Majority declare
 dividends, and the directors may decide to declare and pay interim dividends.

54.2 A dividend
 must not be declared unless the directors have made a recommendation as to its amount. Such
 a dividend must not exceed the amount recommended by the directors.

54.3 No dividend
 may be declared or paid unless it is in accordance with members' respective rights.

54.4 Unless the
 members' resolution to declare or directors' decision to declare and pay a dividend,
 or the terms on which shares are issued, specify otherwise, it must be paid by reference
 to each member's holding of shares on the date of the resolution or decision to declare
 or pay it.

**55.** **CALCULATION OF DIVIDENDS** 

55.1 Except as otherwise
 provided by the Articles or the rights attached to shares, all dividends must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) declared
 and paid according to the proportions paid up on the shares on which the dividend is paid;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) apportioned
 and paid proportionately to the proportions paid up on the shares during any portion or portions
 of the period in respect of which the dividend is paid.

55.2 If any share
 is issued on terms providing that it ranks for dividend as from a particular date, that share
 ranks for dividend accordingly.

55.3 For the purposes
 of calculating dividends, no account is to be taken of any amount which has been paid up
 on a share in advance of the due date for payment of that amount.

**56.** **PAYMENT OF DIVIDENDS AND OTHER DISTRIBUTIONS** 

56.1 Where a dividend
 or other sum which is a distribution is payable in respect of a share, it must be paid by
 one or more of the following means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer
 to a bank or building society account specified by the distribution recipient either in writing
 or as the directors may otherwise decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sending
 a cheque made payable to the distribution recipient by post to the distribution recipient
 at the distribution recipient's registered address (if the distribution recipient is
 a holder of the share), or (in any other case) to an address specified by the distribution
 recipient either in writing or as the directors may otherwise decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sending
 a cheque made payable to such person by post to such person at such address as the distribution
 recipient has specified either in writing or as the directors may otherwise decide; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other
 means of payment as the directors agree with the distribution recipient either in writing
 or by such other means as the directors decide.

56.2 In the Articles,
 the "**distribution recipient**" means, in respect of a share in respect of
 which a dividend or other sum is payable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the holder
 of the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the share
 has two or more joint holders, whichever of them is named first in the register of members;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the holder
 is no longer entitled to the share by reason of death or bankruptcy, or otherwise by operation
 of law, the transmittee.

**57.** **DEDUCTIONS FROM DISTRIBUTIONS IN RESPECT OF SUMS OWED TO THE COMPANY** 

57.1 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a share
 is subject to the Company's lien; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the directors
 are entitled to issue a lien enforcement notice in respect of it,

they may, instead of issuing a lien enforcement notice, deduct from any dividend or other sum payable in respect of the share any sum of money which is payable to the Company in respect of that share to the extent that they are entitled to require payment under a lien enforcement notice.

57.2 Money so deducted
 must be used to pay any of the sums payable in respect of that share.

57.3 The Company
 must notify the distribution recipient in writing of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fact
 and amount of any such deduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any non-payment
 of a dividend or other sum payable in respect of a share resulting from any such deduction;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) how the
 money deducted has been applied.

**58.** **NO INTEREST ON DISTRIBUTIONS** 

58.1 The Company
 may not pay interest on any dividend or other sum payable in respect of a share unless otherwise
 provided by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the terms
 on which the share was issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the provisions
 of another agreement between the holder of that share and the Company.

**59.** **UNCLAIMED DISTRIBUTIONS** 

59.1 All dividends
 or other sums which are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payable
 in respect of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unclaimed
 after having been declared or become payable,

may be invested or otherwise made use of by the directors for the benefit of the Company until claimed.

59.2 The payment
 of any such dividend or other sum into a separate account does not make the Company a trustee
 in respect of it.

59.3 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 12 years
 have passed from the date on which a dividend or other sum became due for payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the distribution
 recipient has not claimed it,

the distribution recipient is no longer entitled to that dividend or other sum and it ceases to remain owing by the Company.

**60.** **NON-CASH DISTRIBUTIONS** 

60.1 Subject to
 the terms of issue of the share in question and the provisions of the Companies Law, the
 Company may, by resolution of an Investor Majority on the recommendation of the directors
 decide to make all or part of a dividend or other distribution by transferring non-cash assets
 (including shares or other securities in any company).

60.2 For the purposes
 of making a non-cash distribution, the directors may make whatever arrangements they think
 fit, including, where any difficulty arises regarding the distribution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fixing the
 value of any assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) paying cash
 to any distribution recipient on the basis of that value in order to adjust the rights of
 recipients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vesting
 any assets in trustees.

**61.** **WAIVER OF DISTRIBUTIONS** 

61.1 Distribution
 recipients may waive their entitlement to a dividend or other distribution payable in respect
 of a share by giving the Company notice in writing to that effect, but if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the share
 has more than one holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) more than
 one person is entitled to the share, whether by reason of the death or bankruptcy of one
 or more joint holders, or otherwise,

the notice is not effective unless it is expressed to be given, and signed, by all the holders or persons otherwise entitled to the share.

**CAPITALISATION OF PROFITS**

**62.** **AUTHORITY TO CAPITALISE AND APPROPRIATION OF CAPITALISED SUMS** 

62.1 Subject to
 the Articles, the directors may, if they are so authorised by resolution of an Investor Special
 Majority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) decide to
 capitalise any profits of the Company, or any sum standing to the credit of any capital or
 revenue reserve fund of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate
 any sum which they so decide to capitalise ()"**capitalised sum**") to the
 persons who would have been entitled to it if it were distributed by way of dividend ()"**persons entitled**") and in the same proportions.

62.2 Capitalised
 sums must be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on behalf
 of the persons entitled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the same
 proportions as a dividend would have been distributed to them.

62.3 Any capitalised
 sum may be applied in paying up new shares of an amount equal to the capitalised sum which
 are then allotted credited as fully paid to the persons entitled or as they may direct.

62.4 A capitalised
 sum which was appropriated from amounts which would otherwise have been distributable pursuant
 to the Companies Law may, subject to compliance with the Companies Law, be applied in or
 towards paying up any amounts unpaid on existing shares held by the persons entitled or in
 paying up new debentures of the Company which are then allotted credited as fully paid to
 the persons entitled or as they may direct.

62.5 Subject to
 the Articles the directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) apply capitalised
 sums in accordance with Articles 62.3 and 62.4 partly in one way and partly in another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make such
 arrangements as they think fit to deal with shares or debentures becoming distributable in
 fractions under this Article 62 (*Authority To Capitalise And Appropriation Of Capitalised Sums*) (including the issuing of fractional certificates or the making of cash payments);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorise
 any person to enter into an agreement with the Company on behalf of all the persons entitled
 which is binding on them in respect of the allotment of shares and debentures to them under
 this Article 62 (*Authority To Capitalise And Appropriation Of Capitalised Sums*).

**ORGANISATION OF GENERAL MEETINGS**

**63.** **CONVENING OF GENERAL MEETINGS** 

63.1 The directors
 may call general meetings whenever they think fit.

63.2 The directors
 may be required to call a general meeting or hold a shareholder vote in accordance with the
 Companies Law.

**64.** **NOTICE OF GENERAL MEETINGS** 

64.1 At least fourteen
 days' notice shall be given of every general meeting, including without limitation,
 every general meeting called for the passing of a special resolution.

64.2 A meeting of
 the Company shall notwithstanding that it is called by shorter notice than that specified
 in Article 64.1 be deemed to have been duly called if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case
 of a meeting called as the annual general meeting, by all the members entitled<br>
 to attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case
 of any other meeting by a majority in number of the members having a right to attend and
 vote at the meeting being a majority together holding not less than the minimum percentage
 of voting rights prescribed by the Companies Law.

64.3 Every notice
 shall specify the place the day and the time of the meeting and the general nature of the
 business to be transacted and, in the case of an annual general meeting, shall specify the
 meeting as such.

64.4 Subject to
 the provisions of these Articles and to any restrictions imposed on any shares, notice of
 every general meeting shall be given to all the members, to all persons entitled to a share
 in consequence of the death, bankruptcy or incapacity of a member, to the Company's
 auditors (if any) and to every director who has notified the company secretary in writing
 of his desire to receive notice of general meetings.

64.5 In every notice
 calling a meeting of the Company there shall appear with reasonable prominence a statement
 that a member entitled to attend and vote is entitled to appoint one or more proxies to attend
 and vote instead of him and that a proxy need not also be a member.

64.6 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 that meeting.

**65.** **ATTENDANCE AND SPEAKING AT GENERAL MEETINGS** 

65.1 A person is
 able to exercise the right to speak at a general meeting when that person is in a position
 to communicate to all those attending the meeting, during the meeting, any information or
 opinions which that person has on the business of the meeting.

65.2 A person is
 able to exercise the right to vote at a general meeting when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that person
 is able to vote, during the meeting, on resolutions put to the vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person's
 vote can be taken into account in determining whether or not such resolutions are passed
 at the same time as the votes of all the other persons attending the meeting.

65.3 The directors
 may make whatever arrangements they consider appropriate to enable those attending a general
 meeting to exercise their rights to speak or vote at it.

65.4 In determining
 attendance at a general meeting, it is immaterial whether any two or more members attending
 it are in the same place as each other.

65.5 Two or more
 persons who are not in the same place as each other attend a general meeting if their circumstances
 are such that if they have (or were to have) rights to speak and vote at that meeting, they
 are (or would be) able to exercise them.

**66.** **QUORUM FOR GENERAL MEETINGS** 

No business other than the appointment of the chairman of the meeting is to be transacted at a general meeting if the persons attending it do not constitute a quorum. The quorum for a general meeting is any three (3) members present in person or by proxy or otherwise represented at the meeting, who in aggregate hold at least 30% of the Ordinary Shares in issue.

**67.** **CHAIRING GENERAL MEETINGS** 

67.1 If the directors
 have appointed a chairman, the chairman shall chair general meetings if present and willing
 to do so.

67.2 If the directors
 have not appointed a chairman, or if the chairman is unwilling to chair the meeting or is
 not present within ten minutes of the time at which a meeting was due to start:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the directors
 present; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (if no directors
 are present), the meeting,

must appoint a director or member to chair the meeting, and the appointment of the chairman of the meeting must be the first business of the meeting.

67.3 The person
 chairing a meeting in accordance with this Article 66 (*Chairing General Meetings*)
 is referred to as the "**chairman of the meeting** ".

**68.** **ATTENDANCE AND SPEAKING BY DIRECTORS AND NON-MEMBERS** 

68.1 Directors may
 attend and speak at general meetings, whether or not they are members.

68.2 The chairman
 of the meeting may permit other persons who are not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) members;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise
 entitled to exercise the rights of members in relation to general meetings,

to attend and speak at a general meeting.

**69.** **ADJOURNMENT** 

69.1 If the persons
 attending a general meeting within half an hour of the time at which the meeting was due
 to start do not constitute a quorum, or if during a meeting a quorum ceases to be present,
 the chairman of the meeting must adjourn it.

69.2 The chairman
 of the meeting may adjourn a general meeting at which a quorum is present if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the meeting
 consents to an adjournment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it appears
 to the chairman of the meeting that an adjournment is necessary to protect the safety of
 any person attending the meeting or ensure that the business of the meeting is conducted
 in an orderly manner.

69.3 The chairman
 of the meeting must adjourn a general meeting if directed to do so by the meeting.

69.4 When adjourning
 a general meeting, the chairman of the meeting must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either specify
 the time and place to which it is adjourned or state that it is to continue at a time and
 place to be fixed by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have regard
 to any directions as to the time and place of any adjournment which have been given by the
 meeting.

69.5 If the continuation
 of an adjourned meeting is to take place more than 14 days after it was adjourned, the Company
 must give at least seven clear days' notice of it (that is, excluding the day of the
 adjourned meeting and the day on which the notice is given):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the same
 persons to whom notice of the Company's general meetings is required to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) containing
 the same information which such notice is required to contain.

69.6 No business
 may be transacted at an adjourned general meeting which could not properly have been transacted
 at the meeting if the adjournment had not taken place.

**70.** **CLASS MEETINGS** 

Save as otherwise provided in these Articles, all the provisions of these Articles and of the Companies Law relating to general meetings of the Company and to the proceedings thereat shall apply *mutatis mutandis* to separate meetings of the holders of any class of shares, but so that any holder of shares of the class in question present in person or by proxy may demand a poll.

**VOTING AT GENERAL MEETINGS**

**71.** **VOTING: GENERAL** 

71.1 A resolution
 put to the vote of a general meeting must be decided on a show of hands unless a poll is
 duly demanded in accordance with the Articles.

71.2 No member shall
 vote at any general meeting, either in person or by proxy, in respect of any share held by
 him unless all monies presently payable by him in respect of that share have been paid.

**72.** **ERRORS AND DISPUTES** 

72.1 No objection
 may be raised to the qualification of any person voting at a general meeting except at the
 meeting or adjourned meeting at which the vote objected to is tendered, and every vote not
 disallowed at the meeting is valid.

72.2 Any such objection
 must be referred to the chairman of the meeting, whose decision is final.

**73.** **POLL VOTES** 

73.1 A poll on a
 resolution may be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in advance
 of the general meeting where it is to be put to the vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at a general
 meeting, either before a show of hands on that resolution or immediately after the result
 of a show of hands on that resolution is declared.

73.2 A poll on a
 resolution may be demanded by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chairman
 of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) two or more
 persons having the right to vote on the resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a person
 or persons representing not less than one tenth of the total voting rights of all the members
 having the right to vote on the resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a person
 or persons holding shares conferring a right to vote on the resolution on which not less
 than one tenth of the total sum paid up on all the shares conferring that right.

73.3 A demand for
 a poll may be withdrawn if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the poll
 has not yet been taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the chairman
 of the meeting consents to the withdrawal.

A demand so withdrawn shall not invalidate the result of a show of hands declared before the demand was made.

73.4 Polls must
 be taken immediately and in such manner as the chairman of the meeting directs.

**74.** **CONTENT OF PROXY NOTICES** 

74.1 Proxies may
 only validly be appointed by a notice in writing (a "**proxy notice**") which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) states the
 name and address of the member appointing the proxy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) identifies
 the person appointed to be that member's proxy and the general meeting in relation
 to which that person is appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is signed
 by or on behalf of the member appointing the proxy, or is authenticated in such manner as
 the directors may determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is delivered
 to the Company in accordance with the Articles and any instructions contained in the notice
 of the general meeting to which they relate not less than 48 hours before the time appointed
 for holding the meeting at which the right to vote is to be exercised and in accordance with
 any instructions contained in the notice of the general meeting to which they relate,

and a proxy notice which is not delivered in such manner shall be invalid unless the directors in their absolute discretion at any time before the start of the meeting otherwise determine.

74.2 The Company
 may require proxy notices to be delivered in a particular form, and may specify different
 forms for different purposes.

74.3 Proxy notices
 may specify how the proxy appointed under them is to vote (or that the proxy is to abstain
 from voting) on one or more resolutions and the proxy is obliged to vote or abstain from
 voting in accordance with the specified instructions. However, the Company is not obliged
 to check whether a proxy votes or abstains from voting as he has been instructed and shall
 incur no liability for failing to do so. Failure by a proxy to vote or abstain from voting
 as instructed at a meeting shall not invalidate proceedings at that meeting.

74.4 Unless a proxy
 notice indicates otherwise, it must be treated as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) allowing
 the person appointed under it as a proxy discretion as to how to vote on any ancillary or
 procedural resolutions put to the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appointing
 that person as a proxy in relation to any adjournment of the general meeting to which it
 relates as well as the meeting itself.

**75.** **DELIVERY OF PROXY NOTICES** 

75.1 A person who
 is entitled to attend, speak or vote (either on a show of hands or on a poll) at a general
 meeting remains so entitled in respect of that meeting or any adjournment of it, even though
 a valid proxy notice has been delivered to the Company by or on behalf of that person.

75.2 An appointment
 under a proxy notice may be revoked by delivering to the Company a notice in writing given
 by or on behalf of the person by whom or on whose behalf the proxy notice was given.

75.3 A notice revoking
 a proxy appointment only takes effect if it is delivered before the start of the meeting
 or adjourned meeting to which it relates.

75.4 If a proxy
 notice is not executed by the person appointing the proxy, it must be accompanied by written
 evidence of the authority of the person who executed it to execute it on the appointor's
 behalf.

**76.** **AMENDMENTS TO RESOLUTIONS** 

76.1 An ordinary
 resolution to be proposed at a general meeting may be amended by ordinary resolution if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notice of
 the proposed amendment is given to the Company in writing by a person entitled to vote at
 the general meeting at which it is to be proposed not less than 48 hours before the meeting
 is to take place (or such later time as the chairman of the meeting may determine); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the proposed
 amendment does not, in the reasonable opinion of the chairman of the meeting, materially
 alter the scope of the resolution.

76.2 A special resolution
 to be proposed at a general meeting may be amended by ordinary resolution, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chairman
 of the meeting proposes the amendment at the general meeting at which the resolution is to
 be proposed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amendment
 does not go beyond what is necessary to correct a grammatical or other non-substantive error
 in the resolution.

76.3 If the chairman
 of the meeting, acting in good faith, wrongly decides that an amendment to a resolution is
 out of order, the chairman's error does not invalidate the vote on that resolution.

**77.** **WRITTEN RESOLUTIONS** 

77.1 Members may,
 subject to the terms of these Articles, pass a resolution in writing (other than in respect
 of a resolution removing an auditor) without holding a meeting if such resolution in writing
 is passed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by all the
 members, who at the date that such resolution is deemed to be passed, would be entitled to
 vote on the resolution if it were proposed at a meeting of the members of the Company, such
 resolution to be passed by such members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) signing a
 document indicating their agreement to the relevant resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) signing several
 documents in the like form each signed by one or more of those members indicating their agreement
 to the relevant resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) indicating
 their agreement to the relevant resolution on a document (which may be in hard copy or electronic
 form (including through the use of a website)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a specified
 majority of the members who, at the date when that resolution is deemed to be passed, would
 be entitled to vote on the resolution, to be passed by such members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) signing a
 document indicating their agreement to the relevant resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) signing several
 documents in the like form each signed by one or more of those members indicating their agreement
 to the relevant resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) indicating
 their agreement to the relevant resolution on a document (which may be in hard copy or electronic
 form (including through the use of a website)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) having otherwise
 signified agreement to the resolution in accordance with Article 95(3B) of the Companies
 Law, and

for these purposes, a "**specified majority**" means the higher of (A) the majority specified in Article 90(1A)(a) of the Companies Law; and (B) an Investor Majority, Investor Special Majority or Investor Super Majority (as the case may be, and in each case, subject to the terms of any agreement between the members), in each case, in respect of members who, at the date when such resolution is deemed to be passed would (subject to the terms of any agreement between the members and these Articles) be entitled to vote on the resolution if it were proposed at a meeting of the Company at which all such members were present,

which resolution may be sent or submitted to members in hard copy or electronic form (or in any other form provided for under Article 78 (*Means Of Communication To Be Used*)). Such written resolution shall be as effective as if it had been passed at a meeting of all members entitled to vote on the resolution if it were proposed at a meeting of the Company which had been duly convened and held.

77.2 If a written
 resolution is described as a special resolution or as an ordinary resolution, it has effect
 accordingly (subject always, in the case of a written resolution passed pursuant to Article 77.1(b),
 to it having been passed by a specified majority of the relevant members as described therein).

**ADMINISTRATIVE ARRANGEMENTS**

**78.** **MEANS OF COMMUNICATION TO BE USED** 

78.1 Subject to
 the Articles, anything sent or supplied by or to the Company under the Articles may be sent
 or supplied in any way in which the UK Companies Act provides for documents or information
 which are authorised or required by any provision of the UK Companies Act to be sent or supplied
 by or to any company which is subject to that Act.

78.2 Any notice,
 document or other information shall be deemed served on or delivered to the intended recipient:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if properly
 addressed and sent by prepaid United Kingdom first class post to an address in the United
 Kingdom or Jersey, two Business Days after the date of posting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if properly
 addressed and sent by prepaid airmail from or to any place outside the United Kingdom or
 Jersey, five Business Days after the date of posting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if properly
 addressed and sent by air courier from or to any place outside the United Kingdom or Jersey,
 two Business Days after its delivery to a representative of the courier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if properly
 addressed and sent by e-mail, two hours after it was sent provided that no automatic notification
 informing the sender that the message has not been delivered is received by the sender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if properly
 addressed and delivered by hand, upon delivery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if sent
 or supplied by means of a website, when the material is first made available on the website
 or (if later) when the recipient receives (or is deemed to have received) notice of the fact
 that the material is available on the website.

For the purposes of this Article 78 (*Means Of Communications To Be Used*), no account shall be taken of any part of a day that is not a Business Day and any notice despatched other than between the hours of 9:30 a.m. to 5:30 p.m. on a Business Day ("**Working Hours**") shall be deemed given at the start of the next period of Working Hours.

78.3 In proving
 that any notice, document or other information was properly addressed, it shall be sufficient
 to show that the notice, document or other information was delivered to an address permitted
 for the purpose by the UK Companies Act.

78.4 Subject to
 the Articles, any notice or document to be sent or supplied to a director in connection with
 the taking of decisions by directors may also be sent or supplied by the means by which that
 director has asked to be sent or supplied with such notices or documents for the time being.

78.5 A director
 may agree with the Company that notices or documents sent to that director in a particular
 way are to be deemed to have been received within a specified time of their being sent, and
 for the specified time to be less than 48 hours.

78.6 To the extent
 permitted by applicable law, the Company may satisfy its obligations to deliver any information,
 notices and/or communication to Investors (the "**Website Investors**") who
 accept this method of communication (and for the avoidance of doubt each Investor shall be
 deemed to accept this method of communication unless it has expressly notified the Company
 to the contrary) by posting (either directly or by way of another Group Company posting)
 this information, notice and/or other communication onto an electronic website designated
 by the Company (the "**Designated Website**") if each Website Investor is
 aware of the address of and any relevant password specifications for the Designated Website.

78.7 If any Investor
 (a "**Non-Website Investor**") does not agree to the delivery of information
 through the Designated Website then it shall notify the Company accordingly and the Company
 shall supply the information to such Non-Website Investor in accordance with Articles 78.2(a) to
 78.2(e).

78.8 The Company
 shall (or shall procure that one of its representatives shall) supply each Website Investor
 with the address of and any relevant password specifications for the Designated Website following
 designation of that website by the Company.

78.9 The Company
 shall promptly upon becoming aware of its occurrence notify (or shall procure notification
 of) the Website Investors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Designated
 Website cannot be accessed due to technical failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the password
 specifications for the Designated Website change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any new
 information which is required to be provided is posted onto the Designated Website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any existing
 information which has been provided and posted onto the Designated Website is amended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company
 becomes aware that the Designated Website or any information posted onto the Designated Website
 is or has been infected by any electronic virus or similar software.

78.10 If the Company
 notifies (or procures the notification of) the Website Investors under Article 78.9(a) or
 Article 78.9(e) above, all information, notices and/or communication to be provided
 to Investors by the Company after the date of that notice shall be supplied in accordance
 with Articles 78.2(a) to 78.2(e) until the Company is satisfied that the circumstances
 giving rise to the notification are no longer continuing.

**79.** **COMPANY SEALS** 

79.1 The directors
 may determine that the Company shall have a seal. Subject to the Law, if the Company has
 a seal the directors may determine that it shall also have an official seal for use outside
 Jersey and an official seal for sealing securities issued by the Company or for sealing documents
 creating or evidencing securities so issued.

79.2 The directors
 shall provide for the safe custody of all seals and no seal shall be used except by the authority
 of a resolution of the directors or of a committee of the directors authorised in that behalf
 by the directors.

79.3 The directors
 may from time to time make such regulations as they think fit determining the persons and
 the number of such persons who shall sign every instrument to which a seal is affixed and
 until otherwise so determined every such instrument shall be signed by one director and by
 the company secretary or by a second director.

79.4 The Company
 may authorise an agent appointed for the purpose to affix any seal of the Company to a document
 to which the Company is a party.

**80.** **PROVISION FOR EMPLOYEES ON CESSATION OF BUSINESS** 

The directors may decide to make provision for the benefit of persons employed or formerly employed by any Group Company (other than a director or former director or shadow director) in connection with the cessation or transfer to any person of the whole or part of the undertaking of the relevant Group Company.

**81.** **ACCOUNTS AND AUDIT** 

81.1 The Company
 shall keep accounting records which are sufficient to show and explain the Company's
 transactions and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) disclose
 with reasonable accuracy at any time the financial position of the Company at that time;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enable the
 directors to ensure that any accounts prepared by the Company comply with requirements of
 the Companies Law.

81.2 The directors
 shall prepare accounts of the Company made up to such date in each year as the directors
 shall from time to time determine in accordance with and subject to the provisions of the
 Companies Law.

81.3 Subject to
 the terms of any agreement between the members, no member shall (as such) have any right
 to inspect any accounting records or other book or document of the Company except as conferred
 by the Companies Law or authorised by the directors or by ordinary resolution of the Company.

81.4 The directors
 or the Company by resolution of an Investor Majority may from time to time appoint auditors
 for any period or periods to examine the accounts of the Company and to report thereon in
 accordance with the Companies Law.

**OFFICERS' INDEMNITY AND INSURANCE**

**82.** **INDEMNITY** 

82.1 Every present
 or former officer shall be indemnified out of the assets of the Company against any loss
 or liability incurred by him by reason of being or having been such an officer.

82.2 This Article 82
 (*Indemnity*) does not authorise any indemnity which would be prohibited or rendered
 void by any provision of the Companies Law or by any other provision of law.

**83.** **INSURANCE** 

The directors may authorise the purchase or maintenance by the Company for any officer or any former officer of the Company of any such insurance as is permitted by the Companies Law in respect of any liability which would otherwise attach to such officer or former officer.

## Exhibit 3.2

**Exhibit 3.2**

**Form of Amended and Restated**

**Memorandum and**

**Articles of Association**

**COMPANIES (JERSEY) LAW 1991**

**MEMORANDUM**

**AND**

**ARTICLES OF ASSOCIATION**

**OF**

**DPC Holdings plc**

***a no par value public limited company***

Company number: 130424

Incorporated the 29 <sup>th</sup> day of November 2019

**COMPANIES (JERSEY) LAW 1991 (the "Law")**

**MEMORANDUM OF ASSOCIATION**

**OF**

**DPC Holdings plc**

(the "**Company**")

***a no par value public limited company***

1. **INTERPRETATION** 

Words and expressions contained in this Memorandum of Association have the same meanings as in the Law.

2. **COMPANY NAME** 

The name of the Company is **DPC Holdings plc**.

3. **TYPE OF COMPANY** 

3.1 The Company is a public company.

3.2 The Company is a no par value company.

4. **NUMBER OF SHARES** 

There shall be no limit on the number of shares of any class which may be issued by the Company.

5. **LIABILITY OF MEMBERS** 

The liability of a member arising from the holding of a share in the Company is limited to the amount (if any) unpaid on it.

**COMPANIES (JERSEY) LAW 1991**

**ARTICLES OF ASSOCIATION**

**OF**

**DPC Holdings plc**

***a no par value public limited company***

**CONTENTS**

1. INTERPRETATION 1

2. SHARE CAPITAL 4

3. STATED CAPITAL ACCOUNTS 8

4. ALTERATION OF SHARE CAPITAL 8

5. VARIATION OF RIGHTS 11

6. REGISTER OF MEMBERS 11

7. SHARE CERTIFICATES and uncertificated shares 11

8. CALLS ON SHARES 12

9. LIEN 13

10. FORFEITURE OF SHARES 14

11. TRANSFER OF SHARES 15

12. TRANSMISSION OF SHARES 17

13. GENERAL MEETINGS 18

14. CLASS MEETINGS 24

15. NOTICE OF GENERAL MEETINGS 24

16. PROCEEDINGS AT GENERAL MEETINGS 24

17. VOTING 27

18. VOTES OF MEMBERS 28

19. CORPORATE MEMBERS 30

20. DIRECTORS 30

21. APPOINTMENT OF DIRECTORS 31

22. POWERS OF DIRECTORS 33

23. DELEGATION OF DIRECTORS' POWERS 34

24. DIRECTORS' INTERESTS 34

i

25. PROCEEDINGS OF DIRECTORS 36

26. EQUITY INCENTIVE PLAN 37

27. MINUTE BOOK 37

28. SECRETARY 37

29. THE SEAL 38

30. AUTHENTICATION OF DOCUMENTS 38

31. DIVIDENDS 39

32. CAPITALISATION OF PROFITS 40

33. ACCOUNTS 41

34. NOTICES 42

35. WINDING UP 43

36. INDEMNITY 44

37. RECORD TIME 44

38. JURISDICTION 44

ii

**COMPANIES (JERSEY) LAW 1991**

**ARTICLES OF ASSOCIATION**

**OF**

**DPC Holdings plc**

***a no par value public limited company***

1. **INTERPRETATION** 

1.1 In these Articles, unless inconsistent with the subject or the context, the following words and expressions
shall have the meanings respectively assigned to them below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 "**Annual General Meeting**" means an annual General Meeting of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2 "**Applicable Law**" means the laws, rules and regulations applicable to the Company,
including the Companies Law, the Securities Act, the Exchange Act, the listing rules of the Designated Stock Exchange and FINRA Rules (as
defined in these Articles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3 these "**Articles**" means these Articles of Association in their present form or as amended
from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.4 "**Auditors**" means the auditors of the Company appointed pursuant to these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.5 "**Board**" means the board of Directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.6 "**Clear Days**" means in relation to the period of a notice, that period excluding the day
when the notice is served or deemed to be served and the day for which it is given or on which it is to take effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.7 "**Companies Law**" means the Companies (Jersey) Law 1991 and any subordinate legislation
from time to time, including any statutory modifications or re-enactments for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.8 "**Company**" means DPC Holdings plc;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.9 "**Designated Stock Exchange**" means the United States New York Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.10 "**Directors**" means the directors of the Company for the time being;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.11 "**Equity Incentive Plan**" means the DPC Holdings Limited 2026 Equity Incentive Plan and
the DPC Holdings Limited 2026 Equity Incentive Plan UK Sub-Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.12 "**Exchange Act**" means the United States Securities Exchange Act of 1934, as amended,
and the rules promulgated by the SEC thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.13 **"Exemption Order"** means the Companies (Transfers of Shares – Exemptions) (Jersey)
Order 2014;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.14 "**FINRA Rules**" means the rules set out by the Financial Industry Regulatory Authority
in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.15 "**General Meeting**" means a general meeting of the Company, including any general meeting
held as the Company's Annual General Meeting and whether held as a physical General Meeting, an electronic General Meeting or as
a combined physical and electronic General Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.16 "**General Meeting Chair**" has the meaning given to it in Article 16.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.17 "**Holder**" means, in relation to shares, the member whose name is entered in the Register
as the holder of the shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.18 "**Jersey**" means the Bailiwick of Jersey;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.19 "**member**" means a person whose name is entered in the Register as the holder of shares
in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.20 "**Memorandum of Association**" means the Memorandum of Association of this Company in
their present form or as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.21 "**month**" means calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.22 "**notice**" means a notice in writing unless otherwise specifically stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.23 "**Office**" means the registered office of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.24 "**officer**" includes a manager and the Secretary, but shall not include an auditor or a
liquidator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.25 "**Ordinary Resolution**" means a resolution passed by a simple majority of the votes cast
by those members who are entitled to vote in respect of such resolution at the relevant members' meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.26 "**paid up**" means, in relation to a share, that the agreed issue price for a share has
been fully paid or credited as paid in money or money's worth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.27 "**persons**" includes associations and bodies of persons, whether corporate or unincorporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.28 "**present**" means for the purposes of a physical General Meeting, present at a physical
place of meeting or, for the purposes of a combined physical and electronic General Meeting, either present at a physical place of meeting
or present by attending via an electronic platform or for the purposes of an electronic General Meeting, attending via an electronic platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.29 "**Procedural Resolution**" means a resolution at a members' meeting which, in the
opinion of the General Meeting Chair, is of a procedural nature (including a resolution to elect a General Meeting Chair at the meeting,
a resolution to withdraw a resolution, a resolution to adjourn the meeting or a resolution to correct an obvious error in a Substantive
Resolution);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.30 "**Proposing Person**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the member or Requisitioning Members of record providing the notice of Director Nomination(s) or
other business proposed to be brought before a General Meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the beneficial owner(s), if different, on whose behalf the Director Nomination(s) or other business
proposed to be brought before a General Meeting is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.31 "**Record Time**" has the meaning given in Article 37.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.32 "**Register**" means the register of members required to be kept pursuant to Article 41
of the Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.33 "**Requisitioning Members"** has the meaning given in Article 13.3.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.34 "**Seal**" means the common seal of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.35 "**SEC**" means the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.36 "**Secretary**" means any person appointed to perform any of the duties of secretary of the
Company (including an assistant or deputy secretary) and in the event of two or more persons being appointed as joint secretaries any
one or more of the persons so appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.37 "**Securities Act**" means the United States Securities Act of 1933, as amended, and the
rules promulgated by the SEC thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.38 "**Securities Seal**" means an official seal kept by the Company by virtue of Article 24
of the Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.39 "**Share Reserve**" has the meaning given to it in the Equity Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.40 "**Solicitation Statement"** has the meaning given to it in Article 13.3.3(e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.41 "**Special Resolution**" means a resolution passed by a majority of not less than 66.67 per
cent. of the votes cast by those members entitled to vote in respect of such resolution at the relevant members' meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.42 "**Statement of Rights**" has the meaning given to it in Article 2.3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.43 "**Substantive Resolution**" means any resolution at a members' meeting, other than
a Procedural Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.44 "**Synthetic Equity Interest**" means any transaction, agreement or arrangement (or series
of transactions, agreements or arrangements), including, without limitation, any derivative, swap, hedge, repurchase or so-called "stock
borrowing" agreement or arrangement, the purpose or effect of which is to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) give a person or entity economic benefit and/or risk similar to ownership of shares of any class or series
of the Company, in whole or in part, including due to the fact that such transaction, agreement or arrangement provides, directly or indirectly,
the opportunity to profit or avoid a loss from any increase or decrease in the value of any shares of any class or series of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) mitigate loss to, reduce the economic risk of, or manage the risk of share price changes for, any person
or entity with respect to any shares of any class or series of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise provide in any manner the opportunity to profit or avoid a loss from any decrease in the value
of any shares of any class or series of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) increase or decrease the voting power of any person or entity with respect to any shares of any class
or series of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.45 "**Timely Notice**" has the meaning given to it in Article 13.3.2.

1.2 Save as defined in these Articles and unless the context otherwise requires, words or expressions contained
in these Articles shall bear the same meaning as in the Companies Law.

1.3 The regulations constituting the Standard Table prescribed pursuant to the Companies Law shall not apply
to the Company and are expressly excluded in their entirety.

1.4 In these Articles, unless the context or the Companies Law otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 words and expressions which are cognate to those defined in Article 1.1 shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2 the word "**may**" shall be construed as permissive and the word "**shall** "
shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.3 words importing the singular number only shall be construed as including the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.4 words importing one gender only shall be construed as including each other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.5 the word "**dividend**" has the meaning ascribed to the word "distribution" in
Article 114 of the Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.6 the expression "**members' meeting**" (and similar terms) shall include both a General
Meeting and a meeting of the holders of any class of shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.7 the expression "**signed**" includes a signature or representation of a signature affixed
by mechanical or other means or any other means of signifying agreement permitted by law and where a document is to be signed by a company,
an association or a body of persons, the word "signed" shall be construed as including the signature of a duly authorised representative
on its behalf as well as any other means by which it would normally execute the document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.8 the expression "**chair**" or "**co-chair**" shall mean the chair or co-chairs,
as applicable, of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.9 the expression "**in writing**" includes written, printed, telexed, electronically transmitted
or represented or reproduced by any other mode of representing or reproducing words in a visible form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.10 references to enactments are to such enactments as are from time to time modified, re-enacted or consolidated
and shall include any enactment made in substitution for an enactment that is repealed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.11 references to a numbered Article are to the Article so numbered of these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.12 a Special Resolution shall be effective for any purpose for which an Ordinary Resolution is expressed
to be required under any provision of these Articles.

1.5 The clause and paragraph headings in these Articles are for convenience only and shall not be taken into
account in the construction or interpretation of these Articles.

2. **SHARE CAPITAL** 

2.1 **Share capital** 

The shares of the Company shall have the rights and be subject to the conditions contained in these Articles and, to the extent applicable, in the Statement of Rights relating to preferred shares of any class. No share issued by the Company shall have a nominal value.

2.2 **Rights attaching to ordinary shares** 

Subject to Applicable Law and the provisions of these Articles, the rights attaching to ordinary shares are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 **As regards income** – Each ordinary share confers on the holder the right to receive such profits
of the Company available for distribution as the Board may declare, following any payment to the members holding shares of any other class
other than ordinary shares of any amount then payable in accordance with the relevant Statement of Rights or other terms of issue of that
class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 **As regards capital** – If the Company is wound up, the holder of an ordinary share is entitled,
following payment to the members holding shares of any other class other than ordinary shares of all amounts then payable to them in accordance
with the relevant Statement of Rights or other terms of issue of that class, to repayment of the stated amount of the capital paid up
and any surplus assets of the Company then remaining which shall be distributed *pari passu* among the holders of the ordinary shares
in proportion to the amounts paid up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 **As regards voting** – At any General Meeting of the Company and any separate class meeting
of the holders of ordinary shares, every person who was a holder of ordinary shares at the Record Time and who is present at such meeting
has one vote for every ordinary share of which such person was the holder as of the Record Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 **As regards redemption** – The ordinary shares are not redeemable, unless issued as redeemable
or converted into redeemable ordinary shares pursuant to Article 2.5.

2.3 **Rights attaching to preferred shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 The Board is authorised to issue the preferred shares in one or more series or classes and determine,
from time to time before issuance, the number of shares to be included in any such series or class and the designation, powers, preferences,
rights and qualifications, limitations or restrictions of such series or class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 The authority of the Board with respect to each such series or class will include, without limiting the
generality of this Article 2.3, the determination of any or all of the following, which shall be set out in a statement of rights
in respect of each series or class of preferred shares (the "**Statement of Rights** "), all as may be determined from time
to time by the Board and as may be permitted by Applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the series or class to which each preferred share shall belong, such series or class to be designated
with a series or class number and, if the Board so determines, title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) details of any dividends payable in respect of the relevant series or class, if any, including whether
such dividends will be cumulative or noncumulative, the dividend rate of such series or class, and the dates and preferences of dividends
on such series or class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) details of rights attaching to shares of the relevant series or class to receive a return of capital on
a winding up of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) details of the voting rights attaching to shares of the relevant series or class (which may provide, without
limitation, that each preferred share shall have more than one vote on a poll at any General Meeting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a statement as to whether shares of the relevant series or class are redeemable (either at the option
of the holder and/or the Company) and, if so, on what terms such shares are redeemable (including, without limitation, and only if so
determined by the Board, the amount for which such shares shall be redeemed (or a method or formula for determining the same) and the
date on which they shall be redeemed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a statement as to whether shares of the relevant series or class are convertible into, or exchangeable
for, shares of any other class or classes or of any other series of the same or any other class or classes of shares, or any other security,
of the Company or any other person (in each case, either at the option of the holder and/or the Company) and, if so, on what rates or
terms such shares are convertible or exchangeable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other designations, powers, preferences and relative, participating, optional or other rights, obligations
and restrictions, if any, attaching to preferred shares of any class or series as the Board may determine in its discretion; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the price at which shares of the relevant series or class shall be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 Once a Statement of Rights has been adopted for a class or series of preferred shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is binding on members and the Board as if contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it must be filed on behalf of the Company with the Registrar of Companies in Jersey in accordance with
Article 54 of the Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the provisions of Article 5 apply to any variation or abrogation that may be effected by the Company
or the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all monies payable on or in respect of any preferred share (including, without limitation, the subscription
and any redemption monies) shall be paid in the currency for which such preferred share is issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon the redemption of a preferred share (if redeemable) pursuant to the relevant Statement of Rights,
the holder ceases to be entitled to any rights and accordingly such holder's name must be removed from the Register and the share
must be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 Without prejudice to any special rights for the time being conferred on the Holders of any shares or class
of shares (which special rights shall not be varied or abrogated except with such consent or sanction provided in these Articles), any
share or class of shares in the capital of the Company may be issued with such preferred, deferred or other special rights or such restrictions
whether in regard to dividends, return of capital, voting or otherwise as the Directors may from time to time determine.

2.4 **Fractions of shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 Subject to the Companies Law, the Company may issue fractions of shares, provided that a fraction of a
share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall be taken into account in determining the entitlement of a member as regards dividends or on a winding
up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not entitle a member to a vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to Article 2.4.1(b), shall be subject to and carry the corresponding fraction of liabilities,
limitations, preferences, privileges, qualifications, restrictions, rights and other attributes of a share of that class of shares.

2.5 **Redeemable shares** 

Subject to Applicable Law, the Company may from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1 issue; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2 convert any existing non-redeemable shares (whether issued or not) into,

shares which are to be redeemed or are liable to be redeemed at the option of the Company or at the option of the Holder and on such terms and in such manner as may be determined by Special Resolution; provided that an issued non-redeemable share may only be converted into a redeemable share pursuant to Article 2.5.2 with the agreement of the holder or pursuant to a Special Resolution.

2.6 **Company's purchase of its own shares** 

Subject to Applicable Law, the Company may purchase its own shares of any class (including redeemable shares) and neither the Company nor the Directors shall be required to select the shares to be purchased rateably or in any other particular manner as between the Holders of the same class or as between them and the Holders of any other class or in accordance with the rights as to dividends or capital conferred by any class of shares.

2.7 **Unissued shares** 

Subject to Applicable Law and these Articles, the unissued shares for the time being in the capital of the Company shall be at the disposal of the Directors who may allot, grant options over or otherwise dispose of them to such persons at such times and generally on such terms and conditions as they think fit. Securities, contracts, warrants or other instruments evidencing any shares, option rights, securities having conversion or option rights or obligations may also be issued by the Directors without the approval of the members or entered into by the Company upon a resolution of the Directors to that effect on such terms, conditions and other provisions as are fixed.

2.8 **Commissions** 

The Company may pay commissions as permitted by Applicable Law. Subject to Applicable Law, any such commission may be satisfied by the payment of cash or by the allotment of fully or partly paid shares or partly in one way and partly in the other.

2.9 **Trust, etc. interests not recognised** 

Except as otherwise provided by these Articles or by Applicable 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 any equitable, contingent, future or partial interest in any share or any interest in any fraction of a share or any other right in respect of any share except an absolute right to the entirety in the Holder.

2.10 **Treasury shares** 

Subject to the Companies Law, the Company may hold as treasury shares any shares purchased or redeemed by it.

3. **STATED CAPITAL ACCOUNTS** 

3.1 The Company shall maintain a stated capital account in accordance with the Companies Law for each class
of issued share. A stated capital account may be expressed in any currency.

3.2 Subject to the requirements of the Companies Law, and except as provided in Article 3.3, there shall
be transferred to the stated capital account for each class of share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 the amount of cash received by the Company for the issue of shares of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 the value, as determined by the Directors, of the "cause" received by the Company, otherwise
than in cash, for the issue of shares of that class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 every other amount which is from time to time required by the Companies Law to be transferred to a stated
capital account.

3.3 Where the Companies Law permits the Company to refrain from transferring any amount to a stated capital
account, that amount need not be so transferred but the Directors may, if they think fit, cause all or any part of such amount to be transferred
to the relevant stated capital account.

3.4 The Company, acting by the Directors, may transfer an amount to a stated capital account of the Company
from any other account of the Company.

3.5 Where, for the purposes of Article 3.2.2, the Directors are to determine the value of any "cause"
received by the Company they may rely on such indicator or indicators of value as appear to them to be reasonable and practicable in the
circumstances.

4. **ALTERATION OF SHARE CAPITAL** 

4.1 **Consolidation, subdivision and cancellation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 The Company may by Special Resolution alter its Memorandum of Association so as to alter the number of
shares which it is authorised to issue or consolidate or divide all or any part of its shares (whether issued or not) into fewer shares
and may generally make such other alteration to its share capital as is from time to time permitted by the Companies Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 Any new shares created on an increase or other alteration of share capital shall be issued upon such terms
and conditions as the Company may by Ordinary Resolution determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 Any capital raised by the creation of new shares shall, unless otherwise provided by the conditions of
issue of the new shares, be considered as part of the original capital and the new shares shall be subject to the provisions of these
Articles with reference to the payment of calls, transfer and transmission of shares, lien or otherwise applicable to the existing shares
in the Company.

4.2 **Reduction of capital** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 **Capital reduction** 

The Company may reduce its capital accounts in any way permitted by the Companies Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 **Capital distributions approved by members** 

Subject to the Companies Law, the Company may, by Ordinary Resolution, approve a distribution to its members of any sum from any capital account of the Company. No such distribution shall exceed the amount that is recommended by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 **Capital distributions approved by the Directors** 

Subject to the Companies Law, the Directors may, from time to time, authorise and approve a distribution to the members of any sum from any capital account of the Company. Any such distributions may be made on such dates as the Directors think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 **Ranking of shares for capital distributions** 

All capital distributions shall (as regards any shares not fully paid) be apportioned and paid pro rata to the number of shares held by each member on the date upon which the capital distribution is paid. If any share is not fully paid up, that share shall only carry the right to receive a distribution calculated on the basis of the proportion that the amount paid up on that share bears to the issue price of that share. For the purposes of this Article 4.2.4, no amount paid on a share in advance of calls shall be treated as paid on the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5 **Manner of payment of distributions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any capital distribution shall be paid to the member, to trustees upon such trusts for the members as
the Directors may think fit, or to such other person as the member (or, in the case of joint holders of a share, all of them) may, in
writing, direct. Such capital distribution may be paid:

&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 cheque sent by post to the payee or, where there is more than one payee, to any one of them; 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;(ii) by inter-bank transfer to such account as the payee or payees shall, in writing, direct; 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;(iii) by such other method of payment as the member (or, in the case of joint Holders of a share, all of them)
may agree to.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every such cheque shall be sent at the risk of the person or persons entitled to the relevant sum, and
payment of a cheque by the banker upon whom it is drawn, and any transfer or payment within Articles 4.2.5(a) shall be a good discharge
to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any capital distribution may be paid in such currency or currencies as the Directors may determine, using
such exchange rate for currency conversions as the Directors may select. The Directors may, in their discretion, make provisions to enable
a member to elect to receive capital distributions in such currencies as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may cease to send any cheque, warrant or order by post for any capital distribution on any
shares which is normally paid in that manner if, in respect of at least four consecutive capital distributions payable on those shares,
the cheque, warrant or order has been returned undelivered or remains uncashed or following three such occasions reasonable enquiries
have failed to establish any new address of the registered holder but, subject to the provisions of these Articles, shall recommence sending
cheques, warrants or orders in respect of the capital distributions payable on those shares if the Holder or person entitled claims the
arrears of capital distributions and does not instruct the Company to pay future capital distributions in some other way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6 **Joint holders** 

If two or more persons are registered as joint holders of any share, or are entitled jointly to a share in consequence of the death or bankruptcy of the Holder or otherwise by operation of law, any one of them may give effectual receipts for any capital distribution or other monies payable or property distributable on or in respect of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.7 **No interest on capital distributions** 

No capital distribution payable on or in respect of a share shall bear interest as against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.8 **Retention of capital distributions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors may retain capital distributions in respect of which any person is, under the provisions
as to the transmission of shares in these Articles, entitled to become a member, or which any person is, under those provisions, entitled
to transfer until such person shall become a member in respect of such shares or shall transfer the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall notify the person otherwise entitled to payment of the sum that it has been retained
and how the retained sum has been applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.9 **Unclaimed capital distributions** 

The payment by the Directors of any unclaimed capital distribution into a separate account shall not constitute the Company a trustee and any capital distribution unclaimed after a period of 12 years from the date on which such capital distribution became due for payment shall be forfeited and shall revert to the Company. Any unclaimed capital distribution may be invested or otherwise applied for the benefit of the Company until they are claimed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.10 **Waiver of capital distribution** 

The waiver in whole or in part of any capital distribution on any share shall be effective only if such waiver is in writing (whether or not executed as a deed) signed or authenticated by the member (or the person entitled) and delivered to the Company and if or to the extent that the same is accepted as such or acted upon by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.11 **Distribution in specie** 

The Company may, upon the recommendation of the Directors, by Ordinary Resolution, direct payment of a capital distribution in whole or in part by the distribution of specific assets (and in particular of paid-up shares or debentures of any other company), and the Directors shall give effect to such resolution. Where any difficulty arises in regard to such distribution of specific assets, the Directors may settle the same as they think expedient and, in particular, may issue fractional certificates, may fix the value for distribution of such specific assets or any part of such assets, may determine that cash shall be paid to any member or to trustees upon such trusts for the members as the Board may think fit based on the value so determined in order to adjust the rights of members, and may vest any assets in trustees.

5. **VARIATION OF RIGHTS** 

5.1 **Manner of variation of rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 Whenever the capital of the Company is divided into different classes of shares, the special rights attached
to any class may (unless otherwise provided by the terms of issue of the shares of that class) be varied or abrogated either whilst the
Company is a going concern or during or in contemplation of a winding up with the sanction of an Ordinary Resolution passed at a separate
meeting of the Holders of shares of that class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 To every such separate meeting, all provisions of these Articles and of Applicable Law relating to General
Meetings or to the proceedings conducted in the General Meetings shall apply *mutatis mutandis*.

5.2 **Matters not constituting variation of rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 The special rights attached to any class of shares having preferential rights shall not, unless otherwise
expressly provided by the terms of issue, be deemed to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the creation or issue of further shares ranking as regards participation in the profits or assets of the
Company in some or all respects pari passu (but in no respect in priority to); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any purchase or redemption by the Company of its own shares.

6. **REGISTER OF MEMBERS** 

6.1 The Directors shall maintain or cause to be maintained a Register in the manner required by the Companies
Law. The Register shall be kept at the Office or at such other place in Jersey as the Directors from time to time determine.

6.2 The Company shall not be required to enter the names of more than four joint Holders in the Register.

7. **SHARE CERTIFICATES and uncertificated shares** 

7.1 **Issue of share certificates** 

Subject to the Companies Law, as a condition of the issue of any shares in the capital of the Company, the Company shall not be required to issue a share certificate to a member following the allotment, issue, or transfer of shares to the member. This article shall not constitute an abrogation or variation of rights of any shares already in issue by the Company.

7.2 **Form of share certificate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 The Company, in its sole and absolute discretion, may issue and execute a certificate within two months
after allotment or lodgement of transfer (or within such other period as the conditions of issue shall provide). A certificate may be
executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has a Seal, by causing the Seal to be affixed to the certificate in accordance with these
Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not the Company has a Seal, by the signature on behalf of the Company of either two Directors
or one Director and the Secretary or two authorised persons and such signature may be affixed to any certificate by facsimile or any other
electronic or mechanical means, or by printing the signature on it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 Every certificate shall further specify the shares to which it relates and the amount paid up and, if
required by the Companies Law, the distinguishing numbers of the shares.

7.3 **Joint holders** 

The Company shall not be bound to issue more than one certificate in respect of a share held jointly by several persons and delivery of a certificate for a share to one of several joint Holders shall be sufficient delivery to all such Holders.

7.4 **Replacement of share certificates** 

If a share certificate shall be worn out, defaced, lost or destroyed, a new certificate representing the same shares may be issued on payment of such reasonable fee and on such terms (if any) as to evidence and indemnity and the payment of out-of-pocket expenses as the Directors think fit.

7.5 **Uncertificated shares** 

At any time the shares are listed on the Designated Stock Exchange (provided that the Designated Stock Exchange remains an "approved stock exchange" (as defined in the Exemption Order)), the Company shall not be required to (although may, in its absolute discretion choose to), provide a share certificate in accordance with Article 7.2.

8. **CALLS ON SHARES** 

8.1 **Power to make calls** 

The Directors may, from time to time and subject to the provisions of these Articles, make calls upon the members in respect of any monies unpaid on their shares but subject always to the terms of allotment of such shares. A call shall be deemed to have been made at the time when the resolution of the Directors authorising the call was passed and may be required to be paid by instalments.

8.2 **Liability for calls** 

Each member shall (subject to being given at least 14 Clear Days' notice specifying the time or times and place of payment) pay to the Company at the time or times and place so specified the amount called on their shares. The joint Holders of a share shall be jointly and severally liable to pay all calls and all other payments to be made in respect of such share. A call may, before receipt by the Company of any sum due, be revoked 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 them notwithstanding the subsequent transfer of the shares in respect of which the call was made.

8.3 **Interest on overdue amounts** 

If a sum called in respect of a share is not paid before or on the day appointed for payment, the person from whom the sum is due may be required to pay interest on the sum from the day appointed for payment to the time of actual payment at a rate determined by the Directors (not exceeding 15 per cent. per annum) but the Directors shall be at liberty to waive payment of such interest wholly or in part.

8.4 **Other sums due on shares** 

Any sum which by the terms of allotment of a share becomes payable upon allotment or at any fixed date shall, for the purposes of these Articles, be deemed to be a call duly made and payable on the date on which by the terms of allotment the same becomes payable. In case of non-payment, all the relevant provisions of these Articles as to payment of interest and expenses, forfeiture, surrender or otherwise shall apply as if such sum had become due and payable by virtue of a call duly made and notified.

8.5 **Power to differentiate between holders** 

The Directors may, on the allotment of shares, differentiate between the Holders as to the amount of calls to be paid and the times of payment.

8.6 **Payment of calls in advance** 

The Directors may, if they think fit, receive from any member an advance of monies which have not yet been called on their shares or which have not yet fallen due for payment. Such advance payments shall, to their extent, extinguish the liability in respect of which they are paid. The Company may pay interest on any such advance, at such rate as the Directors think fit, for the period covering the date of payment to the date (the "**Due Date**") when the monies would have been due had they not been paid in advance. For the purposes of entitlement to dividends, monies paid in advance of a call or instalment shall not be treated as paid until the Due Date.

9. **LIEN** 

9.1 **Company's lien on shares** 

The Company shall have a first and paramount lien on every share (not being a fully paid share) for all monies (whether presently payable or not) called or payable at a fixed time in respect of that share (which shall extend to reasonable interest and expenses incurred because the amount is not paid). The Company's lien (if any) on a share shall extend to all dividends or other monies payable in respect of the lien. The Directors may resolve that any share shall for such period as they think fit be exempt from the provisions of this Article 9.1.

9.2 **Sale of shares subject to lien** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 The Company may sell, in such manner as the Directors think fit, any share on which the Company has a
lien but no sale shall be made unless the sum in respect of which such lien exists or some part of the sum are or is presently payable
nor until 14 Clear Days have expired after a notice stating and demanding payment of the monies presently payable and giving notice of
intention to sell in default shall have been served on the Holder for the time being of the shares or the person entitled to the shares
by reason of the death, bankruptcy or incapacity of such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 To give effect to any such sale, the Directors may authorise any person to execute an instrument of transfer
of the shares sold to the purchaser. The purchaser shall be registered as the Holder of the transferred shares and it shall not be bound
to see to the application of the purchase money nor shall its title to the shares be affected by any irregularity or invalidity in the
proceedings in reference to the sale.

9.3 **Proceeds of sale of shares subject to lien** 

The net proceeds of the sale of a share pursuant to Article 9.2, after payment of the costs of such sale, shall be applied in or towards payment or satisfaction of the debt or liability in respect of which the lien exists so far as the same is presently payable and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the shares prior to the sale) be paid to the person entitled to the shares at the time of the sale.

10. **FORFEITURE OF SHARES** 

10.1 **Notice on failure to pay a call** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 If a member fails to pay in full any call or instalment of a call on or before the due date for payment,
the Directors may at any time following the due date and for such time as any part of such call or instalment remains unpaid, serve a
notice requiring payment of so much of the call or instalment as is unpaid together with any interest which may have accrued and any costs,
charges and expenses which may have been incurred by the Company by reason of such non-payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 The notice shall name a further date (not earlier than 14 Clear Days from the date of service of the notice)
on or before which the payment is to be made and the place where payment is to be made and shall state that in the event of non-payment
in accordance with the terms of the notice, the shares in respect of which the call was made will be liable to be forfeited.

10.2 **Forfeiture for non-compliance** 

If the requirements of any such notice are not complied with, any share in respect of which such notice has been given may at any time before payment of all calls and interest due be forfeited by a resolution of the Directors. Such forfeiture shall include all dividends which shall have been declared on the forfeited shares and not actually paid before the forfeiture.

10.3 **Notice of forfeiture and surrender of shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1 When any share has been forfeited in accordance with these Articles, notice of the forfeiture shall be
given to the Holder of the share or the person entitled to the share by transmission as the case may be and an entry of such notice having
been given and of the forfeiture with the relevant date shall be made in the Register opposite to the entry of the share but no forfeiture
shall be invalidated in any manner by any omission or neglect to give such notice or to make such entry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2 The Directors may, at any time after serving a notice in accordance with Article 10.1, accept from
the member concerned the surrender of such shares as are the subject of the notice, without the need otherwise to comply with the provisions
of Articles 10.1 to 10.3.1. Any such shares shall be surrendered immediately and irrevocably upon the member delivering to the Company
the share certificate for the shares. Such surrender shall also constitute a surrender of all dividends declared on the surrendered shares
but not actually paid before the surrender. Upon a surrender, the Company shall make an entry in the Register with the date of the surrender,
however no surrender shall be invalidated in any manner by any omission or neglect to make such entry.

10.4 **Disposal of forfeited shares** 

A forfeited or surrendered share shall become the property of the Company and may be sold, re-allotted or otherwise disposed of either to the person who was before forfeiture or surrender the Holder or entitled to the share or to any other person upon such terms and in such manner as the Directors think fit. At any time before a sale, re-allotment or other disposition, the forfeiture or surrender may be cancelled on such terms as the Directors think fit. The Directors may, if necessary, authorise any person to transfer a forfeited or surrendered share to any such other person.

10.5 **Holder to remain liable despite forfeiture** 

A person whose shares have been forfeited or surrendered shall cease to be a member in respect of the forfeited or surrendered shares and shall (if they have not done so already) surrender to the Company for cancellation the certificate for the shares forfeited or surrendered. Notwithstanding the forfeiture or the surrender, such person shall remain liable to pay to the Company all monies which at the date of forfeiture or surrender were presently payable by them in respect of those shares together with interest at a rate of 15 per cent. per annum or such other rate as the Directors may determine from the date of forfeiture or surrender until payment. The Directors may, at their absolute discretion, enforce payment without any allowance for the value of the shares at the time of forfeiture or surrender or for any consideration received on their disposal. The Directors may also waive payment in whole or in part.

10.6 **Evidence of forfeiture** 

A declaration under oath by a Director or the Secretary (or by an officer of a corporate Secretary) that a share has been duly forfeited or surrendered on a specified date shall be conclusive evidence of the facts stated as against all persons claiming to be entitled to the share. The declaration and the receipt of the Company for the consideration (if any) given for the share on the sale re-allotment or disposal together with the certificate for the share delivered to a purchaser or allottee shall (subject to the execution of an instrument of transfer if required) constitute good title to the share. The person to whom the share is sold, re-allotted or disposed of shall be registered as the Holder of the share and shall not be bound to see to the application of the consideration (if any) nor shall its title to the share be affected by any irregularity in or invalidity of the proceedings in respect of the forfeiture, surrender, sale, re-allotment or disposal of the share.

11. **TRANSFER OF SHARES** 

11.1 **Form of transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1 Subject to these Articles (including Article 11.4), any agreement between a member and the Company,
the Companies Law and the rules or regulations of the Designated Stock Exchange or any relevant securities laws (including, but not
limited to, the Securities Act), any member may transfer all or any of his shares by an instrument of transfer in the usual or common
form or in a form prescribed by the Designated Stock Exchange or in any other usual common form approved by the Directors and may be under
hand or, if the transferor or transferee is a clearing house or its nominee(s), by hand or by machine imprinted signature or by such other
manner of execution as the Directors may approve from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 The instrument of transfer of any share shall be signed by or on behalf of the transferor and, in the
case of an unpaid or partly paid share, by the transferee. Without prejudice to the last preceding Article, the Directors may also resolve,
either generally or in any particular case, upon request by the transferor or transferee to accept mechanically executed transfers. The
transferor shall be deemed to remain the Holder of the share until the name of the transferee is entered in the Register.

11.2 **Right to refuse registration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 The Directors may in their absolute discretion and without assigning any reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) refuse to register any transfer of partly paid shares or any transfer of shares on which the Company has
a lien; and refuse to register any transfer if such transfer is:

&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) of shares that were not registered under U.S. securities laws and such transfer is being made pursuant
to an exemption from registration under U.S. securities laws, unless the transferor provides evidence satisfactory to the Directors that
such transfer satisfies the terms of such exemption; 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;(ii) prohibited by the terms of any contract or undertaking to which the transferor is a party of which the
Company is aware,

but shall not otherwise, except as provided in Article 11.2.2, refuse to register a transfer of shares made in accordance with these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 The Directors may also refuse to register the transfer of a share unless the instrument of transfer is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) lodged at the Office or at such other place as the Directors may appoint accompanied by the certificate
for the shares to which it relates and such other evidence as the Directors may reasonably require to show the right of the transferor
to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of only one class of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in favour of not more than four transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3 If the Directors refuse to register a transfer of a share, they shall send notice of the refusal to the
proposed transferor and transferee within two months of the date on which the instrument of transfer was lodged with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4 All instruments of transfer relating to transfers of shares which are registered shall be retained by
the Company, but any instrument of transfer relating to transfers of shares which the Directors decline to register shall (except in any
case of fraud) be returned to the person depositing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.5 The registration of transfers of shares or of transfers of any class of shares may be suspended at such
times and for such periods as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.6 In respect of any allotment of any share, the Directors shall have the same right to decline to approve
the registration of any renouncee of any allottee as if the application to allot and the renunciation were a transfer of a share under
these Articles.

11.3 **No fee on registration** 

Unless otherwise decided by the Directors in their sole discretion, no fee shall be charged in respect of the registration of any instrument of transfer or other document relating to or affecting the title to any share.

11.4 **Holding of Shares through Direct Registration System** 

At any time any of the shares are listed on the Designated Stock Exchange (provided that the Designated Stock Exchange remains an approved stock exchange (as defined in the Exemption Order)), a transfer of such shares is exempt from the foregoing provisions of this Article 11 and the provisions of Article 42(1) of the Companies Law requiring an instrument of transfer to be delivered to the Company where the following conditions are met in respect of such transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.1 the transfer is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to or from an approved central securities depository (as defined in the Exemption Order), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by means of a computer system (as defined in the Exemption Order); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.2 the transfer is in accordance with the relevant laws (as defined in the Exemption Order) applicable to,
and relevant rules and regulations of, the Designated Stock Exchange and otherwise in accordance with Applicable Law.

12. **TRANSMISSION OF SHARES** 

12.1 **Persons entitled on death** 

In the case of the death of a member: the (i) survivor or survivors (where the deceased was a joint Holder) or (ii) executors or administrators of the deceased (where they were a sole or only surviving Holder) shall be the only persons recognised by the Company as having any title to their interest in the shares. Nothing in this Article 12.1 shall release the estate of a deceased member (whether sole or joint) from any liability in respect of any share held by them.

12.2 **Election by persons entitled by transmission** 

Any person becoming entitled to a share in consequence of the death, bankruptcy or otherwise by operation of law (upon supplying to the Company such evidence as the Directors may reasonably require to show their title to the share) may elect either to be registered as the Holder of the share or to nominate another person as the Holder upon giving to the Company notice to that effect or transfer such share to some other person. All the limitations, restrictions and provisions of these Articles relating to the right to transfer and the registration of transfers of shares shall be applicable to any such notice or transfer as if the notice or transfer were a transfer made by the member registered as the holder of any such share.

12.3 **Rights of persons entitled by transmission** 

Save as otherwise provided by these Articles, a person becoming entitled to a share in accordance with Article 12.2 shall be entitled to the same dividends, capital distributions and other advantages as those to which they would be entitled if they were the registered holder of the share except that they shall not be entitled (except with the authority of the Directors) to exercise any right conferred by membership in relation to shareholders' meetings until they have been registered as a member in respect of the share. A person entitled to a share who has elected for that share to be transferred to some other person pursuant to Article 12.2 shall cease to be entitled to any rights or advantages in relation to such share upon that other person being registered as the Holder of the share.

12.4 **Prior notices binding** 

If a notice is given to a member in respect of a share, a person entitled to that share is bound by the notice if it was given to the member before the name of the person entitled was entered into the Register.

13. **GENERAL MEETINGS** 

13.1 **Annual General Meetings** 

The Company shall in each calendar year hold an Annual General Meeting at such place, date and time and as may be determined by the Directors. Not more than 18 months shall elapse between Annual General Meetings.

13.2 **Convening of General Meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1 The Directors may whenever they think fit, and upon a valid requisition of members made in accordance
with the Companies Law (a "**Special Meeting Request** "), proceed to convene a General Meeting. For the purposes of Article 89(2) of
the Companies Law, the threshold for the requisition of a General Meeting shall be the lesser of (a) the threshold set out in Article 89(2) of
the Companies Law; and (b) members holding not less than 10 per cent. of the total voting rights of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2 At any General Meeting, only those matters set out in the notice of the General Meeting given by or at
the direction of the Board or matters otherwise brought before the meeting of the Board or properly the subject of a Special Meeting Request
may be considered or acted upon at a General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.3 A resolution may properly be moved at a meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it would, if passed, be ineffective (whether by reason of inconsistency with Applicable Law, these Articles
or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is defamatory of any person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is frivolous or vexatious; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the member has not provided Timely Notice in writing that contains the information required by Article 13.3.3.

13.3 **Nominations and Other Business for General Meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.1 For nominations of candidates for appointment as Director ()"**Director Nominations** ")
or other business to be properly requested to be brought (x) by a member before an Annual General Meeting or (y) by requisitioning
members pursuant to Article 89 of the Companies Law ()"**Requisitioning Members**") before an extraordinary General Meeting
convened upon a members' requisition, the member or Requisitioning Members must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be member(s) of the Company of record at the time of the giving of the notice for such General Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be entitled to vote at such General Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) have given Timely Notice in writing to any Director addressed to the Office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) have provided any updates or supplements to such notice at the times and in the forms required by the
Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) together with the beneficial owner(s), if any, on whose behalf the nomination or business proposal is
made, have acted in accordance with the representations set out in the Solicitation Statement required by the Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) otherwise meet the requirements of these Articles including, as applicable, Article 13.3.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.2 To be timely, a member's written notice in respect of an Annual General Meeting must be received
at the Office not later than the close of business on the 120th day nor earlier than the close of business on the 150th day before the
one year anniversary of the preceding year's Annual General Meeting (which date shall, for purposes of the Company's first
Annual General Meeting following the Company's initial public offering, be deemed to have occurred on , 202);
provided, however, that in the event the Annual General Meeting is first convened more than 30 days before or more than 70 days after
such anniversary date, or if no Annual General Meeting was held in the preceding year, notice by the member to be timely must be received
at the Office not earlier than the close of business on the 120th day before the date of such Annual General Meeting and not later than
the close of business on the 10th day following the day on which public announcement of the date of such meeting is first made (such notice
within such time periods shall be referred to as "**Timely Notice** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.3 Any such Timely Notice must set out, as to each matter the member or the Requisitioning Members propose
to bring before the General Meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to each person whom the member or Requisitioning Members propose to nominate for appointment as a Director:

&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 name, age, business address and residence address of the nominee;

&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 principal occupation or employment of the nominee;

&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 class and number of shares or any other securities of the Company that are held of record or are beneficially
owned by the nominee and of its affiliates and any derivative positions held or beneficially held by the nominee and of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) whether and the extent to which any hedging or other transaction or series of transactions has been entered
into by or on behalf of the nominee or any of its affiliates with respect to any securities of the Company, and a description of any other
agreement, arrangement or understanding (including any short position or any borrowing or lending of any securities), the effect or intent
of which is to mitigate loss to, or to manage the risk or benefit of share price changes for, or to increase or decrease the voting power
of the nominee 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;&nbsp;&nbsp;&nbsp;&nbsp;(v) a description of all agreements, arrangements or understandings between or among the member or the Requisitioning
Members, as applicable, or any of its or their affiliates and each nominee or any of its affiliates and any other person or persons (naming
such person or persons) pursuant to which the nominations are to be made by the member or the Requisitioning Members or concerning the
nominee's potential service as a Director;

&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) a written statement executed by the nominee acknowledging that if elected as a Director the nominee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) owe fiduciary duties under the Companies Law with respect to the Company and its members; 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;(B) comply with all applicable corporate governance, conflict of interest, confidentiality, stock ownership
and trading and other policies and guidelines of the Company applicable to Directors and in effect during such person's term in
office as a director;

&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) all information relating to such nominee that is required to be disclosed in solicitations of proxies
for appointment of Directors in an appointment contest or otherwise required, in each case pursuant to Applicable Law (including, without
limitation, such person's written consent to being named in the proxy statement as a nominee and to serving as a Director if appointed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as to any other business that the member or the Requisitioning Members propose to bring before the General
Meeting, a description in reasonable detail of the business desired to be brought before the General Meeting, the reasons for conducting
such business at the General Meeting, the text, if any, of any resolutions or Memorandum of Association or Articles of Association amendment
proposed for adoption, and any material interest in such business of each Proposing Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the name and address of the member or Requisitioning Members giving the notice, as they appear in the
Register and the names and addresses of the other Proposing Persons (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as to each Proposing Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Proposing Person's written consent to the public disclosure of information provided to the
Company pursuant to this Article 13 and the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the class or series and number of all shares of the Company which are, directly or indirectly, owned beneficially
or of record by such Proposing Person or any of its affiliates or associates, including any shares of the Company as to which such Proposing
Person or any of its affiliates or associates has a right to acquire beneficial ownership at any time in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Synthetic Equity Interests in which such Proposing Person or any of its affiliates or associates,
directly or indirectly, holds an interest including a description of the material terms of each such Synthetic Equity Interest, including,
identification of the counterparty to each such Synthetic Equity Interest and disclosure, for each such Synthetic Equity Interest, as
to (x) whether or not such Synthetic Equity Interest conveys any voting rights, directly or indirectly, in such shares to such Proposing
Person, (y) whether or not such Synthetic Equity Interest is required to be, or is capable of being, settled through delivery of
such shares and (z) whether or not such Proposing Person and/or, to the extent known, the counterparty to such Synthetic Equity Interest
has entered into other transactions that hedge or mitigate the economic effect of such Synthetic Equity Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any proxy, agreement, arrangement, understanding or relationship pursuant to which such Proposing Person
has or shares a right to, directly or indirectly, vote any shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any rights to dividends or other Distributions on the shares, directly or indirectly, owned beneficially
by such Proposing Person that are separated or separable from the underlying shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any performance-related fees (other than an asset based fee) that such Proposing Person, directly or indirectly,
is entitled to based on any increase or decrease in the value of shares or any Synthetic Equity Interests (the disclosures to be made
pursuant to the foregoing clauses (A) through (E) are referred to, collectively, as "**Material Ownership Interests** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a description of the material terms of all agreements, arrangements or understandings (whether or not
in writing) entered into by any Proposing Person or any of its affiliates or associates with any other person for the purpose of acquiring,
holding, disposing or voting of any shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) all information that would be required to be set out in a Schedule 13D filed pursuant to the Exchange
Act and Rule 13d-1(a) or an amendment pursuant to Rule 13d-2 if such a statement were required to be filed under the Exchange
Act by such Proposing Person and/or any of its respective affiliates or associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) any other information relating to such Proposing Person that would be required to be disclosed in a proxy
statement or other filing required to be made in connection with solicitations of proxies or consents by such Proposing Person in support
of the business or nomination proposed to be brought before the meeting pursuant to Applicable Law; 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;(I) (i) a description of all agreements, arrangements or understandings by and among any of the Proposing
Persons, or by and among any Proposing Person and any other person (including with any proposed nominee(s)), pertaining to the nomination(s) or
other business proposed to be brought before the General Meeting (which description shall identify the name of each other person who is
party to such an agreement, arrangement or understanding), and (ii) identification of the names and addresses of other members (and
beneficial owners) known by any of the Proposing Persons to support such nominations or other business proposal(s), and the class and
number of shares owned beneficially or of record by such other member(s) or other beneficial owner(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a statement whether or not the member or Requisitioning Members giving the notice and/or the other Proposing
Person(s), if any, will deliver a proxy statement and form of proxy to holders of, in the case of a business proposal, at least the percentage
of voting power of all of the shares required under Applicable Law to approve the proposal or, in the case of a Director Nomination, at
least the percentage of voting power of all of the shares reasonably believed by such Proposing Person to be sufficient to appoint the
nominee or nominees proposed to be nominated by such member or Requisitioning Members (such statement, the "**Solicitation Statement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a supporting statement indicating the reasons for bringing such proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.4 A member or Requisitioning Members providing Timely Notice of a Director Nomination or other business
proposed to be brought before a General Meeting shall further update and supplement such notice, if necessary, so that the information
(including the Material Ownership Interests information) provided or required to be provided in such notice pursuant to the Articles shall
be true and correct as of the record date for the meeting and as of the date that is 14 Clear Days before such General Meeting, and such
update and supplement must be received by any Director at the Office not later than the close of business on the 7th Clear Day after the
record date for the General Meeting and not later than the close of business on the 14th Clear Day before the date of the General Meeting.
If a member or the Requisitioning Members do not comply with this Article 13 in providing notice of Director Nomination or other
business proposed to be brought before a General Meeting, such notice shall not be deemed to be Timely Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.5 Only such persons who are nominated for appointment as a Director in accordance with the provisions of
the Articles shall be eligible for appointment and to serve as Directors once appointed in accordance with the Articles and only such
other business shall be conducted at a General Meeting as shall have been brought before the General Meeting in accordance with the provisions
of the Articles. The Directors, a designated committee of the Directors or the chairperson of the Board shall have the power to determine
whether a Director Nomination or any other business proposed to be brought before the General Meeting was made in accordance with the
provisions of the Articles. If no determination is made as to whether any Director Nomination or other proposal was made in accordance
with the provisions of the Articles, the presiding person of the General Meeting shall have the power and duty to determine whether the
Director Nomination or other proposal was made in accordance with the provisions of the Articles. If a determination is made that any
Director Nomination or other proposal was not made in accordance with the provisions of the Articles, such proposal or nomination shall
be disregarded and shall not be presented for action (and no votes shall be counted with respect to such proposal or nomination) at the
General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.6 Except as otherwise required by Applicable Law, nothing in this Article 13 shall obligate the Company
or the Directors to include in any proxy statement or other member communication distributed on behalf of the Company or the Directors
information with respect to any nominee for appointment of a Director or any other business submitted or proposed by a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.7 Notwithstanding the foregoing provisions of this Article 13, if the nominating or proposing member
or the Requisitioning Member(s) (or a qualified representative of the member or the Requisitioning Members) do not appear at the
General Meeting to present a Director Nomination or any other business, such Director Nomination or other business shall be disregarded,
notwithstanding that proxies in respect of such vote may have been received by the Company. For purposes of this Article 13, to be
considered a qualified representative of the proposing member or Requisitioning Members, a person must be authorised by a written instrument
executed by such member or Requisitioning Members or an electronic transmission delivered by such member or Requisitioning Members to
act for such member or Requisitioning Members as proxy at the meeting of members and such person must produce such written instrument
or electronic transmission, or a reliable reproduction of the written instrument or electronic transmission, to the presiding person at
the General Meeting. Provided, further that notwithstanding anything to the contrary in this Article 13, unless otherwise required
by Applicable Law, if any member or Requisitioning Members giving the notice and/or the other Proposing Person(s), if any (i) provides
notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act with respect to any Director Nominations and (ii) subsequently
fails to comply with the requirements of Rule 14a-19 promulgated under the Exchange Act (or fails to timely provide reasonable
evidence sufficient to satisfy the Company that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange
Act in accordance with the following sentence), then the nomination of each such proposed nominee shall be disregarded, notwithstanding
that the nominee is included as a nominee in the Company's proxy statement, notice of meeting or other proxy materials for any General
Meeting (or any supplement thereto) and notwithstanding that proxies or votes in respect of the election of such proposed nominees may
have been received by the Company (which proxies and votes shall be disregarded). If any member or Requisitioning Members provides notice
pursuant to Rule 14a-19(b) promulgated under the Exchange Act, such person shall deliver to the Company, no later than five
 business days before the date of the General Meeting and any adjournment or postponement of it, reasonable evidence that it has
met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.8 For purposes of the Articles, "**public announcement**" shall mean disclosure in a press
release reported by the Dow Jones News Service, Associated Press or comparable international or national news service or in a document
publicly filed by the Company with the SEC pursuant to section 13, 14 or 15(d) of the Exchange Act or the rules of the Designated
Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.9 Notwithstanding the foregoing provisions of these Articles, a member and the Requisitioning Members shall
also comply with all applicable requirements of the Companies Law and all Applicable Law with respect to the matters set out in the Articles.

14. **CLASS MEETINGS** 

Save as otherwise provided in these Articles or in any Statement of Rights, all the provisions of these Articles and of Applicable Law relating to General Meetings and to their relevant proceedings shall apply *mutatis mutandis* to every class meeting. A Director who is entitled to receive notice of General Meetings in accordance with Article 15.1.3 shall also be entitled, unless they have notified the Secretary in writing of their contrary desire, to receive notice of all class meetings. Subject to the provisions of these Articles and any Statement of Rights, at any class meeting the Holders of shares of the relevant class shall on a poll have one vote in respect of each share of that class held by them.

15. **NOTICE OF GENERAL MEETINGS** 

15.1 **Notice of General Meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1 At least 14 Clear Days' notice shall be given of every General Meeting, including without limitation,
every General Meeting called for the passing of a Special Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2 A meeting of the Company shall, notwithstanding that it is called by shorter notice than that specified
in Article 15.1.1, be deemed to have been duly called if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an Annual General Meeting, by all the members entitled to attend and vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other General Meeting, a majority in number of members entitled to attend and vote,
being a majority together holding not less than 90 per cent of the total voting rights of the members entitled to attend and vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3 Subject to the provisions of these Articles and to any restrictions imposed on any shares, notice of every
General Meeting shall be given to all members, the Auditors (if any) and to every Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.4 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 that meeting.

15.2 **Contents of notice of General Meetings** 

Every notice shall specify the place, date and the time of the meeting and the general nature of the business to be transacted, and in the case of an Annual General Meeting shall specify the meeting as such. In every notice calling a General Meeting, there shall appear with reasonable prominence a statement that a member entitled to attend and vote is entitled to appoint one or more proxies to attend and vote instead of them and that a proxy need not also be a member.

16. **PROCEEDINGS AT GENERAL MEETINGS** 

16.1 **Chair** 

At any General Meeting, either of the co-chairs, failing whom any Director present and willing to act and, if more than one, chosen by the Directors present at the meeting, shall preside as chair of the meeting (the "**General Meeting Chair**"). If no Director is present within 15 minutes at the meeting, the meeting shall be presided over by an officer of the Company, and in the absence of any Director or officer of the Company, by any Company representative designated by a Director or officer of the Company.

16.2 **Quorum** 

No business shall be transacted at any General Meeting unless a quorum of members is present at the time when the meeting proceeds to business. Such quorum shall consist of members holding at least a majority of the voting power of the shares issued and outstanding and entitled to vote, present in person or represented by proxy, at such meeting.

16.3 **Lack of Quorum** 

If within 15 minutes from the time appointed for a General Meeting (or such longer interval as the General Meeting Chair may think fit to allow) a quorum is not present, or if during the meeting a quorum ceases to be present, the meeting, if convened on the requisition of members, shall be dissolved. In any other case, it shall stand adjourned to such day, time and place(s), and via such electronic platform (in the case of a General Meeting other than a physical General Meeting), as may have been specified for the purpose in the notice convening the meeting or (if not so specified) as the General Meeting Chair may determine.

16.4 **Adjournment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.1 The General Meeting Chair at which a quorum is present may adjourn the meeting if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the members consent to an adjournment by passing an Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the General Meeting Chair considers it necessary to restore order or to otherwise facilitate the proper
conduct of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the General Meeting Chair considers it necessary for the safety of the people attending the meeting (including
if there is insufficient room at the meeting venue to accommodate everyone who wishes to, and is entitled to, attend).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.2 The General Meeting Chair at which a quorum is present must adjourn the meeting if requested to do so
by the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.3 Nothing in this Article 16.4 shall limit any other power vested in General Meeting Chair to adjourn
the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.4 No business shall be transacted at any adjourned meeting except business which might lawfully have been
transacted at the meeting from which the adjournment took place. If the General Meeting Chair adjourns a meeting, they may specify the
time and place to which, and electronic platform (in the case of a General Meeting other than a physical General Meeting) via which, it
is adjourned. Where a meeting is adjourned without specifying a new time and place and electronic platform (as applicable), the time and
place and electronic platform (as applicable) for the adjourned meeting shall be fixed by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.5 All business conducted at any General Meeting up to the time the meeting has been adjourned shall be valid.

16.5 **Notice of adjourned meeting** 

When a meeting is adjourned for 30 Clear Days or more or without specifying a new time, not less than seven Clear Days' notice of the adjourned meeting shall be given in accordance, *mutatis mutandis*, with Article 15. Otherwise, it shall not be necessary to give any notice of any adjourned meeting or of the business to be transacted at an adjourned meeting.

16.6 **Electronic General Meetings and Satellite Meeting Places** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.1 To facilitate the organisation and administration of any General Meeting, the Directors may decide that
the meeting shall be held at two or more locations or solely as an electronic General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.2 For the purposes of these Articles, any General Meeting taking place at two or more locations shall be
treated as taking place where the majority of Directors preside (the "**principal meeting place** "), and any other location
where that General Meeting takes place is referred to in these Articles as a "**satellite meeting** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.3 A member present in person or by proxy at a satellite meeting may be counted in the quorum and may exercise
all rights that they would have been able to exercise if the member were present at the principal meeting place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.4 The Directors may make and change from time to time such arrangements as they shall, in their absolute
discretion, consider appropriate to in the case of satellite meetings and electronic General Meetings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ensure that all members wishing to attend the meeting can do so (in person or by proxy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure that all persons attending the meeting are able to participate in the business of the meeting and
hear anyone else addressing the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of satellite meetings:

&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) ensure the safety of persons attending the meeting and the orderly conduct of the meeting; 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;(ii) restrict the numbers of persons at any one location to such number as can safely and conveniently be accommodated
there.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.5 The entitlement of any member to attend a satellite meeting (in person or by proxy) shall be subject to
any such arrangements then in force and stated in the notice of meeting or adjourned meeting to apply to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.6 If there is a failure of communication equipment or any other failure in the arrangements for participation
in the meeting at more than one place or an electronic General Meeting, the General Meeting Chair may adjourn the meeting in accordance
with Article 16.4.1. Such an adjournment will not affect the validity of such meeting, or any business conducted at such meeting
up to the point of adjournment, or any action taken pursuant to such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.7 A person appointed by the Directors (a "**satellite chair**") shall preside at each satellite
meeting. Every satellite chair shall carry out all requests made of them by the General Meeting Chair, may take such action as he thinks
necessary to maintain the proper and orderly conduct of the satellite meeting and shall have all powers necessary or desirable for such
purposes.

16.7 **Right of a Director to attend and speak** 

Even if a Director is not a member, they shall be entitled to attend and speak at any General Meeting and at any separate meeting of members holding a particular class of shares.

17. **VOTING** 

17.1 **Voting procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1 At any General Meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to Article 17.1.2, all Procedural Resolutions put to the vote of the meeting shall be decided
on a show of hands; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Substantive Resolutions put to the vote of the meeting shall be decided on a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 Subject to the Companies Law, if any resolution (as amended, if applicable) referred to in Article 17.1.1(a) above
shall be decided on a show of hands, before or on the declaration of such a vote, a poll may be demanded by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the General Meeting Chair;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at least two members having the right to vote on the resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a member or members representing not less than one-tenth of the total voting rights of all the members
having the right to vote on the resolution (excluding the rights attaching to any shares held as treasury shares).

17.2 **Voting on a poll** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.1 A demand for a poll in accordance with Article 17.1.2 may, before the poll is taken, be withdrawn
but only with the consent of the General Meeting Chair. A demand so withdrawn shall not be taken to have invalidated the result of a show
of hands declared before the demand was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.2 Unless a poll is duly demanded, a declaration by the General Meeting Chair that a resolution has on a
show of hands been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority and an entry
to that effect in the minutes of the meeting shall be conclusive evidence of the fact without proof of the number or proportion of the
votes recorded in favour or against such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.3 If a poll is duly demanded, it shall be taken at such time and in such manner as the General Meeting Chair
directs and the results of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.4 In the event of an equality of votes at any General Meeting, the General Meeting Chair shall not be entitled
to a second or casting vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.5 A poll demanded on the election of the General Meeting Chair or on a question of adjournment shall be
taken at the meeting in which it is demanded. A poll demanded on any other question shall be taken either at the meeting in which it is
demanded or on such day and at such time and place as the General Meeting Chair directs not being more than 21 Clear Days after the poll
is demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.6 A demand for a poll shall not prevent the continuance of a meeting for the transaction of any business
other than the question on which the poll has been demanded.

17.3 **Written resolutions** 

Subject to the Companies Law, no resolution of the members shall be passed or otherwise proposed to be passed in writing including for avoidance of doubt, the passing of any resolution in writing in the manner permitted by Article 95 of the Companies Law.

18. **VOTES OF MEMBERS** 

18.1 **Votes attaching to shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.1 Subject to any special rights, restrictions or prohibitions as regards voting attached by or in accordance
with any Statement of Rights or these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a show of hands, every member who is present in person and, subject to Article 18.1.1(b), every
proxy present who has been duly appointed shall have one vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a show of hands, a proxy has one vote for and one vote against the resolution if the proxy has been
duly appointed by more than one member entitled to vote on the resolution, and the proxy has been instructed:

&nbsp;&nbsp;&nbsp;&nbsp;&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 one or more of those members to vote for the resolution and by one or more other of those members to
vote against it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. by one or more of those members to vote either for or against the resolution and by one or more other
of those members to use their discretion as to how to vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on a poll, every member present (including by proxy) shall have one vote for each share of which they
are the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.2 A proxy shall not be entitled to vote on a show of hands or on a poll where the member appointing the
proxy would not have been entitled to vote on the resolution had they been present in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.3 On a poll, a member entitled to more than one vote need not, if it votes, use all its votes or cast all
the votes it uses in the same way.

18.2 **Votes of joint holders** 

Any joint Holders shall elect one of their number to represent them and to vote whether personally or by proxy in their name. In default of such election, the person whose name appears first in order in the Register in respect of such share shall be the only person entitled to vote.

18.3 **Voting by incapacitated members** 

A member in respect of whom an order has been made by any court having jurisdiction (whether in Jersey or elsewhere) in matters concerning legal incapacity or interdiction may vote, whether on a show of hands or a poll, by their attorney, curator, receiver or other person authorised in that behalf appointed by that court and any such attorney, curator, receiver or other person may vote by proxy. Evidence to the satisfaction of the Directors of the authority of such attorney, curator, receiver or other person may be required by the Directors before any vote being exercised by such attorney, curator, receiver or other person.

18.4 **Restriction on voting in particular circumstances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4.1 Where any shares of the Company are held in trust for the Company, such shares shall not, for so long
as they are so held, confer any right to vote at General Meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4.2 No member shall, unless the Directors otherwise determine, be entitled in respect of any share held by
them to vote either personally or by proxy at a shareholders' meeting or to exercise any other right conferred by membership in
relation to members' meetings if any call or other sum presently payable by them to the Company in respect of that share remains
unpaid.

18.5 **Validity and result of vote** 

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. 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 General Meeting Chair whose decision shall be final and conclusive.

18.6 **Instrument of proxy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6.1 The Directors may, at the expense of the Company, send by post or otherwise to the members instruments
of proxy (with or without provision for their return prepaid) for use at any General Meeting or at any separate meeting of the Holders
of any class of shares of the Company either in blank or nominating in the alternative any one or more of the Directors or any other persons.
if for the purpose of any meeting invitations to appoint as proxy a person or one or more of a number of persons specified in the invitations
are issued at the Company's expense, they shall be issued to all (and not to some only) of the members entitled to be sent a notice of
the meeting and to vote at such meeting by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6.2 The instrument appointing a proxy shall be in writing in any common form or as approved by the Directors
and shall be under the hand of the appointor or of its attorney duly authorised in writing or if the appointor is a corporation either
under Seal or under the hand of a duly authorised officer, attorney or other representative. A proxy need not be a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6.3 The instrument appointing a proxy and the power of attorney or other authority (if any) under which it
is signed shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be deposited at such place as is specified for that purpose by the notice convening the meeting not less
than 48 hours before the time for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote
or at such place and by such time as may be specified in relation to an adjourned meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a poll taken more than 48 hours after it is demanded, be deposited after the poll has been
demanded and not less than 24 hours before the time appointed for taking the poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6.4 An instrument of proxy which is not deposited in the manner so required shall be valid only if it is approved
by all the other members who are present at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6.5 Unless the contrary is stated, the instrument appointing a proxy shall be as valid as well for any adjournment
of the meeting as for the meeting to which it relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6.6 A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the
previous death or incapacity of the principal or revocation of the proxy or of the authority under which the proxy was executed, provided
that no notice in writing of such death, incapacity or revocation shall have been received by the Company at the Office before the commencement
of the meeting or adjourned meeting at which such vote is cast.

19. **CORPORATE MEMBERS** 

19.1 Any corporation which is a member of the Company may, by resolution of its directors or other governing
body, authorise such person as it thinks fit to act as its representative at any shareholders' meeting. The person so authorised
shall be entitled to exercise the same powers on behalf of such corporation as the corporation could exercise if it were an individual
member of the Company and such corporation shall, for the purposes of these Articles be deemed to be present in person at any such meeting
if a person so authorised is present.

19.2 Where a person is authorised under this Article 19 to represent a body corporate at a General Meeting,
the Directors or the General Meeting Chair may require them to produce a certified copy of the resolution from which they derive their
authority.

20. **DIRECTORS** 

20.1 **Number of directors** 

Unless otherwise determined by Ordinary Resolution, the number of Directors (other than alternate Directors) shall not be subject to any maximum but shall not be less than two.

20.2 **Share qualification** 

A Director shall not be required to hold any shares of the Company by way of qualification.

20.3 **Directors' fees** 

The ordinary remuneration of the Directors (excluding amounts payable under any other provision of these Articles) shall, from time to time, be determined by the Board.

20.4 **Directors' expenses** 

The Directors shall be paid out of the funds of the Company all reasonable travelling, hotel and other expenses properly and necessarily incurred by them in connection with their attendance at meetings of the Directors or members or otherwise in connection with the business of the Company.

20.5 **Alternate Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.1 Except as may otherwise be required by Applicable Law, any Director (other than an alternate Director)
may at their sole discretion and at any time appoint another Director to be their alternate Director and may at any time, terminate such
appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.2 The appointment of an alternate Director shall terminate on the happening of any event which would cause
them to vacate such office or if their appointor ceases to be a Director otherwise than by retirement at a General Meeting at which they
are re-elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.3 An alternate Director shall be entitled to attend and vote as a Director at any such meeting at which
the Director appointing them is not personally present and generally at such meeting to perform all functions of their appointor as a
Director. If the alternate director attends any meeting as an alternate for more than one Director, their voting rights shall be cumulative
but they shall not be counted more than once for the purposes of the quorum. If the appointor is temporarily unable to act through ill
health or disability, the alternate's signature to any resolution in writing of the Directors shall be as effective as the signature
of his appointor. To such extent as the Directors may, from time to time, determine in relation to any committees of the Directors, the
provisions of this Article 20.5.3 shall also apply *mutatis mutandis* to any meeting of any such committee of which their appointor
is a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.4 An alternate Director shall not be entitled to receive from the Company in respect of their appointment
as alternate Director any remuneration except only such part (if any) of the remuneration otherwise payable to his appointor as such appointor
may, by notice to the Company, from time to time, direct.

20.6 **Executive Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.1 The Directors may, from time to time, appoint one or more of their body to be the holder of any executive
office on such terms and for such period as they may (subject to Applicable Law) determine and, without prejudice to the terms of any
contract entered into in any particular case, may, at any time, revoke or vary the terms of any such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.2 The Directors may entrust to and confer upon any Director holding any executive office any of the powers
exercisable by them as Directors upon such terms and conditions and with such restrictions as they think fit, and either collaterally
with or to the exclusion of their own powers, and may, from time to time, or at any time, revoke, withdraw, alter or vary all or any of
such powers.

21. **APPOINTMENT OF DIRECTORS** 

21.1 **Register of Directors** 

The Company shall keep or cause to be kept a register of particulars with regard to its Directors in the manner required by the Companies Law.

21.2 **Classified Board** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.1 Subject to the Companies Law, the Company may by ordinary resolution elect any person to be a Director
either to fill a vacancy or as an addition to the existing Board. The Directors shall be divided into three classes designated as
Class I, Class II and Class III, respectively. Directors shall be assigned to each class in accordance with a resolution
or resolutions adopted by the Board. Class I directors shall initially serve until the first Annual General Meeting following the
initial effectiveness of these Articles (the "**Classification Effective Time** "); Class II directors shall initially
serve until the second Annual General Meeting following the Classification Effective Time; and Class III directors shall initially
serve until the third Annual General Meeting following the Classification Effective Time. At each succeeding Annual General Meeting of
the Company, Directors shall be elected for a full term of three years to succeed the Directors of the class whose terms expire at
such Annual General Meeting. Notwithstanding the foregoing provisions of this Article, each Director shall hold office until the expiration
of his term, until his successor shall have been duly elected and qualified or until his earlier death, resignation or removal. No decrease
in the number of Directors constituting the board of Directors shall shorten the term of any incumbent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.2 Except as otherwise expressly required by Applicable Law, and subject to the special rights of the holders
of one or more series of preferred stock to elect directors, any vacancies on the Board resulting from death, resignation, disqualification,
retirement, removal or other causes and any newly created directorships resulting from any increase in the number of directors shall be
filled only by the affirmative vote of a majority of the directors then in office, or by a sole remaining director, and shall not be filled
by the shareholders. Any Director appointed in accordance with the preceding sentence shall hold office for a term that shall coincide
with the remaining term of the class to which the Director shall have been appointed and until such Director's successor shall have
been elected and qualified or until his or her earlier death, resignation, disqualification, retirement or removal. A vacancy in the Board
shall be deemed to exist under these Articles in the case of the death, removal, resignation or disqualification of any Director.

21.3 **Vacation of Office** 

The office of a Director shall be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.1 resigns from office by notice to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.2 becomes prohibited or disqualified by Law from acting as a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.3 ceases to be a Director by virtue of the Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.4 retires at an Annual General Meeting in accordance with Article 21.2.1 and is not re-elected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.5 becomes bankrupt or makes any arrangement or composition with their creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.6 is subject to a court order in any jurisdiction on the ground (however formulated) of mental disorder
for their detention or for the appointment of a guardian or for the appointment of a receiver or other person (by whatever name called)
to exercise powers with respect to his property or affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.7 is absent from meetings of the Directors for six months without leave and the Directors resolve that their
office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.8 is the subject of an investigation by the Jersey Financial Services Commission or any successor body or
equivalent body in any foreign jurisdiction and the Directors resolve it is undesirable in the interest of the Company that the Director
remains a Director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.9 has notice is served upon them, signed by all other Directors for the time being, to the effect that their
office as Director shall, on receipt of such notice, be vacated. If the Director holds an appointment to an executive office, such removal
shall be deemed an act of the Company and shall have effect without prejudice to any claim for damages for breach of any contract of service
between the Director and the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3.10 other than a co-chair or any Director holding an executive office, is required by the other Directors
to resign in accordance with Article 21.3.1 and within 30 Clear Days of such resolution, the Director fails to do so.

22. **POWERS OF DIRECTORS** 

22.1 **General Powers** 

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 Applicable Law or these Articles required to be exercised by the Company in General Meeting.

22.2 The Directors' powers shall be subject to the provisions of these Articles, to Applicable Law and to such
regulations (being not inconsistent with any regulations or provisions of these Articles or Applicable Law) as may be prescribed by the
Company in General Meeting, but no regulations made by the Company in General Meeting shall invalidate any prior act of the Directors
which would have been valid if such regulations had not been made.

22.3 The general powers given by this Article 22 shall not be limited or restricted by any special authority
or power given to the Directors by any other Article.

22.4 **Appointment of Officers** 

Subject to Applicable Law, the Directors may appoint such officers of the Company (including any Secretary) as they consider necessary on such terms, at such remuneration as the Directors or a committee designated by the Board (or, if and as determined by the Directors or such committee with respect to the compensation of officers other than the chief executive officer, by the chief executive officer) may from time to time determine and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors may think fit. Unless otherwise specified in the terms of their appointment an officer of the Company may be removed by a resolution of the Directors. An officer of the Company may vacate their office at any time if they give notice in writing to the Company that they resign their office.

22.5 **Appointment of Agents** 

The Directors may, by power of attorney, mandate or otherwise, appoint any person to be the agent of the Company on such terms (including terms as to remuneration) as they may decide and may delegate to any person so appointed any of its powers, authorities and discretions (with power to sub-delegate). The Directors may remove any person appointed under this Article 22.4 and may revoke or vary the delegation, but no person dealing in good faith shall be affected by the revocation or variation.

22.6 **Borrowing powers** 

The Board may exercise all powers of the Company to borrow money, to guarantee, to indemnify, to mortgage or charge its undertaking, property, assets (present and future) and uncalled capital, and to issue debentures and other securities whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party. There is no obligation on the Directors to restrict the borrowings of the Company or its subsidiaries.

23. **DELEGATION OF DIRECTORS' POWERS** 

23.1 **Appointment and constitution of committees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.1 The Directors may delegate any of their powers or discretions (including, without prejudice to the generality
of this Article 23.1, all powers and discretions whose exercise involves or may involve the payment of remuneration to or the conferring
of any other benefit on all or any of the Directors) in accordance with Applicable Law to committees or, where appropriate, their subsidiary
undertakings. Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set out
in the Articles and shall have such powers as the Directors may delegate pursuant to the Articles and as required by the rules and
regulations of any Designated Stock Exchange, the SEC and/or any other competent regulatory authority or otherwise under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.2 Any committee or subsidiary undertaking shall, unless the Directors otherwise resolve, have power to sub-delegate
any of the powers or discretions delegated to it. Any committee shall consist of one or more Directors and (if thought fit) one or more
other named person or persons to be co-opted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1.3 Insofar as any such power or discretion is delegated to a committee or a subsidiary undertaking, any reference
in these Articles to the exercise by the Directors of the power or discretion so delegated shall be read and construed as if it were a
reference to the exercise by such committee or subsidiary undertaking. Any committee or subsidiary undertaking so formed shall in the
exercise of the powers so delegated conform to any regulations which may, from time to time, be imposed by the Directors. Any such regulations
may provide for or authorise the co-option to the committee of persons other than Directors and may provide for members who are not Directors
to have voting rights as members of the committee. The Directors may revoke, vary or suspend any powers or discretions delegated pursuant
to this Article 23.1 and shall remain responsible for the supervision and review of the exercise of such powers and discretions by
any subsidiary undertaking or committee.

23.2 **Proceedings of committee meetings** 

The meetings and proceedings of any such committee consisting of two or more persons shall be governed by the provisions of these Articles regulating the meetings and proceedings of the Directors so far as the same are applicable and are not superseded by any regulations made by the Directors under Article 23.1.

24. **DIRECTORS' INTERESTS** 

24.1 **Directors may have interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1.1 Subject to Applicable Law, a Director may hold any other office or place of profit under the Company (other
than the office of Auditor) in conjunction with their office of Director for such period and on such terms as to tenure of office, remuneration
and otherwise as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1.2 Subject to Applicable Law, a Director notwithstanding their office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may be a party to or otherwise interested in any transaction or arrangement with the Company or in which
the Company is otherwise interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may be a director or other officer of or employed by, or a party to any transaction or arrangement with,
or otherwise interested in, any body corporate promoted by the Company or in which the Company is otherwise interested (a "Corporate
Interest") and such Corporate Interest shall not infringe their duty to avoid a situation in which they have, or can have, a direct
or indirect interest that conflicts, or possibly may conflict, with the interests of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not be required to disclose to the Company, or use in performing their duties as a Director, any
information confidential to a third party, or relating to a Corporate Interest, if to make such disclosure or use would result in a breach
of duty or obligation of confidence owed by them whether to such third party or in connection with such Corporate Interest, or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall not by reason of their office be accountable to the Company for any benefit which they derive from
any such Corporate Interest, and no transaction or arrangement shall be liable to be avoided on the ground of any such Corporate Interest;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) may act by themselves or their firm in a professional capacity for the Company and they or their firm
shall be entitled to remuneration for professional services as if they were not a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1.3 Any Director who enters into a transaction or arrangement or has a relationship that is reasonably likely
to be implicated under this Article 24 or that would reasonably be likely to affect a Director's status as an "Independent
Director" under Applicable Law or the rules of the Designated Stock Exchange shall disclose the nature of his or her interest
in any such transaction or arrangement in which he is interested or any such relationship.

24.2 **Competition and corporate opportunities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2.1 In recognition and anticipation that certain directors, principals, members, officers, associated funds,
employees and/or other representatives of a member or its affiliates may serve as Directors, officers or agents of the Company, subject
to Applicable Law, such member or its affiliates may now engage and may continue to engage in the same or similar activities or related
business activities as those in which the Company, directly or indirectly, may engage, or which overlap with or compete with those in
which the Company, directly or indirectly, may engage, and Directors who are not employees of the Company and their respective affiliates
may now engage and continue to engage in the same or similar business activities as those in which the Company, directly or indirectly,
may engage, or which overlap with or compete with those in which the Company, directly or indirectly, may engage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2.2 No such person identified in Article 24.2.1 shall, subject to Applicable Law, have any duty to refrain
from directly or indirectly engaging in the same or similar business activities or lines of business in which the Company or any of its
affiliates now engages or proposes to engage or otherwise competing with the Company or any of its affiliates, and no such person shall
be liable to the Company, its affiliates or its members for breach of any fiduciary duty solely by reason of the fact that such person
engages in any such activities, and the Company renounces any interest, expectation or right to be offered an opportunity to participate
in any business opportunity which may be a corporate opportunity for any such person. In the event any such person acquires knowledge
of a potential transaction or other matter or business which may be a corporate opportunity for itself or themselves, such person, subject
to Applicable Law, shall have no fiduciary or other duty (contractual or otherwise) to communicate, present or offer such transaction
or other business opportunity to the Company, its affiliates or its members, and shall not be liable to the Company, its affiliates or
members, for breach of any fiduciary duty or other duty (contractual or otherwise) as a member, Director or officer of the Company solely
by reason of the fact that such person pursues or acquires such corporate opportunity for itself or themselves or offers or directs such
corporate opportunity to another person. Notwithstanding the foregoing, if such corporate opportunity is expressly offered to such person
solely in his or her capacity as a Director of the Company, the provisions of this Article 24.2.2 shall not apply to any such corporate
opportunity.

25. **PROCEEDINGS OF DIRECTORS** 

25.1 **Convening of meetings of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.1 Subject to the provisions of these Articles, the Directors may meet together for the despatch of business
adjourn and otherwise regulate their meetings as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.2 At any time, any Director may, and the Secretary at the request of a Director shall, call a meeting of
the Directors. Notice of a meeting of the Board shall be deemed to be duly given to a Director if it is given to such Director in writing
or verbally (including in person or by telephone) or via electronic mail or by telephone or in such other manner as the Board may from
time to time determine. Any Director may waive notice of any meeting and any such waiver may be retroactive. Attendance at any meeting
(in person or by remote communication) shall constitute waiver of notice, unless otherwise determined by the Board.

25.2 **Quorum** 

A meeting of the Directors at which a quorum is present shall be competent to exercise all powers and discretions for the time being exercisable by the Directors. The quorum necessary for the transaction of the business of the Directors shall be two. For the purposes of this Article, the Director who is acting as an alternate Director shall only be counted once for the purposes of the quorum.

25.3 **Chair** 

The Directors may elect from their number a chair or two co-chairs, who shall initially be Dirkson Charles and Nick Sanders, and may determine the period for which each is to hold office. A chair or co-chair may only be removed by Special Resolution. If at any meeting of the Directors, neither co-chair is present within five minutes after the time appointed for holding the meeting or if the Directors otherwise determine, the Directors present may choose one of their number to be chair of the meeting.

25.4 **Casting vote** 

Questions arising at any meeting shall be determined by a majority of votes. In the event of an equality of votes, neither of the co-chairs shall be entitled to a casting vote.

25.5 **Number of Directors below minimum** 

The continuing Directors may act notwithstanding any vacancies, but if and so long as the number of Directors is reduced below the minimum number fixed by or in accordance with these Articles, the continuing Directors or Director may act for the purpose of filling such vacancies or of summoning General Meetings, but not for any other purpose. If there are no Directors or Director able or willing to act, then any two members may summon a General Meeting for the purpose of appointing Directors.

25.6 **Directors' written resolutions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6.1 Any Director may, and the Secretary at the request of a Director shall, propose a written resolution by
giving notice to the other Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6.2 A Directors' written resolution is adopted when a majority of the Directors who would have been
entitled to vote on such resolution if it had been proposed at a meeting of the Directors have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) signed one or more copies of it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise indicated their approval of it in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6.3 A Directors' written resolution is not adopted if the number of Directors who have signed it is
less than the quorum for Directors' meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6.4 Once a Directors' written resolution has been adopted, it must be treated as if it had been a resolution
passed at a Directors' meeting in accordance with these Articles.

25.7 **Validity of proceedings** 

All acts done by any meeting of Directors, or of any committee or sub-committee of the Directors, or by any person acting as a Director or as a member of any such committee or sub-committee, shall, as regards all persons dealing in good faith with the Company, notwithstanding that there was some defect in their appointment, or that any such persons were disqualified or had vacated office, or were not entitled to vote, be as valid as if every such person had been duly appointed and was qualified and had continued to be a Director or member of the committee or sub-committee and had been entitled to vote.

26. **EQUITY INCENTIVE PLAN** 

The authority of a Special Resolution is required to increase the Share Reserve at any time during the period ending on the fifth anniversary of the date of the closing of the initial public offering of the shares of the Company on the New York Stock Exchange.

27. **MINUTE BOOK** 

The Directors shall cause all resolutions in writing passed in accordance with these Articles and minutes of proceedings at all General Meetings or of the holders of any class of the Company's shares and of the Directors and of committees appointed by the Directors to be entered in books kept for the purpose which shall be maintained and kept at the Office or, in the case of minutes of proceedings of the Directors and of committees appointed by the Directors, at such other place as the Directors think fit. Any minutes of a meeting, if purporting to be signed by the chair of the meeting at which the proceedings were had or by the chair of the next succeeding meeting, shall be conclusive evidence of the proceedings.

28. **SECRETARY** 

28.1 Subject to the Companies Law, the Secretary shall be appointed by the Directors on such terms and upon
such conditions as they may think fit and may, at any time, be removed from office by the Directors, but without prejudice to any claim
for damages for breach of any contract of service between them and the Company.

28.2 Anything required or authorised to be done by or to the Secretary may, if the office is vacant or there
is for any other reason no secretary capable of acting, be done by or to any assistant or deputy secretary or if there is no assistant
or deputy secretary capable of acting by or to any person authorised generally or specifically in that behalf by the Directors, provided
that any provisions of these Articles requiring or authorising something to be done by or to a Director and the Secretary shall not be
satisfied by it being done by or to the same person acting both as Director and as, or in place of, the Secretary.

28.3 The Company shall keep or cause to be kept at the Office a register of particulars with regard to its
Secretary in the manner required by the Companies Law.

29. **THE SEAL** 

29.1 The Company may exercise the powers conferred by the Companies Law with regard to having a Seal, a Securities
Seal and an official seal for use outside Jersey.

29.2 The Directors shall provide for the safe custody of the Seal, any Securities Seal and any other official
seal adopted by the Company and no seal shall be used without the authority of the Directors or of a committee authorised by the Directors
in that behalf. The Securities Seal shall be used only for sealing securities issued by the Company and documents creating or evidencing
securities so issued.

29.3 Every instrument to which the Seal, the Securities Seal or any other official seal adopted by the Company
shall be affixed (other than a certificate for or evidencing shares, debentures or other securities (including options) issued by the
Company) shall be signed by one Director and the Secretary or by two Directors or by such person or persons who may be authorised by the
Directors.

29.4 The powers vested in the Company by the Companies Law to adopt any seal shall be exercised by the Directors
on behalf of the Company.

30. **AUTHENTICATION OF DOCUMENTS** 

30.1 Any Director or the Secretary or any person appointed by the Directors for the purpose shall have power
to authenticate any document affecting the constitution of the Company and any resolution passed at a shareholders' meeting or at
a meeting of the Directors or any committee, and any book, record, document or account relating to the business of the Company, and to
certify copies or extracts as true copies or extracts; and where any book, record, document or account is elsewhere than at the Office
the local manager or other officer of the Company having the custody of such book, record, document or account shall be deemed to be a
person appointed by the Directors.

30.2 A document purporting to be a copy of any such resolution, or an extract from the minutes of any such
meeting, which is certified as provided for in this Article 30 shall be conclusive evidence in favour of all persons dealing with
the Company that such resolution has been duly passed or, as the case may be, that any minute so extracted is a true and accurate record
of proceedings at a duly constituted meeting.

31. **DIVIDENDS** 

31.1 **Final dividends** 

Subject to each Statement of Rights and the Companies Law, the Company may by Ordinary Resolution declare dividends in accordance with the respective rights of the members but no dividend shall exceed the amount recommended by the Directors. Any dividend shall not be a debt owed by the Company until such time as payment of the dividend is made.

31.2 **Fixed and interim dividends** 

Subject to the Companies Law and each Statement of Rights, the Directors may pay the fixed dividends on any class of shares carrying a fixed dividend expressed to be payable on fixed dates on the half-year or other dates prescribed for the payment and may also, from time to time, announce and pay interim dividends on shares of any class of such amounts and on such dates and in respect of such periods as they think fit. Provided the Directors act in good faith, they shall not incur any liability to the holders of any shares for any loss they may suffer by the lawful payment, on any other class of shares having rights ranking after or *pari passu* with those shares, of any such fixed or interim dividend.

31.3 **Distribution *in specie*** 

If the Directors so determine, any resolution determining a dividend may direct that it shall be satisfied wholly or partly by the distribution of assets or the issue of shares. Where any difficulty arises in regard to the distribution, the Directors may settle the distribution as they think expedient and in particular may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3.1 issue fractional shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3.2 fix the value of assets for distribution and make cash payments to some members based on the value so
determined in order to adjust the rights of members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3.3 vest some assets in trustees.

31.4 **Source of dividends** 

Dividends may be paid out of profits available for distribution or from any other source from which a dividend may be paid under the Companies Law.

31.5 **Ranking of shares for dividend** 

Subject to any particular rights or limitations as to dividend for the time being attached to any shares as may be specified in these Articles or in any Statement of Rights or upon which such shares may be issued, all dividends shall be declared apportioned and paid pro rata according to the proportions paid up on the shares on which the dividend is paid (otherwise than in advance of calls), provided that if any share is issued on terms providing that it shall rank for dividend as if paid up (in whole or in part) or as from a particular date (either past or future), such share shall rank for dividend accordingly.

31.6 **Manner of payment of dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.6.1 A dividend or other monies payable on or in respect of a share may be paid by any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the member holding that share or other person entitled to that share nominates a bank account for that
purpose, by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address of the member holding that share or other
person entitled to that share.

31.7 **Joint Holders** 

If two or more persons are registered as joint Holders of any share, or are entitled jointly to a share in consequence of the death or bankruptcy of the Holder or otherwise by operation of law, any one of them may give effectual receipts for any dividend or other monies payable or property distributable on or in respect of the share.

31.8 **Retention of dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.8.1 The Directors may retain any dividend or other monies payable on or in respect of a share on which the
Company has a lien and may apply the same in or towards satisfaction of the monies payable to the Company in respect of that share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.8.2 The Directors may retain the dividends payable upon shares in respect of which any person is, under the
provisions as to the transmission of shares in these Articles, entitled to become a member, or which any person is, under those provisions,
entitled to transfer until such person shall become a member in respect of such shares or shall transfer the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.8.3 The Company shall notify the person otherwise entitled to payment of the sum that it has been retained
and how the retained sum has been applied.

31.9 **No interest on dividends** 

No dividend or other monies payable on or in respect of a share shall bear interest as against the Company.

31.10 **Unclaimed dividend** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.10.1 All dividends unclaimed for one year after having been declared may be invested or otherwise made use
of by the Directors for the benefit of the Company until claimed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.10.2 Any dividend which has remained unclaimed for a period of 10 years from the date of declaration shall,
if the Directors so resolve, be forfeited and cease to remain owing by the Company and shall belong to the Company absolutely. The payment
by the Directors of any unclaimed dividend or other sums payable on or in respect of a share into a separate account shall not constitute
the Company a trustee in respect of such share.

32. **CAPITALISATION OF PROFITS** 

32.1 **Capitalisation of profits and reserves** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1.1 The Directors may, with the sanction of an Ordinary Resolution, capitalise any sum standing to the credit
of any of the Company's reserve accounts (including any stated capital account, capital redemption reserve or other undistributable
reserve) or any sum standing to the credit of the profit and loss account that is not required for the payment of a preferential dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1.2 Such capitalisation shall be effected by appropriating such sum to the Holders of ordinary shares on the
Register (including, if the Board determines it is appropriate, the Company in respect of any treasury shares held by it) at the close
of business on the date of the resolution (or such other date as may be specified or determined in the resolution) in proportion to their
then holdings of ordinary shares and applying such sum on their behalf in paying up in full unissued ordinary shares (or, subject to any
special rights previously conferred on any shares or class of shares for the time being issued, unissued shares of any other class) for
allotment and distribution credited as fully paid up to and amongst them as bonus shares in the proportion their then holdings of ordinary
shares. If any ordinary share is not fully paid up, that share shall only carry the right to receive unissued ordinary shares calculated
on the basis of the proportion that the amount paid up on that share bears to the issue price of that share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1.3 The Directors may do all acts and things considered necessary or expedient to give effect to any capitalisation,
with full power to the Directors to make such provisions as they think fit for any fractional entitlements which would arise on the basis
of this Article 32 (including provisions where fractional entitlements are disregarded or the benefit which accrues to the Company
rather than to the members concerned). The Directors may authorise any person to enter on behalf of all the members interested into an
agreement with the Company providing for any such capitalisation and incidental matters and any and any agreement made under such authority
shall be effective and binding on all concerned.

33. **ACCOUNTS** 

33.1 **Accounting records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.1 The Company shall keep accounting records which are sufficient to show and explain the Company's transactions
and are such as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) disclose with reasonable accuracy at any time the financial position of the Company at that time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enable the Directors to ensure that any accounts prepared by the Company comply with requirements of Applicable
Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1.2 The Directors shall prepare accounts of the Company made up to such date in each year as the Directors
shall from time to time determine in accordance with and subject to Applicable Law.

33.2 **No right to inspect records** 

No member shall have any right to inspect any accounting records or other book or document of the Company except as conferred by the Companies Law, authorised by the Directors or by Ordinary Resolution of the Company.

33.3 **Delivery of accounts to Registrar of Companies** 

The Directors shall deliver to the Registrar of Companies a copy of the accounts of the Company signed on behalf of the Directors together with a copy of the report by the Auditors in accordance with the Companies Law.

33.4 **Audit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.4.1 The accounts relating to the Company's affairs shall be audited in such manner and with such financial
year end as may be determined from time to time by the Directors or, if authorised to do so, the audit committee of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.4.2 The Directors or, if authorised, the audit committee of the Directors, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint an auditor of the Company who shall hold office until removed from office by a resolution of the
Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the auditor's remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.4.3 Every auditor of the Company shall have a right of access at all times to the books and accounts of the
Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may be necessary
for the performance of the duties of the auditors.

34. **NOTICES** 

34.1 **Service of notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1.1 The Company may, subject to Applicable Law and these Articles, send or supply all types of notices, documents
or information to members in hard copy, by electronic means and/or by making such notices, documents or information available on a website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1.2 Any notice, document or information (including a share certificate) which is sent or supplied to any member
by the Company (i) in hard copy form or (ii) in electronic form but to be delivered other than by electronic means and/or by
means of a website, and which is either delivered personally or sent by post in a pre-paid cover and properly addressed, shall be deemed
to have been received by the intended recipient at the time of delivery if delivered personally or at the expiration of 24 hours (or,
where first-class mail is not employed, 48 hours) after the time when it was posted, and in proving such service or delivery it shall
be sufficient to prove that such cover was properly addressed, stamped and posted. Notice may also be served by electronic communication
in accordance with the rules of the Designated Stock Exchange or submitted to the SEC through its Electronic Data Gathering, Analysis
and Retrieval system or by placing such notice on the Company's website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1.3 Any notice, document or information which is sent or supplied by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by electronic means: shall be deemed to have been received by the intended recipient 24 hours after it
was sent, and in proving such receipt it shall be sufficient to show that such notice, document or information was properly addressed
(provided that a notice or other document or information sent to the Company by electronic means shall not be treated as received by the
Company if it is rejected by computer virus protection arrangements); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by means of a website: shall be deemed to have been received when the material was first made available
on the website or, if later, when the recipient received (or is deemed to have received) notice of the fact that the material was available
on the website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1.4 Any member present at a General Meeting shall for all purposes be deemed to have received due notice of
such meeting and where requisite of the purposes for which such meeting was convened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1.5 The accidental failure to send or subsequent late sending of, or the non-receipt by any person entitled
to, any notice of or other document (including, without limitation, by electronic means, where applicable) or information relating to
any meeting or other proceeding shall not invalidate the relevant meeting or other proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1.6 Notwithstanding any of the provisions of these Articles, any notice, other document or information to
be given or provided by the Company to a Director or to a member may be given or provided in any manner agreed in advance by any such
Director or member.

34.2 **Joint Holders** 

In the case of joint Holders of a share, all notices, other documents or information shall be given or provided to that one of the joint Holders whose name stands first in the Register in respect of the joint holding and any notice, document or information so given or provided shall be deemed for all purposes given or provided to all the joint Holders.

34.3 **Deceased and bankrupt members** 

A notice may be given or provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a member by sending or delivering it in any manner authorised by these Articles for the giving or providing of a notice or other document or information to a member addressed to them by name or by the title of representatives of the deceased or trustee of the bankrupt or curator of the member or by any like description at the address if any supplied for that purpose by the persons claiming to be so entitled. Until such an address has been supplied a notice, other document or information may be given or provided in any manner in which it might have been given or provided if the death, bankruptcy or incapacity had not occurred. If more than one person would be entitled to receive a notice, other document or information in consequence of the death, bankruptcy or incapacity of a member, a notice, other document or information given or provided to any one of such persons shall be deemed for all purposes given or provided to all such persons.

35. **WINDING UP** 

35.1 **Winding-up** 

Subject to any particular rights or limitations for the time being attached to any shares as may be specified in these Articles or in any Statement of Rights or upon which such shares may be issued, if the Company is wound up, the assets available for distribution among the members shall be applied first in repaying to the members the amount paid up on their shares, respectively, and if such assets shall be more than sufficient to repay to the members the whole amount paid up on their shares, the balance shall be distributed among the members in proportion to the amount which at the time of the commencement of the winding up had been actually paid up on their shares respectively.

35.2 **Distribution of assets *in specie*** 

If the Company is wound up, the Company may, with the authority of a Special Resolution and any other authority required by the Companies Law, divide among the members *in specie* the whole or any part of the assets of the Company and, whether or not the assets shall consist of property of one kind or shall consist of properties of different kinds, and the liquidator, or, where there is no liquidator, the Directors, may, for such purpose, set such value as they deem fair upon any one or more class or classes of property and may determine how such division shall be carried out as between the members or different classes of members and, with the like authority, vest any part of the assets in trustees upon such trusts for the benefit of members as he, or they, with the like authority shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no contributory shall be compelled to accept any shares or other property in respect of which there is a liability.

36. **INDEMNITY** 

36.1 In so far as Applicable Law allows, every present or former Director or officer of the Company (or of
a subsidiary undertaking) shall be indemnified out of the assets of the Company against any loss or liability incurred by them by reason
of being or having been such a Director or officer.

36.2 The Directors may, without sanction of the Company in a General Meeting, authorise the purchase or maintenance
by the Company for any Director or officer or former Director or officer of the Company (or of a subsidiary undertaking) of any such insurance
as is permitted by Applicable Law in respect of any liability which would otherwise attach to such Director or officer or former Director
or officer.

37. **RECORD TIME** 

37.1 For the purpose of determining members entitled to notice of or to vote at any meeting of members or any
adjournment or in order to make a determination of members for any other proper purpose, including, without limitation, for any dividend,
distribution, allotment or issue, the Directors may fix a date as the record time for any such determination of members (the "**Record Time** ").

37.2 The Record Time for any dividend, distribution, allotment or issue may be on or at any time before any
date on which such dividend, distribution, allotment or issue is paid or made and on or at any time before or after any date on which
such dividend, distribution, allotment or issue is declared. If no Record Time is fixed for any such dividend, distribution, allotment
or issue, the date on which the resolution of the Directors is passed relating to it shall be the Record Time.

37.3 If no Record Time is fixed for the determination of members entitled to notice of or to vote at a meeting
of members, the date on which notice of the meeting is sent shall be the Record Time for such determination of members. When a determination
of members entitled to vote at any meeting has been made in the manner provided in this Article 37, such determination shall apply
to any adjournment.

38. **JURISDICTION** 

Unless the Company consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action including any action commenced by a member of the Company in its own name or on behalf of the Company, asserting a claim of breach of any fiduciary or other duty owed by any director, officer or other employee of the Company to the Company, (iii) any action asserting a claim arising out of or in connection with any provision of the laws of Jersey or these Articles (in each case, as they may be amended from time to time) or (iv) any action asserting a claim in any way relating to the constitution or conduct of the Company, shall be the courts of Jersey (or, if such courts do not have subject matter jurisdiction thereof, the jurisdiction that does have jurisdiction). Unless the Company selects or 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 Applicable Law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the United States federal securities laws of the United States of America, including, in each case, the Securities Act and the Exchange Act and the applicable rules and regulations promulgated thereunder. To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares in the Company shall be deemed to have notice of and consented to the provisions of this Article 38.

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](tm269965d4_ex5-1img002.jpg) | ![](tm269965d4_ex5-1img001.jpg) |

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Form of Exhibit 5.1 Opinion

---

| | | |
|:---|:---|:---|
| Our ref<br> Your ref | JMW/CBO/1073811/0003/J26585463v1<br>|  |
| DPC Holdings Limited<br> 47 Esplanade,<br> St. Helier,<br> JE1 0BD,<br> Jersey | DPC Holdings Limited<br> 47 Esplanade,<br> St. Helier,<br> JE1 0BD,<br> Jersey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026 |
| Dear Sirs, | Dear Sirs, |  |
| **DPC Holdings Limited** **(the "Company") - Registration of Securities under the US Securities Act of 1933, as amended (the "Securities Act")** | **DPC Holdings Limited** **(the "Company") - Registration of Securities under the US Securities Act of 1933, as amended (the "Securities Act")** | **DPC Holdings Limited** **(the "Company") - Registration of Securities under the US Securities Act of 1933, as amended (the "Securities Act")** |

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1. **Background** 

1.1 We have acted as the Company's Jersey legal advisers in connection with the registration statement on
Form S-1 filed with the United States Securities and Exchange Commission (including exhibits, the "**Registration Statement** ")
related to the initial public offering (the "**IPO**") and the proposed registration under the Securities Act by the Company
of ordinary shares of no par value in the capital of the Company (the "**Shares** "), comprising Shares to be issued and sold
by the Company, and additional Shares to be sold by the Company to cover the underwriters' option to purchase additional Shares, if any.

1.2 The Company has asked us to provide this Opinion in connection with the registration of the Shares under
the Securities Act.

1.3 In this Opinion, "**non-assessable**" means, in relation to a share in the share capital
of the Company, that the purchase price for which the Company agreed to issue and sell that share has been paid in full to the Company,
so that no further sum is payable to the Company by any holder of that share solely because of being the holder of such share.

1.4 Pursuant to the Underwriting Agreement, the Shares will be sold to the underwriters through the facilities
of the Depositary Trust Company for the respective accounts of the underwriters.

---

| | |
|:---|:---|
| ![](tm269965d4_ex5-1img003.jpg) | ![](tm269965d4_ex5-1img004.jpg) |

---

DPC Holdings Limited Page 2

1.5 We have not been responsible for investigating
or verifying the accuracy of the facts (including statements of foreign law), or the reasonableness of any statement of opinion or intention,
contained in or relevant to any document referred to in this Opinion, or that no material facts have been omitted therefrom, save
as expressly set out herein.

1.6 We express no opinion as to whether the documents
listed at paragraph ‎ 2 below, singular or together, contain all the information required by the Securities Act and/or any other
applicable foreign laws, regulations, orders or rules nor whether the persons responsible for the documents, the Securities Act and/or
any other applicable foreign laws, regulations, orders or rules have discharged their obligations thereunder.

2. **Documents Examined** 

2.1 We have examined all such documents as we have considered necessary or advisable for the purpose of giving
this Opinion, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 a copy of the written resolutions of the board of the Company dated , 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 a form of underwriting agreement to be entered into among the Company, Jefferies LLC and Morgan Stanley &
Co LLC for themselves and as representatives of the several underwriters named therein (the "**Underwriting Agreement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 the Company's certificate of incorporation and memorandum and articles of association as in force as at
the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 a consent in connection with the Registration Statement issued to the Company by the Jersey Financial
Services Commission pursuant to the Companies (General Provisions) (Jersey) Order 2002, as amended, dated , 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 the Company's register of members dated the date of this Opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7 a consent to issue shares dated , 2026 issued to the Company by the Jersey Financial Services Commission
under the Control of Borrowing (Jersey) Order 1958.

2.2 For the purposes of this opinion, we have, with the Company's consent, relied upon certificates and other
assurances of directors and other officers of the Company as to matters of fact, without having independently verified such factual matters.

2.3 We have not examined or relied on any other documents for the purpose of this Opinion.

![](tm269965d4_ex5-1img004.jpg)

DPC Holdings Limited Page 3

3. **Assumptions** 

3.1 For the purposes of giving this opinion we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 the authenticity, accuracy, completeness and conformity to original documents of all copy documents and
certificates of officers of the Company examined by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 that the signatures on all documents examined by us are the genuine signatures of persons authorised to
execute or certify such documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 the accuracy and completeness in every respect of all certificates and other assurances of directors or
other officers of the Company given to us for the purposes of giving this opinion and that (where relevant) such certificates would be
accurate if they had been given as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 that the Company will not issue any shares in excess of the authorised share capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 that the directors have not exceeded any applicable allotment authority conferred on the directors by
the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 that the closing of the IPO occurs and that no other event occurs after the date hereof which would affect
anything in this Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.7 that the Company has received or will receive in full the consideration for which the Company agreed to
issue the relevant Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8 all due action by the board of directors of the Company or a duly appointed committee thereof shall be
taken prior to the closing of the IPO to determine the price per share of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9 the Underwriting Agreement will be duly executed and delivered prior to the closing of the IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10 each person named as a member of the Company in the Company's register of members has agreed to become
a member of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11 the Company is not carrying on a business that is regulated by Jersey law so that it is (or ought to be)
subject to the terms of one or more other consents, licences, permits or equivalent under such regulatory legislation;

![](tm269965d4_ex5-1img004.jpg)

DPC Holdings Limited Page 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 that each of the above assumptions is accurate at the date of this Opinion, and has been accurate at all
other relevant times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13 that all documents or information required to be filed or registered by or in relation to the Company
with the Registrar of Companies have been so filed or registered and appear on the Public Records of the Companies and are accurate and
complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14 that we have been provided with copies or originals of all documents that are relevant to and/or that
might affect the opinions expressed in this Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.15 that in resolving that the Company enter into any documents and the transaction(s) documented or
contemplated by such documents relating to the issue of the Shares, the directors of the Company were acting with a view to the best interests
of the Company and were otherwise exercising their powers in accordance with their duties under all applicable laws and the Company remains
solvent (meaning that the Company will be able to discharge its liabilities as they fall due) after entering into such documents and the
transaction(s) documented or contemplated by the documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.16 that there is no provision of any law (other than Jersey law) that would affect anything in this Opinion.

3.2 We have not independently verified the above assumptions.

4. **Opinion** 

4.1 As a matter of Jersey law, and on the basis of and subject to the above and the qualifications below,
we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 the issue and sale of the Shares in accordance with the terms of the Underwriting Agreement has been duly
authorised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 when the Shares have been sold, delivered against payment and registered in the register of members of
the Company, the Shares will be validly issued, fully paid and non-assessable.

5. **Qualification** 

5.1 This Opinion is subject to any matter of fact not disclosed to us.

5.2 This Opinion is limited to matters of and is interpreted in accordance with Jersey law as at the date
of this Opinion. We express no opinion with respect to the laws of any other jurisdiction. We assume no obligation to update or supplement
this opinion to reflect any facts or circumstances which may come to our attention, or any changes in law which may occur, after the date
of this Opinion.

![](tm269965d4_ex5-1img004.jpg)

DPC Holdings Limited Page 5

6. **Governing Law, Limitations, Benefit and Disclosure** 

6.1 This Opinion shall be governed by and construed in accordance with the laws of Jersey and is limited to
the matters expressly stated herein.

6.2 This Opinion is limited to matters of Jersey law and practice as at the date hereof and we have made no
investigation and express no opinion with respect to the law or practice of any other jurisdiction.

6.3 We assume no obligation to advise you (or any other person who may rely on this Opinion in accordance
with this paragraph), or undertake any investigations, as to any legal developments or factual matters arising after the date of this
Opinion that might affect the opinions expressed herein.

6.4 We consent to the filing of a copy of this opinion as Exhibit 5.1 to the Registration Statement and
to reference to us being made in the paragraph of the prospectus forming part of the Registration Statement headed "Legal Matters".
In giving this consent, we do not admit that we are included in the category of persons whose consent is required under Section 7
of the Securities Act or the rules and regulations promulgated by the US Securities and Exchange Commission under the Securities
Act.

Yours faithfully

**Carey Olsen Jersey LLP**

![](tm269965d4_ex5-1img004.jpg)

## Exhibit 10.1

**Exhibit 10.1**

***Execution Version***

------

CREDIT AGREEMENT

dated as of April 23, 2024 among

ALLOY PARENT LIMITED,

as Holdings,

DONCASTERS US FINANCE LLC

and DONCASTERS US LLC,

as Borrowers,

THE LENDERS PARTY HERETO,

GLAS USA LLC,

as Administrative Agent,

GLAS AMERICAS LLC,

as Collateral Agent, and

JEFFERIES LLC,

as sole Lead Arranger and sole Bookrunner

------

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
|  | **ARTICLE I** |  |
|  | **DEFINITIONS** |  |
| Section 1.01 | Defined Terms | 1 |
| Section 1.02 | Classification of Loans and Borrowings | 61 |
| Section 1.03 | Terms Generally | 61 |
| Section 1.04 | Accounting Terms; IFRS | 62 |
| Section 1.05 | Pro Forma Calculations | 63 |
| Section 1.06 | Rounding | 63 |
| Section 1.07 | Timing of Payment or Performance | 63 |
| Section 1.08 | Certifications; Provision of Information | 63 |
| Section 1.09 | Compliance with Article VI | 63 |
| Section 1.10 | Times of Day | 63 |
| Section 1.11 | Currency Generally | 64 |
| Section 1.12 | Limited Condition Transactions | 65 |
| Section 1.13 | Fixed Amounts; Incurrence-Based Amounts | 66 |
| Section 1.14 | [Reserved] | 66 |
| Section 1.15 | Divisions | 66 |
| Section 1.16 | Jersey Terms | 66 |
|  | **ARTICLE II** |  |
|  | **THE CREDITS** |  |
| Section 2.01 | Commitments | 67 |
| Section 2.02 | Loans and Borrowings | 67 |
| Section 2.03 | Requests for Borrowings | 68 |
| Section 2.04 | [Reserved] | 69 |
| Section 2.05 | [Reserved] | 69 |
| Section 2.06 | Funding of Borrowings | 69 |
| Section 2.07 | Interest Elections | 69 |
| Section 2.08 | Termination and Reduction of Commitments | 70 |
| Section 2.09 | Repayment of Loans; Evidence of Debt | 71 |
| Section 2.10 | Amortization of Loans | 72 |
| Section 2.11 | Prepayment of Loans | 73 |
| Section 2.12 | Fees | 78 |
| Section 2.13 | Interest | 79 |
| Section 2.14 | Alternate Rate of Interest | 79 |
| Section 2.15 | Increased Costs | 81 |
| Section 2.16 | Break Funding Payments | 82 |
| Section 2.17 | Taxes | 83 |
| Section 2.18 | Payments Generally; Pro Rata Treatment; Sharing of Setoffs | 86 |
| Section 2.19 | Mitigation Obligations; Replacement of Lender | 88 |
| Section 2.20 | Incremental Loans | 89 |
| Section 2.21 | Refinancing Facilities | 91 |
| Section 2.22 | Defaulting Lenders | 92 |
| Section 2.23 | [Reserved] | 93 |
| Section 2.24 | Extensions of Term Loans | 93 |
| Section 2.25 | Illegality | 96 |

---

-i-

---

| | | |
|:---|:---|:---|
|  | **TABLE OF CONTENTS** |  |
|  | (continued) |  |
|  |  | **Page** |
| Section 2.26 | [Reserved.] | 96 |
| Section 2.27 | Appointment of Borrowers for Notices, Etc. | 96 |
| Section 2.28 | Joint and Several Liability of Borrowers | 97 |
|  | **ARTICLE III** |  |
|  | **REPRESENTATIONS AND WARRANTIES** |  |
| Section 3.01 | Organization; Powers | 97 |
| Section 3.02 | Authorization; Enforceability | 97 |
| Section 3.03 | Governmental Approvals; No Conflicts | 97 |
| Section 3.04 | Financial Condition | 98 |
| Section 3.05 | Properties | 98 |
| Section 3.06 | Litigation and Environmental Matters | 100 |
| Section 3.07 | Compliance with Laws | 100 |
| Section 3.08 | Investment Company Status | 100 |
| Section 3.09 | Taxes | 100 |
| Section 3.10 | ERISA | 101 |
| Section 3.11 | Disclosure | 101 |
| Section 3.12 | Labor and Employment Matters | 102 |
| Section 3.13 | Subsidiaries; Loan Parties | 102 |
| Section 3.14 | Solvency | 102 |
| Section 3.15 | Federal Reserve Regulations | 102 |
| Section 3.16 | Use of Proceeds | 102 |
| Section 3.17 | Security Documents | 103 |
| Section 3.18 | Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions; Ex-Im Laws | 103 |
| Section 3.19 | Affected Financial Institutions | 104 |
| Section 3.20 | Covered Entities | 104 |
| Section 3.21 | Beneficial Ownership Certification | 104 |
| **ARTICLE IV** | **ARTICLE IV** | **ARTICLE IV** |
| **CONDITIONS** | **CONDITIONS** | **CONDITIONS** |
| Section 4.01 | Closing Date | 104 |
| Section 4.02 | Each Credit Extension | 106 |
|  | **ARTICLE V** |  |
|  | **AFFIRMATIVE COVENANTS** |  |
| Section 5.01 | Financial Statements and Other Information | 107 |
| Section 5.02 | Notices of Material Events | 111 |
| Section 5.03 | [Reserved] | 111 |
| Section 5.04 | Existence; Conduct of Business | 111 |
| Section 5.05 | Payment of Taxes | 111 |
| Section 5.06 | Maintenance of Properties | 111 |
| Section 5.07 | Insurance | 112 |
| Section 5.08 | Books and Records; Inspection and Audit Rights | 112 |
| Section 5.09 | Compliance with Laws | 113 |
| Section 5.10 | Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions; Ex-Im Laws | 113 |
| Section 5.11 | Use of Proceeds | 113 |
| Section 5.12 | Execution of Guaranty and Security Documents after the Closing Date | 114 |

---

-ii-

---

| | | |
|:---|:---|:---|
|  | **TABLE OF CONTENTS** |  |
|  | (continued) |  |
|  |  | **Page** |
| Section 5.13 | Additional Collateral | 115 |
| Section 5.14 | Environmental Matters | 115 |
| Section 5.15 | Further Assurances | 116 |
| Section 5.16 | Designation of Subsidiaries | 117 |
| Section 5.17 | Post-Closing Covenant | 117 |
| Section 5.18 | German ABL Accounts | 117 |
|  | **ARTICLE VI** |  |
|  | **NEGATIVE COVENANTS** |  |
| Section 6.01 | Indebtedness; Certain Equity Securities | 118 |
| Section 6.02 | Liens | 123 |
| Section 6.03 | Fundamental Changes | 127 |
| Section 6.04 | Investments | 128 |
| Section 6.05 | Asset Sales | 132 |
| Section 6.06 | Financial Covenant | 135 |
| Section 6.07 | [Reserved] | 135 |
| Section 6.08 | Restricted Payments; Certain Payments of Indebtedness | 135 |
| Section 6.09 | Transactions with Affiliates | 140 |
| Section 6.10 | Restrictive Agreements | 141 |
| Section 6.11 | Amendment of Material Documents | 142 |
| Section 6.12 | Changes in Fiscal Year | 142 |
| Section 6.13 | Changes in Lines of Business | 142 |
| Section 6.14 | Permitted Activities | 142 |
| Section 6.15 | Use of Proceeds | 144 |
| Section 6.16 | Repayment | 144 |
| Section 6.17 | German Receivables | 144 |
|  | **ARTICLE VII** |  |
|  | **EVENTS OF DEFAULT** |  |
| Section 7.01 | Events of Default | 145 |
| Section 7.02 | Exclusion of Immaterial Subsidiaries | 148 |
| Section 7.03 | Right to Cure | 149 |
| Section 7.04 | Application of Proceeds | 150 |
| **ARTICLE VIII** | **ARTICLE VIII** | **ARTICLE VIII** |
| **THE ADMINISTRATIVE AGENT** | **THE ADMINISTRATIVE AGENT** | **THE ADMINISTRATIVE AGENT** |
| Section 8.01 | Appointment of Agents | 150 |
| Section 8.02 | Rights of Lender | 151 |
| Section 8.03 | Exculpatory Provisions | 152 |
| Section 8.04 | Reliance by Administrative Agent and Collateral Agent | 153 |
| Section 8.05 | Delegation of Duties | 153 |
| Section 8.06 | Resignation of Agents; Successor, Administrative Agent and Collateral Agent | 154 |
| Section 8.07 | Non-Reliance on Agents and Other Lenders | 155 |
| Section 8.08 | No Other Duties | 155 |
| Section 8.09 | Collateral and Guaranty Matters | 155 |
| Section 8.10 | [Reserved] | 157 |
| Section 8.11 | Withholding Tax | 157 |

---

-iii-

---

| | | |
|:---|:---|:---|
|  | **TABLE OF CONTENTS** |  |
|  | (continued) |  |
|  |  | **Page** |
| Section 8.12 | Administrative Agent and Collateral Agent May File Proofs of Claim | 157 |
| Section 8.13 | Recovery of Erroneous Payments | 158 |
| **ARTICLE IX** | **ARTICLE IX** | **ARTICLE IX** |
| **MISCELLANEOUS** | **MISCELLANEOUS** | **MISCELLANEOUS** |
| Section 9.01 | Notices | 160 |
| Section 9.02 | Waivers; Amendments | 161 |
| Section 9.03 | Expenses; Indemnity; Damage Waiver | 165 |
| Section 9.04 | Successors and Assigns | 167 |
| Section 9.05 | Survival | 174 |
| Section 9.06 | Integration | 174 |
| Section 9.07 | Severability | 175 |
| Section 9.08 | Right of Setoff | 175 |
| Section 9.09 | Governing Law; Jurisdiction; Consent to Service of Process | 175 |
| Section 9.10 | WAIVER OF JURY TRIAL | 176 |
| Section 9.11 | Headings | 176 |
| Section 9.12 | Confidentiality | 177 |
| Section 9.13 | Interest Rate Limitation | 178 |
| Section 9.14 | PATRIOT Act | 178 |
| Section 9.15 | Electronic Execution; Electronic Records | 178 |
| Section 9.16 | Payments Set Aside | 179 |
| Section 9.17 | No Advisory or Fiduciary Responsibility | 180 |
| Section 9.18 | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 180 |
| Section 9.19 | Certain ERISA Matters | 181 |
| Section 9.20 | Acknowledgement Regarding Any Supported QFCs | 182 |
| Section 9.21 | Judgment Currency | 182 |

---

-iv-

<u>SCHEDULES</u>:

---

| | |
|:---|:---|
| Schedule 1.01 | Uni-Pol Loans |
| Schedule 2.01 | Commitments and Applicable Percentages |
| Schedule 3.01 | Organization; Powers |
| Schedule 3.05 | Properties |
| Schedule 3.06 | Litigation and Environmental Matters |
| Schedule 3.09 | Taxes |
| Schedule 3.12(a) | Labor and Employment Matters |
| Schedule 3.13 | Subsidiaries; Loan Parties |
| Schedule 5.17 | Post-Closing Covenant |
| Schedule 6.01 | Existing Indebtedness |
| Schedule 6.02 | Existing Liens |
| Schedule 6.04 | Existing Investments |
| Schedule 9.01 | Addresses for Notices |

---

<u>EXHIBITS:</u>

---

| | |
|:---|:---|
| Exhibit A | Form of Loan Notice |
| Exhibit C | Form of Note |
| Exhibit D | Form of Assignment and Assumption Agreement |
| Exhibit E | Form of Affiliated Lender Assignment and Assumption Agreement |
| Exhibit F | Agreed Security Principles |
| Exhibit G | Form of Compliance Certificate |
| Exhibit H | Form of Notice of Loan Prepayment |

---

[The schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby agrees to furnish a copy of any omitted schedule or exhibit to the Securities and Exchange Commission or its staff upon request.]

-v-

CREDIT AGREEMENT dated as of April 23, 2024 (this "<u>Agreement</u>") by and among ALLOY PARENT LIMITED, a private company limited by shares incorporated in Jersey under the number 130426 ("<u>Holdings</u>"), DONCASTERS US FINANCE LLC, a Delaware limited liability company ("<u>Doncasters Finance</u>") and DONCASTERS US LLC, a Delaware limited liability company ("<u>Doncasters</u>" and, together with Doncasters Finance, each a "Borrower" and, collectively, the "<u>Borrowers</u>"), the LENDERS party hereto and GLAS USA LLC (together with its successors and assigns), as Administrative Agent and GLAS AMERICAS LLC (together with its successors and assigns), as Collateral Agent.

WHEREAS, capitalized terms used in these recitals shall have the respective meanings set forth for such terms in <u>Article I</u>; and

WHEREAS, the Borrowers have requested that the Lenders extend credit to the Borrowers in the form of (a) the Initial Term Loans in an aggregate principal amount of $500,000,000 and (b) Delayed Draw Term Loans Commitments in an aggregate principal amount of $50,000,000 on the Closing Date, in each case the proceeds of which shall be utilized as set forth below and in <u>Section 5.11</u>.

NOW THEREFORE, in consideration of the premises, provisions, covenants and mutual agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Lenders are willing to extend such credit to the Borrowers on the terms and express conditions set forth herein, and accordingly the parties hereto agree as follows.

**ARTICLE I**

**DEFINITIONS**

Section 1.01 <u>Defined Terms</u>. As used in this Agreement, the following terms have the meanings specified below:

"<u>ABL Agreement</u>" means that certain second amended and restated ABL facilities agreement dated as of April 23, 2024 (as amended, amended and restated, supplemented or otherwise modified), by and among, Holdings, Dundee PIKCO Limited, certain affiliates of Holdings set forth therein, the Financial Institutions (as defined therein), Wells Fargo Capital Finance (UK) Limited, as agent and security agent, as the case may be.

"<u>ABL Collateral</u>" means the assets securing the obligations under the ABL Agreement, as set forth in the Transaction Security Documents (as defined in the ABL Agreement).

"<u>ABL Priority Collateral</u>" means the ABL Priority Security (as defined in the Intercreditor Agreement).

"<u>ABL Loans</u>" means the Loans as defined under the ABL Agreement.

"<u>ABL L/C Exposure</u>" means L/C Exposure as defined under the ABL Agreement.

"<u>Acceptable Intercreditor Agreement</u>" means a customary intercreditor or subordination agreement or arrangement (which may take the form of a "waterfall" or similar provision) governing intercreditor arrangements for the sharing or subordination of liens or arrangements relating to the distribution of payments, as applicable, the terms of which are reasonably satisfactory to the Administrative Agent (after consultation with, in accordance with <u>Section 8.09(d)</u>, the Required Lenders), as may be amended from time to time in accordance with <u>Section 9.02(b</u>) and <u>(g)</u>.

"<u>Accounting Change</u>" has the meaning assigned to such term in <u>Section 1.04</u>.

"<u>Acquired Indebtedness</u>" has the meaning assigned to such term in <u>Section 6.01(a)(v)</u>.

"<u>Acquisition</u>" means any acquisition by any member of the Consolidated Group, whether by purchase, merger, amalgamation, consolidation, contribution or otherwise, of (a) at least a majority of the assets or property and/or liabilities (or any other substantial part for which financial statements or other financial information is available), or a business line, product line, unit or division, of any other Person, (b) Equity Interests of any other Person such that such other Person becomes a Subsidiary and (c) additional Equity Interests of any Subsidiary not then held by a member of the Consolidated Group.

"<u>Additional Lender</u>" has the meaning assigned to such term in <u>Section 2.20(d)</u>.

"<u>Administrative Agent</u>" means GLAS USA LLC (acting through itself or one of its designated affiliates or branch offices), in its capacity as administrative agent for the Lenders hereunder, and its successors in such capacity as provided in Article VIII.

"<u>Administrative Agent's Office</u>" means, with respect to any currency, the Administrative Agent's address and, as appropriate, account as set forth on <u>Schedule 9.01</u> with respect to such currency, or such other address or account with respect to such currency as the Administrative Agent may from time to time notify the Borrowers and the Lenders.

"<u>Administrative Questionnaire</u>" means an administrative questionnaire in a form supplied by the Administrative Agent.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any U.K. Financial Institution.

"<u>Affiliate</u>" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. For purposes of this Agreement and the other Loan Documents, Jefferies LLC and its Affiliates shall be deemed to be Affiliates of Jefferies Finance LLC and its Affiliates.

"<u>Affiliated Debt Fund</u>" means an Affiliated Lender that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and, with respect to which the personnel making the primary investment decision are not the Equity Personnel or personnel controlled by the Equity Personnel.

"<u>Affiliated Lender</u>" means a Lender that is (a) an Affiliate of Holdings and (b) a "person" or a member of any "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) or any Affiliate thereof that is a "beneficial owner" (as defined in Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly, of more than five percent of the Equity Interests of Holdings (in each case of clause (a) and (b), excluding PGIM and any Affiliate of PGIM); <u>provided</u> that the Equity Investors shall be deemed not to be a "group" for purposes hereof.

"<u>Affiliated Lender Assignment and Assumption Agreement</u>" means an assignment and assumption entered into by a Lender with an Affiliated Lender, and accepted by the Administrative Agent pursuant to the terms hereof, in the form of <u>Exhibit E</u> or any other form (including electronic records generated by the use of an electronic platform) or changes thereto approved by the Administrative Agent and the Borrowers.

"<u>Agent</u>" means any of the Administrative Agent or the Collateral Agent.

"<u>Agreed Security Principles</u>" means the Agreed Security Principle set forth on <u>Exhibit F</u>.

"<u>Agreement</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>AHYDO Catch-Up Payment</u>" means any payment with respect to any obligations of any member of the Consolidated Group, including subordinated debt obligations, in each case to avoid the application of Section 163(e)(5) of the Code.

"<u>Anti-Corruption Laws</u>" means the United States Foreign Corrupt Practices Act of 1977, as amended, the United Kingdom Bribery Act of 2010, as amended, as amended, and other Requirements of Law concerning or relating to bribery or corruption.

"<u>Anti-Money Laundering Laws</u>" means the Money Laundering Control Act of 1986 (18 U.S.C. §§ 1956-1957), the Bank Secrecy Act (31 U.S.C. §§5311-5332), as amended by the PATRIOT Act, the UK Proceeds of Crime Act 2002, the UK Terrorism Act 2000, and any other Requirements of Law concerning money laundering, including know-your-customer and financial recordkeeping and reporting requirements.

"<u>Applicable Date of Determination</u>" means, at any time, the last day of the most recently ended fiscal quarter for which financial statements were delivered (or were required to be delivered) pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, as applicable; <u>provided</u> that prior to the first delivery (or required delivery) of financial statements pursuant to <u>Section 5.01(a)</u> or <u>(b</u>), the "Applicable Date of Determination" means the last day of the period of four consecutive fiscal quarters ended December 31, 2023.

"<u>Applicable Lenders</u>" means the Required Lenders, all affected Lenders, or all Lenders, as the context may require.

"<u>Applicable Percentage</u>" means in respect of a Term Loan, with respect to any Term Lender at any time, the percentage (carried out to the ninth decimal place) of such Term Loan represented by the outstanding principal amount of such Term Loan held by such Lender at such time; <u>provided</u> that, in accordance with Section 2.22, so long as any Lender shall be a Defaulting Lender, such Defaulting Lender's Commitments and Loans shall be disregarded in the calculations noted above. The Applicable Percentage of each Lender in respect of each Facility is set forth opposite the name of such Lender on <u>Schedule 2.01</u> or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto or in any documentation executed by such Lender pursuant to <u>Section 2.2</u>6, as applicable.

"<u>Applicable Rate</u>" means, subject to <u>Section 5.17</u>, (a) 6.50% per annum for Term SOFR Loans and (b) 5.50% per annum for Base Rate Loans.

"<u>Approved Fund</u>" has the meaning assigned to such term in <u>Section 9.04(b)(iv)</u>.

"<u>Assignment and Assumption</u>" means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent pursuant to the terms hereof, substantially in the form of <u>Exhibit D</u> or any other form (including an electronic documentation form generated by use of an electronic platform) approved by the Administrative Agent and the Borrowers.

"<u>Available Amount</u>" means, on any date of determination (the "<u>Reference Date</u>"), an amount determined on a cumulative basis equal to the sum of (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;(a) 25% of Consolidated Net Income (which shall not be less than zero in any period) for the period from the first day of the fiscal quarter of the Consolidated Group during which the Closing Date occurred to and including the last day of the most recently ended fiscal quarter of the Borrower prior to the Reference 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;(b) the cumulative amount of (A) any capital contributions made in cash by any Person other than Holdings, a Borrower or a Subsidiary to Holdings after the Closing Date to the extent received by Holdings on or prior to the Reference Date (other than (i) any Cure Amount, (ii) any equity contributions used to make Investments pursuant to <u>Section 6.04</u> or (iii) any equity contributions used to make Restricted Payments or payments of Indebtedness pursuant to <u>Section 6.08</u>) and (B) any Net Proceeds of any issuance of Qualified Equity Interests of Holdings (other than (i) any Cure Amount, (ii) any equity contributions used to make Investments pursuant to Section 6.04 or (iii) any equity contributions used to make Restricted Payments or payments of Indebtedness pursuant to Section 6.08) to any Person (other than Holdings, a Borrower or a Subsidiary) after the Closing Date, to the extent such proceeds are received by Holdings on or prior to the Reference 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;(c) 100% of the aggregate net cash proceeds (other than (i) any Cure Amount, (ii) any equity contributions used to make Investments pursuant to <u>Section 6.04(dd)</u>) or (iii) any amounts used to make Restricted Payments pursuant to <u>Section 6.08(a)(xi)</u> or payments, redemptions, repurchases, retirements, terminations or cancellations of Indebtedness pursuant to <u>Section 6.08(b)(vii))</u> and the fair market value (as determined in good faith by the Borrowers) of marketable securities or other property contributed to the Qualified Equity Interests of Holdings after the Closing Date by any Person other than Holdings, a Borrower or a Subsidiary; <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;(d) to the extent not otherwise included in <u>clause (a)</u> above, (i) the aggregate amount received by any member of the Consolidated Group after the Closing Date from cash (or Cash Equivalents) dividends and distributions made by any Joint Venture, and cash (or Cash Equivalents) returns of principal, cash repayments and similar cash (or Cash Equivalents) payments made by any Joint Venture, in each case, in respect of Investments made after the Closing Date and on or prior to the Reference Date by any of member the Consolidated Group to any Joint Venture pursuant to <u>Section 6.04(z)</u>, and (ii) the Net Proceeds in connection with the sale, transfer or other disposition of assets of, or the Equity Interests of, any Joint Venture of any member of the Consolidated Group to any Person (other than a member of the Consolidated Group) after the Closing Date and on or prior to the Reference Date and received after the Closing Date and on or prior to the Reference Date, in each case, to the extent not already reflected as a Return with respect to such Investment credited to any basket amount under Section 6.04 and in an amount not to exceed the original Investments in such assets or Person made pursuant to <u>Section 6.04(z)</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; (e) [reserved]; <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;(f) to the extent not otherwise included in clause (a) above, the aggregate amount of Retained Declined Proceeds retained by any member of the Consolidated Group and on or prior to the Reference 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;(g) the fair market value of all Qualified Equity Interests of Holdings or any Parent Company issued upon conversion or exchange of Indebtedness or Disqualified Equity Interests of any member of the Consolidated Group after the Closing Date and on or prior to the Reference Date; <u>minus</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;(h) the aggregate amount of (i) Restricted Payments made using the Available Amount pursuant to <u>Section 6.08(a)(xvii)</u>, (ii) Investments made using the Available Amount pursuant to <u>Section 6.04(z)</u> and (iii) prepayments, redemptions, acquisitions, retirements, cancellations, terminations and repurchases of Indebtedness made using the Available Amount pursuant to <u>Section 6.08(b)(ix</u>), in each case during the period from and including the Business Day immediately following the Closing Date through and including the Reference Date (without taking account of the intended usage of the Available Amount on such Reference Date).

For purposes of clarification, if more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount of the Available Amount immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently (i.e. each independently reducing the Available Amount for determination of the Available Amount available for the other actions to occur on such date) and in no event may any two or more such actions be treated as occurring simultaneously.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to Section 2.14(e) but including, for the avoidance of doubt, any tenor for such Benchmark that is added to the definition of "Interest Period" pursuant to <u>Section 2.14(e)</u>.

"<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, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Bank Levy</u>" means any amount payable by any Recipient or any of its Affiliates on the basis of, or in relation to: (a) its balance sheet or capital base or any part of that person or its liabilities or minimum regulatory capital or any combination thereof (including the UK bank levy as set out in the United Kingdom Finance Act 2011 (as amended), and any other levy or tax in any jurisdiction levied on a similar basis or for a similar purpose; (b) any bank surcharge or banking corporation tax surcharge as set out in the United Kingdom Finance (No. 2) Act 2015 and any other surcharge or tax of a similar nature implemented in any other jurisdiction; or (c) any financial activities taxes (or other taxes) of a kind contemplated in the European Commission consultation paper on financial sector taxation dated 22 February 2011 or the Single Resolution Mechanism established by EU Regulation 806/2014 of 15 July 2014.

"<u>Bankruptcy Code</u>" means Title 11 of the United States Code entitled "Bankruptcy", as now and hereafter in effect, or any successor statute.

"<u>Base Rate</u>" means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the Prime Rate in effect on such day and (c) Term SOFR plus 1.00%, subject to the interest rate floors set forth therein; <u>provided</u> that if the Base Rate shall be less than 0.00%, such rate shall be deemed 0.00% for purposes of this Agreement. Any change in the Base Rate due to a change in any of the foregoing shall be effective on the effective date of such change in the Prime Rate, the Federal Funds Rate or Term SOFR for an Interest Period of one month. If the Base Rate is being used as an alternate rate of interest pursuant to <u>Section 2.14</u>, then the Base Rate shall be the greater of <u>clauses (a</u>) and (<u>b</u>) above and shall be determined without reference to <u>clause (c</u>) above.

"<u>Base Rate Loan</u>" means a Term Loan that bears interest based on the Base Rate. All Base Rate Loans are available only to the Borrowers and only for Loans denominated in U.S. Dollars.

"<u>Benchmark</u>" means, initially, the Term SOFR Reference Rate; provided that if a replacement of a Benchmark has occurred, or a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to a Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 2.14(b)</u>.

"<u>Benchmark Replacement</u>" means, for any Available Tenor and any applicable currency of Loans, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrowers as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities in such currency at such time in the United States and (b) the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to the above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor and applicable currency for any setting of such 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 Borrowers for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities in Dollars at such time in the United States.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement and/or any Term SOFR Loan, any technical, administrative or operational changes (including changes to the definition of "Base Rate", the definition of "Business Day", the definition of "U.S. Government Securities Business Day", the definition of "Interest Period", timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent and the Borrowers reasonably determine may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if such Agent, in consultation with the Borrowers, reasonably determines that adoption of any portion of such market practice is not administratively feasible or if such Agent, in consultation with the Borrowers, determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent the Administrative Agent and the Borrowers determine is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; 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 Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, the central bank for the currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; 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 Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Unavailability Period</u>" means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 2.14</u> and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 2.14</u>.

"<u>Beneficial Owner</u>" means, in the case of a Lender that is classified as a partnership for U.S. federal income tax purposes, the direct or indirect partner or owner of such Lender that is treated, for U.S. federal income tax purposes, as the beneficial owner of a payment by any Loan Party under any Loan Document.

"<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>Board</u>" means the Board of Governors of the Federal Reserve System of the United States of America.

"<u>Bona Fide Debt Fund</u>" means any debt fund or other Person that is engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and whose managers have fiduciary duties to the third-party investors in such fund or investment vehicle independent of their duties to Holdings or any Equity Investor; <u>provided</u>, however, in no event shall (x) any natural Person or (y) Holdings or any Subsidiary thereof be a "Bona Fide Debt Fund."

"<u>Borrower Materials</u>" has the meaning assigned to such term in <u>Section 5.01</u>.

"<u>Borrowers</u>" has the meaning assigned to such term in the Preamble.

"<u>Borrowing</u>" means a borrowing consisting of Loans of the same Class and Type made, converted or continued on the same date and, in the case of Term SOFR Loans, as to which a single Interest Period is in effect.

"<u>Business Day</u>" means (a) any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Requirements of Law of, or are in fact closed in, New York City or London (United Kingdom) and (b) in relation to Loans referencing Term SOFR and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans referencing Term SOFR or any other dealings of such Loans referencing the Term SOFR, any such day that is a U.S. Government Securities Business Day.

"<u>Capital Lease Obligation</u>" means at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease or operating lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with IFRS. At the time any determination thereof is to be made, the amount of the liability in respect of a lease identified as an "operating lease" by Holdings or a Borrower shall be excluded from the calculation of the aggregate amount of liabilities hereunder and shall not be required to be treated as Capital Lease Obligation or Indebtedness.

"<u>Capitalized Software Expenditures</u>" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Consolidated Group during such period in respect of purchased software or internally developed software and software enhancements that, in conformity with IFRS, are reflected as capitalized costs on the consolidated statement of financial position of the Consolidated Group.

"<u>Captive Insurance Subsidiaries</u>" means, collectively or individually as of any date of determination, those regulated Subsidiaries of the Borrowers primarily engaged in the business of providing insurance and insurance related services to the Borrowers, their other Subsidiaries and/or certain other Persons.

"<u>Cash Equivalents</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Euros, Yen, Canadian Dollars, Pounds, Chinese Yuan Renminbi, Indian Rupees or any national currency of any Participating Member State; and (ii) in the case of any Foreign Subsidiary or any jurisdiction in which any Borrower or any Subsidiary conducts business, such local currencies held by it from time to time in the ordinary course of business or consistent with industry practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) securities issued or directly guaranteed or insured by the government of the United States, the United Kingdom or any country that is a member of the European Union (as it is constituted on the Closing Date) or any agency or instrumentality thereof in each case with maturities not exceeding two years from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers' acceptances having maturities of not more than one year from the date of acquisition thereof issued by (x) any Lender or affiliate thereof or (y) by any bank or trust company (i) whose commercial paper is rated at least "A-2" or the equivalent thereof by S&P or at least "P-2" or the equivalent thereof by Moody's (or if at the time neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) or (ii) (in the event that the bank or trust company does not have commercial paper which is rated) having combined capital and surplus in excess of $100,000,000 (or its foreign currency equivalent);

&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) repurchase obligations for underlying securities of the types described in <u>clauses(b)</u> and <u>(c)</u> entered into with any Person referenced in <u>clause (d)</u> 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;(f) securities with maturities of one year or less from the date of acquisition backed by standby letters of credit issued by any Person referenced in <u>clause (d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) commercial paper rated at the time of acquisition thereof at least "A-2" or the equivalent thereof by S&P or "P-2" or the equivalent thereof by Moody's or carrying an equivalent rating by a Nationally Recognized Statistical Rating Organization, if both of the two named rating agencies cease publishing ratings of investments or, if no rating is available in respect of the commercial paper, the issuer of which has an equivalent rating in respect of its long-term debt, and in any case maturing within one year after the date of acquisition 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;(h) readily marketable direct obligations issued by any Specified Jurisdiction, in each case, having one of the two highest rating categories obtainable from either Moody's or S&P (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities of not more than two years from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) interests in any investment company, money market or enhanced high yield fund which invests at least 90% of its assets in instruments of the type specified in <u>clauses (a)</u> through <u>(h)</u> 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;(j) instruments and investments of the type and maturity described in <u>clause (a)</u> through <u>(i)</u> denominated in any foreign currency which investments or obligors are, in the reasonable judgment of the Borrowers, comparable in investment quality to those referred to above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the marketable securities portfolio owned by any member of the Consolidated Group on the Closing Date and replacements and substitutions made in such portfolio (or, in the case of Holdings, so long as such securities in such portfolio are owned only temporarily to facilitate a transaction permitted hereunder).

"<u>Cash Management Agreement</u>" means any agreement to provide Cash Management Services.

"<u>Cash Management Obligations</u>" means, as to any Person, any and all obligations of such Person, 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 Cash Management Agreement.

"<u>Cash Management Services</u>" means any treasury or cash management services, including deposit accounts, overnight draft, credit debit cards, p-cards (including purchasing cards and commercial cards), funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services. For the avoidance of doubt, Cash Management Services do not include Swap Agreements.

"<u>Cash Taxes</u>" means, for any period, taxes of the Consolidated Group, paid in cash for such period.

"<u>CCY Swap Agreements</u>" means the cross-currency swap agreements of the Loan Parties designated as "CCY Swap Agreements" for a specified CCY Swap Agreement Currency by the Borrowers to the Administrative Agent from time to time, which may be designated or un-designated on a currency-pair by currency-pair basis (it being understood that if the Borrowers designate a CCY Swap Agreement in respect of a CCY Swap Agreement Currency, all cross-currency swap agreements of the Loan Parties for such CCY Swap Agreement Currency must be designated as a CCY Swap Agreement in respect of such CCY Swap Agreement Currency).

"<u>CCY Swap Agreement Currency</u>" means a pair of currencies the subject of a CCY Swap Agreement, as designated by the Borrowers in accordance with the definition thereof.

"<u>CCY Swap Termination Value</u>" means, the aggregate net Swap Termination Value of CCY Swap Agreements of the Loan Parties with respect to each CCY Swap Agreement Currency calculated for the master netting agreements governing such CCY Swap Agreements as if the only trades under the relevant ISDAs are such CCY Swap Agreements in such CCY Swap Agreement Currency. For purposes hereof, with respect to the Loan Parties, a positive CCY Swap Termination Value denotes an amount payable to a Loan Party and a negative CCY Swap Termination Value denotes an amount payable by a Loan Party.

"<u>CFC</u>" means any non-U.S. Subsidiary that is owned directly or indirectly by any U.S. Loan Party that is a "controlled foreign corporation" within the meaning of Section 957 of the Code.

"<u>CFC Holding Company</u>" means any U.S. Subsidiary of Holdings that owns no material assets other than cash and cash equivalents and equity interests in and/or debt of one or more (a) CFCs or (b) other U.S. Subsidiaries that own no material assets other than cash and cash equivalents and equity interests in and/or debt of one or more CFCs.

"<u>Change in Control</u>" shall be deemed to occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time and for any reason whatsoever, any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) shall become the "beneficial owner" (as defined in Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly, of more than fifty percent (50%) of the then outstanding Equity Interests of Topco (or, if applicable, a Successor Person); <u>provided</u> that the Equity Investors shall be deemed not to be a "group" for purposes hereof; 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;(b) at any time (i) Topco ceases to own directly 100% of the total issued share capital or voting rights in New Midco, (ii) New Midco ceases to own directly 100% of the total issued share capital or voting rights in Holdings, (iii) Holdings ceases to own directly 100% of the total issued share capital or voting rights in Dundee PIKCO Limited, a company incorporated in England and Wales under the number 06123931 or (iv) a Loan Party ceases to own directly 100% of the total issued share capital or voting rights in any Borrower.

"<u>Change in Law</u>" means (a) the adoption or taking effect of any law, rule, treaty or regulation after the Closing Date, (b) any change in any law, rule, treaty or regulation or in the administration, interpretation, implementation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for purposes of <u>Section 2.15(b),</u> by any lending office of such Lender or by such Lender's holding company, if any) with any request, rule, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date; <u>provided</u> that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States, the United Kingdom or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law" regardless of the date enacted, adopted or issued.

"<u>Class</u>", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Initial Term Loan, Delayed Draw Term Loans, Incremental Term Loans, Other Term Loans, Extended Term Loans; when used in reference to any Commitment, refers to whether such Commitment is an Initial Term Loan Commitment, Delayed Draw Term Loan Commitments, Incremental Term Commitment, Other Term Commitment; and when used in reference to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class. Incremental Term Loans, Extended Term Loans and Other Term Loans (together with the respective Commitments in respect thereof) shall, at the election of the applicable Borrower, be construed to be in different Classes.

"<u>CLO</u>" has the meaning assigned to such term in <u>Section 9.04(b)(iv)</u>.

"<u>Close Brothers Facility</u>" means that certain master sale and hire purchase agreement dated as of December 27, 2023 (as the same may be amended, amended and restated, supplemented or modified from time to time) between Ross & Catherall Limited and Close Leasing Limited in respect of the 5 Ton Consarc Furnace located at Ross & Catherall, Forge Lane, Killamarsh, Sheffield S21 1BA, United Kingdom.

"<u>Closing Date</u>" means April 23, 2024.

"<u>Closing Date Refinancing</u>" means the repayment in full, on the Closing Date, of all Indebtedness of the members of the Holding Company Group which exists on the Closing Date, other than Indebtedness of the members of the Holding Company Group permitted under Section 6.01 to remain outstanding following the Closing Date, and the termination or release of all Liens securing such Indebtedness.

"<u>CME Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited as administrator of the forward-looking term SOFR (or a successor administrator).

"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" means any and all "<u>Collateral</u>" or "<u>Secured Assets</u>" (or any other term of similar meaning), as defined in any applicable Security Document, and any and all property of whatever kind or nature subject to or purported to be subject to a Lien under any Security Document, but shall in all events exclude all Excluded Property.

"<u>Collateral Agent</u>" means GLAS Americas LLC, in its capacity as collateral agent for the Secured Parties, and its successors in such capacity as provided in Article VIII.

"<u>Collective Bargaining Agreement</u>" has the meaning assigned to such term in Section 3.12(a).

"<u>Commitment</u>" means with respect to any Person, such Person's Initial Term Loan Commitment, Delayed Draw Term Loan Commitment, Incremental Term Commitment, Other Term Commitment, or any combination thereof (as the context requires).

"<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 U.S.C. § 1 *et seq*.).

"<u>Communication</u>" means this Agreement, any Loan Document and any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to any Loan Document.

"<u>Compliance Certificate</u>" means a certificate substantially in the form of <u>Exhibit G</u> annexed hereto.

"<u>Consolidated Capital Expenditures</u>" means, for any period, the additions to property, plant and equipment of the Consolidated Group that are (or should be) set forth in a consolidated statement of cash flows of the Consolidated Group for such period prepared in accordance with IFRS, but excluding in each case any such expenditure (a) made to restore, replace, rebuild, develop, maintain, improve or upgrade property, to the extent such expenditure is made with, or subsequently reimbursed out of, insurance proceeds, indemnity payments, condemnation or similar awards (or payments in lieu thereof) or damage recovery proceeds or other settlements relating to any damage, loss, destruction or condemnation of such property, (b) constituting reinvestment of the Net Proceeds of any event described in <u>clause (a)</u> of the definition of the term "Prepayment Event," (c) made by any member of the Consolidated Group as payment of the consideration for any Acquisition (including any property, plant and equipment obtained as a part thereof), (d) made by any member of the Consolidated Group to effect leasehold improvements to any property leased by such member of the Consolidated Group as lessee, to the extent that such expenses have been reimbursed by the landlord, (e) actually paid for by a third party (excluding the members of the Consolidated Group) and for which no member of the Consolidated Group has provided or is required to provide or incur, directly or indirectly, any consideration or monetary obligation to such third party or any other Person (whether before, during or after such period), (f) constituting Capitalized Software Expenditures or research and development expenditures that are treated as additions to property, plant and equipment or other capital expenditures in accordance with IFRS, (g) made with the net cash proceeds from any issuance of Qualified Equity Interests of Holdings, and (h) the purchase price of equipment that is purchased simultaneously with (but solely to the extent of) the trade in or sale of existing equipment.

"<u>Consolidated Depreciation and Amortization Expense</u>" means, for any period for the Consolidated Group on a consolidated basis and otherwise determined in accordance with IFRS, the total amount of depreciation and amortization expense, including amortization or write-off of (a) tangible and intangible assets and non-cash organization costs, (b) deferred financing fees or costs and (c) costs, capitalized expenditures, customer acquisition costs and incentive payments, conversion costs and contract acquisition costs, the amortization of original issue discount resulting from the issuance of Indebtedness at less than par and amortization of favorable or unfavorable lease assets or liabilities, and any write down of assets or asset value carried on the balance sheet.

"<u>Consolidated EBITDA</u>" for any period means the Consolidated Net Income for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) increased (without duplication) by the following but only (except in the case of <u>clauses (h)</u> and <u>(k)</u> below) to the extent deducted (and not added back or excluded) in computing Consolidated Net Income:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) provision for taxes based on income or profits or capital, including federal, state, provincial, local, foreign, unitary, excise, property, franchise and similar taxes and foreign withholding and similar taxes (including any penalties and interest) paid or accrued during such period and (ii) any dividends and distributions made in such period to Holdings (or, if applicable, a Parent Entity or other direct or indirect owner of Equity Interests in Holdings) in respect of items referred to in subclause (i); <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;(b) Consolidated Interest Expense for such period including rent attributable to leases which is treated as interest expense under IFRS 16 (*Leases*); <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; (c) Consolidated Depreciation and Amortization Expense for such 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;(d) (x) Transaction Costs and (y) any fees, costs, expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any actual, proposed or contemplated issuance or registration (actual or proposed) of Equity Interests, with any Investment, acquisition, disposition, recapitalization, Restricted Payment, Specified Transaction or the incurrence or registration (actual or proposed) and/or repayment of Indebtedness (including any Incremental Facility, any Incremental Equivalent Debt and any refinancing of any thereof) (in each case, whether or not consummated or successful), including (i) such fees, expenses or charges related to any Loans, the offering of any Incremental Equivalent Debt or any Permitted Refinancing, and (ii) any amendment, waiver or other modification of Loans, Incremental Equivalent Debt, any Loan Document, any other Indebtedness or any Equity Interests, in each case, whether or not consummated; <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;(e) the amount of (A) costs, charges, accruals, reserves or expenses attributable to the undertaking and/or implementation of cost savings initiatives and operating expense reductions, restructuring and similar charges, severance, relocation costs, integration and facilities opening and pre-opening costs (including contract termination costs and any costs related to the opening of offices) and other business optimization expenses or costs (including charges directly related to implementation of cost-savings initiatives), signing costs, retention, signing, relocation, recruitment, or completion bonuses and other employee related expenses, transition costs, costs related to closure/consolidation of facilities and curtailments or modifications to pension and postretirement employee benefits plans (including any settlement of pension liabilities), (B) costs and expenses associated with business expansion and startup costs for new business lines, geographic expansion or new products expected to be implemented within twenty-four (24) months of the date thereof, (C) cash charges in respect of the Management Incentive Plan and (D) any one-time expense relating to enhanced accounting functions or other transaction costs, including those associated with becoming part of a public company; <u>provided</u> that the aggregate amount of add backs made pursuant to this clause (e) for any period, when added to the aggregate amount of add backs made pursuant to clauses (h), (k) and (n) of this definition of "Consolidated EBITDA" and clause (c) of the definition of "Consolidated Net Income" for such period, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-backs or deduction, 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;(f) any non-cash charges (including non-cash write-downs, expenses, losses or items, share accruals for incentive compensation and based compensation charge and any impairment charges or the impact of purchase accounting, or other non-cash items classified by the Consolidated Group as special items), except to the extent that any such non-cash charge represents an accrual or reserve for any potential cash item in any future period or amortization of a cash item paid in a prior 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;(g) (x) the amount of consulting and advisory fees (including transaction and fees) and related indemnities and expenses paid or accrued in such period to any Equity Investor or any of their Affiliates to the extent permitted under <u>Section 6.09</u>, (y) [reserved], and (z) non-cash charges in respect of the Management Incentive Plan; <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;(h) the amount of "run-rate" cost savings, operating expense reductions, other operating improvements and initiatives and cost synergies (but excluding revenue synergies) relating to the Transactions, asset sales, mergers and other business combinations, acquisitions, dispositions or divestitures, operating improvements, restructurings, business optimizations, strategic initiatives and other transactions and initiatives consummated or commenced (including, for the avoidance of doubt, any such events prior to the Closing Date) by any member of the Consolidated Group that are factually supportable and projected by the Borrowers in good faith to be reasonably anticipated to result from actions that either have been taken, with respect to which substantial steps have been taken, or are expected to be taken (in the good faith determination of the Borrowers), and to be reasonably anticipated to be realizable, within twenty-four (24) months after the end of such transaction or initiative (which will be added to Consolidated EBITDA as so projected until fully realized and calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, other operating improvements and initiatives and cost synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions; <u>provided</u> further that the aggregate amount of add backs made pursuant to this clause (h) for any period, when added to the aggregate amount of add backs made pursuant to clauses (e), (k) and (n) of this definition of "Consolidated EBITDA" and clause (c) of the definition of "Consolidated Net Income" for such period, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-backs or deduction, 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;(i) any costs or expense incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of Holdings or net cash proceeds of an issuance of Qualified Equity Interests of Holdings (in each case, except to the extent comprising any Cure Amount); <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; (j) the amount of any loss attributable to non-controlling interests; <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;(k) pro forma adjustments and add-backs that are (x) identified or set forth in any quality of earnings analysis or report prepared by financial advisors of nationally recognized standing (including any "Big Four" accounting firm) or other firm reasonably acceptable to the Administrative Agent (it being understood and agreed other nationally recognized accounting firms are acceptable) (such approval not to be unreasonably withheld or delayed)) and delivered to the Administrative Agent in connection with any Acquisition or other Investment not prohibited hereunder and (y) consistent with Regulation S-X (in effect on December 31, 2020); <u>provided</u> that the aggregate amount of add backs made pursuant to this clause (k) for any period, when added to the aggregate amount of add backs made pursuant to clauses (h), (e) and (n) of this definition of "Consolidated EBITDA" and clause (c) of the definition of "Consolidated Net Income" for such period, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-backs or deduction, 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;(l) net realized losses from Swap Obligations or embedded derivatives and related pronouncements and any costs, expenses and premiums incurred in connection with Swap Agreements permitted hereunder; <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;(m) the amount of any minority interest expense consisting of Subsidiary income attributable to minority equity interests of third parties in any non-wholly owned Subsidiary; <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;(n) (y) adjustments related to excess owners' compensation above pro forma compensation, consulting payments and other compensation and expenses paid in cash to owners and management of acquired businesses as acquisition consideration (whether acquired on, after or prior to the Closing Date) and (z) charges, costs and expenses related to enterprise resource planning (ERP); <u>provided</u> that the aggregate amount of add backs made pursuant to this clause (n) for any period, when added to the aggregate amount of add backs made pursuant to clauses (e), (h) and (k) above and clause (c) of the definition of "Consolidated Net Income" for such period, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-backs or deduction, 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;(o) expenses associated with "Project Fusion" in an amount not to exceed (i) for the fiscal year ending December 31, 2024, $5,700,000 and (ii) for the fiscal year ending December 31, 2025, $1,700,000, it being understood and agreed that unused amount under this clause (o) can be carried forward to the next fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) increased by cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to <u>clause (3)</u> below for any previous period and not added back;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) decreased (without duplication) by the sum of: (a) non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period; <u>plus</u> (b) any net realized income or gains from Swap Obligations or embedded derivatives that require similar accounting treatment; <u>plus</u> (c) any net profit attributable to non-controlling interests included in the consolidated financial statements; <u>plus</u> (d) all cash payments made during such period to the extent made on account of non-cash reserves and other non-cash charges added back to Consolidated Net Income pursuant to <u>clause (f)</u> above in a previous period (it being understood that this <u>clause (3)(d)</u> shall not be utilized in reversing any non-cash reserve or charge added to Consolidated Net Income); <u>plus</u> (e) the amount of any minority interest income consisting of Subsidiary loss attributable to minority equity interests of third parties in any non-wholly owned Subsidiary added to Consolidated Net Income (and not deducted in such period from Consolidated Net Income);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) increased or decreased (without duplication) by, as applicable, any adjustments resulting from the application of "Provisions, contingent liabilities and contingent assets" or any comparable regulation.

For purposes of determining compliance with any financial test or ratio hereunder (including any incurrence test), (x) Consolidated EBITDA attributable to any Person, property, business or asset acquired by any member of the Consolidated Group during such period shall be included in determining Consolidated EBITDA for any period, (y) Consolidated EBITDA attributable to any Subsidiary, or any property, business or asset acquired by any member of the Consolidated Group during such period or any operating entity for which historical financial statements are available that is Disposed of during such period shall be excluded in determining Consolidated EBITDA for any period, and (z) except for purposes of calculating the amount of Excess Cash Flow, Consolidated EBITDA shall be calculated on a Pro Forma Basis. Unless otherwise provided herein, Consolidated EBITDA shall be calculated with respect to the Consolidated Group.

For purposes of determining Consolidated EBITDA for any four fiscal quarter period that includes any of the fiscal quarters ending prior to the Closing Date, (a) Consolidated EBITDA for the period of one fiscal quarter ended March 31, 2023 shall be deemed to equal $24,844,000, (b) Consolidated EBITDA for the period of one fiscal quarter ended June 30, 2023 shall be deemed to equal $26,428,000, (c) Consolidated EBITDA for the period of one fiscal quarter ended September 30, 2023 shall be deemed to equal $25,358,000, and (d) Consolidated EBITDA for the period of one fiscal quarter ended December 31, 2023 shall be deemed to equal $23,558,000; <u>provided</u> that (x) any period prior to the Closing Date that is not set forth in the foregoing shall be determined in accordance with the foregoing deemed amounts and (y) all such deemed amounts shall give effect to calculations on a Pro Forma Basis in accordance with <u>Section 1.05</u>.

"<u>Consolidated First Lien Secured Indebtedness</u>" means, as of any date of determination, (i) the aggregate principal amount of Consolidated Total Indebtedness secured by assets of the Borrowers and their respective Subsidiaries on a *pari passu* or senior Lien basis to the Secured Obligations less (ii) the sum of (x) Unrestricted Cash and (y) solely to the extent (1) CCY Swap Agreements have been designated by the Borrowers and (2) the CCY Swap Termination Value is positive, the CCY Swap Termination Value.

"<u>Consolidated Group</u>" means Holdings and its Subsidiaries.

"<u>Consolidated Interest Expense</u>" means, for any period for the Consolidated Group on a consolidated basis (in each case, determined in accordance with IFRS), without duplication, 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;(1) consolidated interest expense or finance costs for such period (including without duplication (a) amortization of original issue discount or premium resulting from the issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances or any similar facilities or financing and hedging agreements, (c) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of any Swap Obligations or other derivative instruments pursuant to IFRS), (d) the interest component of Capital Lease Obligations, (e) net losses, if any, pursuant to interest rate Swap Obligations or other derivative instruments with respect to Indebtedness, (f) fees and expenses paid to the Agents, (g) other bank and financing fees, and (h) costs of surety bonds in connection with financing activities); <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;(2) consolidated capitalized interest expense for such period, whether paid or accrued; and excluding, interest with respect to Indebtedness of any parent of such Person appearing upon

the balance sheet of such Person solely by reason of push-down accounting under IFRS.

For purposes of this definition, interest on a Capital Lease Obligation 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 Obligation in accordance with IFRS.

"<u>Consolidated Net Income</u>" means, for any period, the net income (loss) of the Consolidated Group determined on a consolidated basis in accordance with IFRS; <u>provided</u>, however, that there will not be included in such Consolidated Net Income (other than with respect to <u>clause (o)</u> which shall be included):

&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 profit (loss) for such period of any Person if such Person is not a Subsidiary, except that any equity in the profit of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed by such Person during such period to any member of the Consolidated Group as a dividend or other distribution or as a return on investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any profit (or loss) for such period realized upon the sale or other disposition of any asset or disposed operations of any member of the Consolidated Group (including pursuant to any Sale Leaseback which is not sold or otherwise disposed of in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any extraordinary, unusual or non-recurring gain, income, loss, charge or expense <u>provided</u> that the aggregate amount excluded from the definition of "Consolidated Net Income" pursuant to this clause (c) for any period, when added to the aggregate amount of add backs made pursuant to clauses (e), (h), (k) and (n) of the definition of "Consolidated EBITDA" for such period, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-backs or deductions, 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; (d) the cumulative effect of a change in accounting principles;

&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 (i) non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based awards and any non-cash deemed finance charges in respect of any pension liabilities or other provisions or on the re-valuation of any benefit plan obligation and (ii) income (loss) attributable to deferred compensation plans or trusts shall be excluded;

&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) all deferred financing costs written off or amortized and premiums paid or other expenses incurred directly in connection with any early extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any unrealized gains or losses in respect of Swap Obligations or any ineffectiveness recognized in earnings related to qualifying hedge transactions or the fair value of changes therein recognized in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of Swap Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without duplication of any items set forth herein, any unrealized foreign currency transaction gains or losses in respect of obligations of any Person denominated in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets and liabilities denominated in foreign currencies determined in accordance with IFRS;

&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) without duplication of any items set forth herein, any unrealized foreign currency translation or transaction gains or losses in respect of Indebtedness or other obligations of any member of the Consolidated Group owing to another member of the Consolidated Group determined in accordance with IFRS;

&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 purchase accounting effects including, but not limited to, adjustments to inventory, property and equipment, software and other intangible assets and deferred revenue in component amounts required or permitted by IFRS and related authoritative pronouncements (including the effects of such adjustments pushed down to the Consolidated Group), as a result of the Transactions, any Specified Transactions, or any consummated Investment or acquisition, or the amortization or write-off of any amounts thereof (including any write-off of in process research and development);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any goodwill or other asset impairment charge or write-off or write-down related to intangible assets, long-lived assets, goodwill, investments in debt or equity securities (including any losses with respect to the foregoing in bankruptcy, insolvency or similar proceedings) and the amortization of intangibles arising pursuant to IFRS;

&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) any after-tax effect of income (loss) from the early retirement, extinguishment or cancellation of Indebtedness or Swap Obligations or other derivative instruments shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) accruals and reserves that are established or adjusted (including any adjustment of estimated payouts on existing earn-outs) that are so required to be established as a result of the Transactions in accordance with IFRS, or changes as a result of adoption or modification of accounting policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any net unrealized gains and losses resulting from Swap Obligations or embedded derivatives that require similar accounting treatment related pronouncements shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) proceeds from any business interruption insurance to the extent not already included in Consolidated Net Income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the amount of any expense to the extent a corresponding amount is received in cash by any member of the Consolidated Group from a Person other than a member of the Consolidated Group, provided such payment has not been included in determining Consolidated Net Income (it being understood that if the amounts received in cash under any such agreement in any period exceed the amount of expense in respect of such period, such excess amounts received may be carried forward and applied against expense in future 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;(q) gains and losses on the sale, exchange or other disposition of assets outside the ordinary course of business or abandonment of assets and from discontinued operations; 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; (r) rental payments under Synthetic Leases.

In addition, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall exclude (i) any expenses and charges that are reimbursed by indemnification or other reimbursement provisions, or so long as the Borrowers have made a determination that there exists reasonable evidence that such amount will in fact be indemnified or reimbursed (and such amount is in fact reimbursed within 365 days of the date of such charge or payment (with a deduction for any amount so added back to the extent not so reimbursed within such 365 days)), in connection with any investment or any sale, conveyance, transfer or other disposition of assets permitted hereunder, (ii) to the extent covered by insurance and actually reimbursed, or, so long as the Borrowers have made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and such amount is in fact reimbursed within 365 days of the date of such payment (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption, (iii) any expenses and charges to the extent paid for, or so long as the Borrowers have made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by (and such amount is in fact reimbursed within 365 days of the date of such payment (with a deduction for any amount so added back to the extent not so reimbursed within 365 days)), any third party other than a member of the Consolidated Group.

"<u>Consolidated Secured Indebtedness</u>" means, as of any date of determination, (i) the aggregate principal amount of Consolidated Total Indebtedness secured by a lien on the assets of the Borrowers and their respective Subsidiaries less (ii) the sum of (x) Unrestricted Cash and (y) solely to the extent (1) CCY Swap Agreements have been designated by the Borrowers and (2) the CCY Swap Termination Value is positive, the CCY Swap Termination Value.

"<u>Consolidated Total Assets</u>" means, as of any date of determination, the amount that would, in conformity with IFRS, be set forth opposite the caption "total assets" (or any like caption) on the consolidated balance sheet of the Consolidated Group as of the most recent Applicable Date of Determination.

"<u>Consolidated Total Indebtedness</u>" means, as of any date, without duplication, the sum of (x) the aggregate outstanding principal amount of Indebtedness of the Consolidated Group, determined on a consolidated basis in accordance with IFRS, in respect of <u>clauses (a)</u>, <u>(b)</u> to the extent overdue by three or more Business Days), <u>(d)</u> (solely with respect to earn-outs that are overdue by three or more Business Days), <u>(e)</u> (to the extent constituting purchase money obligations), <u>(f)</u> (solely in respect of Guarantees by such Person of obligations of the type described in this <u>clause (x)</u> of others), <u>(g)</u>, and <u>(h)</u> (except to the extent undrawn or cash collateralized) of the definition of Indebtedness (other than any intercompany indebtedness among the members of the Consolidated Group), (y) solely to the extent (1) CCY Swap Agreements have been designated by the Borrowers and (2) the CCY Swap Termination Value is negative, the absolute value of the CCY Swap Termination Value and (z) Disqualified Equity Interests.

"<u>Consolidated Working Capital</u>" shall mean, at any date, the excess (which may be a negative number) of (a) the sum of all amounts (other than cash and Cash Equivalents) that would, in conformity with IFRS, be set forth opposite the caption "total current assets" (or any like caption) on a consolidated balance sheet of the Consolidated Group at such date excluding the current portion of income tax receivables, deferred financing fees and assets held for sale over (b) the sum of all amounts that would, in conformity with IFRS, be set forth opposite the caption "total current liabilities" (or any like caption) on a consolidated statement of financial position of the Consolidated Group on such date, including deferred revenue but excluding, without duplication, (i) the current portion of any long term debt and all revolving loans, (ii) all Indebtedness consisting of Loans, ABL Loans, ABL L/C Exposure and Capital Lease Obligations to the extent otherwise included therein, (iii) the current portion of interest payable and (iv) the current portion of income tax liabilities; <u>provided</u> that Consolidated Working Capital shall be calculated without giving effect to (w) purchase accounting, (x) any assets or liabilities acquired, assumed, sold or transferred in any Acquisition or Disposition pursuant to <u>Section 6.05(k)</u> or <u>Section 6.04(bb)</u>, (y) as a result of the reclassification of items from current to non-current and vice versa or (z) changes to Consolidated Working Capital resulting from non-cash charges and credits to consolidated current assets and consolidated current liabilities (including derivatives and tax receivables and liabilities).

"<u>Contribution Notice</u>" means a contribution notice issued by the Pensions Regulator under section 38 or section 47 of the Pensions Act 2004.

"<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. The terms "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto.

"<u>Corresponding Tenor</u>" with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding Business Day adjustment) as such Available Tenor.

"<u>Credit Agreement Refinanced Debt</u>" has the meaning assigned to such term in the definition of "Credit Agreement Refinancing Indebtedness."

"<u>Credit Agreement Refinancing Indebtedness</u>" means Other Term Loans obtained pursuant to a Refinancing Amendment, in each case, issued, incurred or obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, restructure or refinance, in whole or in part, any or all Classes of then existing Term Loans (in each case including any successive Credit Agreement Refinancing Indebtedness) (the "<u>Credit Agreement Refinanced Debt</u>"); <u>provided</u> that (a) such Credit Agreement Refinancing Indebtedness is in an original aggregate principal amount not greater than the aggregate principal amount of the Credit Agreement Refinanced Debt, <u>plus</u> premiums and accrued and unpaid interest, fees and expenses in respect thereof <u>plus</u> fees, expenses, commissions, underwriting discounts, and premiums payable therewith incurred in connection with such Credit Agreement Refinancing Indebtedness, (b) such Credit Agreement Refinancing Indebtedness does not mature prior to the maturity date of, has a Weighted Average Life to Maturity equal to or longer than the Weighted Average Life to Maturity at such time of, the corresponding Class of Credit Agreement Refinanced Debt (without giving effect to amortization for periods where amortization has been eliminated as a result of a prepayment of the applicable Credit Agreement Refinanced Debt), (c) (1) the borrower(s) of such Credit Agreement Refinanced Debt shall be the borrower(s) of the Credit Agreement Refinancing Indebtedness and (2) no Subsidiary is a borrower or a guarantor with respect to such Credit Agreement Refinancing Indebtedness unless such Subsidiary is a Loan Party which shall have previously or substantially concurrently guaranteed or borrowed, as applicable, the Secured Obligations, (d) such Credit Agreement Refinancing Indebtedness shall be secured on a pari passu basis by the same Collateral securing all of the other Secured Obligations and (e) such Credit Agreement Refinanced Debt shall be repaid, defeased or satisfied and discharged, and all accrued and unpaid interest, fees then due and premiums (if any) in connection therewith shall be paid substantially contemporaneously with the incurrence of the Credit Agreement Refinancing Indebtedness. For the avoidance of doubt, (I) Credit Agreement Refinancing Indebtedness consisting of Other Term Loans shall be subject to the requirements set forth in <u>Section 2.21</u>.

"<u>Credit Extension</u>" means each of making of a Loan by a Lender.

"<u>Credit Parties</u>" means the Agents and the Lenders, collectively.

"<u>Cure Amount</u>" has the meaning assigned to such term in <u>Section 7.03</u>.

"<u>Cure Right</u>" has the meaning assigned to such term in <u>Section 7.03</u>.

"<u>Debtor Relief Laws</u>" means the Bankruptcy Code and all other liquidation, winding-up, administration, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization (including the arrangement provisions of any corporate statute to the extent it provides for the compromise or arrangement of debt or any class thereof), examinership, rescue process or similar debtor relief laws of the United States, the United Kingdom or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

"<u>Default</u>" means any event or condition specified in Article VII that after notice, lapse of applicable grace periods or both would, unless cured or waived hereunder, constitute an Event of Default; <u>provided</u> that any Default that results solely from the taking of an action that would have been permitted but for the continuation of a previous Default will be deemed to be cured if such previous Default is cured prior to becoming an Event of Default.

"<u>Default Rate</u>" shall have the meaning set forth in <u>Section 2.13(c)</u>.

"<u>Defaulting Lender</u>" means, subject to <u>Section 2.22(b)</u>, any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender's reasonable determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrowers or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender's obligation to fund a Loan hereunder and states that such position is based on such Lender's reasonable determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrowers, to confirm in writing to the Administrative Agent and the Borrowers that it will comply with its prospective funding obligations hereunder (<u>provided</u> that such Lender shall cease to be a Defaulting Lender pursuant to this <u>clause (c)</u> upon receipt of such written confirmation by the Administrative Agent and the Borrowers), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under the Bankruptcy Code or any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination made in good faith by the Administrative Agent that a Lender is a Defaulting Lender under <u>clauses (a)</u> through <u>(d)</u> above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.22(b)) upon delivery of written notice of such determination to the Borrowers and each other Lender.

"<u>Delayed Draw Term Borrowing</u>" means a borrowing consisting of Delayed Draw Term Loans of the same Class and Type and, in the case of Term SOFR Loans, having the same Interest Period made by each of the Lenders pursuant to <u>Section 2.01(b)</u>.

"<u>Delayed Draw Term Loan</u>" shall have the meaning set forth in <u>Section 2.01(b)</u>.

"<u>Delayed Draw Term Loan Commitment</u>" means, as to each Lender, its obligation to make Delayed Draw Term Loans to the Borrowers pursuant to <u>Section 2.01(b)</u>, in an aggregate original principal amount not to exceed the amount set forth opposite such Lender's name on Schedule 2.01 under the caption "Delayed Draw Term Loan Commitment" or in the Assignment and Assumption pursuant to which such Lender takes an assignment of a Delayed Draw Term Loan Commitment pursuant hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The initial aggregate amount of the Delayed Draw Term Loan Commitments is $50.0 million.

"<u>Delayed Draw Termination Date</u>" means the earlier of (i) the date on which the Delayed Draw Term Loan Commitments are reduced to zero in accordance with the terms hereof and (ii) October 23, 2025.

"<u>Designated Non-Cash Consideration</u>" means the fair market value (as determined in good faith by the Borrowers) of non-cash consideration received by any member of the Consolidated Group in connection with a Disposition that is so designated as Designated Non-Cash Consideration pursuant to an officer's certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent payment, redemption, retirement, sale or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with <u>Section 6.05</u>.

"<u>Disposition</u>" or "<u>Dispose</u>" means the sale, transfer, license (including sublicense), lease (as lessor) or other disposition (including any Sale Leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any Equity Interests owned by such Person, or any notes or trade or accounts receivable or any rights and claims associated therewith; <u>provided</u> that "<u>Disposition</u>" and "<u>Dispose</u>" shall be deemed not to include any issuance or sale by such Person of its Equity Interests or other securities to another Person.

"<u>Disqualified Equity Interests</u>" means Equity Interests that by their terms (or by the terms of any security into which they are convertible or for which they are exchangeable) (a) require the payment of any cash dividends (other than dividends payable solely in shares of Qualified Equity Interests or, in the case of any pass through entity, in respect of taxes), (b) mature or are mandatorily redeemable or subject to mandatory repurchase or redemption or repurchase at the option of the holders thereof, in whole or in part and whether upon the occurrence of any event, pursuant to a sinking fund obligation, on a fixed date or otherwise, prior to the date that is 91 days after the then Maturity Date of then outstanding Loans at the time of issuance of such Equity Interests (other than (i) upon payment in full of the Obligations (other than contingent indemnification or other obligations for which no claim has been made) and termination of the Commitments or (ii) upon a "change in control," initial public offering, asset sale, dissolution, liquidation or similar event) or (c) are convertible or exchangeable, automatically or at the option of any holder thereof, into any Indebtedness other than Indebtedness otherwise permitted under <u>Section 6.01</u>; <u>provided</u> that if such Equity Interests are issued pursuant to a plan or other agreement for the benefit of current or former employees of any member of the Consolidated Group or by any such plan or other agreement to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased by such member of the Consolidated Group in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination or cessation of services, death or disability.

"<u>Disqualified Lender</u>" means (i) certain banks, financial institutions and other institutional lenders or Related Funds of institutional lenders, in each case identified in writing to the Initial Lead Arranger prior to the Closing Date, (ii) bona fide competitors of the Consolidated Group (including material customers, suppliers, contractors or sub-contractors of the Consolidated Group) that have been designated in writing by any Loan Party (by no later than three (3) Business Days prior to the effective date of such designation) as "Disqualified Lenders" to the Administrative Agent in accordance with <u>Section 9.01</u> (for posting to the Lenders on the Platform) from time to time, and (iii) in the case of <u>clauses (i)</u> and <u>(ii)</u>, any of their Affiliates that are clearly identifiable as such solely on the basis that such Affiliates' names include the name of the specified bank, financial institution, institutional lender, Related Fund or competitor (excluding in the case of <u>clause (ii)</u>, any Bona Fide Debt Fund that constitutes an Affiliate thereof that is not Disqualified Lender or an Excluded Affiliate); <u>provided</u> that (x) any competitor designated as a Disqualified Lender pursuant to <u>clause (ii)</u> after the relevant trade date of an assignment or effective date of a participation hereunder (including any Affiliate thereof constituting a Disqualified Lender pursuant to <u>clause (iii)</u> hereof) shall not retroactively disqualify a Lender or Participant, as applicable, that was not a Disqualified Lender on such trade date, (y) the Loan Parties' failure to deliver such list (or supplement thereto) in accordance with Section 9.01 shall render such list (or supplement) not received and not effective and (z) "Disqualified Lender" shall exclude any Person that a Loan Party has designated as no longer being a "Disqualified Lender" by written notice delivered to the Administrative Agent from time to time in accordance with <u>Section 9.01</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 an EEA 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>Electing Guarantors</u>" means any Excluded Subsidiary that (a) is incorporated or organized under a Specified Jurisdiction and (b) at the option and in the sole discretion of the Borrowers, has been designated a Subsidiary Loan Party.

"<u>Electronic Record</u>" and "<u>Electronic Signature</u>" shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

"<u>Eligible Assignee</u>" means any Person other than (A) any natural person (or holding company, investment vehicle or trust for a natural person), (B) any Disqualified Lender unless consented to in writing by the Borrowers, (C) any Defaulting Lender or any Affiliate thereof or (D) any Loan Party or Affiliate thereof (other than any Affiliated Lender permitted by <u>Section 9.04(b)(ii))</u>.

"<u>Environmental Laws</u>" means all applicable treaties with the force of law, laws (including common laws), constitutions, rules, regulations, executive orders (with the force of law), codes, ordinances, orders, decrees, writs, judgments, injunctions, promulgated or entered into by or with any Governmental Authority, relating in any way to (a) the protection of the environment, (b) the preservation or reclamation of natural resources, (c) the presence, use, manufacture, production, generation, handling, management, storage, transportation, treatment, recycling, testing, labeling, disposal, Release or threatened Release of, cleanup, control, or exposure to, any Hazardous Material, or (d) to workplace health and safety matters.

"<u>Environmental Liability</u>" means any liability, contingent or otherwise (including any liability for personal injury or damages, costs of medical monitoring, costs of environmental remediation or restoration, or other response actions, natural resource damages, administrative oversight costs, consultants' fees, fines, penalties or indemnities) relating to (a) any actual or alleged violation of, or liability arising under, any Environmental Law or permit, license or approval issued thereunder, (b) the manufacture, production, generation, use, handling, management, transportation, storage, treatment, recycling, testing, labeling or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the presence, Release or threatened Release, cleanup or control of any Hazardous Materials 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>Equity Interests</u>" means shares of capital stock or other share capital, partnership interests, membership interests in a limited liability or exempted company, beneficial interests in a trust or other equity ownership interests in a Person, and any option, warrant or other right entitling the holder thereof to purchase or otherwise acquire any such equity interest.

"<u>Equity Investors</u>" means collectively (a) the direct or indirect equity holders of Topco and (b) those officers, directors and other members of management of any member of the Holding Company Group who own, directly or indirectly, or have the right to acquire, Equity Interests in Holdings or any direct or indirect parent of Holdings on the Closing Date or pursuant to an equity plan or stock option plan or other similar benefit plan.

"<u>Equity Personnel</u>" means the personnel primarily engaged in making investment decisions in respect of any equity fund which has a direct or indirect equity investment in Holdings.

"<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, together with any Loan Party, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(m) or (o) of the Code.

"<u>ERISA Event</u>" means (a) any "reportable event," as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived), (b) with respect to any Plan, a failure to satisfy the minimum funding standards under Section 412 of the Code or Section 302 of ERISA, whether or not waived, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standards with respect to any Plan, (d) the incurrence by any Loan Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan or other liability imposed under Sections 4062, 4063, 4064, or 4069 of ERISA or section 4971 of the Internal Revenue Code, (e) the receipt by any Loan Party or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or plans or to appoint a trustee to administer any Plan, (f) the incurrence by any Loan Party or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, (g) the receipt by any Loan Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent, within the meaning of Title IV of ERISA or (h) any other event or condition that would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer any Plan.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Euro</u>", "<u>euro</u>" or "<u>€</u>" means the single currency of Participating Member States.

"<u>Event of Default</u>" has the meaning assigned to such term in Section 7.01.

"<u>Ex-Im Laws</u>" means (a) the U.S. Export Administration Regulations administered by the U.S. Department of Commerce, the International Traffic in Arms Regulations administered by the U.S. Department of State, and any other Requirement of Law concerning export controls; and (b) import and customs laws or regulations administered by U.S. Customs and Border Protection and any other Requirement of Law concerning imports or customs.

"<u>Excess Cash Flow</u>" means, for any period, an amount (to the extent positive) equal to the excess of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum, without duplication, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Net Income for such period (it being agreed that the net income of any Person acquired pursuant to an Acquisition prior to the consummation thereof shall not be included for this purpose);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to the amount of all non-cash charges (including Consolidated Depreciation and Amortization Expense) to the extent deducted in arriving at such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) decreases in Consolidated Working Capital (other than decreases arising from acquisitions by any member of the Consolidated Group completed during the period or as a result of purchase accounting) for such period;

minus (b) the sum, without duplication, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the amount of all non-cash gains and credits included in arriving at such Consolidated Net Income and cash charges, losses or expense to the extent included in arriving at Consolidated Net Income, and the expenses and charges of the type referred to in the last paragraph of Consolidated Net Income to the extent not reimbursed during such period, in each case, to the extent not included in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication of amounts deducted pursuant to clause (xi) below in prior years, the amount of Consolidated Capital Expenditures, acquisitions of Intellectual Property, capitalized Intellectual Property development, for retention, recruiting, relocation, severance or signing bonuses and expenses made in cash during such period, except to the extent that such Consolidated Capital Expenditures, acquisitions or costs or expenses were financed with the proceeds of Indebtedness of any member of the Consolidated Group (other than borrowings under any revolving credit facility or intercompany Indebtedness (to the extent such intercompany Indebtedness is not funded with any Indebtedness of any member of the Consolidated Group (other than revolving credit facilities))),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of all cash principal payments of Indebtedness of any member of the Consolidated Group during such period but excluding (A) all prepayments of Term Loans (other than prepayments pursuant to Section 2.11(c)(ii), but solely to the extent that the Disposition at hand increased Consolidated Net Income, and not in excess of such increase), (B) all prepayments of any revolving credit facility to the extent there is not an equivalent permanent reduction in commitments thereunder, and (C) such payments financed with the proceeds of Indebtedness of any member of the Consolidated Group (other than borrowings under any other revolving credit facility or intercompany Indebtedness (to the extent such intercompany Indebtedness is not funded with any Indebtedness of any member of the Consolidated Group (other than revolving credit facilities))),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash gain on Dispositions by any member of the Consolidated Group during such period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) increases in Consolidated Working Capital for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) payments made by the Consolidated Group during such period in cash in respect of (x) non-current liabilities of the Consolidated Group other than Indebtedness, to the extent not already deducted or excluded from Consolidated Net Income, (y) non-cash charges incurred in a prior period, or (z) items added back to Consolidated Net Income pursuant to clause (c) of the proviso to such definition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) without duplication of amounts deducted pursuant to clause (xi) below in prior fiscal years, the aggregate amount of cash consideration paid by the Consolidated Group (on a consolidated basis) in connection with Investments (including acquisitions and earnout payments) pursuant to Section 6.04 (other than pursuant to Section 6.04(z)<u>)</u> that are not made in a wholly owned Subsidiary and which are made during such period, in each case, except to the extent financed with the proceeds of Indebtedness of any member of the Consolidated Group (other than borrowings under any revolving credit facility or intercompany Indebtedness (to the extent such intercompany Indebtedness is not funded with any Indebtedness of any member of the Consolidated Group (other than revolving credit facilities))),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the aggregate amount of (x) Restricted Payments paid in cash to any Person other than any member of the Consolidated Group during such period pursuant to Section 6.08 (other than pursuant to <u>Section 6.08(a)(xvii)</u>) and (y) voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing made in cash during such period pursuant to Section 6.08 (other than pursuant to <u>Section 6.08(b)(ix)</u>) except in each case of clauses (x) and (y), to the extent financed with the proceeds of Indebtedness of any member of the Consolidated Group (other than borrowings under any revolving credit facility or intercompany Indebtedness (to the extent such intercompany Indebtedness is not funded with any Indebtedness of any member of the Consolidated Group (other than revolving credit facilities))),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate amount of expenditures, fees, costs, charges and expenses, in each case, in respect of long-term reserves (including litigation reserves) actually made by the Consolidated Group in cash during such period (including expenditures for the payment of financing fees) to the extent that such expenditures are not deducted or excluded in calculating Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Consolidated Group during such period that are paid in cash in connection with any prepayment of Indebtedness to the extent that such payments are not deducted or excluded in calculating Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) an amount equal to all cash expenditures by any member of the Consolidated Group under Swap Agreements during such fiscal year to the extent not deducted or excluded in arriving at Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the amount of taxes (including penalties and interest) paid in cash or tax reserves set aside or payable in each case in such period to the extent they exceed the amount of tax expense deducted or excluded in determining Consolidated Net Income for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the aggregate amount paid in cash by the Consolidated Group during such period in respect of the Transaction Costs to the extent that such payments are not deducted or excluded in calculating Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the aggregate consideration required to be paid in cash by any member of the Consolidated Group pursuant to binding contracts entered into prior to or during such period relating to Consolidated Capital Expenditures or Investments (including acquisitions and earnout payments) pursuant to Section 6.04 that are not made in a Borrower or a wholly owned Subsidiary (the "Scheduled Consideration") (other than Investments in cash and Cash Equivalents) to be consummated or made during the period of four consecutive fiscal quarters of Holdings following the end of such period; <u>provided</u> that to the extent the aggregate amount actually utilized to finance such Consolidated Capital Expenditures or Investments during such subsequent period of four consecutive fiscal quarters is less than the Scheduled Consideration, the amount of the resulting shortfall shall be added to the calculation of Excess Cash Flow at the end of such subsequent period of four consecutive fiscal quarters; 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;(xv) proceeds from any business interruption insurance to the extent added back to Consolidated Net Income in such period.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934.

"<u>Excluded Accounts</u>" means (i) accounts used primarily as (a) payroll accounts, (b) tax accounts, (c) escrow accounts, (d) trust accounts, (e) zero-balance accounts, or (f) non-Specified Jurisdiction accounts, (ii) accounts solely containing funds that are otherwise restricted by law or agreements, (iii) accounts in connection with cash pooling, net to zero balance or other similar cash management arrangements, netting or setting off-arrangement or ring-fenced accounts (or similar), customer/client monies or regulated accounts and (iv) other deposit accounts and securities accounts with average daily balances or assets which shall not at any time exceed $1,000,000 in the aggregate for all such accounts for any period of three consecutive Business Days.

"<u>Excluded Affiliate</u>" means any Affiliates of the Lead Arranger that are engaged as principals primarily in private equity, mezzanine financing or venture capital.

"<u>Excluded Property</u>" means (a) any lease, lease in respect of a Capital Lease Obligation, license, contract, permit, instrument, security, franchise agreement or binding contractual obligation to which such Loan Party is a party or any property subject to a purchase money security interest, or any property governed by any such lease, lease in respect of a Capital Lease Obligation, license, contract, permit, instrument, security, franchise agreement or binding contractual obligation to which such Loan Party is a party and any of its rights or interest thereunder, to the extent, but only to the extent, that a grant of a security interest therein in favor of the Collateral Agent would, under the terms of such lease, lease in respect of a Capital Lease Obligation, license, contract, permit, instrument, security, franchise agreement, purchase money arrangement or binding contractual obligation, be prohibited by or result in a violation of law, rule or regulation or a breach of the terms or a condition of, or constitute a default or forfeiture under, or create a right of termination in favor of or require a consent (other than the consent of any Loan Party or Subsidiary and any such consent which has been obtained (it being understood and agreed that no Loan Party or Subsidiary shall be required to seek any such consent)) of any other party to, such lease, lease in respect of a Capital Lease Obligation, license, contract, permit, instrument, security, franchise agreement, purchase money arrangement or binding contractual obligation (except in the case of a lease in respect of a Capital Lease Obligation or property subject to a Lien permitted pursuant to Section 6.02(c) (to the extent Liens are of the type described in <u>clause</u> (e) of Section 6.02), (d) or (e), other than to the extent that any such law, rule, regulation, term, prohibition, restriction or condition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction, or any other applicable law (including any Debtor Relief Law) or principles of equity, and other than receivables and proceeds of any of the foregoing the assignment of which is expressly deemed effective under the UCC, or other applicable law notwithstanding such law, rule, regulation, term prohibition or condition); <u>provided</u> that immediately upon the ineffectiveness, lapse or termination of any such law, rule, regulation, term, prohibition, restriction or condition the Collateral shall include, and such Person shall be deemed to have granted a security interest in, all such rights and interests as if such law, rule, regulation, term, prohibition, restriction or condition had never been in effect; (b) any of the outstanding voting Equity Interests issued by a Subsidiary of Holdings that is a CFC or a CFC Holding Company in excess of 65% of the outstanding voting Equity Interests of any such CFC or CFC Holding Company, in such case solely to the extent a guarantee of such CFC or CFC Holding Company could reasonably be expected to result in material adverse tax consequences (as reasonably determined by the Borrowers in consultation with the Administrative Agent (at the direction of the Required Lenders)); (c) any Equity Interests or assets of a Person to the extent that, and for so long as (x) such Equity Interests constitute less than 100% of all Equity Interests of such Person, and the Person or Persons holding the remainder of such Equity Interests are not Holdings, Borrowers or Subsidiaries and (y) the granting of a security interest in such Equity Interests in favor of the Collateral Agent are not permitted by the terms of such issuing Person's Organizational Documents or joint venture documents or otherwise require the consent of a Person or Persons who are not Loan Parties or Subsidiaries (in each case, as in effect at the time such Person becomes a Subsidiary and to the extent not entered into in contemplation thereof), other than to the extent that any such law, rule, regulation, term, prohibition, restriction or condition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction, or any other applicable law (including any Debtor Relief Law) or principles of equity, (d) any Equity Interests in and assets of a Captive Insurance Subsidiary; (e) (i) any motor vehicles and goods which are motor vehicles and other assets or goods subject to certificates of title, (ii) letter of credit rights to the extent not constituting supporting obligations and with a value of less than $4,000,000 individually (except to the extent a security interest therein can be perfected by the filing of a UCC financing statement or other filing or registration in a Specified Jurisdiction), and (iii) commercial tort claims with a claim value of less than $4,000,000 individually (except to the extent a security interest therein can be perfected by the filing of a UCC financing statement or other filing or registration in a Specified Jurisdiction); (f) any U.S. "intent-to-use" trademark applications for which a statement of use or an amendment to allege use has not been filed (but only until such statement or amendment is filed), and solely to the extent, if any, that, and solely during the period, if any, in which, the grant, attachment or enforcement of a security interest therein would impair the validity or enforceability of, or void, any registration that issues from such intent-to-use application under U.S. federal law; (g) any assets as to which the Borrowers reasonably determine (in consultation with, but without the consent of, the Administrative Agent, at the direction of the Required Lenders) that the obtaining a security interest in would result in material adverse tax consequence to any member of the Holding Company Group; provided that, notwithstanding the foregoing, no Loan Party shall be released from any Guaranty or any Security Document, and no Lien in respect of the Equity Interests in any Loan Party shall be released, solely as a result of such Loan Party becoming an Excluded Subsidiary of the type described in clause (c) and clause (e) of the definition thereof; (h) any assets as to which the Borrowers and the Administrative Agent (at the direction of the Required Lenders) reasonably agree in writing that the burden or cost of obtaining a security interest in or perfection thereof are excessive in relation to the benefit to the Lenders of the security to be afforded thereby; (i) Excluded Accounts, (j) any real property leasehold interests; (k) any assets with respect to which the granting of security interests in such assets would be prohibited by any contract permitted under the terms of this Agreement and binding on such assets on the Closing Date or the date of acquisition thereof (not entered into in contemplation thereof and with respect to assets that are subject to such contract), applicable law or regulation (other than to the extent that any such law, rule, regulation, term, prohibition or condition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction, or any other applicable law (including any Debtor Relief Law) or principles of equity, and other than receivables and proceeds of any of the foregoing the assignment of which is expressly deemed effective under the UCC, or other applicable law notwithstanding such law, rule, regulation, term, prohibition or condition), or would require governmental or third party (other than any Loan Party or any Subsidiary) consent, approval, license or authorization or create a right of termination in favor of any Person (other than any Loan Party or any Subsidiary) party to any such contract (after giving effect to the applicable anti-assignment provisions of the UCC, or other applicable law other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC, or other applicable law notwithstanding such prohibition); <u>provided</u> that immediately upon the ineffectiveness, lapse or termination of any such law, rule, regulation, term, prohibition, condition or provision the Collateral shall include, and such Person shall be deemed to have granted a security interest in, all such rights and interests as if such law, rule, regulation, term, prohibition, condition or provision had never been in effect; <u>provided</u> that the exclusions referred to in this <u>clause (k)</u> shall not include any proceeds of any such assets except to the extent such proceeds constitute Excluded Property; (l) any real property that is not Material Real Property; (m) Margin Stock; (n) any assets of any Person that require action under the law of any jurisdiction other than a Specified Jurisdiction to create or perfect a security interest in such assets, including any Intellectual Property; (o) any assets or property (i) in which a Sanctioned Person has an interest (as defined under relevant Sanctions), or (ii) with respect to which a Sanctioned Person has taken any action with respect thereto which would cause a violation of Sanctions by any Person (including any Lender or Agent), (p) [reserved]; and (q) any assets subject to Liens securing permitted Acquired Indebtedness (limited to the acquired assets), Sale Leaseback transaction, Capital Lease Obligation or other purchase money debt, if the contract or other agreement providing for such Indebtedness or Capital Lease Obligation is not entered into in contemplation of the acquisition thereof and prohibits or requires the consent of any Person (other than any Loan Party or any Subsidiary) as a condition to the creation of any other security interest on such equipment or asset and, in each case, such Indebtedness and prohibition or requirement is permitted under this Agreement after giving effect to the applicable anti-assignment provisions of the UCC, or other applicable law, other than the proceeds and receivables thereof, the assignment of which is expressly deemed effective under applicable law, notwithstanding such provision and (r) in the case of any Loan Party that is not incorporated in the United States or a State thereof or the District of Columbia, any assets excluded by application of the Agreed Security Principles. Notwithstanding anything to the contrary, "Excluded Property" shall not include any proceeds, substitutions or replacements of any "Excluded Property" referred to in <u>clauses (a)</u> through <u>(r)</u> (unless such proceeds, substitutions or replacements would constitute "Excluded Property" referred to in any of <u>clauses (a)</u> through <u>(r)</u>); <u>provided</u>, that notwithstanding the foregoing (but subject to 1(b)(xiv) of the Agreed Security Principles), no ABL Collateral shall constitute Excluded Property.

"<u>Excluded Subsidiaries</u>" means: (a) any Subsidiary that is not incorporated or organized under the laws of a Specified Jurisdiction; (b) that is (x) a CFC, (y) a CFC Holding Company, in each case of (x) or (y), solely to the extent of a guarantee in excess of 65% of the outstanding voting Equity Interests of any such CFC or CFC Holding Company could reasonably be expected to result in material adverse tax consequences (as reasonably determined by the Borrowers in consultation with the Administrative Agent (at the direction of the Required Lenders)); (c) a Joint Venture or a Subsidiary that is not otherwise a wholly owned Subsidiary (other than with respect to directors' qualifying or nominee shares); (d) an Immaterial Subsidiary; (e) in the case of any Subsidiary that is not incorporated in the United States or a State thereof or the District of Columbia, any such Subsidiary excluded by application of the Agreed Security Principles; (f) a Captive Insurance Subsidiary; (g) a not-for-profit Subsidiary; (h) any Subsidiary that is prohibited by applicable Requirement of Law or contractual obligation from guaranteeing or granting Liens to secure any of the Secured Obligations or with respect to which any consent, approval, license or authorization from any Governmental Authority would be required for the provision of any such guaranty (but in the case of such guaranty being prohibited due to a contractual obligation, such contractual obligation shall have been in place at the Closing Date or at the time such Subsidiary became a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary); <u>provided</u> that each such Subsidiary shall cease to be an Excluded Subsidiary solely pursuant to this <u>clause (h)</u> if such consent, approval, license or authorization has been obtained; (i) any Subsidiary with respect to which the Borrowers and the Administrative Agent (at the direction of the Required Lenders) reasonably agree that the cost or other consequences (including adverse tax consequences) of providing a guaranty of the Secured Obligations outweigh the benefits to the Lenders; (j) a Subsidiary acquired pursuant to an Acquisition financed with secured Indebtedness permitted to be incurred under Section 6.01 and each Subsidiary that is a Subsidiary thereof to the extent such secured Indebtedness prohibits such Subsidiary from becoming a Guarantor subject to the Non-Guarantor Investment Limitation and such prohibition is not created in contemplation of or in connection with such Person becoming a Subsidiary; <u>provided</u> that each such Subsidiary shall cease to be an Excluded Subsidiary solely pursuant to this <u>clause (j)</u> if such secured Indebtedness is repaid or becomes unsecured, if such Subsidiary ceases to Guarantee such secured Indebtedness or such prohibition no longer exists, as applicable; or (k) a Subsidiary that does not have the legal capacity to provide a guarantee of the Secured Obligations (<u>provided</u> that the lack of such legal capacity does not arise from any action or omission of any Borrower or any other Loan Party), in each case other than any Electing Guarantor for so long as such entity is an Electing Guarantor; <u>provided</u>, that notwithstanding the foregoing, no Subsidiary that is an Obligor (as defined in the ABL Agreement) under the ABL Agreement shall constitute an Excluded Subsidiary. Notwithstanding the foregoing, no Subsidiary shall constitute an Excluded Subsidiary if (either at the time it would become an Excluded Subsidiary or thereafter) (x) the primary purpose of which is (A) to evade the collateral or guarantee requirements under the Loan Documents for such Subsidiary with no other justifiable business purpose, or (B) to raise (or to facilitate the raising of) capital for (or any Parent Company of) Holdings or any of its Subsidiaries or (y) such Subsidiary Guarantees or otherwise provides credit support for any Material Indebtedness or Junior Financing of Holdings or any Subsidiary

"<u>Excluded Swap Obligations</u>" means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Loan Party of, or the grant by such Loan Party of a security interest pursuant to the Security Documents to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act at the time the Guaranty of such Loan Party or the grant of such security interest would otherwise have become effective with respect to such related Swap Obligation but for such Loan Party's failure to constitute an "eligible contract participant" (determined after giving effect to <u>Section 1(d)</u> of the Guaranty) at such time.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to any Recipient:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Taxes imposed on or measured by such Recipient's overall net income, profits or capital (however denominated), franchise Taxes, branch profits Taxes and other similar Taxes, in each case, (i) imposed as a result of such Recipient being organized or incorporated under the laws of, being a resident, domicile or national of, maintaining a permanent establishment or other physical presence in, or having its principal office, or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii) that are Other Connection Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to a Lender, any United States federal withholding Taxes that are imposed on a Lender pursuant to a law in effect at the time such Lender becomes a party to this Agreement (or designates a new lending office) except (i) to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts from any Loan Party with respect to such withholding Tax pursuant to Section 2.17 of this Agreement or (ii) if such Lender is an assignee pursuant to a request by the Borrowers under Section 2.19(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; (c) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any withholding Taxes attributable to a Recipient's failure to comply with Section 2.17(e); 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;(e) any withholding Taxes imposed on amounts payable by the Borrowers under FATCA.

&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 Bank Levy (or any amount suffered or incurred in respect of, any payment attributable to, or any liability arising as a consequence of, a Bank Levy).

"<u>Extended Term Loans</u>" has the meaning set forth in Section 2.24(a)(ii).

"<u>Extending Lenders</u>" has the meaning set forth in Section 2.24(a)(ii).

"<u>Extension</u>" has the meaning assigned to such term in Section 2.24(a).

"<u>Extension Amendment</u>" means an amendment to this Agreement in form reasonably satisfactory to the Borrowers executed by each of the Borrowers and Extending Lender, in connection with any Extension, and acknowledged by the Administrative Agent (which acknowledgement shall not be unreasonably withheld, delayed or conditioned).

"<u>Extension Offer</u>" has the meaning assigned to such term in Section 2.24(a).

"<u>Facility</u>" means each Class of Term Loans and/or Term Commitments.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code as of the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future Treasury regulations or official administrative interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

"<u>Federal Funds Rate</u>" means, for any day, the rate per annum calculated by the NYFRB based on such day's federal funds transactions by depository institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; <u>provided</u> that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

"<u>Fee Letters</u>" means collectively, (i) that certain fee letter dated on or about the date hereof by and among the Borrowers, the Administrative Agent and the Collateral Agent and (ii) that certain fee letter dated on or about the date hereof by and between the Borrowers and the Lenders party thereto.

"<u>Financial Covenant</u>" means the financial maintenance covenants set forth in Section 6.06.

"<u>Financial Officer</u>" of any Person means the chief financial officer, vice president or director of finance, principal accounting officer or treasurer of such Person.

"<u>Financial Support Direction</u>" means a financial support direction issued by the Pensions Regulator under section 43 of the Pensions Act 2004.

"<u>First Lien Net Leverage Ratio</u>" means, as of any date of determination, the ratio of (a) Consolidated First Lien Secured Indebtedness as of the Applicable Date of Determination to (b) Consolidated EBITDA of the Consolidated Group for the period of four consecutive fiscal quarters of Holdings most recently ended on the Applicable Date of Determination.

"<u>Fixed Amount</u>" has the meaning assigned to such term in Section 1.13.

"<u>Flood Laws</u>" means the National Flood Insurance Reform Act of 1994 and related legislation.

"<u>Floor</u>" means the benchmark rate floor, if any, provided in this Agreement (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Term SOFR, which initial Floor for Term SOFR shall be 2.00%.

"<u>Foreign Plan</u>" means any "employee pension benefit plan" within the meaning of Section 3(2) of ERISA that is a defined benefit plan (as defined in Section 3(35) of ERISA) and is not subject to ERISA pursuant to Section 4(a)(4) of ERISA, that is sponsored, maintained or contributed to (or for which there is an obligation to contribute to) by any Loan Party or any of its Subsidiaries or with respect to which any Loan Party or any of its Subsidiaries has any liability, contingent or otherwise, in each case, that is not subject to the Laws of the United States, whether or not mandated by non-U.S. Laws and is not a UK Plan.

"<u>Foreign Plan Event</u>" means, with respect to any Foreign Plan, (a) the failure to make any employer or employee contributions required by applicable Laws or by the terms of such Foreign Plan; (b) the failure to register or loss of good standing with applicable Governmental Authorities of any such Foreign Plan required to be registered; (c) for a Foreign Plan that is funded or required to be funded, the present value of the accrued benefit liabilities (whether vested or unvested) under each Foreign Plan that is funded, determined as of the end of the most recently ended fiscal year of a Credit Party or any of its Subsidiaries, as applicable, on the basis of actuarial assumptions, each of which is reasonable, exceeds the current value of assets and/or property of such Foreign Plan and for each Foreign Plan that is not funded, the obligations of such Foreign Plan are not properly accrued; (d) receipt of a notice from a Governmental Authority relating to the intention to terminate any such Foreign Plan or to appoint a trustee or similar official to administer any such Foreign Plan or alleging the insolvency of any such Foreign Plan; or (e) any Credit Party or any of their respective Subsidiaries incurs any liability or obligation in connection with the termination of or withdrawal from any Foreign Plan.

"<u>Foreign Subsidiary</u>" means any direct or indirect Subsidiary of Holdings that is not a U.S. Subsidiary or U.K. Subsidiary.

"<u>German ABL Controlled Account</u>" means any ABL Controlled Account (as defined in the ABL Agreement) of a German Guarantor that is subject to a Lien securing the Obligations.

"<u>German Guarantor</u>" means each Subsidiary Loan Party that is a German Subsidiary.

"<u>German Post-Closing Obligations</u>" has the meaning assigned to such term in <u>Schedule 5.17</u>.

"<u>German Security Agreement</u>" collectively means the security agreements entered into by the German Guarantors as set forth on <u>Schedule 5.17</u>.

"<u>German Subsidiary</u>" means any Subsidiary of Holdings that is incorporated under the laws of Germany.

"<u>German WCF Receivables</u>" means any WCF Receivables (as defined in the ABL Agreement) owing to a German Guarantor.

"<u>Governing Body</u>" means the board of directors or other body (including the member) having the power to direct or cause the direction of the management and policies of a Person that is a corporation, company, partnership, trust, limited liability company, association, Joint Venture or other business entity.

"<u>Governmental Authority</u>" means the government of the United States of America, the United Kingdom, any other nation or any political subdivision thereof, whether federal, state, county, provincial, territorial, local or otherwise, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including the Financial Conduct Authority, the Prudential Regulation Authority and any supra-national bodies such as the European Union or the European Central Bank).

"<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 liability of any other Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other liability 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 liability 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 liability or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or liability; <u>provided</u> that the term "<u>Guarantee</u>" shall not include (x) endorsements for collection or deposit in the ordinary course of business and (y) standard contractual indemnities or product warranties provided in the ordinary course of business; and <u>provided</u> further that the amount of any Guarantee shall be deemed to be the lower of (i) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made and (ii) the maximum amount for which such guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee or, if such Guarantee is not an unconditional guarantee of the entire amount of the primary obligation and such maximum amount is not stated or determinable, the amount of such guaranteeing Person's maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith. The term "<u>Guaranteed</u>" has a meaning correlative thereto.

"<u>Guaranties</u>" means the Guaranty and any other guaranty made by a Guarantor of the Secured Obligations in form and substance reasonably acceptable to the Administrative Agent and the Borrowers and each, a "<u>Guaranty</u>."

"<u>Guarantors</u>" means collectively, all Loan Parties (including the Borrowers in their capacity as Guarantors under the Guaranty), and each, a "Guarantor".

"<u>Guaranty</u>" means the Guaranty executed and delivered by the Loan Parties on the Closing Date, together with each supplement to the Guaranty in respect of the Secured Obligations delivered pursuant to <u>Section 5.12</u> and <u>Section 5.15</u>.

"<u>Hazardous Materials</u>" means all explosive or radioactive substances, materials or wastes and all hazardous or toxic substances, materials, wastes or other pollutants, including petroleum or petroleum distillates, petroleum products, natural gas, natural gas liquids, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, toxic mold, infectious or medical wastes, per- or polyfluoroalkyl substances and all other substances, materials or wastes of similar nature regulated by, or for which liability or standards of conduct are imposed under, any Environmental Law.

"<u>Historical Financial Statements</u>" means, collectively, the unaudited consolidated balance sheet of the Holdings and its Subsidiaries as of December 31, 2023 and the related consolidated statement of income for the period then ended.

"<u>Holding Company Group</u>" means, collectively, Holdings and the Consolidated Group.

"<u>IFRS</u>" means the International Financial Reporting Standards as issued by the International Accounting Standards Board as in effect from time to time, <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;(a) except as otherwise set forth in this Agreement, all ratios and calculations based on IFRS contained in this Agreement shall be computed in accordance with IFRS as in effect on the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time after the Closing Date, the Borrowers may elect to establish that IFRS shall mean IFRS as in effect on or prior to the date of such election; provided further that any such election, once made, shall be irrevocable.

"<u>Immaterial Subsidiary</u>" means, at any date of determination, any Subsidiary; <u>provided</u> that (a) for purposes of this Agreement, at no time shall (i) the Consolidated Total Assets of any individual Immaterial Subsidiary or all Immaterial Subsidiaries in the aggregate as of the Applicable Date of Determination equal or exceed 5% individually or (when excluding Immaterial Subsidiaries that constitute Excluded Subsidiaries pursuant to another clause of the definition of "Excluded Subsidiary") 10% in the aggregate of the Consolidated Total Assets at such date, determined on a Pro Forma Basis, or (ii) the consolidated revenues (other than revenues generated from the sale or license of property between any members of the Consolidated Group) of any individual Immaterial Subsidiary or all Immaterial Subsidiaries in the aggregate for the period of four consecutive fiscal quarter of Holdings ending as of the most recent Applicable Date of Determination equal or exceed 5% individually or (when excluding Immaterial Subsidiaries that constitute Excluded Subsidiaries pursuant to another clause of the definition of "Excluded Subsidiary") 10% in the aggregate of the consolidated revenues (other than revenues generated from the sale or license of property between the members of the Consolidated Group) of the Consolidated Group for such period, determined on a Pro Forma Basis, and (b) if, as of the date the financial statements for any fiscal quarter of Holdings are delivered or required to be delivered pursuant to Section 5.01(a) or (b), the Consolidated Total Assets or revenues of any or all Subsidiaries that theretofore constituted "<u>Immaterial Subsidiaries</u>" shall have, as of the last day of such fiscal quarter (or for the applicable four-quarter period ending as of the last day of such fiscal quarter, as applicable), exceeded the limits set forth in <u>clause (a)</u> above, then within 10 Business Days (or such later date as agreed by the Administrative Agent at the direction of the Required Lenders) after the date such financial statements are so delivered (or so required to be delivered), the Borrowers shall redesignate one or more Immaterial Subsidiaries as Material Subsidiaries, such that, as a result thereof, the Consolidated Total Assets and revenues of any individual Subsidiary or all Subsidiaries in the aggregate, as applicable, that constitute "<u>Immaterial Subsidiaries</u>" do not exceed such limits. Upon any such Subsidiary ceasing to be an Immaterial Subsidiary pursuant to the preceding sentence, such Subsidiary, to the extent not otherwise qualifying as an Excluded Subsidiary, shall comply with Section 5.12, to the extent applicable. Notwithstanding anything herein to the contrary, (x) an Electing Guarantor shall at all times be deemed a Material Subsidiary and (y) each of the Borrowers shall at all times be deemed a Material Subsidiary.

"<u>Incremental Cap</u>" means an amount equal to the sum of (a) the Shared Incremental Amount <u>plus</u> (b) all voluntary prepayments, redemptions and repurchases (including amounts paid pursuant to "yank-a-bank" provisions with credit given to the amount actually paid in cash, if acquired below par) of Term Loans (except, in each case, to the extent funded with proceeds of Long-Term Debt or any refinancing Indebtedness) (<u>provided</u> that this clause (b) will serve to replenish, but not exceed, the amount set forth in the foregoing clause (a)), <u>plus</u> (c) all voluntary prepayments, redemptions and repurchases (including amounts paid pursuant to "yank-a-bank" provisions with credit given to the amount actually paid in cash, if acquired below par) of Other Applicable Indebtedness (in each case, with respect to any such Other Applicable Indebtedness that constitutes revolving Indebtedness, to the extent accompanied by a permanent reduction in revolving commitments) (except, in each case, to the extent funded with proceeds of Long-Term Debt or any refinancing Indebtedness) (<u>provided</u> that this clause (c) will serve to replenish, but not exceed, the amount set forth in the foregoing clause (a)), <u>plus</u> (d) an unlimited amount so long as, solely in the case of this clause (d), after giving effect to the incurrence of the Incremental Facility or the Incremental Equivalent Debt, as applicable (assuming that such Incremental Facility or Incremental Equivalent Debt is drawn in full and excluding the cash proceeds of such Incremental Facility or Incremental Equivalent Debt for purposes of determining Unrestricted Cash) and, after giving effect to a Permitted Acquisition or other permitted Investment consummated in connection therewith, (I) in the case of Incremental Term Loans that are secured by Liens on all or a portion of the Collateral on a basis that is equal in priority to the Liens on the Collateral securing the Secured Obligations under this Agreement (but without regard to the control of remedies), the First Lien Net Leverage Ratio for the Applicable Date of Determination most recently ended calculated on a Pro Forma Basis after giving effect to any such incurrence does not exceed 5.00 to 1.00, (II) in the case of Incremental Term Loans that are secured by Liens on all or a portion of the Collateral on a basis that is junior in priority to the Liens on the Collateral securing the Secured Obligations under this Agreement, the Secured Net Leverage Ratio for the Applicable Date of Determination most recently ended calculated on a Pro Forma Basis after giving effect to any such incurrence does not exceed 6.00 to 1.00, or (III) in the case of Incremental Term Loans that are unsecured, the Total Net Leverage Ratio for the Applicable Date of Determination most recently ended calculated on a Pro Forma Basis after giving effect to any such incurrence does not exceed 6.50 to 1.00, (clauses (I) through (III), the "<u>Ratio Incremental Amount</u>"); provided, that, in the case of any Incremental Facility or Incremental Equivalent Debt in the form of delayed draw term loan commitments, subject to Section 1.13, the Incremental Facility Amendment (or, in the case of Incremental Equivalent Debt, the applicable amending agreement) provides that, as a condition to the actual utilization of such delayed draw term loan commitments, the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio or the Total Net Leverage Ratio test, as applicable, for such usage of the Ratio Incremental Amount is tested at the time of the actual utilization of such delayed draw term loan commitments (provided that, notwithstanding anything to the contrary contained herein, if tested at the actual utilization thereof, such delayed draw term loan commitments shall be disregarded for purposes of calculating any lender consent requirements (other than solely with respect to any waiver of the conditions to funding of such lender's delayed draw term loan commitments) until tested at such actual utilization); provided, further, that (1) any Incremental Facility and/or Incremental Equivalent Debt may be incurred under one or more of clauses (a) through (d) of this definition as selected by the Borrowers in their sole discretion and (2) if any Incremental Facility or Incremental Equivalent Debt is intended to be incurred or implemented under clause (d) of this definition and any other clause of this definition in a single transaction or series of related transactions, (A) the incurrence of the portion of such Incremental Facility or Incremental Equivalent Debt to be incurred or implemented under clause (d) of this definition shall be calculated first without giving effect to any Incremental Facilities or Incremental Equivalent Debt to be incurred or implemented under any other clause of this definition, but giving full effect on a Pro Forma Basis to the use of proceeds of the entire amount of such Incremental Facility or Incremental Equivalent Debt and the related transactions and (B) the incurrence 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 calculated thereafter.

"<u>Incremental Equivalent Debt</u>" means any Indebtedness in an aggregate outstanding principal amount not to exceed, when taken together with all outstanding Incremental Facilities, the Incremental Cap as in effect at the time of determination (after giving effect to any reclassification on or prior to such date of determination); <u>provided</u>, that, (1) such Incremental Equivalent Debt shall not mature prior to the date that is the Latest Maturity Date then in effect or have a Weighted Average Life to Maturity less than the remaining Weighted Average Life to Maturity of the then outstanding Term Loans (without giving effect to amortization for periods where amortization has been eliminated as a result of a prepayment of such Term Loans), (2) such Incremental Equivalent Debt (x) shall be secured by a Lien on the Collateral on a parity basis with, or on a junior basis to, the Lien on the Collateral securing the Secured Obligations or (y) may be unsecured; <u>provided</u> that, if secured, such Incremental Equivalent Debt shall be secured only by assets that constitute Collateral, (3) no Subsidiary shall be a borrower or a guarantor with respect to such Incremental Equivalent Debt unless such Subsidiary is a Loan Party (or substantially concurrently with the incurrence thereof becomes a Loan Party), (4) [reserved], (5) (x) if such Incremental Equivalent Debt is secured by a Lien on the Collateral, the Liens securing such Incremental Equivalent Debt shall be subject to an Acceptable Intercreditor Agreement and (y) if such Incremental Equivalent Debt is subordinated to the Obligations or Secured Obligations, such Incremental Equivalent Debt shall be subject to an Acceptable Intercreditor Agreement, (6) the pricing, interest rate margins, discounts, premiums, rate floors and fees applicable to such Indebtedness shall be determined by the Borrowers and the lenders providing such Indebtedness; <u>provided</u>, that such Incremental Equivalent Debt shall be subject to the MFN Adjustment, (7) subject to Section 1.12, immediately before and after giving effect to the incurrence of such Incremental Equivalent Debt, no Event of Default has occurred and is continuing or would result therefrom and (8) other terms may differ from the terms of this Agreement and the other Loan Documents and shall be determined by the Borrowers and the lenders providing such Indebtedness; <u>provided</u>, however, the covenants and events of default applicable to such Indebtedness, if not consistent with the terms of this Agreement and the other Loan Documents shall not be materially more restrictive to Holdings, Borrowers and Subsidiaries (as determined in good faith by the Borrowers), when taken as a whole, than the terms of this Agreement and the other Loan Documents, unless (x) the Lenders receive the benefit of such more restrictive terms pursuant to an amendment executed by the Borrowers and the Administrative Agent (it being understood that no consent of any such Lender shall be required to receive the benefit of such more restrictive terms) or (y) any such provisions apply after the Latest Maturity Date then in effect.

"<u>Incremental Facility</u>" has the meaning assigned to such term in Section 2.20(a).

"<u>Incremental Facility Amendment</u>" has the meaning assigned to such term in Section 2.20(d).

"<u>Incremental Term Commitment</u>" means, with respect to each Lender, the commitment, if any, of such Lender to make an Incremental Term Loan under any Incremental Facility Amendment with respect thereto, expressed as an amount representing the maximum principal amount of the Incremental Term Loans to be made by such Lender under such Incremental Facility Amendment, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04 or as otherwise set forth herein.

"<u>Incremental Term Loan</u>" means a Loan made under an Incremental Facility.

"<u>Incurrence-Based Amount</u>" has the meaning assigned to such term in Section 1.13.

"<u>Indebtedness</u>" of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services, (e) all obligations of the type described in <u>clauses (a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(f)</u>, <u>(g)</u> or <u>(h)</u> of this definition of "Indebtedness" of others secured by (or for which the holder of such Indebtedness has an existing unconditional right to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed by such Person, (f) all Guarantees by such Person of obligations of the type described in <u>clauses (a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e), (g)</u> or <u>(h)</u> of this definition of "Indebtedness" of others, (g) the principal component of Capital Lease Obligations of such Person (other than any indebtedness under any lease, concession, license of property or other arrangement (or guarantee thereof) which is treated as an operating lease by the accounting principles required or permitted by IFRS), (h) all reimbursement obligations of such Person as an account party in respect of letters of credit and letters of guaranty (except to the extent such letters of credit, or letters of guaranty relate to trade payables and such outstanding amounts are satisfied within 30 days of incurrence), (i) the absolute value of the net obligations of such Person under any Swap Agreements (solely to the extent negative) (it being understood that such netting shall be limited to obligations among Swap Agreements) and (j) all Disqualified Equity Interests of such Person; <u>provided</u>, however, that (A) intercompany Indebtedness among the members of the Consolidated Group and (B) obligations constituting Indebtedness that is non-recourse to the members of the Consolidated Group shall only constitute "Indebtedness" for purposes of Section 6.01 and not for any other purpose hereunder. The Indebtedness of any Person shall include the Indebtedness of any partnership in which such Person is a general partner to the extent such Person is liable therefor as a result of such Person's ownership interest in such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Notwithstanding the foregoing, in no event shall the following constitute Indebtedness: (v) accrued expenses, (w) trade accounts payable, deferred revenues, liabilities associated with customer prepayments and deposits and any such obligations incurred under ERISA, and other accrued obligations (including transfer pricing), in each case incurred in the ordinary course of business, (x) operating leases, (y) customary obligations under employment agreements and deferred compensation and (z) deferred revenue and deferred tax liabilities. In addition, notwithstanding the foregoing, the term "<u>Indebtedness</u>" shall not include contingent post-closing purchase price adjustments, non-compete or consulting obligations or, unless not paid within three Business Days of becoming due and payable, earn-outs, in each case, to which the seller in an Acquisition or Investment may become entitled. The amount of Indebtedness of any Person for purposes of <u>clause (e)</u> above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by such Person in good faith. The amount of any net obligation under any Swap Agreement on any date shall be deemed to be the Swap Termination Value thereof as of such date.

"<u>Indemnified Taxes</u>" means (a) all Taxes (other than Excluded Taxes) imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in <u>clause (a)</u>, Other Taxes.

"<u>Indemnitee</u>" has the meaning assigned to such term in Section 9.03(b).

"<u>Information</u>" has the meaning assigned to such term in Section 9.12.

"<u>Initial Term Loan</u>" means the term loan made by a Lender to the Borrowers on the Closing Date pursuant to Section 2.01(a).

"<u>Initial Term Loan Commitment</u>" means, with respect to each Term Lender, the commitment of such Term Lender to make the Initial Term Loan hereunder on the Closing Date pursuant to Section 2.01(a), expressed as an amount representing the maximum principal amount of the Initial Term Loan to be made by such Term Lender hereunder. The aggregate amount of each Term Lender's Initial Term Loan Commitment is set forth on <u>Schedule 2.01</u>. The aggregate principal amount of the Initial Term Loan Commitments of all the Term Lenders is $500,000,000.

"<u>Intellectual Property</u>" has the meaning assigned to such term in the U.S. Security Agreement.

"<u>Intercompany License Agreement</u>" means any cost sharing/transfer agreement, commission or royalty agreement, license (including sublicense) agreement, distribution agreement, services agreement, Intellectual Property rights transfer agreement or any related agreements, in each case where all the parties to such agreement are one or more members of the Consolidated Group.

"<u>Intercreditor Agreement</u>" means that certain intercreditor agreement dated on or about the date hereof by and among Alloy Parent Limited, as the parent, Dundee Pikco Limited, as the company, GLAS USA LLC, as the original senior agent, GLAS Americas LLC, as the security agent, Wells Fargo Capital Finance (UK) Limited, as the original ABL agent and as the ABL security agent, and others.

"<u>Interest Payment Date</u>" means, the last Business Day of each March, June, September and December and the maturity date of the Facility under which such Loan was made.

"<u>Interest Period</u>" means, as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the next Interest Payment Date; <u>provided</u> that: no Interest Period shall extend beyond the maturity date of the Facility under which such Loan was made.

"<u>Investment</u>" means (a) any acquisition by any member of the Consolidated Group, whether by purchase, merger, amalgamation, consolidation, contribution or otherwise, of at least a majority of the assets or property and/or liabilities (or any other substantial part for which financial statements or other financial information is available), or a business line, product line, unit or division, of any other Person, (b) any purchase or other acquisition by any member of the Consolidated Group of, or of a beneficial interest in, any Equity Interests or Indebtedness of any other Person (including any Subsidiary) or any Guarantee by any members of the Consolidated Group of the obligations of any other Person and (c) any loan or advance constituting Indebtedness of such other Person (other than trade or accounts receivable, trade credit, advances to officers, directors, members of management and employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the ordinary course of business) or capital contribution by any member of the Consolidated Group to any other Person (including any Subsidiary). The amount of any Investment outstanding as of any time shall be the original cost of such Investment (which, in the case of any Investment constituting the contribution of an asset or property, shall be based on the Borrowers' good faith estimate of the fair market value of such asset or property at the time such Investment is made) <u>plus</u> the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment, less all Returns received by any member of the Consolidated Group in respect thereof.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>Joint Venture</u>" means a joint venture, joint operation, partnership or similar arrangement, whether in corporate, partnership or other legal form.

"<u>Junior Financing</u>" means, collectively, (a) any Indebtedness that is contractually subordinated in right of payment to any of the Secured Obligations and (b) any Material Indebtedness that is secured by a Lien that is junior to the Liens securing the Secured Obligations (but excluding, for the avoidance of doubt, the ABL Agreement (and any Permitted Refinancing thereof)).

"<u>Junior Financing Prepayment</u>" has the meaning assigned to such term in Section 6.08(b).

"<u>Latest Maturity Date</u>" means, at any date of determination, the latest maturity date applicable to any Loan or Commitment hereunder at such time, including the latest maturity date of any Initial Term Loan, Delayed Draw Term Loan, Incremental Term Loan, Extended Term Loan, Other Term Loan, Other Term Commitment, in each case as extended in accordance with this Agreement from time to time.

"<u>LCT End Date</u>" has the meaning assigned to such term in Section 1.12.

"<u>Lead Arranger</u>" means (a) with respect to this Agreement, Jefferies LLC in its capacity as sole lead arranger and sole bookrunner (in such capacity, the "<u>Initial Lead Arranger</u>") and (b) with respect to any amendment, modification, consent or waiver to this Agreement, each Person identified on the cover page to such amendment, modification, consent or waiver to this Agreement as a lead arranger or bookrunner.

"<u>Lenders</u>" means the Persons who are "Lenders" under this Agreement on the Closing Date, any Additional Lenders, any Additional Refinancing Lenders and any other Person that shall have become a party hereto as a Lender pursuant to Section 9.04 (or, if the Commitments have terminated or expired, a Person holding Loans), other than any such Person that ceases to be a party hereto pursuant to Section 9.04.

"<u>Lien</u>" means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, charge, assignment by way of security, transfer by way of security, hypothecation, security interest, hypothec or similar encumbrance given in the nature of a security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, title retention (including extended retention of title), consignment, capital or finance lease or similar arrangements for the sale of goods (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.

"<u>Limited Condition Transaction</u>" has the meaning assigned to such term in Section 1.12.

"<u>Limited Condition Transaction Lapse Date</u>" means the date that is one-hundred fifty (150) days from the date of the execution of the definitive agreement with respect to such Limited Condition Transaction plus an additional one-hundred eighty (180) days (for a total of three-hundred thirty (330) days) to the extent that (i) such Limited Condition Transaction has not been consummated on or before such one-hundred fiftieth day solely due to pending regulatory approval and (ii) such extension has been agreed by the lenders providing any Incremental Facility to be made in connection therewith, solely when an Incremental Facility shall be incurred in connection therewith.

"<u>Loan Documents</u>" means this Agreement, the Intercreditor Agreement, each Incremental Facility Amendment, each Extension Amendment, each Refinancing Amendment, the Security Documents, the Guaranties, the Fee Letters, any intercreditor or subordination agreement (including any Acceptable Intercreditor Agreement) contemplated hereby and entered into in connection with the commercial lending facility made available hereunder by the Administrative Agent and/or the Collateral Agent and a Loan Party, and, except for purposes of Section 9.02, the Notes.

"<u>Loan Notice</u>" means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Term SOFR Loans, pursuant to Section 2.07, which shall be substantially in the form of <u>Exhibit A</u> or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the applicable Borrower.

"<u>Loan Parties</u>" means, collectively, Holdings, the Borrowers and the Subsidiary Loan Parties.

"<u>Loans</u>" means the Initial Term Loan, Delayed Draw Term Loans, Incremental Term Loans, and any other loans made by any Lenders to a Borrower pursuant to this Agreement, any Incremental Facility Amendment, Extension Amendment or any Refinancing Amendment.

"<u>Long-Term Debt</u>" means any Indebtedness that, in accordance with IFRS, constitutes (or, when incurred, constituted) a long-term liability.

"<u>Majority in Interest</u>", when used in reference to Lenders of any Class, means, at any time in the case of any Lenders of any other Class, Lenders holding Loans or unused Commitments of such Class representing more than 50% of the aggregate principal amount of all Loans and unused Commitments of such Class outstanding or in effect at such time; <u>provided</u> that, for the purpose of determining the Majority in Interest needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Affiliated Lender shall be disregarded except as expressly permitted under Section 9.04(g), (ii) if at any time there are five or more unaffiliated Lenders, "Majority in Interest " shall include at least three unaffiliated Lenders, (iii) if at any time there are two or more unaffiliated Lenders, "Majority in Interest " shall include at least two unaffiliated Lenders and (iii) to the extent that PGIM holds not less than 33.33% of the sum of the aggregate Total Outstandings at such time, "Majority in Interest" shall include PGIM.

"<u>Make-Whole Amount</u>" means an amount equal to the aggregate of (a) the sum of all interest payments (including interest at the Default Rate if an Event of Default has occurred and is continuing at the time the Make-Whole Amount becomes due) that would have accrued or been due on the Loans repaid from and including the date of payment until the one year anniversary of the Closing Date plus (b) an amount equal to 3.00% of the aggregate amount of Loans so repaid, and then such sum discounted to the date of prepayment on a quarterly basis (assuming a 360-day year and actual days elapsed) at a rate equal to the sum of the Treasury Rate plus 0.50%.

"<u>Management Incentive Plan</u>" means that certain management incentive plan as in effect on the Closing Date or as amended, amended and restated, supplemented or otherwise modified in accordance with Section 6.11.

"<u>Margin Stock</u>" has the meaning assigned thereto in Regulation U of the Board.

"<u>Market Capitalization</u>" means, with respect to any Restricted Payment permitted pursuant to Section 6.08(a)(xi), an amount, determined in good faith by the Borrowers, equal to (a) the total number of issued and outstanding shares of common stock (or equivalent) of the Public Company on the date of the declaration of such Restricted Payment, multiplied by (b) the arithmetic mean of the closing prices per share of such common stock (or equivalent) on the principal securities exchange on which such common stock (or equivalent) is traded for the 30 consecutive trading days immediately preceding the date of declaration of such Restricted Payment.

"<u>Material Adverse Effect</u>" means a material and adverse effect on (i) the business, assets, results of operations or financial condition of the Consolidated Group, taken as a whole, (ii) the remedies available to the Administrative Agent and the Lenders under the Loan Documents or (iii) the ability of the Borrowers and the other Loan Parties, taken as a whole, to perform their payment obligations under this Agreement or any of the other Loan Documents.

"<u>Material Indebtedness</u>" means any Indebtedness (other than the Loans) of any member of the Consolidated Group with an outstanding principal amount exceeding $15,000,000 at any one time outstanding.

"<u>Material Real Property</u>" means any parcel of real property (or set of parcels operated as a single property) located in the United Kingdom or the United States and owned in fee by a Loan Party with a fair market value in excess of $10,000,000.

"<u>Material Subsidiary</u>" shall mean, at any date of determination, each Subsidiary that is not an Immaterial Subsidiary.

"<u>Maturity Date</u>" means (a) with respect to the Initial Term Loan and the Delayed Draw Term Loan, the 6<sup>th</sup> anniversary of the Closing Date (or if such anniversary is not a Business Day, the next preceding Business Day); <u>provided</u> that to the extent the maturity date under the PIK Facility Agreement has not been extended to a date that is 91 days following the Maturity Date (as determined pursuant to clause (a) hereof) then in effect on or prior to December 5, 2027, the Maturity Date will be deemed to be December 5, 2027 and (b) with respect to any Incremental Term Loan or Extended Term Loan, as provided in the respective documentation therefor, but, as to any specific Term Loan, as the maturity of such Term Loan shall have been extended by the holder thereof in accordance with the terms hereof.

"<u>Maximum Rate</u>" has the meaning assigned to such term in Section 9.13.

"<u>MFN Adjustment</u>" shall mean, with respect to any Indebtedness, that such Indebtedness is subject to the provisions of Section 2.20(c) as though such Indebtedness were incurred as an Incremental Facility.

"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Mortgage</u>" means each mortgage, deed of trust, deed to secure debt, or other real estate security document (including any English law governed debenture) in respect of an owned Real Property delivered by any Loan Party to the Collateral Agent from time to time, in form and in substance reasonably satisfactory to the Collateral Agent, together with all extensions, renewals, amendments, supplements, modifications, substitutions and replacements thereto and thereof.

"<u>Mortgaged Property</u>" means any Material Real Property owned by a Loan Party that is subject to a Mortgage, in favor of the Collateral Agent, securing the Obligations.

"<u>Multiemployer Plan</u>" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"<u>Nationally Recognized Statistical Rating Organization</u>" means a nationally recognized statistical rating organization within the meaning of Rule 436 under the Securities Act.

"<u>Net Proceeds</u>" means, with respect to any event, (a) the cash proceeds (excluding proceeds from business interruption insurance) received in respect of such event, including (x) in the case of a Disposition of an asset (including pursuant to a Sale Leaseback transaction or a casualty or a condemnation or similar proceeding), any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment or earn-out, but excluding any reasonable interest payments), but only as and when received, (y) in the case of a casualty, cash insurance proceeds, and (z) in the case of a condemnation or similar event, cash condemnation awards and similar payments received in connection therewith, minus (b) the sum of (i) all reasonable fees and expenses (including commissions, discounts, transfer taxes and legal, accounting and other professional and transactional fees) paid or payable by any member of the Consolidated Group to third parties in connection with such event, (ii) in the case of a Disposition of an asset (including pursuant to a Sale Leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of payments made or required to be made in respect of Indebtedness (other than the Loans), whether principal, interest, premium or otherwise, secured by such asset or which by applicable law be repaid out of the proceeds of such Disposition, casualty, condemnation or similar proceeding, (iii) the amount of all taxes (or Restricted Payments in respect of such taxes), including as a result of the repatriation of funds, paid (or reasonably estimated to be payable or accrued as a liability under IFRS) by the Consolidated Group or any affiliate thereof as a result of such event, (iv) the amount of any reserves established by the applicable member of the Consolidated Group to fund liabilities estimated to be payable as a result of such event (as determined in good faith by the applicable Responsible Officer of such member of the Consolidated Group) however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be receipt of Net Proceeds occurring on the date of such reduction, (v) in the case of any Disposition or casualty or condemnation or similar proceeding by a non-wholly owned Subsidiary, the <u>pro rata</u> portion of the Net Proceeds thereof (calculated without regard to this <u>clause (v)</u>) attributable to minority interests and not available for distribution to or for the account of a Borrower or a wholly owned Subsidiary as a result thereof and (vi) any funded escrow established pursuant to the documents evidencing any such sale or Disposition to secure any indemnification obligations (or other liabilities associated with such Disposition) or adjustments to the purchase price associated with any such sale or disposition, however, the amount of any subsequent reduction of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be receipt of Net Proceeds occurring on the date of such reduction.

"<u>New Midco</u>" means Alloy Midco Limited, a private company limited by shares incorporated in Jersey with company number 130425, which will directly hold 100% of the shares in the Holdings.

"<u>Non-Consenting Lender</u>" has the meaning assigned to such term in Section 9.02(c).

"<u>Non-Guarantor Debt Limitation</u>" has the meaning set forth in <u>Section 6.01</u>.

"<u>Non-Guarantor Investment Limitation</u>" has the meaning set forth in the Section 6.04.

"<u>Non-Loan Party</u>" means any Subsidiary other than a Loan Party.

"<u>Note</u>" means a promissory note of the applicable Borrowers evidencing Loans made or held by a Lender, substantially in the form of <u>Exhibit C</u>.

"<u>Notice of Intent to Cure</u>" has the meaning assigned to such term in Section 7.03(b).

"<u>Notice of Loan Prepayment</u>" means a notice of prepayment with respect to a Loan, which shall be substantially in the form of <u>Exhibit H</u> or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower making such prepayment.

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>Obligations</u>" means all obligations of every nature of each Loan Party from time to time owed to the Administrative Agent, the Collateral Agent, the Lead Arranger, the Lenders or any of them, arising under any Loan Document, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such Loan Party, would have accrued on any Obligation, whether or not a claim is allowed in the related bankruptcy proceeding), prepayment premiums, fees (including fees and expenses which, but for the filing of a petition in bankruptcy with respect to such Loan Party, would have accrued on any Obligation, whether or not a claim is allowed against such Loan Party for such fees and expenses in the related bankruptcy proceeding), expenses, indemnification or otherwise; <u>provided</u> that for the avoidance of doubt, the "Obligations" of any Loan Party shall not include any Excluded Swap Obligations of such Loan Party nor any Second Lien Parallel Debt (as defined in the Intercreditor Agreement).

"<u>OFAC</u>" means the Office of Foreign Assets Control of the United States Department of the Treasury.

"<u>Organizational Documents</u>" of any Person means the charter, constitution, memorandum and articles of association, partnership agreement, articles and/or certificate of organization or incorporation and bylaws or other organizational or governing or constitutive documents of such Person (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction including any unanimous shareholder agreement or declaration).

"<u>Other Applicable Indebtedness</u>" has the meaning set forth in Section 2.11(b).

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between the Recipient and the jurisdiction of the Governmental Authority imposing such Tax (other than any such connection arising solely from such Recipient having executed, delivered, enforced, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, and/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 any and all present or future recording, stamp, court or documentary, intangible, recording, filing or similar Taxes, charges or levies arising from any payment made under any Loan Document or from the execution, delivery, performance, registration or enforcement of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are (i) Excluded Taxes, or (ii) Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19(b)).

"<u>Other Term Commitments</u>" means, with respect to each Additional Refinancing Lender, the commitment, if any, of such Additional Refinancing Lender to make one or more Classes of Other Term Loans under any Refinancing Amendment, expressed as an amount representing the maximum principal amount of the Other Term Loans to be made by such Lender under such Refinancing Amendment, as such commitment may be (a) reduced pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04 or as otherwise set forth herein.

"<u>Other Term Loans</u>" means one or more Classes of Term Loans made pursuant to or that result from a Refinancing Amendment.

"<u>Overnight Rate</u>" means, for any day, the NYFRB Rate.

"<u>Owned Real Property</u>" has the meaning specified in Section 3.05(a).

"<u>Owner Real Property Leases</u>" has the meaning specified in Section 3.05(a).

"<u>Parent Company</u>" means any direct or indirect parent of Holdings (including, after the consummation of a Qualifying IPO, the Public Company).

"<u>Parent Entity</u>" means any holding companies established by any Equity Investor and that holds its investment, directly or indirectly in Holdings.

"<u>Participant</u>" has the meaning assigned to such term in Section 9.04(c).

"<u>Participant Register</u>" has the meaning assigned to such term in Section 9.04(c).

"<u>Participating Member State</u>" means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

"<u>Parties</u>" means, collectively, Holdings and the Borrowers.

"<u>PATRIOT Act</u>" has the meaning assigned to such term in Section 9.14.

"<u>Payment</u>" has the meaning assigned to such term in Section 8.13(a).

"<u>Payment Notice</u>" has the meaning assigned to such term in Section 8.13(b).

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"<u>Pensions Regulator</u>" means the body corporate called the Pensions Regulator established under Part I of the Pensions Act 2004.

"<u>Permitted Acquisition</u>" means any Acquisition by any member of the Consolidated Group if (i) subject to Section 1.12, no Event of Default has occurred and is continuing or would result therefrom, (ii) all actions required to be taken with respect to such acquired or newly formed Subsidiary (other than any Excluded Subsidiary) or such acquired assets (other than Excluded Property) under Section 5.12 and Section 5.14 will be taken in accordance therewith (to the extent required), (iii) such Permitted Acquisition shall not be hostile, (iv) subject to Section 1.12, after giving effect to such Permitted Acquisition (including the principal amount of all Indebtedness incurred or assumed in connection with such Permitted Acquisition that constitutes Consolidated Total Indebtedness and the maximum amount payable in cash in respect of any seller note or any earnout or similar contingent consideration in connection with such Permitted Acquisition), the Parties shall be in compliance, on a Pro Forma Basis, with the First Lien Net Leverage Ratio permitted under Section 6.06, (v) after giving effect to such Acquisition, the Loan Parties are in compliance with Section 6.13 and (vi) subject to Section 1.12, the aggregate consideration (including the principal amount of Indebtedness incurred or assumed in connection with such Permitted Acquisition that constitutes Consolidated Total Indebtedness and the maximum amount payable in cash in respect of any seller note or any earnout or similar contingent consideration in connection with such Permitted Acquisition) for all Acquisitions of assets that will not or have not become Collateral or Persons that will not or have not become Guarantors in accordance with Section 5.12 or Section 5.14, shall not exceed in the aggregate at any time the Non-Guarantor Investment Limitation.

"<u>Permitted Acquisition Debt</u>" has the meaning assigned to such term in Section 6.01(a)(xxix).

"<u>Permitted Encumbrances</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens imposed by law for taxes, assessments or other governmental charges or levies that are not yet due or delinquent, are not required to be paid pursuant to Section 5.05, or are being contested in compliance with Section 5.05 or for property taxes on property that is not Real Property Collateral that any member of the Consolidated Group has abandoned if the sole recourse for such tax, assessment, charge, levy or claim is to such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) carriers', warehousemen's, supplier's, construction contractor's, workmen, mechanics', materialmen's, repairmen's, carrier's, landlords' and other like Liens, and inchoate or statutory liens, rights of distress and charges, in each case imposed by law or contract, arising in the ordinary course of business and securing obligations (i) that are not yet due or (ii) (x) that are not overdue by more than thirty (30) days, (y) [reserved] or (z) are being contested in compliance with Section 5.05;

&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) Liens, pledges and deposits made in the ordinary course of business in compliance with workers' compensation, unemployment insurance and other social security laws or regulations (and obligations in respect of letters of credit or bank guarantees that have been posted to support payment of the items);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens, pledges and deposits to secure the performance of (i) bids, government contracts, trade contracts (other than for borrowed money), leases, statutory obligations, deductibles, co-payment, co-insurance, retentions, premiums, reimbursement obligations or similar obligations to providers of insurance, self-insurance or reinsurance obligations, surety, stay, customs and appeal or similar bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) and other similar obligations, in each case incurred in the ordinary course of business and (ii) obligations in respect of letters of credit or bank guarantees that have been posted to support payment of the items set forth in <u>subclause (i)</u> of this clause (d);

&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) attachment or judgment Liens in respect of judgments or decrees that do not constitute an Event of Default under Section 7.01(j) and that have not been recorded against the Real Property 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;(f) easements, zoning restrictions, rights-of-way, encroachments, and similar encumbrances on real property imposed by law or arising in the ordinary course of business that individually or in the aggregate do not materially interfere with the ordinary conduct of business of the applicable Loan Party (or Subsidiary thereof), and that no uncured default by any applicable Loan Party (or Subsidiary thereof) exists with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) customary rights of first refusal and tag, drag and similar rights in Joint Venture agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens arising from Cash Equivalents described in <u>clause (d)</u> of the definition of the term "Cash Equivalents";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reservations, limitations, provisos and conditions expressed in any original grants from the Crown in respect of any property located in the United Kingdom or other grants of real or immovable property, or interests therein, which do not materially affect the use of the affected land for the purpose for which it is used by that Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens on any cash advances or cash earnest money deposits, escrow arrangements or similar arrangements made by any member of the Consolidated Group in connection with any letter of intent or purchase agreement for an acquisition, disposition or other transaction permitted hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) with respect to any Subsidiary that is not a U.S. Subsidiary or U.K. Subsidiary, other Liens and privileges arising mandatorily by any Requirement of Law not as a result of any action or inactions by Holdings or any Subsidiary.

"<u>Permitted Refinancing</u>" means modifications, replacements, restructurings, refinancings, refundings, renewals, amendments, restatements or extensions of all or any portion of Indebtedness (including any type of debt facility or debt security); <u>provided</u> that (a) the amount of such Indebtedness is not increased (unless the additional amount is permitted pursuant to another provision of Section 6.01) at the time of such refinancing, refunding, renewal or extension except by an amount not in excess of the existing unutilized commitments thereunder, accrued but unpaid interest thereon and a reasonable premium paid, and fees and expenses reasonably incurred, in connection with such refinancing, refunding, restructuring, renewal or extension (including any fees and original issue discount incurred in respect of such resulting Indebtedness) (as determined in good faith by the Borrowers), (b) the direct and contingent obligors of such Indebtedness shall not be expanded as a result of or in connection with such refinancing, refunding, restructuring, renewal or extension (other than to the extent any such additional obligors would have been permitted to be the obligor or guarantor of the Indebtedness being modified, replaced, refinanced refunded, restructured, renewed or extended or as otherwise permitted by Section 6.01), (c) to the extent such Indebtedness being so refinanced, refunded, renewed or extended is subordinated in right of payment and/or in right of Lien priority to any of the Secured Obligations, such refinancing, refunding, renewal or extension is subordinated in right of payment and/or in right of Lien priority (or, in the case of Lien subordination, not secured) to such Secured Obligations on terms (taken as a whole) at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being so modified, refinanced, refunded, renewed or extended (as determined in good faith by the Borrowers) or otherwise reasonably acceptable to the Administrative Agent or otherwise permitted under Section 6.01 or Section 6.02, and (d) other than with respect to Indebtedness under Section 6.01(a)(iv) or (v) [reserved], such refinancing, refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity not shorter than the Weighted Average Life to Maturity of, the Indebtedness being refinanced, refunded, renewed or extended.

"<u>Permitted Reorganization</u>" means any transaction or undertaking, including Investments, in connection with internal reorganizations and/or restructurings (including in connection with tax planning and corporate reorganizations (which corporate reorganizations shall include an amalgamation by a Loan Party with another Loan Party and a dissolution or wind-up of a Subsidiary of a Loan Party into such Loan Party such that all such Subsidiary's property is transferred to such Loan Party)), so long as, after giving effect thereto, (a) the Loan Parties shall comply with Section 5.12 and (b) the value of the Guaranties, taken as a whole, and the security interest of the Secured Parties in the Collateral, taken as a whole, are not materially impaired (including by (x) a material portion of the value of the Guaranties that support all Secured Obligations immediately prior to such Permitted Reorganization no longer supporting all Secured Obligations or (y) a material portion of the assets that constitute Collateral for all Secured Obligations immediately prior to such Permitted Reorganization no longer constituting Collateral for all Secured Obligations) as a result of such Permitted Reorganization (it being understood that the value of the Guarantees or Collateral shall be determined in good faith by the Borrowers after taking into account the practical realization of such value, including, without limitation, in connection with the jurisdiction, location and corporate structure).

"<u>Person</u>" means any natural person, corporation, company, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"<u>PGIM</u>" means PGIM, Inc., its Affiliates, and/or one or more accounts, funds, special purpose vehicles, trusts, partnerships, and/or other entities (including, in each case, any continuation fund or successor of any such entity) which, in each case, are directly or indirectly owned, managed, sub-managed, sponsored, controlled, advised and/or sub-advised by, or associated with, PGIM, Inc. or any of its Affiliates.

"<u>PIK Facility Agreement</u>" means the PIK facility agreement dated on or about March 3, 2020 (as the same may be amended, amended and restated, supplemented or otherwise modified) and made between, among others, Alloy Finco Limited, as the borrower, GLAS USA LLC, as the agent and GLAS Americas LLC, as the security agent.

"<u>Plan</u>" means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which any Loan Party or any ERISA Affiliate has any liability, contingent or otherwise.

"<u>Platform</u>" has the meaning assigned to such term in Section 5.01.

"<u>Post Road Facility</u>" means that certain master lease agreement dated as of December 27, 2022, (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time) by and among Post Road Equipment Finance SPV, LLC, as Lessor and Doncasters, Inc., Sothern Tool LLC and Certified Alloy Products, Inc., collectively as Lessee.

"<u>Prepayment Event</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Disposition (including pursuant to a Sale Leaseback transaction and by way of merger, amalgamation or consolidation) of any property or asset of any member of the Consolidated Group permitted pursuant to <u>clause (k)</u> of Section 6.05 resulting in aggregate Net Proceeds exceeding $10,000,000, in the aggregate for all such transactions during any fiscal year of Holdings (and it being understood that only such excess amount shall constitute Net Proceeds for such Prepayment Event); <u>provided</u> that so long as the ABL Agreement (or any Permitted Refinancing thereof) is in effect, and any asset sale proceeds received in respect of the Disposition of any ABL Priority Collateral are required to be applied to repay ABL Loans in accordance with the terms of the ABL Agreement (or such Permitted Refinancing thereof) to maintain compliance with the borrowing base thereunder, any such amount so required to repay the ABL Loans shall not be considered Net Proceeds for such "Prepayment Event" for any purpose 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;(b) the incurrence by any member of the Consolidated Group of any Indebtedness, other than Indebtedness permitted under Section 6.01 or otherwise permitted by the Required Lenders (other than Credit Agreement Refinancing Indebtedness); 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;(c) any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any member of the Consolidated Group with a fair market value immediately prior to such event, equal to or greater than $10,000,000; <u>provided</u> that so long as the ABL Agreement (or any Permitted Refinancing thereof) is in effect, any insurance proceeds received in respect of the ABL Priority Collateral the net proceeds of which are required to be applied to repay ABL Loans in accordance with the terms of the ABL Agreement (or such Permitted Refinancing thereof) shall not be considered a "Prepayment Event" for any purpose under this Agreement.

"<u>Prepayment Premium</u>" has the meaning assigned to such term in Section 2.11(h).

"<u>Prime Rate</u>" means the rate of interest last quoted by The Wall Street Journal as the "Prime Rate" in the U.S. 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 determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"<u>Pro Forma Basis</u>" means, with respect to the calculation of First Lien Net Leverage Ratio, Secured Net Leverage Ratio, Total Net Leverage Ratio, the amount of Consolidated EBITDA or Consolidated Total Assets or any other financial test or covenant or calculation of any ratio hereunder, for purposes of determining the permissibility of asset sales and for any other specified purpose hereunder, and for purposes of determining compliance with the Financial Covenant, in each case as of any date, that such calculation shall give pro forma effect to the Transactions and all Specified Transactions (with any such incurrence or assumption of Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) (and the application of the proceeds from any such asset sale or debt incurrence or assumption) that have occurred (x) during the relevant testing period for which such financial test or ratio is being calculated or (y) except when calculating the First Lien Net Leverage Ratio for the purposes of determining actual compliance (not compliance on a Pro Forma Basis) with the Financial Covenant, during the period immediately following the Applicable Date of Determination therefor and prior to or substantially simultaneously with the event for which the calculation of any such ratio on such date of determination is made, including pro forma adjustments arising out of events which are attributable to the Transactions or the proposed Specified Transaction, including giving effect to the pro forma adjustments specified in accordance with the definition of "Consolidated EBITDA," using, for purposes of determining such compliance with a financial test or ratio (including any incurrence test), the historical financial statements of all entities, divisions or lines or assets so acquired or sold and the consolidated financial statements of the Consolidated Group for the most recent Applicable Date of Determination, calculated as if the Transactions or such Specified Transaction, and all other Specified Transactions consummated during the relevant period, and any Indebtedness incurred, assumed or repaid in connection therewith, had been consummated (and the change in Consolidated EBITDA resulting therefrom) and incurred, assumed or repaid on the first day of such period and Consolidated Total Assets shall also be calculated after giving effect thereto; <u>provided</u> that, for purposes of the foregoing, (a) any such calculation made by reference to, or requiring pro forma compliance with, the Financial Covenant shall be made by reference to the Financial Covenant levels required under Section 6.06, as of the Applicable Date of Determination, (b) for purposes of determining the satisfaction of the condition to certain baskets that the Parties are in compliance with the Financial Covenant on a Pro Forma Basis for any period ending prior to the fiscal quarter of Holdings ending December 31, 2024, notwithstanding clause (a) of this proviso, such condition shall be deemed to be satisfied if (and only if) Parties are in compliance with the Financial Covenant on a Pro Forma Basis based on the financial covenant levels applicable for the fiscal quarter of Holdings ending December 31, 2024, and (c) to the extent any pro forma determination of any ratio test or compliance with the Financial Covenant required to be made under this Agreement in connection with the incurrence of any Incremental Facility, Incremental Equivalent Debt or other Indebtedness, such determination shall be made without including the proceeds of such incurred Incremental Facility, Incremental Equivalent Debt or other Indebtedness as Unrestricted Cash. If since the beginning of any relevant testing period any Person that subsequently became a Subsidiary or was merged, amalgamated or consolidated with or into any member of the Consolidated Group since the beginning of such testing period shall have made any Specified Transaction that would have required adjustment pursuant to this definition, then First Lien Net Leverage Ratio, Secured Net Leverage Ratio, Total Net Leverage Ratio, the amount of Consolidated EBITDA or Consolidated Total Assets shall be calculated to give pro forma effect thereto in accordance with this definition.

Whenever pro forma effect is to be given to the Transactions or a Specified Transaction, the pro forma calculations shall be made in good faith by a Financial Officer of the Borrowers (including adjustments for costs and charges arising out of the Transactions or the proposed Specified Transaction and related restructurings and the "run-rate" cost savings and cost synergies resulting from the Transactions or such Specified Transaction that have been or are reasonably anticipated to be realizable ("run-rate" means the full recurring benefit for a test period that is associated with any action taken or expected to be taken or for which a plan for realization has been established (including any savings expected to result from the elimination of a public target's compliance costs with public company requirements), net of the amount of actual benefits realized during such test period from such actions), and, in each case, including, but not limited to, (w) reduction in personnel expenses and managed compensation, (x) reduction of costs related to administrative functions, (y) reductions of costs related to leased or owned properties and (z) reductions from the consolidation of operations and streamlining of corporate overhead, and any such adjustments included in the initial pro forma calculations shall continue to apply to subsequent calculations of such financial ratios or tests, including during any subsequent test periods in which the effects thereof are expected to be realizable); <u>provided</u> that (i) such amounts are reasonably identified and reasonably quantifiable, factually supportable and projected by the Borrowers in good faith to be reasonably anticipated to result from actions either taken or with respect to which substantial steps are expected to be taken and to be reasonably anticipated to be realizable, within eighteen (18) months after the date of such Transaction or Specified Transaction, as the case may be, (ii) no amounts shall be added pursuant to this paragraph to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA for such test period and (iii) the aggregate amount of all add-backs or adjustments on account of "run-rate" cost savings and cost synergies pursuant to this definition and any other add-backs or adjustments pursuant to this definition that are otherwise of the type described in clauses (e) or (h) of the definition of Consolidated EBITDA, together with any add-backs or adjustments pursuant to clauses (k) of the definition of Consolidated EBITDA and clause (c) of the definition of "Consolidated Net Income", shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-back and all other adjustments).

If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of the event for which the calculation is made had been the applicable rate for the entire test period (taking into account any interest hedging arrangements applicable to such Indebtedness). Interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a Financial Officer of the Borrowers to be the rate of interest implicit in such Capital Lease Obligation in accordance with IFRS. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be determined to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen as the Borrowers may designate.

"<u>Proceeds</u>" has the meaning assigned thereto in the UCC.

"<u>Projections</u>" means the customary pro forma financial statements of the Consolidated Group after giving effect to the Transactions (but excluding the impacts of any purchase accounting adjustments) and customary forecasts of financial statements of the Consolidated Group for each year commencing with the first fiscal year following the Closing Date through the fiscal year of 2028.

"<u>Proposed Change</u>" has the meaning assigned to such term in Section 9.02(c).

"<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</u>" means, following the consummation of a Qualifying IPO, the Person the common Equity Interests of which are publicly traded as a result of such Qualifying IPO (which may, for the avoidance of doubt, be a Person the common Equity Interests of which were publicly traded prior to such Qualifying IPO).

"<u>Public Company Costs</u>" means costs relating to compliance with the Sarbanes-Oxley Act of 2002, as amended, and other expenses arising out of or incidental to any Public Company's status as a reporting company, including costs, fees and expenses (including legal, accounting and other professional fees) relating to compliance with provisions of the Securities Act and the Exchange Act, the rules of securities exchange companies with listed equity securities, directors' compensation, fees and expense reimbursement, shareholder meetings and reports to shareholders, directors' and officers' insurance and other executive costs, legal and other professional fees, and listing fees.

"<u>Qualified Equity Interests</u>" means any Equity Interests other than Disqualified Equity Interests.

"<u>Qualifying IPO</u>" means mean an underwritten public offering of the Equity Interests of Holdings or a Parent Company which generates cash proceeds of at least $50.0 million.

"<u>Ratio Incremental Amount</u>" has the meaning set forth in the definition of Incremental Cap.

"<u>Real Property</u>" means, at any time, any and all of the real property owned or leased by any Loan Party (or Subsidiary thereof), together with, in each case, all improvements and appurtenant fixtures, equipment, personal property, easements and other property and rights incidental to the ownership, lease or operation thereof.

"<u>Real Property Collateral</u>" means any Material Real Property that is encumbered or will be encumbered by a Mortgage pursuant to the terms of this Agreement, the U.S. Security Agreement or the U.K. Security Agreement, as the case may be.

"<u>Real Property Leases</u>" has the meaning specified in Section 3.05(a).

"<u>Real Property Requirements</u>" means each of the following agreements, instruments, documents, evidence or other items for each Real Property that is or is to be Real Property Collateral, in form and substance, and from providers, reasonably satisfactory to Collateral Agent, at the sole cost and expense of the Loan Parties, in each case to the extent available in the applicable jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) evidence that the Mortgage for such Real Property has been duly executed, acknowledged and delivered by the applicable Loan Party (or Subsidiary thereof) to the Title Company and is in form suitable for filing or recording in all appropriate filing or recording offices that Collateral Agent may reasonably deem necessary or desirable, including the county in which the Real Property is located, in order to create or evidence a valid and subsisting perfected Lien on such Real Property and/or the rights described therein in favor of the Collateral Agent for the benefit of the Lenders, and that all filing and recording taxes and fees have been paid or otherwise provided for, and that such Mortgage has been submitted by the Title Company for recording in all such filing or recording offices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an American Land Title Association/National Society for Professional Surveyors survey, for which all fees and charges have been paid for by Borrowers (or the applicable Loan Party), in each case certified to Collateral Agent and the Title Company (sufficient for the Title Company to remove the standard survey exception from each Title Insurance Policy and issue standard survey related endorsements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Title Insurance Policy issued by the Title Company, and all customary documents, certificates, affidavits and indemnities required by the Title Company as conditions to the issuance of the Title Insurance Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the event that the title commitments, the surveys, or any other reports or documents relating to such Real Property reveal any issues, in Collateral Agent's reasonable discretion and at any time during the term of this Agreement, which may materially and adversely affect the marketability, use, value, or insurability of any Real Property Collateral or the compliance by any Real Property Collateral with any applicable laws (including, without limitation, Environmental Laws), items reasonably necessary for the Loan Parties to correct or otherwise address such issues, to Collateral Agent's reasonable satisfaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a customary zoning report, evidencing such Real Property's compliance with all applicable requirements of Law, together with copies of each letter issued by the applicable Governmental Authority with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if reasonably requested by the Collateral Agent, a Phase I Environmental Site Assessment prepared by a consultant selected by Borrower and if reasonably necessary based upon same, a Phase II Environmental Site Assessment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) an appraisal of the Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) opinions of local counsel for the Loan Parties (and/or the Lenders, as applicable, based on custom in the applicable jurisdiction) in each jurisdiction in which the Real Property Collateral is located, with respect to the enforceability and perfection of the Mortgages and any related fixture filings, and including such other matters as are customarily included in similar opinions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) flood insurance certifications, together with evidence that adequate flood insurance required to be maintained under this Agreement (if any) is in full force and effect, with additional insured, mortgagee and lender loss payable special endorsements attached thereto naming Collateral Agent as additional insured, mortgagee and lender loss payee, as applicable, and evidence that the Loan Parties have taken all actions required under the Flood Laws and/or reasonably requested by Collateral Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Real Property Collateral.

"<u>Recipient</u>" means, as applicable, (a) the Administrative Agent or (b) any Lender.

"<u>Redemption Notice</u>" has the meaning assigned to such term in Section 6.08(b)(viii).

"<u>Reference Time</u>" with respect to any setting of the then-current Benchmark means if such Benchmark is Term SOFR, 5:00 a.m. (Chicago time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting.

"<u>Refinancing Amendment</u>" means an amendment to this Agreement in form reasonably satisfactory to the Borrowers and the Administrative Agent (at the direction of the Required Lenders) executed by each of (a) Holdings, (b) the Borrowers, (c) the other Loan Parties, (d) to the extent the consent of the Administrative Agent is required for any Additional Refinancing Lender pursuant to Section 2.21, the Administrative Agent, (e) if such amendment directly and adversely affects the rights or duties of the Administrative Agent and/or the Collateral Agent, the Administrative Agent and/or the Collateral Agent, as applicable, and (f) each Additional Refinancing Lender that agrees to provide any portion of the Credit Agreement Refinancing Indebtedness being incurred pursuant thereto, in accordance with Section 2.21 and, in each case, acknowledged by the Administrative Agent (which acknowledgement shall not be unreasonably withheld, delayed or conditioned).

"<u>Register</u>" has the meaning assigned to such term in Section 9.04(b)(vi).

"<u>Related Fund</u>" in relation to a fund (the "<u>first fund</u>"), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

"<u>Related Indemnified Party</u>" means, with respect to any Indemnitee, any controlling person or controlled affiliate of such Indemnitee, and any of the officers, directors, employees, agents, advisors or members of any of such Indemnitee or any of the foregoing; <u>provided</u> that each reference to a controlling person, controlled affiliate, officer, director, employee, agent, advisor or member in this sentence pertains to a controlling person, controlled affiliate, officer, director, employee, agent, advisor or member involved in the negotiation or syndication of the Facilities.

"<u>Related Parties</u>" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors, consultants, service providers and representatives of such Person and of such Person's Affiliates.

"<u>Release</u>" means any release, spill, emission, leaking, dumping, injection, pumping, pouring, emptying, deposit, disposal, discharge, dispersal, escaping, leaching or migration into or through the environment (including ambient air, surface water, groundwater, land surface or subsurface strata).

"<u>Relevant Governmental Body</u>" means with respect to a Benchmark Replacement in respect of Loans denominated in U.S. Dollars, the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"<u>Relevant Rate</u>" means with respect to any Credit Extension denominated in U.S. Dollars, Term SOFR.

"<u>Required Lenders</u>" means, as of any date of determination, subject to Section 2.22 and Section 9.02(e): (a) at any time prior to the earlier of the Loans becoming due and payable pursuant to Section 7.01 or the Commitments terminating or expiring, Lenders having Total Outstandings and Commitments representing more than 50% or more of the sum of the aggregate Total Outstandings and Commitments at such time, and (b) for all purposes after the Loans become due and payable pursuant to Section 7.01 or the Commitments expire or terminate, Lenders having Total Outstandings representing more than 50% or more of the aggregate Total Outstandings at such time; <u>provided</u> that, (i) in the case of clauses (a) and (b) above, for the purpose of determining the Required Lenders needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Affiliated Lender shall be disregarded except as expressly permitted under Section 9.04(g), (ii) if at any time there are five or more unaffiliated Lenders, "Required Lenders" shall include at least three unaffiliated Lenders, (iii) if at any time there are two or more (but less than five) unaffiliated Lenders, "Required Lenders" shall include at least two unaffiliated Lenders and (iii) to the extent that PGIM holds not less than 33.33% of the sum of the aggregate Total Outstandings at such time, "Required Lenders" shall include PGIM.

"<u>Required Super-Majority Lenders</u>" means, as of any date of determination, subject to Section 2.22 and Section 9.02(e): (a) at any time prior to the earlier of the Loans becoming due and payable pursuant to Section 7.01 or the Commitments terminating or expiring, Lenders having Total Outstandings and Commitments representing more than 75% or more of the sum of the aggregate Total Outstandings and Commitments at such time, and (b) for all purposes after the Loans become due and payable pursuant to Section 7.01 or the Commitments expire or terminate, Lenders having Total Outstandings representing more than 75% or more of the aggregate Total Outstandings at such time; <u>provided</u> that, (i) in the case of clauses (a) and (b) above, for the purpose of determining the Required Super-Majority Lenders needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Affiliated Lender shall be disregarded except as expressly permitted under Section 9.04(g), (ii) if at any time there are five or more unaffiliated Lenders, "Required Super-Majority Lenders" shall include at least three unaffiliated Lenders, (iii) if at any time there are two or more (but less than five) unaffiliated Lenders, "Required Super-Majority Lenders" shall include at least two unaffiliated Lenders and (iii) to the extent that PGIM holds not less than 33.33% of the sum of the aggregate Total Outstandings at such time, "Required Super-Majority Lenders" shall include PGIM.

"<u>Requirement of Law</u>" means, with respect to any Person, any statute, law, treaty, rule, regulation, order, executive order, ordinance, decree, writ, injunction or determination of any arbitrator or court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"<u>Rescindable Amount</u>" has the meaning as defined in Section 2.18(d).

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any U.K. Financial Institution, a U.K. Resolution Authority.

"<u>Responsible Officer</u>" means the chief executive officer, president, chief financial officer, vice president, treasurer, assistant treasurer, secretary, assistant secretary, or controller of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. To the extent requested by the Administrative Agent, each Responsible Officer will provide an incumbency certificate and appropriate authorization documentation, in the form delivered on the Closing Date or otherwise in form and substance reasonably satisfactory to the Administrative Agent.

"<u>Restricted Payment</u>" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in any member of the Consolidated Group, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancelation or termination of any Equity Interests in any member of the Consolidated Group, or any option, warrant or other right to acquire any such Equity Interests in any member of the Consolidated Group, other than the payment of compensation in the ordinary course of business to holders of any such Equity Interests who are employees, members, independent contractors or service providers of any member of the Consolidated Group and other than payments of intercompany indebtedness permitted under this Agreement.

"<u>Retained Declined Proceeds</u>" has the meaning set forth in Section 2.11(f).

"<u>Return</u>" means, with respect to any Investment, any dividend, distribution, interest, fee, premium, return of capital, repayment of principal, income, profit (from a disposition or otherwise) and any other amount received or realized in respect thereof.

"<u>S&P</u>" means Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC Business.

"<u>Sale Leaseback</u>" means any transaction or series of related transactions pursuant to which any member of the Consolidated Group (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases such property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed.

"<u>Same Day Funds</u>" means disbursements and payments in immediately available funds.

"<u>Sanctioned Country</u>" means, at any time, a country, region or territory which is itself the subject or target of any comprehensive Sanctions (at the time of this Agreement, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, the Crimea, Zaporizhzhia and Kherson regions of Ukraine, Cuba, Iran, North Korea and Syria).

"<u>Sanctioned Person</u>" means, at any time, any Person that is the subject or target of any Sanctions, including (a) any Person listed in any Sanctions-related list of designated Persons maintained by the U.S. government, including by OFAC, the U.S. Department of State or the U.S. Department of Commerce, or by the United Nations Security Council, the European Union, any applicable European Union member state, or His Majesty's Treasury of the United Kingdom, (b) any Person located, organized or resident in a Sanctioned Country, (c) any government that is itself the subject or target of Sanctions (including, at the time of this Agreement, Venezuela), or (d) any Person owned 50% or more or controlled by any such Person or Persons described in the foregoing clauses (a) - (c) (as ownership and control may be defined by the relevant Sanctions).

"<u>Sanctions</u>" means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC, the U.S. Department of State or the U.S. Department of Commerce, or (b) the United Nations Security Council, the European Union, any applicable European Union member states or His Majesty's Treasury of the United Kingdom.

"<u>SEC</u>" means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.

"<u>Secured Net Leverage Ratio</u>" means, as of any date of determination, the ratio of (a) Consolidated Secured Indebtedness as of the Applicable Date of Determination to (b) Consolidated EBITDA of the Consolidated Group for the period of four consecutive fiscal quarters of Holdings most recently ended on the Applicable Date of Determination.

"<u>Secured Obligations</u>" means the Obligations.

"<u>Secured Parties</u>" means, collectively, the Administrative Agent, the Collateral Agent and the Lenders.

"<u>Securities Act</u>" means the U.S. Securities Act of 1933 and the rules and regulations of the SEC promulgated thereunder.

"<u>Security Documents</u>" means the U.S. Security Agreement, the U.K. Security Agreement, the German Security Agreement, the Mortgages and each other security agreement or other instrument or document executed and delivered by a Loan Party pursuant to Section 5.12 or Section 5.14 to secure the Secured Obligations.

"<u>Shared Incremental Amount</u>" means, as of any date of determination, (a) the greater of (x) $50,000,000 and (y) 50% of Consolidated EBITDA calculated on a Pro Forma Basis, minus (b) the aggregate principal amount of all Incremental Facilities and/or Incremental Equivalent Debt originally incurred or issued in reliance on the Shared Incremental Amount outstanding on such date, in each case after giving effect to any reclassification of any such Indebtedness as having been incurred under clause (d) of the definition of "Incremental Cap" hereunder, minus (c) the aggregate principal amount of Indebtedness incurred pursuant to <u>Section 6.01(a)(vii)</u> outstanding on such date.

"<u>SOFR</u>" means the Secured Overnight Financing Rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>Solvency Certificate</u>" means the solvency certificate executed and delivered on behalf of Holdings by a Financial Officer or Chief Executive Officer of Holdings (in such capacity as an officer of such Borrower and not in any individual capacity) on the Closing Date.

"<u>Solvent</u>" means, with respect to the Consolidated Group, on a consolidated basis, that as of the date of determination: (a) the fair value of the assets of the Consolidated Group, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Consolidated Group, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured in the ordinary course of business; (c) the Consolidated Group, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured in the ordinary course of business; (d) the Consolidated Group, on a consolidated basis, are not engaged in, and are not about to engage in, business contemplated as of the date hereof for which they have unreasonably small capital; and (e) no member of the Consolidated Group has suspended making payments on any of its debts or commenced negotiations with one or more of its creditors (excluding any Credit Party in its capacity as such) with a view to rescheduling its indebtedness) by reason of actual or anticipated financial difficulties. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability.

"<u>Specified Jurisdictions</u>" means any of (a) the United States of America or any State thereof or the District of Columbia, (b) Jersey, (c) the Federal Republic of Germany, and (d) United Kingdom or territory thereof.

"<u>Specified Representations</u>" means the representations and warranties made by Holdings, the Borrowers and, to the extent applicable, each other Guarantor, with respect to Holdings, the Borrowers and the Guarantors, as applicable, set forth in Section 3.01<u>(a)</u> (with respect to organization or incorporation and valid existence) and Section 3.01<u>(b)(ii)</u>, Section 3.02, Section 3.03<u>(b)</u>, Section 3.07(b), Section 3.14, Section 3.15, Section 3.17 (subject to a customary "certain funds" provision) and Section 3.18.

"<u>Specified Transaction</u>" means any (a) disposition of all or substantially all the assets of or all the Equity Interests of any Subsidiary or of any product line, business unit, line of business or division of any Borrower or any Subsidiary for which historical financial statements are available (including the termination or discontinuance of activities constituting a business), (b) Acquisition (including commencement of activities constituting a business), (c) Investment that results in a Person becoming a Subsidiary, (d) [reserved], (e) any incurrence, assumption or repayment of Indebtedness (other than normal fluctuations in revolving Indebtedness incurred for working capital purposes), (f) the proposed incurrence (including assumption) of Indebtedness or making of a Restricted Payment or payment in respect of Indebtedness or other transaction or event in each case in respect of which compliance with any financial ratio is by the terms of this Agreement required to be calculated on a Pro Forma Basis or (g) any cost savings initiatives, operating expense reductions, other operating improvements and initiatives, restructurings, strategic initiatives and other initiatives.

"<u>Subsequent Transaction</u>" has the meaning assigned to such term in Section 1.12.

"<u>Subsidiary</u>" means, with respect to any Person (the "parent") at any date, any corporation, company, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the ordinary voting power for the election of the members of the governing body or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned or controlled by the parent and/or one or more subsidiaries of the parent and, in respect of any entity incorporated or established in Jersey, includes a subsidiary within the meaning of articles 2 and 2A of the Companies (Jersey) Law 1991. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of Holdings.

"<u>Subsidiary Loan Party</u>" means any Subsidiary (other than a Borrower) that has Guaranteed the Secured Obligations pursuant to the Guaranty; <u>provided</u> that, as of the Closing Date, for purposes of Article VI, "Subsidiary Loan Party" will include IVOSTUD GmbH, DONCASTERS Precision Castings-Bochum GmbH and Dundee Holdco GmbH; <u>provided further</u> that to the extent any foregoing Subsidiary shall not have become Guarantors on or prior to 45 days after the Closing Date pursuant to Section 5.17 hereof (or as such date may be extended pursuant to the terms thereof), "Subsidiary Loan Party" shall not include any such Subsidiaries until such Subsidiary shall have become a Guarantor pursuant to Section 5.17 hereof.

"<u>Successor Company</u>" has the meaning assigned to such term in Section 6.03(a).

"<u>Swap Agreement</u>" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward contracts, future contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, repurchase agreements, reverse repurchase Agreements, sell buy back and buy sell back agreements, and securities lending and borrowing agreements or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. or any similar master agreement (any such master agreement, together with any related schedules, a "<u>Master Agreement</u>"), including any such obligations or liabilities under any Master Agreement.

"<u>Swap Obligation</u>" means, with respect to any Person, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act.

"<u>Swap Termination Value</u>" means, in respect of any one or more Swap Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreement for any date, the amount(s) determined as the mark to market value(s) for such Swap Agreement, as determined by the Borrowers in accordance with the terms thereof and in accordance with customary methods for calculating mark-to-market values under similar arrangements by the Borrowers. For purposes hereof, with respect to the Loan Parties, a positive Swap Termination Value denotes an amount payable to a Loan Party and a negative Swap Termination Value denotes an amount payable by a Loan Party.

"<u>Synthetic Lease</u>" means, as to any Person, any lease (including leases that may be terminated by the lessee at any time) of any property (whether real, personal or mixed) that is designed to permit the lessee (a) to treat such lease as an operating lease, or not to reflect the leased property on the lessee's balance sheet, under IFRS and (b) to claim depreciation on such property for U.S. federal income tax purposes, other than any such lease under which such Person is the lessor.

"<u>Synthetic Lease Obligations</u>" of any Person means the obligations of such Person to pay rent or other amounts under any Synthetic Lease, and the amount of such obligations shall be equal to the sum (without duplication) of (a) the capitalized amount thereof that would appear on a balance sheet of such Person in accordance with IFRS, if such obligations were accounted for as Capital Lease Obligations and (b) the amount payable by such Person as the purchase price for the property subject to such lease assuming the lessee exercises the option to purchase such property at the end of the term of such lease.

"<u>Target Person</u>" has the meaning assigned to such term in Section 6.04.

"<u>Taxes</u>" means any and all present or future taxes, levies, imposts, duties, deductions, assessments, fees, other charges or withholdings (including backup withholding) in the nature of taxation imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term Commitment</u>" means, with respect to any Person, such Person's Initial Term Loan Commitment, Delayed Draw Term Loans Commitment, Incremental Term Commitment, Other Term Commitment or any combination thereof (as the context requires).

"<u>Term Lender</u>" means a Lender with an outstanding Term Commitment or an outstanding Term Loan.

"<u>Term Loans</u>" means, collectively, (a) the Initial Term Loans and any Incremental Term Loans constituting an increase in the amount of the Initial Term Loan, (b) the Delayed Draw Term Loan, and (c) unless the context otherwise requires, any Incremental Term Loans, any Other Term Loans and any Extended Term Loans.

"<u>Term SOFR</u>" means, with respect to any Term SOFR Borrowing denominated in U.S. Dollars and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator; <u>provided</u> that, if the Term SOFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

"<u>Term SOFR Determination Day</u>" has the meaning assigned to it under the definition of Term SOFR Reference Rate.

"<u>Term SOFR Reference Rate</u>" means, for any day and time (such day, the "Term SOFR Determination Day"), with respect to any Term SOFR Borrowing denominated in U.S. Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the "Term SOFR Reference Rate" for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR has not occurred, then, so long as such day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day.

"<u>Termination Date</u>" means the date upon which (i) all of the Obligations (other than contingent indemnification obligations not yet due and payable) have been paid in full in cash and (ii) all Commitments have expired or been terminated.

"<u>Title Company</u>" means any nationally recognized title insurance company selected by or otherwise reasonably acceptable to Collateral Agent.

"<u>Title Insurance Policy</u>" means fully paid American Land Title Association Lender's Extended Coverage title insurance policies or the equivalent or other form available in each applicable jurisdiction issued by the Title Company in form and substance reasonably acceptable to Collateral Agent, together with customary endorsements, and in amounts not less than the fair market value of the owned Real Property subject to the insured Mortgage and otherwise reasonably acceptable to Collateral Agent, and providing for such other affirmative insurance and such coinsurance and direct access reinsurance as Collateral Agent may reasonably request.

"<u>Topco</u>" means Alloy Topco Limited, a private company limited by shares incorporated in Jersey with company number 130424, which will directly hold 100% of the shares in New Midco.

"<u>Total Net Leverage Ratio</u>" means, as of any date of determination, the ratio of (a) (i) Consolidated Total Indebtedness as of the Applicable Date of Determination less (ii) the sum of (x) Unrestricted Cash and (y) solely to the extent (1) CCY Swap Agreements have been designated by the Borrowers and (2) the CCY Swap Termination Value is positive, the CCY Swap Termination Value to (b) Consolidated EBITDA of the Consolidated Group for the period of four consecutive fiscal quarters of Holdings most recently ended on the Applicable Date of Determination.

"<u>Total Outstandings</u>" means, at any time, the aggregate outstanding amount of all Term Loans.

"<u>Transaction Costs</u>" means all premiums, fees, costs and expenses incurred or payable by or on behalf of any member of the Consolidated Group in connection with the Transactions or in connection with the negotiation, execution, delivery and performance of the Loan Documents and the transactions contemplated thereby, including to fund any original issue discount, upfront fees or legal fees and to grant and perfect any security interests.

"<u>Transactions</u>" means, collectively, (a) the execution and delivery of the Loan Documents, (b) the borrowing of the Initial Term Loans on the Closing Date, (c) the consummation of the Closing Date Refinancing, and (d) the payment of Transaction Costs.

"<u>Treasury Rate</u>" means, for any date on which the Make-Whole Amount is paid (the "<u>Make-Whole Repayment Date</u>"), the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) Business Days prior to the Make-Whole Repayment Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Make-Whole Repayment Date to the first anniversary of the Closing Date; provided, however, that if the period from the Make-Whole Repayment Date to the first anniversary of the Closing Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the applicable Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the Make-Whole Repayment Date to the first anniversary of the Closing Date is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant maturity of one year shall be used.

"<u>Type</u>", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to Term SOFR or the Base Rate.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York; <u>provided</u>, however, that in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of, or remedies with respect to, any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term "UCC" shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions hereof relating to such perfection, priority or remedies.

"<u>U.K. Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form 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>U.K. Guarantor</u>" means each Subsidiary Loan Party that is a U.K. Subsidiary.

"<u>U.K. Plan</u>" means a pension scheme which is fully funded based on the statutory funding objective under sections 221 and 222 of the Pensions Act 2004.

"<u>U.K. Plan Event</u>" means (i) any action or omission which is taken by any member of the Consolidated Group in relation to a U.K. Plan which has or is reasonably likely to have a Material Adverse Effect; (ii) any member of the Consolidated Group is or has been at any time an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993) or "connected" with or an "associate" of (as those terms are used in sections 38 or 43 of the Pensions Act 2004) such an employer; or (iii) the Pensions Regulator issues a Financial Support Direction or a Contribution Notice to any member of the Consolidated Group.

"<u>U.K. Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any U.K. Financial Institution.

"<u>U.K. Security Agreement</u>" means the English law governed debenture dated as of the Closing Date among the U.K. Guarantors, Holdings and the Collateral Agent.

"<u>U.K. Subsidiary</u>" means any Subsidiary of Holdings that is incorporated under the laws of England and Wales.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Uni-Pol Loans</u>" means the loans set forth on <u>Schedule 1.01</u>, any renewals thereof on substantially the same terms and any Permitted Refinancing thereof in accordance with <u>Section 6.01(a)(xxix)</u>.

"<u>Union</u>" has the meaning assigned to such term in Section 3.12(a).

"<u>Unrestricted Cash</u>" means, at any time, an aggregate amount equal to the sum of unrestricted and unencumbered (other than in favor of the Secured Parties and Liens described in clause (f) of Section 6.02) cash and Cash Equivalents of the Loan Parties .

"<u>U.S.</u>" and "<u>United States</u>" means the United States of America.

"<u>U.S. Dollars</u>" or "<u>$</u>" refers to the lawful money of the United States of America.

"<u>U.S. 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 NYFRB 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>U.S. Guarantors</u>" means Subsidiary Loan Parties that are U.S. Subsidiaries.

"<u>U.S. Loan Parties</u>" means, collectively, the Borrowers and each U.S. Guarantor.

"<u>U.S. Person</u>" means any Person that is a "<u>United States person</u>" within the meaning of Section 7701(a)(30) of the Code.

"<u>U.S. Security Agreement</u>" means the U.S. Security Agreement dated as of the Closing Date among the U.S. Loan Parties and the Collateral Agent.

"<u>U.S. Subsidiary</u>" means any Subsidiary of Holdings that is incorporated or organized under the laws of the United States of America, any state thereof or the District of Columbia.

"<u>VAT</u>" means value added tax imposed by the United Kingdom Value Added Tax Act 1994 and any tax of a similar nature levied in the United Kingdom or elsewhere, including any similar tax levied in addition to or in substitution for it.

"<u>Weighted Average Life to Maturity</u>" means, when applied to any Indebtedness at any date, the number of years (and/or portion thereof) obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required 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>wholly owned Subsidiary</u>" or "<u>wholly owned subsidiary</u>" means, with respect to any Person at any date, a subsidiary of such Person of which securities or other ownership interests representing 100% of the Equity Interests (other than (x) directors' qualifying shares or (y) shares issued to foreign nationals to the extent required by applicable law) are, as of such date, owned, controlled or held by such Person or one or more wholly owned subsidiaries of such Person or by such Person and one or more wholly owned subsidiaries of such Person. For the avoidance of doubt, "<u>wholly owned Subsidiary</u>" means a wholly owned Subsidiary that is a Subsidiary.

"<u>Withdrawal Liability</u>" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in 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 U.K. 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.

Section 1.02 <u>Classification of Loans and Borrowings</u>. For purposes of this Agreement, Loans may be classified and referred to by Class (<u>e.g.</u>, a "Term Loan") or by Type (<u>e.g.</u>, a "Term SOFR Loan") or by Class and Type (<u>e.g.</u>, a "Term SOFR Term Loan"). Borrowings also may be classified and referred to by Class (<u>e.g.</u>, a "Term Loan Borrowing") or by Type (<u>e.g.</u>, a "Term SOFR Borrowing") or by Class and Type (<u>e.g.</u>, a "Term SOFR Loan Borrowing").

Section 1.03 <u>Terms Generally</u>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall."

Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (including pursuant to any permitted refinancing, extension, renewal, replacement, restructuring or increase (in each case, whether pursuant to one or more agreements or with different lenders or different agents), but subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's successors and permitted assigns and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all of the functions thereof, (c) the words "herein," "hereof" and "hereunder," and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (f) any reference to any Requirement of Law shall, unless otherwise specified, refer to such Requirement of Law as amended, modified or supplemented from time to time and shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Requirement of Law, (g) the phrase "for the term of this Agreement" and any similar phrases shall mean the period beginning on the Closing Date and ending on the Latest Maturity Date, the term "manifest error" shall be deemed to include any clearly demonstrable error whether or not obvious on the face of the document containing such error, (h) all references to "knowledge" or "awareness" of any Loan Party or a Subsidiary thereof means the actual knowledge of a Responsible Officer of a Loan Party or such Subsidiary and (i) all references to "in the ordinary course of business" of any member of the Consolidated Group means (x) in the ordinary course of business of, or in furtherance of an objective that is in the ordinary course of business of, such member of the Consolidated Group, or (y) generally consistent with the past or current practice of such member of the Consolidated Group and/or similarly situated companies where such member of the Consolidated Group's businesses are located or performed.

Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

Section 1.04 <u>Accounting Terms; IFRS</u>. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with IFRS, as in effect from time to time. In the event that any Accounting Change (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Parties and the Administrative Agent agree to enter into good faith negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Change with the desired result that the criteria for evaluating the Consolidated Group's consolidated financial condition shall be the same after such Accounting Change as if such Accounting Change had not been made. Until such time as such an amendment shall have been executed and delivered by the Parties, the Administrative Agent and the Required Lenders, all financial ratios, covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Change had not occurred. "<u>Accounting Change</u>" refers to any change in accounting principles required or permitted by IFRS if (a) the Borrowers' certified public accountants concur in such change or (b) the Administrative Agent notifies the Borrowers that the Required Lenders request an amendment to any provision hereof to reflect any such change.

Notwithstanding any other provision contained herein, (x) any liabilities or obligations in connection with any lease, concession or license of property (including capital leases, finance leases and operating leases) or the interest component thereof, as applicable, shall be calculated in accordance with the definition of IFRS and (y) interest on a Capital Lease Obligation shall be calculated in accordance with IFRS and shall be deemed to accrue at an interest rate determined in good faith by an Officer of the Consolidated Group to be the rate of interest implicit in such Capital Lease Obligation in accordance with the definition of IFRS.

Section 1.05 <u>Pro Forma Calculations</u>. With respect to any period during which the Transactions or any Specified Transaction occurs, for purposes of determining the Applicable Rate in respect of such period, calculation of the First Lien Net Leverage Ratio, Secured Net Leverage Ratio, Total Net Leverage Ratio, Consolidated EBITDA, Consolidated Total Assets, Consolidated Total Indebtedness, Consolidated Secured Indebtedness, Consolidated First Lien Secured Indebtedness, or for any other purpose hereunder, such determinations and calculations with respect to such period shall be made on a Pro Forma Basis.

Section 1.06 <u>Rounding</u>. Any financial ratios required to be maintained pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up for five). For example, if the relevant ratio is to be calculated to the hundredth decimal place and the calculation of the ratio is 5.125, the ratio will be rounded up to 5.13.

Section 1.07 <u>Timing of Payment or Performance</u>. When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on (or before) 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 such extension of time shall be reflected in computing interest or fees, as the case may be.

Section 1.08 <u>Certifications; Provision of Information</u>. All provisions of information, presentations, statements and certifications to be made hereunder by a director, officer or other representative of a Loan Party or other Subsidiary shall be made by such a Person in his or her capacity solely as an officer or a representative of such Loan Party or other Subsidiary, on such Loan Party's or such Subsidiary's behalf and not in such Person's individual capacity, and without personal liability.

Section 1.09 <u>Compliance with Article VI</u>. In the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), Disposition, Restricted Payment, Affiliate transaction, restrictive agreement or prepayment of Indebtedness, as the case may be, meets the criteria of one or more than one of the categories of such transactions then permitted pursuant to any clause of any one Section in Article VI, such transaction (or portion thereof) at any time shall be permitted under one or more of such clauses under such same Section as determined by the Borrowers in their sole discretion at such time (it being understood and agreed that, except as otherwise expressly contemplated by Article VI, this Section 1.09 shall not permit any basket or covenant capacity permitted under one Section of Article VI to be reallocated to another Section of Article VI).

Section 1.10 <u>Times of Day</u>. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

Section 1.11 <u>Currency Generally</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;(a) The Borrowers shall determine in good faith the Dollar equivalent amount of any utilization or other measurement denominated in a currency other than Dollars for purposes of compliance with any basket. For purposes of determining compliance with any basket under Article VI with respect to any amount expressed in a currency other than Dollars, no Default shall be deemed to have occurred solely as a result of changes in rates of currency exchange occurring after the time such basket utilization occurs or other basket measurement is made (so long as such basket utilization or other measurement, at the time incurred, made or acquired, was permitted hereunder). Except with respect to any ratio calculated under any basket, any subsequent change in rates of currency exchange with respect to any prior utilization or other measurement of a basket previously made in reliance on such basket (as the same may have been reallocated in accordance with this Agreement) shall be disregarded for purposes of determining any unutilized portion under such basket. To the extent that the termination currency (howsoever defined or described) of a Swap Agreement is Dollars, the currency of any Indebtedness corresponding thereto shall also be Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of determining the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio, as applicable, (i) the amount of Indebtedness and cash and Cash Equivalents denominated in currencies other than Dollars shall reflect the currency translation effects, determined in accordance with IFRS, of hedging obligations permitted hereunder (other than any CCY Swap Agreement if such currency is a CCY Swap Agreement Currency) for currency exchange risks with respect to the applicable currency in effect on the date of determination of the Dollar equivalent of such Indebtedness and (ii) the amount of Indebtedness and cash and Cash Equivalents denominated in a currency other than Dollars will be converted to Dollars for purposes of calculating any First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio, as applicable, at the exchange rate as of the last day of the fiscal quarter for which such measurement is being made (after giving effect to the foregoing clause (i)) and (iii) solely to the extent any CCY Swap Agreements are outstanding in respect of a CCY Swap Agreement Currency as of the last day of the fiscal quarter for which such measurement is being made, the exchange rates used for determining Consolidated EBITDA for the relevant period for portions thereof denominated in any such CCY Swap Agreement Currency will be the exchange rate as of the last day of the fiscal quarter for which such measurement is being made (it being understood that the exchange rates used for calculating Consolidated EBITDA in any non-CCY Swap Agreement Currency or to the extent no CCY Swap Agreements have been designated by the Borrower, in each case for such period, will otherwise be computed in accordance with IFRS).

Section 1.12 <u>Limited Condition Transactions</u>. Notwithstanding anything to the contrary herein (including in connection with any calculation made on a Pro Forma Basis), to the extent that the terms of this Agreement require (i) compliance with any financial ratio or financial test (including the Financial Covenant, the First Lien Net Leverage Ratio, Secured Net Leverage Ratio and/or Total Net Leverage Ratio test) and/or any cap expressed as a percentage of Consolidated Total Assets or Consolidated EBITDA, (ii) accuracy of any representation or warranty and/or the absence of a Default or Event of Default (or any type of default or event of default) or (iii) compliance with any basket or other condition, as a condition to (A) the consummation of any transaction (including in connection with any Acquisition (including a Permitted Acquisition), consolidation, business combination or similar Investment) or the assumption or incurrence of Indebtedness or incurrence of an Incremental Facility, (B) the making of any Restricted Payment if the declaration thereof is irrevocable or if the declaration thereof occurs after a Qualifying IPO and/or (C) the making of any voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing for which irrevocable notice of payment or redemption is required, the determination of whether the relevant condition is satisfied may be made, at the election of the Borrowers, (1) in the case of any Acquisition (including a Permitted Acquisition), consolidation, business combination or similar Investment, any Disposition, any incurrence of Indebtedness or any transaction relating thereto, at the time of (or on the basis of the financial statements for the Applicable Date of Determination at the time of) either (at the election of the Borrowers) (x) the execution of the definitive agreement with respect to such Acquisition, consolidation, business combination, similar Investment or Disposition (or, solely in connection with an Acquisition, consolidation or business combination to which the United Kingdom City Code on Takeovers and Mergers applies, the date on which a "Rule 2.7 Announcement" of a firm intention to make an offer is made) or (y) the consummation of such Acquisition, consolidation, business combination, Investment or Disposition or the incurrence of such Indebtedness, (2) in the case of any such Restricted Payment, at the time of (or on the basis of the financial statements for the Applicable Date of Determination at the time of) either (at the election of the Borrowers) (x) the declaration of such Restricted Payment if such Restricted Payment is actually made within sixty (60) days of such declaration or (y) the making of such Restricted Payment and (3) in the case of any such voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing, in each case, for which irrevocable notice of payment, distribution, redemption, retirement, acquisition, cancellation or termination is required, at the time of (or on the basis of the financial statements for the Applicable Date of Determination at the time of) either (at the election of the Borrowers) (x) delivery of such irrevocable notice with respect to such voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing or (y) the making of such voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing, in each case, after giving effect on a Pro Forma Basis to the relevant Acquisition (including a Permitted Acquisition), consolidation, business combination or similar Investment, Restricted Payment and/or voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing, incurrence of Indebtedness or other transaction (including the intended use of proceeds of any Indebtedness to be incurred in connection therewith) and, at the election of the Borrowers, any other Acquisition (including a Permitted Acquisition), consolidation, business combination or similar Investment that has not been consummated but with respect to which the Borrowers have elected to test any applicable condition prior to the date of consummation in accordance with this Section 1.12; provided that in the case of the foregoing clauses (1) through (3), such transaction is not contingent on the receipt of third-party financing. For the avoidance of doubt, (i) if the Borrowers shall have elected the option set forth in clause (x) of any of the preceding clauses (1), (2) or (3) in respect of any transaction (each, a "<u>Limited Condition Transaction</u>"), then, until the Limited Condition Transaction Lapse Date, (A) any subsequent adverse change in such ratio, test or condition occurring after the time such election was made shall not affect the permissibility of such Limited Condition Transaction (but any subsequent improvement in the applicable ratio, test or amount may be utilized by any member of the Consolidated Group), (B) if the Loan Documents require the absence of a Default or Event of Default (or any type of default or event of default) as a condition to the permissibility of such Limited Condition Transaction, then such Limited Condition Transaction shall be permitted only if no Event of Default under <u>Sections 7.01(a)</u>, <u>7.01(b)</u>, <u>7.01(h)</u> or <u>7.01(i)</u> shall have occurred and be continuing on the date of consummation of such Limited Condition Transaction and (C) in connection with any calculation of any other ratio, test or basket availability in each case not required to be entered into in connection with such Limited Condition Transaction subject to the election of the Borrowers (a "<u>Subsequent Transaction</u>") following the date of such election and prior to the earlier of (x) the date on which such Limited Condition Transaction is consummated or (y) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction (or the date on which the Borrowers demonstrate to the Administrative Agent that they have elected not to pursue such Limited Condition Transaction) (such earlier date, the "<u>LCT End Date</u>"), for purposes of determining whether such Subsequent Transaction is permitted under any ratio, test or basket, such ratio, test or basket shall be required to be satisfied on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions to be entered into in connection therewith (including any incurrence or assumption of any Incremental Facility or other Indebtedness) have been consummated (and, if such Subsequent Transaction is the making of a Restricted Payment, the making of any voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing, assuming such Limited Condition Transaction and other transactions to be entered into in connection therewith (other than any incurrence or assumption of any Indebtedness) have not been consummated) and (ii) the provisions of this <u>Section 1.12</u> shall also apply in respect of the incurrence of any Incremental Facility or Incremental Equivalent Debt.

Section 1.13 <u>Fixed Amounts; Incurrence-Based Amounts</u>. Notwithstanding anything to the contrary herein, unless the Borrowers otherwise notify the Administrative Agent, 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 financial test (including the Financial Covenant, the First Lien Net Leverage Ratio, Secured Net Leverage Ratio and/or Total Net Leverage Ratio test) (any such amount, or any other permitted revolving facility and any cap expressed as a percentage of Consolidated Net Income or Consolidated EBITDA, 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 financial test (including any Financial Covenant, ratio test) (any such amount, an "<u>Incurrence-Based Amount</u>"), it is understood and agreed that (i) the incurrence of the Incurrence-Based Amount shall be calculated first without giving effect to any Fixed Amount but giving full pro forma effect to the use of proceeds of such Fixed Amount and the related transactions and (ii) the incurrence of the Fixed Amount shall be calculated thereafter. Unless the Borrowers elect otherwise, the Borrowers shall be deemed to have used amounts under an Incurrence-Based Amount then available to the Borrowers prior to utilization of any amount under a Fixed Amount then available to the Borrowers. For the avoidance of doubt, this <u>Section 1.13</u> shall not apply to any determination of actual compliance with <u>Section 6.06</u>.

Section 1.14 [<u>Reserved</u>].

Section 1.15 <u>Divisions</u>. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.

Section 1.16 <u>Jersey Terms.</u> In each of the Loan Documents, where it relates to a person: (i) incorporated; (ii) established; (iii) constituted; (iv) formed; (v) which carries on, or has carried on, business; or (vi) that has immovable property, in each case, in Jersey, a reference to: (a) a winding up, liquidation, administration, dissolution, insolvency event or insolvency includes, without limitation, bankruptcy (as that term is interpreted pursuant to Article 8 of the Interpretation (Jersey) Law 1954), and any procedure or process referred to in Part 21 of the Companies (Jersey) Law 1991; (b) a composition, compromise, assignment or arrangement with any creditor includes, without limitation, a compromise or arrangement with any creditor of the type referred to in Article 125 of the Companies (Jersey) Law 1991 (c) a liquidator, receiver, administrative receiver, administrator or the like includes, without limitation, the Viscount of the Royal Court of Jersey, Autorisés or any other person performing the same function of each of the foregoing; and (d) Collateral or a security interest includes, without limitation, any hypothèque whether conventional, judicial or arising by operation of law and any security interest created pursuant to the Security Interests (Jersey) Law 1983 or Security Interests (Jersey) Law 2012 and any related legislation: and (d) any equivalent or analogous procedure or step being taken in connection with insolvency includes any corporate action, legal proceedings or other formal procedure or step being taken in connection with an application for a declaration of en désastre being made in respect of any assets of such person (or the making of such declaration).

**ARTICLE II**

**THE CREDITS**

Section 2.01 <u>Commitments</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;(a) Subject to the terms and express conditions set forth herein, each Term Lender severally (and not jointly) agrees to make an Initial Term Loan to the Borrowers on the Closing Date in U.S. Dollars in an aggregate principal amount equal to its Initial Term Loan Commitment amounts on the Closing Date. Amounts borrowed under this <u>Section 2.01(a)</u> and repaid or prepaid in respect of the Initial Term Loan may not be reborrowed. The Initial Term Loan Commitments will terminate in full upon the making of the Loans referred to under this <u>Section 2.01(a)</u>. The Initial Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions set forth herein, and so long as the German Post-Closing Obligations have been satisfied, each Term Lender with a Delayed Draw Term Loan Commitment severally (and not jointly) agrees to make one or more term loans in U.S. Dollars (collectively, as drawn and outstanding, the "<u>Delayed Draw Term Loans</u>" and each, individually, a "<u>Delayed Draw Term Loan</u>") to the Borrowers from time to time, from the Closing Date through the Delayed Draw Termination Date, which Delayed Draw Term Loans (i) shall be in a minimum amount of $20 million (or less, if such lesser amount represents the remaining amount of the aggregate amount of all Delayed Draw Term Loan Commitments), (ii) shall not exceed, for any such Lender, the Delayed Draw Term Loan Commitment of such Lender and (iii) shall not exceed, together with all other Delayed Draw Term Loans, in the aggregate, the total Delayed Draw Term Loan Commitment; <u>provided</u> that, there shall be no more than two (2) drawings under the Delayed Draw Term Loan and <u>provided</u>, further that, subject to the Borrowers' right to elect to make a Limited Condition Transaction pursuant to <u>Section 1.12</u>, no Lender with a Delayed Draw Term Loan Commitment shall be obligated to fund a request for a Delayed Draw Term Loan unless, after giving pro forma effect to such Delayed Draw Term Loan and the use of proceeds thereof (excluding cash proceeds of any borrowings of such Delayed Draw Term Loans at such time), the First Lien Net Leverage Ratio is equal to or less than 5.30 to 1.00 as of the Applicable Date of Determination. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed. The Delayed Draw Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein. Upon the funding of each Delayed Draw Term Loan, there shall commence an initial Interest Period with respect to such Borrowing, which Interest Period shall end on the last day of the Interest Period applicable to the Delayed Draw Term Borrowings as in effect immediately prior to the relevant Delayed Draw Term Loan funding date. The Administrative Agent is hereby authorized to take any and all action as may be reasonably necessary to ensure that the Delayed Draw Term Borrowings are included in the amount of each Delayed Draw Term Borrowing that has been made by the Borrowers and repayment of Delayed Draw Term Borrowings, in each case, on a pro rata basis (including, without limitation, applicable adjustments to amortization pursuant to <u>Section 2.10</u>).

Section 2.02 <u>Loans and Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class, Type and currency by the Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder, <u>provided</u> that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender's failure to make Loans as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 2.14</u>, Each Borrowing shall be comprised of Base Rate Loans or Term SOFR Loans or a combination thereof. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of <u>Sections 2.14</u>, <u>2.15</u>, <u>2.16</u> and <u>2.17</u> shall apply to such Affiliate to the same extent as to such Lender); <u>provided</u> that any exercise of such option shall not affect the obligation of the applicable Borrowers to repay such Loan in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the commencement of each Interest Period for any Borrowing of a Term SOFR Loan, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 (or, if not an integral multiple, the entire available amount) and not less than $20,000,000. At the time that each Borrowing of a Base Rate Loan is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $20,000,000. 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 10 Interest Periods 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, the Borrowers shall not 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 such Borrowing (in the case of such Term Loan), as the case may be.

Section 2.03 <u>Requests for Borrowings</u>. To request a Borrowing, the requesting Borrower shall notify the Administrative Agent of such request by delivery of a Loan Notice, in either case, (a) in the case of a Borrowing of a Term SOFR Loan, not later than 11:00 a.m. (i) three U.S. Government Securities Business Days before the date of the proposed Borrowing with respect to any Borrowing of Loans other than a Delayed Draw Term Loans and (ii) five U.S. Government Securities Business Days before the date of the proposed Borrowing with respect to any Borrowing of Delayed Draw Term Loans; and (b) in the case of a Borrowing of a Base Rate Loan, not later than 11:00 a.m. five U.S. Government Securities Business Days before the proposed Borrowing, provided that in each case of (a) and (b), the Loan Notice and requested Borrowing may be conditioned may be conditioned on the occurrence of the Closing Date or the occurrence of such Permitted Acquisition or other transaction, as applicable. Each such Loan Notice shall specify the following information in compliance with <u>Section 2.02</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; (i) the Borrower that will be making such Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Class of such Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the aggregate principal amount of such Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) the date of such Borrowing, which shall be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) the currency and Type of such Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in the case of a Borrowing of a Term SOFR Loan, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term "Interest Period"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the location and number of the applicable Borrowers' account to which funds are to be disbursed.

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be comprised of Base Rate Loans. If no Interest Period is specified with respect to any requested Borrowing of a Term SOFR Loan, then the applicable Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following receipt of a Loan Notice in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount and currency of such Lender's Loan to be made as part of the requested Borrowing.

Section 2.04 <u>[Reserved]</u>

Section 2.05 <u>[Reserved]</u>

Section 2.06 <u>Funding of Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of Same Day Funds by 1:00 p.m. on the Business Day specified in the applicable Loan Notice to the account of the Administrative Agent for the applicable currency most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the applicable Borrower by wire transfer of the amounts so received, in like funds received, to an account of the applicable Borrower, in each case designated by the applicable Borrower in the applicable Loan Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Failure to Satisfy Conditions Precedent</u>. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to the applicable Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Funding Source</u>. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

Section 2.07 <u>Interest Elections</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrowing initially shall be of the Type specified in the applicable Loan Notice or designated by <u>Section 2.03</u> and, in the case of a Borrowing of a Term SOFR Loan, shall have an initial Interest Period as specified in such Loan Notice or designated by <u>Section 2.03</u>. The Borrowers shall have the option on the last Business Day of any Interest Period to (i) convert all of the outstanding principal amount of Loans of one Type into a Borrowing of another Type and (ii) continue the outstanding principal amount of any SOFR Loans as SOFR Loans for an additional Interest Period; <u>provided</u> that Borrowings resulting from conversions pursuant to this Section shall be limited in number as provided 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;(b) To make an election pursuant to this Section, the applicable Borrower shall notify the Administrative Agent of such election by delivery of a Loan Notice by the time that a Loan Notice would be required under <u>Section 2.03</u>. Each such Loan Notice shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Loan Notice substantially in the form of <u>Exhibit A</u> and signed by the applicable Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Loan Notice shall specify the following information in compliance with <u>Section 2.03</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;(i) the Borrowing to which such Loan Notice applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to <u>clauses (iii)</u> and <u>(iv)</u> below shall be specified for each resulting Borrowing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the effective date of the election made pursuant to such Loan Notice, which shall be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the Type of the resulting Borrowing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the resulting Borrowing is a Borrowing of a Term SOFR Loan, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period."

If any such Loan Notice requests a Borrowing of a Term SOFR Loan but does not specify an Interest Period, then the applicable Borrower shall be deemed to have selected an Interest Period of one month's duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly following receipt of a Loan Notice, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the applicable Borrower fails to deliver a timely Loan Notice with respect to a Borrowing of a Term SOFR Loan prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period, such Borrowing shall be converted to a Borrowing of a Base Rate Loan. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrowers, then, so long as such Event of Default is continuing, no outstanding Borrowing may be elected, converted or continued as a Term SOFR Loan.

Section 2.08 <u>Termination and Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Voluntary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrowers may at any time, without premium or penalty, terminate, or from time to time reduce, the Commitments of any Class, <u>provided</u> that each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Commitments under <u>paragraph</u> (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable, <u>provided</u> that a notice of termination of the Commitments of any Class delivered by the Borrowers may state that such notice is conditioned upon the consummation of an acquisition or sale transaction or upon the effectiveness of other credit facilities or the receipt of proceeds from the issuance of other Indebtedness or any other specified event, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

&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) Mandatory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Initial Term Loan Commitment of each Term Lender on the Closing Date shall be automatically and permanently reduced to $0 upon the making of such Lender's Initial Term Loans to the Borrowers pursuant to <u>Section 2.01(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the funding of any Delayed Draw Term Loans, the Delayed Draw Term Loan Commitments of each Lender with a Delayed Draw Term Loan Commitment shall be automatically and permanently reduced by the aggregate principal amount of such drawn Delayed Draw Term Loans. The aggregate Delayed Draw Term Loan Commitment shall automatically terminate on the Delayed Draw Termination Date.

Section 2.09 <u>Repayment of Loans; Evidence of Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.28</u>, the Borrowers, jointly and severally, unconditionally promise to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of the Initial Term Loan or Delayed Draw Term Loan, as applicable, of such Lender as provided in <u>Section 2.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 to the Borrowers, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder to the Borrowers, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrowers for the account of the Lenders and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The entries made in the accounts maintained pursuant to <u>paragraph</u> (b) or (c) of this Section shall be <u>prima facie</u> evidence of the existence and amounts of the obligations recorded therein, <u>provided</u> that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans and pay interest thereon in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may request that Loans of any Class made by it be evidenced by a Note. In such event, the applicable Borrowers shall promptly prepare, execute and deliver to such Lender a Note payable to such Lender and its registered assigns; <u>provided</u> that, except as set forth in <u>Section 4.01(a)</u> the delivery of any such Note shall not be a condition precedent to the Closing Date or any Acquisition or Investment. Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (including after assignment pursuant to <u>Section 9.04</u>) be represented by such Note (and ownership shall at all times be recorded in the Register).

&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) All computations of interest for Base Rate Loans (to the extent determined by reference to the Prime Rate), shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). 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, subject to <u>Section 2.09(a)</u>, bear interest for one day. The Administrative Agent shall promptly notify the Borrowers and the Lenders of the interest rate applicable to any Interest Period for Term SOFR Loans upon determination of such interest rate. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; <u>provided</u> that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Benchmark Replacement Conforming Changes to the Borrowers and the Lenders reasonably promptly after such amendment becomes effective.

Section 2.10 <u>Amortization of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term Loans</u>. The Borrowers shall repay to the Administrative Agent for the ratable account of the Lenders (a) on the last Business Day of each March, June, September and December, commencing with June 30, 2024, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.11</u>) and (b) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date. In connection with any Incremental Term Loans that constitute part of the same Class as the Initial Term Loans, the Borrowers and the Administrative Agent (at the direction of the Required Lenders) shall be permitted to adjust the rate of prepayment in respect of such Class such that the Term Lenders holding Initial Term Loans comprising part of such Class continue to receive a payment that is not less than the same Dollar amount that such Term Lenders would have received absent the incurrence of such Incremental Term Loans, as applicable; *provided*, that if such Incremental Term Loans are to be "fungible" with the Initial Term Loans notwithstanding any other conditions specified in this <u>Section 2.10(a)</u>, the amortization schedule for such "fungible" Incremental Term Loan may provide for amortization in such other percentage(s) to be agreed by Borrower and the Administrative Agent to provide that the Incremental Term Loans will be (or will be deemed to be) "fungible" with the Initial Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delayed Draw Term Loans</u>. The Borrowers shall repay to the Administrative Agent for the ratable account of the Lenders (A) on the last Business Day of each March, June, September and December, commencing with the last Business Day of the second full fiscal quarter in which Delayed Draw Term Loans are outstanding, an aggregate amount equal to 0.25% of the aggregate original principal amount of all outstanding Delayed Draw Term Loans (as such repayment amount shall be reduced as a result of the application of prepayments in accordance with the order of priority determined under <u>Section 2.11</u>) and (B) on the Maturity Date for the Delayed Draw Term Loans, the aggregate principal amount of all Delayed Draw Term Loans outstanding on such date; *provided* that the amount of any such payment set forth above shall be adjusted to account for the addition of any extension pursuant to <u>Section 2.24</u> to contemplate (A) the reduction in the aggregate principal amount of any Delayed Draw Term Loans that were converted in connection with the incurrence of such extended Term Loans and (B) any increase to payments to the extent and as required pursuant to the terms of any applicable Extension Amendment increasing the amount of Delayed Draw Term Loans. In connection with any advance of Delayed Draw Term Loans, notwithstanding any other conditions specified in this <u>Section 2.10(b))</u>, the amortization schedule for additional Delayed Draw Term Loans may provide for amortization in such other percentage(s) to be agreed by Borrowers and the Administrative Agent to provide that the Delayed Draw Term Loans will be (or will be deemed to be) a single "fungible" Class of Term Loans with the Initial Term Loans or the previously incurred Delayed Draw Term Loans, as applicable.

Section 2.11 <u>Prepayment of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrowers shall have the right at any time and from time to time, without premium or penalty (but subject to <u>Section 2.16</u>), upon prior written notice pursuant to delivery of a Notice of Loan Prepayment to the Administrative Agent to prepay any Borrowing of any Class in whole or in part, as selected and designated by the Borrowers or the applicable Borrower; <u>provided</u> that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three U.S. Government Securities Business Days prior to any date of prepayment of Term SOFR Loans, and (B) on the date of prepayment of Base Rate Loans; (ii) any such prepayment of Term SOFR Loans shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $2,000,000 (or, if less, the entire principal amount thereof then outstanding); (iii) any such prepayment of Base Rate Loans shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $2,000,000 (or, if less, the entire principal amount thereof then outstanding); and (v) any such prepayment of a Term Loan shall be applied to reduce the remaining scheduled principal repayments of such Term Loan as directed by the Borrowers (or the applicable Borrower) or as otherwise provided in any Extension Amendment, any Incremental Facility Amendment or Refinancing Amendment (or, in the absence of direction from the Borrowers, to the remaining scheduled principal amortization payments of such Term Loans in direct order of maturity). Each such notice shall specify the applicable Borrower, the date, currency and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Term SOFR Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender's Applicable Percentage of such prepayment. If such notice is given by the applicable Borrowers, the applicable Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; <u>provided</u> that such notice may state that such notice is conditional upon the consummation of an acquisition or sale transaction or upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of any other specified event, in which case such notice of prepayment may, subject to <u>Section 2.16</u>, be revoked by the applicable Borrowers (by notice to the Administrative Agent on or prior to the specified date) if such condition is not satisfied. Any prepayment of any Term SOFR Loan shall be accompanied by all accrued interest on the amount prepaid together with any additional amounts required pursuant to <u>Section 2.16</u>. Subject to <u>Section 2.22</u>, each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 2.11(e)</u>, following the end of each fiscal year of the Borrowers, commencing with the fiscal year ending December 31, 2024, within five (5) Business Days after financial statements have been (or are required to be) delivered pursuant to <u>Section 5.01(a)</u> and the related Compliance Certificate has been (or is required to be) delivered pursuant to <u>Section 5.01(c)</u> (the "<u>ECF Payment Date</u>"), the Borrowers shall cause to be prepaid an aggregate principal amount of Term Loans equal to (i) 50% of Excess Cash Flow if the First Lien Net Leverage Ratio as of the end of such period is greater than 3.50 to 1.00, (ii) 25% of Excess Cash Flow if the First Lien Net Leverage Ratio is greater than 3.00 to 1.00 but less than or equal to 3.50 to 1.00 and (iii) 0% of Excess Cash Flow if the First Lien Net Leverage Ratio is less than or equal to 3.00 to 1.00, <u>provided</u> that any voluntary prepayments of (1) any Term Loan made in accordance with <u>Section 2.11(a)</u> (so long as such prepayments are applied to the remaining scheduled principal repayments of such Term Loan on a pro rata basis)(or, in the case of the first ECF Payment Date after the Closing Date, January 1, 2025), or (2) any other Indebtedness permitted to be incurred under this Agreement to the extent secured by Liens on the Collateral that are pari passu with the Liens on the Collateral securing the Facilities (without regard to the control of remedies) in the form of term loans and revolving loans to the extent the related revolving commitments are permanently reduced by the amount of such prepayments made since the immediately preceding ECF Payment Date (or, in the case of the first ECF Payment Date after the Closing Date, January 1, 2025) except in each case of clauses (1) and (2), to the extent any such prepayment was funded with (x) the proceeds of Indebtedness of any member of the Consolidated Group (other than borrowings under any revolving credit facility or intercompany Indebtedness (to the extent such intercompany Indebtedness is not funded with any Indebtedness of any member of the Consolidated Group (other than revolving credit facilities))), (y) Other Term Loans the proceeds of which are applied to prepay the Term Loans refinanced with such Other Term Loans or (z) any Cure Amount, shall be credited against Excess Cash Flow prepayment obligations on a dollar-for-dollar basis prior to the making of such Excess Cash Flow prepayment; <u>provided</u>, <u>further</u>, that at the option of the Borrowers, no prepayment under this <u>Section 2.11(b)</u> shall be required unless Excess Cash Flow exceeds $10,000,000 (and, in such case, only such amount in excess of such amount shall be required to be prepaid); <u>provided</u>, <u>further</u>, that if at the time that any such prepayment would be required, any member of the Consolidated Group is also required to prepay, repurchase or offer to prepay or repurchase any Indebtedness that is secured on a pari passu basis (without regard to the control of remedies) with the Secured Obligations pursuant to the terms of the documentation governing such Indebtedness (such Indebtedness required to be so prepaid or repurchased or offered to be so prepaid or repurchased, "<u>Other Applicable Indebtedness</u>") with any portion of the Excess Cash Flow prepayment amount, then the Borrowers may apply such portion of the Excess Cash Flow prepayment amount on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and the relevant Other Applicable Indebtedness (or accreted amount if such Other Applicable Indebtedness is issued with original issue discount) at such time) to the prepayment of the Term Loans and to the prepayment of the relevant Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.11(b)</u> shall be reduced accordingly; it being understood that (1) the portion of such Excess Cash Flow prepayment amount allocated to the Other Applicable Indebtedness shall not exceed the portion of such Excess Cash Flow prepayment amount required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Excess Cash Flow prepayment amount shall be allocated to the Term Loans in accordance with the terms hereof 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 (10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to <u>Section 2.11(e)</u>, unless the Required Lenders otherwise 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the event and on each occasion that any Net Proceeds are received by or on behalf of any member of the Consolidated Group in respect of any Prepayment Event (other than as described in clause (ii) below), the Borrowers shall, within ten (10) Business Days in the case of any Prepayment Event referenced in <u>paragraph (a)</u> and <u>paragraph (c)</u> of the definition thereof and one (1) Business Day in the case of a Prepayment Event referenced in <u>paragraph (b)</u> of the definition thereof, after such Net Proceeds are received, prepay the Term Loans on a pro rata basis (except, as to Extended Term Loans, Incremental Term Loans and Other Term Loans, which may be prepaid on a less than pro rata basis if and to the extent set forth in the applicable Extension Amendment, Incremental Facility Amendment or Refinancing Amendment) in each case in an aggregate amount equal to 100% of the amount of such Net Proceeds (subject to reduction as set forth below); <u>provided</u> that in the case of any such event described in <u>clause (a)</u> and clause (c) of the definition of the term "Prepayment Event," if any member of the Consolidated Group applies the Net Proceeds from such event (or a portion thereof) within twelve (12) months after receipt of such Net Proceeds (or eighteen (18) if any such member of the Consolidated Group commits to apply such Net Proceeds within such twelve (12) month period pursuant to a contractual arrangement (including pursuant to a letter of intent or commitment letter)) to reinvest such proceeds in the business of any member of the Consolidated Group (including in connection with any permitted Investment, Consolidated Capital Expenditures or otherwise (other than working capital except short term capital assets)), then no prepayment shall be required pursuant to this paragraph in respect of such Net Proceeds except to the extent of any such Net Proceeds therefrom that have not been so applied by the end of the twelve (12) month (or, eighteen (18) month, if committed to be so applied) period following receipt of such Net Proceeds, at the end of which period a prepayment shall be required in an amount equal to such Net Proceeds that have not been so applied; <u>provided</u>, <u>further</u> that if, at the time that any such prepayment in respect of any Prepayment Event referenced in paragraph (a) of the definition thereof would be required hereunder, any member of the Consolidated Group is also required to prepay, repay or repurchase (or offer to prepay, repay or repurchase) any Other Applicable Indebtedness, then the relevant Person may apply the applicable Net Proceeds on a pro rata basis to the prepayment of the Term Loans and to the prepayment, repurchase or repayment of the Other Applicable Indebtedness (determined on the basis of the aggregate outstanding principal amount of the Term 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 applicable Net Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof (and the remaining amount, if any, of such Net Proceeds shall be allocated to the Term Loans in accordance with the terms hereof), and the amount of the prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.11(c)</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 (10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event and on each occasion that any Net Proceeds are received by or on behalf of any member of the Consolidated Group in respect of any Prepayment Event referenced in <u>paragraph (a)</u> of the definition thereof involving the sale of assets in excess of $50,000,000 (in one or a series of transactions), the Borrowers shall, within ten (10) days in the case of such Prepayment Event, after such Net Proceeds are received, prepay the Term Loans on a pro rata basis (except, as to Extended Term Loans, Incremental Term Loans and Other Term Loans, which may be prepaid on a less than pro rata basis if and to the extent set forth in the applicable Extension Amendment, Incremental Facility Amendment or Refinancing Amendment) in each case in an aggregate amount equal to 100% of the amount of such Net Proceeds (subject to reduction as set forth below); <u>provided</u> that if any member of the Consolidated Group applies 50% of the Net Proceeds from such event (or a portion thereof) within twelve (12) months after receipt of such Net Proceeds (or eighteen (18) if any such member of the Consolidated Group commits to apply such Net Proceeds within such twelve (12) month period pursuant to a contractual arrangement (including pursuant to a letter of intent or commitment letter)) to reinvest such proceeds in the business of any member of the Consolidated Group (including in connection with any permitted Investment, Consolidated Capital Expenditures or otherwise (other than working capital except short term capital assets)), then no prepayment shall be required pursuant to this paragraph in respect of such Net Proceeds except to the extent of any such Net Proceeds therefrom that have not been so applied by the end of the twelve (12) month (or, eighteen (18) month, if committed to be so applied) period following receipt of such Net Proceeds, at the end of which period a prepayment shall be required in an amount equal to such Net Proceeds that have not been so applied; <u>provided</u>, <u>further</u> that if, at the time that any such prepayment in respect of any Prepayment Event referenced in <u>paragraph (a)</u> of the definition thereof would be required hereunder, any member of the Consolidated Group is also required to prepay, repay or repurchase (or offer to prepay, repay or repurchase) any Other Applicable Indebtedness, then the relevant Person may apply the applicable Net Proceeds on a pro rata basis to the prepayment of the Term Loans and to the prepayment, repurchase or repayment of the Other Applicable Indebtedness (determined on the basis of the aggregate outstanding principal amount of the Term 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 applicable Net Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof (and the remaining amount, if any, of such Net Proceeds shall be allocated to the Term Loans in accordance with the terms hereof), and the amount of the prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.11(c)</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 (10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 connection with any mandatory prepayment from (x) Net Proceeds of any property of any Subsidiary or (y) Excess Cash Flow attributable to any Subsidiary (collectively, such Net Proceeds and such Excess Cash Flow are "<u>Foreign Proceeds</u>"), if the repatriation of cash to such Borrower by such Subsidiary in the amount of such Foreign Proceeds is (1) prohibited or delayed by applicable local law or would conflict with the fiduciary duties of such Subsidiary's directors, or would result in, or would 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 Subsidiary (in each case as determined in good faith by the Borrowers) (provided that the Borrowers and their respective Subsidiaries shall, for a period of one month, take all commercially reasonable actions available under local law to permit such repatriation) or (2) would reasonably be expected to result in material adverse tax consequences (including any material withholding tax) to any member of the Consolidated Group (as determined in good faith by the Borrowers), then, at the election of the Borrowers, such mandatory prepayment in the amount of such Foreign Proceeds shall not be required to be made hereunder until and to the extent such repatriation of cash can be made without being subject to either of the foregoing <u>clauses (1)</u> or <u>(2)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with any mandatory prepayment from (x) Net Proceeds of any property of any Subsidiary that is not a wholly owned Subsidiary or (y) Excess Cash Flow attributable to any Subsidiary that is not a wholly owned Subsidiary (collectively, such Net Proceeds and such Excess Cash Flow are "<u>Subject Proceeds</u>"), if the distribution of cash in the amount of the Subject Proceeds by such non-wholly owned Subsidiary to the holders of its Equity Interests is prohibited or delayed by any material Organizational Document of such non-wholly owned Subsidiary (as determined in good faith by the Borrowers), then, at the election of the Borrowers, such mandatory prepayment in the amount of such Subject Proceeds shall not be required to be made hereunder until and to the extent such distribution of cash is permitted to be made by such non-wholly owned 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;(e) The Borrowers will promptly notify the Administrative Agent of the amount of any mandatory prepayment due under <u>Section 2.11(d)</u>. The Administrative Agent will promptly notify each Lender holding the applicable Class of Term Loans of the contents of the Borrowers' prepayment notice and of such Lender's *pro rata* share of the prepayment. Each such Term Lender may reject all (but not less than all) of its *pro rata* share of any mandatory prepayment (such declined amounts, the "<u>Declined Proceeds</u>") of Term Loans required to be made pursuant to <u>Section 2.11(d)</u> by providing notice to the Administrative Agent at or prior to the time of such prepayment; <u>provided</u> that for the avoidance of doubt, no Lender may reject any prepayment made with the proceeds of Credit Agreement Refinancing Indebtedness. Any Declined Proceeds remaining thereafter shall be retained by the Borrowers ("<u>Retained Declined Proceeds</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;(f) Each mandatory prepayment of the Term Loans by the Borrowers pursuant to <u>Section 2.11(d)</u> shall be applied to the Class or Classes of Term Loans being refinanced as directed by the Borrowers and shall be applied pro rata to Term Lenders within each such Class, based upon the outstanding principal amounts owing to each such Term Lender under each such Class of Term Loans on a pro rata basis (except, as to Extended Term Loans or Term Loans made pursuant to an Incremental Facility Amendment or a Refinancing Amendment, as otherwise set forth in such Extension Amendment, Incremental Facility Amendment or a Refinancing Amendment which may be prepaid on a less than pro rata basis). Within the parameters of the applications set forth above, prepayments shall be applied first to Base Rate Loans and then to Term SOFR Loans in direct order of Interest Period maturities. All prepayments under <u>Section 2.11(b)</u> and <u>(d)</u> shall be subject to <u>Section 2.16</u>, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary herein, all prepayments of the Initial Term Loans or any Delayed Draw Term Loans made or required to be made prior to the third anniversary of the Closing Date (whether voluntary or mandatory, as applicable, and whether upon acceleration of the Obligations, the commencement of any bankruptcy or insolvency proceeding, or otherwise, but in any event excluding ordinary course amortization payments made pursuant to <u>Section 2.10</u>, or Excess Cash Flow mandatory prepayment made pursuant to <u>Section 2.11(b))</u> shall be subject to an additional premium (the "<u>Prepayment Premium</u>"), to be paid to Administrative Agent for the benefit of Applicable Lenders as liquidated damages and compensation for the costs of being prepared to make funds available hereunder with respect to the Initial Term Loans or Delayed Draw Term Loans, as applicable, as determined as of the date of prepayment or acceleration, equal to (1) if such payment is made prior to the first anniversary of the Closing Date, the Make-Whole Amount and (2) if such payment is made following the first anniversary of the Closing Date and prior to the third anniversary of the Closing Date, the aggregate principal amount of such prepayment multiplied by (i) three percent (3.0%), with respect to prepayments made after the Closing Date but prior to the second anniversary of the Closing Date, and (ii) one percent 1.0%, with respect to prepayments made on or after the second anniversary of the Closing Date but prior to the third anniversary of the Closing Date; provided that, no Prepayment Premium shall apply in the event of any prepayments in connection with a Qualifying IPO. It is understood and agreed that upon the occurrence of any acceleration of the Obligations for any reason, the applicable Prepayment Premium, if any, determined as of the date of acceleration, will also be due and payable and will be treated and deemed as though the Initial Term Loans or Delayed Draw Term Loans were prepaid as of such date and shall constitute part of the Obligations for all purposes herein and added to the principal amount thereof. The applicable Prepayment Premium, if any, shall also be payable in the event the Obligations (and/or this Agreement) are satisfied or released by foreclosure (whether by power or judicial proceed), deed in lieu of foreclosure or by any other means. THE BORROWERS AND THE OTHER LOAN PARTIES EXPRESSLY WAIVE THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING APPLICABLE PREPAYMENT PREMIUM IN CONNECTION WITH SUCH ACCELERATION. The Borrowers and the other Loan Parties expressly agree that (u) the applicable Prepayment Premium is reasonable and is the product of an arms' length transaction between sophisticated business people, ably represented by counsel, (v) the applicable Prepayment Premium shall be payable notwithstanding the then prevailing market rates at the time payment is made, (w) there has been a course of conduct between the Lenders and the Borrowers and the other Loan Parties giving specific consideration in this transaction for such agreement to pay the applicable Prepayment Premium, (x) the Borrowers and the other Loan Parties shall be estopped hereafter from claiming differently than as agreed to in this clause (h), (y) their agreement to pay the applicable Prepayment Premium is a material inducement to the Lenders to make the Initial Term Loans or Delayed Draw Term Loans and (z) the Prepayment Premium represents a good faith, reasonable estimate and calculation of the lost profits or damages of the Lenders and that it would be impractical and extremely difficult to ascertain the actual amount of damages to the Lenders or profits lost by the Lenders as a result of an acceleration of the Obligations.

Section 2.12 <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrowers shall pay to the Administrative Agent for the account of each Lender having a Delayed Draw Term Loan Commitment, a commitment fee equal to 1.50% per annum *times* the average daily balance of the undrawn portion of the Delayed Draw Term Loan Commitment held by such Lender during each fiscal quarter or portion thereof from the date that is 90 days following the Closing Date to the Delayed Draw Termination Date. The Delayed Draw Term Loan ticking fee shall begin to accrue on such 90<sup>th</sup> day following the Closing Date and be payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date following the 90<sup>th</sup> day following the Closing Date and on the Delayed Draw Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower agrees to pay to each of the Administrative Agent and the Collateral Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between any of the Parties and the Administrative Agent and the Collateral Agent, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All fees payable hereunder shall be paid in U.S. Dollars by the Borrowers on the dates due, in Same Day Funds, to the Administrative Agent for distribution, in the case of commitment fees and participation fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances.

Section 2.13 <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Loans comprising each Borrowing of a Base Rate Loan shall bear interest at the Base Rate <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Loans comprising each Borrowing of a Term SOFR Loan shall bear interest at Term SOFR for the Interest Period in effect for such Borrowing <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default under any of <u>Section 7.01(a)</u>, <u>7.01(h)</u> or <u>7.01(i)</u>, the overdue portion of any principal amount of all Loans and, to the extent permitted by applicable Law, any overdue interest payments on the Loans or any overdue premium, fees or other amounts owed hereunder not paid when due, in each case whether at stated maturity, by notice of prepayment, by acceleration or otherwise, shall bear interest (including post-petition interest in any proceeding under any Debtor Relief Law) from the date of such Event of Default, payable on demand at a rate that is 2.00% per annum (the "<u>Default Rate</u>") <u>plus</u> the interest rate otherwise applicable to such Loan as provided in the preceding paragraphs of this <u>Section 2.13</u> (including the Applicable Rate); <u>provided</u> that no Default Rate shall accrue on the Loans of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Accrued interest on each Loan shall be payable in the same currency as the applicable Loan and in arrears on each Interest Payment Date for such Loan, <u>provided</u> that (i) interest accrued pursuant to <u>paragraph</u> (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Term SOFR Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

Section 2.14 <u>Alternate Rate of Interest</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;(a) Subject to <u>clauses (b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e)</u> and <u>(f)</u> of this <u>Section 2.14</u>, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) prior to the commencement of any Interest Period for a Term SOFR Borrowing, that adequate and reasonable means do not exist for ascertaining the Term SOFR and such Interest 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent is advised by the Majority in Interest of any Class of Lenders that prior to the commencement of any Interest Period for a Term SOFR Borrowing, the Term SOFR and such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing and such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrowers and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrowers deliver a new Loan Notice in accordance with the terms hereof, (A) for Loans denominated in U.S. Dollars, any Loan Notice that requests the conversion of a Term SOFR Borrowing and any Loan Notice that requests a Term SOFR Borrowing shall instead be deemed to be a Loan Notice, for a Base Rate Borrowing. Furthermore, if any Term SOFR Loan, is outstanding on the date of the Borrowers' receipt of the notice from the Administrative Agent referred to in this <u>Section 2.14(a)</u> with respect to a Relevant Rate applicable to such Term SOFR Loan, then until (x) the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrowers delivers a new Loan Notice in accordance with the terms hereof, (A) for Loans denominated in U.S. Dollars, any Term SOFR Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall constitute, a Base Rate Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" with respect to Dollars for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority in Interest of each affected Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent will promptly notify the Borrowers and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section 2.14</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</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;(e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the Borrowers' receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrowers may revoke any request for a Term SOFR Borrowing, conversion to or continuation of Term SOFR Loans to be made, converted or continued and, failing that, the Borrowers will be deemed to have converted any request for a Term SOFR Borrowing denominated in Dollars into a request for a Borrowing of or conversion to a Base Rate Borrowing. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

Section 2.15 <u>Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impose, modify or deem applicable any reserve, special deposit, liquidity, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement subject to <u>Section 2.15(c)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) impose on any Lender or the applicable interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Term SOFR Loans made by such 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;(iii) subject any Lender to any additional Taxes of any kind whatsoever with respect to this Agreement or any Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except, in each case, for Indemnified Taxes indemnifiable under <u>Section 2.17</u> and any Excluded Taxes);

and the result of any of the foregoing shall be to materially increase the cost to such Lender of making, converting to, continuing or maintaining any Term SOFR Loan (or of maintaining its obligation to make any such Loan) of the Borrowers or to increase the cost to such Lender or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the applicable Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

&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 Lender determines in good faith that any Change in Law regarding capital or liquidity requirements has or would have the effect of materially reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to the Borrowers to a level below that which such Lender or such Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding company with respect to capital and liquidity adequacy), then from time to time the applicable Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in <u>(a)</u> or <u>(b)</u> of this Section shall be delivered to the Borrowers and shall be conclusive absent manifest error. The applicable Borrowers shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt 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;(e) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation, <u>provided</u> that no Borrower shall be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 120 days prior to the date that such Lender notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor, and <u>provided</u> further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 120-day period referred to above shall be extended to include the period of retroactive effect thereof.

Section 2.16 <u>Break Funding Payments</u>. In the event of (a) the payment by any Borrower of any principal of any Term SOFR Loan other than on the last day of an Interest Period applicable thereto or the relevant interest payment date or payment period (including as a result of an Event of Default), (b) the conversion by any Borrower of any Term SOFR Loan other than on the last day of the Interest Period applicable thereto or the relevant interest payment date or payment period, (c) the failure by any Borrower to borrow, convert into, continue or prepay any Term SOFR Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Term SOFR Loan other than on the last day of the Interest Period applicable thereto or the relevant interest payment date or payment period as a result of a request by any Borrower pursuant to <u>Section 2.19</u> or <u>Section 9.02(c)</u>. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrowers and shall be conclusive absent manifest error. The applicable Borrowers shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt thereof.

Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation, <u>provided</u> that no Borrower shall be required to compensate a Lender pursuant to this Section for any costs incurred more than 120 days prior to the date of the event giving rise to such costs.

Section 2.17 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each payment by or on account of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, unless such deduction or withholding is required by any Requirement of Law. If any applicable withholding agent (including any Loan Party) is so required to deduct or withhold Taxes (as determined in the good faith discretion of an applicable withholding agent), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Loan Party shall promptly upon becoming aware of such requirement to make the deduction or withholding (or that there is any change in the rate or the basis of the deduction or withholding) notify the Administrative Agent accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Loan Party or Administrative Agent (as applicable) shall so deduct or withhold and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with any applicable law; 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;(iii) to the extent such withholding or deduction is made on account of Indemnified Taxes, then the amount payable by the applicable Loan Party shall be increased as necessary so that, after any required withholding or the making of any required deductions (including deductions and withholdings applicable to any additional amounts payable under this <u>Section 2.17</u>), the applicable Recipient receives the amount it would have received had no such withholding or deduction been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the provisions of subsection (a) above, each applicable Loan Party shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As promptly as possible after any payment of Taxes by a Loan Party with respect to a Recipient to a Governmental Authority in accordance with <u>Section 2.17(a)</u> and <u>Section 2.17(b)</u>, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The applicable Loan Parties shall indemnify each Recipient for the full amount of any Indemnified Taxes that are paid or payable by such Recipient, or required to be withheld or deducted from a payment to a Recipient, in connection with any Loan Document (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17) and any reasonable out of pocket expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this <u>paragraph</u> (d) shall be paid within 30 days after the Recipient (or the Administrative Agent, on behalf of such Recipient) delivers to the applicable Loan Party a certificate setting forth the basis and a calculation of the amount of Indemnified Taxes so payable by such Recipient. Such certificate shall be conclusive of the amount so payable absent manifest error. Such Recipient shall deliver a copy of such certificate to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax with respect to any payments under any Loan Document shall deliver to the applicable Borrower and the Administrative Agent, at the time or times prescribed by law or reasonably requested by the applicable Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the applicable Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the applicable Borrower or the Administrative Agent, shall deliver such other documentation prescribed by law or reasonably requested by the applicable Borrower or the Administrative Agent as will enable the applicable Borrower or the Administrative Agent to determine whether or not such Lender is subject to U.S. backup withholding or information reporting requirements, or any other U.S. or non-U.S. withholding requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (e)(i), (e)(ii), and (e)(iii) of this Section) 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. Upon the reasonable request of the applicable Borrower or the Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this <u>clause (e)</u>. If any form or certification previously delivered pursuant to this <u>clause</u> (e) expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10 days after such expiration, obsolescence or inaccuracy) notify the applicable Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to the Borrowers, each Lender that is not a U.S. Person and is a party hereto on the Closing Date or purports to become an assignee of an interest pursuant to <u>Section 9.04</u> after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to such assignment) (each such Lender a "<u>Foreign Lender</u>") shall, to the extent permitted by Requirement of Law, execute and deliver to the Borrowers and 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 Borrowers or the Administrative Agent) whichever of the following is applicable: (A) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with respect to payments of interest under any Loan Document, two (2) properly completed and executed copies of United States IRS Forms W-8BEN or W-8BEN-E (or successor form) establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Documents, two (2) properly completed and executed copies of IRS Forms W-8BEN or W-8BEN-E (or successor form) establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the "business profits" or "other income" article of such tax treaty; (B) two (2) executed copies of IRS Form W-8ECI (or successor form); (C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate 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 Borrowers within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" that is related to a Borrower as described in Section 881(c)(3)(C) of the Code (a "U.S. Tax Compliance Certificate") and (y) two (2) executed copies of IRS Forms W-8BEN or W-8BEN-E (or successor form); (D) to the extent a Foreign Lender is not the beneficial owner, two (2) executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E (or successor form), a U.S. Tax Compliance Certificate, IRS Form W-9 (or successor form), and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each beneficial owner; or (E) other applicable forms, certificates or documents prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to the Borrowers, each Lender that is a U.S. Person and is a party hereto on the Closing Date or purports to become an assignee of an interest pursuant to <u>Section 9.04</u> after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to such assignment) shall provide to the Borrowers and Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), a properly completed and executed copy of IRS Form W-9 or any successor form certifying as to such Lender's or Administrative Agent's entitlement to an exemption from U.S. backup withholding and other applicable forms, certificates or documents prescribed by the IRS or reasonably requested by the Borrowers or 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;(iii) With respect to the Borrowers, if a payment made to any Lender would be subject to any withholding Tax imposed under FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrowers and Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such other documentation reasonably requested by the Borrowers and Administrative Agent as may be necessary for the Administrative Agent and the Borrowers to comply with their obligations under FATCA, to determine whether such Lender has or has not complied with such Lender's FATCA obligations and to determine the amount, if any, to deduct and withhold from such payment. For purposes of determining withholding Taxes imposed under FATCA, from and after the Closing Date, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a "grandfathered obligation" within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). Solely for purposes of this <u>clause (iv)</u>, "FATCA" shall include any amendments after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding any other provision of this <u>clause (e)</u>, a Lender shall not be required to deliver any form that such Lender is not legally eligible to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any Recipient determines, in its sole discretion (exercised in good faith), that it has received a refund of any Indemnified Taxes (whether in cash or applied as a credit against any Cash Taxes payable) as to which it has been indemnified pursuant to this Section 2.17 (including additional amounts paid by any Loan Party pursuant to this <u>Section 2.17</u>), it shall promptly pay to the indemnifying party an amount equal to such refund and any additional amounts paid under this <u>Section 2.17</u> in respect of the Taxes giving rise to such refund (but only to the extent of indemnity payments made, and additional amounts paid, under this <u>Section 2.17</u> with respect to the Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses (including any Taxes) of such Recipient and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), <u>provided</u> that the indemnifying party, upon the written request of such Recipient, shall repay to such Recipient the amount paid to such indemnifying party pursuant to the previous sentence (<u>plus</u> any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <u>clause (f)</u>, in no event will the applicable Recipient be required to pay any amount to an indemnifying party pursuant to this <u>clause (f)</u> the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the tax subject to indemnification and giving rise to such refund had not been deducted, withheld, or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This <u>clause (f)</u> shall not be construed to require any Recipient to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Loan Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent shall deliver to the Borrowers on or prior to the date on which the Administrative Agent becomes an Administrative Agent under this Agreement executed copies of IRS Form W-9 certifying that such Administrative Agent is exempt from U.S. federal backup withholding tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the avoidance of doubt, all amounts expressed to be payable under a Loan Document by any Loan Party to a Lender which (in whole or in part) constitute consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply and, accordingly, if VAT is or becomes chargeable on any supply made by any Lender to any Loan Party under a Loan Document and such Lender is required to account to the relevant tax authority for the VAT, that Loan Party must pay to such Lender (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Lender must, on request, promptly provide an appropriate VAT invoice to that Loan Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Where a Loan Document requires a Loan Party to reimburse or indemnify a Lender for any cost or expense, that Loan Party shall reimburse or indemnify (as the case may be) such Lender for the full amount of such cost or expense, including such part thereof as represents VAT save to the extent that such Lender reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

Section 2.18 <u>Payments Generally; Pro Rata Treatment; Sharing of Setoffs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower shall make each payment or prepayment required to be made by it under any Loan Document (whether of principal, interest, fees or of amounts payable under <u>Section 2.15</u>, <u>Section 2.16</u>, <u>Section 2.17</u> or otherwise) prior to the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 2:00 p.m.), on the date when due, in Same Day Funds, free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the applicable Borrower hereunder shall be made to the applicable Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent's Office in U.S. Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein. Any amounts received after 2:00 p.m., in the case of payments in U.S. Dollars, 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's Office, except that payments pursuant to <u>Section 2.12(c)</u>, <u>Section 2.15</u>, <u>Section 2.16</u>, <u>Section 2.17</u> and <u>Section 9.03</u> shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. Unless otherwise provided herein, if any payment under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments under each Loan Document of principal or interest in respect of any Loan (or of any breakage indemnity in respect of any Loan) shall be made in the currency of such Loan and, except as otherwise set forth in any Loan Document, all other payments under each Loan Document shall be made in U.S. Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time insufficient funds from the Borrowers are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) <u>first</u>, towards payment of interest and fees then due by the Borrowers hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties from the Borrowers, and (ii) <u>second</u>, towards payment of principal then due by the Borrowers hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such 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;(c) If, other than as provided elsewhere herein, any Lender shall, by exercising any right of setoff or counterclaim, obtain payment in respect of any principal of or interest on any of its Term Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Term Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Term Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Term Loans of the applicable Class, <u>provided</u> that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to (v) any payment or prepayment made by or on behalf of the any Borrower or any other Loan Party pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender or Disqualified Lender), (x) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant or the termination of any Lender's commitment and non-pro rata repayment of Loans pursuant to <u>Section 2.19(b)</u>, (y) [reserved], or (z) in connection with a transaction pursuant to an Extension Offer, Refinancing Amendment or Incremental Facility Amendment or amendment in connection with Credit Agreement Refinancing Indebtedness. For the avoidance of doubt, this Section shall not limit the ability of any member of the Consolidated Group to pay principal, fees, premiums and interest with respect to Credit Agreement Refinancing Indebtedness, Extended Term Loans, or Incremental Term Loans following the effectiveness of any Refinancing Amendment, any Extension Offer or Incremental Facility Amendment on a basis different from the Loans of such Class that will continue to be held by Lenders that were not Additional Refinancing Lenders, Extending Lenders or Additional Lenders, 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;(d) Unless the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. With respect to any payment that the Administrative Agent makes for the account of the Lenders hereunder as to which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the "<u>Rescindable Amount</u>"): (i) such Borrower has not in fact made such payment; (ii) the Administrative Agent has made a payment in excess of the amount so paid by such Borrower (whether or not then owed); or (iii) the Administrative Agent has for any reason otherwise erroneously made such payment; then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Lender, in Same Day Funds 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 Overnight Rate. A notice of the Administrative Agent to any Lender or any Borrower with respect to any amount owing under this <u>Section 2.18(d)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender shall fail to make any payment required to be made by it pursuant to <u>Section 2.06(a)</u> or <u>(b)</u>, <u>Section 2.18(d)</u> or <u>Section 9.03(c)</u>, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under such Sections until all such unsatisfied obligations are fully paid.

Section 2.19 <u>Mitigation Obligations; Replacement of Lender</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender requests compensation under <u>Section 2.15</u> or <u>Section 2.17</u>, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.17</u>, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 2.15</u> or <u>Section 2.17</u>, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not be inconsistent with its internal policies or otherwise be disadvantageous to such Lender. Each Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender (to the extent applicable to such Borrower) in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender requests compensation under <u>Section 2.15</u> or <u>Section 2.17</u>, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.17</u>, and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with <u>Section 2.19(a)</u>, or if any Lender ceases to make Term SOFR Loans as a result of any of the conditions in <u>Section 2.14</u> or <u>Section 2.15</u>, or if any Lender becomes a Defaulting Lender, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender (and such Lender shall be obligated) to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in <u>Section 9.04</u>), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), <u>provided</u> that (i) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and, other than in the case of a Defaulting Lender, such Lender's pro rata share of accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts), and (ii) in the case of any such assignment resulting from a claim for compensation under <u>Section 2.15</u> or payments required to be made pursuant to <u>Section 2.17</u>, such assignment will result in a reduction in such compensation or 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;(c) Any Lender being replaced pursuant to <u>Section 2.19(b)</u> or <u>Section 9.02(c)</u> shall (i) execute and deliver an Assignment and Assumption with respect to such Lender's Commitment and outstanding Loans (<u>provided</u> that the failure of any such Lender to execute an Assignment and Assumption shall not render such assignment invalid and such assignment shall be recorded in the Register) and (ii) deliver Notes, if any, evidencing such Loans to the Borrowers or Administrative Agent. Pursuant to such Assignment and Assumption, (A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning Lender's Commitments and outstanding Loans (B) all obligations of the Loan Parties owing to the assigning Lender relating to the Loan Documents and participations so assigned shall be paid in full by the assignee Lender or the Loan Parties (as applicable) to such assigning Lender concurrently with such assignment and assumption (including any amounts owing to the assigning Lender (other than a Defaulting Lender) under <u>Section 2.16</u> as a consequence of such assignment) and (C) upon such payment and, if so requested by the assignee Lender, the assignor Lender shall deliver to the assignee Lender the appropriate Note or Notes executed by the Borrowers, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender.

Section 2.20 <u>Incremental Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time and from time to time after the Delayed Draw Termination Date and prior to the Latest Maturity Date, so long as the German Post-Closing Obligations have been satisfied, subject to the terms and express conditions set forth herein, the Borrowers may by no less than three (3) Business Days' prior notice to the Administrative Agent (or such lesser number of days reasonably acceptable to the Administrative Agent), request to add one or more new credit facilities to this Agreement (each, an "<u>Incremental Facility</u>"), consisting of one or more additional tranches of term loans (including new delayed draw commitments) or an increase to an existing Class of term Loans (including delayed draw term loans) under this Agreement (each, an "<u>Incremental Facility</u>"), so long as (i) the aggregate principal amount of all Incremental Facilities, when taken together with the aggregate principal amount of all outstanding Incremental Equivalent Debt, does not exceed the Incremental Cap as in effect at the time of determination; (ii) subject to <u>Section 1.12</u>, immediately before and after giving effect to each Incremental Facility Amendment, no Event of Default has occurred and is continuing or would result therefrom; (iii) [reserved]; (iv) the representations and warranties in <u>Article III</u> of this Agreement and the other Loan Documents shall be true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language, in all respects) on and as of the date of the incurrence of such Incremental Facility (although any representations or warranties which expressly relate to a given date or period shall be required only to be true and correct in all material respects (or in all respects, as applicable) as of the respective date or for the respective period, as the case may be); <u>provided</u> that, in the case of any Limited Condition Transaction, the requirement with respect to representations and warranties shall be as agreed between the Borrowers and the applicable Additional Lender providing such Incremental Facility; (v) no existing Lender shall be required to participate in any such Incremental Facility without its consent; and (vi) each Incremental Facility shall be in a minimum principal amount of $5,000,000 or multiples of $1,000,000 in excess thereof. Each Incremental Facility shall have the same guarantees as, and be secured on a pari passu basis by the same Collateral securing, all of the other Obligations hereunder, subject to <u>Section 2.28</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Incremental Facility (i) if made a part of an existing Class of Term Loans, (x) shall have terms identical to those applicable to such Class of Term Loans (other than with respect to upfront, arrangement, structuring or similar fees or original issue discount applicable to such Class of Term Loans) and (y)(A) such Incremental Facility shall have the same amortization schedule then applicable to such Class of Term Loans; provided that, unless otherwise agreed by the Borrowers, the first such amortization payment in respect of any Incremental Facility shall be the first full fiscal quarter following incurrence and (B) the amortization schedule for such Class of Term Loans shall be amended by the Administrative Agent and the Borrowers to increase the amortization payment for all Lenders holding such Class of Term Loans on a pro rata basis to the extent necessary to maintain, solely in respect of the outstanding amount of such Class of Term Loans held by each Lender immediately prior to such Incremental Facility (on a dollar basis and after giving effect to any pro rata application of such amortization payments to such Class of Term Loans), the principal amount of the amortization payments to which such Lenders were entitled before such recalculation or (ii) if consisting of an additional tranche of Term Loans shall have such terms as determined by the Borrowers and the lenders providing such Incremental Facility; <u>provided</u>, that, (A) no Subsidiary shall be a borrower or a guarantor with respect to such Incremental Facility unless such Subsidiary is a Loan Party (or substantially concurrently with the incurrence thereof becomes a Loan Party), and such Incremental Facility shall be secured on a pari passu basis with the Liens securing the Secured Obligations, (B) the obligations in respect thereof shall not be secured by Liens on the assets other than assets constituting Collateral, (C) the final maturity of any such Incremental Facility shall be no earlier than the Latest Maturity Date then in effect, (D) no Incremental Facility shall have a Weighted Average Life to Maturity that is shorter than the Weighted Average Life to Maturity of any of the then outstanding Term Loans, as applicable (without giving effect to amortization for periods where amortization has been eliminated as a result of a prepayment of such Term Loans), (E) any Incremental Facility may provide for the ability to participate on a pro rata basis or less than pro rata basis but not a greater than pro rata basis (other than in the case of prepayment with proceeds of Indebtedness refinancing such Incremental Facility) in any mandatory prepayment of Term Loans required pursuant to <u>Section 2.11(d)</u>, (F) the pricing, interest rate margins, discounts, premiums, rate floors and fees applicable to any Incremental Facility shall be determined by the Borrowers and the Lenders providing such Incremental Term Loans, (G) other terms may differ and shall be determined by the Borrowers and the lenders providing such Incremental Term Loans; <u>provided</u>, however, the covenants and events of default of such Incremental Term Loans, if not consistent with the terms of this Agreement and the other Loan Documents shall not be materially more restrictive to Holdings, the Borrowers and the Subsidiaries (as determined in good faith by the Borrowers), when taken as a whole, than the terms of this Agreement and the other Loan Documents, unless (x) the Lenders receive the benefit of such more restrictive terms pursuant to an amendment executed by the Borrowers and the Administrative Agent (it being understood that no consent of any such Lender shall be required to receive the benefit of such more restrictive terms) or (y) any such provisions apply after the Latest Maturity Date then in effect and (H) each Incremental Facility shall be denominated in U.S. Dollars and evidenced by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, for any Incremental Term Loan that is secured on a pari passu basis with the Initial Term Loans and Delayed Draw Term Loans, the Applicable Rate (which shall be deemed to (i) include (x) for purposes of this sentence only, all upfront or similar fees or original issue discount based on a four year average life or, if less, the remaining life to maturity payable to all Lenders providing such Loans, as applicable and (y) a floor with respect to Term SOFR greater than 2.00% but (ii) exclude any arrangement, commitment, structuring and underwriting fees and any amendment fees payable to the Lenders or their Affiliates or any Lenders under the Incremental Facility or their Affiliates) relating to such Incremental Term Commitment exceeds the Applicable Rate relating to the relevant Initial Term Loans and Delayed Draw Term Loans immediately prior to the effectiveness of the applicable Incremental Facility Amendment by more than 0.50%, the Applicable Rate relating to the relevant Initial Term Loans and Delayed Draw Term Loans shall be adjusted to be equal to the Applicable Rate relating to such Incremental Term Commitment minus 0.50.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each notice from the Borrowers pursuant to this Section shall set forth the requested amount and proposed terms of the relevant Incremental Facility. Any additional bank, financial institution, existing Lender or other Person that elects to provide Commitments under an Incremental Facility shall be an Eligible Assignee that is reasonably satisfactory to the Borrowers and, to the extent such consent would be required for an assignment of Loans or Commitments of the same (or similar) Class pursuant to <u>Section 9.04</u>, the Administrative Agent (such consent not to be unreasonably withheld, delayed or conditioned) (any such bank, financial institution, existing Lender or other Person being called an "<u>Additional Lender</u>") and, if such Additional Lender is not already a Lender, it shall become a Lender under this Agreement pursuant to an amendment (an "<u>Incremental Facility Amendment</u>") to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers and such Additional Lender (in the case of this Agreement and, as appropriate, any other Loan Document, as applicable) (and to the extent it directly and adversely affects the rights or duties of the Administrative Agent, and/or the Collateral Agent, the Administrative Agent, and/or the Collateral Agent, as applicable), and acknowledged by the Administrative Agent (which acknowledgement shall not be unreasonably withheld, delayed or conditioned). No Lender shall be obligated to provide any Commitments under an Incremental Facility, unless it so agrees. Commitments in respect of any Incremental Facilities shall become Commitments under this Agreement. An Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to any Loan Documents as may be necessary, advisable or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this Section (including to provide for voting provisions applicable to the Additional Lenders comparable to the provisions of <u>clause (iv)</u> of the first proviso of <u>Section 9.02(b)</u>). The effectiveness of any Incremental Facility Amendment shall, unless otherwise agreed to by the Additional Lenders, be subject to the satisfaction (or waiver) on the date thereof of the express conditions in respect of such Incremental Facility Amendment to be mutually agreed upon by the Additional Lenders and the Borrowers. The proceeds of any Loans under an Incremental Facility will be used, directly or indirectly, by the applicable Borrower for working capital and/or general corporate purposes and/or any other purposes not prohibited hereunder (including Restricted Payments, Acquisitions and other Investments). This <u>Section 2.20</u> shall supersede any provisions in <u>Section 2.11</u>, <u>Section 2.18</u> and <u>Section 9.02</u> to the contrary.

Section 2.21 <u>Refinancing Facilities</u>.

At any time after the Closing Date, the Borrowers may obtain from any existing Lender or any other Person reasonably satisfactory to the Administrative Agent, (any such existing Lender or other Person being called an "<u>Additional Refinancing Lender</u>") Credit Agreement Refinancing Indebtedness in respect of all or any portion of any Class of Term Loans then outstanding under this Agreement in the form of Other Term Loans or Other Term Commitments or pursuant to a Refinancing Amendment; <u>provided</u> that (i) such Credit Agreement Refinancing Indebtedness may be secured only by assets consisting of Collateral, (ii) the other terms and conditions of such Credit Agreement Refinancing Indebtedness (excluding pricing and optional prepayment or redemption terms) are substantially similar to, or less favorable (including for the avoidance of doubt any amortization, maturity, fee and prepayment provisions) to the Additional Refinancing Lenders, taken as a whole, than those applicable to the Credit Agreement Refinanced Debt (except for covenants or other provisions applicable only to periods after the latest final maturity date of the applicable Credit Agreement Refinanced Debt or to the extent such provisions are added for the benefit of all the Lenders hereafter (it being understood that no consent of any such Lender shall be required to receive the benefit of such provisions)), (iii) delivery of customary opinions, authorizing resolutions, reaffirmations and other customary certificates (including as to the satisfaction of the conditions precedent in <u>Section 4.02</u> at the time such Other Term Commitments become effective), in each case of the type and scope delivered on the Closing Date, (iv) any Credit Agreement Refinancing Indebtedness shall be denominated in U.S. Dollars, (v) with respect to Other Term Loans or Other Term Commitments, any Affiliated Lender providing an Other Term Commitment shall be subject to the same restrictions set forth in <u>Section 9.04</u> as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Term Loans, and (vi) the Administrative Agent shall enter into an Acceptable Intercreditor Agreement with respect thereto. The effectiveness of any Refinancing Amendment shall be subject to such express conditions as are mutually agreed with the participating Additional Refinancing Lenders. Each Class of Credit Agreement Refinancing Indebtedness (other than in connection with an extension of the maturity of Term Loans) incurred under this <u>Section 2.21</u> shall be in an integral multiple of $1,000,000 and be in an aggregate principal amount that is not less than $5,000,000, <u>provided</u> that such amount may be less than $5,000,000 if such amount represents all the remaining availability under the aggregate principal amount of the applicable Credit Agreement Refinanced Debt. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary or reasonably advisable to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Other Term Loans, and/or Other Term Commitments). Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary, or reasonably advisable or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this Section. This <u>Section 2.21</u> shall supersede any provisions in <u>Section 2.18</u> and <u>Section 9.02</u> to the contrary.

Section 2.22 <u>Defaulting Lenders</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;(a) <u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section 9.02</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;(ii) <u>Reallocation of Payments</u>. Any payment of principal, interest, fees, indemnity payments or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VII</u> or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to <u>Section 9.08</u>), shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; *second*, as the Borrowers may request, to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement; *third*, if so determined by the Administrative Agent and the Borrowers, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; *fourth*, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and *fifth*, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of all non- Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this <u>Section 2.22(a)(ii)</u> shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees</u>. That Defaulting Lender shall not be entitled to receive any commitment fee pursuant to <u>Section 2.12(a)</u> or any Default Rate of interest pursuant to <u>Section 2.13(c)</u>, in each case, for any period during which that Lender is a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defaulting Lender Cure</u>. If the Borrowers and the Administrative Agent (at the direction of the Required Lenders) agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentage, whereupon that Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and <u>provided</u>, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

Section 2.23 <u>[Reserved]</u>.

Section 2.24 <u>Extensions of Term Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 the Borrowers to all Lenders of Term Loans of the applicable Class with a like maturity date on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term Loans with a like maturity date) and offered on the same terms to each such Lender, each Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender's Term Loans and otherwise modify the terms of such Term Loans pursuant to the terms of the relevant Extension Offer (including by increasing the interest rate, premiums or fees payable in respect of such Term Loans (and related outstandings) and/or modifying the amortization schedule, optional prepayment terms, required prepayment dates and participation in prepayments in respect of such Lender's Term Loans) (each, an "<u>Extension</u>", and each group of Term Loans, as so extended, as well as the Initial Term Loan or Delayed Draw Term Loans (not so extended), being a separate Class; any Extended Term Loans shall constitute a separate Class of Term Loans from the Class of Term Loans from which they were converted), so long as the following terms are satisfied (or waived):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) [reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as to interest rates, fees, premiums, amortization, voluntary prepayments, AHYDO Catch-Up Payments and final maturity (which shall, subject to the immediately succeeding <u>clauses (iii)</u>, <u>(iv)</u> and <u>(v)</u>, be determined by the Borrowers and set forth in the relevant Extension Offer), the Term Loans (whether an Initial Term Loan or Delayed Draw Term Loans, as applicable) of any Term Lender that agrees to an Extension with respect to such Term Loans (an "<u>Extending Lender</u>") extended pursuant to any Extension ("<u>Extended Term Loans</u>") shall have covenants and events of default that, if not consistent with the terms of the applicable Term Loans, shall not be materially more restrictive to Holdings, the Borrowers and the Subsidiaries (as determined in good faith by the Borrowers), when taken as a whole, than the terms of the applicable Term Loans unless (x) the Lenders of the Term Loans receive the benefit of such more restrictive terms pursuant to an amendment executed by the Borrowers and the Administrative Agent (it being understood that no consent of any such Lender shall be required to receive the benefit of such more restrictive terms) or (y) any such provisions apply after the Maturity Date of the Class of Term Loans for which such Extension Offer was made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the final maturity date of any Extended Term Loans shall be no earlier than the Maturity Date of the Class of Term Loans for which such Extension Offer was made and at no time shall the Term Loans (including Extended Term Loans) have more than six different maturity dates,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Term Loans extended thereby (without giving effect to amortization for periods where amortization has been eliminated as a result of a prepayment of the applicable Term Loans),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Extended Term Loans may participate on a pro rata basis or less than pro rata basis in any voluntary or mandatory prepayment of any Class of Term Loans 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;(vi) if the aggregate principal amount of the Class of Term Loans (calculated on the face amount thereof) in respect of which Term Lenders of such Class shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans offered to be extended by the Borrowers pursuant to such Extension Offer, then the Class of Term Loans of such Term Lenders of such Class shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Term Lenders have accepted such Extension Offer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all documentation in respect of such Extension shall be consistent with the foregoing, 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;(viii) any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to all Extensions consummated by the Borrowers pursuant to this <u>Section 2.24</u>, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of <u>Section 2.11</u> and (ii) no Extension Offer is required to be in any minimum amount or any minimum increment, <u>provided</u> that the Borrowers may at their election specify as a condition (a "<u>Minimum Extension Condition</u>") to consummating any such Extension that a minimum amount (to be determined and specified in the relevant Extension Offer in the Borrowers' sole discretion and may be waived by the Borrowers) of the Class of Term Loans of any or all applicable Classes be tendered. The Administrative Agent and the Lenders hereby consent to the consummation of the transactions contemplated by this <u>Section 2.24</u> (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Term Loans 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 any pro rata payment or amendment section) or any other Loan Document that may otherwise prohibit or restrict any such Extension or any other transaction contemplated by this <u>Section 2.24</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Extended Term Loans shall be established pursuant to an Extension Amendment executed by the Borrowers, the Administrative Agent, the Extending Lenders; <u>provided</u> that, except to the extent expressly contemplated by this <u>Section 2.24</u> and notwithstanding anything to the contrary set forth in <u>Section 9.02</u>, each Extension Amendment shall (i) be consistent with the provisions set forth in this <u>Section 2.24</u>, (ii) be reasonably satisfactory to the Administrative Agent, (iii) include representations (x) as to the accuracy of representations and warranties set forth in Article III of this Agreement and in the other Loan Documents in all material respects (without duplication of materiality qualifiers) immediately before and after giving effect to such Extension Amendment and the transactions contemplated thereby (except to the extent such representation or warranty relates to an earlier date, in which case such representation or warranty shall be deemed made as of such earlier date) and (y) that no Default or Event of Default shall have occurred and be continuing as of the effective date of such Extension Amendment or after giving effect to such Extension Amendment and the transactions contemplated thereby, (iv) be subject to any applicable Minimum Extension Condition (unless waived by the Borrowers) and (v) to the extent reasonably requested by the Administrative Agent, be subject to receipt by the Administrative Agent of (x) customary board resolutions and officers' certificates consistent with those delivered on the Closing Date, (y) customary opinions of counsel to the Loan Parties consistent with those delivered on the Closing Date (other than changes to legal opinions resulting from a change in law, change in fact or change in counsel's form of opinion reasonably acceptable to the Administrative Agent) and (z) supplemental or reaffirmation agreements and/or such amendments to the Loan Documents as may be reasonably requested by the Administrative Agent in order to ensure that the Extended Term Loans are provided with the benefit of the applicable Loan Documents. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each such Extension Amendment be reasonably acceptable to the Administrative Agent and shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Term Loans established thereby). All Extended Term Loans and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis with all other applicable Obligations under this Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize the Administrative Agent and, to the extent applicable, the Collateral Agent, to enter into amendments to this Agreement and the other Loan Documents with the Borrowers and other Loan Parties as may be necessary or advisable in order to establish new Classes in respect of Term Loans so extended and such technical amendments as may be necessary, advisable or appropriate in the reasonable opinion of the Administrative Agent and the Borrowers in connection with the establishment of such new Classes, in each case on terms consistent with this <u>Section 2.24</u>. No Lender shall be required to participate in any Extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with any Extension, the Borrowers shall provide the Administrative Agent at least 5 Business Days (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (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 2.24</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the avoidance of doubt, each Lender shall be deemed to have declined any Extension unless such Lender shall expressly agree to such Extension in accordance with this <u>Section 2.24</u>. The Commitments of any such non-extending Lender shall terminate on the then-applicable Maturity Date therefor and all Loans and funded participations of any such non-extending Lender, together with all other Obligations in respect thereof, shall be due and payable in full on the then-applicable Maturity Date therefor.

Section 2.25 <u>Illegality</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;(a) If any Lender determines that any applicable law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain or fund or charge interest with respect to Loans whose interest is determined by reference to a Relevant Rate, or to determine or charge interest rates based upon a Relevant Rate or to take deposits of U.S. Dollars in the applicable interbank market, then, on notice thereof by such Lender to the applicable Borrower through the Administrative Agent, (i) any obligation of such Lender to make or maintain Term SOFR Loans, or to convert Base Rate Loans to Term SOFR Loans, shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Term SOFR component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR component of the Base Rate, in each case, until such Lender notifies the Administrative Agent and the applicable Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the (A) applicable Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay such Loans or, in the case of Term SOFR Loans convert such Loans to Base Rate Loans, either on the last day of the Interest Period applicable thereto or the relevant interest payment date or last day of the relevant payment period, if such Lender may lawfully continue to maintain such Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Loans and (B) if such notice asserts the illegality of such Lender determining or charging interest rates based upon Term SOFR, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Term SOFR component 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 Term SOFR. Upon any such prepayment or conversion, the applicable Borrower shall also pay accrued interest on the amount so prepaid or converted and all amounts due. Each Lender agrees to designate a different lending office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to 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;(b) If, in any applicable jurisdiction, the Administrative Agent or any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Administrative Agent or any Lender to (i) perform any of its obligations hereunder or under any other Loan Document, (ii) to fund, hold a commitment or maintain its participation in any Loan or (iii) issue, make, maintain, fund or charge interest or fees with respect to any Credit Extension such Person shall promptly notify the Administrative Agent, then, upon the Administrative Agent notifying the applicable Borrower, and until such notice by such Person is revoked, any obligation of such Person to issue, make, maintain, fund or charge interest or fees with respect to any such Credit Extension shall be suspended, and to the extent required by applicable law, cancelled. Upon receipt of such notice, the Loan Parties shall, (A) repay that Person's participation in the Loans or other applicable Obligations on the last day of the Interest Period for each Loan or other Obligation occurring after the Administrative Agent has notified the applicable Borrower or, if earlier, the date specified by such Person in the notice delivered to the Administrative Agent (being no earlier than the last day of any applicable grace period permitted by applicable law) and (B) take all reasonable actions requested by such Person to mitigate or avoid such illegality.

Section 2.26 <u>[Reserved.]</u>

Section 2.27 <u>Appointment of Borrowers for Notices, Etc</u>. Doncasters Finance hereby irrevocably appoints Doncasters to act as its agent for the purpose of delivering notices, requests, elections, certificates, approvals, consents and other communications on behalf of the Borrowers under this Agreement and the other Loan Documents and agrees that the Administrative Agent, the Collateral Agent and the Lenders may accept, and be permitted to rely on, any notice, request, election, certificate, approval, consent or other communication executed and/or delivered by Doncasters on behalf of Doncasters Finance or all Borrowers (including Loan Notices and Notices of Loan Prepayments). For the avoidance of doubt, the foregoing shall be without prejudice to the ability of Doncasters Finance to execute and/or deliver any notice, request, election, certificate, approval, consent or other communication under this Agreement or any other Loan Document on its own behalf.

Section 2.28 <u>Joint and Several Liability of Borrowers</u>. Each Borrower is jointly and severally liable for all of the Secured Obligations, regardless of which Borrower actually receives the proceeds or other benefits of the Loans or other Credit Extensions or the manner in which the Borrowers, the Administrative Agent or any Lender accounts therefor in their respective books and records.

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES**

Each of the Parties represents and warrants to the Lenders that:

Section 3.01 <u>Organization; Powers</u>. Other than as set forth on <u>Schedule 3.01</u>, each of the Parties and each Material Subsidiary is (a) duly organized or incorporated, validly existing and, to the extent such concept is applicable in the corresponding jurisdiction, in good standing under the laws of the jurisdiction of its organization, incorporation or establishment, (b) has all requisite organizational or constitutional power and authority to (i) own, pledge, mortgage, and operate its assets and properties and to carry on its business as now conducted and (ii) to execute, deliver and perform its obligations under each Loan Document to which it is a party, and (c) is qualified to do business, and is in good standing, in every jurisdiction where it does business, except in the case of <u>clauses (a)</u>, (other than with respect to any Borrower), <u>(b)</u> and <u>(c)</u>, where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. The centre of main interests (as that term is referred to in Article(l) of the Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings) of each German Guarantor is situated in its jurisdiction or incorporation.

Section 3.02 <u>Authorization; Enforceability</u>. The execution, delivery and performance of this Agreement (and the lending transactions contemplated hereby to occur on the Closing Date) has been duly authorized by all necessary corporate, shareholder or other organizational action by each of the Parties, and constitutes, and each other Loan Document to which any Loan Party is a party has been duly authorized by all necessary corporate, shareholder or other organizational action by such Loan Party, and each Loan Document constitutes a legal, valid and binding obligation of each of the Parties or such other Loan Party (as the case may be), enforceable in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, defenses of set-off or counterclaim, the principle that security expressed to be fixed security may take the effect of floating security, and other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinion delivered pursuant to the Loan Documents and (ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties. Each Loan Document has been duly executed and delivered by each Loan Party that is a party thereto.

Section 3.03 <u>Governmental Approvals; No Conflicts</u>. The execution, delivery and performance by the Loan Parties of the Loan Documents to which such Loan Parties are a party (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, in each case, as of the Closing Date, (ii) filings and registrations of charges necessary to perfect Liens created under the Loan Documents and to release existing Liens (if any) and (iii) those consents, approvals, registrations, filings or other actions, the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect, (b) will not violate any Organizational Document of any Loan Party, (c) will not violate any Requirement of Law applicable to the members of the Holding Company Group, (d) after giving effect to the Transactions, will not violate or result in a default under any indenture, agreement or other instrument in each case constituting Material Indebtedness binding upon any member of the Holding Company Group or its assets, or give rise to a right thereunder to require any payment to be made by any member of the Holding Company Group or give rise to a right of, or result in, termination, cancelation or acceleration of any obligation thereunder, in each case, as of the Closing Date, and (e) will not result in the creation or imposition of any Lien on any material asset of any member of the Holding Company Group, except Liens created under the Loan Documents and Liens permitted under <u>Section 6.02</u>; except in the cases of <u>clauses (a)</u>, <u>(c)</u> and <u>(d)</u> above where such violations, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

Section 3.04 <u>Financial Condition; No Material Adverse Change</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;(a) The Historical Financial Statements (to the knowledge of the Parties) (i) were prepared in accordance with IFRS consistently applied throughout the period covered thereby, except as otherwise expressly noted therein and (ii) fairly present the financial condition of the Persons expressed to be covered thereby as of the date thereof and the results of operations, cash flows and changes in equityholders' equity for the period covered thereby in accordance with IFRS consistently applied throughout the period covered thereby, except as otherwise expressly noted therein and, in the case of unaudited financial statements, subject to the absence of footnotes and to normal year-end audit adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since December 31, 2023, no Material Adverse Effect has occurred, and no event, circumstance, change, effect or condition that would reasonably be expected to have a Material Adverse Effect has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender and the Administrative Agent hereby acknowledges and agrees that Holdings and its Subsidiaries may be required to restate historical financial statements as the result of the implementation of changes in IFRS, or the respective interpretation thereof, and that such restatements will not result in a Default or an Event of Default under the Loan Documents.

Section 3.05 <u>Properties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date of this Agreement, <u>Schedule 3.05</u> sets forth a correct and complete list of all Real Property owned by each Loan Party (or any Subsidiary thereof) (collectively, the "<u>Owned Real Property</u>"), all leases, subleases, and licenses of Real Property and other similar agreements regarding the right to occupy Real Property by each Loan Party (or any Subsidiary thereof) as lessee, sublessee, licensee or similar capacity (together with each amendment, modification, restatement or supplement thereto, collectively, the "Real Property Leases"), and all leases, subleases, and licenses of Real Property and other similar agreements regarding rights to occupy Real Property by each Loan Party or any of its Subsidiaries as lessor, sublessor, licensor or similar capacity (together with each amendment, modification, restatement or supplement thereto collectively, the "<u>Owner Real Property Leases</u>"), with the current location of each such Real Property by street address, including the county, state and, where applicable, each lessee, licensee, sublessee or other occupant 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;(b) Each applicable Loan Party (or Subsidiary thereof) has marketable fee simple title (or the equivalent thereof in the applicable jurisdiction) to the Owned Real Property and the valid and enforceable right to use, pledge, and mortgage such Owned Real Property, and valid leasehold interests in the Real Property Leases, in each case free and clear of all Liens, other than those permitted by <u>Section 6.02</u>. Each Real Property Lease and each Owner Real Property Lease is in full force and effect and is the valid, binding and enforceable obligation of each Loan Party (or Subsidiary thereof, as applicable) party thereto in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting the enforcement of creditors' rights generally and by general equitable principles. No Loan Party (nor Subsidiary thereof, as applicable), nor to the knowledge of any Loan Party (or Subsidiary thereof, as applicable), any other Person, is in default under any Real Property Lease or under any Owner Real Property Lease, and to the knowledge of any Loan Party (or Subsidiary thereof, as applicable) no event has occurred and no circumstance exists which, if not remedied, would result in a default that would reasonably be expected to have a Material Adverse Effect. No party to any Real Property Lease or any Owner Real Property Lease has exercised any termination rights with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There do not exist any material actual or threatened in writing condemnation or eminent domain proceedings that affect any Real Property or any material part thereof, and no Loan Party (nor any Subsidiary thereof) has received any written notice of the intention of any Governmental Authority or other Person to take or use any Material Real Property or any material part thereof or interest therein. No Loan Party (nor any Subsidiary thereof) owns or holds, or is obligated under or is a party to, any option, right of first refusal or other contractual (or other) right or obligation to purchase, acquire, sell, assign or dispose of any real estate or any portion of or interest in the Real Property. No Loan Party (nor any Subsidiary thereof) has received written notice of any material default or violation under any declarations, restrictive covenants or easement agreements (reciprocal or otherwise), in each case affecting any Real Property Collateral, that has not been cured. The Owned Real Property has either direct access to public roads or streets or access to public roads or streets. The Real Property, including, without limitation, all building and improvements, systems, equipment, and structural components, are in good condition, order and repair in all material respects (excepting ordinary wear and tear).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the Loan Parties and each of its Subsidiaries has good and defensible title to, valid leasehold interests in, or rights to use, all of its respective personal property material to its business as currently conducted (i) except in cases where the failure to have such interest would not reasonably be expected to result in a Material Adverse Effect and (ii) free of all Liens, other than those permitted by <u>Section 6.02</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;(e) Each member of the Holding Company Group exclusively owns or has the valid and enforceable right to use all Intellectual Property that is necessary for the operation of their respective businesses as currently conducted, except where failure of the foregoing would not reasonably be expected to have a Material Adverse Effect. The conduct of the businesses of each member of the Holding Company Group and such entity's use of owned Intellectual Property have not and do not infringe, misappropriate, or violate, any third-party Intellectual Property, except where such infringement, misappropriation nor violation of the foregoing would not reasonably be expected to have a Material Adverse Effect. Except for such claims and infringements that could not reasonably be expected to have a Material Adverse Effect, no claim has been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property owned by any member of the Holding Company Group or the validity or effectiveness of any Intellectual Property of any member of the Holding Company Group, nor does any Party know of any such claim, and, to the knowledge of the Parties, the use of any Intellectual Property by any member of the Holding Company Group or the granting of a right or a license in respect of any Intellectual Property from any member of the Holding Company Group does not infringe on the rights of any Person. To the knowledge of any Loan Party, no Person is infringing any Intellectual Property owned by a member of the Holding Company Group.

Section 3.06 <u>Litigation and Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than as set forth on <u>Schedule 3.06</u>, there are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrowers, threatened in writing against any member of the Holding Company Group which is reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than as set forth on <u>Schedule 3.06</u> and except with respect to any other matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, no member of the Holding Company Group (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has handled, stored, transported, disposed of, arranged for or permitted the disposal of, or Released any Hazardous Materials, or owned or operated any property or facility (and no such property or facility is knowingly contaminated by Hazardous Materials) in each case, in a manner that has given or would reasonably be expected to give rise to Environmental Liability, (iii) has become subject to any Environmental Liability, or (iv) has received written notice of any actual or alleged violation of Environmental Law or any Environmental Liability.

Section 3.07 <u>Compliance with Laws.</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;(a) Each member of the Holding Company Group is in compliance with all Requirements of Law applicable to it or its property, except, where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; 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;(b) the pension schemes of each Subsidiary of Parent incorporated in England and Wales are funded to the extent required by law or otherwise comply with the requirements of any law applicable in the jurisdiction in which the relevant pension scheme is maintained, in each case, where failure to do so would reasonably be expected to have a Material Adverse Effect.

Section 3.08 <u>Investment Company Status</u>. No Loan Party is required to be registered as an "investment company" as defined in, or subject to regulation under, the Investment Company Act of 1940.

Section 3.09 <u>Taxes</u>. Each member of the Holding Company Group (a) has timely filed or caused to be filed all U.S. federal, state and non-U.S. Tax returns and reports required to have been filed by it, except to the extent that failure to do so would not reasonably be expected to result in a Material Adverse Effect, and (b) has paid or caused to be paid all U.S. federal, state and non-U.S. Taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable or required to have been paid for it, required to have been paid by it, except (x) any Taxes the failure of which to pay would not reasonably be expected to result in a Material Adverse Effect or (y) any Taxes that are being contested in good faith by appropriate proceedings diligently conducted for which adequate reserves have been provided in accordance with IFRS.

Section 3.10 <u>ERISA.</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;(a) Except as would not reasonably be expected to have a Material Adverse Effect, (i) each Plan is in compliance with ERISA and the Code; (ii) no Lien imposed under the Code or ERISA exists or is likely to arise on account of any Plan within the meaning of Section 412 of the Code; (iii) no ERISA Event has occurred nor is reasonably expected to occur; (iv) no Loan Party has engaged in a nonexempt prohibited transaction as described in Sections 406 of ERISA or 4975 of the Code; (v) no Loan Party or any ERISA Affiliate has incurred any liability to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which have become due which are unpaid; (vi) no Loan Party or any ERISA Affiliate has incurred any liability to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which have become due which are unpaid; and (vii) except as required by Section 4980B of the Code or any other applicable law, no Loan Party maintains an employee welfare benefit plan (as defined in Section 3(l) of ERISA), which provides health and welfare benefits (through the purchase of insurance or otherwise) for any retired or former employee of any Loan Party or coverage after a participant's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither it nor any of its Subsidiaries is or has at any time been (i) an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pensions Schemes Act 1993); and (ii) "connected" with or an "associate" of (as those terms are used in sections 38 and 43 of the Pensions Act 2004) such an employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as would not reasonably be expected to have a Material Adverse Effect, no Foreign Plan Event or U.K. Plan Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties are not and will not be using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to the Parties' entrance into, participation in, administration of and performance of the Loans, the Commitments or this Agreement.

Section 3.11 <u>Disclosure</u>. (a) All written information and written data that has been or will be made available to the Administrative Agent by the Holding Company Group when taken as a whole, is or will be, when furnished, correct in all material respects and does not or will 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) and (b) the Projections have been prepared in good faith based upon assumptions that are believed by the Holding Company Group to be reasonable at the time such Projections are so furnished to the Administrative Agent; it being understood that the Projections are as to future events and are not to be viewed as facts, the Projections are subject to significant uncertainties and contingencies, many of which are beyond the control of the Holding Company Group, that no assurance can be given that any particular Projections will be realized and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and such differences may be material.

Section 3.12 <u>Labor and Employment Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth on <u>Schedule 3.12(a)</u>, (i) none of the Parties or any of their respective Subsidiaries are party to or subject to any collective bargaining agreements, works council agreements, labor union contracts, trade union agreements, and other agreements (each a "<u>Collective Bargaining Agreement</u>") with any union, works council, or labor organization (each a "<u>Union</u>" and collectively "<u>Unions</u>"); (ii) during the past five (5) years, no Union or group of employees of any of the Parties or any of their respective Subsidiaries has sought to organize any employees for purposes of collective bargaining, made a demand for recognition or certification, sought to bargain collectively with any of the Parties or any of their respective Subsidiaries, or filed a petition for recognition with any Governmental Authority; and (iii) as of this date, no Collective Bargaining Agreement is being negotiated by any of the Parties or any of their respective Subsidiaries. Except as would not reasonably be expected to result, individually or in the aggregate, a Material Adverse Effect, during the past five (5) years there have been no actual or threatened strikes, lockouts, slowdowns, work stoppages, boycotts, handbilling, picketing, walkouts, demonstrations, leafleting, sit-ins, sick-outs, or other forms of organized labor disruption with respect to any of the Parties or any of their respective 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;(b) Except as would not be expected to result, individually or in the aggregate, in a Material Adverse Effect, (i) during the past three (3) years, none of the Parties or their respective Subsidiaries materially failed to take reasonable action to investigate or remedy any material allegations involving a senior executive of the Parties or their respective Subsidiaries relating to discrimination, harassment (including sexual harassment), or retaliation, (ii) to the knowledge of the Loan Parties, there are no material allegations of sexual harassment pending against a senior executive of the Parties or their respective Subsidiaries, and (iii) to the knowledge of the Loan Parties, no senior executive of the Parties or their respective Subsidiaries has engaged in any conduct, is being investigated for any conduct, or aided or assisted any other Person to engage in any conduct or cover-up of such conduct, that could reasonably be expected to cause or that has caused any material damage to the reputation or business of any of the Parties or their respective Subsidiaries, including, but not limited to, any conduct constituting sexual misconduct, harassment (including sexual harassment), discrimination or retaliation.

Section 3.13 <u>Subsidiaries; Loan Parties</u>. As of the Closing Date, <u>Schedule 3.13</u> sets forth the name of and the ownership by the Borrowers and the Subsidiaries in each Subsidiary and identifies each Subsidiary that is a Loan Party and/or Excluded Subsidiary as of the Closing Date.

Section 3.14 <u>Solvency</u>. As of the Closing Date, after giving effect to the consummation of the Transactions, the Consolidated Group, when taken as a whole, is Solvent.

Section 3.15 <u>Federal Reserve Regulations</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;(a) None of Holdings or any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock.

&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 part of the proceeds of the Loans will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a violation of the provisions of the Regulations of the Board, including Regulation T, U or X.

Section 3.16 <u>Use of Proceeds</u>. The proceeds of the Initial Term Loan and the Delayed Draw Term Loan, as the case may be, will be used in accordance with <u>Section 5.11</u>; <u>provided</u> that the proceeds of any Incremental Facility may be used for working capital and general corporate purposes of Holdings and its Subsidiaries and as otherwise agreed by the Borrowers and the lenders thereof to the extent not otherwise prohibited under the Loan Documents.

Section 3.17 <u>Security Documents</u>. Subject to the Intercreditor Agreement, the Security Documents, upon execution and delivery by the parties thereto, are effective to create in favor of the Collateral Agent for the benefit of the applicable Secured Parties legal, valid and enforceable (subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, defenses of set-off or counterclaim, the principle that security expressed to be fixed security may take the effect of floating security, and other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinion delivered pursuant to the Loan Documents and (b) any filings, notices and registrations and other perfection requirements necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (which filings or recordings shall be made to the extent required by any Security Document)) first priority Liens on, and security interests in, the Collateral (other than the ABL Priority Collateral) and a second priority Lien on the ABL Priority Collateral, subject to Liens permitted pursuant to <u>Section 6.02</u> and, (i) when all appropriate filings, notices or recordings are made in the appropriate offices, corporate records or with the appropriate Persons as may be required under applicable laws and/or any Security Document (which filings, notices or recordings shall be made to the extent required by any Security Document), (ii) when Mortgages and other filings in appropriate form are recorded in the appropriate recordation office in the location specified in such Mortgage(s), and (iii) upon the taking of possession or control by the Collateral Agent of such Collateral, with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Collateral Agent to the extent required by any Security Document), such Security Document will constitute perfected first priority Lien on, and security interests in, all right, title and interest of the Loan Parties in such Collateral (other than ABL Priority Collateral) and a second priority Lien on such ABL Priority Collateral, as the case may be, subject to Liens permitted pursuant to <u>Section 6.02</u>.

Section 3.18 Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions; Ex-Im Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No member of the Holding Company Group, nor any director or officer thereof, nor, to the knowledge of the Loan Parties and their Subsidiaries, any employee, agent, Affiliate or representative thereof, is a Sanctioned Person or located, organized or resident in Venezuela or Russia. No member of the Holding Company Group is currently, or has in the past five (5) years, engaged in any activities, dealings or transactions directly or knowingly indirectly with any Sanctioned Person or in any Sanctioned Country, in either case in violation of Sanctions.

&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 member of the Holding Company Group and their respective officers and directors, and, to the knowledge of the Loan Parties and their Subsidiaries, their employees, Affiliates, representatives and agents, has been for the past five (5) years in compliance in all material respects, and is in compliance in all material respects with Anti-Money Laundering Laws and Ex-Im Laws, and is in compliance in all respects with Sanctions and Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no, and have not been within the past five (5) years any, actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority, pending against or, to the knowledge of the Loan Parties or their Subsidiaries, threatened in writing involving Anti-Money Laundering Laws, Ex-Im Laws, Anti-Corruption Laws or Sanctions. During the past five (5) years, no member of the Holding Company Group has made any voluntary disclosure to a Governmental Authority relating to an actual or potential violation of Anti-Money Laundering Laws, Ex-Im Laws, Anti-Corruption Laws or Sanctions.

&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 representations in this <u>Section 3.18</u> shall not be given to or by any Person if and to the extent that it would violate or expose such Person or any of its directors, officers, agents or employees to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union (and/or any of its member states) or the United Kingdom that are applicable to such entity (including EU Regulation (EC) 2271/96 and section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung - AWV) in connection with the German Foreign Trade Law (Außenwirtschaftsgesetz)).

Section 3.19 <u>Affected Financial Institutions</u>. No Loan Party is an Affected Financial Institution.

Section 3.20 <u>Covered Entities</u>. No Loan Party is a Covered Entity.

Section 3.21 <u>Beneficial Ownership Certification</u>. As of the Closing Date, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.

**ARTICLE IV**

**CONDITIONS**

Section 4.01 <u>Closing Date</u>.

The Agreement and the obligations of the Lenders to make the extensions of credit to be made hereunder on the Closing Date shall not become effective until the date on which each of the following express conditions is satisfied (or waived by the Administrative Agent, acting at direction of the Required Lenders):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent (or its counsel) shall have received: (i) from each of the Parties either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence reasonably satisfactory to the Administrative Agent (which may include telecopy or electronic transmission (including Adobe pdf file) of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement, together with all Schedules hereto and (ii) (A) from each of the Loan Parties executed counterparts of the Guaranty, (B) from each U.S. Loan Party executed counterparts of the U.S. Security Agreement, (C) from each U.K. Guarantor and Holdings executed counterparts of the applicable U.K. Security Agreement, (D) [reserved] (E) duly executed Intercreditor Agreement, (F) from the Borrowers, (1) a Note executed by the applicable Borrower for each Lender that requests such a Note at least five (5) Business Days in advance of the Closing Date and (2) the Fee Letters executed by the Borrowers and the other parties party thereto, (G) with respect to each Loan Party, UCC-1 financing statements in a form appropriate for filing in the state of organization of such Loan Party, and (H) short-form filings with the United States Patent and Trademark Office or United States Copyright Office in respect of any registered copyrights, patents or trademarks of the Loan Parties in the United States constituting Collateral; <u>provided</u> that if any assignments in such offices need to be filed as a result of the Transactions or corporate reorganizations occurring prior to the Closing Date, such Intellectual Property shall not be subject to this <u>Section 4.01(a)</u> but shall instead be a condition subsequent to 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;(b) The Administrative Agent shall have received customary written opinions (addressed to the Administrative Agent and the Lenders and dated the Closing Date) of (A) Paul Hastings LLP, as New York counsel to the Loan Parties, (B) Carey Olsen Jersey LLP, as Jersey counsel to the Loan Parties and (C) Akin Gump LLP, as English counsel to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall have received: (i) a copy of each Organizational Document of the Loan Parties, and to the extent applicable, certified as of a recent date by the appropriate governmental official; (ii) signature and, to the extent applicable in the relevant jurisdiction, incumbency certificates of the officers of the Loan Parties executing the Loan Documents to which they are party as of the Closing Date; (iii) resolutions of the board of directors (to the extent applicable in the relevant jurisdiction), of the supervisory board (to the extent applicable) or similar governing body and, to the extent applicable in the relevant jurisdiction, the holders of the issued shares of each Loan Party approving and authorizing, among other things, the execution, delivery and performance of this Agreement and the other Loan Documents to which such Loan Party is a party as of the Closing Date, certified as of the Closing Date by such Loan Party as being in full force and effect without modification or amendment; (iv) a good standing certificate, certificate of status or equivalent (to the extent applicable in the relevant jurisdiction) from the applicable Governmental Authority of the Loan Parties' jurisdictions of incorporation, organization or formation dated a recent date on or prior to the Closing Date; (v) in respect of the U.K. Guarantors, a certificate of that U.K. Guarantor (A) confirming that borrowing or guaranteeing, as appropriate, the Term Commitment would not cause any guaranteeing or similar limit to be exceeded, (B) attaching copies of the documents referred to in paragraphs (i) and (ii) above; (C) including a specimen signature of each person authorized to sign the Loan Documents; and (D) certifying that each copy document relating to it in this paragraph (c) is correct, complete and in full force and effect as at a date no earlier than the Closing Date and (vi) in respect of Holdings, a copy of the consent issued by the Jersey Financial Services Commission pursuant to the Control of Borrowing (Jersey) Order 1958.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have received all fees and other amounts due and payable by any Loan Party on or prior to the Closing Date, including fees under the Fee Letters and, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses (including fees, charges and disbursements of counsel) required to be reimbursed or paid by the Parties under any Loan Document, <u>provided</u> that any amounts other than fees to be paid must be invoiced at least two (2) Business Days prior to the Closing Date and may be offset against the proceeds of the Initial 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;(e) The Initial Lead Arranger shall have received copies of the Historical Financial Statements (which the Initial Lead Arranger acknowledges receipt of each).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Administrative Agent shall have received a notice (which notice may be in the form of a Loan Notice or such other form or method as approved by the Administrative Agent) setting forth the deposit account of the Borrowers to which the Administrative Agent is authorized by the Borrowers to transfer the proceeds of the initial Loans to be funded hereunder on the Closing Date, together with a customary funding indemnification letter to the extent any such Loan will be a Term SOFR 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;(g) the Closing Date Refinancing shall have been consummated, or shall be consummated substantially simultaneously with the funding of the Initial Term Loan 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;(h) The representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (except to the extent any such representation and warranty by its terms is qualified by materiality or Material Adverse Effect, in which case such representation and warranty (as so qualified) shall be true and correct in all respects), in each case on and as of the date of Closing Date (or true and correct in all material respects as of a specified date, if earlier).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The Administrative Agent shall have received a Solvency Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Administrative Agent shall have received a certificate from the Borrowers certifying as to the satisfaction of the conditions precedent set forth in Sections 4.01(g) and (h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Administrative Agent shall have received certificates of insurance listing the Administrative Agent as (x) lender loss payee for the property casualty insurance policies of Holdings and its Subsidiaries, and (y) additional insured with respect to the liability insurance of Holdings and its Subsidiaries; <u>provided</u> that, after the Borrowers' use of commercially reasonable efforts, in the event that any of the certificates or endorsements set forth in clauses (x) or (y) are not available on or prior to the Closing Date, such insurance certificates and endorsements shall instead be a condition subsequent to 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;(l) The Administrative Agent and the Initial Lead Arranger shall have received (i) all documentation and other information about Holdings, the Borrowers and their Subsidiaries as has been reasonably requested in writing at least three (3) Business Days prior to the Closing Date by the Administrative Agent or the Initial Lead Arranger that they reasonably request in connection with "know your customer" provisions of Anti-Money Laundering Laws, including the PATRIOT Act, and (ii) Beneficial Ownership Certifications with respect to the Borrowers pursuant to the requirements of 31 C.F.R. § 1010.230 reasonably requested in writing at least ten (10) Business Days prior to the Closing Date by the Administrative Agent or the Initial Lead Arranger.

For purposes of determining whether the conditions set forth in this <u>Section 4.01</u> have been satisfied, by releasing its signature page hereto, the Administrative Agent and each Lender party hereto shall be deemed to have consented to, approved, accepted or 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 or such Lender, as the case may be.

Section 4.02 <u>Each Credit Extension</u>.

The obligation of each Lender to make a Loan on the occasion of any Borrowing is subject to receipt of the request therefor in accordance herewith and to the satisfaction of the following express 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;(a) Except as expressly set forth in <u>Sections 2.20</u> and 1.15 with respect to Incremental Term Commitments, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (except to the extent any such representation and warranty by its terms is qualified by materiality or Material Adverse Effect, in which case such representation and warranty (as so qualified) shall be true and correct in all respects), in each case on and as of the date of such Credit Extension (or true and correct in all material respects as of a specified date, if earlier).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly set forth in <u>Sections 2.20</u> and 1.15 with respect to Incremental Term Commitments, at the time of and immediately after giving effect to such Credit Extension, no Default or Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of any Borrowing of Delayed Draw Term Loans, immediately before and immediately after giving effect to such Borrowing, the First Lien Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 5.30 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly set forth herein, the Administrative Agent shall have received a Loan Notice meeting the requirements of <u>Section 2.03</u>.

Except as expressly set forth herein, each Borrowing (<u>provided</u> that a conversion or a continuation of a Borrowing shall not constitute a "Borrowing" for purposes of this Section) shall be deemed to constitute a representation and warranty by the Borrowers on the date thereof as to the matters specified in <u>paragraphs (a)</u> and (<u>b</u>) of this Section.

Notwithstanding the foregoing, the only representations and warranties the accuracy of which shall be a condition to the availability of any Credit Extension made in connection with a Limited Condition Transaction shall be (x) the representations made by the vendor(s) or the seller(s) identified in the definitive documentation for the applicable Acquisition as are material to the interests of the Lenders, but only to the extent the Parties (or one of the affiliates of the Parties) have the right to terminate their (or their Affiliates') obligations under such definitive documentation or decline to consummate such Acquisition as a result of a breach of such representations in such definitive documentation and (y) the Specified Representations (as conformed for the applicable Acquisition).

**ARTICLE V**

**AFFIRMATIVE COVENANTS**

From and after the Closing Date and until the Termination Date, each of Holdings (solely with respect to Sections 5.01 (final three paragraphs only), 5.04, 5.05, 5.08, 5.09 and 5.14), and the Borrowers covenants and agrees with the Lenders that:

Section 5.01 <u>Financial Statements and Other Information</u>. The Borrowers will furnish to the Administrative Agent which will furnish to the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commencing with fiscal year ending December 31, 2023, within 120 days after the end of each fiscal year of Holdings (and in the case of the fiscal year of Holdings ending December 31, 2023, on or prior to October 1, 2024), the audited consolidated balance sheet and related consolidated statements of income and cash flows as of the end of and for such year for Holdings and its Subsidiaries (but for the avoidance of doubt, for the fiscal year ending December 31, 2023, such financial statements of Holdings and its Subsidiaries may commence on or at any time before the Closing Date), and related notes thereto, setting forth, commencing with the audited financial statements for the second full fiscal year following the Closing Date, in each case in comparative form the figures for the previous fiscal year, which shall be accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent (it being agreed PricewaterhouseCoopers or any other firm of like standing appointed by Holdings to act as its statutory auditor are reasonably acceptable to the Administrative Agent), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any "going concern" or like qualification or exception or any qualification or exception as to the scope of such audit (except to the extent any qualification results solely from (i) a current maturity of this Agreement or any other Indebtedness, or (ii) any actual or prospective Event of Default resulting from any actual or prospective breach of the Financial Covenant) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of Holdings and its Subsidiaries on a consolidated basis in accordance in all material respects with IFRS (except as otherwise disclosed in such financial statements), together with an unaudited consolidating balance sheet and related consolidating statements of income and cash flows as of the end of such fiscal year for Holdings and a customary management discussion and analysis of the financial condition and results of operations for such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within 60 days after the end of the first three fiscal quarters of each fiscal year of Holdings, commencing with the fiscal quarter ending March 31, 2024, the unaudited consolidated balance sheet and related consolidated statements of income and cash flows of Holdings and its Subsidiaries as of the end of such fiscal quarter, setting forth, commencing with the unaudited quarterly financial statements for the first full fiscal quarter following the one year anniversary of the Closing Date, in comparative form the figures for the corresponding period or periods of the previous fiscal year, in each case, which shall be certified by the chief executive officer, chief financial officer, treasurer or controller of Borrowers as fairly representing in all material respects the financial condition and results of operations of Holdings and its Subsidiaries on a consolidated basis in accordance in all material respects with IFRS (except as otherwise disclosed in such financial statements), subject only to the absence of footnotes and normal year-end adjustments and a customary management discussion and analysis of the financial condition and results of operations for such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) concurrently with the delivery of any financial statements under <u>paragraphs (a)</u> and <u>(b)</u> of this <u>Section 5.01</u>, Compliance Certificate (i) certifying as to whether a Default exists and, if a Default exists, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) commencing with the Compliance Certificate delivered under <u>paragraph</u> (b) for the fiscal quarter ending March 31, 2024, setting forth reasonably detailed calculations demonstrating compliance or non-compliance with the Financial Covenant, (iii) [reserved] and (iv) in the case of the delivery of financial statements commencing with the financial statements to be delivered under paragraph (a) above for the fiscal year ending December 31, 2024, setting forth reasonably detailed calculations demonstrating Excess Cash Flow for such fiscal year and the amount (if any) required to be prepaid pursuant to <u>Section 2.11(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not later than 5 Business Days after the delivery of the financial statements under <u>paragraph (a)</u> above to the extent any of the Parties has knowledge thereof, an officer's certificate of a Responsible Officer of the Borrowers stating whether any material change in IFRS or in the application thereof has occurred since the date of the then most recently delivered audited financial statements that would affect the compliance or non-compliance with the Financial Covenant or any other requirement in this Agreement, and, if any such change has occurred, specifying the effect of such change on the financial statements most recently delivered under <u>paragraph (a)</u> 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;(e) concurrently with the delivery of the financial statements required by <u>clause (a)</u> above (commencing with the fiscal year ending December 31, 2024), a reasonably detailed consolidated budget for the following fiscal year as customarily prepared by management of the Borrowers for its internal use consistent in scope with the financial statements provided pursuant to <u>Section 5.01(a)</u> setting forth the principal assumptions upon which such budget is based, it being understood and agreed that any financial or business projections furnished by any Loan Party (i)(A) are subject to significant uncertainties and contingencies, which may be beyond the control of the Loan Parties, (B) no assurance is given by the Loan Parties that the results or forecast in any such projections will be realized and (C) the actual results may differ from the forecast results set forth in such projections and such differences may be material and (ii) are not a guarantee of performance;

&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) after the delivery of the financial statements required to be delivered pursuant to <u>clause (b)</u> above, at the request of the Administrative Agent (at the direction of the Required Lenders) and upon reasonable prior notice, Borrowers shall hold a conference call (at a mutually agreeable time) with all Lenders who choose to attend such meeting at which meeting shall be reviewed the financial results of the previous fiscal quarter and the financial condition of Holdings and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) promptly (and in any event not later than five (5) Business Days thereafter) upon the delivery thereof, copies of any information regarding the business, legal, financial or corporate affairs of any member of the Holding Company Group made available to all Equity Investors via posting to such Equity Investors via IntraLinks or another similar secured electronic system;

&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) promptly following any reasonable request therefor, (i) such other financial information regarding any member of the Holding Company Group as the Administrative Agent may reasonably request (or any Lender may request through the Administrative Agent), to the extent such information is customarily prepared and readily available and (ii) information and documentation reasonably requested by the Administrative Agent (or any Lender through the Administrative Agent) in connection with "know your customer" provisions of Anti-Money Laundering Laws, including the PATRIOT Act, and the Beneficial Ownership Regulation; <u>provided</u> that no member of the Holding Company Group will be required to disclose or permit the inspection or discussion of, any document, information or other matter (i) that constitutes trade secrets or proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their representatives or contractors) is prohibited by (x) law or (y) fiduciary duty or any binding agreement or (iii) that is subject to attorney client or similar privilege or constitutes attorney work product; <u>provided</u> that in the case of binding agreements with respect to <u>clause (ii)(y)</u>, such member of the Holding Company Group shall use commercially reasonable efforts to obtain waivers and to otherwise provide such information that does not violate such obligations and in the case of <u>clauses (ii)(y)</u> and <u>(iii)</u>, shall notify the Administrative Agent as to the scope of the information that is not being provided under the applicable exception; 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;(i) to the extent any Loan Party qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, an updated Beneficial Ownership Certification promptly following any change in the information provided in the Beneficial Ownership Certification delivered to any Lender in relation to such Loan Party that would result in a change to the list of Beneficial Owners identified in such certification.

Notwithstanding the foregoing, following a Qualifying IPO, the obligations in <u>paragraphs (a)</u> and <u>(b)</u> of this <u>Section 5.01</u> may be satisfied with respect to the financial statements of Holdings and its Subsidiaries by furnishing the Parent Company's Form 10-K or 10-Q (or any reasonably equivalent publicly available filing in another jurisdiction), as applicable, filed with the SEC (or any reasonably equivalent authority in such other jurisdiction), accompanied with the other information and materials required to be delivered by such applicable paragraphs, to the extent not included in such Form 10-K or 10-Q (or any reasonably equivalent publicly available filing in another jurisdiction), as applicable; <u>provided</u> that (i) if (1) such financial statements relate to any Parent Company and (2) either (I) 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 Borrowers in good faith and other than any operations that are attributable solely to such Parent Company's direct or indirect ownership of Holdings and its subsidiaries) or (II) there are material differences between the financial statements of such Parent Company and its consolidated subsidiaries, on the one hand, and Holdings and its Subsidiaries, on the other hand, such Form 10-K or Form 10-Q (or any reasonably equivalent publicly available filing in another jurisdiction) shall be accompanied by consolidating information (which need not be audited) that summarizes in reasonable detail the differences between the information relating to such Parent Company, on the one hand, and the information relating to Holdings and its Subsidiaries on a standalone basis, on the other hand, which consolidating information shall be certified by a Responsible Officer of the Borrowers as having been fairly presented in all material respects and (ii) to the extent such statements are in lieu of statements required to be provided under <u>Section 5.01(a)</u>, such statements shall be certified without qualification with respect to the scope of the audit or going concern by auditors of recognized national standing or other auditors reasonably acceptable to the Administrative Agent in a manner that satisfies the applicable requirements set forth in <u>Section 5.01(a)</u> as if the references to Holdings therein were references to such Parent Company.

All financial statements and other documents, reports or other materials required to be delivered pursuant to this <u>Section 5.01</u> or <u>Section 5.02</u> may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which any Party posts such documents, or provides a link thereto, on such Party's publicly available website or (ii) on which such documents are posted on such Party's behalf on an Internet or Intranet website, if any, to which the Administrative Agent and each Lender has access (whether a commercial third-party website or a website sponsored by the Administrative Agent), <u>provided</u> that (A) the Parties shall, at the request of the Administrative Agent, continue to deliver copies (which delivery may be by electronic transmission (including Adobe pdf copy)) of such documents (other than pursuant to <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 5.01</u>) to the Administrative Agent and (B) the Parties shall notify (which notification may be by facsimile or electronic transmission (including Adobe pdf copy)) the Administrative Agent of the posting of any such documents on any website. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Parties with any such request by a Lender for delivery, and each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such document to it and maintaining its copies of such documents.

The Parties hereby acknowledge that (a) the Administrative Agent will make available to the Lenders materials and/or information provided by or on behalf of the Parties hereunder (collectively, "<u>Borrower Materials</u>") by posting the Borrower Materials on IntraLinks or another similar secured electronic system (the "<u>Platform</u>") and (b) certain of the Lenders (each a "<u>Public Lender</u>") may have personnel who do not wish to receive material non-public information with respect to the Parties or their Subsidiaries (or following a Qualifying IPO, material non-public information with respect to the Parent Company and its Subsidiaries), or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons' securities. The Parties further acknowledge and agree that (x) all Borrower Materials will be treated as private and may contain material nonpublic information with respect to the Parties or their securities for purposes of the United States federal and state laws; and (y) the Administrative Agent will treat all Borrower Materials as being suitable only for posting on a portion of the Platform not designated "PUBLIC", "Public Investor", "Public Lender" or a like term. Furthermore, the Parties shall be under no obligation to mark any Borrower Materials "PUBLIC".

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 foreign, United States 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 Parties or any of their respective securities for purposes of foreign, United States federal or state securities laws.

THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. "<u>Agent Parties</u>" shall mean the Administrative Agent or any of its Related Parties.

Section 5.02 <u>Notices of Material Events</u>. The Borrowers will furnish to the Administrative Agent (for distribution to each Lender through the Administrative Agent) prompt written notice of a Responsible Officer of any of the Borrowers obtaining knowledge of 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;(a) the occurrence of any Default or Event of Default, in each case, except to the extent the Administrative Agent shall have furnished the Borrowers written notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or, to the knowledge of a Responsible Officer of any of the Parties, threatened in writing against any member of the Holding Company Group which is reasonably expected to result, after giving effect to the coverage and policy limits of applicable insurance policies, in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the occurrence or threat of any strike, lockout, boycott, or other forms of organized labor disruption with respect to any of the Parties or any of their Subsidiaries that would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of any ERISA Event, Foreign Plan Event or U.K. Plan Event, that would reasonably be expected to result in a Material Adverse Effect, or any other event that would reasonably be expected to result in a Material Adverse Effect; and

Each notice delivered under this Section shall be accompanied by a written statement of a Responsible Officer of the Borrowers setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. Documents required to be delivered pursuant to this <u>Section 5.02</u> may be delivered electronically in accordance with <u>Section 5.01</u>.

Section 5.03 <u>[Reserved]</u>.

Section 5.04 <u>Existence; Conduct of Business</u>. The Parties will, and will cause each Subsidiary to, do or cause to be done all things reasonably necessary to obtain, preserve, renew and keep in full force and effect (a) its legal existence (except as otherwise permitted hereunder) and (b) the rights, licenses, permits, privileges, franchises, Intellectual Property necessary to conduct its business, except, in the case of <u>clauses (a)</u> (other than with respect to the Parties) and <u>(b)</u>, to the extent that failure to do so would not reasonably be expected to result in a Material Adverse Effect, <u>provided</u> that the foregoing shall not prohibit any transaction otherwise permitted hereunder. Each Borrower will cause each German Guarantor to maintain its centre of main interest (as that term is referred to in Article 3(1) of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings) in its jurisdiction of incorporation.

Section 5.05 <u>Payment of Taxes</u>. Each of the Parties will, and will cause each Subsidiary to, pay, discharge, or otherwise satisfy all of its obligations and liabilities, including all Tax liabilities, before the same shall become delinquent or in default, except where (a)(i) any such payment is being contested in good faith by appropriate proceedings diligently conducted and (ii) such Loan Party or Subsidiary has set aside on its books adequate reserves or other appropriate provision with respect thereto in accordance with IFRS or (b) the failure to make payment would not reasonably be expected to result in a Material Adverse Effect.

Section 5.06 <u>Maintenance of Properties</u>. Except if the failure to do so would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each Loan Party will, and will cause each Subsidiary to, keep and maintain all tangible real property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted and casualty or condemnation excepted; <u>provided</u> that the foregoing shall not prohibit any transaction otherwise permitted hereunder.

Section 5.07 <u>Insurance</u>. The Loan Parties will, and will cause each Subsidiary to, (a) maintain, with financially sound and reputable insurance companies, insurance with respect to its assets, properties and business, in such amounts (after giving effect to any self-insurance reasonable and customary for similarly-situated Persons engaged in the same or similar business) and against such risks (but including in any event (i) public liability, (ii) flood insurance to the extent required under this Agreement, and (iii) property insurance on the Real Property Collateral) as is required by any Governmental Authority having jurisdiction with respect thereto and as is (i) customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations as reasonably determined by management of the Borrowers and (ii) considered adequate by the Borrowers and (b) cause the Administrative Agent and its successors and assigns to be named as lender's loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing liability coverage or coverage in respect of any Collateral, and cause each provider of any such insurance to agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Administrative Agent, that it will give the Administrative Agent thirty days (or such lesser amount as the Administrative Agent may agree) prior written notice before any such policy or policies shall be altered or canceled. Notwithstanding the foregoing, the Loan Parties shall (1) maintain flood insurance on all Mortgaged Property that is in a "special flood hazard area", from such providers, on such terms and in such amounts as required by applicable law or as otherwise required by the Lenders, which ever is greater, and (2) promptly upon request of the Collateral Agent or any Lender, deliver to the Collateral Agent or such Lender, as applicable, evidence of such flood insurance in form and substance reasonably acceptable to the Collateral Agent or such Lender, including, without limitation, evidence of annual renewals of such insurance. In addition, each Loan Party will, and will cause each Subsidiary to, take all actions required under the Flood Laws, and as requested by the Collateral Agent, to assist in ensuring that each Lender is in material compliance with the Flood Laws applicable to the Real Property Collateral, including, but not limited to, providing the Collateral Agent and the Lenders with the address and/or GPS coordinates of each structure on any owned Real Property that will be subject to a Mortgage, and, to the extent required, using commercially reasonable efforts to obtain flood insurance for such property, structures and contents prior to such property, structures and contents becoming Real Property Collateral, and thereafter using commercially reasonable efforts to maintain such flood insurance in full force and effect for so long as required by the Flood Laws.

Section 5.08 <u>Books and Records; Inspection and Audit Rights</u>. The Parties will, and will cause each Subsidiary to, keep proper books of record and account in which full, true and correct entries (in all material respects) are made of all material financial transactions in relation to its business and activities. The Parties will, and will cause each Subsidiary to, permit any representatives designated by the Administrative Agent, upon reasonable prior notice, to visit and inspect its properties (provided that no invasive testing or sampling of environmental media, e.g., sampling of soil or groundwater) shall be permitted without the Loan Parties' prior consent), to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers, all at such reasonable times and as often as reasonably requested, <u>provided</u> that only the Administrative Agent on behalf of the Lenders may exercise rights under this <u>Section 5.08</u> and the Administrative Agent shall not exercise such rights more often than once during any fiscal year absent the existence of an Event of Default and only one such time shall be at the Parties' expense, <u>provided</u>, <u>further</u>, that when an Event of Default has occurred and is continuing the Administrative Agent (or any of its designated representatives) may do any of the foregoing at the expense of the Parties at any time during normal business hours and upon reasonable advance notice, and <u>provided</u>, <u>further</u>, that representatives of any Lender, at the option of such Lender and at such Lender's expense, may accompany the representatives of the Administrative Agent in connection with the exercise of such rights under this <u>Section 5.08</u>. Notwithstanding anything to the contrary in this <u>Section 5.08</u>, no member of the Holding Company Group will be required to disclose or permit the inspection or discussion of, any document, information or other matter (i) that constitutes trade secrets or proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their representatives or contractors) is prohibited by (x) law or (y) fiduciary duty or any binding agreement or (iii) that is subject to attorney client or similar privilege or constitutes attorney work product; <u>provided</u> that in the case of binding agreements with respect to <u>clause (ii)(y)</u>, the applicable member of the Holding Company Group shall use commercially reasonable efforts to obtain waivers and, in the cases of <u>clauses (ii)(y)</u> and <u>(iii)</u> shall notify the Administrative Agent as to the scope of the information that is not being provided under the applicable exception.

Section 5.09 <u>Compliance with Laws</u>. The Parties will, and will cause each Subsidiary to, comply with all Requirements of Law with respect to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect (with the exception of Sanctions and Anti-Corruption Laws which shall be complied with in all respects). This Section 5.09 and following <u>Section 5.10</u> shall not be interpreted or applied in relation to any Borrower, any Loan Party, any member of the Holding Company Group, any Lender, Administrative Agent or Collateral Agent to the extent that the obligations under this Section 5.09 and following <u>Section 5.10</u> would: (i) violate or expose such person or any of its directors, officers, agents or employees to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union (and/or any of its member states) or the United Kingdom that are applicable to such entity (including EU Regulation (EC) 2271/96 and section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung - AWV) in connection with the German Foreign Trade Law (Außenwirtschaftsgesetz)); or (ii) prevent or prohibit such Person or any of its directors, officers, agents or employees from engaging in business, transactions, activities or other conduct pursuant to a general or specific license from OFAC, any license or authorization from HM's Treasury, the European Union, or any European Union Member State, or any other registration, authorization, permit, license exemption, or license from any other applicable Governmental Authority.

Section 5.10 <u>Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions; Ex-Im Laws</u>. Each Loan Party will implement and maintain in effect policies and procedures reasonably designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers and employees with Anti-Money Laundering Laws, Anti-Corruption Laws, Ex-Im Laws and Sanctions (subject to <u>Section 5.09</u>).

Section 5.11 <u>Use of Proceeds</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;(a) The proceeds of the Initial Term Loan will be used by the Borrowers directly or indirectly, to (i) finance the consummation of the Transactions, (ii) to pay the Transaction Costs (including to fund OID or upfront fees in connection with the Initial Term Loan and Delayed Draw Term Loans), (iii) provide working capital and to fund general corporate purposes and (iv) to repay amounts under the PIK Facility Agreement up to an amount equal to $50,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The proceeds of the Delayed Draw Term Loan will be used by the Borrowers directly or indirectly to (i) fund Permitted Acquisitions and other similar Investments permitted hereunder (including to pay earnouts, seller notes, holdbacks and other deferred payments in connection therewith (whether funded on or at the closing of such transaction)), and (iv) to repay amounts under the PIK Facility Agreement up to an amount equal to $50,000,000, and, in each case with respect to clauses (i) and (ii), to pay fees, costs and expenses and deferred costs and charges, in each case, related thereto or incurred in connection therewith.

Section 5.12 <u>Execution of Guaranty and Security Documents after the Closing Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 5.15(b)</u>, <u>(c)</u> and <u>(d)</u>, in the event that any Person becomes a Subsidiary after the date hereof (other than any Subsidiary for so long as it is an Excluded Subsidiary) or any Subsidiary (including any Electing Guarantor) ceases to be an Excluded Subsidiary, the Parties will promptly (and in no event later than 60 days thereafter or such later date as the Administrative Agent may agree in its reasonable discretion) cause such Subsidiary to execute and deliver to the Administrative Agent a joinder to the Guaranty and the Security Documents or joinders thereto with respect to the applicable Specified Jurisdiction and to take all such further actions (including, unless the Administrative Agent otherwise agrees, the delivery of a legal opinion substantially consistent with the scope of the legal opinion delivered on the Closing Date in connection with the execution of such joinders, accessions, other security agreement, other instrument and/or other documents) and execute all such further documents and instruments as required by the U.S. Security Agreement, the U.K. Security Agreement or the German Security Agreement, each other Security Document and any other security agreement, other instrument or document required in respect of any Specified Jurisdiction to secure the Secured Obligations for the benefit of the Secured Parties (including all actions necessary to cause such Lien to be duly perfected to the extent required by such Security Document, including the filing of UCC, or other Specified Jurisdiction as may be reasonably requested by the Administrative Agent and in all events to exclude Excluded Property). In addition, as and to the extent provided in the Security Documents (subject to all applicable exceptions and limitations therein and herein), the Parties shall deliver to the Collateral Agent all certificates, if any, representing Equity Interests of such Subsidiary (in each case, accompanied by undated stock powers, duly endorsed in blank) as required thereunder. Under no circumstance will any Loan Party be required to execute any Security Documents governed by the laws of any jurisdiction other than a Specified Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 5.15(b), (c) and (d), in the event that any Person becomes a Subsidiary after the date hereof (other than any Subsidiary for so long as it is an Excluded Subsidiary), concurrently with the execution and delivery of counterparts to the Guaranty and the applicable Security Documents pursuant to <u>Section 5.12(a)</u>, such Subsidiary shall deliver to the Administrative Agent, (i) certified copies of such Subsidiary's Organizational Documents or, if such document is of a type that may not be so certified, certified by the secretary or similar officer of the applicable Subsidiary, and (ii) a certificate executed on behalf of such Subsidiary by the secretary or similar officer of such Subsidiary as to (a) the fact that the attached resolutions of the Governing Body of such Subsidiary approving and authorizing the execution, delivery and performance of such Loan Documents are in full force and effect and have not been modified or amended and (b) the incumbency and signatures of the officers of such Subsidiary executing such 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;(c) If, at any time, (x) [reserved] or (y) material adverse tax consequences could (in the reasonable determination of the Borrowers in consultation with the Administrative Agent (at the direction of the Required Lenders)) reasonably be expected to result (i) from any Security Document executed and delivered by any Subsidiary of Holdings that is (x) a CFC or (y) a CFC Holding Company with respect to a guarantee in excess of 65% of the outstanding voting Equity Interests of any such CFC or CFC Holding Company, the Collateral Agent shall release such Subsidiary from any such Security Document, or (ii) from any Lien granted under any Loan Document in respect of the Equity Interests in any Subsidiary of Holdings that is (x) a CFC or (y) a CFC Holding Company with respect to a guarantee in excess of 65% of the outstanding voting Equity Interests of any such CFC or CFC Holding Company, such Lien shall be released. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent or the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall not enter into any mortgage charging real property located in the United States after the Closing Date until (1) the date that occurs 30 days after the Administrative Agent has delivered to the Lenders (which may be delivered electronically) the following documents in respect of such real property: (i) a completed flood hazard determination from a third party vendor; (ii) if such real property is located in a "special flood hazard area", (A) a notification to the applicable Loan Party of that fact and (if applicable) notification to the applicable Loan Party that flood insurance coverage is not available and (B) evidence of the receipt by the applicable Loan Party of such notice; and (iii) if such notice is required to be provided to the applicable Loan Party and flood insurance is available in the community in which such real property is located, evidence of required flood insurance and (2) the Administrative Agent shall have received written confirmation from each of the Lenders that flood insurance due diligence and flood insurance compliance has been completed by the Lenders (such written confirmation not to be unreasonably conditioned, withheld or delayed).

Section 5.13 <u>Additional Collateral</u>. If any Material Real Property is acquired by any Loan Party (or Subsidiary thereof) after the Closing Date (other than Excluded Property), then such Loan Party (or applicable Subsidiary) will (i) promptly notify the Collateral Agent thereof and, if requested by the Collateral Agent, cause such Material Real Property to be subjected to a Lien securing the Obligations and (ii) take, and cause each applicable Loan Party (or applicable Subsidiary) to take, such actions as shall be necessary or reasonably requested by the Collateral Agent (at the direction of the Required Lenders) to grant and perfect such Liens, including the filing and recording of financing statements, fixture filings, Mortgages, and other documents and such other actions or deliveries of the type required by this Agreement, and including the Real Property Requirements with respect to any such Material Real Property, all at the expense of the Loan Parties.

Section 5.14 <u>Environmental Matters</u> . The Parties shall, and shall cause each Subsidiary to: (a) comply, and shall cause its properties and operations to comply, with all applicable Environmental Laws, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; (b) not dispose of or otherwise Release any Hazardous Materials on, under, about or from any property owned or operated by any member of the Holding Company Group except in compliance with applicable Environmental Laws, except where the disposal or Release, individually or in the aggregate, would not reasonably be expected to result in Material Adverse Effect; (c) timely obtain or file all notices, permits, licenses, exemptions, approvals, registrations or other authorizations, if any, required under applicable Environmental Laws to be obtained or filed in connection with the operation or use of the Holding Company Group's properties and facilities, which failure to obtain or file would reasonably be expected to have a Material Adverse Effect; (d) promptly commence and diligently prosecute to completion any assessment, evaluation, investigation, monitoring, containment, cleanup, removal, repair, restoration, remediation or other remedial obligations (collectively, the "<u>Remedial Work</u>") in the event any Remedial Work is required under applicable Environmental Laws because of or in connection with the actual or suspected past, present or future disposal or other Release of any Hazardous Material on, under, about or from any of the Holding Company Group's properties or facilities, which failure to commence and diligently prosecute to completion would reasonably be expected to have a Material Adverse Effect; and (e) establish and implement such policies of environmental audit and compliance as required by Environmental Law to determine and assure that each member of the Holding Company Group's obligations under this <u>Section 5.14</u> are timely satisfied, which failure to establish and implement would be expected to have a Material Adverse Effect.

Section 5.15 <u>Further Assurances</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;(a) Subject to <u>Section 5.12</u> and <u>Sections 5.15(b)</u>, <u>(c)</u> and <u>(d)</u> and the terms, conditions and provisions of the Security Documents applicable to such Loan Party, the Parties shall, and shall cause the other Loan Parties to, promptly upon reasonable request by the Administrative Agent or the Collateral Agent (i) correct any jointly identified material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Security 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, deeds, certificates, assurances and other instruments as the Administrative Agent or the Collateral Agent may reasonably request from time to time, and in order to carry out more effectively the purposes thereof, in each case, to the extent required by this Agreement and the Security 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;(b) Notwithstanding anything in this Agreement or any Security Document to the contrary and subject in each case to the Agreed Security Principles: (i) neither the Administrative Agent nor the Collateral Agent shall take, and the Loan Parties shall not be required to grant, a security interest in any Excluded Property; (ii) any security interest required to be granted or any action required to be taken, including to perfect such security interest, shall be subject to the same exceptions and limitations as those set forth in the Security Documents; (iii) no Loan Party shall be required, nor shall the Administrative Agent or Collateral Agent be authorized to perfect any pledges, charges, assignments and security interests in any Collateral by any means other than (A) filings pursuant to the UCC in the office of the secretary of state (or similar central filing office) of the relevant State(s), and equivalent filings or actions in any other Specified Jurisdiction (including with Companies House in England and Wales), (B) filings of short-form Intellectual Property security agreements in United States government offices (and any equivalent offices in Specified Jurisdictions, if applicable) with respect to applied for, registered or issued Intellectual Property constituting Collateral as expressly required by the Loan Documents, (C) delivery to the Collateral Agent to be held in its possession of all Collateral consisting of (1) intercompany notes in a principal amount in excess of $4,000,000 individually or $10,000,000 in the aggregate, (2) stock certificates of the members of the Consolidated Group and (3) other instruments issued to any Loan Party with a value in excess of $4,000,000 individually or $10,000,000 in the aggregate, (D) necessary perfection steps with respect to commercial tort claims over $4,000,000 individually or $10,000,000 in the aggregate, (E) recording of Mortgages with respect to Material Real Property, (F) perfection steps in respect of intellectual property, bank accounts, insurance policies, the assignment of other contractual rights and any other Collateral as set out in the U.K. Security Agreements and German Security Agreement, and (G) other than as expressly required by <u>Section 5.12(a)</u> or <u>(b)</u>, no Loan Party shall be required to take any action outside the Specified Jurisdictions to perfect any security interest in the Collateral (including the execution of any agreement, document or other instrument governed by the law of any jurisdiction other than a Specified Jurisdiction); (iv) [reserved]; (v) as to any action to perfect the security interest granted under the Security Documents in Collateral consisting of (or otherwise held in) any deposit account or securities account, no Loan Party shall have any obligation under any Loan Document to enter into any deposit account control agreement or securities account control agreement with respect to such accounts (other than notices to the depository banks as required under the U.K. Security Agreement and/or the German Security Agreement); (vi) no Loan Party shall be required to enter into any source code escrow arrangement (or be obligated to register Intellectual Property); (vii) no Loan Party shall be required to send notices to account debtors or other contractual third parties prior to the occurrence of an Event of Default and (viii) no Loan Party shall be required to enter into any security documents governed by the laws of a jurisdiction other than a Specified Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Administrative Agent nor the Collateral Agent shall obtain or perfect a security interest in any assets of any Loan Party as to which the Borrowers and the Administrative Agent (at the direction of the Required Lenders) have agreed in writing shall determine that the cost of obtaining or perfecting such security interest is excessive in relation to the benefit to the Lenders of the security afforded thereby (such comparison to be determined in a manner consistent with any such determination made in connection with the Closing Date) or would otherwise violate applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement or any Security Document to the contrary, the Administrative Agent may, in its reasonable discretion, grant extensions of time for the satisfaction of any of the requirements under <u>Section 5.12</u> and <u>Section 5.14</u> in respect of any particular Collateral or any particular Subsidiary.

Section 5.16 <u>Designation of Subsidiaries</u>. The Borrowers may designate (or re-designate) any Subsidiary that is an Excluded Subsidiary as an Electing Guarantor. The Borrowers may designate (or re-designate) any Electing Guarantor as an Excluded Subsidiary; <u>provided</u> that (i) each of the Borrowers shall not change the designation of any particular Subsidiary (whether as an Excluded Subsidiary or an Electing Guarantor) more than twice during the term of this Agreement, (ii) no Electing Guarantor may be redesignated as an Excluded Subsidiary if, after giving effect to such redesignation, an Event of Default has occurred and is continuing or would result therefrom, (iii) such designation or redesignation shall constitute an Investment by the applicable member of the Consolidated Group therein at the date of designation or redesignation in an amount equal to the fair market value (as determined in good faith by the Parties) of the Investments held by such member of the Consolidated Group in such Electing Guarantor immediately prior to such designation or re-designation and such Investments must otherwise be under <u>Section 6.04</u> and (iv) any Investment, Indebtedness or Liens of such Subsidiary (after giving effect to such designation or redesignation) shall be deemed to be incurred at the time of such designation or redesignation by such Electing Guarantor and such incurrence must otherwise be permitted hereunder.

Section 5.17 <u>Post-Closing Covenant</u>. As promptly as practicable, and in any event within the time periods after the Closing Date specified in <u>Schedule 5.17</u> or such later date as the Administrative Agent (at the direction of the Required Lenders) agrees to (and, for the avoidance of doubt subject to Section 5.15(b), (c) and (d)), take the actions and deliver the documents specified on <u>Schedule 5.17</u>. Regardless of whether the time periods shall have extended pursuant to the terms hereof, to the extent the German Post-Closing Obligations shall not have been satisfied on or prior to the 90<sup>th</sup> day after the Closing Date, the "Applicable Rate", from the 91<sup>st</sup> day following the Closing Date until the date on which the German Post-Closing Obligations are duly satisfied, shall be increased to (a) 7.50% per annum for Term SOFR Loans and (b) 6.50% per annum for Base Rate Loans.

Section 5.18 <u>German ABL Accounts</u>. With respect to the collection of German WCF Receivables, Holdings and the Borrowers shall cause each German Guarantor to undertake as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall instruct each account debtor to make all payments with respect to the ABL Priority Security (as defined in the ABL Agreement) into a German ABL Controlled Account;

&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) it will promptly pay all proceeds of German WCF Receivables so received into a German ABL Controlled Account (but pending such payment will not commingle such amounts with any other funds); 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;(c) if any account debtor makes a payment owed to a German Guarantor into any account which is not a German ABL Controlled Account, it will promptly (i) transfer the relevant amounts to a German ABL Controlled Account and (ii) direct the relevant account debtor to make future payments to a German ABL Controlled Account.

**ARTICLE VI**

**NEGATIVE COVENANTS**

From and after the Closing Date and until the Termination Date, each of Holdings and the Borrowers covenants and agrees with the Lenders that:

Section 6.01 <u>Indebtedness; Certain Equity Securities</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;(a) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness created under the Loan Documents, including any Incremental Facility Amendment, Extension Amendment or Refinancing Amendment, and any Permitted Refinancings of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Indebtedness of any member of the Consolidated Group to another member of the Consolidated Group or to Holdings, <u>provided</u> that (A) such Indebtedness shall be permitted by <u>Section 6.04</u> or <u>Section 6.14</u> and (B) Indebtedness of any Loan Party to a Subsidiary that is not a Loan Party shall be unsecured and subordinated in right of payment to the Obligations <u>Section 7.01</u> on subordination terms reasonably acceptable to the Administrative Agent and the Borrowers; <u>provided,</u> further, that Indebtedness incurred by any Subsidiary that is not a Loan Party owed to any Loan Party (unless set forth on <u>Schedule 6.04</u>) shall be subject to the Non-Guarantor Investment Limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Guarantees by any member of the Consolidated Group of Indebtedness of another member of the Consolidated Group, <u>provided</u> that (A) the Indebtedness so Guaranteed is otherwise permitted by this Section, (B) such Guarantees shall be permitted by <u>Section 6.04</u> and (C) if Indebtedness being guaranteed is subordinated in right of payment to the Obligations under the Loan Documents, such Guarantees permitted under this <u>clause (iii)</u> shall be subordinated in right of payment to the Obligations to the same extent and on the same terms as the Indebtedness so Guaranteed is subordinated to the Obligations <u>provided,</u> further, that Indebtedness of any Subsidiary that is not a Loan Party Guaranteed by any Loan Party (unless set forth on <u>Schedule 6.04</u>) shall be subject to the Non-Guarantor Investment Limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Indebtedness incurred to finance the acquisition, development, construction, restoration, replacement, rebuilding, maintenance, upgrade or improvement of any fixed or capital assets, including Capital Lease Obligations, Synthetic Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, <u>provided</u> that such Indebtedness is incurred prior to or within 270 days after such acquisition or the completion of such development, construction, restoration, replacement, rebuilding, maintenance, upgrade or improvement, and (B) extensions, renewals and replacements of any such Indebtedness so long as the principal amount of such extensions, renewals and replacements does not exceed the principal amount of the Indebtedness being extended, renewed or replaced (<u>plus</u> any accrued but unpaid interest (including any portion thereof which is payable in kind in accordance with the terms of such extended, renewed or replaced Indebtedness) and premium payable by the terms of such Indebtedness thereon and fees and expenses associated therewith), <u>provided</u> that the aggregate principal amount of Indebtedness permitted by this <u>clause (iv)</u> (unless set forth on <u>Schedule 6.01</u>), when taken together with Indebtedness incurred under <u>Section 6.01(a)(xxiii)</u>, at any one time outstanding shall not exceed the greater of (x) $20,000,000 and (y) 20% of Consolidated EBITDA computed on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Indebtedness of any Person acquired or assumed in connection with an Acquisition ("<u>Acquired Indebtedness</u>") or permitted Investment or any assets acquired in connection therewith; and any Permitted Refinancing thereof, <u>provided</u> that (i) such Indebtedness is not created in anticipation of such Acquisition or Investment, (ii) subject to <u>Section 1.13</u>, the aggregate principal amount of such Indebtedness acquired or assumed under this <u>clause (v)</u> does not exceed at any time the greater of (x) $20,000,000 and (y) 20% of Consolidated EBITDA computed on a Pro Forma Basis, and any Permitted Refinancing thereof, and (iii) subject to Section 1.12, the Total Net Leverage Ratio calculated on a Pro Forma Basis after giving effect to any such Indebtedness does not exceed the Total Net Leverage Ratio immediately prior to the incurrence of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) other Indebtedness in an aggregate principal amount outstanding at any time not exceeding the greater of (x) $15,000,000 and (y) 15% of Consolidated EBITDA computed on a Pro Forma Basis; <u>provided,</u> that aggregate principal amount outstanding at any time of Indebtedness incurred under this <u>clause (vii), clause (xii) and clause (xxix) below</u> by any Subsidiary that is not a Loan Party (unless set forth on <u>Schedule 6.01</u>) shall not exceed the greater of (x) $30,000,000 and (y) 30% of Consolidated EBITDA computed on a Pro Forma Basis (the "Non-Guarantor Debt Limitation");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Indebtedness owed to any Person (including obligations in respect of letters of credit for the benefit of such Person) providing workers' compensation, health, disability or other employee benefits or property, casualty, liability insurance, self-insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Indebtedness in respect of or guarantee of performance bonds, bid bonds, appeal bonds, surety bonds, performance and completion guarantees, workers' compensation claims, letters of credit, bank guarantees and banker's acceptances, warehouse receipts or similar instruments and similar obligations (other than in respect of other Indebtedness for borrowed money) including those incurred to secure health, safety and environmental obligations, in each case provided in the ordinary course of business or consistent with past practice or consistent with industry standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Indebtedness in respect of Swap Agreements not entered into solely for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) unsecured Indebtedness owing to current and former employees, officers, members, independent contractors, service providers or directors/managers (or any spouses, ex-spouses, descendants, family or estates or lenders of any of the foregoing) incurred in connection with the repurchase of Equity Interests that have been issued to such Persons to the extent such repurchase is permitted under <u>Section 6.08</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;(xii) Indebtedness of any Subsidiary that is not a Loan Party; <u>provided</u> that the aggregate principal amount of Indebtedness of all such Subsidiaries that are not Loan Parties outstanding at any time pursuant to this <u>clause (xii)</u> (unless set forth on <u>Schedule 6.01</u>) shall not exceed the greater of (x) $15,000,000 and (y) 15% of Consolidated EBITDA computed on a Pro Forma Basis; <u>provided</u> further, that the aggregate amount of Indebtedness incurred under this clause (xii) by any Subsidiary that is not a Loan Party (unless set forth on <u>Schedule 6.01</u>) shall be subject to the Non-Guarantor Debt Limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Indebtedness with respect to financial accommodations of the nature described in the definition of "Cash Management Obligations," and other Indebtedness in respect of treasury, depositary, cash management and netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements or otherwise in connection with securities accounts and deposit accounts, in each case, in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Indebtedness consisting of (a) the financing of insurance premiums or (b) take or pay obligations contained in supply arrangements, in each case, in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Indebtedness arising from agreements providing for indemnification, purchase price adjustments or similar obligations, in each case incurred or assumed in connection with the acquisition or disposition of any business or assets permitted under this Agreement (including, for the avoidance of doubt, guarantees by any member of the Consolidated Group of any such Indebtedness of another member of the Consolidated Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Indebtedness to the seller of any business or assets permitted to be acquired by any member of the Consolidated Group under this Agreement (including, for the avoidance of doubt, guarantees by any member of the Consolidated Group of any such Indebtedness of another member of the Consolidated Group); <u>provided</u> any seller notes shall be subordinated in right of payment to the Obligations pursuant to subordination provisions reasonably acceptable to the Administrative Agent (at the direction of the Required Lenders) and the Borrowers; <u>provided</u>, further that, if any seller note matures on or prior to the Latest Maturity Date applicable to the Loans and/or Commitments, the aggregate amount shall not exceed the greater of (x) $5,000,000 and (y) 5% of Consolidated EBITDA computed on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the incurrence of Indebtedness under the ABL Agreement up to an amount not to exceed the greater of $110,000,000 and 100% of Consolidated EBITDA computed on a Pro Forma Basis and any Permitted Refinancings thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) endorsement of instruments or other payment items for deposit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) to the extent constituting Indebtedness, Guarantees in the ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of any member of the Consolidated Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Guarantees of any member of the Consolidated Group primarily guaranteeing performance of contractual obligations of another member of the Consolidated Group to a third party and not primarily for the purpose of guaranteeing payment of Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Indebtedness (other than Indebtedness for borrowed money) supported by any letter of credit, in each case, in an amount not to exceed the face amount of such letter of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) obligations in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any Subsidiary to the extent required by law or in connection with any statutory filing or the delivery of audit opinions performed in jurisdictions other than within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xxiii) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xxiv) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) so long as the German Post-Closing Obligations have been satisfied, Incremental Equivalent Debt and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xxvi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) Indebtedness of any Joint Venture or Indebtedness of any Subsidiary incurred on behalf of any Joint Venture or any Guarantees by any Subsidiary of Indebtedness of any Joint Venture and, in each case, any Permitted Refinancing thereof, in an aggregate outstanding principal amount for all such Indebtedness not to exceed the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) Indebtedness outstanding as of the Closing Date, which shall be (unless in an aggregate committed or principal amount not in excess of $10,000,000 and $1,000,000 individually) described on <u>Schedule 6.01</u> annexed hereto (other than Indebtedness incurred described in Section 6.01(a)(xvii)), and any Permitted Refinancing thereof; <u>provided</u> that with respect to the Uni-Pol Loans, any Permitted Refinancing thereof shall not be with respect to an amount of Uni-Pol Loans in excess of $10,000,000 (with any such Uni-Pol Loans the subject of a Permitted Refinancing to be selected by the Borrowers), any Permitted Refinancing thereof shall not be with respect to any UniPol Loans that were paid off or intended to be paid off with advances made pursuant to <u>Section 6.04(y)</u> and any such Uni-Pol Loans not subject to a Permitted Refinancing shall be permitted to be renewed as provided in 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) the incurrence or issuance of (I) Indebtedness or Disqualified Equity Interests of the Borrowers or Indebtedness, Disqualified Equity Interests or preferred stock of a Subsidiary, incurred or issued to finance an acquisition or investment (or other purchase of assets) or (II) Indebtedness, Disqualified Equity Interests or preferred stock (A) of Persons that are acquired by the Borrowers or any Subsidiary or merged into, amalgamated or consolidated with the Borrowers or a Subsidiary in accordance with the terms of this Agreement or (B) that is assumed by the Borrowers or any Subsidiary in connection with such acquisition or investment (or other purchase of assets) (and not, for the avoidance of doubt, created in contemplation of the applicable investment or acquisition), in each case under this <u>clause (i)</u>, in an aggregate outstanding principal amount or liquidation preference, together with any Permitted Refinancing in respect of any of the foregoing (excluding any amounts under the Incremental Cap), in an unlimited amount so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 respect to Indebtedness secured by Liens on the Collateral on a pari passu basis with the Liens on
the Collateral securing the Obligations (without regard to control of remedies), the First Lien Net Leverage Ratio for the Applicable
Date of Determination preceding the date on which such Indebtedness is incurred (without netting any cash received from the incurrence
of such Indebtedness proposed to be incurred) would be no greater 5.00 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. with respect to Indebtedness that is secured by Liens on the Collateral on a basis that is junior in priority
to the Liens on the Collateral securing the Obligations (and that, for the avoidance of doubt, has not been incurred pursuant to <u>clause c.</u> below), the Secured Net Leverage Ratio for the Applicable Date of Determination preceding the date on which such Indebtedness is
incurred (without netting any cash received from the incurrence of such Indebtedness proposed to be incurred) would be no greater 6.00
to 1.00, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. with respect to Indebtedness that is (i) secured by Liens on property that does not constitute Collateral
or (ii) not secured, or any Disqualified Equity Interests or preferred stock, in each case, either, in each case, as elected by the
Borrower, the Total Net Leverage Ratio for the Applicable Date of Determination preceding the date on which such Indebtedness is incurred
or such Disqualified Equity Interests or preferred stock is issued (without netting any cash received from the incurrence of such Indebtedness
proposed to be incurred) would be no greater 6.50 to 1.00 (any Indebtedness, Disqualified Equity Interests or preferred stock incurred
or issued pursuant to <u>clause (xxix)</u>, " <u>Permitted Acquisition Debt</u> "),

in each case, determined on a Pro Forma Basis; provided that, if such Indebtedness is incurred (and not assumed) by the Borrowers or a Guarantor, such Permitted Acquisition Debt (I) shall not mature earlier than the Latest Maturity Date and (II) shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of the Initial Term Loans or Delayed Draw Term Loans, whichever is lengthier, on the date of incurrence of such Indebtedness; <u>provided</u> that the aggregate amount of Permitted Acquisition Debt incurred under this clause (xxix) by any Subsidiary that is not a Loan Party (unless set forth on <u>Schedule 6.01</u>) shall be subject to the Non-Guarantor Debt Limitation; 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;(xxx) Indebtedness pursuant to the Post Road Facility and the Close Brothers Facility in an aggregate amount not to exceed $11,000,000 in the aggregate.

Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest, premium, fees or expenses, in the form of additional Indebtedness, Disqualified Equity Interests or preferred stock shall not be deemed to be an incurrence of Indebtedness for purposes of this <u>Section 6.01</u>.

For purposes of determining compliance with any restriction on the incurrence of Indebtedness, the principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; <u>provided</u> that if such Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, refinancing, renewal or defeasance would cause the applicable restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, refinancing, renewal or defeasance, such restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased, <u>plus</u> the amount of any premium paid, and fees and expenses incurred, in connection with such extension, replacement, refunding refinancing, renewal or defeasance (including any fees and original issue discount incurred in respect of such resulting Indebtedness).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, issue any Disqualified Equity Interests, except to the extent Holdings, such Borrower or such Subsidiary otherwise utilizes a basket for Indebtedness that is permitted to be incurred under <u>Section 6.01(a)</u> (and such usage shall reduce the availability of such basket).

Section 6.02 <u>Liens</u>. Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens created pursuant to any Loan Document (including Liens on Collateral to secure the Secured Obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Permitted Encumbrances;

&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 Lien on any property or asset of any member of the Consolidated Group existing on the Closing Date and, with respect to all such Liens securing Indebtedness, such Liens (x) secure Indebtedness in an aggregate committed or principal amount not in excess of $1,000,000 or (y) are described on <u>Schedule 6.02</u> annexed hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Lien existing on any property or asset prior to the acquisition thereof by any member of the Consolidated Group or existing on any property or asset of any Person that became or becomes a Subsidiary after the Closing Date prior to the time such Person became or becomes a Subsidiary; <u>provided</u> that (i) such Lien is not created in contemplation of such acquisition or such Person becoming a Subsidiary as the case may be, (ii) such Lien shall not apply to any other property or asset of any member of the Consolidated Group (other than any replacements of such property or assets and additions and accessions thereto, after-acquired property of the same type subject to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of such after-acquired property, and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender) and (iii) such Lien shall secure only those obligations and unused commitments (and to the extent such obligations and commitments constitute Indebtedness, such Indebtedness is permitted hereunder) that it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof so long as the principal amount of such extensions, renewals and replacements does not exceed the principal amount of the obligations being extended, renewed or replaced (<u>plus</u> any accrued but unpaid interest (including any portion thereof which is payable in kind in accordance with the terms of such extended, renewed or replaced Indebtedness) and premium payable by the terms of such obligations thereon and fees 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;(e) Liens on fixed or capital assets acquired, developed, constructed, restored, replaced, rebuilt, maintained, upgraded or improved (including any such assets made the subject of a Capital Lease Obligation or Synthetic Lease Obligation incurred) by any Loan Party or any Subsidiary thereof; <u>provided</u> that (i) such Liens secure Indebtedness incurred to finance such acquisition, development, construction, restoration, replacement, rebuilding, maintenance, upgrade or improvement and that is permitted by <u>Section 6.01(a)(iv)</u>, or to extend, renew or replace such Indebtedness and Indebtedness that is permitted by <u>Section 6.01(a)(v)</u> or <u>Section 6.01(a)(xxx</u>), as applicable, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 270 days after such acquisition or the completion of such development, construction, restoration, replacement, rebuilding, maintenance, upgrade or improvement (<u>provided</u> that this <u>clause (ii)</u> shall not apply to any Indebtedness permitted by <u>Section 6.01(a)(v)</u> or <u>Section 6.01(a)(xxx)</u>, as applicable, or any Lien securing such Indebtedness) and (iii) such Liens shall not apply to any other property or assets of any member of the Consolidated Group (other than any replacements of such property or assets and additions and accessions thereto and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment financed by 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;(f) Liens (i) of a collecting bank arising in the ordinary course of business under Section 4-210 of the UCC in effect in the relevant jurisdiction covering only the items being collected upon, (ii) in favor of a banking or other financial institution arising as a matter of law or contract encumbering deposits or other funds maintained with a financial institution (including netting arrangements or the right of set off) and which are within the general parameters customary in the banking industry or (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Liens representing (i) any interest or title of a licensor, lessor or sublicensor or sublessor under any lease or license permitted by this Agreement, (ii) any Lien or restriction that the interest or title of such lessor, licensor, sublessor or sublicensor may be subject to, or (iii) the interest of a licensee, lessee, sublicensee or sublessee arising by virtue of being granted a license or lease permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the filing of UCC financing statements solely as a precautionary measure or required notice in connection with operating leases or consignment of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) other than with respect to Real Property Collateral, Liens not otherwise permitted by this Section to the extent that the aggregate outstanding amount (or in the case of Indebtedness, the principal amount) of the obligations secured thereby at any time does not exceed the greater of (x) $15,000,000 and (y) 15% of Consolidated EBITDA computed 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;(k) other than with respect to Real Property Collateral, Liens granted by a Subsidiary that is not a Loan Party in favor of any Loan Party in respect of Indebtedness or other obligations owed by such Subsidiary to such Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens (i) attaching solely to cash advances and cash earnest money deposits in connection with Investments permitted under <u>Section 6.04</u>, (ii) consisting of an agreement to Dispose of any property in a Disposition permitted hereunder, or (iii) securing Cash Management Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any Lien resulting from the rules and regulations of any clearing system or stock exchange over shares and/or other securities held in that clearing system or stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens on the assets of any Subsidiary that is a Non-Loan Party securing Indebtedness or other obligations of such Subsidiary (or of another Subsidiary that is a Non-Loan Party) permitted under <u>Section 6.01(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;(o) precautionary or purported Liens evidenced by the filing of UCC financing statements, or similar financing statements under applicable Requirements of Law relating solely to (i) operating leases or consignment or bailee arrangements entered into in the ordinary course of business (provided that no default exists thereunder) and/or (ii) the sale of accounts receivable in the ordinary course of business to the extent permitted by <u>Section 6.05</u> (other than <u>Section 6.05(n)</u>) for which a UCC financing statement, or similar financing statement under applicable Requirements of Law is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens securing reimbursement obligations permitted by <u>Section 6.01</u> in respect of documentary letters of credit or bankers' acceptances; <u>provided</u> that such Liens attach only to the documents, goods covered thereby and proceeds thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Liens on insurance policies and the proceeds thereof granted to secure the financing of insurance premiums with respect thereto in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens encumbering deposits made to secure obligations arising from contractual or warranty 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;(s) subject to the Intercreditor Agreement, Liens with respect to Indebtedness permitted under <u>Section 6.01(a)(xvii)</u> and Liens securing Swap Obligations, secured on a pari passu basis with the Indebtedness permitted under <u>Section 6.01(a)(xvii)</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;(t) Liens granted pursuant to a security agreement between any member of the Consolidated Group and a licensee of Intellectual Property to secure the damages, if any, of such licensee resulting from the rejection of the licensee of such licensee in a bankruptcy, reorganization or similar proceeding with respect to such member of the Consolidated Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens in respect of Incremental Equivalent Debt referred to in Section 6.01(a)(xxv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens on the Equity Interests in or assets of a Joint Venture securing Indebtedness referred to in Section 6.01(a)(xxvii) with respect to 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;(w) Liens in respect of servicing agreements, development agreements, site plan agreements, subdivision agreements and other agreements with governmental authorities pertaining to the use or development of real property, in each case which do not and will not (i) affect the priority of any Mortgage and (ii) interfere in any material respect with the ordinary conduct of the Consolidated Group, taken as a whole;

&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) licenses or sublicenses (with respect to Intellectual Property and other property), leases or subleases granted to third parties not interfering in any material respect with the ordinary conduct of the business of the Consolidated Group, taken as a whole, provided in each case that no default exists thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens in favor of customs and revenue authorities to secure payment of customs duties in connection with the importation of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (z) Liens of bailees in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) 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 the Consolidated Group, provided in each case that no default exists thereunder and that same do not affect the priority of the Mortgage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) utility and similar deposits in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) purchase options, call and similar rights of, and restrictions for the benefit of, a third party with respect to Equity Interests held by any member of the Consolidated Group in Joint Ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Liens that are contractual rights of set-off and other customary Liens (i) relating to the establishment of depository, brokerage, custody or clearing relations with banks or other financial institutions not given in connection with the incurrence of Indebtedness for borrowed money, (ii) relating to pooled deposit or sweep accounts of any member of the Consolidated Group to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Consolidated Group or (iii) relating to purchase orders and other agreements entered into by any member of the Consolidated Group in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) the modification, replacement, renewal or extension of any Lien permitted by <u>Section 6.02(a)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e)</u>, <u>(o), (u)</u> or <u>(v)</u>; <u>provided</u> that (i) the Lien does not extend 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; and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is not prohibited by <u>Section 6.01</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;(gg) Liens on securities which are the subject of repurchase agreements incurred in the ordinary course of business.

Section 6.03 <u>Fundamental Changes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, merge into, consolidate or amalgamate with any other Person, or permit any other Person to merge into, consolidate or amalgamate with it, except that: (i) any Subsidiary (other than a Borrower or Holdings) may merge into or consolidate or amalgamate with Holdings or a Borrower as long as Holdings or such Borrower is the surviving or resulting entity, except as provided in <u>clause (vi)</u> hereof, (ii) any Subsidiary (other than a Borrower or Holdings) may merge into or consolidate or amalgamate with any other Subsidiary that is a Subsidiary Loan Party (as long as (A) (1) a Subsidiary Loan Party is the continuing, surviving or resulting entity, (2) such continuing, surviving or resulting entity becomes a Subsidiary Loan Party substantially concurrently with the consummation of such transaction and complies with <u>Section 5.12</u> and <u>Section 5.14</u>, (3) [reserved] or (4) the disposition of such Subsidiary Loan Party would otherwise be permitted under <u>Section 6.05</u> (other than <u>Section 6.05(l)</u>) or such Subsidiary Loan Party would otherwise be permitted to be to redesignated as an Excluded Subsidiary immediately prior to such transaction (and shall be deemed to be so disposed or redesignated) and (B) a U.S. Subsidiary that is a Subsidiary Loan Party may not merge into or consolidate with a non-U.S. Loan Party unless such U.S. Guarantor is the continuing, surviving or resulting entity), (iii) any Subsidiary that is not a Loan Party may merge into or consolidate or amalgamate with (A) any other Subsidiary that is not a Subsidiary Loan Party or (B) (subject to <u>clause (ii)</u> above) any other Subsidiary that is a Subsidiary Loan Party, (iv) any Borrower or any Subsidiary may consummate any Investment permitted by <u>Section 6.04</u> (other than <u>Section 6.04(aa)</u>) (whether through a merger, consolidation, amalgamation or otherwise), <u>provided</u> that (A) the surviving or resulting entity shall be subject to the requirements of <u>Section 5.12</u> and <u>Section 5.14</u> (to the extent applicable) and, in the case of a merger, consolidation or amalgamation involving a Loan Party (other than a U.S. Loan Party), deliver ancillary documents to the Administrative Agent confirming that it is subject to all of the Obligations hereunder and (B) if any Borrower is a direct party involved in such merger, consolidation or amalgamation for such transaction, such Borrower shall be the continuing, surviving or resulting entity, except as provided in <u>clause (vi)</u> hereof, (v) any Subsidiary may consummate any sale, transfer or other disposition permitted pursuant to <u>Section 6.05</u> (other than <u>Section 6.05(l)</u>) (whether through a merger, consolidation, amalgamation or otherwise), <u>provided</u> that the surviving or resulting entity shall be subject to the requirements of <u>Section 5.12</u> and <u>Section 5.14</u> (to the extent applicable) and, in the case of a merger, consolidation or amalgamation involving a Loan Party (other than a U.S. Loan Party), deliver ancillary documents to the Administrative Agent confirming that it is subject to all of the Obligations hereunder and (vi) in each of the preceding <u>clauses (i)</u> or <u>(iv)</u> of this <u>paragraph (a)</u>, in the case of any merger, consolidation or amalgamation directly involving any Borrower as a party for such merger, consolidation or amalgamation, if the Person continuing, surviving or resulting from such merger, consolidation or amalgamation is not such Borrower (any such Person, the "<u>Successor Company</u>"), then (A) such Successor Company shall be approved by the Administrative Agent (at the direction of the Required Lenders), (B) no Default and Event of Default shall have occurred and be continuing or would result therefrom, (C) the Successor Company shall be an entity organized or existing under the laws of the United States, any state thereof or the District of Columbia, (D) the Successor Company shall expressly assume all the obligations of such Borrower under this Agreement and the other Loan Documents to which such Borrower is a party pursuant to such documentation as may be reasonably required by the Administrative Agent and in connection therewith shall deliver items of the type described in Section 4.01(a)(ii)(E), (F) or (G), as applicable, Section 4.01(b) and Section 4.01(c), (E) the Successor Company shall take such actions and deliver such items reasonably required by the Administrative Agent to cause the Collateral Agent to have a first priority perfected security interest (subject to Liens permitted under <u>Section 6.02</u>) in all Collateral of the Successor Company, (F) each Guarantor shall have confirmed (pursuant to such documentation, including amendments to Security Documents), reasonably acceptable to the Administrative Agent that its Guaranty and its grant of Liens under the Security Documents shall guaranty and secure the Secured Obligations after giving effect to the Successor Company assuming all of the obligations of such Borrower and shall deliver such documentation as may be reasonably required by the Administrative Agent (including any items of the type described in Section 4.01(b) and (c) in connection therewith) and (in the case of Holdings) all certificates representing Equity Interests of the Successor Company, (G) deliver all documentation and other information about the Successor Company as has been requested in writing by the Administrative Agent or any Lender in connection with "know your customer" provisions of Anti-Money Laundering Laws, including the PATRIOT Act, and Beneficial Ownership Certifications with respect to the Successor Company and (H) the Successor Company shall have delivered to the Administrative Agent an officer's certificate stating that such merger, amalgamation or consolidation and such supplements preserve the enforceability of the Guaranty and the perfection and priority of the Liens under the applicable Security Documents; <u>provided</u>, that if the foregoing are satisfied, the Successor Company will succeed to, and be substituted for such Borrower 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;(b) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, liquidate or dissolve, except that: (i) any Subsidiary that is a Subsidiary Loan Party may transfer all or any portion of its assets (upon liquidation, dissolution, winding-up or any similar transaction) to any Loan Party (other than Holdings); <u>provided</u> that if the transferor is a Subsidiary that is a U.S. Loan Party, the transferee shall be a U.S. Loan Party (other than Holdings), (ii) any Subsidiary that is not a Subsidiary Loan Party may transfer all or any portion of its assets (upon liquidation, dissolution, winding-up or any similar transaction) to any member of the Consolidated Group, (iii) [reserved], (iv) any member of the Consolidated Group may change its legal form and (v) any Subsidiary may transfer all or any portion of its assets (upon liquidation, dissolution, winding-up or any similar transaction) to any Person in order to effect a substantially concurrent Investment permitted pursuant to <u>Section 6.04</u> (other than <u>Section 6.04(aa)</u>), a transaction permitted pursuant to <u>clause (a)</u> above, or a sale, transfer or other disposition permitted pursuant to <u>Section 6.05</u> (other than <u>Section 6.05(l)</u>).

Section 6.04 <u>Investments</u>. Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, make or own any Investments, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments comprised of cash and Cash Equivalents and of assets that were Cash Equivalents when such Investment was 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; (b) Permitted Acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Investment by any member of the Consolidated Group existing on the Closing Date and, with respect to all such Investments, such Investments (x) are in an amount not in excess of $1,000,000 or (y) are described on <u>Schedule 6.04</u> annexed hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) Investments made by any Loan Party in any Loan Party (other than Investments in Holdings, except to the extent constituting Investments made by Holdings) and (ii) Investments made by any Loan Party in any Subsidiary that is not a Loan Party; <u>provided</u> that the aggregate outstanding amount of all Investments made after the Closing Date pursuant to <u>clause (d)(ii)</u>, (unless set forth on <u>Schedule 6.04</u>) shall be subject to the Non-Guarantor Investment Limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments made by any Subsidiary that is not a Loan Party in (x) any other Subsidiary that is not a Loan Party or (y) any Loan Party (other than Holdings); <u>provided</u> that to the extent that any such Investments under <u>clause (y)</u> constitute loans or advances made to any Loan Party, such loans or advances shall be subordinated in right of payment to the Obligations pursuant to subordination provisions reasonably acceptable to the Administrative Agent (at the direction of the Required Lenders) and the Borrowers;

&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) non-cash loans or advances to employees, partners, officers and directors of any member of the Consolidated Group in connection with such Person's purchase of Equity Interests of such member of the Consolidated Group (or a Parent Company) or in connection with the exercise of options 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;(h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Investments in respect of Swap Agreements not entered into solely for speculative purposes, Cash Management Agreements and Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Investments of any Person existing at the time such Person becomes a Subsidiary or consolidates, amalgamates or merges with any member of the Consolidated Group (including in connection with an Acquisition or other Investment permitted hereunder); <u>provided</u> that such Investment was not made in contemplation of such Person becoming a Subsidiary or such consolidation, amalgamation or merger;

&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) Investments resulting from pledges or deposits described in the definition of the term "Permitted Encumbrance" or otherwise permitted as a Lien pursuant to <u>Section 6.02</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;(l) Investments received in connection with the disposition of any asset in accordance with and to the extent permitted by <u>Section 6.05</u> (other than <u>Section 6.05(d)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) receivables or other trade payables owing to any member of the Consolidated Group if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms, <u>provided</u> that such trade terms may include such concessionary trade terms as such member of the Consolidated Group deems reasonable under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Investments resulting from Liens permitted under <u>Section 6.02</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;(o) Investments in deposit accounts and securities accounts opened in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investments in members of the Consolidated Group in connection with any Permitted Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) other Investments (including those of the type otherwise described herein) made after the Closing Date in an aggregate amount at any time outstanding not to exceed the sum of the greater of (x) $15,000,000 and (y) 15% of Consolidated EBITDA computed on a Pro Forma Basis; <u>provided,</u> that any Investment made under this <u>clause (q)</u> (unless set forth on <u>Schedule 6.04</u>) in a Subsidiary that is not a Loan Party shall be subject to the Non-Guarantor Investment Limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (r) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Investments solely to the extent such Investments reflect an increase in the value of Investments otherwise permitted under this <u>Section 6.04</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;(t) the acquisition of additional Equity Interests of Subsidiaries from minority shareholders (it being understood that to the extent that any Subsidiary that is not a Loan Party is acquiring Equity Interests from minority shareholders then this <u>clause (t)</u> shall not in and of itself create, or increase the capacity under, any basket for Investments by Loan Parties in any Subsidiary that is not a Loan Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Investments consisting of endorsements for collection or deposit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Investments in Equity Interests in any Subsidiary resulting from any sale, transfer or other disposition by any member of the Consolidated Group permitted by <u>Section 6.05</u>, including as a result of any contribution from any parent or distribution to any Subsidiary of such Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) contributions to a "rabbi" trust pursuant to a deferred compensation plan of any member of the Consolidated Group for the benefit of employees or other grantor trust subject to claims of creditors in the case of a bankruptcy of any Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) loans or advances to officers, partners, directors, consultants and employees of any member of the Consolidated Group for (A) relocation, entertainment, travel expenses, drawing accounts and purchases of tools in a manner consistent with past practices in the ordinary course of business and similar expenditures and (B) for other purposes not to exceed the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed 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;(y) advances to Jiangyin Uni-pol Vacuum Casting India Pvt Limited in an amount not to exceed $23,000,000 for the sole purpose of paying off the Uni-Pol Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) other Investments in an aggregate amount not to exceed the Available Amount at such time, so long as, subject to Section 1.12, (i) no Event of Default exists or would result from the making of such Investment and (ii) both before and immediately after giving effect to such Investment, the First Lien Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 5.30 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Investments consisting of Indebtedness, Liens, Restricted Payments, fundamental changes and dispositions permitted under <u>Section 6.01</u> (other than <u>Section 6.01(a)(ii)</u> and <u>6.01(a)(iii)</u>), <u>Section 6.02</u>, <u>Section 6.03</u> (other than <u>Section 6.03(a)(iv)</u>, <u>(a)(vi)</u> and <u>(b)(v)</u>), <u>Section 6.05</u> (other than <u>Section 6.05(b)</u> and <u>Section 6.05(d)</u>) and <u>Section 6.08</u> (other than <u>Section 6.08(b)(ix)</u>), respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Loans repurchased by any member of the Consolidated Group pursuant to and in accordance with <u>Section 9.04</u>, so long as such Loans are immediately cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) cash or property distributed from any Subsidiary that is not a Loan Party may be contributed to other Subsidiaries that are not Loan Parties and in connection with a contribution therewith, may pass through any Borrower to Holdings (but not Holdings) and/or any intermediate Subsidiaries, so long as all part of a series of related transactions and such transaction steps are not unreasonably delayed and are otherwise permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Investments to the extent that payment for such Investments is made solely with Equity Interests (other than any Disqualified Equity Interests) of Holdings, or proceeds of equity contributions in the form of Qualified Equity Interests initially made to Holdings after the Closing Date (to the extent subsequently contributed to Holdings or a Borrower and other than any proceeds that increase the Cure Amount or the Available Amount), in each case, that have not increased the Cure Amount or the Available 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;(ee) Guarantee obligations of any member of the Consolidated Group in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any Subsidiary to the extent required by law or in connection with any statutory filing or the delivery of audit opinions performed in jurisdictions other than within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) (i) loans and advances to Holdings, any Parent Company or any Parent Entity in lieu of, and not in excess of the amount of (after giving effect to any other such loans or advances or Restricted Payments in respect thereof) Restricted Payments to the extent permitted to be made in accordance with <u>Section 6.08</u> (other than <u>Section 6.08(b)(ix)</u>) or (ii) other Investments in lieu of and not in excess of the amount of (after giving effect to any other such Investments or payments, redemptions, repurchases, retirements, terminations or cancellations of Indebtedness pursuant to <u>Section 6.08(b)(vii)</u>) Restricted Payments to the extent permitted to be made in accordance with <u>Section 6.08(a)(x)</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;(gg) asset purchases (including purchases of inventory, supplies and materials) and the licensing or sublicensing or contribution of Intellectual Property pursuant to joint marketing or other arrangements with other Persons, in each case in the ordinary course of business; 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;(hh) Guarantees by any member of the Consolidated Group of leases (other than Capital Lease Obligations), contracts, or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business, or of deferred purchase price, earn-out, purchase price adjustments, indemnity and other obligations in connection with Permitted Acquisitions, in each case to the extent the underlying obligation is otherwise not prohibited hereunder.

Notwithstanding anything herein to the contrary, (a) Investments in Subsidiaries that are non-Loan Parties shall not exceed the sum of (i) in the case of an Investment in Subsidiaries that are non-Loan Parties on the Closing Date, the amount invested in such Subsidiaries as of the Closing Date and (ii) (unless set forth on <u>Schedule 6.04</u>) an amount equal to the greater of (A) $30,000,000 and (B) 30% of Consolidated EBITDA as of the Applicable Date of Determination calculated on a Pro Forma Basis after giving effect to each proposed Investment at any one time outstanding, in each case, determined as of the date such Investment is made (such cap, the "<u>Non-Guarantor Investment Limitation</u>").

For the avoidance of doubt, if an Investment would be permitted under any provision of this <u>Section 6.04</u> (other than <u>Section 6.04(b)</u>) and as a Permitted Acquisition, such Investment need not satisfy the requirements otherwise applicable to Permitted Acquisitions unless such Investments are consummated in reliance on <u>Section 6.04(b)</u>. In addition, to the extent an Investment is permitted to be made by any member of the Consolidated Group directly in any Subsidiary or any other Person who is not a Loan Party (each such person, a "<u>Target Person</u>") under any provision of this <u>Section 6.04</u>, such Investment may be made by advance, contribution or distribution directly or indirectly to Holdings and further advanced or contributed by Holdings to a Loan Party or other Subsidiary for purposes of ultimately making the relevant Investment in the Target Person without constituting an Investment for purposes of <u>Section 6.04</u> (it being understood that such Investment must satisfy the requirements of, and shall count toward any thresholds or baskets in, the applicable clause under <u>Section 6.04</u> as if made by the applicable Subsidiary directly to the Target Person).

Notwithstanding anything herein to the contrary, in no event shall any member of the Consolidated Group make an Investment consisting of the transfer of any Intellectual Property of a Loan Party that is material to the business of any member of the Consolidated Group to any Subsidiary that is not (x) if the transferor is Holdings, a Borrower or a Subsidiary that is a U.S. Subsidiary, a U.S. Loan Party and (y) otherwise, a Loan Party.

Section 6.05 <u>Asset Sales</u>. Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, sell, transfer, lease or otherwise dispose of any asset, including any Equity Interests owned by it, nor will Holdings or any Borrower permit any Subsidiary to issue any additional Equity Interests in such Subsidiary (other than (i) any Subsidiary issuing directors' qualifying shares and (ii) any other Subsidiary issuing Equity Interests to any other member of the Consolidated Group), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sales, transfers, licenses, leases and other dispositions of (i) inventory or services, equipment sold pursuant to customer contracts or similar arrangements or of immaterial assets in the ordinary course of business, (ii) obsolete, worn-out, uneconomic, negligible, damaged or surplus property or property that is no longer economically practical or commercially desirable to maintain or used or useful in its business, whether now or hereafter owned or leased or acquired in connection with an Acquisition, (iii) cash, Cash Equivalents and other investment securities in the ordinary course of business, (iv) accounts in the ordinary course of business for purposes of collection and (v) other assets to the extent that the aggregate value of such assets sold during any fiscal year of Holdings is equal to an amount not to exceed the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sales, transfers, licenses, leases and other dispositions to any member of the Consolidated Group (including by contribution, disposition, dividend or otherwise); <u>provided</u> that (i) (A) if the transferor of such property is a U.S. Loan Party, then the transferee thereof must be a U.S. Loan Party (other than Holdings) and (B) if the transferor of such property is a U.K. Guarantor or German Guarantor, then the transferee thereof must be a Loan Party (other than Holdings) or (ii) to the extent constituting a Disposition to a Subsidiary that is not a Loan Party, such Disposition (w) is in the ordinary course of business, (x) is for fair value and any promissory note or other non-cash consideration received in respect thereof is a permitted Investment in a Subsidiary that is not a Loan Party in accordance with <u>Section 6.04</u> or (y) to the extent constituting an Investment, such Investment must be a permitted Investment in a Subsidiary that is not a Loan Party in accordance with <u>Section 6.04</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;(c) sales, transfers and other dispositions of trade or accounts receivable (including write-offs, discounts and compromises) in connection with the compromise, settlement or collection 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;(d) sales, transfers, licenses, leases and other dispositions of property to the extent that such sales, transfers, licenses, leases and other dispositions of property constitute Investments permitted by <u>Section 6.04</u> (other than <u>Section 6.04(l)</u>) hereunder or another asset received as consideration for the disposition of any asset permitted by this Section (in each case, other than any Equity Interests in a Subsidiary, unless all Equity Interests in such Subsidiary are sold for fair market value (as reasonably determined in good faith by the Borrowers));

&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) leases or licenses or subleases or sublicenses entered into in the ordinary course of business, to the extent that they do not materially interfere with the business of the Consolidated Group taken as a whole;

&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) licenses or sublicenses of intellectual property (including software) in the ordinary course of business or pursuant to a research or development or other similar agreement in which the counterparty to such agreement receives a license to Intellectual Property (including software) that result from such agreement as contemplated in the applicable 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;(g) dispositions resulting from any casualty or insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any member of the Consolidated Group;

&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 abandonment or other disposition of Intellectual Property, whether now or hereafter owned, licensed, sublicensed, leased or otherwise acquired in connection with an Acquisition or other permitted Investment that is, in the reasonable good faith judgment of Borrowers, no longer economically practicable or commercially desirable to maintain or used or useful in the business of the Consolidated Group;

&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) Disposition of assets identified on <u>Schedule 6.01</u> in connection with the funding of additional amounts pursuant to the Post Road Facility and the Close Brothers 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;(j) dispositions from and after the Closing Date of non-core or obsolete assets acquired in connection with any Acquisition or other permitted Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) sales, transfers, leases, licenses and other dispositions by any member of the Consolidated Group of assets since the Closing Date so long as (i) such disposition is for fair market value (as reasonably determined in good faith by such member of the Consolidated Group), (ii) at the time of execution of a binding agreement in respect of such sale, transfer or other disposition, no Event of Default has occurred and is continuing and at the time of consummation of such sale transfer or other disposition, no Event of Default under Section 7.01(a), 7.01(b), 7.01(h) or 7.01(i) has occurred and is continuing, (iii) if the assets sold, transferred or otherwise disposed of have a fair market value in excess of the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis, at least 75% of the consideration (other than (A) the assumption by the transferee of Indebtedness or other liabilities contingent or otherwise of any member of the Consolidated Group and the valid release of such member of the Consolidated Group, by all applicable creditors in writing, from all liability on such Indebtedness or other liability in connection with such Disposition, (B) securities, notes or other obligations received by any member of the Consolidated Group from the transferee that are converted by any member of the Consolidated Group into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days following the closing of such Disposition, (C) Indebtedness of any Subsidiary that is no longer a Subsidiary as a result of such Disposition, to the extent that each member of the Consolidated Group is released from any Guarantee or other credit support in respect of payment of such Indebtedness in connection with such Disposition, (D) consideration consisting of Indebtedness of Holdings (other than Indebtedness that is contractually subordinated in right of payment to the prior payment of all Obligations pursuant to subordination provisions reasonably acceptable to the Administrative Agent and the Borrowers) received after the Closing Date from Persons who are not members of the Consolidated Group and (E) in connection with an asset swap, all of which shall be deemed "cash") received is cash or Cash Equivalents or Designated Non-Cash Consideration to the extent that all Designated Non-Cash Consideration at such time does not exceed $4,000,000 (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value) and all of the consideration received is at least equal to the fair market value of the assets sold, transferred or otherwise disposed of and (iv) at the time of execution of a binding agreement in respect of such sale, transfer or other disposition and immediately after giving effect thereto, the Borrowers shall be in compliance with the Financial Covenant calculated on a Pro Forma Basis (other than, in the case of this clause (iv), for assets not to exceed a fair market value of $5,000,000 during the term of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) sales, transfers and other dispositions permitted by <u>Section 6.03</u> (other than <u>Section 6.03(a)(v)</u> or <u>(b)(v)</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;(m) the sale or exchange of specific items of property, so long as the purpose of each such sale or exchange is to acquire (and results within 365 days of such sale or exchange in the acquisition of) replacement items of property that are the functional equivalent of the item of property so sold or exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) the incurrence of Liens permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) sales or dispositions of Equity Interests of any Subsidiary (other than the Borrowers) in order to qualify members of the Governing Body of such Subsidiary if required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (p) de minimis amounts of equipment provided to employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) sales, transfers and other dispositions of Excluded Property if the aggregate value of such Excluded Property sold is equal to or less than an amount equal to the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed 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;(r) Restricted Payments made pursuant to <u>Section 6.08</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; (s) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the unwinding of any Cash Management Agreement or Swap Agreement pursuant to its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) sales, transfers or other dispositions of Investments in Joint Ventures or any Subsidiary that is not a wholly owned Subsidiary to the extent required by, or made pursuant to customary buy/sell arrangements between, the parties set forth in Joint Venture arrangements and similar binding agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any member of the Consolidated Group may (i) terminate or otherwise collapse its cost sharing agreements with any member of the Consolidated Group and settle any crossing payments in connection therewith, (ii) convert any intercompany Indebtedness to Equity Interests, (iii) transfer any intercompany Indebtedness to any member of the Consolidated Group <u>provided</u> that (A) if the transferor is a U.S. Loan Party then the transferee shall be a U.S. Loan Party (other than Holdings) and (B) if the transferor is a U.K. Guarantor or other non-U.S. Loan Party then the transferee shall be a Loan Party (other than Holdings), (iv) settle, discount, write off, forgive or cancel any intercompany Indebtedness or other obligation owing by any member of the Consolidated Group <u>provided</u> that if such Indebtedness is owed to a Loan Party then such action shall be deemed an Investment by such Loan Party in the obligor on such Indebtedness in an amount equal to such Indebtedness, (v) settle, discount, write off, forgive or cancel any Indebtedness owing by any present or former consultants, directors, officers or employees, of any member of the Consolidated Group or any of their successors or assigns or (vi) surrender or waive contractual rights and settle or waive contractual or litigation claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (w) Dispositions constituting any part of a Permitted Reorganization; 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;(x) Dispositions made with the approval (or to obtain the approval) of any anti-trust authority or otherwise necessary or advisable in the good faith determination of the Borrowers to consummate any acquisition or other Investment permitted hereunder.

Notwithstanding anything herein to the contrary, in no event shall any member of the Consolidated Group sell, transfer, lease or otherwise dispose any Intellectual Property that is material to the business of the members of the Consolidated Group to any Subsidiary that is not (x) if the transferor is Holdings, a Borrower or a Subsidiary that is a U.S. Subsidiary, a U.S. Loan Party and (y) otherwise, a Loan Party.

Section 6.06 <u>Financial Covenant</u>. The Borrowers shall not permit the First Lien Net Leverage Ratio as of the Applicable Date of Determination to be greater than the ratio set forth below in respect of such period set forth below (the "<u>Financial Covenant</u>") (such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent pursuant to Section 5.01(a) and (b), as applicable, with respect to such Applicable Date of Determination):

---

| | |
|:---|:---|
| &nbsp;&nbsp;Period | &nbsp;&nbsp;First Lien Net Leverage Ratio |
| &nbsp;&nbsp;Applicable Date of Determination ending December 31, 2024, through and including the Applicable Date of Determination ending September 30, 2025 | &nbsp;&nbsp;7.00 to 1.00 |
| &nbsp;&nbsp;Applicable Date of Determination ending December 31, 2025 and each Applicable Date of Determination ending thereafter | &nbsp;&nbsp;5.00 to 1.00 |

---

Section 6.07 <u>[Reserved]</u>.

Section 6.08 <u>Restricted Payments; Certain Payments of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, make any Restricted Payment, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subsidiaries of Holdings may make Restricted Payments so long as, if the Subsidiary making the Restricted Payment is not wholly owned (directly or indirectly) by such Person, such Restricted Payment is made ratably among the holders of its Equity Interests (or in a greater proportion to any member of the Consolidated Group that holds Equity Interests of such Subsidiary as compared to any holder of such Equity Interests that is not a member of the Consolidated Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 member of the Consolidated Group may make Restricted Payments with respect to its Equity Interests payable solely in shares of its Qualified Equity Interests (so long as, if the Subsidiary making the Restricted Payment is not wholly owned (directly or indirectly) by Holdings, such Restricted Payment is made ratably among the holders of its Equity Interests (or in a greater proportion to the member(s) of the Consolidated Group that hold Equity Interests of such Subsidiary as compared to any holder of such Equity Interests that is not a member of the Consolidated Group));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each of Holdings and the Borrowers may make Restricted Payments in respect of (A) overhead, legal, accounting and other professional fees and expenses of Holdings, Parent Company or any Parent Entity (including, after the consummation of a Qualifying IPO, Public Company Costs), (B) fees and expenses related to any public offering or private placement of Equity Interests or debt securities of Holdings, Parent Company or any Parent Entity whether or not consummated, (C) franchise and similar taxes and other fees and expenses in connection with the maintenance of its (and any Parent Company's or Parent Entity's) existence and its (or any Parent Company or Parent Entity's indirect) ownership of Holdings or a Borrower, (D) payments permitted by Section 6.09(d), (f), (h), (i), (k), and (l), (E) in the case of Holdings, any income Tax for which a Parent Company is liable which is attributable to or payable by such Parent Company to the extent referable to acting as a direct or indirect holding company of Holdings or any of its Subsidiaries, (F) [reserved] and (G) customary fees, salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers, directors and employees of Holdings, Parent Company or any Parent Entity, in each case in order to permit Holdings, Parent Company or any Parent Entity to make such payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each of Holdings and the Borrowers may make payments (or may make Restricted Payments to Holdings, Parent Company or any Parent Entity, the proceeds of which will be used to make payments) at such times and in such amounts as are necessary to make payments of or on account of (1) director's and consultant's fees, monitoring, advisory, refinancing, exit or management or similar fees or transaction fees and (2) reimbursement of out-of-pocket costs, expenses and indemnities, in each case to any Equity Investor or any of its Affiliates, in each case solely to the extent that if Holdings or a Borrower were obligated to make such payment directly and such payment would be permitted by <u>Section 6.09</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;(v) the Subsidiaries of Holdings may make a Restricted Payment in connection with the acquisition of additional Equity Interests in any Subsidiary from minority shareholders (it being understood that to the extent that any Subsidiary that is not a Loan Party is acquiring Equity Interests from minority shareholders then this <u>clause (v)</u> shall not in and of itself create, or increase the capacity under, any basket for Investments by Loan Parties in, or Restricted Payments by Loan Parties to, any Subsidiary that is not a Loan Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any member of the Consolidated Group may make repurchases of Equity Interests deemed to occur upon the cashless exercise of stock options when such Equity Interests represents a portion of the exercise price thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any member of the Consolidated Group may make Restricted Payments (A) in respect of working capital adjustments or purchase price adjustments pursuant to any Permitted Acquisition or other permitted Investments (other than pursuant to <u>Section 6.04(aa)</u>), and (B) to satisfy indemnity and other obligations in respect of Permitted Acquisitions or other permitted Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any member of the Consolidated Group may make Restricted Payments necessary to consummate transactions permitted pursuant to <u>Section 6.03</u> and to make Investments permitted pursuant to <u>Section 6.04</u> (other than pursuant to <u>Section 6.04(aa)</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;(x) each of Holdings, the Borrowers and their respective Subsidiaries may make additional Restricted Payments in an aggregate amount in reliance of this <u>clause (x)</u> when taken together with amounts paid in reliance of <u>Section 6.08(b)(vi)</u> not to exceed the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any member of the Consolidated Group may make additional Restricted Payments to the extent that such Restricted Payments are (a) made with net proceeds received by Holdings after the Closing Date from the issuance or sale of Qualified Equity Interests of Holdings or proceeds of an equity contribution on Qualified Equity Interests made to Holdings after the Closing Date (in each case, to the extent subsequently contributed to a Borrower and other than with any proceeds that have increased Cure Amount or the Available Amount) or (b) dividends on any Holdings' or a Parent Company's common stock (or equivalent) following the consummation of a Qualifying IPO of up to the greater of (1) 6.00% per annum of the net proceeds received by or contributed to the Borrowers in or from all public offerings of any Holdings' or a Parent Company's common stock (or equivalent) (including from a Qualifying IPO), other than public offerings with respect to any such common stock (or equivalent) registered on Form S-4 or Form S-8, and (2) an amount equal to 6.00% per annum of the Market Capitalization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Holdings and the Borrowers may make Restricted Payments to any Parent Company or Parent Entity the proceeds of which shall be used to pay customary costs, fees and expenses related to any unsuccessful equity or debt offering permitted by this Agreement, so long as the proceeds of such offering were intended to be contributed to the Borrowers or such offering was otherwise related to the business of the Borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 member of the Consolidated Group may make Restricted Payments to (a) pay (or fund the payment by Holdings of) cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Acquisition, Investment or other transaction otherwise permitted hereunder and (b) honor any conversion request by a holder of convertible Indebtedness (to the extent such conversion request is paid solely in shares of Qualified Equity Interests of Holdings) and make cash payments (or fund the making of such payment by Holdings of) in lieu of fractional shares in connection with any such conversion and may make payments (or fund the making of such payment by Holdings of) on convertible Indebtedness in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 member of the Consolidated Group may make Restricted Payments to purchase or fund the purchase of Holdings', Parent Company's or any Parent Entity's Equity Interests from present or former consultants, directors, managers, members, independent contractors, service providers, officers or employees of any Parent Entity, any Parent Company or any member of the Holding Company Group, or their respective estates, descendants, family, lenders, spouses or former spouses, upon the death, disability or termination of employment or other services of, or involuntary transfer (whether due to divorce, bankruptcy, judicial order, legal process or otherwise) of the Equity Interests of, such consultant, director, manager, member, independent contractor, service provider, officer or employee or pursuant to any employee, management, director or manager equity plan, employee, management, director or manager stock option plan or any other employee, management, director or manager benefit plan or any agreement (including any stock subscription or shareholder agreement) with any employee, director, manager, member, independent contractor, service provider, officer or consultant of any member of the Holding Company Group, <u>provided</u> that the aggregate amount of payments under this <u>clause (xiv)</u> subsequent to the Closing Date (net of proceeds received by the Borrowers from any equity contribution on Qualified Equity Interests made to Holdings (other than any Cure Amount or proceeds that have increased the Available Amount)) subsequent to the date hereof in connection with resales or any stock or common stock options so purchased shall not exceed an amount equal to the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis (increasing to the greater of (x) $15,000,000 and (y) 15% of Consolidated EBITDA computed on a Pro Forma Basis following a Qualifying IPO) (with unused amounts in any fiscal year being carried over to the immediate subsequent fiscal year) per fiscal year, plus, the amount actually received by any member of the Consolidated Group (following the death of any such consultant, director, manager, member, officer or employee) after the date hereof from any key-man life insurance policies; <u>provided</u> that the cancellation of Indebtedness owing to Holdings or any of its Subsidiaries in connection with a repurchase of any such Equity Interests and the redemption or cancellation of such Equity Interests without cash payment will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xv) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xvi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) each of Holdings and the Borrowers may make Restricted Payments in an aggregate amount not to exceed the Available Amount at such time; <u>provided</u> that immediately before and immediately after giving effect to such Restricted Payments (1) no Default exists or would result from the making of such Restricted Payment and (2) the Total Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 4.00 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) each of Holdings, the Borrowers and their respective Subsidiaries may make additional Restricted Payments constituting any part of a Permitted Reorganization; provided that any Restricted Payment received by Holdings in connection with the foregoing shall be recontributed to a Borrower as part of such Permitted Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) any member of the Consolidated Group may forgive or cancel any Indebtedness owed to any member of the Consolidated Group issued for repurchases of Holding's Equity Interests pursuant to <u>Section 6.08(a)(xiv)</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; (xx) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) (i) payment of a dividend to the borrower under the PIK Facility Agreement on the Closing Date to repay the facility under the PIK Facility Agreement in an aggregate principal amount not to exceed $50,000,000 plus accrued and unpaid interest thereon and (ii) payment of a one or more dividends to the borrower under the PIK Facility Agreement using the Delayed Draw Term Loan proceeds to repay the facility under the PIK Facility Agreement in an aggregate amount not to exceed $50,000,000; <u>provided</u> that in the case of this clause (ii), (x) such Restricted Payment is made within 6 months of the applicable drawing of Delayed Draw Term Loans and (y) both before and immediately after giving effect to such Restricted Payments the First Lien Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 5.30 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) each of Holdings, the Borrowers and their respective Subsidiaries may make Restricted Payments under the Management Incentive Plan as set forth in the Management Incentive Plan as in effect on the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) Each of Holdings, the Borrowers and their Subsidiaries may make Restricted Payments to pay regularly-scheduled cash interest on the PIK Facility Agreement, in an annual amount not to exceed $4,000,000 in the first fiscal year following the Closing Date, and thereafter increasing by 14% per annum (inclusive of any amounts that have previously increased the amount in this clause (xxiii)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to make any voluntary payment or other distribution (whether in cash, securities or other property), of or in respect of principal or interest, or such payment by way of the purchase, redemption, retirement, acquisition, cancellation or termination, in each case prior to the final scheduled maturity thereof, of any Junior Financing (each a "<u>Junior Financing Prepayment</u>") except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payment of regularly scheduled interest and principal payments (and fees, indemnities and expenses payable) as, and when due in respect of any such Indebtedness to the extent permitted by any subordination or intercreditor provisions in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Permitted Refinancing of Junior Financing to the extent such Permitted Refinancing is permitted by <u>Section 6.01</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;(iii) so long as no Event of Default pursuant to <u>Section 7.01(h)</u> or <u>Section 7.01(i)</u> has occurred and is continuing or would result therefrom, payments of intercompany Indebtedness permitted under <u>Section 6.01</u> to the extent permitted by any subordination provisions in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the conversion, exchange, redemption, repayment or prepayment of such Indebtedness into, for or with, as applicable, Equity Interests of any member of the Consolidated Group (other than Disqualified Equity Interests of any member of the Consolidated Group), except to the extent permitted under <u>Section 6.01(b)</u> or Equity Interests of Holdings, any Parent Company or any Parent Entity (other than Disqualified Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) AHYDO Catch-Up Payments relating to Indebtedness permitted under <u>Section 6.01</u> of the Consolidated Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) each of Holdings, the Borrowers and their respective Subsidiaries may make additional Junior Financing Prepayments in an aggregate amount in reliance of this <u>clause (vi)</u>, when taken together with the amounts paid in reliance of <u>Section 6.08(a)(x)</u>, not to exceed (A) the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Junior Financing Prepayments made with Net Proceeds received by Holdings after the Closing Date from the issuance or sale of Qualified Equity Interests of Holdings or proceeds of an equity contribution on Qualified Equity Interests initially made to Holdings after the Closing Date (to the extent subsequently contributed to Holdings or a Borrower and other than any proceeds that increase the Cure Amount or the Available Amount);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Junior Financing Prepayments made within 60 days after the date of any payment, redemption, repurchase, retirement, termination or cancellation notice in respect thereof (the "<u>Redemption Notice</u>"), if on the date such Redemption Notice such Junior Financing Prepayments would have complied with another provision of this <u>Section 6.08(b)</u>; <u>provided</u> that Junior Financing Prepayments shall reduce capacity under such other provision on the date of such Redemption Notice; 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;(ix) Junior Financing Prepayments in an aggregate amount not to exceed the Available Amount as such time; <u>provided</u> that (1) no Default or Event of Default pursuant to <u>Section 7.01(h)</u> or <u>Section 7.01(i)</u> exists or would result from the making of such Junior Financing Prepayment and (2) the Total Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 4.00 to 1.00.

Section 6.09 <u>Transactions with Affiliates</u>. Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise consummate any other transactions with, any of its Affiliates, with a fair market value in excess of the greater of (x) $5,000,000 and (y) 5% of Consolidated EBITDA computed on a Pro Forma Basis or less, except (a) transactions at prices and on terms and conditions (taken as a whole) not materially less favorable to Holdings or such Borrower or such Subsidiary than could reasonably be expected to be obtained on an arm's-length basis from unrelated third parties (as determined in good faith by the Borrowers); (b) transactions between or among (x) the Loan Parties or with any Person that becomes a Loan Party as a result of such transaction or (z) between or among Subsidiaries that are not Loan Parties (or by a Subsidiary that is not a Loan Party with any Person that becomes a Subsidiary that is not a Loan Party as a result of such transaction); (c) loans or advances to employees, officers and directors permitted under <u>Section 6.04</u>; (d) payroll, travel and similar advances to cover matters permitted under <u>Section 6.04</u>; (e) the payment of reasonable fees and reimbursement of out-of-pocket expenses to directors of any member of the Holding Company Group, any Parent Company or any Parent Entity (including Restricted Payments to make any such payment); (f) compensation (including bonuses, commissions and equity or other consideration) and employee benefit arrangements paid to, indemnities provided for the benefit of, and employment and severance or termination arrangements entered into with, directors, officers, managers, consultants or employees of any member of the Holding Company Group in the ordinary course of business (including Restricted Payments to make any such payment), including in connection with the Transactions and any other transaction permitted hereunder; (g) any issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans; (h) any payments to any Equity Investor or its Affiliates for reimbursement of out-of-pocket costs and expenses and indemnities in connection therewith; (i) payment of fees and expenses pursuant to the Transactions; (j) any Restricted Payment and payments on Indebtedness not prohibited by <u>Section 6.08</u>; (k) payments by any member of the Holding Company Group (including Restricted Payments to make such payments) (A) to any Equity Investor (whether directly or indirectly) of customary compensation in connection with financial advisory, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with a Qualifying IPO, acquisitions and divestitures), which payments are approved by the majority of the disinterested members of the Board of Directors of Holdings or such Subsidiary in good faith and in any event shall not exceed 1% of the transaction value, and (B) in respect of any indemnification obligations and expenses (and similar amounts) owed to any Equity Investor and any of their respective directors, officers, members of management, managers, employees and consultants; (l) transactions between and among members of the Consolidated Group which are in the ordinary course of business and transactions between any Borrower and its direct or indirect equityholders in the ordinary course of business with respect to the Equity Interests in such Borrower, such as shareholder agreements, operating agreements, investor rights agreements, registration agreements and including providing expense reimbursement and indemnities in respect thereof; (m) Investments in Subsidiaries (or in Persons that become Subsidiaries as a result of such Investment) permitted by <u>Section 6.04</u>; (n) the Transactions and the other transactions consummated on the Closing Date; (o) [reserved]; (p) Affiliate repurchases of the Loans or Commitments to the extent permitted hereunder and the holding of such Loans or Commitments and the payments and other transactions contemplated herein in respect thereof; (q) any transaction specifically permitted under this Agreement; (r) any Intercompany License Agreements; (s) payments to or from, and transactions with, joint ventures (to the extent any such joint venture is only an Affiliate as a result of Investments by any member of the Consolidated Group in such joint venture) in the ordinary course of business; (t) transactions by any member of the Consolidated Group with customers, clients, joint venture partners, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Consolidated Group, as determined in good faith by the board of directors or the senior management of the relevant Person, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; (u) [reserved]; (v) loans and advances to Holdings, Parent Company or Parent Entity permitted under <u>Section 6.04(ff)</u>; (w) [reserved]; (x) any Permitted Reorganization and any transaction for the forming of a holding company or reincorporation of any member of the Consolidated Group (except for the reincorporation of Holdings, a Borrower or any U.S. Guarantor in a jurisdiction outside the United States of America, any state thereof or the District of Columbia); and (y) transactions in which any member of the Consolidated Group delivers to the Administrative Agent a letter from a nationally or regionally recognized independent third-party financial advisor (selected by the Borrowers in good faith) stating that such transaction is fair to such member of the Consolidated Group from a financial point of view or meets the requirements of <u>clause (a)</u> of this <u>Section 6.09</u>.

Section 6.10 <u>Restrictive Agreements</u>. Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, enter into any agreement, instrument, deed or lease that prohibits, restricts or imposes any condition upon (a) the ability of any Loan Party to act as a Loan Party or to create, incur or permit to exist any Lien in favor of the Secured Parties upon any of its Collateral or (b) the ability of any Subsidiary (the "<u>Subject Subsidiary</u>") to make Restricted Payments to or make or repay loans or advances to Holdings or a Borrower that is a direct or indirect parent of such Subject Subsidiary or any other Subsidiary that is a direct or indirect parent of such Subject Subsidiary, <u>provided</u> that the foregoing shall not apply to (i) restrictions and conditions imposed by (A) law, (B) any Loan Document (including any Incremental Facility) or, solely in the case of clause (b) above, the agreements and instruments for any Incremental Equivalent Debt or any Permitted Refinancing of the Indebtedness under the Loan Documents or any Incremental Equivalent Debt, (C) any agreements evidencing Indebtedness incurred pursuant to <u>Section 6.01(a)(iv)</u>, <u>provided</u> such restriction relates only to the fixed or capital assets acquired, developed, constructed, restored, rebuilt, maintained, upgraded or improved with such Indebtedness, (D) any agreements evidencing Indebtedness incurred pursuant to <u>Section 6.01(a)(v)</u>, <u>provided</u> such restriction relates only to the assets acquired in the applicable Acquisition or other Investment, (E) any agreements evidencing Indebtedness permitted under <u>Section 6.01</u> in respect of Subsidiaries that are not Loan Parties until such Person becomes a Loan Party, (F) Indebtedness incurred under <u>Section 6.01</u> in respect of Subsidiaries that are not Loan Parties until such Person becomes a Loan Party, (G) [reserved] and (H) solely in the case of restrictions and conditions referenced in <u>clause (b)</u>, agreements evidencing other Indebtedness permitted by <u>Section 6.01</u>, <u>provided</u> that in each case under this <u>clause (i)</u> such restrictions or conditions (x) apply solely to a Subsidiary that is not a Loan Party, (y) are not materially more restrictive (taken as a whole) (as determined in good faith by the Borrowers) than the restrictions or conditions set forth in the Loan Documents, or (z) do not materially impair any Loan Party's ability to pay its obligations under the Loan Documents as and when due (as determined in good faith by the Borrowers); (ii) restrictions and conditions existing on the Closing Date or to any extension, renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement materially expands the scope of any such restriction or condition (as determined in good faith by the Borrowers); (iii) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any assets pending such sale, <u>provided</u> that such restrictions and conditions apply only to the Subsidiary or assets that is or are to be sold and such sale is permitted hereunder; (iv) the foregoing shall not apply to customary provisions in leases, licenses and other contracts restricting the assignment, subletting or transfer thereof or other assets subject thereto; (v)(A) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the sale, transfer or other disposition of all or substantially all of the Equity Interests or assets of such Subsidiary or (B) restrictions on transfers of assets subject to Liens permitted by <u>Section 6.02</u> (but, with respect to any such Lien, only to the extent that such transfer restrictions apply solely to the assets that are the subject of such Lien); (vi) restrictions or conditions set forth in any agreement in effect at any time any Person becomes a Subsidiary, <u>provided</u> that such agreement was not entered into in contemplation of such Person becoming a Subsidiary and the restriction or condition set forth in such agreement does not apply to any member of the Consolidated Group; (vii) customary provisions in shareholders agreements, joint venture agreements, organizational or constitutive documents or similar binding agreements relating to any Joint Venture or non-wholly owned Subsidiary and other similar agreements applicable to Joint Ventures and non-wholly owned Subsidiaries and applicable solely to such Joint Venture or non-wholly owned Subsidiary and the Equity Interests issued thereby; (viii) any restrictions on cash or other deposits imposed by agreements entered into in the ordinary course of business; (ix) any restrictions regarding licensing or sublicensing by any member of the Consolidated Group of Intellectual Property in the ordinary course of business; (x) any restrictions that arise in connection with cash or other deposits permitted under <u>Section 6.02</u> and <u>Section 6.04</u>; (xi) are restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; and (xii) [reserved].

Section 6.11 <u>Amendment of Material Documents</u>. Each of Holdings and the Borrowers will not, and will not permit any of its Subsidiaries to, amend or otherwise modify any of its Organizational Documents other than (1) any amendment or modification that is not adverse to the interests of the Lenders in any material respect and (2) any amendment or modification that has been agreed by the Administrative Agent and the Borrowers. Each of Holdings and the Borrowers will not, and will not permit any other Loan Party to, amend or otherwise modify any document governing any Junior Financing if such amendment or modification is expressly prohibited by any subordination provisions set forth therein or in any other stand-alone subordination or intercreditor agreement applicable thereto (including any Acceptable Intercreditor Agreement), other than any amendment or modification that has been agreed by the Administrative Agent and the Borrowers and which has not been objected to by the Required Lenders following 5 Business Days after the notice thereof. Each of Holdings and the Borrowers will not permit any party to the PIK Facility Agreement to amend the definition of "Cash Pay Interest" or otherwise amend the PIK Facility Agreement for the purpose of increasing such Cash Pay Interest above 0.50% per annum.

Section 6.12 <u>Changes in Fiscal Year</u>. Each of Holdings and the Borrowers will not permit their fiscal year for financial reporting purposes to end on a day other than December 31; <u>provided</u>, <u>however</u>, that the Borrowers may upon written notice to the Administrative Agent, change such fiscal year (and the fiscal year of the Subsidiaries) to any other fiscal year reasonably acceptable to the Administrative Agent. The Borrowers and the Administrative Agent (at the direction of the Required Lenders) will, and are hereby authorized by the Lenders to, enter into an amendment to this Agreement to make any adjustments to this Agreement (including enter into an the covenants contained herein) that are that are reasonably necessary in order to reflect such change.

Section 6.13 <u>Changes in Lines of Business</u>. Each of Holdings and the Borrowers shall not, and shall not permit any of the Subsidiaries to, directly or indirectly, engage in any material line of business substantially different from those lines of business conducted by the Consolidated Group on the Closing Date or any business reasonably related, complementary, synergistic or ancillary thereto or reasonable extensions thereof.

Section 6.14 <u>Permitted Activities</u>. Notwithstanding any other provision of this Agreement or any other Loan Document to the contrary, Holdings will not:

&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) conduct, transact or otherwise engage in any business or operations or own any material assets, provided that the following activities and assets shall in any event be permitted: (i) its ownership of the Equity Interests of Dundee Pikco Limited or any other Subsidiary that will promptly be contributed or merged or amalgamated into Dundee Pikco Limited, (ii) the maintenance of its legal existence, including the ability to incur fees, costs and expenses relating to such maintenance, (iii) participating in tax, accounting and other administrative matters, (iv) the performance of its obligations under its Organizational Documents, the Loan Documents, the Management Incentive Plan and any other agreements contemplated hereby or thereby or contemplated by or incidental to the activities permitted by the other clauses of this <u>Section 6.14</u>, (v) incurring fees, costs and expenses relating to overhead and general operating including professional fees for legal, tax and accounting issues and paying Taxes, (vi) paying fees and other compensation to and providing usual and customary indemnification to officers and directors, (vii) the issuance of Equity Interests (other than Disqualified Equity Interests), payment of dividends or making of distributions, making of loans to any member of the Consolidated Group, the contributions to the capital to Holdings or any Subsidiary that will promptly be contributed or merged or amalgamated into Holdings and guarantees of the obligations of any member of the Consolidated Group, (viii) holding any cash or property received in connection with Restricted Payments made by any Subsidiary in accordance with <u>Section 6.08</u> pending application thereof or any cash or property pending prompt loans or contribution to a Subsidiary, (ix) those activities and assets directly or indirectly related, complementary or incidental to the foregoing and (x) other activities and assets customary (as determined in good faith by Holdings) for a parent holding company of a corporate group such as the Consolidated Group;

&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) consolidate or amalgamate with, or merge with or into, or convey, sell or otherwise transfer all or substantially all of its assets to, any Person; <u>provided</u> that, so long as no Event of Default exists or results therefrom, (i) Holdings may consolidate or amalgamate with, or merge with or into, any other Person (other than any member of the Consolidated Group) so long as (A) Holdings is the continuing or surviving Person or (B) if the Person formed by or surviving any such consolidation, amalgamation or merger is not Holdings (the "<u>Successor Person</u>"), (1) is an entity organized or existing under the laws of the United States, (2) the Successor Person expressly assumes 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 and in connection therewith shall deliver items of the type described in Section 4.01(a)(ii)<u>(E)</u>, <u>Section 4.01(b)</u> and <u>Section 4.01(c)</u>, (3) such Successor Person takes such actions and deliver such items reasonably required by the Administrative Agent to cause the Collateral Agent to have a first priority perfected security interest (subject to Liens permitted under <u>Section 6.14(d)</u>) in all Collateral of such Successor Person, (4) such Successor Person delivers to the Administrative Agent and each Lender all documentation and other information about such Successor Person, the Borrowers and their Subsidiaries as has been reasonably requested in writing by the Administrative Agent or such Lender, as applicable, that they reasonably determine in connection with "know your customer" provisions of Anti-Money Laundering Laws, including the PATRIOT Act and a Beneficial Ownership Certification, and (5) the Borrowers deliver a certificate of a Responsible Officer with respect to the satisfaction of the conditions set forth in this clause (b)(i), and (ii) Holdings may otherwise convey, sell or otherwise transfer all or substantially all of its assets to any other Person (other than the Borrowers and any of their Subsidiaries) so long as (A) no Change in Control results therefrom and (B) the Person acquiring such assets (or the Borrowers, as applicable) satisfies each of the conditions set forth in clauses (b)(i)(1)-(5) applicable to a Successor Person; <u>provided</u>, <u>further</u>, that (1) if the conditions set forth in the preceding proviso are satisfied, the successor to Holdings will succeed to, and be substituted for, Holdings under this Agreement and the other Loan Documents, (2) it is understood and agreed that, with prior or concurrent written notice to the Administrative Agent (or by such other time as agreed by the Administrative Agent). Holdings may convert into another form of entity so long as such conversion does not adversely affect the value of the Collateral pledged by Holdings, taken as a whole and (3) notwithstanding anything to the contrary in this <u>Section 6.14</u>, nothing herein shall preclude Holdings from consummating any Permitted Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) incur any Indebtedness for borrowed money or any Guarantee of Indebtedness for borrowed money other than (A) Indebtedness incurred by Holdings under the Loan Documents, (B) Guarantees of Indebtedness or other obligations of any member of the Consolidated Group and (C) Indebtedness owed to any member of the Consolidated Group to the extent the advance of such Indebtedness by such member of the Consolidated Group is otherwise permitted under this Agreement or (ii) issue any Disqualified Equity Interests; 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;(d) create or suffer to exist any Lien on any property or asset now owned or hereafter acquired by it securing Indebtedness for borrowed money or any Guarantee of Indebtedness for borrowed money other than (i) the Liens created under the Security Documents to which it is a party and (ii) Liens of the type permitted under <u>Section 6.02</u>.

Section 6.15 <u>Use of Proceeds</u>. The Borrowers, Loan Parties, Loan Party Subsidiaries, and their respective directors, officers, employees, and agents, shall not, directly or knowingly indirectly, use, lend, contribute or otherwise make available to any Subsidiary, Affiliate, joint venture partner or other Person, the proceeds of any Borrowing (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, in either case in violation of Sanctions or (iii) in any manner that would result in the material violation of Anti-Money Laundering Laws or Ex-Im Laws or the violation of Anti-Corruption Laws or Sanctions by any party to this Agreement. This <u>Section 6.15</u> shall not be interpreted or applied in relation to any Borrower, any Loan Party, any member of the Holding Company Group, any Lender, Administrative Agent or Collateral Agent to the extent that the obligations under this <u>Section 6.15</u> would: (i) violate or expose such person or any of its directors, officers, agents or employees to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union (and/or any of its member states) or the United Kingdom that are applicable to such entity (including EU Regulation (EC 2271/96) and section 7 of the German Foreign Trade Regulation (*Außenwirtschaftsverordnung - AWV*) in connection with the German Foreign Trade Law (*Außenwirtschaftsgesetz*)); or (ii) prevent or prohibit such person or any of its directors, officers, agents or employees from engaging in business, transactions, activities or other conduct pursuant to a general or specific license from OFAC, any license or authorization from HM Treasury, the European Union, or any European Union Member State, or any other registration, authorization, permit, license exemption, or license from any other applicable Governmental Authority.

Section 6.16 <u>Repayment</u>. The Borrowers and each member of the Holding Company Group shall not, directly or knowingly indirectly, fund all or part of any repayment or other payments under this Agreement out of proceeds derived (i) in violation of any Anti-Money Laundering Laws or Ex-Im Laws in any material respect, or any Anti-Corruption Laws, or Sanctions in any respect, or (ii) in any other manner that would result in the material violation of Anti-Money Laundering Laws, Ex-Im Laws, Anti-Corruption Laws or Sanctions by any party to this Agreement. This Section 6.16 shall not be interpreted or applied in relation to any Borrower, any Loan Party, any member of the Holding Company Group, any Lender, Administrative Agent or Collateral Agent to the extent that the obligations under <u>Section 6.16</u> would: (i) violate or expose such person or any of its directors, officers, agents or employees to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union (and/or any of its member states) or the United Kingdom that are applicable to such entity (including EU Regulation (EC 2271/96) and section 7 of the German Foreign Trade Regulation (*Außenwirtschaftsverordnung - AWV*) in connection with the German Foreign Trade Law (*Außenwirtschaftsgesetz*)); or (ii) prevent or prohibit such person or any of its directors, officers, agents or employees from engaging in business, transactions, activities or other conduct pursuant to a general or specific license from OFAC, any license or authorization from HM Treasury, the European Union, or any European Union Member State, or any other registration, authorization, permit, license exemption, or license from any other applicable Governmental Authority.

Section 6.17 <u>German Receivables</u>. Each of Holdings and the Borrowers will not, and will not permit any German Loan Party to, create, incur, assume or permit to exist any Lien (other than Permitted Encumbrances and any retention of title or extended retention of title arrangements entered into in the ordinary course of business) on any property or assets which are the subject of the security assignment agreement dated 6 March 2020 and the security transfer agreement dated 6 March 2020, other than Liens in favor of Wells Fargo Capital Finance (UK) Limited, as agent and security agent under the ABL Agreement.

**ARTICLE VII**

**EVENTS OF DEFAULT**

Section 7.01 <u>Events of Default</u>. If any of the following events (any such event, an "<u>Event of Default</u>") shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, and in the currency required 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;(b) any Borrower shall fail to pay any interest on any Loan, any fee payable hereunder or any other amount due under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days;

&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 representation, warranty or certification, when made or deemed made by any Loan Party in any Loan Document shall be false or incorrect in any material respect as of the date made or deemed made and, in each case, to the extent capable of being cured (as determined by the Borrowers in good faith), such incorrect representation, warranty or certification shall remain incorrect for a period of thirty (30) days after the earlier of (x) a Loan Party having knowledge of such breach and (y) receipt by the Borrowers of written notice thereof from the Administrative Agent or the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Party shall default in the performance or compliance with (i) <u>Section 5.02(a)</u> (provided that failure to deliver a notice of Default or Event of Default pursuant to <u>Section 5.02(a)</u> shall not constitute an Event of Default under this clause (d) to the extent the underlying breach giving rise to such notice requirement was remedied in accordance with this Agreement prior to the end of the time period during which a Responsible Officer of Holdings or any Borrower was required to deliver such notice pursuant to <u>Section 5.02(a)</u>), (ii) <u>Section 5.04</u> (solely with respect to the existence of each of the Parties in its jurisdiction of organization or incorporation, if applicable), (iii) <u>Section 5.17</u> and such default shall continue unremedied for a period of 15 days or (iv) in <u>Article VI</u>; provided that an Event of Default under the Financial Covenant is subject to the Cure Right set forth in <u>Section 7.03</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;(e) any Loan Party shall default in the performance or compliance of any term contained in any Loan Document (other than those specified in <u>paragraphs (a)</u>, <u>(b)</u> or <u>(d)</u> of this <u>Section 7.01</u>), and such default shall continue unremedied and unwaived for a period of thirty days after the earlier of (x) a Loan Party having knowledge of such breach and (y) receipt by the Borrowers of written notice thereof from the Administrative Agent or the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any member of the Holding Company Group shall fail to make any payment beyond all applicable grace periods (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any applicable grace periods provided in the applicable instrument or agreement under which such Material Indebtedness was created, <u>provided</u> that any Default or Event of Default under this <u>paragraph (f)</u> shall be immediately cured and no longer continuing (without any action on the part of the Administrative Agent, any Lender or otherwise) as and when any such failure (x) is remedied by the applicable member of the Holding Company Group or (y) is waived (including in the form of amendment) by the requisite holders of the applicable item of Material Indebtedness, in either case, prior to the acceleration of all the Loans pursuant to this <u>Section 7.01</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;(g) (i) any breach or default (after all applicable grace periods having expired and all required notices having been given) by any member of the Holding Company Group of any Material Indebtedness if the effect of such breach or default is to cause such Material Indebtedness to become due prior to its scheduled maturity or that enables or permits (with all applicable grace periods having expired and all required notices having been given) the holder or holders of such Material Indebtedness, or any trustee or agent on its or their behalf, to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, <u>provided</u> that (A) this <u>paragraph (g)(i)</u> shall not apply to (x) secured Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement), or (y) Indebtedness which is convertible into Equity Interest and converts to Equity Interests in accordance with its terms, and (B) any Default or Event of Default under this <u>paragraph (g)(i)</u> shall be immediately cured and no longer continuing (without any action on the part of the Administrative Agent, any Lender or otherwise) as and when any such breach or default (x) is remedied by the applicable member of the Holding Company Group or (y) is waived (including in the form of amendment) by the requisite holders of the applicable item of Material Indebtedness, in either case, prior to the acceleration of all the Loans pursuant to this <u>Section 7.01</u> or (ii) if an involuntary "early termination event" or other similar event (which event shall extend beyond any applicable cure periods or grace periods) shall have occurred in respect of obligations owing under any Swap Agreement of any member of the Holding Company Group, and the amount of such obligations, either individually or in the aggregate for all such Swap Agreements at such time, is in excess of $15,000,000; <u>provided</u> that, in respect of obligations owing under any such Swap Agreement owed to the applicable counterparty at such time, the amount for purposes of this <u>paragraph (g)(ii)</u> shall be the amount payable on a net basis by such member of the Holding Company Group to such counterparty (after giving effect to all netting arrangements) if such Swap Agreement were terminated at such time; <u>provided</u> that any Default or Event of Default under this <u>paragraph (g)(ii)</u> shall be immediately cured and no longer continuing (without any action on the part of the Administrative Agent, any Lender or otherwise) as and when any such event (x) is remedied by the applicable member of the Holding Company Group or (y) is waived (including in the form of amendment) by the applicable counterparty, in either case, prior to the acceleration of all the Loans pursuant to this <u>Section 7.01</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;(h) subject to <u>Section 7.02</u>, (i) an involuntary proceeding shall be commenced, or an involuntary petition shall be filed, seeking liquidation, reorganization, administration, examinership, rescue process or other relief in respect of any member of the Holding Company Group, or of all or a substantial part of its assets, under any federal, state, provincial or foreign bankruptcy, insolvency, administration, winding-up, receivership or similar law now or hereafter in effect or (ii) the involuntary appointment of a receiver, receiver-manager, trustee, custodian, sequestrator, conservator, administrator or similar official for any member of the Holding Company Group or for a substantial part of its assets, and, in any such case, such proceeding shall continue undismissed and unstayed for 60 consecutive days without having been dismissed, bonded or discharged or an order of relief is entered in any such proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to <u>Section 7.02</u>, any member of the Holding Company Group shall (i) voluntarily commence any proceeding seeking liquidation, reorganization, administration, examinership, rescue process or other relief under any federal, state or foreign bankruptcy, insolvency, administration, winding-up, receivership, moratorium or similar law now or hereafter in effect, (ii) consent to the institution of any proceeding or petition described in <u>paragraph (h)</u> of this <u>Section 7.01</u>, (iii) consent to the appointment of a receiver, receiver-manager, trustee, custodian, sequestrator, conservator, administrator or similar official for any member of the Holding Company Group or for all or a substantial part of its assets or (iv) make a general assignment, compromise, composition or arrangement for the benefit of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any final, non-appealable judgments for the payment of money in an amount in excess of $15,000,000 (to the extent not covered by insurance or indemnities as to which the applicable insurance company or third party has been notified of the claim and has not denied coverage) shall be rendered against any member of the Holding Company Group or any combination thereof and the same shall remain undischarged, unvacated, unbounded and unstayed for a period of 60 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) an ERISA Event, U.K. Plan Event and/or Foreign Plan Event that individually or collectively results in a Material Adverse Effect or (ii) one or more strike or other form of organized labor disruption with respect to any Party or any of their respective Subsidiaries have occurred that individually or collectively results in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any Lien purported to be created under any Security Document shall cease to be, or shall be asserted by any Loan Party not to be (other than in an informational notice to the Administrative Agent), a valid and perfected (if and to the extent required to be perfected under the applicable Security Document) Lien on any material portion of Collateral, with the priority required by the applicable Security Document (subject to Liens permitted under <u>Section 6.02</u>), except (i) as a result of the release of a Loan Party or the sale, transfer or other disposition of the applicable Collateral in a transaction permitted under the Loan Documents or the occurrence of the Termination Date or (ii) as a result of the Administrative Agent no longer having control or possession of any stock certificates, promissory notes, transfer powers, allonges or other instruments acquired under or delivered to it under the Security Documents, or a Uniform Commercial Code (or foreign equivalent) filing not having been filed or having lapsed because a Uniform Commercial Code (or foreign equivalent) continuation statement was not filed in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) at any time after the execution and delivery thereof, any Loan Document shall for any reason other than the occurrence of the Termination Date or as expressly permitted hereunder or thereunder (including or as a result of a transaction permitted hereunder) cease to be in full force and effect, or any Loan Party shall contest the validity or enforceability in writing or repudiate, rescind or deny in writing that it has any further liability or obligation under any Loan Document other than as a result of the occurrence of the Termination Date, the sale or transfer of such Loan Party or as a result of a transaction permitted hereunder or thereunder; 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;(n) a Change in Control shall have occurred;

then, and in every such event (I) (other than (x) an event described in <u>paragraph (d)</u> of this <u>Section 7.01</u> in respect of a default of performance or compliance with any covenant <u>Section 6.06</u> or (y) an event with respect to any Borrower described in <u>paragraph (h)</u> or <u>(i)</u> of this <u>Section 7.01</u>; <u>provided</u> that in the case of <u>clause (x)</u>, the actions hereinafter described will be permitted to occur only following the expiration of the ability to effectuate the Cure Right if such Cure Right has not been so exercised, and at any time thereafter during the continuance of such event, the Administrative Agent with the consent of the Required Lenders may, and at the request of the Required Lenders shall, by notice to the Borrowers (<u>provided</u> that any failure to give such notice shall in no way limit or otherwise prohibit any such actions taken or to be taken by the Agents), take any or all of the following actions, at the same or different times (except in the case of an event under <u>paragraph (d)</u> of this <u>Section 7.01</u> in respect of a failure to observe or perform any covenant under <u>Section 6.06</u>, the following actions may not be taken until the ability to exercise the Cure Right under <u>Section 7.03</u> has expired (but may be taken as soon as the ability to exercise the Cure Right has expired and it has not been so exercised)): (i) terminate the Commitments, and thereupon the 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, during the continuance of such event, 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 Loan Parties 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 Loan Parties; and (iii) exercise, with the consent of the Required Lenders, on behalf of itself and the other Secured Parties, all rights and remedies available to it and them under the Loan Documents; and (II) in the case of an event under <u>paragraph (d)</u> of this <u>Section 7.01</u> in respect of a failure to observe or perform any covenant under <u>Section 6.06</u> (<u>provided</u> that the actions hereinafter described will be permitted to occur only following the expiration of the ability to effectuate the Cure Right if such Cure Right has not been so exercised), and at any time thereafter during the continuance of such event, the Administrative Agent with the consent of the Required Lenders may, or, at the request of the Required Lenders, shall, by notice to the Borrowers (<u>provided</u> that any failure to give such notice shall in no way limit or otherwise prohibit any such actions taken or to be taken by the Agents), take any or all of the following actions, at the same or different times (except the following actions may not be taken until the ability to exercise the Cure Right under <u>Section 7.03</u> has expired (but may be taken as soon as the ability to exercise the Cure Right has expired and it has not been so exercised)): (i) terminate the Commitments, and thereupon the 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, during the continuance of such event, 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 Loan Parties 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 Loan Parties (to the extent permitted by applicable law); and (iii) exercise, with the consent of the Required Lenders, on behalf of itself and the other Secured Parties, all rights and remedies available to it and them under the Loan Documents; and, in the case of any event with respect to Holdings or any Borrower described in <u>paragraph (h)</u> or <u>(i)</u> of this <u>Section 7.01</u>, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Loan Parties accrued hereunder, shall automatically become due and payable by the Loan Parties, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties.

Section 7.02 <u>Exclusion of Immaterial Subsidiaries</u>. Solely for the purposes of determining whether a Default or an Event of Default has occurred under <u>paragraph (h)</u>, <u>(i)</u> or <u>(j)</u> of <u>Section 7.01</u>, any reference in any such paragraph to any Subsidiary shall be deemed not to include any Immaterial Subsidiary.

Section 7.03 <u>Right to Cure</u>. (a) Notwithstanding anything to the contrary contained in <u>Section 7.01</u>, in the event that the Borrowers fail to comply with the Financial Covenant at the end of any fiscal quarter of Holdings, until the expiration of the fifteenth (15th) Business Day subsequent to the date the Compliance Certificate is required to be delivered pursuant to <u>Section 5.01(c)</u> (and after the lapse of any cure period set forth in <u>Section 7.01</u>) in respect of the period ending on the last day of such quarter (the "<u>Cure Right Expiration Date</u>"), any net cash proceeds received by Holdings from any common equity contribution made to Holdings or any net cash proceeds received by Holdings from the issuance of Qualified Equity Interests of Holdings (to the extent subsequently contributed to Doncasters Limited, to a sister company of Doncasters Limited or to a Borrower), in each case on or after the first day of such fiscal quarter and on or prior to such 15th Business Day, in each case in an aggregate amount equal to the amount necessary to cure the relevant failure to comply with such Financial Covenant may, at the election of the Borrowers, be included in the calculation of Consolidated EBITDA for purposes of determining compliance with such Financial Covenant (the "<u>Cure Right</u>"), and upon the contribution by Holdings of such cash proceeds to Holdings or a Borrower (the "<u>Cure Amount</u>"), such Financial Covenant shall be recalculated giving effect to the following pro forma statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solely for purpose of determining the existence of an Event of Default under such Financial Covenant, (1) Consolidated EBITDA for the fiscal quarter of Holdings for which such certificate is required to be delivered shall be increased by an amount equal to the Cure Amount, and such increase shall be effective for all measurement periods that include the fiscal quarter of Holdings for which such Cure Right was exercised, and not for any other purpose under this Agreement (including calculating basket levels based on Consolidated EBITDA, calculating the Applicable Rate, calculating the percentage of Excess Cash Flow subject to the mandatory prepayment in <u>Section 2.11(b)</u> and calculating the Financial Covenant, the Total Net Leverage Ratio, Secured Net Leverage Ratio or the First Lien Net Leverage Ratio on a Pro Forma Basis in connection with determining whether a particular transaction is permitted hereunder) and (2) any net cash proceeds received by Holdings from any common equity contribution made to Holdings or any net cash proceeds received by Holdings from the issuance of Qualified Equity Interests of Holdings (to the extent subsequently contributed to Holdings or a Borrower), on or after the first day of the tested fiscal quarter and on or prior to the last day of such tested fiscal quarter shall not constitute Unrestricted Cash to the extent such proceeds are included as an addback to (or otherwise increases) Consolidated EBITDA for such fiscal quarter; 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;(ii) if, after giving effect to the foregoing recalculation (but not giving effect to any payment of Indebtedness made with such Cure Amount when calculating compliance with the Financial Covenants at the end of such (but no other) fiscal quarter), the Borrowers shall then be in compliance with the requirements of the Financial Covenants at the end of such fiscal quarter, the Parties shall be deemed to have satisfied the requirements of the Financial Covenants as of the last day of such fiscal quarter with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or Default or Event of Default of the Financial Covenants that had occurred shall be deemed cured for this purpose under this Agreement and the other Loan Documents on the date the Cure Amount is contributed to Holdings or a Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, (i) in each four-fiscal-quarter period of the Borrowers there shall be at least two (2) fiscal quarters in which the Cure Right is not exercised, (ii) the Cure Right shall not be exercised more than five (5) times prior to the Maturity Date, (iii) the Cure Amount shall not exceed the amount required to cause the Borrowers to be in compliance with the applicable Financial Covenant as provided in the foregoing clause (a), and (iv) upon the Administrative Agent's receipt of a written notice from the Borrowers that the Borrowers intend to exercise the Cure Right (a "<u>Notice of Intent to Cure</u>") until the Cure Right Expiration Date, neither the Administrative Agent nor any Lender or Secured Party shall exercise any remedy (including acceleration) under the Loan Documents or applicable law on the basis of an Event of Default caused by the failure to comply with <u>Section 6.06</u> until after the Borrowers' ability to cure has lapsed and the Borrowers have not exercised the Cure Right.

Section 7.04 <u>Application of Proceeds</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;(a) Subject to the provisions of the Intercreditor Agreement and any other Acceptable Intercreditor Agreement, upon the occurrence and during the continuation of an Event of Default, if requested by Required Lenders, or upon acceleration of all the Obligations pursuant to <u>Section 7.01,</u> all proceeds received by the Administrative Agent or the Collateral Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral under any Loan Document shall be applied by the Administrative Agent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *First*, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest) payable to each Agent in its capacity as such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) *Second*, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders ratably among them in proportion to the amounts described in this <u>clause (ii)</u> payable to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Third*, to the payment of all other Secured Obligations that are due and payable to the Administrative Agent and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Secured Obligations owing to the Administrative Agent and the other Secured Parties on such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Last,* the balance, if any, after all of the Secured Obligations have been paid in full, to the Borrowers or as otherwise required by law.

Notwithstanding the foregoing, amounts received from any Loan Party that is not a "Eligible Contract Participant" (as defined in the Commodity Exchange Act) shall not be applied to the obligations that are Excluded Swap Obligations but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation otherwise set forth above in this Section.

**ARTICLE VIII**

**THE ADMINISTRATIVE AGENT**

Section 8.01 <u>Appointment of Agents</u>. Each Lender, on behalf of itself and its Affiliates, hereby irrevocably appoints GLAS USA LLC to act on its behalf as the Administrative Agent and GLAS Americas LLC to act on its behalf as Collateral Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent and Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent and Collateral Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. Unless otherwise specifically set forth herein, the Collateral Agent shall have all the rights and benefits of the Administrative Agent set forth in this Article. Except for the rights of the Loan Parties under <u>Section 8.06</u>, the provisions of this <u>Article VIII</u> are solely for the benefit of the Administrative Agent, the Collateral Agent, the Lenders and no Loan Party shall have rights as a third party beneficiary of any of such provisions.

The Collateral Agent shall act as the "collateral agent" under the Loan Documents, and each of the Lenders hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties pursuant to the Security Documents to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent, as "collateral agent" and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to <u>Section 8.05</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent, (in addition to any benefits additionally provided in the Loan Documents with respect to the Collateral Agent) shall be entitled to the benefits of all provisions of this <u>Article VIII</u> and <u>Article IX</u> (including <u>Section 9.03</u>) (as though such co-agents, subagents and attorneys-in-fact were the "collateral agent" under the Loan Documents) as if set forth in full herein with respect thereto. No Lender shall have any right individually to realize upon any of the Collateral or to enforce any guarantee of the Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Collateral Agent on behalf of the Lenders in accordance with the terms thereof. In its capacity, the Administrative Agent is a "representative" of the Lenders within the meaning of the term "secured party" as defined in the UCC. In the event that any Collateral is hereafter pledged by any Person as collateral security for the Obligations, the Collateral Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Lenders any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral in favor of the Collateral Agent on behalf of the Lenders.

The Collateral Agent declares that it holds the Collateral on trust for the Lenders on the terms set out in this Agreement.

Section 8.02 <u>Rights of Lender</u>. The entity serving as the Administrative Agent and Collateral 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 the Administrative Agent and Collateral Agent, and with respect to any of its Loans or Commitments hereunder, the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent and Collateral Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with Holdings or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent and Collateral Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto.

Section 8.04 <u>Reliance by Administrative Agent and Collateral Agent</u>. Each of the Administrative Agent and Collateral Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, communication, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it in good faith to be genuine and to have been signed or sent or otherwise authenticated by the proper Person. Each of the Administrative Agent and Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it in good faith to be made by the proper Person, and shall not incur any liability for relying thereon. Each of the Administrative Agent and Collateral Agent may consult with legal counsel (who may be counsel for the Borrowers), 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 8.05 <u>Delegation of Duties</u>. Each of the Administrative Agent and Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Documents by or through any one or more sub-agents appointed by the Administrative Agent. Each of the Administrative Agent and Collateral Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent or Collateral Agent. Neither Agent shall be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the applicable Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

Section 8.06 <u>Resignation of Agents; Successor, Administrative Agent and Collateral Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent and Collateral Agent may at any time resign by giving 30 days' prior written notice of its resignation to the Lenders, and the Borrowers. If the Administrative Agent is a Defaulting Lender pursuant to <u>clause (d)</u> of the definition of "Defaulting Lender" either the Required Lenders or the Borrowers may, to the extent permitted by applicable Requirements of Law, upon 10 days' prior notice remove the Administrative Agent or Collateral Agent, as the case may be. Upon receipt of any such notice of resignation or delivery of such removal notice, the Required Lenders shall have the right, with the consent of the Borrowers (<u>provided</u> that such consent shall not be unreasonably withheld or delayed and that such consent shall not be required at any time that an Event of Default under <u>Sections 7.01(a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> shall have occurred and be continuing), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent or Collateral Agent, as applicable, gives notice of its resignation or the delivery of such removal notice, then (a) in the case of a retirement, the retiring Agent may (but shall not be obligated to) on behalf of the Lenders appoint a successor Administrative Agent or Collateral Agent, as applicable, meeting the qualifications set forth above (including the consent of the Borrowers, as applicable) or (b) in the case of a removal, the Borrowers may, after consulting with the Required Lenders, appoint a successor Administrative Agent or Collateral Agent, as applicable, meeting the qualifications set forth above; <u>provided</u> that (x) in the case of a retirement, if such Agent shall notify the Borrowers and the Lenders that no qualifying Person has accepted such appointment or (y) in the case of a removal, the Required Lenders notify the Borrowers that no qualifying Person has accepted such appointment, then, in each case, such resignation or removal shall nonetheless become effective in accordance with such notice and (i) the retiring or removed Administrative Agent or Collateral Agent, as applicable, 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 the Administrative Agent or Collateral Agent, as applicable, on behalf of the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent or Collateral Agent, as applicable, shall continue to hold such collateral security, as bailee, until such time as a successor Administrative Agent or Collateral Agent, as applicable, is appointed), (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent or Collateral Agent, as applicable, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly (and each Lender will cooperate with the Borrowers to enable the Borrowers to take such actions), until such time as the Required Lenders or the Borrowers, as applicable, appoint a successor Administrative Agent, as provided for above in this <u>Section 8.06</u> and (iii) the Borrowers and the Lenders agree that in no event shall the retiring Administrative Agent and Collateral Agent or any of their respective Affiliates or any of their respective officers, directors, employees, agents advisors or representatives have any liability to the Loan Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the failure of a successor Administrative Agent or Collateral Agent to be appointed and to accept such appointment. Upon the acceptance of a successor's appointment as Administrative Agent or Collateral Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent or Collateral Agent, as applicable (other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the effective date of such resignation or removal) and the retiring or removed Administrative Agent or Collateral Agent, as applicable, shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Article). The fees payable by the Borrowers to a successor Administrative Agent or Collateral Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring or removed Administrative Agent's resignation or removal hereunder and under the other Loan Documents, the provisions of this <u>Article VIII</u> and <u>Section 9.03</u> shall continue in effect for the benefit of such retiring or removed Administrative Agent or Collateral Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent or Collateral Agent was acting as Administrative Agent or Collateral Agent.

Section 8.07 <u>Non-Reliance on Agents and Other Lenders</u>. Each Lender acknowledges that (a) it has, independently and without reliance upon the Administrative Agent, the Collateral Agent 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 and decision to enter into this Agreement, (b) the Loan Documents set forth the terms of a commercial lending facility, (c) in participating as a Lender, it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender in the ordinary course of business, and not for the purpose of investing in the general performance or operations of the Borrowers, or for the purpose of purchasing, acquiring or holding any other type of financial instrument such as a security (and each Lender agrees not to assert a claim in contravention of the foregoing, such as a claim under federal or state securities laws) and (d) 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, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon any Loan Document or any related agreement or any document furnished thereunder. Each Lender, by delivering its signature page to this Agreement on the Closing Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent, the Collateral Agent or the Lenders on the Closing Date or the effective date of any such Assignment and Assumption or any other Loan Document pursuant to which it shall have become a Lender hereunder. Each Lender hereby agrees that (i) it has requested a copy of each report prepared by or on behalf of the Administrative Agent; (ii) the Administrative Agent (A) makes no representation or warranty, express or implied, as to the completeness or accuracy of any report or any of the information contained therein or any inaccuracy or omission contained in or relating to a report and (B) shall not be liable for any information contained in any report; (iii) the reports are not comprehensive audits or examinations, and that any Person performing any field examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties' books and records, as well as on representations of the Loan Parties' personnel and that the Administrative Agent undertakes no obligation to update, correct or supplement the reports; (iv) it will keep all reports confidential and strictly for its internal use, not share the report with any Loan Party or any other Person except as otherwise permitted pursuant to this Agreement; and (v) without limiting the generality of any other indemnification provision contained in this Agreement, (A) it will hold the Administrative Agent, the Collateral Agent and any such other Person preparing a report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any report in connection with any extension of credit that the indemnifying Lender has made or may make to the Borrower, or the indemnifying Lender's participation in, or the indemnifying Lender's purchase of, a Loan or Loans; and (B) it will pay and protect, and indemnify, defend, and hold the Administrative Agent, the Collateral Agent and any such other Person preparing a report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable attorneys' fees) incurred by the Administrative Agent, the Collateral Agent or any such other Person as the direct or indirect result of any third parties who might obtain all or part of any report through the indemnifying Lender.

Section 8.08 <u>No Other Duties</u>. Notwithstanding anything herein to the contrary, none of the bookrunners, syndication agents, documentation agents, Agents or Lead Arranger listed on the cover page hereof shall have any powers, duties or responsibilities under any Loan Document, except in its capacity, as applicable, as the Administrative Agent, Collateral Agent or a Lender hereunder.

Section 8.09 <u>Collateral and Guaranty Matters</u>. Each Lender hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to agree, that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the provisions of this Agreement or the Security Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. Each of the Lenders irrevocably authorize each of the Administrative Agent and the Collateral Agent, at its option and in its discretion,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent (or any sub-agent thereof) under any Loan Document in accordance with <u>Section 9.02(d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to release any Guarantor from its obligations under the Guaranty in accordance with <u>Section 9.02(d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document to the holder of any Lien on such property that is permitted under <u>Section 6.02(d)</u> and <u>Section 6.02(e)</u> or <u>clause (f)</u> of the definition of "Permitted Encumbrances" (each as in effect on the Closing Date or otherwise amended in accordance with Section 9.02);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter into any (x) Acceptable Intercreditor Agreement or (y) any other subordination or intercreditor agreements or arrangement with respect to Indebtedness to the extent the Administrative Agent or Collateral Agent is otherwise contemplated herein as being a party to such intercreditor or subordination agreement, in each case on terms mutually agreed between the Borrowers, the Administrative Agent and consistent with prevailing market conditions, which, in the case of clause (x), Acceptable Intercreditor Agreement shall be posted to the Lenders not less than five Business Days before execution thereof and, if the Required Lenders shall not have objected to such Acceptable Intercreditor Agreement within five Business Days after posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent's and/or Collateral Agent's entry into such Acceptable Intercreditor Agreement is reasonable and to have consented to such Acceptable Intercreditor Agreement and to the Administrative Agent's and/or Collateral Agent's execution thereof in each case in form and substance reasonably satisfactory to the Administrative Agent (it being understood that junior Liens are not required to be pari passu with other junior Liens, and that Indebtedness secured by junior Liens may be secured by Liens that are pari passu with, or junior in priority to, other Liens that are junior to the Liens securing the Obligations); <u>provided</u> that, any Acceptable Intercreditor Agreement, or other subordination or intercreditor agreement or arrangement, that results in the subordination of the Secured Obligations to any other Indebtedness or other obligations, or provides for the subordination of the Liens securing the Secured Obligations to the Liens securing any other Indebtedness or other obligations, shall require the consent of each Lender pursuant to clause (xii) of the first proviso of <u>Section 9.02(b)</u> to the extent required thereunder; 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;(e) to enter into and sign for and on behalf of the Lenders as Secured Parties the Security Documents for the benefit of the Lenders and the other Secured Parties; <u>provided</u> that, any Security Document that results in the subordination of the Secured Obligations to any other Indebtedness or other obligations, or provides for the subordination of the Liens securing the Secured Obligations to the Liens securing any other Indebtedness or other obligations, shall require the consent of each Lender pursuant to clause (xii) of the first proviso of <u>Section 9.02(b)</u> to the extent required thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon request by the Administrative Agent or the Collateral Agent at any time, the Required Lenders (or such greater number of Lenders as may be required pursuant to clauses (vi), (vii), (viii), (ix), (x) or (xii) of the first proviso to <u>Section 9.02(b)</u>) will confirm in writing the Administrative Agent's or the Collateral Agent's, as the case may be, authority to release or subordinate its interest in particular types or items of property, or to release any Loan Party from its obligations under the Guaranty pursuant to this <u>Section 8.09</u>. In each case as specified in this <u>Section 8.09</u>, the Administrative Agent and the Collateral Agent will (and each Lender hereby authorizes the Administrative Agent and the Collateral Agent to), at the Borrowers' expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Security Documents or to subordinate its interest in such item, or to release such Loan Party from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Section 8.09</u>. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent or the Collateral Agent.

Section 8.10 <u>[Reserved]</u>.

Section 8.11 <u>Withholding Tax</u>. To the extent required by any applicable 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. If the IRS or any other Governmental Authority of any jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered, was not properly executed or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding Tax ineffective), such unless such failure is the result of the Administrative Agent's own gross negligence, bad faith or willful misconduct such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so) fully for, and shall make payable in respect thereof within 30 days after demand therefor, all amounts paid, directly or indirectly, by the Administrative Agent as Tax (including, for the avoidance of doubt, any Taxes attributable to a Lender's failure to comply with the provisions of <u>Section 9.04(c)</u> relating to the maintenance of a Participant Register and any Excluded Taxes attributable to such Lender) or otherwise, including penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses. 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 <u>Section 8.11</u>. The agreements in this <u>Section 8.11</u> shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

Section 8.12 <u>Administrative Agent and Collateral Agent May File Proofs of Claim</u>. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, administration, winding-up, reorganization, arrangement, adjustment or composition under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent and Collateral Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent or Collateral Agent shall have made any demand on the Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations, in each case, that are owing and unpaid by such Loan Party and to file such other documents as may be necessary or advisable in order to have such claims of the Lenders, the Administrative Agent and Collateral Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Administrative Agent and Collateral Agent and their respective agents and counsel and all other amounts due the Lenders, the Administrative Agent and Collateral Agent under <u>Section 2.12</u> and <u>Section 9.03</u> which are reimbursable or payable by such Loan Party) allowed in such judicial proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 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;(c) any custodian, receiver, receiver-manager, assignee, trustee, liquidator, administrator, sequestrator, examiner, process adviser or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent, to the making of such payments directly to the Lenders to pay to the Administrative Agent (and Lenders) 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>Section 2.12</u> and <u>Section 9.03</u> in each case reimbursable or payable by such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing contained herein shall be deemed to authorize the Administrative Agent or Collateral Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent and Collateral Agent to vote in respect of the claim of any Lender or in any such proceeding. The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any Debtor Relief Law or any similar laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with applicable law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (i) the Administrative Agent and Collateral Agent shall be authorized to form one or more acquisition vehicles to make a bid, (ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles (<u>provided</u> that any actions by the Administrative Agent or the Collateral Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in <u>Section 9.02</u>), and (ii) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Lenders pro rata and the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Lender or any acquisition vehicle to take any further action.

Section 8.13 <u>Recovery of Erroneous Payments</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;(a) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "<u>Payment</u>") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter (or such later date as the Administrative Agent, in its sole discretion, may specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this <u>Section 8.13</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one (1) Business Day thereafter (or such later date as the Administrative Agent, in its sole discretion, may specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by such Loan Party, in each case, except to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds of any Borrower or any other Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party's obligations under this <u>Section 8.13</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

**ARTICLE IX**

**MISCELLANEOUS**

Section 9.01 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone, 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 facsimile, as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) if to Holdings, the Borrowers, or any other Loan Party,

Doncasters Limited<br> 1 Park Row, Leeds, <br> LS1 5AB, England

Attention: Helen Barrett-Hague

Email: [\*\*\*]

With a copy (which shall not constitute notice) to:

Paul Hastings LLP

600 Travis Street, Fifty-Eighth Floor,

Houston, TX 77002

Attn: Seth Chandler

Email: sethchandler@paulhastings.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Administrative Agent or the Collateral Agent or in the case of a notification of the DQ List, to the address, telecopier number, electronic mail address or telephone number specified for such Person on <u>Schedule 9.01</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if to any other Lender, to it at its address (or facsimile number, electronic mail address or telephone number specified) set forth in its Administrative Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in <u>subsection</u> (b) below, shall be effective as provided in such <u>subsection (b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Electronic Communications</u>. Subject to <u>Section 9.15</u>, notices and other communications to the Lenders hereunder may also be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, <u>provided</u> that the foregoing shall not apply to notices to any Lender pursuant to <u>Article II</u> if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication or to compliance and no Default certificates unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent, or the Borrowers may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, <u>provided</u> that approval of such procedures may be limited to particular notices or communications. All 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), provided that if not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (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 clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day of the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Platform</u>. In no event shall the Agent Parties have any liability to the Borrowers, any Lender, or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Loan Party's or the Administrative Agent's transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet other than with respect to gross negligence or willful misconduct as determined by a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change of Address, Etc</u>. Each of the Borrowers, the Administrative Agent, the Collateral Agent, may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Borrowers and the Administrative Agent. In addition, each Lender will use commercially reasonable efforts to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender; <u>provided</u>, <u>however</u>, that failure of any Lender to so notify shall not result in any claim or liability against such Lender or impair any Lender's rights under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reliance by Administrative Agent and Lenders</u>. The Administrative Agent, the Collateral Agent, and the Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices) purportedly given by or on behalf of any Loan Party even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall indemnify the Administrative Agent, the Collateral Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party but only to the extent required pursuant to <u>Section 9.03</u>. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

Section 9.02 <u>Waivers; Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No failure or delay by the Administrative Agent, the Collateral Agent, or any Lender in exercising any right or power under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by <u>paragraph (b)</u> of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender may have had notice or knowledge of such Default at the time. No notice or demand on the Borrowers in any case shall entitle the Borrowers to any other or further notice or demand in similar or other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in <u>Section 2.20</u> with respect to any Incremental Facility Amendment, in <u>Section 2.21</u> with respect to any Refinancing Amendment, in <u>Section 2.24</u> with respect to an Extension Offer, <u>Section 6.12</u> with respect to a change in the fiscal year of Holdings and the Subsidiaries and in <u>Section 9.02(g)</u> or as otherwise specifically provided in this <u>Section 9.02</u> below, neither any Loan Document nor any provision thereof may be waived, amended or modified except, (x) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders, and acknowledged by the Administrative Agent (which acknowledgement shall not be unreasonably withheld, delayed or conditioned), or (y) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto (except as otherwise expressly provided therein), in each case with the consent of the Required Lenders (other than with respect to any amendment, modification or waiver contemplated in <u>clauses (i)</u> through <u>(iii)</u> in the following proviso, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders), <u>provided</u> that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender (it being understood that a waiver of any condition precedent in <u>Section 4.02</u> of this Agreement or the waiver of any covenant, Default, Event of Default or mandatory prepayment shall not constitute an increase of any Commitment of a Lender), (ii) reduce or forgive the principal amount of any Loan owed to a Lender, reduce the rate of interest thereon or change the type of interest thereon owed to such Lender (for example, from cash interest to interest paid in kind), or reduce any fees or other amounts payable hereunder owed to such Lender, without the written consent of such Lender directly and adversely affected thereby, <u>provided</u> that any waiver of Default or Event of Default or default interest, waiver of a mandatory prepayment or any modification, waiver or amendment to the financial covenant definitions or financial ratios or any component thereof in this Agreement shall not constitute a reduction or forgiveness in the interest rates or the fees for purposes of this <u>clause (ii)</u>, (iii) postpone the scheduled final maturity of any Loan, any scheduled amortization principal payment or any date for the payment of any interest or fees or other amounts payable hereunder or reduce or forgive the amount of, waive or excuse any such payment (but not mandatory prepayment), or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly and adversely affected thereby (it being understood that no amendment, modification or waiver of, or consent to departure from, any condition precedent, covenant, Default, Event of Default, waiver of default interest or mandatory prepayment shall constitute a postponement of any date scheduled for the payment of principal or interest or an extension of the final maturity of any Loan or the scheduled date of expiration of any Commitment), (iv) change any of the provisions of (x) <u>Section 7.04</u> as such provisions are applied following the enforcement of rights under this Agreement or (y) <u>Sections 2.11(a)</u>, <u>2.11(f)</u>, <u>2.18</u>, <u>7.04</u> or <u>9.04(b)(ii)</u> or any other provision hereof in a manner that would by its terms have the effect of altering the ratable reduction of Commitments, pro rata payments or alter the application or pro rata sharing of payments required hereunder, in each case, without the written consent of each Lender directly and adversely affected thereby, (v) change any of the provisions of this <u>Section 9.02</u> (other than as provided in clause (xiii) of the first proviso to this <u>Section 9.02(b)</u> below) or reduce the percentage set forth in the definition of the term "Required Lenders", "Required Super-Majority Lenders" or "Majority in Interest" or reduce the number or percentage in any other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (or each Lender of such Class, as the case may be) (it being understood that, other than as specifically provided in this Agreement, including pursuant to, (w) any Incremental Facility Amendment (the consent requirements for which are set forth in <u>Section 2.20)</u>, (y) a Refinancing Amendment (the consent requirements for which are set forth in <u>Section 2.21</u>) and (z) an Extension Offer pursuant to <u>Section 2.24</u>, with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders or a particular Class of Lenders on substantially the same basis as the Term Loans on the Closing Date), (vi) release, or have the effect of releasing, Holdings or any Borrower or all or substantially all of the Subsidiary Loan Parties under the Guaranties (except as provided herein or, with respect to the Guarantors, in the Guarantee), without the written consent of each Lender, (vii) release, or have the effect of releasing, all or substantially all the Collateral from the Liens of the Security Documents (except as provided herein), without the written consent of each Lender (it being understood that any subordination of a Lien permitted under clause (xi)(y) of the first proviso to this <u>Section 9.02(b)</u> shall not constitute a release of a Lien under this section or the granting of Liens otherwise permitted hereunder from time to time (including pursuant to amendments) shall not constitute a release of Liens), (viii) release, or have the effect of releasing, (x) Holdings or any Borrower or (y) the Subsidiary Loan Parties representing value of more than 25% of Consolidated EBITDA of the Guaranties of the Subsidiary Loan Parties in a single release or series of related releases (except as provided herein or, with respect to the Guarantors, in the Guarantee), without the written consent of the Required Super-Majority Lenders, (ix) release, or have the effect of releasing, Collateral representing value of more than 25% of Consolidated EBITDA from the Liens of the Security Documents in a single release or series of related releases (except as provided herein), without the written consent of the Required Super-Majority Lenders (it being understood that any subordination of a Lien permitted under clause (xi)(y) of the first proviso to this <u>Section 9.02(b)</u> shall not constitute a release of a Lien under this section or the granting of Liens otherwise permitted hereunder from time to time (including pursuant to amendments) shall not constitute a release of Liens), (x) designate, or have the effect of designating, any "unrestricted subsidiary" under this Agreement without the consent of the Required Super-Majority Lenders, (xi) permit purchases (including, but not limited to, purchases in cash or by way of debt exchanges or by way of re-classifications, but excluding purchases of Term Loans with proceeds of, or exchanges of Term Loans for, Equity Interests in, or Indebtedness of, any Non-Loan Party or "unrestricted subsidiary") of Term Loans by Holdings, the Borrowers or any of their Subsidiaries or non-wholly owned Subsidiaries which are not offered on a pro rata basis under this Agreement without the consent of the Required Super-Majority Lenders, (xii) (x) subordinate, or have the effect of subordinating, the Secured Obligations to any other Indebtedness or other obligation, or (y) subordinate, or have the effect of subordinating, the Liens securing the Secured Obligations to Liens securing any other Indebtedness or other obligation (in each case except (A) as otherwise expressly permitted pursuant to <u>Article VIII</u> as in effect on the date hereof and (B) any "debtor-in-possession" facility so long as such Indebtedness is offered ratably to all Lenders holding the Obligations), in each case, without the consent of each Lender, (xiii) change any of the provisions of clauses (viii), (ix), (x), (xi) or (xiii) of the first proviso to this <u>Section 9.02(b)</u> without the written consent of the Required Super-Majority Lenders and (xiv) permit purchases of Term Loans by Holdings, the Borrowers or any of their Subsidiaries or non-wholly owned Subsidiaries by way of purchases of Term Loans with proceeds of, or exchanges of Term Loans for, Equity Interests in, or Indebtedness of, any Non-Loan Party or "unrestricted subsidiary" which are not offered on a pro rata basis under this Agreement without the consent of each Lender; <u>provided</u>, further, that no such agreement shall directly and adversely amend or modify the rights or duties of the Administrative Agent or the Collateral Agent without the prior written consent of the Administrative Agent or the Collateral Agent, as the case may be; <u>provided</u> further that, notwithstanding the foregoing, any amendment or waiver that by its term affects the rights or duties of Lenders holding Loans or Commitments of a particular Class (but not the Lenders holding Loans or Commitments of any other Class) will require only the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto if such Class of Lenders were the only Class of Lenders. Notwithstanding the foregoing, no Lender consent is required to effect any amendment, modification or supplement to any Acceptable Intercreditor Agreement or any other intercreditor agreement or arrangement permitted under this Agreement or in any document pertaining to any Indebtedness permitted hereby that is permitted to be secured by the Collateral, including any Incremental Term Loan, any Other Term Loan, Extended Term Loans or Incremental Equivalent Debt, for the purpose of adding the holders of such Indebtedness (or their senior representative) as a party thereto and otherwise causing such Indebtedness to be subject thereto, to give effect hereto or otherwise carry out the purposes thereof, in each case as contemplated by the terms of such Acceptable Intercreditor Agreement or other intercreditor agreement or arrangement permitted under this Agreement, as applicable, together with (A) any immaterial changes and (B) material changes thereto in light of prevailing market conditions, which material changes shall be posted to the Lenders not less than five Business Days before execution thereof and, if the Required Lenders shall not have objected to such changes within five Business Days after posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent's and/or Collateral Agent's entry into such Acceptable Intercreditor Agreement (with such changes) is reasonable and to have consented to such Acceptable Intercreditor Agreement (with such changes) and to the Administrative Agent's and/or Collateral Agent's execution thereof, in each case in form and substance reasonably satisfactory to the Administrative Agent and/or Collateral Agent (it being understood that junior Liens are not required to be pari passu with other junior Liens, and that Indebtedness secured by junior Liens may be secured by Liens that are pari passu with, or junior in priority to, other Liens that are junior to the Liens securing the Obligations); <u>provided</u> that, any Acceptable Intercreditor Agreement, or other subordination or intercreditor agreement or arrangement, that results in the subordination of the Secured Obligations to any other Indebtedness or other obligations, or provides for the subordination of the Liens securing the Secured Obligations to the Liens securing any other Indebtedness or other obligations, shall require the consent of each Lender pursuant to clause (xii) of the first proviso to this <u>Section 9.02(b)</u> to the extent required thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any proposed amendment, modification, waiver or termination (a "<u>Proposed Change</u>") requiring the consent of all Lenders or all directly and adversely affected Lenders, if the consent of the Required Lenders (or, to the extent any Proposed Change requires the consent of Lenders holding Loans of any Class pursuant to <u>clause (iv)</u> of <u>paragraph (b)</u> of this <u>Section 9.02</u>, the consent of a Majority in Interest of such Class) (or, in the case of a consent, waiver or amendment involving directly and adversely affected Lenders, at least 50.1% of such directly and adversely affected Lenders) to such Proposed Change is obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not obtained or if a Lender rejects (or is deemed to reject) an Extension of any Class under <u>Section 2.24</u> and a Majority in Interest of such Class of Lenders has agreed to such Extension, (any such Lender whose consent is not obtained as described in <u>paragraph (b)</u> of this <u>Section 9.02</u> or has rejected (or is deemed to have rejected) such Extension Offer being referred to as a "<u>Non-Consenting Lender</u>"), then, the Borrowers may, at their sole expense and effort, upon notice to such Non-Consenting Lender and the Administrative Agent, require such Non-Consenting Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in <u>Section 9.04</u>), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), <u>provided</u> that (A) such Non-Consenting Lender shall have received payment of an amount equal to the outstanding principal of its Loans accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts), (B) the Borrowers or such assignee shall have paid to the Administrative Agent the processing and recordation fee specified in <u>clause (b)(ii)</u> of this <u>Section 9.02</u> and (C) such assignee shall have consented to the Proposed Change or Extension, as applicable. <u>Section 2.19(c)</u> shall also apply to any Lender being replaced pursuant to this <u>Section 9.02(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;(d) The Lenders, and all other Secured Parties hereby irrevocably agree that the Liens granted to the Collateral Agent by the Loan Parties on any Collateral shall, at the sole cost and expense of the Borrowers, be automatically released (i) upon the occurrence of the Termination Date, (ii) upon the sale or other disposition of such Collateral (as part of or in connection with any other sale or other disposition permitted hereunder) to any Person other than another Loan Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement (as in effect on the Closing Date or otherwise amended in accordance with <u>Section 9.02</u>), (iii) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this Section 9.02), (iv) to the extent such property (i) constitutes Excluded Property (other than pursuant to clause (r) of the definition thereof) and (ii) is not otherwise ABL Collateral and (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the Guaranty to the extent such release of a Guarantor is made in compliance with the terms of this Agreement and the Guaranty. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon or obligations (other than those being released) of the Loan Parties in respect of all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral except to the extent comprised of Excluded Property or otherwise released in accordance with the provisions of the Loan Documents. Additionally, the Lenders, and all other Secured Parties, hereby irrevocably agree that a Subsidiary Loan Party shall be released from its Guarantee upon (x) such Subsidiary Loan Party (other than an Electing Guarantor) becoming an Excluded Subsidiary in accordance with the terms hereof; <u>provided</u> that if any Subsidiary that is a Subsidiary Loan Party becomes an Excluded Subsidiary solely as a result of such Subsidiary ceasing to be a wholly owned Subsidiary, such Subsidiary Loan Party shall be released from the Guaranties only if (1) such Subsidiary ceased to be a wholly owned Subsidiary as a result of a disposition of its Equity Interests for fair market value to a Person that is not an Affiliate of any Party and for a bona fide primary business purpose (including Joint Ventures) and (B) after giving effect on a Pro Forma Basis to the consummation of the relevant transaction and the release of such Subsidiary Loan Party, the Borrowers is deemed to have made a new Investment in such non-wholly owned Person or Joint Venture, as the case may be (as if such Person was then newly acquired) equal to the fair market value of such released Subsidiary Loan Party and such Investment is permitted pursuant to this Agreement) (<u>provided</u> that no such release shall occur if such Subsidiary Loan Party continues (after giving effect to the consummation of such transaction or designation) to be a guarantor or provide any credit support in respect of any Material Indebtedness or Junior Financing of Holdings or any Subsidiary; <u>provided</u>, <u>further</u> that no Loan Party shall be released from any Guaranty solely as a result of such Loan Party becoming an Excluded Subsidiary of the type described in clause (c) and clause (e) of the definition thereof, (y) upon the re-designation of such Electing Guarantor as an Excluded Subsidiary in accordance herewith; <u>provided</u> that at the time of such release, after giving effect on a Pro Forma Basis to such release and the consummation of the related transactions, the Borrowers have capacity to make (and shall be deemed to have made) an Investment in such released Subsidiary and such released Subsidiary has the capacity to incur (and shall be deemed to have incurred) any Indebtedness, Investments and Liens of such released Subsidiary or (z) subject to the foregoing clause (x), the sale or other disposition of such Subsidiary Loan Party to any Person (other than a Loan Party) that is permitted hereby or to which the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this <u>Section 9.02</u>) have otherwise consented such that after giving effect to such sale or other disposition such Subsidiary Loan Party ceases to be a Subsidiary. The Lenders, and all other Secured Parties, hereby authorize the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Loan Party's Guaranty or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender or other Secured Party. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent or the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Defaulting Lender and no Lender holding an unfunded Commitment in respect of an Incremental Facility that is a delayed draw term loan facility (any such Lender, an "<u>Incremental DDTL Lender</u>"), in each case, shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the Applicable Lenders other than Defaulting Lenders), except (x) that the Commitment of any Defaulting Lender or Incremental DDTL Lender may not be increased or extended without the consent of such Lender, (y) that any waiver, amendment or modification requiring the consent of all Lenders pursuant to clauses (vi), (vii) or (xi) of the first proviso to <u>Section 9.02(b)</u>, or each directly and adversely affected Lender pursuant to clauses (i), (ii), (iii), or (iv) of the first proviso to <u>Section 9.02(b)</u>, that, by its terms, directly and adversely affects any Defaulting Lender or Incremental DDTL Lender disproportionately in relation to other affected Lenders shall require the consent of such Defaulting Lender or Incremental DDTL Lender, as applicable, or (z) as provided for in the definition of "Incremental Cap".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended (or amended and restated) solely with the written consent of the Required Lenders and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the accrued interest and fees in respect thereof and (b) subject to the foregoing <u>Section 9.03(e)</u>, to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended solely with the consent of the Administrative Agent and the Borrowers without the need to obtain the consent of any other Lender if such amendment is delivered in order to correct or cure (x) ambiguities, errors, omissions, defects, (y) to effect administrative changes of a technical or immaterial nature or (z) incorrect cross references or similar inaccuracies in this Agreement or the applicable Loan Document, so long as such amendment, modification or supplement does not adversely affect the rights of any Lender or other holder of Obligations in any material respect. Guaranties, collateral documents, security documents, Acceptable Intercreditor Agreements, other intercreditor agreements, and related documents executed in connection with this Agreement may be in a form reasonably determined by the Administrative Agent or Collateral Agent, as applicable, and may be amended, modified, terminated or waived, and consent to any departure therefrom may be given, without the consent of any Lender if such amendment, modification, waiver or consent is given in order to (x) comply with local law or advice of counsel or (y) cause such guarantee, collateral document, security document or related document to be consistent with or to give effect to or to carry out the purpose of this Agreement and the other Loan Documents. The Borrowers and the Administrative Agent may, without the consent of any other Lender, effect amendments to this Agreement and the other Loan Documents as may be necessary in the reasonable opinion of the Borrowers and the Administrative Agent to effect the provisions of <u>Sections 2.20</u> and <u>Section 2.21</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;(h) amend, waive or otherwise modify any conditions set forth in Section 4.02 as to any Credit Extension under the Delayed Draw Term Loan Commitments which directly affects Lenders holding Delayed Draw Term Loan Commitments and does not directly affect Lenders under any other Facilities, in each case, without the written consent of Lenders having more than 50% of the sum of (1) the Total Outstandings under such Delayed Draw Term Loan Commitments and (2) the aggregate unused Delayed Draw Term Loan Commitments; provided, however, that the waivers described in this clause (h) shall not require the consent of the Required Lenders or any other Lenders other than the Required Lenders holding the applicable Delayed Draw Term Loan Commitments (it being understood that any amendment to the conditions of effectiveness of Incremental Term Commitments set forth in Section 2.14 shall be subject to clause (i) above);

Section 9.03 <u>Expenses; Indemnity; Damage Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Solely to the extent the Closing Date occurs, the Borrowers shall pay, (i) all reasonable and documented or invoiced out-of-pocket costs and expenses incurred by the Administrative Agent, the Collateral Agent and their Affiliates and Lenders, including the reasonable and documented fees, charges and disbursements of a single primary counsel for the Agents and a single primary counsel for the Lenders (in addition to one local counsel in each Specified Jurisdiction for the Agents and Lenders, collectively, to the extent reasonably necessary, which may include one single counsel acting in multiple jurisdictions) in connection with due diligence performed in connection with the arrangement of the Facilities, the syndication of the credit facilities provided for herein, the preparation, execution and delivery and administration of the Loan Documents and not paid on the Closing Date or any amendments, modifications or waivers of the provisions thereof (whether or not the transactions contemplated thereby shall be consummated) and (ii) all documented out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent, any Lender including the reasonable fees, charges and disbursements of (v) a single primary counsel for the Administrative Agent and the Collateral Agent, (w) a single primary counsel for the Lenders and other Secured Parties, (x) a single local counsel for the Agents and Lenders, collectively, in each Specified Jurisdiction to the extent reasonably necessary, which may include one single counsel acting in multiple jurisdictions, (y) in the case of an actual or perceived conflict of interest where a Lender informs the Borrowers of such conflict, an additional counsel for such affected Lender (and a single local counsel in each applicable jurisdiction) and (z) any other counsel retained with the consent of the Borrowers (such consent not to be unreasonably withheld or delayed), in each case, in connection with the enforcement of any rights under this Agreement or any other Loan Documents, including rights under this Section, or in connection with the Loans made 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;(b) Without duplication of the expense reimbursement obligations pursuant to <u>paragraph (a)</u> above, the Borrowers shall indemnify the Administrative Agent, the Collateral Agent, the Lead Arranger, 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 reasonable and documented or invoiced out of pocket costs, actual losses, claims, damages, liabilities and related expenses, but (x) including the reasonable and documented fees, charges and disbursements of a single counsel selected by the Administrative Agent and the Collateral Agent for the Indemnitees (in addition to one local counsel selected by the Administrative Agent and the Collateral Agent in each relevant material jurisdiction to the extent reasonably necessary and, in the case of an actual or perceived conflict of interest where an Agent or Lender informs the Borrowers of such conflict, an additional counsel for the affected Indemnitees (and a single local counsel in each applicable jurisdiction)) and any other counsel retained with the consent of the Borrowers (such consent not to be unreasonably withheld or delayed) and (y) excluding any allocated costs of in-house counsel, imposed on, incurred by or asserted against any Indemnitee by any third party or by any Party or any of its Affiliates, shareholders or creditors, arising out of, in connection with, or as a result of (A) the negotiation, execution or delivery of any Loan Document or any other agreement or instrument contemplated thereby (including, without limitation, the Indemnitee's reliance on any Communication executed using an Electronic Signature, or in the form of an Electronic Record), the performance by the parties to the Loan Documents of their respective obligations thereunder, the consummation of the transactions contemplated thereby, or, in the case of the Administrative Agent and the Collateral Agent (and any sub-agent thereof) and their Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in <u>Section 2.17</u>), (B) any Loan or the use or proposed use of the proceeds therefrom, (C) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by a Loan Party or any of its Subsidiaries, or any actual or alleged Environmental Liability related in any way to a Loan Party or any of its Subsidiaries, and (D) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether or not any such Indemnitee shall be designated as a party or a potential party thereto and whether or not such matter is initiated by any Party or any of its Affiliates, shareholders or creditors or any other Person, and any fees or expenses incurred by Indemnitees in enforcing this indemnity, <u>provided</u> that no Indemnitee will be indemnified (1) for its (or any of its Related Indemnified Parties') willful misconduct, bad faith or gross negligence (to the extent determined in a final non-appealable order of a court of competent jurisdiction), (2) for its (or any of its Related Indemnified Parties') material breach of its or any of its Related Parties' obligations under the Loan Documents (to the extent determined in a final non-appealable order of a court of competent jurisdiction), or (3) for any dispute among Indemnitees that does not involve an act or omission by Holdings or any Subsidiary (other than any claims against an Indemnitee acting in its capacity as an Agent, Lead Arranger or other similar role, subject to <u>clause (1)</u> 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;(c) To the extent that the Borrowers fail to pay any amount required to be paid by them to the Administrative Agent, the Collateral Agent, or any Related Party under <u>paragraph (a)</u> or <u>(b)</u> of this Section, and without limiting the Borrowers' obligation to do so, each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent or such Related Party, as the case may be, such Lender's pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, <u>provided</u> that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or the Collateral Agent, in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent or the Collateral Agent in connection with such capacity. For purposes hereof, a Lender's "pro rata share" shall be determined based upon in the case of unpaid amounts owing to the Administrative Agent, its share of the outstanding Term Loans and unused Commitments at the applicable time. The obligations of the Lenders under this <u>paragraph</u> (c) are subject to the last sentence of Section 2.02(a) (which shall apply mutatis mutandis to the Lenders' obligations under this <u>paragraph (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;(d) To the extent permitted by applicable law, none of the Parties, any Agent, any Lender, any other party hereto or any Indemnitee shall assert, and each such Person hereby waives and releases, any claim against any other such Person, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, arising out of, as a result of, or in any way related to, this Agreement or any or any agreement or instrument contemplated hereby or referred to herein, the transactions contemplated hereby or thereby, or any act or omission or event occurring in connection therewith, and each such Person further agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor; <u>provided</u> that the foregoing shall in no event limit the Borrowers' indemnification obligations under <u>clause (b)</u> above to the extent such special, indirect, consequential or punitive damages are included in any third-party claim in connection with which such Indemnitee is otherwise entitled to indemnification 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;(e) In case any proceeding is instituted involving any Indemnitee for which indemnification is to be sought hereunder by such Indemnitee, then such Indemnitee will promptly notify the Borrowers of the commencement of any proceeding; <u>provided</u>, however, that the failure to do so will not relieve the Borrowers from any liability that they may have to such Indemnitee hereunder, except to the extent that the Borrowers are materially prejudiced by such failure.

&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) Notwithstanding anything to the contrary in this Agreement, no Party hereto or any Indemnitee shall be liable for any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems (including IntraLinks or SyndTrak Online), in each case, except to the extent any such damages are found in a final non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of, or material breach of this Agreement or the other Loan Documents by, such Party or Indemnitee (or its Related Indemnified 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;(g) Except to the extent otherwise expressly provided herein, all amounts due under this Section shall be payable within twenty Business Days after receipt of reasonably detailed documentation therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This <u>Section 9.03</u> shall not apply to Taxes, except for Taxes which represent costs, losses, claims, etc. with respect to a non-Tax claim.

&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 agreements in this Section and the indemnity provisions of <u>Section 9.01(e)</u> shall survive the resignation of the Administrative Agent and the Collateral Agent, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations.

Section 9.04 <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) except as otherwise permitted herein, no Borrower may assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any such attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section (and any attempted assignment or transfer by such Lender otherwise shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (solely to the extent provided in <u>paragraph (d)</u> of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the express 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 its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of (A) the Borrowers, <u>provided</u> that no consent of the Borrowers shall be required for an assignment of all or any portion of a Loan or Commitment (I) in the case of a Term Loan or Term Commitment, to a Lender, an Affiliate of a Lender or an Approved Fund of a Lender (as defined below) or (II) if an Event of Default under <u>Sections 7.01(a)</u>, <u>7.01(b)</u>, <u>7.01(h)</u> or <u>7.01(i)</u> with respect to any Loan Party has occurred and is continuing; <u>provided</u> that the Borrowers shall be deemed to have consented to any such assignment unless the Borrowers shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after a Responsible Officer having confirmed receipt of written notice thereof and (B) the Administrative Agent, <u>provided</u> that no consent of the Administrative Agent shall be required for an assignment of (x) all or any portion of an outstanding Term Loan to a Term Lender, an Affiliate of a Term Lender or an Approved Fund with respect of a Term 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;(i) Assignments shall be subject to the following additional express conditions: (A) except in the case of an assignment to a Lender, an Affiliate of a Lender, or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement) with respect to such assignment is delivered to the Administrative Agent) shall not be less than $2,500,000 or, in the case of a Term Commitment or a Term Loan, $1,000,000 (it being understood and agreed that such minimum amount shall be aggregated for two or more simultaneous assignments by or to two or more Approved Funds), unless the Borrowers and the Administrative Agent (at the direction of the Required Lenders) otherwise consent (each such consent not to be unreasonably withheld, conditioned or delayed), <u>provided</u> that no such consent of Borrowers shall be required if an Event of Default under <u>Sections 7.01(a)</u>, <u>7.01(b)</u>, <u>7.01(h)</u> or <u>7.01(i)</u> with respect to any Loan Party has occurred and is continuing, (B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement, <u>provided</u> that this <u>clause (B)</u> shall not be construed to prohibit assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans, (C) the parties to each assignment shall (1) execute and deliver to the Administrative Agent an Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement), via an electronic settlement system acceptable to the Administrative Agent or (2) if previously agreed with the Administrative Agent, manually execute and deliver to the Administrative Agent an Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement), together with (x) unless the assignee is already a party to the Intercreditor Agreement in its capacity as a Senior Lender (as defined in the Intercreditor Agreement), the assignee entering into the documentation required for it to accede as a party to the Intercreditor Agreement and (y) a processing and recordation fee of $3,500 (which such fee may be waived or reduced in the sole discretion of the Administrative Agent); <u>provided</u> that assignments made pursuant to <u>Section 2.19</u> or <u>Section 9.02(c)</u> shall not require the signature of the assigning Lender to become effective, (D) the assignee, if it shall not be a Lender or Affiliated Lender, shall deliver to the Administrative Agent an Administrative Questionnaire (in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Loan Parties and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee's compliance procedures and applicable laws, including federal, state and foreign securities laws) and any tax forms required by <u>Section 2.17(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments to an Affiliated Lender (other than Holdings, the Borrowers or any of their Subsidiaries) shall be permitted; <u>provided</u> that (A) [reserved], (B) the aggregate principal amount of Term Loans held by all Affiliated Lenders, shall not exceed 25% of the aggregate unpaid principal amount of Term Loans then outstanding, (C) Affiliated Lenders (other than Affiliated Debt Funds) will not receive information provided solely to Lenders and will not be permitted to attend or participate in Lender meetings, (D) each Affiliated Lender shall either (x) make a representation to the selling Lender that it does not possess material non-public information with respect to Loan Parties that has not been disclosed to the Lenders generally or (y) disclose that it cannot make such representation, in which case, the applicable assigning Lender shall be deemed to expressly re-make the acknowledgement set forth in the last sentence of this clause (ii) in connection with such assignment, (G) any Term Loans purchased by an Affiliated Lender (other than a Borrower) may be contributed to any Borrower (with the consent of the applicable Borrower) and exchanged for equity securities that would otherwise be permitted to be issued at such time, (H) no Event of Default shall have occurred and be continuing or shall result after giving effect to any assignment to Holdings or its Subsidiaries, (I) [reserved] and (J) as a condition to each assignment pursuant to this <u>clause (ii)</u>, the Administrative Agent shall have been provided a written notice in connection with each assignment to an Affiliated Lender or a Person that upon effectiveness of such assignment would constitute an Affiliated Lender. Each Affiliated Lender agrees to notify the Administrative Agent promptly (and in any event within ten (10) Business Days) if it acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent promptly (and in any event within ten (10) Business Days) if it becomes an Affiliated Lender. Each Lender participating in any assignment to Affiliated Lenders acknowledges and agrees that in connection with such assignment, (1) the Affiliated Lenders then may have, and later may come into possession of material non-public information, (2) such Lender has independently and, without reliance on the Affiliated Lenders, the Loan Parties or any of their Subsidiaries, the Administrative Agent or any Related Parties of the Administrative Agent, made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the material non-public information, (3) none of the Affiliated Lenders or the Loan Parties or any of their Subsidiaries shall be required to make any representation that it is not in possession of material non-public information, (4) none of the Affiliated Lenders or its Affiliates, the Loan Parties or any of their Subsidiaries or Affiliates, the Administrative Agent or any Related Parties of the Administrative Agent shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against any Affiliated Lender or Affiliate thereof, the Loan Parties or any of their Subsidiaries or Affiliates, the Administrative Agent and any Related Parties of the Administrative Agent, under applicable laws or otherwise, with respect to the nondisclosure of the material non-public information and (5) that the material non-public information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchases or exchanges of Term Loans by Holdings, the Borrowers or any of their Subsidiaries shall not be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of <u>paragraph (b)</u> of this Section, the terms "Approved Fund" and "CLO" have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "<u>Approved Fund</u>" means (a) a CLO and (b) with respect to any Lender that is a fund that invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "<u>CLO</u>" means an entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course and is administered or managed by a Lender or an Affiliate of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to acceptance and recording thereof pursuant to <u>paragraph (b)(vi)</u> of this Section, from and after the effective date specified in each Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement), the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement), have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement), be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption (or Affiliated Lender Assignment and Assumption 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 entitled to the benefits of <u>Section 2.15</u>, <u>Section 2.16</u>, <u>Section 2.17</u> and <u>Section 9.03</u> and to any fees payable hereunder that have accrued for such Lender's account but have not yet been paid); <u>provided</u>, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender. Upon request, the Borrowers (at their expense) shall execute and deliver a Note to the assignee 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;(vi) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrowers (and such agency being solely for tax purposes), shall maintain at one of its offices in the United States a copy of each Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement) delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal and related interest amounts of the Loans each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and, with respect to its own interests only, any Lender, at any reasonable time and from time to time upon reasonable prior notice. This <u>Section 9.04(b)(vi)</u> shall be construed so that the Loans are at all times maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and the Treasury Regulations promulgated thereunder (including Treasury Regulations Sections 5f.103-1(c) and 1.871-14) and the Register and the Participant Register (as defined below) shall be maintained in accordance with such intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire and any tax forms required by <u>Section 2.17(e)</u>, as applicable (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>paragraph (b)</u> of this Section (to the extent required) and any written consent to such assignment required by <u>paragraph (b)</u> of this Section, to the extent such assignment is permitted hereunder, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

&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 Lender may, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations to any Person that is an Eligible Assignee (a "<u>Participant</u>") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it), <u>provided</u> that (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, (C) the Parties, the Administrative Agent, 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 and (D) except as expressly set forth herein, such Person shall not be entitled to exercise any rights of a Lender under the Loan Documents.

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents, <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in <u>clauses (i)</u> - <u>(vii)</u> and <u>(xi)</u> of the first proviso to <u>Section 9.02(b)</u> that directly and adversely affects such Participant. Subject to the paragraph below, each Borrower and each participating Lender agrees that each Participant shall be entitled to the benefits of <u>Section 2.15</u>, <u>Section 2.16</u> and <u>Section 2.17</u> (subject to the limitations and requirements of such Sections, including <u>Section 2.17(e)</u> and <u>Section 2.19</u> (it being understood that the documentation required under Section 2.17(e) shall be delivered to the participating Lender)) 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 that such participating Lender shall cease to be entitled to such benefits to the same extent as if it assigned its interest to the participant pursuant to <u>paragraph (b)</u> of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 9.08</u> as though it were a Lender; <u>provided</u> that such Participant agrees to be subject to <u>Section 2.18(c)</u> as though it were a Lender. Each Lender that sells a participation 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 the principal amounts (and stated interest) of each participant's interest in the Loans or other obligations under this Agreement (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have the obligation to disclose all or a portion of the Participant Register (including the identity of the Participant or any information relating to a Participant's interest in any Loans or other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary in connection with a Tax audit or other proceeding to establish that any loans are in registered form under U.S. Treasury Regulations Section 5f.103-1(c) for U.S. federal income tax purposes. The entries in the Participant Register shall be conclusive absent manifest error, and the Borrowers and such Lender shall treat each person whose name is recorded in the Participant 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 maintain a Participant Register. This Section shall be construed so that the Loan Documents are at all times maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

A Participant shall not be entitled to receive any greater payment under <u>Section 2.15</u> or <u>Section 2.17</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, except to the extent the right to a greater payment results from a Change in Law after the Participant becomes a Participant or the sale of the participation to such Participant is made with the Borrowers' prior written 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;(d) Any Lender may, without the consent of the Borrowers or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank and including any pledge or assignment to any holders of obligations owed, or securities issued, by such Lender (including to any trustee for, or any other representative of, such holders), and this Section 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 a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other express conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Parties, on behalf of itself and its Affiliates, and the Lenders expressly acknowledge that the Administrative Agent (in its capacity as such or as an arranger, bookrunner or other agent hereunder) shall not (x) have any obligation to monitor, ascertain or inquire whether assignments or participations are made to Disqualified Lenders, or otherwise enforce provisions with respect thereto or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any Disqualified 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;(ii) No assignment shall be made to any Person that was a Disqualified Lender as of the date (the "<u>Trade Date</u>") on which the applicable Lender entered into a binding agreement to sell and assign all or a portion of its rights and obligations under this Agreement to such Person (unless the Borrowers have consented to such assignment as otherwise contemplated by this <u>Section 9.04</u> (without giving effect to the second proviso of <u>Section 9.04(b)</u>), in which case such Person will not be considered a Disqualified Lender for the purpose of such assignment). For the avoidance of doubt, with respect to any assignee that becomes a Disqualified Lender after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice period referred to in, the definition of "Disqualified Lender"), such assignee shall not retroactively be considered a Disqualified Lender. Any assignment in violation of this <u>clause (f)(ii</u>) shall not be void, but the other provisions of this <u>clause (f</u>) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 any assignment is made to any Disqualified Lender without the Borrowers' prior consent in violation of <u>clause (ii</u>) above, the Borrowers may, at their sole expense and effort, upon notice to the applicable Disqualified Lender and the Administrative Agent, (A) in the case of outstanding Term Loans held by Disqualified Lenders, prepay such Term Loan by paying the *lesser of* (1) the principal amount thereof and (2) the amount that such Disqualified Lender paid to acquire such Term Loans, in each case, plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and under the other Loan Documents and/or (B) require such Disqualified Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in this <u>Section 9.04</u>), all of its interest, rights and obligations under this Agreement and related Loan Documents to an Eligible Assignee that shall assume such obligations at the lesser *of* (1) the principal amount thereof and (2) the amount that such Disqualified Lender paid to acquire such interests, rights and obligations, in each case, plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and the other Loan Documents; <u>provided</u>, that, (x) the Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in <u>Section 9.04(b)(i)</u>, (y) such assignment does not conflict with applicable laws and (z) in the case of <u>clause (B</u>), the Borrowers shall not use the proceeds from any Loans to prepay Term Loans held by Disqualified Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary contained in this Agreement, Disqualified Lenders (A) will not (1) have the right to receive information, reports or other materials provided to Lenders by the Parties, the Administrative Agent or any other Lender, (2) attend or participate in meetings attended by the Lenders and the Administrative Agent, or (3) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders and (B) (1) for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified Lender will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Lenders consented to such matter, and (2) for purposes of voting on any plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws ("<u>Plan of Reorganization</u>"), each Disqualified Lender party hereto hereby agrees (I) not to vote on such Plan of Reorganization, (II) if such Disqualified Lender does vote on such Plan of Reorganization notwithstanding the restriction in the foregoing <u>clause (I</u>), such vote will be deemed not to be in good faith and shall be "designated" pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Plan of Reorganization in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (III) not to contest any request by any party for a determination by the bankruptcy court (or other applicable court of competent jurisdiction) effectuating the foregoing <u>clause (II</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Administrative Agent shall have the obligation, and the Borrowers hereby expressly authorize the Administrative Agent, to (A) post the list of Disqualified Lenders provided by the Borrowers and any updates thereto from time to time (collectively, the "<u>DQ List</u>") on the Platform, including that portion of the Platform that is designated for "public side" Lenders or (B) provide the DQ List to each Lender requesting the same.

&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) Subject to the provisos of this paragraph, for purposes of whether Required Lenders shall have been satisfied for any amendment, modification, waiver or consent under any Loan Document or any plan of reorganization, any Loans held by an Affiliated Lender (other than an Affiliated Debt Fund) shall be automatically deemed to be voted in the same proportion as all other Lenders who are not Affiliated Lenders (other than an Affiliated Debt Fund) (but excluding any amendment, modification, waiver or consent that directly and adversely affects any Affiliated Lender in its capacity as a Lender in any material respect disproportionately in relation to other affected Lenders); <u>provided</u> that in the event that any proceeding under the Bankruptcy Code or any Debtor Relief Law shall be instituted by or against any Loan Party, each Affiliated Lender (other than an Affiliated Debt Fund) shall acknowledge and agree that they are each "insiders" under Section 101(31) of the Bankruptcy Code and, as such, the claims associated with the Loans and Commitments owned by it shall not be included in determining whether the applicable class of creditors holding such claims has voted to accept a proposed plan for purposes of Section 1129(a)(10) of the Bankruptcy Code, or, alternatively, to the extent that the foregoing designation is deemed unenforceable for any reason, each Affiliated Lender (other than an Affiliated Debt Fund) shall vote in such proceedings in the same proportion as the allocation of voting with respect to such matter by those Lenders who are not Affiliated Lenders (other than an Affiliated Debt Fund), except to the extent that any plan of reorganization proposes to treat the Obligations held by such Affiliated Lender in a manner that is less favorable in any material respect to such Affiliated Lender than the proposed treatment of similar Obligations held by Lenders that are not Affiliated Lenders. The Lenders and each Affiliated Lender agree and acknowledge that the provisions set forth in this Section 9.04(g) and the related provisions set forth in each Assignment and Assumption entered into by an Affiliated Lender constitute a "subordination agreement" as such term is contemplated by, and utilized in, <u>Section 510(a)</u> of the Bankruptcy Code, and, as such, would be enforceable for all purposes in any case where any Loan Party or any Subsidiary thereof has filed for protection under any law relating to bankruptcy, insolvency or reorganization or relief of debtors applicable to such Loan Party or such Subsidiary, as applicable. The aggregate principal amount of Term Loans held by all Affiliated Debt Funds at any time shall not exceed 49.9% of the aggregate unpaid principal amount of the Term Loans then outstanding.

Section 9.05 <u>Survival</u>. All representations and warranties made by the Loan Parties in this Agreement and the other Loan Documents and in the certificates or other instruments delivered in connection with or pursuant hereto or thereto shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery hereof and thereof and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder.

Section 9.06 <u>Integration</u>. This Agreement and the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Loan Parties, the Administrative Agent, nor any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.

Section 9.07 <u>Severability</u>. Any provision of this Agreement or the other Loan Documents 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 of this Agreement and the other Loan Documents; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction, and the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. Without limiting the foregoing provisions of this <u>Section 9.07</u>, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent then such provisions shall be deemed to be in effect only to the extent not so limited.

Section 9.08 <u>Right of Setoff</u>. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent and the Required Lenders, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency, but not any tax accounts, trust accounts, escrow accounts, withholding or payroll accounts) at any time held and other obligations (in whatever currency) at any time owing by such Lender to or for the credit or the account of any Borrower against any and all of the Obligations now or hereafter existing under this Agreement held by such Lender, but only to the extent then due and payable; <u>provided</u> that in the event that any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of <u>Section 2.22</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender may have. Each Lender agree promptly to notify the Borrowers and the Administrative Agent of such setoff and application made by such Lender, <u>provided</u> that any failure to give or any delay in giving such notice shall not affect the validity of any such setoff and application under this Section.

Section 9.09 <u>Governing Law; Jurisdiction; Consent to Service of Process</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be construed in accordance with and governed by the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall (i) affect any right that any Agent, or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction or (ii) waive any statutory, regulatory, common law, or other rule, doctrine, legal restriction, provision or the like providing for the treatment of bank branches, bank agencies, or other bank offices as if they were separate juridical entities for certain purposes, including UCC Sections 4-106, 4-A-105(1)(b), and 5-116(b), UCP 600 Article 3 and ISP98 Rule 2.02, and URDG 758 Article 3(a).

&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 of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to any Loan Document in any court referred to in <u>paragraph (b)</u> of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in <u>Section 9.01</u>. Nothing in any Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

Section 9.10 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 9.11 <u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

Section 9.12 <u>Confidentiality</u>. Each of the Administrative Agent, the Collateral Agent, and the Lenders agrees to keep confidential, and not to publish, disclose or otherwise divulge, the Information (as defined below), except that Information may be disclosed (a) to its Affiliates or to its and its Affiliates' directors, officers, employees, agents, advisors, trustees, administrators, managers, consultants, service providers and representatives, including accountants, legal counsel and other advisors on a "need to know" basis (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential, <u>provided</u> that the relevant Lender shall be responsible for such compliance and non-compliance), (b) to the extent requested in writing by any Governmental Authority with jurisdiction over the Administrative Agent, the Collateral Agent, and/or the Lenders, as applicable, including Governmental Authorities related to compliance with Anti-Corruption Laws, Anti-Money Laundering Laws, Ex-Im Laws or Sanctions, (c) to the extent required by (i) any order of any court or administrative agency having jurisdiction over the Administrative Agent, the Collateral Agent, and/or the Lenders, as applicable; provided that, other than in connection with any audit or examination conducted by bank accountants or any governmental, regulatory or self-regulatory authority exercising examination or regulatory authority, prior notice shall have been given to the Borrowers, to the extent permitted by applicable laws or regulations, (ii) any pending legal judicial or administrative proceeding with the power to bind the Administrative Agent, the Collateral Agent, and/or the Lenders, as applicable, and (iii) applicable laws or regulations or by any compulsory legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to any Loan Document or the enforcement of rights thereunder, including establishing any defense under applicable securities laws, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, in each case, except to any Disqualified Lender to the extent that a list thereof is made available to all the Lenders, or (ii) any actual or prospective party to any swap, derivative or other transaction under which payments are to be made by reference to any Loan Party and its obligations under the Loan Documents, in each case, except to any Disqualified Lender to the extent that a list thereof is made available to all the Lenders (it being understood that the DQ List may be disclosed to any assignee, or prospective assignee, in reliance on this <u>clause (f)</u>), (g) with the written consent of the Borrowers, (h) to the extent such Information (I) becomes publicly available other than as a result of a breach of this Section or (II) becomes available to the Administrative Agent, the Collateral Agent, or any Lender on a nonconfidential basis from a source other than any member of the Consolidated Group, (i) on a confidential basis in consultation with the Borrowers to (1) any rating agency in connection with rating any Loan Party or its Subsidiaries or the credit facilities provided hereunder (2) the CUSIP Service Bureau, Clearpar or Loanserv or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers, settlement of assignments or other general administrative functions with respect to the Facilities or (3) the provider of any Platform or other electronic delivery service used by the Administrative Agent to deliver Borrower Materials or notices to the Lenders or (j) to the extent independently developed by such the Administrative Agent, Collateral Agent, and/or Lender, as applicable, without reliance on confidential information or any other information available as a result of a breach of confidentiality obligations. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agents and the Lenders in connection with the administration of this Agreement, the other Loan Documents and the Commitments. For the purposes of this Section the term "<u>Information</u>" means all information received from or on behalf of any member of the Holding Company Group relating to any member of the Holding Company Group or its businesses, other than any such information that is available to the Administrative Agent, the Collateral Agent, or any Lender on a nonconfidential basis prior to disclosure by any member of the Holding Company Group; <u>provided</u> that, in the case of information received from any member of the Holding Company Group after the date hereof, such information is clearly identified at the time of delivery as confidential. Subject to the Borrowers' prior consent (which shall not be unreasonably withheld, conditioned, or delayed), the Administrative Agent may publish on behalf of the Collateral Agent, any Lead Arranger or any Lender press releases, tombstones, advertising or other promotional materials relating to the financing transactions contemplated by this Agreement; <u>provided</u> that such publications shall not include information related to facility size, Secured Net Leverage Ratio, Total Net Leverage Ratio, First Lien Net Leverage Ratio, Applicable Rate, Consolidated EBITDA or other key financial terms.

Each Lender acknowledges that Information furnished to it pursuant to this Agreement may include material non-public information concerning the Loan Parties and their respective Related Parties or their respective securities, and confirms that it has developed compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in accordance with those procedures and applicable law, including federal and state securities laws.

All Information, including requests for waivers and amendments, furnished by the Parties or the Administrative Agent pursuant to, or in the course of administering, this Agreement will be syndicate-level Information, which may contain material non-public information about the Loan Parties and their respective Related Parties or their respective securities. Accordingly, each Lender represents to the Parties and the Administrative Agent that it has identified in its Administrative Questionnaire a credit contact who may receive Information that may contain material non-public information in accordance with its compliance procedures and applicable law.

Section 9.13 <u>Interest Rate Limitation</u>. Notwithstanding anything herein or any other Loan Document to the contrary, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the "<u>Maximum Rate</u>"). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the applicable Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Requirement of Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

Section 9.14 <u>PATRIOT Act</u>

Each Lender that is subject to the PATRIOT Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Loan Parties that pursuant to the requirements of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>PATRIOT Act</u>"), it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties, information concerning its direct and indirect holders of Equity Interests and other Persons exercising Control over it, and other information that will allow such Lender, or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the PATRIOT Act.

Section 9.15 <u>Electronic Execution; Electronic Records</u>. This Agreement, any Loan Document and any other Communication, including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures. Each of the Loan Parties and each of the Credit Parties agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on such Person to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered. Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. The Administrative Agent and each of the Credit Parties may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record ("<u>Electronic Copy</u>"), which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document. All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, none of the Administrative Agent is under any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by such Person pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of the Credit Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party and/or any Credit Party without further verification and (b) upon the request of the Administrative Agent or any Credit Party, any Electronic Signature shall be promptly followed by such manually executed counterpart.

The Administrative Agent, shall not be responsible for or have any duty to ascertain or inquire into the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document (including, for the avoidance of doubt, in connection with the Administrative Agent's reliance on any Electronic Signature transmitted by telecopy, emailed .pdf or any other electronic means). The Administrative Agent shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any Communication (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution or signed using an Electronic Signature) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

Each of the Loan Parties and each Credit Party hereby waives (i) any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any ancillary document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such ancillary document, and (ii) any claim against the Administrative Agent, each Credit Party and each Related Party for any liabilities arising solely from the Administrative Agent's and/or any Credit Party's reliance on or use of Electronic Signatures, including any liabilities arising as a result of the failure of the Loan Parties to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

Each of the parties to this Agreement represents and warrants to the each other party to this Agreement that it has the corporate capacity and authority to execute this Agreement and any other Communication through electronic means and there are no restrictions on doing so in that party's constitutive documents.

Section 9.16 <u>Payments Set Aside</u>. To the extent that any payment by or on behalf of any Loan Party is made to the Administrative Agent, or any Lender, or the Administrative Agent, or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, or such Lender in its discretion) to be repaid to a trustee, receiver, administrator or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders under <u>clause (b)</u> of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

Section 9.17 <u>No Advisory or Fiduciary Responsibility</u>. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Parties acknowledges and agrees, and acknowledges their Affiliates' understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Lead Arranger, and the making of the Loans and Commitments by the Lenders are arm's-length commercial transactions between the Loan Parties and its Affiliates, on the one hand, and the Administrative Agent, the Lead Arranger and the Lenders, on the other hand, (B) each of the Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Parties is capable of evaluating, and understands and accepts, the terms, risks and express conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Lead Arranger and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Loan Parties or any of their respective Affiliates, or any other Person and (B) none of the Administrative Agent, the Lead Arranger or any Lender has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Lead Arranger and the Lenders their respective Affiliates, in addition to providing or participating in commercial lending facilities such as that provided hereunder, may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Administrative Agent, the Lead Arranger or any Lender has any obligation to disclose any of such interests to the Loan Parties or any of their respective Affiliates. To the fullest extent permitted by law, each of the Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent, the Lead Arranger and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

Section 9.18 <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 among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Lender that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) the effects of any Bail-in Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 9.19 <u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of any Loan Party, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments, or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84–14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95–60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90–1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91–38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96–23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84–14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of subsections (b) through (g) of Part I of PTE 84–14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84–14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and 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;(b) In addition, unless either (1) <u>clause (i)</u> in the immediately preceding <u>clause (a</u>) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with <u>clause (iv)</u> in the immediately preceding <u>clause (a)</u>, 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 the Borrowers 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 Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any other Loan Document or any documents related hereto or thereto).

Section 9.20 <u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Agreement or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>", and each such QFC, a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regimes if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regimes if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this <u>Section 9.20</u>, the following terms have the following meanings:

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>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>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>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).

Section 9.21 <u>Judgment Currency</u>. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency (the "<u>Agreement Currency</u>") into another currency (the "<u>Judgment Currency</u>"), the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase Agreement Currency with the Judgment Currency on the Business Day preceding that on which final judgment is given. The obligation of each Loan Party in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in the Judgment Currency, be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender from any Loan Party in the Agreement Currency, such Loan Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in the Agreement Currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the applicable Loan Party (or to any other Person who may be entitled thereto under applicable law).

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Credit Agreement to be duly executed and delivered as of the date first written above.

---

| | |
|:---|:---|
| **BORROWERS:** | **DONCASTERS US FINANCE LLC** |
|  | **DONCASTERS US LLC** |

---

---

| | |
|:---|:---|
| By: | /s/ Jason Mays |
| Name: | Jason Mays |
| Title: | President |

---

---

| | |
|:---|:---|
| **HOLDINGS:** | **ALLOY PARENT LIMITED** |

---

---

| | |
|:---|:---|
| By: | /s/ Michael Quinn |
| Name: | Michael Quinn |
| Title: | Director |

---

[Signature Page to Credit Agreement]

---

| | | |
|:---|:---|:---|
| AGENTS: | GLAS USA LLC, | GLAS USA LLC, |
|  | as Administrative Agent | as Administrative Agent |
|  | By: | /s/ Sarah Oldfield |
|  | Name: | Sarah Oldfield |
|  | Title: | Senior Transaction Manager |
|  | GLAS AMERICAS LLC, | GLAS AMERICAS LLC, |
|  | as Collateral Agent | as Collateral Agent |
|  | By: | /s/ Sarah Oldfield |
|  | Name: | Sarah Oldfield |
|  | Title: | Senior Transaction Manager |

---

[Signature Page to Credit Agreement]

---

| | | |
|:---|:---|:---|
| **LENDER:** | **JEFFERIES FINANCE LLC** | **JEFFERIES FINANCE LLC** |
|  | By: | /s/ Brian Buoye |
|  | Name: | Brian Buoye |
|  | Title: | Managing Director |

---

[Signature Page to Credit Agreement]

## Exhibit 10.2

**Exhibit 10.2**

7 June 2024

GLAS USA LLC,<br> as Administrative Agent for the Lenders party to the Credit Agreement referred to<br> below<br> C/O Global Loan Agency Services Limited<br> 55 Ludgate Hill Level 1 West,<br> London EC4M 7JW<br> Attention: Transaction Management Group/Doncasters<br> Tel: [\*\*\*]<br> Email: [\*\*\*]

Re: <u>Amendment to Credit Agreement</u>

Ladies and Gentlemen:

Reference is hereby made to that certain Credit Agreement, dated as of April 23, 2024 (as amended, amended and restated, supplemented or otherwise modified prior to the date hereof, the "<u>Credit Agreement</u>") by and among Alloy Parent Limited, a private company limited by shares incorporated in Jersey under the number 130426 ("<u>Holdings</u>"), Doncasters US Finance LLC, a Delaware limited liability company ("<u>Doncasters Finance</u>") and Doncasters US LLC, a Delaware limited liability company ("<u>Doncasters</u>", and together with Doncasters Finance, each as a "<u>Borrower</u>" and collectively, the "<u>Borrowers</u>"), the Lenders party thereto, GLAS USA LLC, as administrative agent (the "<u>Administrative Agent</u>") and GLAS Americas LLC, as collateral agent (the "<u>Collateral Agent</u>"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

The Borrowers hereby request that the Lenders party hereto (the "<u>Consenting Lenders</u>"), which constitute the Required Lenders, provide certain amendments to the Credit Agreement as further set forth herein, and, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties signatory hereto, intending to be legally bound hereby, agree as follows.

<u>Amendments to Credit Agreement</u>

The Consenting Lenders and the Borrowers each desire to exercise their authority pursuant to Section 9.02 of the Credit Agreement and hereby each agrees to amend and restate clause (b) of Schedule 5.17 in its entirety as follows:

"(b)(1) On or before the date that is 45 days after the Closing Date, evidence, in form and substance reasonably satisfactory to the Required Lenders, that (a) IVOSTUD GmbH has filed (x) its annual accounts for the financial year ending 31 December 2021 with the German Company Register (*Unternehmensregister*), is in compliance with all filing and reporting obligations to the German Company Register (*Unternehmensregister*), has filed, to the extent required, amended German Corporate Income Tax returns, German Trade Tax returns and all related Tax returns for the fiscal year ending 31 December 2021 and has paid all Tax amounts declared as payable in such returns (if any) and (b) each of the following U.K. Guarantors listed below has filed its annual accounts for the financial year ending 31 December 2022 at Companies House in England and Wales and is in compliance with all filing and reporting obligations to Companies House in England and Wales:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Unipol Holdings Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Polycast International Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Deritend International Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Ross & Catherall Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Trucast Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Dundee Holdco 3 Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Dundee Holdco 4 Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Doncasters Blaenavon Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Doncasters UK Finance Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Clovepark Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. RCG Holdings Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Chard Precision Castings Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Triplex Lloyd Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Trucast (Europe) Limited<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) on or before June 28, 2024, evidence, in form and substance reasonably satisfactory to the Required Lenders, that (i) each of the following U.K. Guarantors listed below has filed its annual accounts for the financial year ending 31 December 2022 at Companies House in England and Wales and is in compliance with all filing and reporting obligations to Companies House in England and Wales, and (ii) each of the following German Guarantors listed below has filed (a) its annual accounts for the financial year ending 31 December 2022 with the German Company Register (*Unternehmensregister*) and is in compliance with all filing and reporting obligations to the German Company Register (*Unternehmensregister*) and (b) its German Corporate Income Tax returns, German Trade Tax returns and all related Tax returns for the fiscal year ending 31 December 2022 with the competent tax office and has paid all Tax amounts declared as payable in such returns (if any):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Dundee Pikco Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Doncasters Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Dundee Holdco GmbH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Doncasters Precision Castings - Bochum GmbH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) on or before July 26, 2024, IVOSTUD GmbH has filed (a) its annual accounts for the financial year ending 31 December 2022 with the German Company Register (*Unternehmensregister*) and is in compliance with all filing and reporting obligations to the German Company Register (*Unternehmensregister*) and (b) its German Corporate Income Tax returns, German Trade Tax returns and all related Tax returns for the fiscal year ending 31 December 2022 with the competent tax office and has paid all Tax amounts declared as payable in such returns (if any)."

<sup>1</sup> NTD: Alloy Parent Limited statutory accounts were completed and filed at Companies House prior to closing.

To induce the Agents and the Consenting Lenders to enter into this Amendment Agreement, each Borrower represents and warrants to each of the Consenting Lenders and the Agents that: (i) the representations and warranties of each Borrower set forth in the Loan Documents are true and correct in all material respects (except to the extent any such representation and warranty by its terms is qualified by materiality or Material Adverse Effect, in which case such representation and warranty (as so qualified) is true and correct in all respects), in each case on and as of the date of Amendment Effective Date (as defined below) (or true and correct in all material respects as of a specified date, if earlier); and (ii) on the Amendment Effective Date, no Default or Event of Default has occurred and is occurring.

This letter agreement (this "<u>Amendment</u>") shall become effective on the date on which the Borrowers, the Administrative Agent (acting at the direction of the Consenting Lenders) and the Consenting Lenders shall have executed and delivered this Amendment to the Administrative Agent (such date, the "<u>Amendment Effective Date</u>").

From and after the Amendment Effective Date, each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof" or words of like import referring to the Credit Agreement and each reference in the Loan Documents to "the Credit Agreement," "thereunder," "thereof" or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment. The Credit Agreement, and each of the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or any Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. This Amendment shall constitute a Loan Document. The Borrowers, hereby ratify and reaffirm, as of the Amendment Effective Date, after giving effect to this Amendment, each of their respective obligations under the Credit Agreement and the other Loan Documents. The Borrowers agree to pay and reimburse each of the Administrative Agent and each Lender for all of its reasonable costs and out-of-pocket expenses (including, without limitation, the reasonable fees and expenses of counsel to each of the Administrative Agent and the Lenders) incurred in connection with the preparation, negotiation and delivery of this Amendment.

This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. Sections 9.09 and 9.10 of the Credit Agreement shall apply to this Amendment as if fully set forth herein, *mutatis mutandis*.

This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment. The words "execution," "signed," "signature," and words of like import in this Amendment shall be deemed to include electronic signatures or the keeping of electronic records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Amendment.

[SIGNATURE PAGES FOLLOW]

Kindly indicate your acceptance of the foregoing by executing this Amendment in the space provided below, whereupon this Amendment shall become an agreement among us.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **DONCASTERS US FINANCE LLC**, | **DONCASTERS US FINANCE LLC**, |
| as a Borrower | as a Borrower |
| By: | /s/ Mike Quinn |
| Name: Mike Quinn | Name: Mike Quinn |
| Title: CEO | Title: CEO |
| **DONCASTERS US LLC**, | **DONCASTERS US LLC**, |
| as a Borrower | as a Borrower |
| By: | /s/ Mike Quinn |
| Name: Mike Quinn | Name: Mike Quinn |
| Title: CEO | Title: CEO |

---

[Signature Page to Amendment to Credit Agreement]

---

| | |
|:---|:---|
| ACKNOWLEDGED and AGREED: | ACKNOWLEDGED and AGREED: |
| **GLAS USA LLC**, | **GLAS USA LLC**, |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Sarah Oldfield |
| Name: Sarah Oldfield | Name: Sarah Oldfield |
| Title: Senior Transaction Manager | Title: Senior Transaction Manager |

---

[Signature Page to Amendment to Credit Agreement]

---

| | |
|:---|:---|
| **PGIM, Inc., on behalf of various funds and/or accounts, as investment advisor, subadvisor, and/or collateral manager**, | **PGIM, Inc., on behalf of various funds and/or accounts, as investment advisor, subadvisor, and/or collateral manager**, |
| as a Lender | as a Lender |
| By: | /s/ Ryan Kelly |
| Name: Ryan Kelly | Name: Ryan Kelly |
| Title: Vice President | Title: Vice President |

---

---

| | | | |
|:---|:---|:---|:---|
| **Number** | **Portfolio** | **Legal Name** | **MEI** |
| 1 | ASTHY | Advanced Series Trust - AST High Yield Portfolio | US1L287781 |
| 2 | BAYERHY | Bayer Corporation Master Trust | US0 M0 183B7 |
| 3 | DJGHY | Desjardins Global High Yield Bond Fund | CA0M002DQ2 |
| 4 | GGTHY | Wilmington Trust Collective Investment Trust - PGIM Global Total Return Bond Fund | US0M01GGG2 |
| 5 | HORGHY | Stichting Pensioenfonds Horeca & Catering | NL0M001380 |
| 6 | IAPRSHY | Iowa Public Employees' Retirement System | US0M00RQB1 |
| 7 | IBTBMHY | PGIM Broad Market High Yield Bond Fund of the Prudential Trust Company Institutional Business Trust | US0M0100J4 |
| 8 | INHY | Prudential High Yield Fund of the Prudential Trust Company Collective Trust | US1L124034 |
| 9 | JPMHY | Six Circles Credit Opportunities Fund | US0M019XM7 |
| 10 | LPBEURBL | Madison Flintholm Senior Loan Fund I Designated Activity Company | IE0M002VC3 |
| 11 | MERGHY | MGI Funds PLC | IE0M001W17 |
| 12 | NYSTHY | New York State Teachers' Retirement System | US0M01K697 |
| 13 | PCOHY | Board of Pensions of the Evangelical Lutheran Church in America | US0M0199G2 |
| 14 | PCOSHY | Board of Pensions of the Evangelical Lutheran Church in America | US0M0199G2 |
| 15 | PHY | Prudential Investment Portfolios, Inc. 15 - PGIM High Yield Fund | US1L034712 |

---

[Signature Page to Amendment to Credit Agreement]

---

| | | | |
|:---|:---|:---|:---|
| 16 | PRUABRET | Prudential Investment Portfolios 9 - PGIM Absolute Return Bond Fund | US1L328221 |
| 17 | PRUCGHY | PGIM Global High Yield Fund, Inc. | US1L547267 |
| 18 | PRUCHY | PGIM High Yield Bond Fund, Inc | US1L482325 |
| 19 | PRUCSDHY | PGIM Short Duration High Yield Opportunities Fund | US0M01BJP8 |
| 20 | PRUESGHY | Prudential Investment Portfolios, Inc. 15 - PGIM ESG High Yield Fund | US0M01FN80 |
| 21 | PRUFRI | Prudential Investment Portfolios, Inc. 14 - PGIM Floating Rate Income Fund | US1L328239 |
| 22 | PRUICIF | PGIM Credit Income Fund | US0M01LS53 |
| 23 | PRUSBF | Prudential Investment Portfolios 3 - PGIM Strategic Bond Fund | US0M00RQR7 |
| 24 | PRUSDHY | Prudential Investment Portfolios, Inc. 15 - PGIM Short Duration High Yield Income Fund | US1L546277 |
| 25 | PRUSDPLUS | Prudential Investment Portfolios, Inc. 17 - PGIM Short Duration Multi-Sector Bond Fund | US0M00FJR7 |
| 26 | PRUTOTRET | Prudential Investment Portfolios, Inc. 17 - PGIM Total Return Bond Fund | US1L034753 |
| 27 | PRUXPFRL | PGIM ETF Trust - PGIM Floating Rate Income ETF | US0M01H3C1 |
| 28 | PSDBP | The Prudential Series Fund - PSF PGIM Total Return Bond Portfolio | US1L058893 |
| 29 | PSHY | The Prudential Series Fund - PSF PGIM High Yield Bond Portfolio | US1L124000 |
| 30 | PTBLTR | Prudential Bank Loan Fund of the Prudential Trust Company Collective Trust | US1L124026 |
| 31 | PTCRPLUS | Prudential Core Plus Bond Fund of the Prudential Trust Company Collective Trust | US0M 018PX2 |
| 32 | QIFEURBL | PGIM Qualifying Investor Funds plc - PGIM QIF European Loan Fund | IE0M002LS0 |
| 33 | QIFGLF | PGIM Qualifying Investor Funds plc - PGIM QIF Global Loan Fund | IE0M002LR2 |
| 34 | QIFKGHY | PGIM Qualifying Investors Funds plc - PGIM QIF Global High Yield ESG Fund | IE0M002H07 |

---

[Signature Page to Amendment to Credit Agreement]

---

| | | | |
|:---|:---|:---|:---|
| 35 | SAHY | Empower Annuity Insurance Company | US1L051716 |
| 36 | SMHY | State Treasurer of the State of Michigan, Custodian of the Michigan Public School Employees' Retirement System, State Employees' Retirement System, Michigan State Police Retirement System, and Michigan Judges Retirement System | US0M00VKR2 |
| 37 | STOHHY | State Teachers Retirement System of Ohio | US0M017QR4 |
| 38 | TNHY | Tennessee Consolidated Retirement System | US0M01JR09 |
| 39 | UCCHY | The Pension Boards - United Church of Christ, Inc. | US0M0174M3 |
| 40 | VCSP2HY | Virginia College Savings Plan | US1L246753 |
| 41 | VCSPHY | Virginia College Savings Plan | US1L246753 |

---

[Signature Page to Amendment to Credit Agreement]

---

| | |
|:---|:---|
| **ALCOF III NUBT, L.P.**, | **ALCOF III NUBT, L.P.**, |
| as a Lender | as a Lender |
| By: Arbour Lane Fund III GP, LLC, | By: Arbour Lane Fund III GP, LLC, |
| its General Partner | its General Partner |
| By: | /s/ Kenneth Hoffman |
| Name: Kenneth Hoffman | Name: Kenneth Hoffman |
| Title: Manager | Title: Manager |
| **Arbour Lane – Hiwassee, L.P.**, | **Arbour Lane – Hiwassee, L.P.**, |
| as a Lender | as a Lender |
| By: Arbour Lane – Hiwassee GP, LLC, | By: Arbour Lane – Hiwassee GP, LLC, |
| its General Partner | its General Partner |
| By: | /s/ Kenneth Hoffman |
| Name: Kenneth Hoffman | Name: Kenneth Hoffman |
| Title: Manager | Title: Manager |
| **Arbour Lane – TX, L.P.**, | **Arbour Lane – TX, L.P.**, |
| as a Lender | as a Lender |
| By: Arbour Lane – TX GP, LLC, | By: Arbour Lane – TX GP, LLC, |
| its General Partner | its General Partner |
| By: | /s/ Kenneth Hoffman |
| Name: Kenneth Hoffman | Name: Kenneth Hoffman |
| Title: Manager | Title: Manager |

---

[Signature Page to Amendment to Credit Agreement]

---

| | |
|:---|:---|
| **Beach Point SCF IV LLC** | **Beach Point SCF IV LLC** |
| **Beach Point Multi-Strategy Credit Master Fund, L.P.** | **Beach Point Multi-Strategy Credit Master Fund, L.P.** |
| **Beach Point SCF I LP** | **Beach Point SCF I LP** |
| **Beach Point SCF Multi-Port LP** | **Beach Point SCF Multi-Port LP** |
| **Lloyds Bank Pension Scheme No.1** | **Lloyds Bank Pension Scheme No.1** |
| **Lloyds Bank Pension Scheme No.2** | **Lloyds Bank Pension Scheme No.2** |
| **HBOS Final Salary Pension Scheme** | **HBOS Final Salary Pension Scheme** |
| **Royal Mail Pension Plan** | **Royal Mail Pension Plan** |
| **Royal Mail Pension Plan (RMG Section)(Re: DBCB)** | **Royal Mail Pension Plan (RMG Section)(Re: DBCB)** |
| **Beach Point SCF 0166 LP** | **Beach Point SCF 0166 LP** |
| **Beach Point Select Fund LP** | **Beach Point Select Fund LP** |
| **Beach Point Sangamon LP**, | **Beach Point Sangamon LP**, |
| as Lenders | as Lenders |
| By: Beach Point Capital Management LP, its Investment Manager | By: Beach Point Capital Management LP, its Investment Manager |
| By: | /s/ Allan Schweitzer |
| Name: Allan Schweitzer | Name: Allan Schweitzer |
| Title: Portfolio Manager | Title: Portfolio Manager |
| **Mercer QIF Fund PLC – Mercer Investment Fund 1**, | **Mercer QIF Fund PLC – Mercer Investment Fund 1**, |
| as a Lender | as a Lender |
| By: Beach Point Capital Management LP, its Sub-Investment Manager | By: Beach Point Capital Management LP, its Sub-Investment Manager |
| By: | /s/ Allan Schweitzer |
| Name: Allan Schweitzer | Name: Allan Schweitzer |
| Title: Portfolio Manager | Title: Portfolio Manager |

---

[Signature Page to Amendment to Credit Agreement]

---

| | |
|:---|:---|
| **Pathway Strategic Credit Fund III, LP**, | **Pathway Strategic Credit Fund III, LP**, |
| as a Lender | as a Lender |
| By: PSCF III Management LLC, its General Partner | By: PSCF III Management LLC, its General Partner |
| By: Pathway Capital Management, LP, its Sole Member | By: Pathway Capital Management, LP, its Sole Member |
| By: Pathway Capital Management GP, LLC, its General Partner | By: Pathway Capital Management GP, LLC, its General Partner |
| By: | /s/ Wayne D. Smith |
| Name: Wayne D. Smith | Name: Wayne D. Smith |
| Title: Managing Director | Title: Managing Director |

---

[Signature Page to Amendment to Credit Agreement]

---

| | |
|:---|:---|
| **Redwood Opportunity Master Fund, Ltd.** | **Redwood Opportunity Master Fund, Ltd.** |
| **Redwood Master Fund, Ltd.** | **Redwood Master Fund, Ltd.** |
| **Redwood Drawdown Master Fund III, LP**, | **Redwood Drawdown Master Fund III, LP**, |
| as Lenders | as Lenders |
| By: Redwood Capital Management, LLC, its investment manager | By: Redwood Capital Management, LLC, its investment manager |
| By: | /s/ Sean Sauler |
| Name: Sean Sauler | Name: Sean Sauler |
| Title: Deputy CEO | Title: Deputy CEO |
| **Redwood Enhanced Income Corp.**, | **Redwood Enhanced Income Corp.**, |
| as a Lender | as a Lender |
| By: Redwood Capital Management, LLC, its investment manager | By: Redwood Capital Management, LLC, its investment manager |
| By: | /s/ Sean Sauler |
| Name: Sean Sauler | Name: Sean Sauler |
| Title: Co-President | Title: Co-President |

---

[Signature Page to Amendment to Credit Agreement]

## Exhibit 10.3

**Exhibit 10.3**

***Execution Version***

**AMENDMENT NO. 2 TO CREDIT AGREEMENT**, dated as of April 25, 2025 (this "<u>Agreement</u>"), is entered into by and among Alloy Parent Limited, a private company limited by shared incorporated in Jersey under the number 130426 ("<u>Holdings</u>"), Doncasters US Finance LLC, a Delaware limited liability company, Doncasters US LLC, a Delaware limited liability company (each as a "<u>Borrower</u>" and collectively, the "<u>Borrowers</u>"), each other Loan Party party hereto, the Term Lenders party hereto, GLAS USA LLC, as administrative agent for the Lenders (the "<u>Administrative Agent</u>") and GLAS AMERICAS LLC, as collateral agent for the Lenders (the "<u>Collateral Agent</u>").

**RECITALS**

**WHEREAS**, Alloy Parent Limited, a private company limited by shares incorporated in Jersey under the number 130426 ("<u>Holdings</u>"), the Borrowers, the Lenders party thereto, the Administrative Agent and GLAS Americas LLC, as Collateral Agent have entered into that certain Credit Agreement, dated as of April 23, 2024 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the "<u>Existing Credit Agreement</u>", and as further modified by this Agreement, the "<u>Credit Agreement</u>");

**WHEREAS**, the Borrowers have requested (i) additional Term Loans in an aggregate principal amount of $50,000,000 (the "<u>2025 Term Loans</u>"; the commitments in respect of such 2025 Term Loans, the "<u>2025 Term Loan Commitments</u>"), which will be available on the Amendment No. 2 Effective Date (as defined below), which shall constitute an increase to the Initial Term Loan Facility outstanding prior to the Amendment No. 2 Effective Date, (ii) additional Term Commitments in the form of a delayed draw term loan facility in an aggregate principal amount of $75,000,000 (the "<u>2025 Delayed Draw Term Loan Commitments</u>"; the loans in respect of such 2025 Delayed Draw Term Loan Commitments, the "<u>2025 Delayed Draw Term Loans</u>"), which will be available on the Amendment No. 2 Effective Date; provided, such 2025 Term Loan Commitments and 2025 Delayed Draw Term Loan Commitments shall not reduce the amount available to the Borrowers to be borrowed pursuant to the Shared Incremental Amount; <u>provided further</u>, the Term Lenders party hereto, constituting Required Lenders pursuant to the Existing Credit Agreement, consent to such incurrence of such 2025 Term Loan Commitments and 2025 Delayed Draw Term Loan Commitments and expressly permit the Borrowers to exceed the Incremental Cap as set forth in the Existing Credit Agreement;

**WHEREAS**, the Borrowers desire to reduce the existing Delayed Draw Term Loan Commitments (as defined prior to the Amendment No. 2. Effective Date) to $0 pursuant to Section 2.08(a) of the Existing Credit Agreement;

**WHEREAS**, on the Amendment No. 2 Effective Date, each Term Lender party hereto shall make available 2025 Delayed Draw Term Loan Commitments and/or 2025 Term Loan Commitments, as applicable, to the Borrowers in an aggregate principal amount equal to such Term Lenders' 2025 Delayed Draw Term Loan Commitments and/or 2025 Term Loan Commitments, as applicable; and

**WHEREAS**, contemporaneously with the effectiveness of the 2025 Term Loan Commitments and the 2025 Delayed Draw Term Loan Commitments on the Amendment No. 2 Effective Date, the Borrowers wish to make certain modifications to the Existing Credit Agreement as set forth herein, and the Lenders party hereto hereby agree to make such amendments and such other modifications thereto, in each case, as set forth herein.

**NOW, THEREFORE**, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:

1. **<u>Existing Credit Agreement Amendments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of the Amendment No. 2 Effective Date, the Existing Credit Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective upon the occurrence of the Amendment No. 2 Effective Date, the Existing Credit Agreement is hereby amended and restated hereby amended to delete the stricken text (indicated textually in the same manner as the following example **stricken text**), and to add the underlined text (indicated textually in the same manner as the following example: **<u>underlined text</u>**) as set forth in the pages of the Credit Agreement attached hereto as Exhibit A; 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;(ii) Schedule 2.01 is hereby supplemented to include the 2025 Term Loan Commitments and 2025 Delayed Draw Term Commitments, as set forth on <u>Exhibit B</u> hereto.

2. **<u>Delayed Draw Term Loan Commitments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions set
 forth herein and in the Credit Agreement, each Term Lender party to this Agreement with a
 2025 Delayed Draw Term Loan Commitment severally agrees to provide 2025 Delayed Draw Term
 Loan Commitments to the Borrowers denominated in U.S. Dollars in the principal amount not
 to exceed its 2025 Delayed Draw Term Loan Commitment set forth opposite such Term Lender's
 name on Schedule 2.01 of the Credit Agreement set forth in Exhibit B hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective as of the Amendment No. 2
 Effective Date, the Delayed Draw Term Loan Commitments outstanding under the Existing Credit
 Agreement shall be automatically terminated in full and replaced with the 2025 Delayed Draw
 Term Loan Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of the Amendment No. 2 Effective
 Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Delayed Draw Term Loan Commitment existing
 under the Existing Credit Agreement immediately prior to the Amendment No. 2 Effective
 Date shall automatically and without further act be deemed to have been terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the outstanding principal amount of Delayed
 Draw Term Loans together with any accrued interest and/or fees related thereto under the
 Existing Credit Agreement immediately prior to the Amendment No. 2 Effective Date shall
 be paid in cash with the proceeds of the 2025 Term Loans and/or the 2025 Delayed Draw Term
 Loans drawn on the Amendment No. 2 Effective Date.

3. **<u>2025 Term Loans</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Term Lender party to this Agreement
 with a 2025 Term Loan Commitment hereby acknowledges and agrees that it has a 2025 Term Loan
 Commitment in the amount set forth opposite such Term Lender's name on Schedule 2.01
 of the Credit Agreement set forth in Exhibit B hereto and agrees to severally make to
 the Borrowers 2025 Term Loans on the Amendment No.2 Effective Date, in U.S. Dollars in an
 aggregate amount equal to such Term Lender's 2025 Term Loan Commitment hereunder. From
 and after the Amendment No. 2 Effective Date, (a) each Term Lender party hereto
 shall be a Term Lender for all purposes under the Credit Agreement and the other Loan Documents,
 (b) the 2025 Term Loan Commitment of each Term Lender party hereto shall be a Term Commitment
 for all purposes under the Credit Agreement and the other Loan Documents and (c) the
 2025 Term Loans shall constitute Initial Term Loans for all purposes of the Credit Agreement
 and the other Loan Documents. The 2025 Term Loan Commitments shall automatically terminate
 on the Amendment No. 2 Effective Date upon the funding of the 2025 Term Loans.

4.  **<u>Release of Certain Loan Parties</u>** . Notwithstanding anything
 in the Existing Credit Agreement or the other Loan Documents to the contrary, as of the Amendment No. 2
 Effective Date, each entity listed on Annex I hereto (i) shall not constitute a Loan Party under
 the Credit Agreement or any other Loan Document, (ii) shall be deemed to constitute an "Excluded
 Subsidiary" pursuant to the terms of the Credit Agreement and (iii) shall have any security
 interests or liens granted to the Collateral Agent pursuant to the Existing Credit Agreement released
 as of the Amendment No. 2 Effective Date.

5.  **<u>Effective Date Conditions</u>** . This Agreement will become effective
 on the date (the " <u>Amendment No. 2 Effective Date</u> "), on which each of the following
 conditions have been satisfied (or waived by the Required Lenders) in accordance with the terms therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Administrative Agent (or its counsel)
 shall have received from each of the Loan Parties and the Term Lenders with 2025 Term Loan
 Commitments and/or 2025 Delayed Draw Term Loan Commitments, as applicable (who shall constitute
 Required Lenders pursuant to the Credit Agreement) either (i) a counterpart of this
 Agreement signed on behalf of such party or (ii) written evidence satisfactory to the
 Administrative Agent (which may include facsimile or other electronic transmission of a signed
 counterpart of this Agreement) that such party has signed a counterpart to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall have received:
 (i) a copy of each Organizational Document of the Loan Parties, and to the extent applicable,
 certified as of a recent date by the appropriate governmental official; (ii) signature
 and, to the extent applicable in the relevant jurisdiction, incumbency certificates of the
 officers of the Loan Parties executing the Amendment Documents (as defined below) to which
 it is a party; (iii) resolutions of the board of directors (to the extent applicable
 in the relevant jurisdiction), of the supervisory board (to the extent applicable) or similar
 governing body and, to the extent applicable in the relevant jurisdiction, the holders of
 the issued shares of each Loan Party approving and authorizing, among other things, the execution,
 delivery and performance of the Amendment Documents to which it is a party, certified as
 of the date hereof by such Loan Party as being in full force and effect without modification
 or amendment; (iv) a good standing certificate, certificate of status or equivalent
 (to the extent applicable in the relevant jurisdiction) from the applicable Governmental
 Authority of the Loan Parties' jurisdictions of incorporation, organization or formation
 dated a recent date on or prior to the date hereof; (v) in respect of the U.K. Guarantors,
 a certificate of that U.K. Guarantor (A) confirming that borrowing or guaranteeing,
 as appropriate, the Term Commitment would not cause any guaranteeing or similar limit to
 be exceeded, (B) attaching copies of the documents referred to in paragraphs (i) and
 (ii) above; (C) including a specimen signature of each person authorized to sign
 this Agreement; and (D) certifying that each copy document relating to it in this paragraph
 (c) is correct, complete and in full force and effect as at a date no earlier than the
 date hereof and (vi) in respect of Holdings, a copy of the consent issued by the Jersey
 Financial Services Commission pursuant to the Control of Borrowing (Jersey) Order 1958;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Administrative Agent shall have received
 customary written opinions (addressed to the Administrative Agent and the Lenders party hereto)
 of (A) Paul Hastings LLP, as New York counsel to the Loan Parties, (B) Phelps Dunbar
 LLP, Alabama counsel to the Loan Parties, (C) Carey Olsen Jersey LLP, as Jersey counsel
 to the Loan Parties and (D) Akin Gump LLP, as English counsel to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Administrative Agent shall have received
 a fully executed copy of an amendment, consent or other documentation reasonably satisfactory
 to the Administrative Agent pursuant to which the lenders party to the ABL Agreement have
 consented to the incurrence of the 2025 Term Loans and 2025 Delayed Draw Term Loans as set
 forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Administrative Agent shall have received
 (i) a supplement to the U.K. Security Agreement executed by each of the Loan Parties
 party thereto, (ii) an account pledge agreement in relation to the accounts of the German
 Guarantors (except for the trade receivables collection accounts) executed by each German
 Guarantor, (iii) a junior account pledge agreement in relation to the trade receivables
 collection accounts executed by each German Guarantor and (iv) a reaffirmation of (x) that
 certain Security Transfer Agreement, dated as of June 7, 2024, by and among GLAS Americas,
 LLC, as security agent and the German Guarantors and (y) that certain Security Assignment
 Agreement, dated as of June 7, 2024, by and among GLAS Americas, LLC, as security agent
 and the German Guarantors (collectively, the " <u>Supplemental Security Documents</u> ",
 and together with this Agreement, the " <u>Amendment Documents</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Administrative Agent shall have executed
 all reasonably requested documentation evidencing the release of the Loan Parties listed
 on Annex I hereto as Loan Parties to the Credit Agreement as of the Amendment No. 2
 Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) the Administrative Agent shall
 have received the Amendment No. 2 Fees due and payable on the Amendment No. 2 Effective
 Date and any other fees due and payable and, to the extent invoiced at least three Business
 Days prior to the Amendment No. 2 Effective Date (or such later date as is reasonably
 agreed by the Borrowers), reimbursement or payment of all reasonable, documented and invoiced
 out-of-pocket expenses (which, in the case of fees and expenses of counsel, shall be limited
 to the reasonable, documented and invoiced fees, disbursements and other charges of one primary
 outside counsel) required to be reimbursed or paid by any Loan Party under any Loan Document
 and (ii) all Existing Delayed Draw Term Loans, accrued interest and/or fees in respect
 thereof outstanding immediately prior to effectiveness of this Agreement shall have been
 paid in accordance with Section 2(c) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the representations and warranties in <u>Section 7</u> of this Agreement shall be true and correct in all material respects
 as of the Amendment No. 2 Effective Date; <u>provided</u> that, to the extent such representations
 and warranties specifically refer to an earlier date, they are true and correct in all material
 respects as of such earlier date; <u>provided</u>, <u>further</u>, that any such representations
 or warranties that are qualified by materiality, Material Adverse Effect, or similar construct,
 shall be true and correct in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default or Event of Default shall exist
 on the Amendment No. 2 Effective Date before or after giving effect to the effectiveness
 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the execution and delivery by the Loan
 Parties of this Agreement and the incurring and repayment by the Borrowers of the borrowings
 under the Credit Agreement, the guaranteeing by each Loan Party (other than the Borrowers)
 of such borrowings pursuant to the Loan Documents, and the granting of, reaffirmation of,
 and/or the release of the security interests granted by the Loan Parties under the Security
 Documents shall not constitute a breach by such Loan Parties, or constitute a default under
 the ABL Agreement and the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Administrative Agent shall have received
 (i) a Loan Notice at least one (1) Business Day prior to the Amendment No. 2
 Effective Date and (ii) a Notice of Loan Prepayment with respect to any Delayed Draw
 Term Loans outstanding prior to the Amendment No. 2 Effective Date in accordance with
 the terms of the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) each Loan Party shall have provided the
 documentation and other information reasonably requested in writing in connection with applicable
 "know your customer" and anti-money-laundering rules and regulations, including
 the PATRIOT Act, including, without limitation, Beneficial Ownership Certifications to the
 extent required by the Beneficial Ownership Regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Administrative Agent shall have received
 a certificate from the Borrowers certifying as to in the satisfaction of the condition precedent
 set forth in Section 5(h), Section 5(i) and Section 5(j) of this
 Agreement.

6.  **<u>Conditions Subsequent</u>** . On or before the date that is forty-five
 (45) days after the Amendment No. 2 Effective Date (or such later date as the Administrative Agent
 agrees to), the Administrative Agent shall have received (in each case, substantially in the same form
 as the equivalent documents entered into on or about 7 June 2024 or as otherwise agreed by the Administrative
 Agent acting reasonably) (a) a notarized share pledge agreement relating to the shares in each German
 Guarantor executed by, amongst others, each German Guarantor and (b) customary written opinions
 (addressed to the Administrative Agent and the Lenders) of (i) CMS Hasche Sigle, as German counsel
 to the Lenders and (ii) Pinsent Masons Rechtsanwälte Steuerberater Solicitors Partnerschaft
 mbB, as German counsel to the Loan Parties.

7.  **<u>Representations and Warranties</u>** . By its execution of this
 Agreement, each Loan Party hereby represent and warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Loan Party has all requisite power
 and authority to execute, deliver and perform its obligations under the Amendment Documents
 to which it is a party and no approval, consent, exemption, authorization, or other action
 by, or notice to, or filing with, any Governmental Authority or any other Person is necessary
 or required in connection with the execution, delivery or performance by, or enforcement
 against, any Loan Party of the Amendment Documents to which it is a party (except for, (i) the
 approvals, consents, exemptions, authorizations, actions, notices and filings which have
 been duly obtained, taken, given or made and are in full force and effect and (ii) those
 approvals, consents, exemptions, authorizations or other actions, notices or filings, the
 failure of which to obtain or make could not reasonably be expected to have a Material Adverse
 Effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Amendment Document to which it is
 a party has been duly executed and delivered by each Loan Party. Each Amendment Document
 to which it is a party constitutes, a legal, valid and binding obligation of such Loan Party,
 enforceable against each Loan Party in accordance with its terms, except as such enforceability
 may be limited by bankruptcy insolvency, reorganization, receivership, moratorium or other
 Laws affecting creditors' rights generally and by general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution, delivery and performance
 by each Loan Party of each Amendment Document to which it is a party, and the consummation
 of the transactions contemplated hereby, are within such Loan Party's corporate or
 other organizational powers, have been duly authorized by all necessary corporate or other
 organizational action and do not (a) contravene the terms of any of such Loan Party's
 Organizational Documents, (b) conflict with or result in any breach or contravention
 of, or the creation of any Lien under (other than as permitted by <u>Section 6.02</u> of the Credit Agreement), or require any payment (other than for Indebtedness to be repaid
 on the Amendment No. 2 Effective Date in connection with the repayment of the Delayed
 Draw Term Loans) to be made under (i) any contractual obligation to which such Loan
 Party is a party or affecting such Person or the properties of such Person or any of its
 Restricted Subsidiaries or (ii) any material order, injunction, writ or decree of any
 Governmental Authority or any arbitral award to which such Person or its property is subject
 or (c) violate any Law; in each case (except with respect to any violation, breach or
 contravention or payment referred to in clause (a)) except to the extent that such violation,
 conflict, breach, contravention or payment could not reasonably be expected to have a Material
 Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) both immediately before and after giving
 effect to this Agreement, (i) the representations and warranties contained in the Credit
 Agreement and in the other Loan Documents are true and correct in all material respects (and
 in all respects if any such representation or warranty is already qualified by materiality)
 on and as of such date, except to the extent that such representations and warranties specifically
 refer to an earlier date, in which case they are true and correct in all material respects
 (and in all respects if any such representation or warranty is already qualified by materiality)
 as of such earlier date and (ii) no Default exists or would result from the consummation
 of this Agreement or the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as of the Amendment No. 2 Effective
 Date after giving effect to this Agreement and the transactions contemplated hereby, the
 Borrowers and their respective Subsidiaries, on a consolidated basis, are Solvent.

7.  **<u>Fees</u>** . Subject to the occurrence of the Amendment No. 2
 Effective Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrowers shall pay to the Administrative
 Agent, for the account of each Term Lender party to the Existing Credit Agreement, an amendment
 fee equal to 0.25% of such Term Lender's Initial Term Loans outstanding immediately
 prior to the Amendment No. 2 Effective Date (the " <u>Amendment Fee</u> "),
 which shall be due and payable on the Amendment No. 2 Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrowers shall pay to the Administrative
 Agent, for the account of each Term Lender party hereto providing 2025 Term Loan Commitments
 or 2025 Delayed Draw Term Loan Commitments, an upfront fee equal to (i) with respect
 to the 2025 Term Loan Commitments, 2.25% of such Term Lender's 2025 Term Loan Commitments
 and (ii) with respect to the 2025 Delayed Draw Term Loan Commitments, 1.125% of such
 Term Lender's 2025 Delayed Draw Term Loan Commitments (the foregoing clauses (i) and
 (ii), the " <u>Upfront Fee</u> ", and together with the Amendment Fee, the " <u>Amendment No. 2 Fees</u> "), which shall be due and payable on the Amendment No. 2 Effective
 Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrowers shall pay to the Administrative
 Agent, for the account of each Term Lender funding 2025 Delayed Draw Term Loans, an upfront
 fee equal to 1.125% of 2025 Delayed Draw Term Loans funded by such Term Lender, which shall
 be due and payable upon the funding of such 2025 Delayed Draw Term Loans.

8. **<u>Fronting by Jefferies Finance LLC</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto agree that any minimum
 transfer requirements and any notice requirements under the Credit Agreement applicable to
 any assignment of 2025 Term Loans or 2025 Delayed Draw Term Loan Commitments by Jefferies
 Finance LLC in connection with the fronting of such Loans and Commitments on the Amendment
 No. 2 Effective Date are hereby waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent agrees to waive
 any assignment costs charged by it pursuant to the Credit Agreement in connection with any
 assignment of 2025 Term Loans or 2025 Delayed Draw Term Loan Commitments by Jefferies Finance
 LLC in connection with the fronting of such Loans and Commitments on the Amendment No. 2
 Effective Date.

9. **<u>Reaffirmation of the Loan Parties; Reference to and Effect on the Credit Agreement and the other Loan Documents</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan Party, hereby consents to the
 amendment of the Credit Agreement effected hereby and confirms and agrees that, notwithstanding
 the effectiveness of this Agreement, each Loan Document to which such Loan Party is a party
 is, and the obligations of such Loan Party contained in the Credit Agreement, this Agreement
 or in any other Loan Document to which it is a party are, and shall continue to be, in full
 force and effect and are hereby ratified and confirmed in all respects, in each case as amended
 by this Agreement. For greater certainty and without limiting the foregoing, each Loan Party
 hereby confirms that the existing security interests granted by such Loan Party in favor
 of the Secured Parties pursuant to the Loan Documents in the Collateral described therein
 (i) ranks as continuing security for the payment and discharge of the Obligations and
 the Secured Obligations (as defined in the Intercreditor Agreement) including, without limitation,
 all present and future monies, obligations and liabilities owed by any Loan Party, whether
 actual or contingent and whether owed jointly or severally, as principal or surety and/or
 in any other capacity, under or in connection with the Credit Agreement and the other Loan
 Documents, (ii) shall continue in full force and effect in all respects, and (iii) shall
 not be released, reduced or impaired by (A) the execution, delivery and performance
 of this Agreement or any other document or agreement entered into pursuant to or contemplated
 by this Agreement; or (B) any other Loan Party not being bound by this Agreement for
 any reason or by any Collateral provided by any Loan Party being avoided or released or not
 being effective security for the variation in the liabilities of the Loan Parties effected
 by this Agreement or such Collateral being limited or restricted in any way. Each Guarantor
 further confirms that its Guaranties shall remain in full force and effect and shall extend
 to all amounts made available under the Credit Agreement. Except as specifically amended
 by this Agreement, the Credit Agreement and the other Loan Documents shall remain in full
 force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance
 of this Agreement shall not constitute a waiver of any provision of, or operate as a waiver
 of any right, power or remedy of any Agent or Lender under, the Credit Agreement or any of
 the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On and after the Amendment No. 2
 Effective Date, each reference in the Credit Agreement to "this Agreement", "hereunder",
 "hereof", "herein" or words of like import referring to the Credit
 Agreement, and each reference in the other Loan Documents to the "Credit Agreement",
 "thereunder", "thereof" or words of like import referring to the
 Credit Agreement shall mean and be a reference to the Existing Credit Agreement as amended
 by this Agreement.

9.  **<u>Amendment, Modification and Waiver</u>** . This Agreement may
 not be amended, modified or waived except as permitted by <u>Section 9.02</u> of the Credit Agreement.

10.  **<u>Entire Agreement</u>** . This Agreement, the Credit Agreement,
 and the other Loan Documents constitute the entire agreement among the parties hereto relating to the
 subject matter hereof and thereof and supersede all previous agreements and understandings, oral or
 written, relating to the subject matter hereof and thereof. Except as expressly set forth herein, this
 Agreement shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise
 affect the rights and remedies of any party under, the Existing Credit Agreement, nor alter, modify,
 amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained
 in the Existing Credit Agreement, all of which are ratified and affirmed in all respects and shall continue
 in full force and effect. It is understood and agreed that each reference in each Loan Document to the
 Credit Agreement, whether direct or indirect, shall hereafter be deemed to be a reference to the Existing
 Credit Agreement as amended hereby and that this Agreement is a Loan Document. This Agreement shall
 not constitute a novation of any amount owing under the Existing Credit Agreement and all amounts owing
 in respect of principal, interest, fees and other amounts pursuant to the Existing Credit Agreement
 and the other Loan Documents shall, to the extent not paid or exchanged on or prior to the Amendment
 No. 2 Effective Date, shall continue to be owing under the Credit Agreement or such other Loan
 Documents until paid in accordance therewith.

11.  **<u>Governing Law; WAIVER OF RIGHT TO TRIAL BY JURY; No Advisory or Fiduciary Responsibility</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND
 CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 9.09(b), (c)</u> and <u>(d)</u> and <u>Section 9.17</u> of the Credit Agreement are hereby incorporated
 by reference into this Agreement *mutatis mutandis* and shall apply hereto.

12.  **<u>Severability</u>** . If any provision of this Agreement is held
 to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining
 provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision
 in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
 jurisdiction.

13.  **<u>Counterparts</u>** . This Agreement may be executed in one or
 more counterparts (and by different parties hereto in different counterparts), each of which shall be
 deemed an original, but all of which together shall constitute one and the same instrument. Any signature
 page to this Agreement may be delivered by facsimile, electronic transmission (including ".pdf",
 ".tif" or similar format) or any electronic signature complying with the U.S. federal ESIGN
 Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any
 counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
 for all purposes to the fullest extent permitted by applicable law. Delivery of an executed counterpart
 of a signature page of this Agreement by electronic means shall be effective as delivery of a manually
 executed counterpart of this Agreement.

14.  **<u>Loan Document</u>** . On and after the Amendment No. 2 Effective
 Date, this Agreement shall constitute a "Loan Document" for all purposes of the Credit Agreement
 and the other Loan Documents (it being understood that for the avoidance of doubt this Agreement may
 be amended or waived by the parties hereto solely as set forth in <u>Section 11</u> above).

*[Signature Pages Follow]*

**IN WITNESS WHEREOF**, each of the undersigned has caused its duly authorized officer to execute and deliver this Agreement as of the date first set forth above.

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| | | |
|:---|:---|:---|
| **HOLDINGS:** | **ALLOY PARENT LIMITED** | **ALLOY PARENT LIMITED** |
|  | By | /s/ Michael Quinn |
|  |  | Name: Michael Quinn |
|  |  | Title: Director |

---

---

| | | |
|:---|:---|:---|
| **BORROWERS:** | **DONCASTERS US FINANCE LLC <br> DONCASTERS US LLC** | **DONCASTERS US FINANCE LLC <br> DONCASTERS US LLC** |
|  | By | /s/ Jason Mays |
|  |  | Name: Jason Mays |
|  |  | Title: President |

---

*Doncasters - Signature Page to Amendment No. 2 to Credit Agreement*

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| | | |
|:---|:---|:---|
| **LOAN PARTIES:** | **ERIE BOLT CORPORATION <br> DONCASTERS US HOLDINGS 2018 INC. <br> TRUCAST (NORTH AMERICA) LLC <br> DONCASTERS INC.** | **ERIE BOLT CORPORATION <br> DONCASTERS US HOLDINGS 2018 INC. <br> TRUCAST (NORTH AMERICA) LLC <br> DONCASTERS INC.** |
|  | By: | /s/ Michael Quinn |
|  | Name: | Michael Quinn |
|  | Title: | President |
|  | **SOUTHERN TOOL, LLC** | **SOUTHERN TOOL, LLC** |
|  | **CERTIFIED ALLOY PRODUCTS, INC. <br> DONCASTERS US 2 LLC <br> DONCASTERS US LLC <br> DONCASTERS US FINANCE LLC <br> TRUCAST, LLC** | **CERTIFIED ALLOY PRODUCTS, INC. <br> DONCASTERS US 2 LLC <br> DONCASTERS US LLC <br> DONCASTERS US FINANCE LLC <br> TRUCAST, LLC** |
|  | **IVOSTUD LLC** | **IVOSTUD LLC** |
|  | By: | /s/ Jason Mays |
|  | Name: | Jason Mays |
|  | Title: | President |
|  | **DUNDEE PIKCO LIMITED** | **DUNDEE PIKCO LIMITED** |
|  | By: | /s/ Michael Quinn |
|  | Name: | Michael Quinn |
|  | Title: | Director |
|  | **DUNDEE HOLDCO 3 LIMITED** | **DUNDEE HOLDCO 3 LIMITED** |
|  | By: | /s/ Michael Quinn |
|  | Name: | Michael Quinn |
|  | Title: | Director |
|  | **DUNDEE HOLDCO 4 LIMITED** | **DUNDEE HOLDCO 4 LIMITED** |
|  | By: | /s/ Michael Quinn |
|  | Name: | Michael Quinn |
|  | Title: | Director |

---

*Doncasters - Signature Page to Amendment No. 2 to Credit Agreement*

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| | | |
|:---|:---|:---|
| **LOAN PARTIES:** | **ERIE BOLT CORPORATION <br> DONCASTERS US HOLDINGS 2018 INC. <br> TRUCAST (NORTH AMERICA) LLC <br> DONCASTERS INC.** | **ERIE BOLT CORPORATION <br> DONCASTERS US HOLDINGS 2018 INC. <br> TRUCAST (NORTH AMERICA) LLC <br> DONCASTERS INC.** |
|  | By: | /s/ Michael Quinn |
|  | Name: | Michael Quinn |
|  | Title: | President |
|  | **SOUTHERN TOOL, LLC** | **SOUTHERN TOOL, LLC** |
|  | **CERTIFIED ALLOY PRODUCTS, INC. <br> DONCASTERS US 2 LLC <br> DONCASTERS US LLC <br> DONCASTERS US FINANCE LLC <br> TRUCAST, LLC** | **CERTIFIED ALLOY PRODUCTS, INC. <br> DONCASTERS US 2 LLC <br> DONCASTERS US LLC <br> DONCASTERS US FINANCE LLC <br> TRUCAST, LLC** |
|  | **IVOSTUD LLC** | **IVOSTUD LLC** |
|  | By: | /s/ Jason Mays |
|  | Name: | Jason Mays |
|  | Title: | President |
|  | **DUNDEE PIKCO LIMITED** | **DUNDEE PIKCO LIMITED** |
|  | By: | /s/ Michael Quinn |
|  | Name: | Michael Quinn |
|  | Title: | Director |
|  | **DUNDEE HOLDCO 3 LIMITED** | **DUNDEE HOLDCO 3 LIMITED** |
|  | By: | /s/ Michael Quinn |
|  | Name: | Michael Quinn |
|  | Title: | Director |
|  | **DUNDEE HOLDCO 4 LIMITED** | **DUNDEE HOLDCO 4 LIMITED** |
|  | By: | /s/ Michael Quinn |
|  | Name: | Michael Quinn |
|  | Title: | Director |

---

*Doncasters - Signature Page to Amendment No. 2 to Credit Agreement*

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| | |
|:---|:---|
| **TRUCAST LIMITED** | **TRUCAST LIMITED** |
| By: | /s/ Michael Quinn |
| Name: | Michael Quinn |
| Title: | Director |

---

---

| | |
|:---|:---|
| **TRUCAST (EUROPE) LIMITED** | **TRUCAST (EUROPE) LIMITED** |
| By: | /s/ Michael Quinn |
| Name: | Michael Quinn |
| Title: | Director |

---

---

| | |
|:---|:---|
| **ROSS & CATHERALL LIMITED** | **ROSS & CATHERALL LIMITED** |
| By: | /s/ Michael Quinn |
| Name: | Michael Quinn |
| Title: | Director |

---

---

| | |
|:---|:---|
| **TRIPLEX LLOYD LIMITED** | **TRIPLEX LLOYD LIMITED** |
| By: | /s/ Michael Quinn |
| Name: | Michael Quinn |
| Title: | Director |

---

---

| | |
|:---|:---|
| **DERITEND INTERNATIONAL LIMITED** | **DERITEND INTERNATIONAL LIMITED** |
| By: | /s/ Michael Quinn |
| Name: | Michael Quinn |
| Title: | Director |

---

---

| | |
|:---|:---|
| **DONCASTERS UK HOLDINGS LIMITED** | **DONCASTERS UK HOLDINGS LIMITED** |
| By: | /s/ Michael Quinn |
| Name: | Michael Quinn |
| Title: | Director |

---

*Doncasters - Signature Page to Amendment No. 2 to Credit Agreement*

---

| |
|:---|
| /s/ Michael Quinn |
| /s/ Michael Quinn |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature |
| Position: Managing director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(*Geschaftsfiihrer*) |

---

---

| |
|:---|
| /s/ Michael Quinn |
| /s/ Michael Quinn |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature |
| Position: Managing director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(*Geschaftsfiihrer*) |

---

---

| |
|:---|
| /s/ Michael Quinn |
| /s/ Michael Quinn |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature |
| Position: Managing director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(*Geschaftsfiihrer*) |

---

*Doncasters - Signature Page to Amendment No. 2 to Credit Agreement*

---

| | | |
|:---|:---|:---|
| **ADMINISTRATIVE AGENT:** | **GLASS USA LLC** | **GLASS USA LLC** |
|  | By: | /s/ Sarah Oldfield |
|  |  | Name: Sarah Oldfield |
|  |  | Title: Senior Transaction Manager |

---

*Doncasters Signature Page to Amendment No. 2 to Credit Agreement*

---

| | | |
|:---|:---|:---|
| **COLLATERAL AGENT:** | **GLAS AMERICAS LLC** | **GLAS AMERICAS LLC** |
|  | By: | /s/ Sarah Oldfield |
|  |  | Name: Sarah Oldfield |
|  |  | Title: Senior Transaction Manager |

---

*Doncasters Signature Page to Amendment No. 2 to Credit Agreement*

---

| | |
|:---|:---|
| **JEFFERIES FINANCE LLC**, as a Term Lender | **JEFFERIES FINANCE LLC**, as a Term Lender |
| By: | /s/ Peter Cucchiara |
|  | Name: Peter Cucchiara |
|  | Title: Managing Director |

---

*Doncasters- Signature Page to Amendment No. 2 to Credit Agreement*

---

| | |
|:---|:---|
| **PGIM, Inc.**, in its capacity as investment advisor, subadvisor, and/or collateral manager of the funds and/or accounts listed below, each as a Term Lender | **PGIM, Inc.**, in its capacity as investment advisor, subadvisor, and/or collateral manager of the funds and/or accounts listed below, each as a Term Lender |
| By: | /s/ Ryan Kelly |
|  | Name: Ryan Kelly |
|  | Title: Vice President |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Advanced Series Trust - AST Core Fixed Income Portfolio- Prudential

&nbsp;&nbsp;&nbsp;&nbsp;2. Bayer Corporation Master Trust

&nbsp;&nbsp;&nbsp;&nbsp;3. Board of Pensions of the Evangelical Church in America (PCOSHY) (PGIM)

&nbsp;&nbsp;&nbsp;&nbsp;4. Board of Pensions of the Evangelical Lutheran Church in America (PCOHY)
 (PGIM)

&nbsp;&nbsp;&nbsp;&nbsp;5. Commonwealth Savers Plan (fka Virginia College Savings Plan (PGIM))

&nbsp;&nbsp;&nbsp;&nbsp;6. Commonwealth Savers Plan II (fka Virginia College Savings Plan II (PGIM))

&nbsp;&nbsp;&nbsp;&nbsp;7. Desjardins Global High Yield Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;8. Empower Annuity Insurance Company (FKA Prudential Retirement Insurance
 And Annuity Company)

&nbsp;&nbsp;&nbsp;&nbsp;9. Great Gray Collective Investment Trust - PGIM High Yield Bond Fund CIT

&nbsp;&nbsp;&nbsp;&nbsp;10. Iowa Public Employees' Retirement System

&nbsp;&nbsp;&nbsp;&nbsp;11. Madison Flintholm Senior Loan Fund I DAC (Prudential)

&nbsp;&nbsp;&nbsp;&nbsp;12. MGI Funds PLC

&nbsp;&nbsp;&nbsp;&nbsp;13. New York State Teachers Retirement System (PGIM)

&nbsp;&nbsp;&nbsp;&nbsp;14. PGIM Broad Market High Yield Bond Fund of the Prudential Trust Company
 Institutional Business Trust

&nbsp;&nbsp;&nbsp;&nbsp;15. PGIM Credit Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;16. PGIM ETF Trust - PGIM Floating Rate Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;17. PGIM Global High Yield Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;18. PGIM High Yield Bond Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;19. PGIM Qualifying Investor Funds plc - PGIM QIF European Loan Fund

&nbsp;&nbsp;&nbsp;&nbsp;20. PGIM Qualifying Investor Funds plc - PGIM QIF Global High Yield ESG Fund

&nbsp;&nbsp;&nbsp;&nbsp;21. PGIM Qualifying Investor Funds plc - PGIM QIF Global Loan ESG Fund

&nbsp;&nbsp;&nbsp;&nbsp;22. PGIM Short Duration High Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;23. Prudential Bank Loan Fund of the Prudential Trust Company Collective
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;24. Prudential Core Plus Bond Fund of the Prudential Trust Company Collective
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;25. Prudential High Yield Fund of the Prudential Trust Company Collective
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;26. Prudential Investment Portfolios 3 - PGIM Strategic Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;27. Prudential Investment Portfolios 9 - PGIM Absolute Return Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;28. Prudential Investment Portfolios, Inc. 14 - PGIM Floating Rate Income
 Fund

&nbsp;&nbsp;&nbsp;&nbsp;29. Prudential Investment Portfolios, Inc. 17 - PGIM Total Return Bond
 Fund

&nbsp;&nbsp;&nbsp;&nbsp;30. Prudential Investment Portfolios, Inc. 17- PGIM Short Duration Multi-Sector
 Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;31. Prudential Investment Portfolios, Inc. 15 - PGIM Short Duration
 High Yield Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;32. Prudential Investment Portfolios, Inc. 15 - PGIM High Yield Fund

&nbsp;&nbsp;&nbsp;&nbsp;33. Six Circles Credit Opportunities Fund (PGIM)

&nbsp;&nbsp;&nbsp;&nbsp;34. State Teachers Retirement System of Ohio

&nbsp;&nbsp;&nbsp;&nbsp;35. State Treasurer of the State of Michigan

&nbsp;&nbsp;&nbsp;&nbsp;36. Stichting Pensioenfonds Horeca and Catering

&nbsp;&nbsp;&nbsp;&nbsp;37. Tennessee Consolidated Retirement System

&nbsp;&nbsp;&nbsp;&nbsp;38. The Pension Boards - United Church of Christ, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;39. The Prudential Series Fund - PSF PGIM High Yield Bond Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;40. The Prudential Series Fund - PSF PGIM Total Return Bond Portfolio

*Doncasters- Signature Page to Amendment No. 2 to Credit Agreement*

---

| | |
|:---|:---|
| **ALCOF III NUBT, L.P.** | **ALCOF III NUBT, L.P.** |
| By: Arbour Lane Fund III GP, LLC | By: Arbour Lane Fund III GP, LLC |
| Its General Partner, as a Term Lender | Its General Partner, as a Term Lender |
| By: | /s/ Kenneth Hoffman |
|  | Name: Kenneth Hoffman |
|  | Title: Manager |
| **Arbour Lane - TX, L.P.** | **Arbour Lane - TX, L.P.** |
| By: Arbour Lane - TX GP, LLC | By: Arbour Lane - TX GP, LLC |
| Its General Partner, as a Term Lender | Its General Partner, as a Term Lender |
| By: | /s/ Kenneth Hoffman |
|  | Name: Kenneth Hoffman |
|  | Title: Manager |
| **Arbour Lane – Hiwassee, L.P.** | **Arbour Lane – Hiwassee, L.P.** |
| By: Arbour Lane – Hiwassee GP, LLC | By: Arbour Lane – Hiwassee GP, LLC |
| Its General Partner, as a Term Lender | Its General Partner, as a Term Lender |
| By: | /s/ Kenneth Hoffman |
|  | Name: Kenneth Hoffman |
|  | Title: Manager |

---

*Doncasters- Signature Page to Amendment No. 2 to Credit Agreement*

---

| | |
|:---|:---|
| **BEACH POINT SANGAMON LP<br> BEACH POINT SCF 0166 LP<br> BEACH POINT SCF IV LLC<br> BEACH POINT SCF I LP** | **BEACH POINT SANGAMON LP<br> BEACH POINT SCF 0166 LP<br> BEACH POINT SCF IV LLC<br> BEACH POINT SCF I LP** |
| **BEACH POINT SCF MULTI-PORT LP<br> BEACH POINT SELECT FUND LP<br> HBOS FINAL SALARY PENSION SCHEME** | **BEACH POINT SCF MULTI-PORT LP<br> BEACH POINT SELECT FUND LP<br> HBOS FINAL SALARY PENSION SCHEME** |
| **LLOYDS BANK PENSION SCHEME NO. 1** | **LLOYDS BANK PENSION SCHEME NO. 1** |
| **LLOYDS BANK PENSION SCHEME NO. 2** | **LLOYDS BANK PENSION SCHEME NO. 2** |
| **ROYAL MAIL PENSION PLAN** | **ROYAL MAIL PENSION PLAN** |
| **ROYAL MAIL PENSION PLAN (RMG SECTION)(RE: DBCB), each as a Term Lender** | **ROYAL MAIL PENSION PLAN (RMG SECTION)(RE: DBCB), each as a Term Lender** |
| By: Beach Point Capital Management LP | By: Beach Point Capital Management LP |
| Its: Investment Manager | Its: Investment Manager |
| By: | /s/ Allan Schweitzer |
| Name: | Allan Schweitzer |
| Title: | Portfolio Manager |
| **MERCER QIF FUND PLC – MERCER **INVESTMENT FUND 1,** as a Term Lender** | **MERCER QIF FUND PLC – MERCER **INVESTMENT FUND 1,** as a Term Lender** |
| By: Beach Point Capital Management LP | By: Beach Point Capital Management LP |
| Its: Sub-Investment Manager | Its: Sub-Investment Manager |
| By: | /s/ Allan Schweitzer |
| Name: | Allan Schweitzer |
| Title: | Portfolio Manager |

---

*Doncasters- Signature Page to Amendment No. 2 to Credit Agreement*

---

| |
|:---|
| **PATHWAY STRATEGIC CREDIT** |
| **FUND III, LP,** as a Term Lender |
| By: PSCF III Management LLC, its General Partner |
| By: Pathway Capital Management, LP, its Sole Member |
| By: Pathway Capital Management GP, LLC, its General Partner |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Wayne D. Smith | /s/ Wayne D. Smith |
|  | Name: | Wayne D. Smith |
|  | Title: | Managing Director |

---

*Doncasters- Signature Page to Amendment No. 2 to Credit Agreement*

**Exhibit A**

*[See attached.]*

***Execution Version***<u>Conformed through Amendment No. 2 (April 25, 2025)</u>

CREDIT AGREEMENT

dated as of April 23, 2024 among

ALLOY PARENT LIMITED,

as Holdings,

DONCASTERS US FINANCE LLC

and DONCASTERS US LLC,

as Borrowers,

THE LENDERS PARTY HERETO, GLAS USA LLC,

as Administrative Agent,

GLAS AMERICAS LLC,

as Collateral Agent, and

JEFFERIES LLC,

as sole Lead Arranger and sole Bookrunner

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | **ARTICLE I** |  |
|  | **DEFINITIONS** |  |
| Section 1.01 | Defined Terms | 1 |
| Section 1.02 | Classification of Loans and Borrowings | 63 |
| Section 1.03 | Terms Generally | 63 |
| Section 1.04 | Accounting Terms; IFRS | 64 |
| Section 1.05 | Pro Forma Calculations | 64 |
| Section 1.06 | Rounding | 64 |
| Section 1.07 | Timing of Payment or Performance | 64 |
| Section 1.08 | Certifications; Provision of Information | 65 |
| Section 1.09 | Compliance with Article VI | 65 |
| Section 1.10 | Times of Day | 65 |
| Section 1.11 | Currency Generally | 65 |
| Section 1.12 | Limited Condition Transactions | 66 |
| Section 1.13 | Fixed Amounts; Incurrence-Based Amounts | 67 |
| Section 1.14 | [Reserved] | 68 |
| Section 1.15 | Divisions | 68 |
| Section 1.16 | Jersey Terms | 68 |
|  | **ARTICLE II** |  |
|  | **THE CREDITS** |  |
| Section 2.01 | Commitments | 68 |
| Section 2.02 | Loans and Borrowings | 69 |
| Section 2.03 | Requests for Borrowings | 70 |
| Section 2.04 | [Reserved] | 71 |
| Section 2.05 | [Reserved] | 71 |
| Section 2.06 | Funding of Borrowings | 71 |
| Section 2.07 | Interest Elections | 71 |
| Section 2.08 | Termination and Reduction of Commitments | 72 |
| Section 2.09 | Repayment of Loans; Evidence of Debt | 73 |
| Section 2.10 | Amortization of Loans | 74 |
| Section 2.11 | Prepayment of Loans | 75 |
| Section 2.12 | Fees | 81 |
| Section 2.13 | Interest | 81 |
| Section 2.14 | Alternate Rate of Interest | 82 |
| Section 2.15 | Increased Costs | 84 |
| Section 2.16 | Break Funding Payments | 85 |
| Section 2.17 | Taxes | 85 |
| Section 2.18 | Payments Generally; Pro Rata Treatment; Sharing of Setoffs | 89 |
| Section 2.19 | Mitigation Obligations; Replacement of Lender | 91 |
| Section 2.20 | Incremental Loans | 92 |
| Section 2.21 | Refinancing Facilities | 94 |
| Section 2.22 | Defaulting Lenders | 95 |
| Section 2.23 | [Reserved] | 96 |
| Section 2.24 | Extensions of Term Loans | 96 |
| Section 2.25 | Illegality | 99 |
| Section 2.26 | [Reserved.] | 99 |

---

-x-

**TABLE OF CONTENTS**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| Section 2.27 | Appointment of Borrowers for Notices, Etc. | 100 |
| Section 2.28 | Joint and Several Liability of Borrowers | 100 |
|  | **ARTICLE III** |  |
|  | **REPRESENTATIONS AND WARRANTIES** |  |
| Section 3.01 | Organization; Powers | 100 |
| Section 3.02 | Authorization; Enforceability | 100 |
| Section 3.03 | Governmental Approvals; No Conflicts | 101 |
| Section 3.04 | Financial Condition | 101 |
| Section 3.05 | Properties | 101 |
| Section 3.06 | Litigation and Environmental Matters | 103 |
| Section 3.07 | Compliance with Laws | 103 |
| Section 3.08 | Investment Company Status | 103 |
| Section 3.09 | Taxes | 103 |
| Section 3.10 | ERISA | 104 |
| Section 3.11 | Disclosure | 104 |
| Section 3.12 | Labor and Employment Matters | 105 |
| Section 3.13 | Subsidiaries; Loan Parties | 105 |
| Section 3.14 | Solvency | 105 |
| Section 3.15 | Federal Reserve Regulations | 105 |
| Section 3.16 | Use of Proceeds | 106 |
| Section 3.17 | Security Documents | 106 |
| Section 3.18 | Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions; Ex-Im Laws | 106 |
| Section 3.19 | Affected Financial Institutions | 107 |
| Section 3.20 | Covered Entities | 107 |
| Section 3.21 | Beneficial Ownership Certification | 107 |
|  | **ARTICLE IV** |  |
|  | **CONDITIONS** |  |
| Section 4.01 | Closing Date | 107 |
| Section 4.02 | Each Credit Extension | 109 |
|  | **ARTICLE V** |  |
|  | **AFFIRMATIVE COVENANTS** |  |
| Section 5.01 | Financial Statements and Other Information | 110 |
| Section 5.02 | Notices of Material Events | 114 |
| Section 5.03 | [Reserved] | 115 |
| Section 5.04 | Existence; Conduct of Business | 115 |
| Section 5.05 | Payment of Taxes | 115 |
| Section 5.06 | Maintenance of Properties | 115 |
| Section 5.07 | Insurance | 116 |
| Section 5.08 | Books and Records; Inspection and Audit Rights | 116 |
| Section 5.09 | Compliance with Laws | 117 |
| Section 5.10 | Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions; Ex-Im Laws | 117 |
| Section 5.11 | Use of Proceeds | 117 |
| Section 5.12 | Execution of Guaranty and Security Documents after the Closing Date | 118 |
| Section 5.13 | Additional Collateral | 119 |
| Section 5.14 | Environmental Matters | 119 |

---

-xi-

**TABLE OF CONTENTS**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| Section 5.15 | Further Assurances | 119 |
| Section 5.16 | Designation of Subsidiaries | 121 |
| Section 5.17 | Post-Closing Covenant | 121 |
| Section 5.18 | German ABL Accounts | 121 |
|  | **ARTICLE VI** |  |
|  | **NEGATIVE COVENANTS** |  |
| Section 6.01 | Indebtedness; Certain Equity Securities | 122 |
| Section 6.02 | Liens | 127 |
| Section 6.03 | Fundamental Changes | 131 |
| Section 6.04 | Investments | 132 |
| Section 6.05 | Asset Sales | 136 |
| Section 6.06 | Financial Covenant | 139 |
| Section 6.07 | [Reserved] | 139 |
| Section 6.08 | Restricted Payments; Certain Payments of Indebtedness | 139 |
| Section 6.09 | Transactions with Affiliates | 145 |
| Section 6.10 | Restrictive Agreements | 146 |
| Section 6.11 | Amendment of Material Documents | 146 |
| Section 6.12 | Changes in Fiscal Year | 147 |
| Section 6.13 | Changes in Lines of Business | 147 |
| Section 6.14 | Permitted Activities | 147 |
| Section 6.15 | Use of Proceeds | 148 |
| Section 6.16 | Repayment | 149 |
| Section 6.17 | German Receivables | 149 |
|  | **ARTICLE VII** |  |
|  | **EVENTS OF DEFAULT** |  |
| Section 7.01 | Events of Default | 149 |
| Section 7.02 | Exclusion of Immaterial Subsidiaries | 153 |
| Section 7.03 | Right to Cure | 153 |
| Section 7.04 | Application of Proceeds | 154 |
|  | **ARTICLE VIII** |  |
|  | **THE ADMINISTRATIVE AGENT** |  |
| Section 8.01 | Appointment of Agents | 155 |
| Section 8.02 | Rights of Lender | 156 |
| Section 8.03 | Exculpatory Provisions | 156 |
| Section 8.04 | Reliance by Administrative Agent and Collateral Agent | 157 |
| Section 8.05 | Delegation of Duties | 157 |
| Section 8.06 | Resignation of Agents; Successor, Administrative Agent and Collateral Agent | 157 |
| Section 8.07 | Non-Reliance on Agents and Other Lenders | 158 |
| Section 8.08 | No Other Duties | 158 |
| Section 8.09 | Collateral and Guaranty Matters | 158 |
| Section 8.10 | [Reserved] | 159 |
| Section 8.11 | Withholding Tax | 160 |
| Section 8.12 | Administrative Agent and Collateral Agent May File Proofs of Claim | 160 |
| Section 8.13 | Recovery of Erroneous Payments | 161 |

---

-xii-

**TABLE OF CONTENTS**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | **ARTICLE IX** |  |
|  | **MISCELLANEOUS** |  |
| Section 9.01 | Notices | 163 |
| Section 9.02 | Waivers; Amendments | 164 |
| Section 9.03 | Expenses; Indemnity; Damage Waiver | 168 |
| Section 9.04 | Successors and Assigns | 171 |
| Section 9.05 | Survival | 178 |
| Section 9.06 | Integration | 178 |
| Section 9.07 | Severability | 178 |
| Section 9.08 | Right of Setoff | 178 |
| Section 9.09 | Governing Law; Jurisdiction; Consent to Service of Process | 179 |
| Section 9.10 | WAIVER OF JURY TRIAL | 179 |
| Section 9.11 | Headings | 180 |
| Section 9.12 | Confidentiality | 180 |
| Section 9.13 | Interest Rate Limitation | 181 |
| Section 9.14 | PATRIOT Act | 181 |
| Section 9.15 | Electronic Execution; Electronic Records | 182 |
| Section 9.16 | Payments Set Aside | 183 |
| Section 9.17 | No Advisory or Fiduciary Responsibility | 183 |
| Section 9.18 | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 184 |
| Section 9.19 | Certain ERISA Matters | 184 |
| Section 9.20 | Acknowledgement Regarding Any Supported QFCs | 185 |
| Section 9.21 | Judgment Currency | 186 |

---

-xiii-

---

| | |
|:---|:---|
| SCHEDULES: |  |
| Schedule 1.01 | Uni-Pol Loans |
| Schedule 2.01 | Commitments and Applicable Percentages |
| Schedule 3.01 | Organization; Powers |
| Schedule 3.05 | Properties |
| Schedule 3.06 | Litigation and Environmental Matters |
| Schedule 3.09 | Taxes |
| Schedule 3.12(a) | Labor and Employment Matters |
| Schedule 3.13 | Subsidiaries; Loan Parties |
| Schedule 5.17 | Post-Closing Covenant |
| Schedule 6.01 | Existing Indebtedness |
| Schedule 6.02 | Existing Liens |
| Schedule 6.04 | Existing Investments |
| Schedule 9.01 | Addresses for Notices |
| EXHIBITS: |  |
| Exhibit A | Form of Loan Notice |
| Exhibit C | Form of Note |
| Exhibit D | Form of Assignment and Assumption Agreement |
| Exhibit E | Form of Affiliated Lender Assignment and Assumption Agreement |
| Exhibit F | Agreed Security Principles |
| Exhibit G | Form of Compliance Certificate |
| Exhibit H | Form of Notice of Loan Prepayment |

---

-i-

CREDIT AGREEMENT dated as of April 23, 2024 (this "<u>Agreement</u>") by and among ALLOY PARENT LIMITED, a private company limited by shares incorporated in Jersey under the number 130426 ("<u>Holdings</u>"), DONCASTERS US FINANCE LLC, a Delaware limited liability company ("<u>Doncasters Finance</u>") and DONCASTERS US LLC, a Delaware limited liability company ("<u>Doncasters</u>" and, together with Doncasters Finance, each a "Borrower" and, collectively, the "<u>Borrowers</u>"), the LENDERS party hereto and GLAS USA LLC (together with its successors and assigns), as Administrative Agent and GLAS AMERICAS LLC (together with its successors and assigns), as Collateral Agent.

WHEREAS, capitalized terms used in these recitals shall have the respective meanings set forth for such terms in <u>Article I</u>; and

WHEREAS, the Borrowers have requested that the Lenders extend credit to the Borrowers in the form of (a) the Initial Term Loans<u>Loan (as defined in this Agreement prior to the Amendment No. 2 Effective Date)</u> in an aggregate principal amount of $500,000,000 and (b) Delayed Draw Term Loans Commitments <u>(as defined in this Agreement prior to the Amendment No. 2 Effective Date)</u> in an aggregate principal amount of $50,000,000 on the Closing Date, in each case the proceeds of which shall be utilized as set forth below and in <u>Section 5.11</u>.

NOW THEREFORE, in consideration of the premises, provisions, covenants and mutual agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Lenders are willing to extend such credit to the Borrowers on the terms and express conditions set forth herein, and accordingly the parties hereto agree as follows.

**ARTICLE I**

**DEFINITIONS**

Section 1.01 <u>Defined Terms</u>. As used in this Agreement, the following terms have the meanings specified below:

<u>"2025 Delayed Draw Term Loan" has the meaning assigned to such term in Amendment No. 2.</u>

<u>"2025</u> <u>Delayed Draw Term Loan Commitment"</u> <u>has the meaning assigned to such term in Amendment No. 2.</u>

<u>"2025</u> <u>Delayed Draw Termination Date" means the earlier of (i) the date on which the</u> <u>2025 Delayed</u> <u>Draw Term Loan Commitments are reduced to zero in accordance with the terms hereof and (ii)</u> <u>April 23, 2030.</u>

<u>"2025 Term Loan Commitment" has the meaning assigned to such term in Amendment No. 2.</u>

<u>"2025 Term Loans" has the meaning assigned to such term in Amendment No. 2.</u>

"<u>ABL Agreement</u>" means that certain second amended and restated ABL facilities agreement dated as of April 23, 2024 (as amended, amended and restated, supplemented or otherwise modified), by and among, Holdings, Dundee PIKCO Limited, certain affiliates of Holdings set forth therein, the Financial Institutions (as defined therein), Wells Fargo Capital Finance (UK) Limited, as agent and security agent, as the case may be.

"<u>ABL Collateral</u>" means the assets securing the obligations under the ABL Agreement, as set forth in the Transaction Security Documents (as defined in the ABL Agreement).

"<u>ABL Priority Collateral</u>" means the ABL Priority Security (as defined in the Intercreditor Agreement).

"<u>ABL Loans</u>" means the Loans as defined under the ABL Agreement.

"<u>ABL L/C Exposure</u>" means L/C Exposure as defined under the ABL Agreement.

"<u>Acceptable Intercreditor Agreement</u>" means a customary intercreditor or subordination agreement or arrangement (which may take the form of a "waterfall" or similar provision) governing intercreditor arrangements for the sharing or subordination of liens or arrangements relating to the distribution of payments, as applicable, the terms of which are reasonably satisfactory to the Administrative Agent (after consultation with, in accordance with <u>Section 8.09(d)</u>, the Required Lenders), as may be amended from time to time in accordance with <u>Section 9.02(b)</u> and <u>(g)</u>.

"<u>Accounting Change</u>" has the meaning assigned to such term in <u>Section 1.04</u>.

"<u>Acquired Indebtedness</u>" has the meaning assigned to such term in <u>Section 6.01(a)(v)</u>.

"<u>Acquisition</u>" means any acquisition by any member of the Consolidated Group, whether by purchase, merger, amalgamation, consolidation, contribution or otherwise, of (a) at least a majority of the assets or property and/or liabilities (or any other substantial part for which financial statements or other financial information is available), or a business line, product line, unit or division, of any other Person, (b) Equity Interests of any other Person such that such other Person becomes a Subsidiary and (c) additional Equity Interests of any Subsidiary not then held by a member of the Consolidated Group.

"<u>Additional Lender</u>" has the meaning assigned to such term in <u>Section 2.20(d)</u>.

"<u>Administrative Agent</u>" means GLAS USA LLC (acting through itself or one of its designated affiliates or branch offices), in its capacity as administrative agent for the Lenders hereunder, and its successors in such capacity as provided in <u>Article VIII</u>.

"<u>Administrative Agent's Office</u>" means, with respect to any currency, the Administrative Agent's address and, as appropriate, account as set forth on <u>Schedule 9.01</u> with respect to such currency, or such other address or account with respect to such currency as the Administrative Agent may from time to time notify the Borrowers and the Lenders.

"<u>Administrative Questionnaire</u>" means an administrative questionnaire in a form supplied by the Administrative Agent.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any U.K. Financial Institution.

"<u>Affiliate</u>" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. For purposes of this Agreement and the other Loan Documents, Jefferies LLC and its Affiliates shall be deemed to be Affiliates of Jefferies Finance LLC and its Affiliates.

"<u>Affiliated Debt Fund</u>" means an Affiliated Lender that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and, with respect to which the personnel making the primary investment decision are not the Equity Personnel or personnel controlled by the Equity Personnel.

"<u>Affiliated Lender</u>" means a Lender that is (a) an Affiliate of Holdings and (b) a "person" or a member of any "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) or any Affiliate thereof that is a "beneficial owner" (as defined in Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly, of more than five percent of the Equity Interests of Holdings (in each case of clause (a) and (b), excluding PGIM and any Affiliate of PGIM); <u>provided</u> that the Equity Investors shall be deemed not to be a "group" for purposes hereof.

"<u>Affiliated Lender Assignment and Assumption Agreement</u>" means an assignment and assumption entered into by a Lender with an Affiliated Lender, and accepted by the Administrative Agent pursuant to the terms hereof, in the form of <u>Exhibit E</u> or any other form (including electronic records generated by the use of an electronic platform) or changes thereto approved by the Administrative Agent and the Borrowers.

"<u>Agent</u>" means any of the Administrative Agent or the Collateral Agent.

"<u>Agreed Security Principles</u>" means the Agreed Security Principle set forth on <u>Exhibit F</u>. "<u>Agreement</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>AHYDO Catch-Up Payment</u>" means any payment with respect to any obligations of any member of the Consolidated Group, including subordinated debt obligations, in each case to avoid the application of Section 163(e)(5) of the Code.

<u>"Amendment No. 2" means that certain amendment, dated as of the Amendment No. 2 Effective Date, by and among Holdings, the Borrowers, the other Loan Parties party thereto, the Lenders party thereto, the Administrative Agent and the Collateral Agent.</u>

<u>"Amendment No. 2 Effective Date" has</u> <u>the meaning set forth in</u> <u>Amendment No. 2, which</u> <u>for the avoidance of doubt,</u> <u>shall be April 24, 2025.</u>

"<u>Anti-Corruption Laws</u>" means the United States Foreign Corrupt Practices Act of 1977, as amended, the United Kingdom Bribery Act of 2010, as amended, as amended, and other Requirements of Law concerning or relating to bribery or corruption.

"<u>Anti-Money Laundering Laws</u>" means the Money Laundering Control Act of 1986 (18 U.S.C. §§ 1956-1957), the Bank Secrecy Act (31 U.S.C. §§5311-5332), as amended by the PATRIOT Act, the UK Proceeds of Crime Act 2002, the UK Terrorism Act 2000, and any other Requirements of Law concerning money laundering, including know-your-customer and financial recordkeeping and reporting requirements.

"<u>Applicable Date of Determination</u>" means, at any time, the last day of the most recently ended fiscal quarter for which financial statements were delivered (or were required to be delivered) pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, as applicable; <u>provided</u> that prior to the first delivery (or required delivery) of financial statements pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, the "Applicable Date of Determination" means the last day of the period of four consecutive fiscal quarters ended December 31, 2023.

"<u>Applicable Lenders</u>" means the Required Lenders, all affected Lenders, or all Lenders, as the context may require.

"<u>Applicable Percentage</u>" means in respect of a Term Loan, with respect to any Term Lender at any time, the percentage (carried out to the ninth decimal place) of such Term Loan represented by the outstanding principal amount of such Term Loan held by such Lender at such time; <u>provided</u> that, in accordance with <u>Section 2.22</u>, so long as any Lender shall be a Defaulting Lender, such Defaulting Lender's Commitments and Loans shall be disregarded in the calculations noted above. The Applicable Percentage of each Lender in respect of each Facility is set forth opposite the name of such Lender on <u>Schedule 2.01</u> or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto or in any documentation executed by such Lender pursuant to <u>Section 2.26</u>, as applicable.

"<u>Applicable Rate</u>" means, subject to <u>Section 5.17</u>, (a) 6.50% per annum for Term SOFR Loans and (b) 5.50% per annum for Base Rate Loans.

"<u>Approved Fund</u>" has the meaning assigned to such term in <u>Section 9.04(b)(iv)</u>.

"<u>Assignment and Assumption</u>" means 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 9.04</u>), and accepted by the Administrative Agent pursuant to the terms hereof, substantially in the form of <u>Exhibit D</u> or any other form (including an electronic documentation form generated by use of an electronic platform) approved by the Administrative Agent and the Borrowers.

"<u>Available Amount</u>" means, on any date of determination (the "<u>Reference Date</u>"), an amount determined on a cumulative basis equal to the sum of (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 25% of Consolidated Net Income (which shall not be less than zero in any period) for the period from the first day of the fiscal quarter of the Consolidated Group during which the Closing Date occurred to and including the last day of the most recently ended fiscal quarter of the Borrower prior to the Reference Date; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the cumulative amount of (A) any capital contributions made in cash by any Person other than Holdings, a Borrower or a Subsidiary to Holdings after the Closing Date to the extent received by Holdings on or prior to the Reference Date (other than (i) any Cure Amount, (ii) any equity contributions used to make Investments pursuant to <u>Section 6.04</u> or (iii) any equity contributions used to make Restricted Payments or payments of Indebtedness pursuant to <u>Section 6.08</u>) and (B) any Net Proceeds of any issuance of Qualified Equity Interests of Holdings (other than (i) any Cure Amount, (ii) any equity contributions used to make Investments pursuant to <u>Section 6.04</u> or (iii) any equity contributions used to make Restricted Payments or payments of Indebtedness pursuant to <u>Section 6.08</u>) to any Person (other than Holdings, a Borrower or a Subsidiary) after the Closing Date, to the extent such proceeds are received by Holdings on or prior to the Reference Date; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 100% of the aggregate net cash proceeds (other than (i) any Cure Amount, (ii) any equity contributions used to make Investments pursuant to <u>Section 6.04(dd)</u>) or (iii) any amounts used to make Restricted Payments pursuant to <u>Section 6.08(a)(xi)</u> or payments, redemptions, repurchases, retirements, terminations or cancellations of Indebtedness pursuant to <u>Section 6.08(b)(vii))</u> and the fair market value (as determined in good faith by the Borrowers) of marketable securities or other property contributed to the Qualified Equity Interests of Holdings after the Closing Date by any Person other than Holdings, a Borrower or a Subsidiary; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent not otherwise included in <u>clause (a)</u> above, (i) the aggregate amount received by any member of the Consolidated Group after the Closing Date from cash (or Cash Equivalents) dividends and distributions made by any Joint Venture, and cash (or Cash Equivalents) returns of principal, cash repayments and similar cash (or Cash Equivalents) payments made by any Joint Venture, in each case, in respect of Investments made after the Closing Date and on or prior to the Reference Date by any of member the Consolidated Group to any Joint Venture pursuant to <u>Section 6.04(z)</u>, and (ii) the Net Proceeds in connection with the sale, transfer or other disposition of assets of, or the Equity Interests of, any Joint Venture of any member of the Consolidated Group to any Person (other than a member of the Consolidated Group) after the Closing Date and on or prior to the Reference Date and received after the Closing Date and on or prior to the Reference Date, in each case, to the extent not already reflected as a Return with respect to such Investment credited to any basket amount under <u>Section 6.04</u> and in an amount not to exceed the original Investments in such assets or Person made pursuant to <u>Section 6.04(z)</u>; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [reserved]; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent not otherwise included in clause (a) above, the aggregate amount of Retained Declined Proceeds retained by any member of the Consolidated Group and on or prior to the Reference Date; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the fair market value of all Qualified Equity Interests of Holdings or any Parent Company issued upon conversion or exchange of Indebtedness or Disqualified Equity Interests of any member of the Consolidated Group after the Closing Date and on or prior to the Reference Date; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the aggregate amount of (i) Restricted Payments made using the Available Amount pursuant to <u>Section 6.08(a)(xvii)</u>, (ii) Investments made using the Available Amount pursuant to <u>Section 6.04(z)</u> and (iii) prepayments, redemptions, acquisitions, retirements, cancellations, terminations and repurchases of Indebtedness made using the Available Amount pursuant to <u>Section 6.08(b)(ix)</u>, in each case during the period from and including the Business Day immediately following the Closing Date through and including the Reference Date (without taking account of the intended usage of the Available Amount on such Reference Date).

For purposes of clarification, if more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the amount of the Available Amount immediately prior to the taking of such action, the permissibility of the taking of each such action shall be determined independently (i.e. each independently reducing the Available Amount for determination of the Available Amount available for the other actions to occur on such date) and in no event may any two or more such actions be treated as occurring simultaneously.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>Section 2.14(e)</u> but including, for the avoidance of doubt, any tenor for such Benchmark that is added to the definition of "Interest Period" pursuant to <u>Section 2.14(e)</u>.

"<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, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Bank Levy</u>" means any amount payable by any Recipient or any of its Affiliates on the basis of, or in relation to: (a) its balance sheet or capital base or any part of that person or its liabilities or minimum regulatory capital or any combination thereof (including the UK bank levy as set out in the United Kingdom Finance Act 2011 (as amended), and any other levy or tax in any jurisdiction levied on a similar basis or for a similar purpose; (b) any bank surcharge or banking corporation tax surcharge as set out in the United Kingdom Finance (No. 2) Act 2015 and any other surcharge or tax of a similar nature implemented in any other jurisdiction; or (c) any financial activities taxes (or other taxes) of a kind contemplated in the European Commission consultation paper on financial sector taxation dated 22 February 2011 or the Single Resolution Mechanism established by EU Regulation 806/2014 of 15 July 2014.

"<u>Bankruptcy Code</u>" means Title 11 of the United States Code entitled "Bankruptcy", as now and hereafter in effect, or any successor statute.

"<u>Base Rate</u>" means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the Prime Rate in effect on such day and (c) Term SOFR plus 1.00%, subject to the interest rate floors set forth therein; <u>provided</u> that if the Base Rate shall be less than 0.00%, such rate shall be deemed 0.00% for purposes of this Agreement. Any change in the Base Rate due to a change in any of the foregoing shall be effective on the effective date of such change in the Prime Rate, the Federal Funds Rate or Term SOFR for an Interest Period of one month. If the Base Rate is being used as an alternate rate of interest pursuant to <u>Section 2.14</u>, then the Base Rate shall be the greater of <u>clauses (a</u>) and (<u>b</u>) above and shall be determined without reference to <u>clause (c</u>) above.

"<u>Base Rate Loan</u>" means a Term Loan that bears interest based on the Base Rate. All Base Rate Loans are available only to the Borrowers and only for Loans denominated in U.S. Dollars.

"<u>Benchmark</u>" means, initially, the Term SOFR Reference Rate; provided that if a replacement of a Benchmark has occurred, or a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to a Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 2.14(b)</u>.

"<u>Benchmark Replacement</u>" means, for any Available Tenor and any applicable currency of Loans, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrowers as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities in such currency at such time in the United States and (b) the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to the above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor and applicable currency for any setting of such 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 Borrowers for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities in Dollars at such time in the United States.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement and/or any Term SOFR Loan, any technical, administrative or operational changes (including changes to the definition of "Base Rate", the definition of "Business Day", the definition of "U.S. Government Securities Business Day", the definition of "Interest Period", timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent and the Borrowers reasonably determine may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if such Agent, in consultation with the Borrowers, reasonably determines that adoption of any portion of such market practice is not administratively feasible or if such Agent, in consultation with the Borrowers, determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent the Administrative Agent and the Borrowers determine is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; 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 Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, the central bank for the currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; 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 Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Unavailability Period</u>" means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 2.14</u> and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 2.14</u>.

"<u>Beneficial Owner</u>" means, in the case of a Lender that is classified as a partnership for U.S. federal income tax purposes, the direct or indirect partner or owner of such Lender that is treated, for U.S. federal income tax purposes, as the beneficial owner of a payment by any Loan Party under any Loan Document.

"<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>Board</u>" means the Board of Governors of the Federal Reserve System of the United States of America.

"<u>Bona Fide Debt Fund</u>" means any debt fund or other Person that is engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course and whose managers have fiduciary duties to the third-party investors in such fund or investment vehicle independent of their duties to Holdings or any Equity Investor; <u>provided</u>, however, in no event shall (x) any natural Person or (y) Holdings or any Subsidiary thereof be a "Bona Fide Debt Fund."

"<u>Borrower Materials</u>" has the meaning assigned to such term in <u>Section 5.01</u>.

"<u>Borrowers</u>" has the meaning assigned to such term in the Preamble.

"<u>Borrowing</u>" means a borrowing consisting of Loans of the same Class and Type made, converted or continued on the same date and, in the case of Term SOFR Loans, as to which a single Interest Period is in effect.

"<u>Business Day</u>" means (a) any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Requirements of Law of, or are in fact closed in, New York City or London (United Kingdom) and (b) in relation to Loans referencing Term SOFR and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans referencing Term SOFR or any other dealings of such Loans referencing the Term SOFR, any such day that is a U.S. Government Securities Business Day.

"<u>Capital Lease Obligation</u>" means at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease or operating lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with IFRS. At the time any determination thereof is to be made, the amount of the liability in respect of a lease identified as an "operating lease" by Holdings or a Borrower shall be excluded from the calculation of the aggregate amount of liabilities hereunder and shall not be required to be treated as Capital Lease Obligation or Indebtedness.

"<u>Capitalized Software Expenditures</u>" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Consolidated Group during such period in respect of purchased software or internally developed software and software enhancements that, in conformity with IFRS, are reflected as capitalized costs on the consolidated statement of financial position of the Consolidated Group.

"<u>Captive Insurance Subsidiaries</u>" means, collectively or individually as of any date of determination, those regulated Subsidiaries of the Borrowers primarily engaged in the business of providing insurance and insurance related services to the Borrowers, their other Subsidiaries and/or certain other Persons.

"<u>Cash Equivalents</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Euros, Yen, Canadian Dollars, Pounds, Chinese Yuan Renminbi, Indian Rupees or any national currency of any Participating Member State; and (ii) in the case of any Foreign Subsidiary or any jurisdiction in which any Borrower or any Subsidiary conducts business, such local currencies held by it from time to time in the ordinary course of business or consistent with industry practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) securities issued or directly guaranteed or insured by the government of the United States, the United Kingdom or any country that is a member of the European Union (as it is constituted on the Closing Date) or any agency or instrumentality thereof in each case with maturities not exceeding two years from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers' acceptances having maturities of not more than one year from the date of acquisition thereof issued by (x) any Lender or affiliate thereof or (y) by any bank or trust company (i) whose commercial paper is rated at least "A-2" or the equivalent thereof by S&P or at least "P-2" or the equivalent thereof by Moody's (or if at the time neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) or (ii) (in the event that the bank or trust company does not have commercial paper which is rated) having combined capital and surplus in excess of $100,000,000 (or its foreign currency equivalent);

&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) repurchase obligations for underlying securities of the types described in <u>clauses (b)</u> and <u>(c)</u> entered into with any Person referenced in <u>clause (d)</u> 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;(f) securities with maturities of one year or less from the date of acquisition backed by standby letters of credit issued by any Person referenced in <u>clause (d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) commercial paper rated at the time of acquisition thereof at least "A-2" or the equivalent thereof by S&P or "P-2" or the equivalent thereof by Moody's or carrying an equivalent rating by a Nationally Recognized Statistical Rating Organization, if both of the two named rating agencies cease publishing ratings of investments or, if no rating is available in respect of the commercial paper, the issuer of which has an equivalent rating in respect of its long-term debt, and in any case maturing within one year after the date of acquisition 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;(h) readily marketable direct obligations issued by any Specified Jurisdiction, in each case, having one of the two highest rating categories obtainable from either Moody's or S&P (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities of not more than two years from the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) interests in any investment company, money market or enhanced high yield fund which invests at least 90% of its assets in instruments of the type specified in <u>clauses (a)</u> through

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(h)</u> 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;(j) instruments and investments of the type and maturity described in <u>clause (a)</u> through <u>(i)</u> denominated in any foreign currency which investments or obligors are, in the reasonable judgment of the Borrowers, comparable in investment quality to those referred to above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the marketable securities portfolio owned by any member of the Consolidated Group on the Closing Date and replacements and substitutions made in such portfolio (or, in the case of Holdings, so long as such securities in such portfolio are owned only temporarily to facilitate a transaction permitted hereunder).

"<u>Cash Management Agreement</u>" means any agreement to provide Cash Management Services. "<u>Cash Management Obligations</u>" means, as to any Person, any and all obligations of such Person, 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 Cash Management Agreement.

"<u>Cash Management Services</u>" means any treasury or cash management services, including deposit accounts, overnight draft, credit debit cards, p-cards (including purchasing cards and commercial cards), funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services. For the avoidance of doubt, Cash Management Services do not include Swap Agreements.

"<u>Cash Taxes</u>" means, for any period, taxes of the Consolidated Group, paid in cash for such period.

"<u>CCY Swap Agreements</u>" means the cross-currency swap agreements of the Loan Parties designated as "CCY Swap Agreements" for a specified CCY Swap Agreement Currency by the Borrowers to the Administrative Agent from time to time, which may be designated or un-designated on a currency-pair by currency-pair basis (it being understood that if the Borrowers designate a CCY Swap Agreement in respect of a CCY Swap Agreement Currency, all cross-currency swap agreements of the Loan Parties for such CCY Swap Agreement Currency must be designated as a CCY Swap Agreement in respect of such CCY Swap Agreement Currency).

"<u>CCY Swap Agreement Currency</u>" means a pair of currencies the subject of a CCY Swap Agreement, as designated by the Borrowers in accordance with the definition thereof.

"<u>CCY Swap Termination Value</u>" means, the aggregate net Swap Termination Value of CCY Swap Agreements of the Loan Parties with respect to each CCY Swap Agreement Currency calculated for the master netting agreements governing such CCY Swap Agreements as if the only trades under the relevant ISDAs are such CCY Swap Agreements in such CCY Swap Agreement Currency. For purposes hereof, with respect to the Loan Parties, a positive CCY Swap Termination Value denotes an amount payable to a Loan Party and a negative CCY Swap Termination Value denotes an amount payable by a Loan Party.

"<u>CFC</u>" means any non-U.S. Subsidiary that is owned directly or indirectly by any U.S. Loan Party that is a "controlled foreign corporation" within the meaning of Section 957 of the Code.

"<u>CFC Holding Company</u>" means any U.S. Subsidiary of Holdings that owns no material assets other than cash and cash equivalents and equity interests in and/or debt of one or more (a) CFCs or (b) other U.S. Subsidiaries that own no material assets other than cash and cash equivalents and equity interests in and/or debt of one or more CFCs.

"<u>Change in Control</u>" shall be deemed to occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time and for any reason whatsoever, any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) shall become the "beneficial owner" (as defined in Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly, of more than fifty percent (50%) of the then outstanding Equity Interests of Topco (or, if applicable, a Successor Person); <u>provided</u> that the Equity Investors shall be deemed not to be a "group" for purposes hereof; 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;(b) at any time (i) Topco ceases to own directly 100% of the total issued share capital or voting rights in New Midco, (ii) New Midco ceases to own directly 100% of the total issued share capital or voting rights in Holdings, (iii) Holdings ceases to own directly 100% of the total issued share capital or voting rights in Dundee PIKCO Limited, a company incorporated in England and Wales under the number 06123931 or (iv) a Loan Party ceases to own directly 100% of the total issued share capital or voting rights in any Borrower.

"<u>Change in Law</u>" means (a) the adoption or taking effect of any law, rule, treaty or regulation after the Closing Date, (b) any change in any law, rule, treaty or regulation or in the administration, interpretation, implementation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for purposes of <u>Section 2.15(b),</u> by any lending office of such Lender or by such Lender's holding company, if any) with any request, rule, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date; <u>provided</u> that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States, the United Kingdom or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law" regardless of the date enacted, adopted or issued.

"<u>Class</u>", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Initial Term Loan,<u>Loans,</u> Delayed Draw Term Loans, Incremental Term Loans, Other Term Loans, Extended Term Loans; when used in reference to any Commitment, refers to whether such Commitment is an Initial Term Loan Commitment, Delayed Draw Term Loan Commitments, Incremental Term Commitment, Other Term Commitment; and when used in reference to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular Class. Incremental Term Loans, Extended Term Loans and Other Term Loans (together with the respective Commitments in respect thereof) shall, at the election of the applicable Borrower, be construed to be in different Classes.

"<u>CLO</u>" has the meaning assigned to such term in <u>Section 9.04(b)(iv)</u>.

"<u>Close Brothers Facility</u>" means that certain master sale and hire purchase agreement dated as of December 27, 2023 (as the same may be amended, amended and restated, supplemented or modified from time to time) between Ross & Catherall Limited and Close Leasing Limited in respect of the 5 Ton Consarc Furnace located at Ross & Catherall, Forge Lane, Killamarsh, Sheffield S21 1BA, United Kingdom.

"<u>Closing Date</u>" means April 23, 2024.

"<u>Closing Date Refinancing</u>" means the repayment in full, on the Closing Date, of all Indebtedness of the members of the Holding Company Group which exists on the Closing Date, other than Indebtedness of the members of the Holding Company Group permitted under <u>Section 6.01</u> to remain outstanding following the Closing Date, and the termination or release of all Liens securing such Indebtedness.

"<u>CME Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited as administrator of the forward-looking term SOFR (or a successor administrator).

"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" means any and all "<u>Collateral</u>" or "<u>Secured Assets</u>" (or any other term of similar meaning), as defined in any applicable Security Document, and any and all property of whatever kind or nature subject to or purported to be subject to a Lien under any Security Document, but shall in all events exclude all Excluded Property.

"<u>Collateral Agent</u>" means GLAS Americas LLC, in its capacity as collateral agent for the Secured Parties, and its successors in such capacity as provided in <u>Article VIII</u>.

"<u>Collective Bargaining Agreement</u>" has the meaning assigned to such term in <u>Section 3.12(a)</u>. "<u>Commitment</u>" means with respect to any Person, such Person's Initial Term Loan Commitment, Delayed Draw Term Loan Commitment, Incremental Term Commitment, Other Term Commitment, or any combination thereof (as the context requires).

"<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 U.S.C. § 1 *et seq*.). "<u>Communication</u>" means this Agreement, any Loan Document and any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to any Loan Document.

"<u>Compliance Certificate</u>" means a certificate substantially in the form of <u>Exhibit G</u> annexed hereto.

"<u>Consolidated Capital Expenditures</u>" means, for any period, the additions to property, plant and equipment of the Consolidated Group that are (or should be) set forth in a consolidated statement of cash flows of the Consolidated Group for such period prepared in accordance with IFRS, but excluding in each case any such expenditure (a) made to restore, replace, rebuild, develop, maintain, improve or upgrade property, to the extent such expenditure is made with, or subsequently reimbursed out of, insurance proceeds, indemnity payments, condemnation or similar awards (or payments in lieu thereof) or damage recovery proceeds or other settlements relating to any damage, loss, destruction or condemnation of such property, (b) constituting reinvestment of the Net Proceeds of any event described in <u>clause (a)</u> of the definition of the term "Prepayment Event," (c) made by any member of the Consolidated Group as payment of the consideration for any Acquisition (including any property, plant and equipment obtained as a part thereof), (d) made by any member of the Consolidated Group to effect leasehold improvements to any property leased by such member of the Consolidated Group as lessee, to the extent that such expenses have been reimbursed by the landlord, (e) actually paid for by a third party (excluding the members of the Consolidated Group) and for which no member of the Consolidated Group has provided or is required to provide or incur, directly or indirectly, any consideration or monetary obligation to such third party or any other Person (whether before, during or after such period), (f) constituting Capitalized Software Expenditures or research and development expenditures that are treated as additions to property, plant and equipment or other capital expenditures in accordance with IFRS, (g) made with the net cash proceeds from any issuance of Qualified Equity Interests of Holdings, and (h) the purchase price of equipment that is purchased simultaneously with (but solely to the extent of) the trade in or sale of existing equipment.

"<u>Consolidated Depreciation and Amortization Expense</u>" means, for any period for the Consolidated Group on a consolidated basis and otherwise determined in accordance with IFRS, the total amount of depreciation and amortization expense, including amortization or write-off of (a) tangible and intangible assets and non-cash organization costs, (b) deferred financing fees or costs and (c) costs, capitalized expenditures, customer acquisition costs and incentive payments, conversion costs and contract acquisition costs, the amortization of original issue discount resulting from the issuance of Indebtedness at less than par and amortization of favorable or unfavorable lease assets or liabilities, and any write down of assets or asset value carried on the balance sheet.

"<u>Consolidated EBITDA</u>" for any period means the Consolidated Net Income for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) increased (without duplication) by the following but only (except in the case of <u>clauses (h)</u> and <u>(k)</u> below) to the extent deducted (and not added back or excluded) in computing Consolidated Net Income:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) provision for taxes based on income or profits or capital, including federal, state, provincial, local, foreign, unitary, excise, property, franchise and similar taxes and foreign withholding and similar taxes (including any penalties and interest) paid or accrued during such period and (ii) any dividends and distributions made in such period to Holdings (or, if applicable, a Parent Entity or other direct or indirect owner of Equity Interests in Holdings) in respect of items referred to in subclause (i); <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;(b) Consolidated Interest Expense for such period including rent attributable to leases which is treated as interest expense under IFRS 16 (*Leases*); <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;(c) Consolidated Depreciation and Amortization Expense for such 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;(d) (x) Transaction Costs and (y) any fees, costs, expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any actual, proposed or contemplated issuance or registration (actual or proposed) of Equity Interests, with any Investment, acquisition, disposition, recapitalization, Restricted Payment, Specified Transaction or the incurrence or registration (actual or proposed) and/or repayment of Indebtedness (including any Incremental Facility, any Incremental Equivalent Debt and any refinancing of any thereof) (in each case, whether or not consummated or successful), including (i) such fees, expenses or charges related to any Loans, the offering of any Incremental Equivalent Debt or any Permitted Refinancing, and (ii) any amendment, waiver or other modification of Loans, Incremental Equivalent Debt, any Loan Document, any other Indebtedness or any Equity Interests, in each case, whether or not consummated; <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;(e) the amount of (A) costs, charges, accruals, reserves or expenses attributable to the undertaking and/or implementation of cost savings initiatives and operating expense reductions, restructuring and similar charges, severance, relocation costs, integration and facilities opening and pre-opening costs (including contract termination costs and any costs related to the opening of offices) and other business optimization expenses or costs (including charges directly related to implementation of cost-savings initiatives), signing costs, retention, signing, relocation, recruitment, or completion bonuses and other employee related expenses, transition costs, costs related to closure/consolidation of facilities and curtailments or modifications to pension and postretirement employee benefits plans (including any settlement of pension liabilities), (B) costs and expenses associated with business expansion and startup costs for new business lines, geographic expansion or new products expected to be implemented within twenty-four (24) months of the date thereof, (C) cash charges in respect of the Management Incentive Plan and (D) any one-time expense relating to enhanced accounting functions or other transaction costs, including those associated with becoming part of a public company; <u>provided</u> that the aggregate amount of add backs made pursuant to this clause (e) for any period, when added to the aggregate amount of add backs made pursuant to clauses (h), (k) and (n) of this definition of "Consolidated EBITDA" and clause (c) of the definition of "Consolidated Net Income" for such period, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-backs or deduction, 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;(f) any non-cash charges (including non-cash write-downs, expenses, losses or items, share accruals for incentive compensation and based compensation charge and any impairment charges or the impact of purchase accounting, or other non-cash items classified by the Consolidated Group as special items), except to the extent that any such non-cash charge represents an accrual or reserve for any potential cash item in any future period or amortization of a cash item paid in a prior 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;(g) (x) the amount of consulting and advisory fees (including transaction and fees) and related indemnities and expenses paid or accrued in such period to any Equity Investor or any of their Affiliates to the extent permitted under <u>Section 6.09</u>, (y) [reserved], and (z) non-cash charges in respect of the Management Incentive Plan; <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;(h) the amount of "run-rate" cost savings, operating expense reductions, other operating improvements and initiatives and cost synergies (but excluding revenue synergies) relating to the Transactions, asset sales, mergers and other business combinations, acquisitions, dispositions or divestitures, operating improvements, restructurings, business optimizations, strategic initiatives and other transactions and initiatives consummated or commenced (including, for the avoidance of doubt, any such events prior to the Closing Date) by any member of the Consolidated Group that are factually supportable and projected by the Borrowers in good faith to be reasonably anticipated to result from actions that either have been taken, with respect to which substantial steps have been taken, or are expected to be taken (in the good faith determination of the Borrowers), and to be reasonably anticipated to be realizable, within twenty-four (24) months after the end of such transaction or initiative (which will be added to Consolidated EBITDA as so projected until fully realized and calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, other operating improvements and initiatives and cost synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions; <u>provided</u> further that the aggregate amount of add backs made pursuant to this clause (h) for any period, when added to the aggregate amount of add backs made pursuant to clauses (e), (k) and (n) of this definition of "Consolidated EBITDA" and clause (c) of the definition of "Consolidated Net Income" for such period, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-backs or deduction, 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;(i) any costs or expense incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of Holdings or net cash proceeds of an issuance of Qualified Equity Interests of Holdings (in each case, except to the extent comprising any Cure Amount); <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;(j) the amount of any loss attributable to non-controlling interests; <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;(k) pro forma adjustments and add-backs that are (x) identified or set forth in any quality of earnings analysis or report prepared by financial advisors of nationally recognized standing (including any "Big Four" accounting firm) or other firm reasonably acceptable to the Administrative Agent (it being understood and agreed other nationally recognized accounting firms are acceptable) (such approval not to be unreasonably withheld or delayed)) and delivered to the Administrative Agent in connection with any Acquisition or other Investment not prohibited hereunder and (y) consistent with Regulation S-X (in effect on December 31, 2020); <u>provided</u> that the aggregate amount of add backs made pursuant to this clause (k) for any period, when added to the aggregate amount of add backs made pursuant to clauses (h), (e) and (n) of this definition of "Consolidated EBITDA" and clause (c) of the definition of "Consolidated Net Income" for such period, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-backs or deduction, 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;(l) net realized losses from Swap Obligations or embedded derivatives and related pronouncements and any costs, expenses and premiums incurred in connection with Swap Agreements permitted hereunder; <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;(m) the amount of any minority interest expense consisting of Subsidiary income attributable to minority equity interests of third parties in any non-wholly owned Subsidiary; <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;(n) (y) adjustments related to excess owners' compensation above pro forma compensation, consulting payments and other compensation and expenses paid in cash to owners and management of acquired businesses as acquisition consideration (whether acquired on, after or prior to the Closing Date) and (z) charges, costs and expenses related to enterprise resource planning (ERP); <u>provided</u> that the aggregate amount of add backs made pursuant to this clause (n) for any period, when added to the aggregate amount of add backs made pursuant to clauses (e), (h) and (k) above and clause (c) of the definition of "Consolidated Net Income" for such period, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-backs or deduction, 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;(o) expenses associated with "Project Fusion" in an amount not to exceed (i) for the fiscal year ending December 31, 2024, $5,700,000 and (ii) for the fiscal year ending December 31, 2025, $1,700,000, it being understood and agreed that unused amount under this clause (o) can be carried forward to the next fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) increased by cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to <u>clause (3)</u> below for any previous period and not added back;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) decreased (without duplication) by the sum of: (a) non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period; <u>plus</u> (b) any net realized income or gains from Swap Obligations or embedded derivatives that require similar accounting treatment; <u>plus</u> (c) any net profit attributable to non-controlling interests included in the consolidated financial statements; <u>plus</u> (d) all cash payments made during such period to the extent made on account of non-cash reserves and other non-cash charges added back to Consolidated Net Income pursuant to <u>clause (f)</u> above in a previous period (it being understood that this <u>clause (3)(d)</u> shall not be utilized in reversing any non-cash reserve or charge added to Consolidated Net Income); <u>plus</u> (e) the amount of any minority interest income consisting of Subsidiary loss attributable to minority equity interests of third parties in any non-wholly owned Subsidiary added to Consolidated Net Income (and not deducted in such period from Consolidated Net Income);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) increased or decreased (without duplication) by, as applicable, any adjustments resulting from the application of "Provisions, contingent liabilities and contingent assets" or any comparable regulation.

For purposes of determining compliance with any financial test or ratio hereunder (including any incurrence test), (x) Consolidated EBITDA attributable to any Person, property, business or asset acquired by any member of the Consolidated Group during such period shall be included in determining Consolidated EBITDA for any period, (y) Consolidated EBITDA attributable to any Subsidiary, or any property, business or asset acquired by any member of the Consolidated Group during such period or any operating entity for which historical financial statements are available that is Disposed of during such period shall be excluded in determining Consolidated EBITDA for any period, and (z) except for purposes of calculating the amount of Excess Cash Flow, Consolidated EBITDA shall be calculated on a Pro Forma Basis. Unless otherwise provided herein, Consolidated EBITDA shall be calculated with respect to the Consolidated Group.

For purposes of determining Consolidated EBITDA for any four fiscal quarter period that includes any of the fiscal quarters ending prior to the Closing Date, (a) Consolidated EBITDA for the period of one fiscal quarter ended March 31, 2023 shall be deemed to equal $24,844,000, (b) Consolidated EBITDA for the period of one fiscal quarter ended June 30, 2023 shall be deemed to equal $26,428,000, (c) Consolidated EBITDA for the period of one fiscal quarter ended September 30, 2023 shall be deemed to equal $25,358,000, and (d) Consolidated EBITDA for the period of one fiscal quarter ended December 31, 2023 shall be deemed to equal $23,558,000; <u>provided</u> that (x) any period prior to the Closing Date that is not set forth in the foregoing shall be determined in accordance with the foregoing deemed amounts and (y) all such deemed amounts shall give effect to calculations on a Pro Forma Basis in accordance with <u>Section 1.05</u>.

"<u>Consolidated First Lien Secured Indebtedness</u>" means, as of any date of determination, (i) the aggregate principal amount of Consolidated Total Indebtedness secured by assets of the Borrowers and their respective Subsidiaries on a *pari passu* or senior Lien basis to the Secured Obligations less (ii) the sum of (x) Unrestricted Cash and (y) solely to the extent (1) CCY Swap Agreements have been designated by the Borrowers and (2) the CCY Swap Termination Value is positive, the CCY Swap Termination Value.

"<u>Consolidated Group</u>" means Holdings and its Subsidiaries.

"<u>Consolidated Interest Expense</u>" means, for any period for the Consolidated Group on a consolidated basis (in each case, determined in accordance with IFRS), without duplication, 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;(1) consolidated interest expense or finance costs for such period (including without duplication (a) amortization of original issue discount or premium resulting from the issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances or any similar facilities or financing and hedging agreements, (c) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of any Swap Obligations or other derivative instruments pursuant to IFRS), (d) the interest component of Capital Lease Obligations, (e) net losses, if any, pursuant to interest rate Swap Obligations or other derivative instruments with respect to Indebtedness, (f) fees and expenses paid to the Agents, (g) other bank and financing fees, and (h) costs of surety bonds in connection with financing activities); <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;(2) consolidated capitalized interest expense for such period, whether paid or accrued;

and excluding, interest with respect to Indebtedness of any parent of such Person appearing upon the balance sheet of such Person solely by reason of push-down accounting under IFRS.

For purposes of this definition, interest on a Capital Lease Obligation 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 Obligation in accordance with IFRS.

"<u>Consolidated Net Income</u>" means, for any period, the net income (loss) of the Consolidated Group determined on a consolidated basis in accordance with IFRS; <u>provided</u>, however, that there will not be included in such Consolidated Net Income (other than with respect to <u>clause (o)</u> which shall be included):

&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 profit (loss) for such period of any Person if such Person is not a Subsidiary, except that any equity in the profit of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed by such Person during such period to any member of the Consolidated Group as a dividend or other distribution or as a return on investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any profit (or loss) for such period realized upon the sale or other disposition of any asset or disposed operations of any member of the Consolidated Group (including pursuant to any Sale Leaseback which is not sold or otherwise disposed of in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any extraordinary, unusual or non-recurring gain, income, loss, charge or expense <u>provided</u> that the aggregate amount excluded from the definition of "Consolidated Net Income" pursuant to this clause (c) for any period, when added to the aggregate amount of add backs made pursuant to clauses (e), (h), (k) and (n) of the definition of "Consolidated EBITDA" for such period, shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-backs or deductions, 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;(d) the cumulative effect of a change in accounting principles;

&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 (i) non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based awards and any non-cash deemed finance charges in respect of any pension liabilities or other provisions or on the re-valuation of any benefit plan obligation and (ii) income (loss) attributable to deferred compensation plans or trusts shall be excluded;

&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) all deferred financing costs written off or amortized and premiums paid or other expenses incurred directly in connection with any early extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any unrealized gains or losses in respect of Swap Obligations or any ineffectiveness recognized in earnings related to qualifying hedge transactions or the fair value of changes therein recognized in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of Swap Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without duplication of any items set forth herein, any unrealized foreign currency transaction gains or losses in respect of obligations of any Person denominated in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets and liabilities denominated in foreign currencies determined in accordance with IFRS;

&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) without duplication of any items set forth herein, any unrealized foreign currency translation or transaction gains or losses in respect of Indebtedness or other obligations of any member of the Consolidated Group owing to another member of the Consolidated Group determined in accordance with IFRS;

&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 purchase accounting effects including, but not limited to, adjustments to inventory, property and equipment, software and other intangible assets and deferred revenue in component amounts required or permitted by IFRS and related authoritative pronouncements (including the effects of such adjustments pushed down to the Consolidated Group), as a result of the Transactions, any Specified Transactions, or any consummated Investment or acquisition, or the amortization or write-off of any amounts thereof (including any write-off of in process research and development);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any goodwill or other asset impairment charge or write-off or write-down related to intangible assets, long-lived assets, goodwill, investments in debt or equity securities (including any losses with respect to the foregoing in bankruptcy, insolvency or similar proceedings) and the amortization of intangibles arising pursuant to IFRS;

&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) any after-tax effect of income (loss) from the early retirement, extinguishment or cancellation of Indebtedness or Swap Obligations or other derivative instruments shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) accruals and reserves that are established or adjusted (including any adjustment of estimated payouts on existing earn-outs) that are so required to be established as a result of the Transactions in accordance with IFRS, or changes as a result of adoption or modification of accounting policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any net unrealized gains and losses resulting from Swap Obligations or embedded derivatives that require similar accounting treatment related pronouncements shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) proceeds from any business interruption insurance to the extent not already included in Consolidated Net Income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the amount of any expense to the extent a corresponding amount is received in cash by any member of the Consolidated Group from a Person other than a member of the Consolidated Group, provided such payment has not been included in determining Consolidated Net Income (it being understood that if the amounts received in cash under any such agreement in any period exceed the amount of expense in respect of such period, such excess amounts received may be carried forward and applied against expense in future 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;(q) gains and losses on the sale, exchange or other disposition of assets outside the ordinary course of business or abandonment of assets and from discontinued operations; 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;(r) rental payments under Synthetic Leases.

In addition, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall exclude (i) any expenses and charges that are reimbursed by indemnification or other reimbursement provisions, or so long as the Borrowers have made a determination that there exists reasonable evidence that such amount will in fact be indemnified or reimbursed (and such amount is in fact reimbursed within 365 days of the date of such charge or payment (with a deduction for any amount so added back to the extent not so reimbursed within such 365 days)), in connection with any investment or any sale, conveyance, transfer or other disposition of assets permitted hereunder, (ii) to the extent covered by insurance and actually reimbursed, or, so long as the Borrowers have made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and such amount is in fact reimbursed within 365 days of the date of such payment (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption, (iii) any expenses and charges to the extent paid for, or so long as the Borrowers have made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by (and such amount is in fact reimbursed within 365 days of the date of such payment (with a deduction for any amount so added back to the extent not so reimbursed within 365 days)), any third party other than a member of the Consolidated Group.

"<u>Consolidated Secured Indebtedness</u>" means, as of any date of determination, (i) the aggregate principal amount of Consolidated Total Indebtedness secured by a lien on the assets of the Borrowers and their respective Subsidiaries less (ii) the sum of (x) Unrestricted Cash and (y) solely to the extent (1) CCY Swap Agreements have been designated by the Borrowers and (2) the CCY Swap Termination Value is positive, the CCY Swap Termination Value.

"<u>Consolidated Total Assets</u>" means, as of any date of determination, the amount that would, in conformity with IFRS, be set forth opposite the caption "total assets" (or any like caption) on the consolidated balance sheet of the Consolidated Group as of the most recent Applicable Date of Determination.

"<u>Consolidated Total Indebtedness</u>" means, as of any date, without duplication, the sum of (x) the aggregate outstanding principal amount of Indebtedness of the Consolidated Group, determined on a consolidated basis in accordance with IFRS, in respect of <u>clauses (a)</u>, <u>(b)</u> to the extent overdue by three or more Business Days), <u>(d)</u> (solely with respect to earn-outs that are overdue by three or more Business Days), <u>(e)</u> (to the extent constituting purchase money obligations), <u>(f)</u> (solely in respect of Guarantees by such Person of obligations of the type described in this <u>clause (x)</u> of others), <u>(g)</u>, and <u>(h)</u> (except to the extent undrawn or cash collateralized) of the definition of Indebtedness (other than any intercompany indebtedness among the members of the Consolidated Group), (y) solely to the extent (1) CCY Swap Agreements have been designated by the Borrowers and (2) the CCY Swap Termination Value is negative, the absolute value of the CCY Swap Termination Value and (z) Disqualified Equity Interests.

"<u>Consolidated Working Capital</u>" shall mean, at any date, the excess (which may be a negative number) of (a) the sum of all amounts (other than cash and Cash Equivalents) that would, in conformity with IFRS, be set forth opposite the caption "total current assets" (or any like caption) on a consolidated balance sheet of the Consolidated Group at such date excluding the current portion of income tax receivables, deferred financing fees and assets held for sale over (b) the sum of all amounts that would, in conformity with IFRS, be set forth opposite the caption "total current liabilities" (or any like caption) on a consolidated statement of financial position of the Consolidated Group on such date, including deferred revenue but excluding, without duplication, (i) the current portion of any long term debt and all revolving loans, (ii) all Indebtedness consisting of Loans, ABL Loans, ABL L/C Exposure and Capital Lease Obligations to the extent otherwise included therein, (iii) the current portion of interest payable and (iv) the current portion of income tax liabilities; <u>provided</u> that Consolidated Working Capital shall be calculated without giving effect to (w) purchase accounting, (x) any assets or liabilities acquired, assumed, sold or transferred in any Acquisition or Disposition pursuant to <u>Section 6.05(k)</u> or <u>Section 6.04(bb)</u>, (y) as a result of the reclassification of items from current to non-current and vice versa or (z) changes to Consolidated Working Capital resulting from non-cash charges and credits to consolidated current assets and consolidated current liabilities (including derivatives and tax receivables and liabilities).

"<u>Contribution Notice</u>" means a contribution notice issued by the Pensions Regulator under section 38 or section 47 of the Pensions Act 2004.

"<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. The terms "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto.

"<u>Corresponding Tenor</u>" with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding Business Day adjustment) as such Available Tenor.

"<u>Credit Agreement Refinanced Debt</u>" has the meaning assigned to such term in the definition of "Credit Agreement Refinancing Indebtedness."

"<u>Credit Agreement Refinancing Indebtedness</u>" means Other Term Loans obtained pursuant to a Refinancing Amendment, in each case, issued, incurred or obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, restructure or refinance, in whole or in part, any or all Classes of then existing Term Loans (in each case including any successive Credit Agreement Refinancing Indebtedness) (the "<u>Credit Agreement Refinanced Debt</u>"); <u>provided</u> that (a) such Credit Agreement Refinancing Indebtedness is in an original aggregate principal amount not greater than the aggregate principal amount of the Credit Agreement Refinanced Debt, <u>plus</u> premiums and accrued and unpaid interest, fees and expenses in respect thereof <u>plus</u> fees, expenses, commissions, underwriting discounts, and premiums payable therewith incurred in connection with such Credit Agreement Refinancing Indebtedness, (b) such Credit Agreement Refinancing Indebtedness does not mature prior to the maturity date of, has a Weighted Average Life to Maturity equal to or longer than the Weighted Average Life to Maturity at such time of, the corresponding Class of Credit Agreement Refinanced Debt (without giving effect to amortization for periods where amortization has been eliminated as a result of a prepayment of the applicable Credit Agreement Refinanced Debt), (c) (1) the borrower(s) of such Credit Agreement Refinanced Debt shall be the borrower(s) of the Credit Agreement Refinancing Indebtedness and (2) no Subsidiary is a borrower or a guarantor with respect to such Credit Agreement Refinancing Indebtedness unless such Subsidiary is a Loan Party which shall have previously or substantially concurrently guaranteed or borrowed, as applicable, the Secured Obligations, (d) such Credit Agreement Refinancing Indebtedness shall be secured on a pari passu basis by the same Collateral securing all of the other Secured Obligations and (e) such Credit Agreement Refinanced Debt shall be repaid, defeased or satisfied and discharged, and all accrued and unpaid interest, fees then due and premiums (if any) in connection therewith shall be paid substantially contemporaneously with the incurrence of the Credit Agreement Refinancing Indebtedness. For the avoidance of doubt, (I) Credit Agreement Refinancing Indebtedness consisting of Other Term Loans shall be subject to the requirements set forth in <u>Section 2.21</u>.

"<u>Credit Extension</u>" means each of making of a Loan by a Lender.

"<u>Credit Parties</u>" means the Agents and the Lenders, collectively.

"<u>Cure Amount</u>" has the meaning assigned to such term in <u>Section 7.03</u>.

"<u>Cure Right</u>" has the meaning assigned to such term in <u>Section 7.03</u>.

"<u>Debtor Relief Laws</u>" means the Bankruptcy Code and all other liquidation, winding-up, administration, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization (including the arrangement provisions of any corporate statute to the extent it provides for the compromise or arrangement of debt or any class thereof), examinership, rescue process or similar debtor relief laws of the United States, the United Kingdom or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

"<u>Default</u>" means any event or condition specified in <u>Article VII</u> that after notice, lapse of applicable grace periods or both would, unless cured or waived hereunder, constitute an Event of Default; <u>provided</u> that any Default that results solely from the taking of an action that would have been permitted but for the continuation of a previous Default will be deemed to be cured if such previous Default is cured prior to becoming an Event of Default.

"<u>Default Rate</u>" shall have the meaning set forth in <u>Section 2.13(c)</u>.

"<u>Defaulting Lender</u>" means, subject to <u>Section 2.22(b)</u>, any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender's reasonable determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrowers or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender's obligation to fund a Loan hereunder and states that such position is based on such Lender's reasonable determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrowers, to confirm in writing to the Administrative Agent and the Borrowers that it will comply with its prospective funding obligations hereunder (<u>provided</u> that such Lender shall cease to be a Defaulting Lender pursuant to this <u>clause (c)</u> upon receipt of such written confirmation by the Administrative Agent and the Borrowers), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under the Bankruptcy Code or any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination made in good faith by the Administrative Agent that a Lender is a Defaulting Lender under <u>clauses (a)</u> through <u>(d)</u> above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <u>Section 2.22(b)</u>) upon delivery of written notice of such determination to the Borrowers and each other Lender.

"<u>Delayed Draw Term Borrowing</u>" means a borrowing consisting of Delayed Draw Term Loans of the same Class and Type and, in the case of Term SOFR Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01(b)<u>Section 2.01(c)</u>.

"<u>Delayed Draw Term Loan</u>" shall have the meaning set forth in Section 2.01(b)<u>means, as of the Amendment No. 2 Effective Date, the 2025 Delayed Draw Term Loans</u>.

<u>"Delayed Draw Term</u> <u>Loan Commitment" means, as of the Amendment No. 2 Effective Date, the 2025 Delated</u> <u>Draw Term Loan</u> <u>Commitments.</u>

"<u>Delayed Draw Term Loan Commitment</u>" means, as to each Lender, its obligation to make Delayed Draw Term Loans to the Borrowers pursuant to <u>Section 2.01(b)</u>, in an aggregate original principal amount not to exceed the amount set forth opposite such Lender's name on Schedule 2.01 under the caption "Delayed Draw Term Loan Commitment" or in the Assignment and Assumption pursuant to which such Lender takes an assignment of a Delayed Draw Term Loan Commitment pursuant hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The initial aggregate amount of the Delayed Draw Term Loan Commitments is $50.0 million.

"<u>Delayed Draw Termination Date</u>" means the earlier of (i) the date on which the Delayed Draw Term Loan Commitments are reduced to zero in accordance with the terms hereof and (ii) October 23, 2025.

"<u>Designated Non-Cash Consideration</u>" means the fair market value (as determined in good faith by the Borrowers) of non-cash consideration received by any member of the Consolidated Group in connection with a Disposition that is so designated as Designated Non-Cash Consideration pursuant to an officer's certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent payment, redemption, retirement, sale or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with <u>Section 6.05</u>.

"<u>Disposition</u>" or "<u>Dispose</u>" means the sale, transfer, license (including sublicense), lease (as lessor) or other disposition (including any Sale Leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any Equity Interests owned by such Person, or any notes or trade or accounts receivable or any rights and claims associated therewith; <u>provided</u> that "<u>Disposition</u>" and "<u>Dispose</u>" shall be deemed not to include any issuance or sale by such Person of its Equity Interests or other securities to another Person.

"<u>Disqualified Equity Interests</u>" means Equity Interests that by their terms (or by the terms of any security into which they are convertible or for which they are exchangeable) (a) require the payment of any cash dividends (other than dividends payable solely in shares of Qualified Equity Interests or, in the case of any pass through entity, in respect of taxes), (b) mature or are mandatorily redeemable or subject to mandatory repurchase or redemption or repurchase at the option of the holders thereof, in whole or in part and whether upon the occurrence of any event, pursuant to a sinking fund obligation, on a fixed date or otherwise, prior to the date that is 91 days after the then Maturity Date of then outstanding Loans at the time of issuance of such Equity Interests (other than (i) upon payment in full of the Obligations (other than contingent indemnification or other obligations for which no claim has been made) and termination of the Commitments or (ii) upon a "change in control," initial public offering, asset sale, dissolution, liquidation or similar event) or (c) are convertible or exchangeable, automatically or at the option of any holder thereof, into any Indebtedness other than Indebtedness otherwise permitted under <u>Section 6.01</u>; <u>provided</u> that if such Equity Interests are issued pursuant to a plan or other agreement for the benefit of current or former employees of any member of the Consolidated Group or by any such plan or other agreement to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased by such member of the Consolidated Group in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination or cessation of services, death or disability.

"<u>Disqualified Lender</u>" means (i) certain banks, financial institutions and other institutional lenders or Related Funds of institutional lenders, in each case identified in writing to the Initial Lead Arranger prior to the Closing Date, (ii) bona fide competitors of the Consolidated Group (including material customers, suppliers, contractors or sub-contractors of the Consolidated Group) that have been designated in writing by any Loan Party (by no later than three (3) Business Days prior to the effective date of such designation) as "Disqualified Lenders" to the Administrative Agent in accordance with <u>Section 9.01</u> (for posting to the Lenders on the Platform) from time to time, and (iii) in the case of <u>clauses (i)</u> and <u>(ii)</u>, any of their Affiliates that are clearly identifiable as such solely on the basis that such Affiliates' names include the name of the specified bank, financial institution, institutional lender, Related Fund or competitor (excluding in the case of <u>clause (ii)</u>, any Bona Fide Debt Fund that constitutes an Affiliate thereof that is not Disqualified Lender or an Excluded Affiliate); <u>provided</u> that (x) any competitor designated as a Disqualified Lender pursuant to <u>clause (ii)</u> after the relevant trade date of an assignment or effective date of a participation hereunder (including any Affiliate thereof constituting a Disqualified Lender pursuant to <u>clause (iii)</u> hereof) shall not retroactively disqualify a Lender or Participant, as applicable, that was not a Disqualified Lender on such trade date, (y) the Loan Parties' failure to deliver such list (or supplement thereto) in accordance with <u>Section 9.01</u> shall render such list (or supplement) not received and not effective and (z) "Disqualified Lender" shall exclude any Person that a Loan Party has designated as no longer being a "Disqualified Lender" by written notice delivered to the Administrative Agent from time to time in accordance with <u>Section 9.01</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 an EEA 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>Electing Guarantors</u>" means any Excluded Subsidiary that (a) is incorporated or organized under a Specified Jurisdiction and (b) at the option and in the sole discretion of the Borrowers, has been designated a Subsidiary Loan Party.

"<u>Electronic Record</u>" and "<u>Electronic Signature</u>" shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

"<u>Eligible Assignee</u>" means any Person other than (A) any natural person (or holding company, investment vehicle or trust for a natural person), (B) any Disqualified Lender unless consented to in writing by the Borrowers, (C) any Defaulting Lender or any Affiliate thereof or (D) any Loan Party or Affiliate thereof (other than any Affiliated Lender permitted by <u>Section 9.04(b)(ii)</u>).

"<u>Environmental Laws</u>" means all applicable treaties with the force of law, laws (including common laws), constitutions, rules, regulations, executive orders (with the force of law), codes, ordinances, orders, decrees, writs, judgments, injunctions, promulgated or entered into by or with any Governmental Authority, relating in any way to (a) the protection of the environment, (b) the preservation or reclamation of natural resources, (c) the presence, use, manufacture, production, generation, handling, management, storage, transportation, treatment, recycling, testing, labeling, disposal, Release or threatened Release of, cleanup, control, or exposure to, any Hazardous Material, or (d) to workplace health and safety matters.

"<u>Environmental Liability</u>" means any liability, contingent or otherwise (including any liability for personal injury or damages, costs of medical monitoring, costs of environmental remediation or restoration, or other response actions, natural resource damages, administrative oversight costs, consultants' fees, fines, penalties or indemnities) relating to (a) any actual or alleged violation of, or liability arising under, any Environmental Law or permit, license or approval issued thereunder, (b) the manufacture, production, generation, use, handling, management, transportation, storage, treatment, recycling, testing, labeling or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the presence, Release or threatened Release, cleanup or control of any Hazardous Materials 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>Equity Interests</u>" means shares of capital stock or other share capital, partnership interests, membership interests in a limited liability or exempted company, beneficial interests in a trust or other equity ownership interests in a Person, and any option, warrant or other right entitling the holder thereof to purchase or otherwise acquire any such equity interest.

"<u>Equity Investors</u>" means collectively (a) the direct or indirect equity holders of Topco and (b) those officers, directors and other members of management of any member of the Holding Company Group who own, directly or indirectly, or have the right to acquire, Equity Interests in Holdings or any direct or indirect parent of Holdings on the Closing Date or pursuant to an equity plan or stock option plan or other similar benefit plan.

"<u>Equity Personnel</u>" means the personnel primarily engaged in making investment decisions in respect of any equity fund which has a direct or indirect equity investment in Holdings.

"<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, together with any Loan Party, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(m) or (o) of the Code.

"<u>ERISA Event</u>" means (a) any "reportable event," as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived), (b) with respect to any Plan, a failure to satisfy the minimum funding standards under Section 412 of the Code or Section 302 of ERISA, whether or not waived, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standards with respect to any Plan, (d) the incurrence by any Loan Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan or other liability imposed under Sections 4062, 4063, 4064, or 4069 of ERISA or section 4971 of the Internal Revenue Code, (e) the receipt by any Loan Party or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or plans or to appoint a trustee to administer any Plan, (f) the incurrence by any Loan Party or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, (g) the receipt by any Loan Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent, within the meaning of Title IV of ERISA or (h) any other event or condition that would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer any Plan.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Euro</u>", "<u>euro</u>" or "<u>€</u>" means the single currency of Participating Member States. "<u>Event of Default</u>" has the meaning assigned to such term in <u>Section 7.01</u>.

"<u>Ex-Im Laws</u>" means (a) the U.S. Export Administration Regulations administered by the U.S. Department of Commerce, the International Traffic in Arms Regulations administered by the U.S. Department of State, and any other Requirement of Law concerning export controls; and (b) import and customs laws or regulations administered by U.S. Customs and Border Protection and any other Requirement of Law concerning imports or customs.

"<u>Excess Cash Flow</u>" means, for any period, an amount (to the extent positive) equal to the excess 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;(a) the sum, without duplication, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Net Income for such period (it being agreed that the net income of any Person acquired pursuant to an Acquisition prior to the consummation thereof shall not be included for this purpose);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to the amount of all non-cash charges (including Consolidated Depreciation and Amortization Expense) to the extent deducted in arriving at such Consolidated Net Income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) decreases in Consolidated Working Capital (other than decreases arising from acquisitions by any member of the Consolidated Group completed during the period or as a result of purchase accounting) for such period;

minus (b) the sum, without duplication, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to the amount of all non-cash gains and credits included in arriving at such Consolidated Net Income and cash charges, losses or expense to the extent included in arriving at Consolidated Net Income, and the expenses and charges of the type referred to in the last paragraph of Consolidated Net Income to the extent not reimbursed during such period, in each case, to the extent not included in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without duplication of amounts deducted pursuant to clause (xi) below in prior years, the amount of Consolidated Capital Expenditures, acquisitions of Intellectual Property, capitalized Intellectual Property development, for retention, recruiting, relocation, severance or signing bonuses and expenses made in cash during such period, except to the extent that such Consolidated Capital Expenditures, acquisitions or costs or expenses were financed with the proceeds of Indebtedness of any member of the Consolidated Group (other than borrowings under any revolving credit facility or intercompany Indebtedness (to the extent such intercompany Indebtedness is not funded with any Indebtedness of any member of the Consolidated Group (other than revolving credit facilities))),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of all cash principal payments of Indebtedness of any member of the Consolidated Group during such period but excluding (A) all prepayments of Term Loans (other than prepayments pursuant to <u>Section 2.11(c)(ii)</u>, but solely to the extent that the Disposition at hand increased Consolidated Net Income, and not in excess of such increase), (B) all prepayments of any revolving credit facility to the extent there is not an equivalent permanent reduction in commitments thereunder, and (C) such payments financed with the proceeds of Indebtedness of any member of the Consolidated Group (other than borrowings under any other revolving credit facility or intercompany Indebtedness (to the extent such intercompany Indebtedness is not funded with any Indebtedness of any member of the Consolidated Group (other than revolving credit facilities))),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount equal to the aggregate net non-cash gain on Dispositions by any member of the Consolidated Group during such period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) increases in Consolidated Working Capital for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) payments made by the Consolidated Group during such period in cash in respect of (x) non-current liabilities of the Consolidated Group other than Indebtedness, to the extent not already deducted or excluded from Consolidated Net Income, (y) non-cash charges incurred in a prior period, or (z) items added back to Consolidated Net Income pursuant to clause (c) of the proviso to such definition,

&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) without duplication of amounts deducted pursuant to clause (xi) below in prior fiscal years, the aggregate amount of cash consideration paid by the Consolidated Group (on a consolidated basis) in connection with Investments (including acquisitions and earnout payments) pursuant to <u>Section 6.04</u> (other than pursuant to <u>Section 6.04(z))</u> that are not made in a wholly owned Subsidiary and which are made during such period, in each case, except to the extent financed with the proceeds of Indebtedness of any member of the Consolidated Group (other than borrowings under any revolving credit facility or intercompany Indebtedness (to the extent such intercompany Indebtedness is not funded with any Indebtedness of any member of the Consolidated Group (other than revolving credit facilities))),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the aggregate amount of (x) Restricted Payments paid in cash to any Person other than any member of the Consolidated Group during such period pursuant to <u>Section 6.08</u> (other than pursuant to <u>Section 6.08(a)(xvii)</u>) and (y) voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing made in cash during such period pursuant to <u>Section 6.08</u> (other than pursuant to <u>Section 6.08(b)(ix)</u>) except in each case of clauses (x) and (y), to the extent financed with the proceeds of Indebtedness of any member of the Consolidated Group (other than borrowings under any revolving credit facility or intercompany Indebtedness (to the extent such intercompany Indebtedness is not funded with any Indebtedness of any member of the Consolidated Group (other than revolving credit facilities))),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate amount of expenditures, fees, costs, charges and expenses, in each case, in respect of long-term reserves (including litigation reserves) actually made by the Consolidated Group in cash during such period (including expenditures for the payment of financing fees) to the extent that such expenditures are not deducted or excluded in calculating Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Consolidated Group during such period that are paid in cash in connection with any prepayment of Indebtedness to the extent that such payments are not deducted or excluded in calculating Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) an amount equal to all cash expenditures by any member of the Consolidated Group under Swap Agreements during such fiscal year to the extent not deducted or excluded in arriving at Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the amount of taxes (including penalties and interest) paid in cash or tax reserves set aside or payable in each case in such period to the extent they exceed the amount of tax expense deducted or excluded in determining Consolidated Net Income for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the aggregate amount paid in cash by the Consolidated Group during such period in respect of the Transaction Costs to the extent that such payments are not deducted or excluded in calculating Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the aggregate consideration required to be paid in cash by any member of the Consolidated Group pursuant to binding contracts entered into prior to or during such period relating to Consolidated Capital Expenditures or Investments (including acquisitions and earnout payments) pursuant to <u>Section 6.04</u> that are not made in a Borrower or a wholly owned Subsidiary (the "Scheduled Consideration") (other than Investments in cash and Cash Equivalents) to be consummated or made during the period of four consecutive fiscal quarters of Holdings following the end of such period; <u>provided</u> that to the extent the aggregate amount actually utilized to finance such Consolidated Capital Expenditures or Investments during such subsequent period of four consecutive fiscal quarters is less than the Scheduled Consideration, the amount of the resulting shortfall shall be added to the calculation of Excess Cash Flow at the end of such subsequent period of four consecutive fiscal quarters; 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;(xv) proceeds from any business interruption insurance to the extent added back to Consolidated Net Income in such period.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934.

"<u>Excluded Accounts</u>" means (i) accounts used primarily as (a) payroll accounts, (b) tax accounts, (c) escrow accounts, (d) trust accounts, (e) zero-balance accounts, or (f) non-Specified Jurisdiction accounts, (ii) accounts solely containing funds that are otherwise restricted by law or agreements, (iii) accounts in connection with cash pooling, net to zero balance or other similar cash management arrangements, netting or setting off-arrangement or ring-fenced accounts (or similar), customer/client monies or regulated accounts and (iv) other deposit accounts and securities accounts with average daily balances or assets which shall not at any time exceed $1,000,000 in the aggregate for all such accounts for any period of three consecutive Business Days.

"<u>Excluded Affiliate</u>" means any Affiliates of the Lead Arranger that are engaged as principals primarily in private equity, mezzanine financing or venture capital.

"<u>Excluded Property</u>" means (a) any lease, lease in respect of a Capital Lease Obligation, license, contract, permit, instrument, security, franchise agreement or binding contractual obligation to which such Loan Party is a party or any property subject to a purchase money security interest, or any property governed by any such lease, lease in respect of a Capital Lease Obligation, license, contract, permit, instrument, security, franchise agreement or binding contractual obligation to which such Loan Party is a party and any of its rights or interest thereunder, to the extent, but only to the extent, that a grant of a security interest therein in favor of the Collateral Agent would, under the terms of such lease, lease in respect of a Capital Lease Obligation, license, contract, permit, instrument, security, franchise agreement, purchase money arrangement or binding contractual obligation, be prohibited by or result in a violation of law, rule or regulation or a breach of the terms or a condition of, or constitute a default or forfeiture under, or create a right of termination in favor of or require a consent (other than the consent of any Loan Party or Subsidiary and any such consent which has been obtained (it being understood and agreed that no Loan Party or Subsidiary shall be required to seek any such consent)) of any other party to, such lease, lease in respect of a Capital Lease Obligation, license, contract, permit, instrument, security, franchise agreement, purchase money arrangement or binding contractual obligation (except in the case of a lease in respect of a Capital Lease Obligation or property subject to a Lien permitted pursuant to <u>Section 6.02(c)</u> (to the extent Liens are of the type described in <u>clause (e)</u> of <u>Section 6.02</u>), <u>(d)</u> or <u>(e)</u>, other than to the extent that any such law, rule, regulation, term, prohibition, restriction or condition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction, or any other applicable law (including any Debtor Relief Law) or principles of equity, and other than receivables and proceeds of any of the foregoing the assignment of which is expressly deemed effective under the UCC, or other applicable law notwithstanding such law, rule, regulation, term prohibition or condition); <u>provided</u> that immediately upon the ineffectiveness, lapse or termination of any such law, rule, regulation, term, prohibition, restriction or condition the Collateral shall include, and such Person shall be deemed to have granted a security interest in, all such rights and interests as if such law, rule, regulation, term, prohibition, restriction or condition had never been in effect; (b) any of the outstanding voting Equity Interests issued by a Subsidiary of Holdings that is a CFC or a CFC Holding Company in excess of 65% of the outstanding voting Equity Interests of any such CFC or CFC Holding Company, in such case solely to the extent a guarantee of such CFC or CFC Holding Company could reasonably be expected to result in material adverse tax consequences (as reasonably determined by the Borrowers in consultation with the Administrative Agent (at the direction of the Required Lenders)); (c) any Equity Interests or assets of a Person to the extent that, and for so long as (x) such Equity Interests constitute less than 100% of all Equity Interests of such Person, and the Person or Persons holding the remainder of such Equity Interests are not Holdings, Borrowers or Subsidiaries and (y) the granting of a security interest in such Equity Interests in favor of the Collateral Agent are not permitted by the terms of such issuing Person's Organizational Documents or joint venture documents or otherwise require the consent of a Person or Persons who are not Loan Parties or Subsidiaries (in each case, as in effect at the time such Person becomes a Subsidiary and to the extent not entered into in contemplation thereof), other than to the extent that any such law, rule, regulation, term, prohibition, restriction or condition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction, or any other applicable law (including any Debtor Relief Law) or principles of equity, (d) any Equity Interests in and assets of a Captive Insurance Subsidiary; (e) (i) any motor vehicles and goods which are motor vehicles and other assets or goods subject to certificates of title, (ii) letter of credit rights to the extent not constituting supporting obligations and with a value of less than $4,000,000 individually (except to the extent a security interest therein can be perfected by the filing of a UCC financing statement or other filing or registration in a Specified Jurisdiction), and (iii) commercial tort claims with a claim value of less than $4,000,000 individually (except to the extent a security interest therein can be perfected by the filing of a UCC financing statement or other filing or registration in a Specified Jurisdiction); (f) any U.S. "intent-to-use" trademark applications for which a statement of use or an amendment to allege use has not been filed (but only until such statement or amendment is filed), and solely to the extent, if any, that, and solely during the period, if any, in which, the grant, attachment or enforcement of a security interest therein would impair the validity or enforceability of, or void, any registration that issues from such intent-to-use application under U.S. federal law; (g) any assets as to which the Borrowers reasonably determine (in consultation with, but without the consent of, the Administrative Agent, at the direction of the Required Lenders) that the obtaining a security interest in would result in material adverse tax consequence to any member of the Holding Company Group; provided that, notwithstanding the foregoing, no Loan Party shall be released from any Guaranty or any Security Document, and no Lien in respect of the Equity Interests in any Loan Party shall be released, solely as a result of such Loan Party becoming an Excluded Subsidiary of the type described in clause (c) and clause (e) of the definition thereof; (h) any assets as to which the Borrowers and the Administrative Agent (at the direction of the Required Lenders) reasonably agree in writing that the burden or cost of obtaining a security interest in or perfection thereof are excessive in relation to the benefit to the Lenders of the security to be afforded thereby; (i) Excluded Accounts, (j) any real property leasehold interests; (k) any assets with respect to which the granting of security interests in such assets would be prohibited by any contract permitted under the terms of this Agreement and binding on such assets on the Closing Date or the date of acquisition thereof (not entered into in contemplation thereof and with respect to assets that are subject to such contract), applicable law or regulation (other than to the extent that any such law, rule, regulation, term, prohibition or condition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction, or any other applicable law (including any Debtor Relief Law) or principles of equity, and other than receivables and proceeds of any of the foregoing the assignment of which is expressly deemed effective under the UCC, or other applicable law notwithstanding such law, rule, regulation, term, prohibition or condition), or would require governmental or third party (other than any Loan Party or any Subsidiary) consent, approval, license or authorization or create a right of termination in favor of any Person (other than any Loan Party or any Subsidiary) party to any such contract (after giving effect to the applicable anti-assignment provisions of the UCC, or other applicable law other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC, or other applicable law notwithstanding such prohibition); <u>provided</u> that immediately upon the ineffectiveness, lapse or termination of any such law, rule, regulation, term, prohibition, condition or provision the Collateral shall include, and such Person shall be deemed to have granted a security interest in, all such rights and interests as if such law, rule, regulation, term, prohibition, condition or provision had never been in effect; <u>provided</u> that the exclusions referred to in this <u>clause (k)</u> shall not include any proceeds of any such assets except to the extent such proceeds constitute Excluded Property; (l) any real property that is not Material Real Property; (m) Margin Stock; (n) any assets of any Person that require action under the law of any jurisdiction other than a Specified Jurisdiction to create or perfect a security interest in such assets, including any Intellectual Property; (o) any assets or property (i) in which a Sanctioned Person has an interest (as defined under relevant Sanctions), or (ii) with respect to which a Sanctioned Person has taken any action with respect thereto which would cause a violation of Sanctions by any Person (including any Lender or Agent), (p) [reserved]; and (q) any assets subject to Liens securing permitted Acquired Indebtedness (limited to the acquired assets), Sale Leaseback transaction, Capital Lease Obligation or other purchase money debt, if the contract or other agreement providing for such Indebtedness or Capital Lease Obligation is not entered into in contemplation of the acquisition thereof and prohibits or requires the consent of any Person (other than any Loan Party or any Subsidiary) as a condition to the creation of any other security interest on such equipment or asset and, in each case, such Indebtedness and prohibition or requirement is permitted under this Agreement after giving effect to the applicable anti-assignment provisions of the UCC, or other applicable law, other than the proceeds and receivables thereof, the assignment of which is expressly deemed effective under applicable law, notwithstanding such provision and (r) in the case of any Loan Party that is not incorporated in the United States or a State thereof or the District of Columbia, any assets excluded by application of the Agreed Security Principles. Notwithstanding anything to the contrary, "Excluded Property" shall not include any proceeds, substitutions or replacements of any "Excluded Property" referred to in <u>clauses (a)</u> through <u>(r)</u> (unless such proceeds, substitutions or replacements would constitute "Excluded Property" referred to in any of <u>clauses (a)</u> through <u>(r)</u>); <u>provided</u>, that notwithstanding the foregoing (but subject to 1(b)(xiv) of the Agreed Security Principles), no ABL Collateral shall constitute Excluded Property.

"<u>Excluded Subsidiaries</u>" means: (a) any Subsidiary that is not incorporated or organized under the laws of a Specified Jurisdiction; (b) that is (x) a CFC, (y) a CFC Holding Company, in each case of (x) or (y), solely to the extent of a guarantee in excess of 65% of the outstanding voting Equity Interests of any such CFC or CFC Holding Company could reasonably be expected to result in material adverse tax consequences (as reasonably determined by the Borrowers in consultation with the Administrative Agent (at the direction of the Required Lenders)); (c) a Joint Venture or a Subsidiary that is not otherwise a wholly owned Subsidiary (other than with respect to directors' qualifying or nominee shares); (d) an Immaterial Subsidiary; (e) in the case of any Subsidiary that is not incorporated in the United States or a State thereof or the District of Columbia, any such Subsidiary excluded by application of the Agreed Security Principles; (f) a Captive Insurance Subsidiary; (g) a not-for-profit Subsidiary; (h) any Subsidiary that is prohibited by applicable Requirement of Law or contractual obligation from guaranteeing or granting Liens to secure any of the Secured Obligations or with respect to which any consent, approval, license or authorization from any Governmental Authority would be required for the provision of any such guaranty (but in the case of such guaranty being prohibited due to a contractual obligation, such contractual obligation shall have been in place at the Closing Date or at the time such Subsidiary became a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary); <u>provided</u> that each such Subsidiary shall cease to be an Excluded Subsidiary solely pursuant to this <u>clause (h)</u> if such consent, approval, license or authorization has been obtained; (i) any Subsidiary with respect to which the Borrowers and the Administrative Agent (at the direction of the Required Lenders) reasonably agree that the cost or other consequences (including adverse tax consequences) of providing a guaranty of the Secured Obligations outweigh the benefits to the Lenders; (j) a Subsidiary acquired pursuant to an Acquisition financed with secured Indebtedness permitted to be incurred under <u>Section 6.01</u> and each Subsidiary that is a Subsidiary thereof to the extent such secured Indebtedness prohibits such Subsidiary from becoming a Guarantor subject to the Non-Guarantor Investment Limitation and such prohibition is not created in contemplation of or in connection with such Person becoming a Subsidiary; <u>provided</u> that each such Subsidiary shall cease to be an Excluded Subsidiary solely pursuant to this <u>clause (j)</u> if such secured Indebtedness is repaid or becomes unsecured, if such Subsidiary ceases to Guarantee such secured Indebtedness or such prohibition no longer exists, as applicable; or (k) a Subsidiary that does not have the legal capacity to provide a guarantee of the Secured Obligations (<u>provided</u> that the lack of such legal capacity does not arise from any action or omission of any Borrower or any other Loan Party), in each case other than any Electing Guarantor for so long as such entity is an Electing Guarantor; <u>provided</u>, that notwithstanding the foregoing, no Subsidiary that is an Obligor (as defined in the ABL Agreement) under the ABL Agreement shall constitute an Excluded Subsidiary. Notwithstanding the foregoing, no Subsidiary shall constitute an Excluded Subsidiary if (either at the time it would become an Excluded Subsidiary or thereafter) (x) the primary purpose of which is (A) to evade the collateral or guarantee requirements under the Loan Documents for such Subsidiary with no other justifiable business purpose, or (B) to raise (or to facilitate the raising of) capital for (or any Parent Company of) Holdings or any of its Subsidiaries or (y) such Subsidiary Guarantees or otherwise provides credit support for any Material Indebtedness or Junior Financing of Holdings or any Subsidiary

"<u>Excluded Swap Obligations</u>" means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Loan Party of, or the grant by such Loan Party of a security interest pursuant to the Security Documents to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act at the time the Guaranty of such Loan Party or the grant of such security interest would otherwise have become effective with respect to such related Swap Obligation but for such Loan Party's failure to constitute an "eligible contract participant" (determined after giving effect to <u>Section 1(d)</u> of the Guaranty) at such time.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to any Recipient:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Taxes imposed on or measured by such Recipient's overall net income, profits or capital (however denominated), franchise Taxes, branch profits Taxes and other similar Taxes, in each case, (i) imposed as a result of such Recipient being organized or incorporated under the laws of, being a resident, domicile or national of, maintaining a permanent establishment or other physical presence in, or having its principal office, or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii) that are Other Connection Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to a Lender, any United States federal withholding Taxes that are imposed on a Lender pursuant to a law in effect at the time such Lender becomes a party to this Agreement (or designates a new lending office) except (i) to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts from any Loan Party with respect to such withholding Tax pursuant to <u>Section 2.17</u> of this Agreement or (ii) if such Lender is an assignee pursuant to a request by the Borrowers under <u>Section 2.19(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any withholding Taxes attributable to a Recipient's failure to comply with <u>Section 2.17(e)</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;(e) any withholding Taxes imposed on amounts payable by the Borrowers under FATCA.

&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 Bank Levy (or any amount suffered or incurred in respect of, any payment attributable to, or any liability arising as a consequence of, a Bank Levy).

"<u>Extended Term Loans</u>" has the meaning set forth in <u>Section 2.24(a)(ii)</u>.

"<u>Extending Lenders</u>" has the meaning set forth in <u>Section 2.24(a)(ii)</u>.

"<u>Extension</u>" has the meaning assigned to such term in <u>Section 2.24(a)</u>.

"<u>Extension Amendment</u>" means an amendment to this Agreement in form reasonably satisfactory to the Borrowers executed by each of the Borrowers and Extending Lender, in connection with any Extension, and acknowledged by the Administrative Agent (which acknowledgement shall not be unreasonably withheld, delayed or conditioned).

"<u>Extension Offer</u>" has the meaning assigned to such term in <u>Section 2.24(a)</u>. "<u>Facility</u>" means each Class of Term Loans and/or Term Commitments.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code as of the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future Treasury regulations or official administrative interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

"<u>Federal Funds Rate</u>" means, for any day, the rate per annum calculated by the NYFRB based on such day's federal funds transactions by depository institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; <u>provided</u> that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

"<u>Fee Letters</u>" means collectively, (i) that certain fee letter dated on or about the date hereof by and among the Borrowers, the Administrative Agent and the Collateral Agent and (ii) that certain fee letter dated on or about the date hereof by and between the Borrowers and the Lenders party thereto.

"<u>Financial Covenant</u>" means the financial maintenance covenants set forth in <u>Section 6.06</u>.

"<u>Financial Officer</u>" of any Person means the chief financial officer, vice president or director of finance, principal accounting officer or treasurer of such Person.

"<u>Financial Support Direction</u>" means a financial support direction issued by the Pensions Regulator under section 43 of the Pensions Act 2004.

"<u>First Lien Net Leverage Ratio</u>" means, as of any date of determination, the ratio of (a) Consolidated First Lien Secured Indebtedness as of the Applicable Date of Determination to (b) Consolidated EBITDA of the Consolidated Group for the period of four consecutive fiscal quarters of Holdings most recently ended on the Applicable Date of Determination.

"<u>Fixed Amount</u>" has the meaning assigned to such term in <u>Section 1.13</u>.

"<u>Flood Laws</u>" means the National Flood Insurance Reform Act of 1994 and related legislation. "<u>Floor</u>" means the benchmark rate floor, if any, provided in this Agreement (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Term SOFR, which initial Floor for Term SOFR shall be 2.00%.

"<u>Foreign Plan</u>" means any "employee pension benefit plan" within the meaning of Section 3(2) of ERISA that is a defined benefit plan (as defined in Section 3(35) of ERISA) and is not subject to ERISA pursuant to Section 4(a)(4) of ERISA, that is sponsored, maintained or contributed to (or for which there is an obligation to contribute to) by any Loan Party or any of its Subsidiaries or with respect to which any Loan Party or any of its Subsidiaries has any liability, contingent or otherwise, in each case, that is not subject to the Laws of the United States, whether or not mandated by non-U.S. Laws and is not a UK Plan.

"<u>Foreign Plan Event</u>" means, with respect to any Foreign Plan, (a) the failure to make any employer or employee contributions required by applicable Laws or by the terms of such Foreign Plan; (b) the failure to register or loss of good standing with applicable Governmental Authorities of any such Foreign Plan required to be registered; (c) for a Foreign Plan that is funded or required to be funded, the present value of the accrued benefit liabilities (whether vested or unvested) under each Foreign Plan that is funded, determined as of the end of the most recently ended fiscal year of a Credit Party or any of its Subsidiaries, as applicable, on the basis of actuarial assumptions, each of which is reasonable, exceeds the current value of assets and/or property of such Foreign Plan and for each Foreign Plan that is not funded, the obligations of such Foreign Plan are not properly accrued; (d) receipt of a notice from a Governmental Authority relating to the intention to terminate any such Foreign Plan or to appoint a trustee or similar official to administer any such Foreign Plan or alleging the insolvency of any such Foreign Plan; or (e) any Credit Party or any of their respective Subsidiaries incurs any liability or obligation in connection with the termination of or withdrawal from any Foreign Plan.

"<u>Foreign Subsidiary</u>" means any direct or indirect Subsidiary of Holdings that is not a U.S. Subsidiary or U.K. Subsidiary.

"<u>German ABL Controlled Account</u>" means any ABL Controlled Account (as defined in the ABL Agreement) of a German Guarantor that is subject to a Lien securing the Obligations.

"<u>German Guarantor</u>" means each Subsidiary Loan Party that is a German Subsidiary.

"<u>German Post-Closing Obligations</u>" has the meaning assigned to such term in <u>Schedule 5.17</u>.

"<u>German Security Agreement</u>" collectively means <u>(i)</u> the security agreements entered into by the German Guarantors as set forth on <u>Schedule 5.17</u> <u>and (ii) the security agreements entered into by the German Guarantors on the Amendment No. 2 Effective Date</u>.

"<u>German Subsidiary</u>" means any Subsidiary of Holdings that is incorporated under the laws of Germany.

"<u>German WCF Receivables</u>" means any WCF Receivables (as defined in the ABL Agreement) owing to a German Guarantor.

"<u>Governing Body</u>" means the board of directors or other body (including the member) having the power to direct or cause the direction of the management and policies of a Person that is a corporation, company, partnership, trust, limited liability company, association, Joint Venture or other business entity.

"<u>Governmental Authority</u>" means the government of the United States of America, the United Kingdom, any other nation or any political subdivision thereof, whether federal, state, county, provincial, territorial, local or otherwise, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including the Financial Conduct Authority, the Prudential Regulation Authority and any supra-national bodies such as the European Union or the European Central Bank).

"<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 liability of any other Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other liability 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 liability 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 liability or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or liability; <u>provided</u> that the term "<u>Guarantee</u>" shall not include (x) endorsements for collection or deposit in the ordinary course of business and (y) standard contractual indemnities or product warranties provided in the ordinary course of business; and <u>provided</u> further that the amount of any Guarantee shall be deemed to be the lower of (i) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made and (ii) the maximum amount for which such guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee or, if such Guarantee is not an unconditional guarantee of the entire amount of the primary obligation and such maximum amount is not stated or determinable, the amount of such guaranteeing Person's maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith. The term "<u>Guaranteed</u>" has a meaning correlative thereto.

"<u>Guaranties</u>" means the Guaranty and any other guaranty made by a Guarantor of the Secured Obligations in form and substance reasonably acceptable to the Administrative Agent and the Borrowers and each, a "<u>Guaranty</u>."

"<u>Guarantors</u>" means collectively, all Loan Parties (including the Borrowers in their capacity as Guarantors under the Guaranty), and each, a "Guarantor".

"<u>Guaranty</u>" means the Guaranty executed and delivered by the Loan Parties on the Closing Date, together with each supplement to the Guaranty in respect of the Secured Obligations delivered pursuant to <u>Section 5.12</u> and <u>Section 5.15</u>.

"<u>Hazardous Materials</u>" means all explosive or radioactive substances, materials or wastes and all hazardous or toxic substances, materials, wastes or other pollutants, including petroleum or petroleum distillates, petroleum products, natural gas, natural gas liquids, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, toxic mold, infectious or medical wastes, per- or polyfluoroalkyl substances and all other substances, materials or wastes of similar nature regulated by, or for which liability or standards of conduct are imposed under, any Environmental Law.

"<u>Historical Financial Statements</u>" means, collectively, the unaudited consolidated balance sheet of the Holdings and its Subsidiaries as of December 31, 2023 and the related consolidated statement of income for the period then ended.

"<u>Holding Company Group</u>" means, collectively, Holdings and the Consolidated Group.

"<u>IFRS</u>" means the International Financial Reporting Standards as issued by the International Accounting Standards Board as in effect from time to time, <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;(a) except as otherwise set forth in this Agreement, all ratios and calculations based on IFRS contained in this Agreement shall be computed in accordance with IFRS as in effect on the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time after the Closing Date, the Borrowers may elect to establish that IFRS shall mean IFRS as in effect on or prior to the date of such election; provided further that any such election, once made, shall be irrevocable.

"<u>Immaterial Subsidiary</u>" means, at any date of determination, any Subsidiary; <u>provided</u> that (a) for purposes of this Agreement, at no time shall (i) the Consolidated Total Assets of any individual Immaterial Subsidiary or all Immaterial Subsidiaries in the aggregate as of the Applicable Date of Determination equal or exceed 5% individually or (when excluding Immaterial Subsidiaries that constitute Excluded Subsidiaries pursuant to another clause of the definition of "Excluded Subsidiary") 10% in the aggregate of the Consolidated Total Assets at such date, determined on a Pro Forma Basis, or (ii) the consolidated revenues (other than revenues generated from the sale or license of property between any members of the Consolidated Group) of any individual Immaterial Subsidiary or all Immaterial Subsidiaries in the aggregate for the period of four consecutive fiscal quarter of Holdings ending as of the most recent Applicable Date of Determination equal or exceed 5% individually or (when excluding Immaterial Subsidiaries that constitute Excluded Subsidiaries pursuant to another clause of the definition of "Excluded Subsidiary") 10% in the aggregate of the consolidated revenues (other than revenues generated from the sale or license of property between the members of the Consolidated Group) of the Consolidated Group for such period, determined on a Pro Forma Basis, and (b) if, as of the date the financial statements for any fiscal quarter of Holdings are delivered or required to be delivered pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, the Consolidated Total Assets or revenues of any or all Subsidiaries that theretofore constituted "<u>Immaterial Subsidiaries</u>" shall have, as of the last day of such fiscal quarter (or for the applicable four-quarter period ending as of the last day of such fiscal quarter, as applicable), exceeded the limits set forth in <u>clause (a)</u> above, then within 10 Business Days (or such later date as agreed by the Administrative Agent at the direction of the Required Lenders) after the date such financial statements are so delivered (or so required to be delivered), the Borrowers shall redesignate one or more Immaterial Subsidiaries as Material Subsidiaries, such that, as a result thereof, the Consolidated Total Assets and revenues of any individual Subsidiary or all Subsidiaries in the aggregate, as applicable, that constitute "<u>Immaterial Subsidiaries</u>" do not exceed such limits. Upon any such Subsidiary ceasing to be an Immaterial Subsidiary pursuant to the preceding sentence, such Subsidiary, to the extent not otherwise qualifying as an Excluded Subsidiary, shall comply with <u>Section 5.12</u>, to the extent applicable. Notwithstanding anything herein to the contrary, (x) an Electing Guarantor shall at all times be deemed a Material Subsidiary and (y) each of the Borrowers shall at all times be deemed a Material Subsidiary.

"<u>Incremental Cap</u>" means an amount equal to the sum of (a) the Shared Incremental Amount <u>plus</u> (b) all voluntary prepayments, redemptions and repurchases (including amounts paid pursuant to "yank-a-bank" provisions with credit given to the amount actually paid in cash, if acquired below par) of Term Loans (except, in each case, to the extent funded with proceeds of Long-Term Debt or any refinancing Indebtedness) (<u>provided</u> that this clause (b) will serve to replenish, but not exceed, the amount set forth in the foregoing clause (a)), <u>plus</u> (c) all voluntary prepayments, redemptions and repurchases (including amounts paid pursuant to "yank-a-bank" provisions with credit given to the amount actually paid in cash, if acquired below par) of Other Applicable Indebtedness (in each case, with respect to any such Other Applicable Indebtedness that constitutes revolving Indebtedness, to the extent accompanied by a permanent reduction in revolving commitments) (except, in each case, to the extent funded with proceeds of Long-Term Debt or any refinancing Indebtedness) (<u>provided</u> that this clause (c) will serve to replenish, but not exceed, the amount set forth in the foregoing clause (a)), <u>plus</u> (d) an unlimited amount so long as, solely in the case of this clause (d), after giving effect to the incurrence of the Incremental Facility or the Incremental Equivalent Debt, as applicable (assuming that such Incremental Facility or Incremental Equivalent Debt is drawn in full and excluding the cash proceeds of such Incremental Facility or Incremental Equivalent Debt for purposes of determining Unrestricted Cash) and, after giving effect to a Permitted Acquisition or other permitted Investment consummated in connection therewith, (I) in the case of Incremental Term Loans that are secured by Liens on all or a portion of the Collateral on a basis that is equal in priority to the Liens on the Collateral securing the Secured Obligations under this Agreement (but without regard to the control of remedies), the First Lien Net Leverage Ratio for the Applicable Date of Determination most recently ended calculated on a Pro Forma Basis after giving effect to any such incurrence does not exceed 5.00 to 1.00, (II) in the case of Incremental Term Loans that are secured by Liens on all or a portion of the Collateral on a basis that is junior in priority to the Liens on the Collateral securing the Secured Obligations under this Agreement, the Secured Net Leverage Ratio for the Applicable Date of Determination most recently ended calculated on a Pro Forma Basis after giving effect to any such incurrence does not exceed 6.00 to 1.00, or (III) in the case of Incremental Term Loans that are unsecured, the Total Net Leverage Ratio for the Applicable Date of Determination most recently ended calculated on a Pro Forma Basis after giving effect to any such incurrence does not exceed 6.50 to 1.00, (clauses (I) through (III), the "<u>Ratio Incremental Amount</u>"); provided, that, in the case of any Incremental Facility or Incremental Equivalent Debt in the form of delayed draw term loan commitments, subject to <u>Section 1.13</u>, the Incremental Facility Amendment (or, in the case of Incremental Equivalent Debt, the applicable amending agreement) provides that, as a condition to the actual utilization of such delayed draw term loan commitments, the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio or the Total Net Leverage Ratio test, as applicable, for such usage of the Ratio Incremental Amount is tested at the time of the actual utilization of such delayed draw term loan commitments (provided that, notwithstanding anything to the contrary contained herein, if tested at the actual utilization thereof, such delayed draw term loan commitments shall be disregarded for purposes of calculating any lender consent requirements (other than solely with respect to any waiver of the conditions to funding of such lender's delayed draw term loan commitments) until tested at such actual utilization); provided, further, that (1) any Incremental Facility and/or Incremental Equivalent Debt may be incurred under one or more of clauses (a) through (d) of this definition as selected by the Borrowers in their sole discretion and (2) if any Incremental Facility or Incremental Equivalent Debt is intended to be incurred or implemented under clause (d) of this definition and any other clause of this definition in a single transaction or series of related transactions, (A) the incurrence of the portion of such Incremental Facility or Incremental Equivalent Debt to be incurred or implemented under clause (d) of this definition shall be calculated first without giving effect to any Incremental Facilities or Incremental Equivalent Debt to be incurred or implemented under any other clause of this definition, but giving full effect on a Pro Forma Basis to the use of proceeds of the entire amount of such Incremental Facility or Incremental Equivalent Debt and the related transactions and (B) the incurrence 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 calculated thereafter<u>; provided the 2025 Term Loans, 2025 Delayed Draw Term Loan Commitments and 2025 Delayed Draw Term Loans shall not reduce or otherwise require compliance with the Incremental Cap</u>.

"<u>Incremental Equivalent Debt</u>" means any Indebtedness in an aggregate outstanding principal amount not to exceed, when taken together with all outstanding Incremental Facilities, the Incremental Cap as in effect at the time of determination (after giving effect to any reclassification on or prior to such date of determination); <u>provided</u>, that, (1) such Incremental Equivalent Debt shall not mature prior to the date that is the Latest Maturity Date then in effect or have a Weighted Average Life to Maturity less than the remaining Weighted Average Life to Maturity of the then outstanding Term Loans (without giving effect to amortization for periods where amortization has been eliminated as a result of a prepayment of such Term Loans), (2) such Incremental Equivalent Debt (x) shall be secured by a Lien on the Collateral on a parity basis with, or on a junior basis to, the Lien on the Collateral securing the Secured Obligations or (y) may be unsecured; <u>provided</u> that, if secured, such Incremental Equivalent Debt shall be secured only by assets that constitute Collateral, (3) no Subsidiary shall be a borrower or a guarantor with respect to such Incremental Equivalent Debt unless such Subsidiary is a Loan Party (or substantially concurrently with the incurrence thereof becomes a Loan Party), (4) [reserved], (5) (x) if such Incremental Equivalent Debt is secured by a Lien on the Collateral, the Liens securing such Incremental Equivalent Debt shall be subject to an Acceptable Intercreditor Agreement and (y) if such Incremental Equivalent Debt is subordinated to the Obligations or Secured Obligations, such Incremental Equivalent Debt shall be subject to an Acceptable Intercreditor Agreement, (6) the pricing, interest rate margins, discounts, premiums, rate floors and fees applicable to such Indebtedness shall be determined by the Borrowers and the lenders providing such Indebtedness; <u>provided</u>, that such Incremental Equivalent Debt shall be subject to the MFN Adjustment, (7) subject to <u>Section 1.12</u>, immediately before and after giving effect to the incurrence of such Incremental Equivalent Debt, no Event of Default has occurred and is continuing or would result therefrom and (8) other terms may differ from the terms of this Agreement and the other Loan Documents and shall be determined by the Borrowers and the lenders providing such Indebtedness; <u>provided</u>, however, the covenants and events of default applicable to such Indebtedness, if not consistent with the terms of this Agreement and the other Loan Documents shall not be materially more restrictive to Holdings, Borrowers and Subsidiaries (as determined in good faith by the Borrowers), when taken as a whole, than the terms of this Agreement and the other Loan Documents, unless (x) the Lenders receive the benefit of such more restrictive terms pursuant to an amendment executed by the Borrowers and the Administrative Agent (it being understood that no consent of any such Lender shall be required to receive the benefit of such more restrictive terms) or (y) any such provisions apply after the Latest Maturity Date then in effect.

"<u>Incremental Facility</u>" has the meaning assigned to such term in <u>Section 2.20(a)</u>.

"<u>Incremental Facility Amendment</u>" has the meaning assigned to such term in <u>Section 2.20(d)</u>.

"<u>Incremental Term Commitment</u>" means, with respect to each Lender, the commitment, if any, of such Lender to make an Incremental Term Loan under any Incremental Facility Amendment with respect thereto, expressed as an amount representing the maximum principal amount of the Incremental Term Loans to be made by such Lender under such Incremental Facility Amendment, as such commitment may be (a) reduced from time to time pursuant to <u>Section 2.08</u> and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to <u>Section 9.04</u> or as otherwise set forth herein.

"<u>Incremental Term Loan</u>" means a Loan made under an Incremental Facility.

"<u>Incurrence-Based Amount</u>" has the meaning assigned to such term in <u>Section 1.13</u>.

"<u>Indebtedness</u>" of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services, (e) all obligations of the type described in <u>clauses (a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(f)</u>, <u>(g)</u> or <u>(h)</u> of this definition of "Indebtedness" of others secured by (or for which the holder of such Indebtedness has an existing unconditional right to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed by such Person, (f) all Guarantees by such Person of obligations of the type described in <u>clauses (a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e), (g)</u> or <u>(h)</u> of this definition of "Indebtedness" of others, (g) the principal component of Capital Lease Obligations of such Person (other than any indebtedness under any lease, concession, license of property or other arrangement (or guarantee thereof) which is treated as an operating lease by the accounting principles required or permitted by IFRS), (h) all reimbursement obligations of such Person as an account party in respect of letters of credit and letters of guaranty (except to the extent such letters of credit, or letters of guaranty relate to trade payables and such outstanding amounts are satisfied within 30 days of incurrence), (i) the absolute value of the net obligations of such Person under any Swap Agreements (solely to the extent negative) (it being understood that such netting shall be limited to obligations among Swap Agreements) and (j) all Disqualified Equity Interests of such Person; <u>provided</u>, however, that (A) intercompany Indebtedness among the members of the Consolidated Group and (B) obligations constituting Indebtedness that is non-recourse to the members of the Consolidated Group shall only constitute "Indebtedness" for purposes of <u>Section 6.01</u> and not for any other purpose hereunder. The Indebtedness of any Person shall include the Indebtedness of any partnership in which such Person is a general partner to the extent such Person is liable therefor as a result of such Person's ownership interest in such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Notwithstanding the foregoing, in no event shall the following constitute Indebtedness: (v) accrued expenses, (w) trade accounts payable, deferred revenues, liabilities associated with customer prepayments and deposits and any such obligations incurred under ERISA, and other accrued obligations (including transfer pricing), in each case incurred in the ordinary course of business, (x) operating leases, (y) customary obligations under employment agreements and deferred compensation and (z) deferred revenue and deferred tax liabilities. In addition, notwithstanding the foregoing, the term "<u>Indebtedness</u>" shall not include contingent post-closing purchase price adjustments, non-compete or consulting obligations or, unless not paid within three Business Days of becoming due and payable, earn-outs, in each case, to which the seller in an Acquisition or Investment may become entitled. The amount of Indebtedness of any Person for purposes of <u>clause (e)</u> above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by such Person in good faith. The amount of any net obligation under any Swap Agreement on any date shall be deemed to be the Swap Termination Value thereof as of such date.

"<u>Indemnified Taxes</u>" means (a) all Taxes (other than Excluded Taxes) imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in <u>clause (a)</u>, Other Taxes.

"<u>Indemnitee</u>" has the meaning assigned to such term in <u>Section 9.03(b)</u>.

"<u>Information</u>" has the meaning assigned to such term in <u>Section 9.12</u>.

"<u>Initial Term</u> <u>Loan</u>"<u>Loans" collectively</u> means the term loan made by a Lender to the Borrowers on the Closing Date pursuant to <u>Section 2.01(a)</u><u>, and, on and after the Amendment No. 2 Effective Date, the 2025 Term Loans</u>.

"<u>Initial Term Loan Commitment</u>" means, with respect to each Term Lender, the commitment of such Term Lender to make the Initial Term Loan<u>Loans</u> hereunder on the Closing Date pursuant to <u>Section 2.01(a)</u>, expressed as an amount representing the maximum principal amount of the Initial Term Loan<u>Loans</u> to be made by such Term Lender hereunder. The aggregate amount of each Term Lender's Initial Term Loan Commitment is set forth on <u>Schedule 2.01</u>. The aggregate principal amount of the Initial Term Loan<u>Loans</u> Commitments of all the Term Lenders <u>on the Closing Date</u> is $500,000,000.

"<u>Intellectual Property</u>" has the meaning assigned to such term in the U.S. Security Agreement.

"<u>Intercompany License Agreement</u>" means any cost sharing/transfer agreement, commission or royalty agreement, license (including sublicense) agreement, distribution agreement, services agreement, Intellectual Property rights transfer agreement or any related agreements, in each case where all the parties to such agreement are one or more members of the Consolidated Group.

"<u>Intercreditor Agreement</u>" means that certain intercreditor agreement dated on or about the date hereof by and among Alloy Parent Limited, as the parent, Dundee Pikco Limited, as the company, GLAS USA LLC, as the original senior agent, GLAS Americas LLC, as the security agent, Wells Fargo Capital Finance (UK) Limited, as the original ABL agent and as the ABL security agent, and others.

"<u>Interest Payment Date</u>" means, the last Business Day of each March, June, September and December and the maturity date of the Facility under which such Loan was made.

"<u>Interest Period</u>" means, as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the next Interest Payment Date; <u>provided</u> that: no Interest Period shall extend beyond the maturity date of the Facility under which such Loan was made.

"<u>Investment</u>" means (a) any acquisition by any member of the Consolidated Group, whether by purchase, merger, amalgamation, consolidation, contribution or otherwise, of at least a majority of the assets or property and/or liabilities (or any other substantial part for which financial statements or other financial information is available), or a business line, product line, unit or division, of any other Person, (b) any purchase or other acquisition by any member of the Consolidated Group of, or of a beneficial interest in, any Equity Interests or Indebtedness of any other Person (including any Subsidiary) or any Guarantee by any members of the Consolidated Group of the obligations of any other Person and (c) any loan or advance constituting Indebtedness of such other Person (other than trade or accounts receivable, trade credit, advances to officers, directors, members of management and employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the ordinary course of business) or capital contribution by any member of the Consolidated Group to any other Person (including any Subsidiary). The amount of any Investment outstanding as of any time shall be the original cost of such Investment (which, in the case of any Investment constituting the contribution of an asset or property, shall be based on the Borrowers' good faith estimate of the fair market value of such asset or property at the time such Investment is made) <u>plus</u> the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment, less all Returns received by any member of the Consolidated Group in respect thereof.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>Joint Venture</u>" means a joint venture, joint operation, partnership or similar arrangement, whether in corporate, partnership or other legal form.

"<u>Junior Financing</u>" means, collectively, (a) any Indebtedness that is contractually subordinated in right of payment to any of the Secured Obligations and (b) any Material Indebtedness that is secured by a Lien that is junior to the Liens securing the Secured Obligations (but excluding, for the avoidance of doubt, the ABL Agreement (and any Permitted Refinancing thereof)).

"<u>Junior Financing Prepayment</u>" has the meaning assigned to such term in <u>Section 6.08(b)</u>.

"<u>Latest Maturity Date</u>" means, at any date of determination, the latest maturity date applicable to any Loan or Commitment hereunder at such time, including the latest maturity date of any Initial Term Loan, Delayed Draw Term Loan, Incremental Term Loan, Extended Term Loan, Other Term Loan, Other Term Commitment, in each case as extended in accordance with this Agreement from time to time.

"<u>LCT End Date</u>" has the meaning assigned to such term in <u>Section 1.12</u>.

"<u>Lead Arranger</u>" means (a) with respect to this Agreement, Jefferies LLC in its capacity as sole lead arranger and sole bookrunner (in such capacity, the "<u>Initial Lead Arranger</u>") and (b) with respect to any amendment, modification, consent or waiver to this Agreement, each Person identified on the cover page to such amendment, modification, consent or waiver to this Agreement as a lead arranger or bookrunner.

"<u>Lenders</u>" means the Persons who are "Lenders" under this Agreement on the Closing Date, any Additional Lenders, any Additional Refinancing Lenders and any other Person that shall have become a party hereto as a Lender pursuant to <u>Section 9.04</u> (or, if the Commitments have terminated or expired, a Person holding Loans), other than any such Person that ceases to be a party hereto pursuant to <u>Section 9.04</u>.

"<u>Lien</u>" means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, charge, assignment by way of security, transfer by way of security, hypothecation, security interest, hypothec or similar encumbrance given in the nature of a security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, title retention (including extended retention of title), consignment, capital or finance lease or similar arrangements for the sale of goods (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.

"<u>Limited Condition Transaction</u>" has the meaning assigned to such term in <u>Section 1.12</u>.

"<u>Limited Condition Transaction Lapse Date</u>" means the date that is one-hundred fifty (150) days from the date of the execution of the definitive agreement with respect to such Limited Condition Transaction plus an additional one-hundred eighty (180) days (for a total of three-hundred thirty (330) days) to the extent that (i) such Limited Condition Transaction has not been consummated on or before such one-hundred fiftieth day solely due to pending regulatory approval and (ii) such extension has been agreed by the lenders providing any Incremental Facility to be made in connection therewith, solely when an Incremental Facility shall be incurred in connection therewith.

"<u>Loan Documents</u>" means this Agreement, the Intercreditor Agreement, each Incremental Facility Amendment, each Extension Amendment, each Refinancing Amendment, the Security Documents, the Guaranties, the Fee Letters, any intercreditor or subordination agreement (including any Acceptable Intercreditor Agreement) contemplated hereby and entered into in connection with the commercial lending facility made available hereunder by the Administrative Agent and/or the Collateral Agent and a Loan Party, and, except for purposes of <u>Section 9.02</u>, the Notes.

"<u>Loan Notice</u>" means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Term SOFR Loans, pursuant to <u>Section 2.07</u>, which shall be substantially in the form of <u>Exhibit A</u> or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the applicable Borrower.

"<u>Loan Parties</u>" means, collectively, Holdings, the Borrowers and the Subsidiary Loan Parties.

"<u>Loans</u>" means the Initial Term Loan,<u>Loans,</u> Delayed Draw Term Loans, Incremental Term Loans, and any other loans made by any Lenders to a Borrower pursuant to this Agreement, any Incremental Facility Amendment, Extension Amendment or any Refinancing Amendment.

"<u>Long-Term Debt</u>" means any Indebtedness that, in accordance with IFRS, constitutes (or, when incurred, constituted) a long-term liability.

"<u>Majority in Interest</u>", when used in reference to Lenders of any Class, means, at any time in the case of any Lenders of any other Class, Lenders holding Loans or unused Commitments of such Class representing more than 50% of the aggregate principal amount of all Loans and unused Commitments of such Class outstanding or in effect at such time; <u>provided</u> that, for the purpose of determining the Majority in Interest needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Affiliated Lender shall be disregarded except as expressly permitted under <u>Section 9.04(g)</u>, (ii) if at any time there are five or more unaffiliated Lenders, "Majority in Interest " shall include at least three unaffiliated Lenders, (iii) if at any time there are two or more unaffiliated Lenders, "Majority in Interest " shall include at least two unaffiliated Lenders and (iii) to the extent that PGIM holds not less than 33.33% of the sum of the aggregate Total Outstandings at such time, "Majority in Interest" shall include PGIM.

"<u>Make-Whole Amount</u>" means an amount equal to the aggregate of (a) the sum of all interest payments (including interest at the Default Rate if an Event of Default has occurred and is continuing at the time the Make-Whole Amount becomes due) that would have accrued or been due on the Loans repaid from and including the date of payment until the one year anniversary of the Closing Date plus (b) an amount equal to 3.00% of the aggregate amount of Loans so repaid, and then such sum discounted to the date of prepayment on a quarterly basis (assuming a 360-day year and actual days elapsed) at a rate equal to the sum of the Treasury Rate plus 0.50%.

"<u>Management Incentive Plan</u>" means that certain management incentive plan as in effect on the Closing Date or as amended, amended and restated, supplemented or otherwise modified in accordance with <u>Section 6.11</u>.

"<u>Margin Stock</u>" has the meaning assigned thereto in Regulation U of the Board.

"<u>Market Capitalization</u>" means, with respect to any Restricted Payment permitted pursuant to <u>Section 6.08(a)(xi)</u>, an amount, determined in good faith by the Borrowers, equal to (a) the total number of issued and outstanding shares of common stock (or equivalent) of the Public Company on the date of the declaration of such Restricted Payment, multiplied by (b) the arithmetic mean of the closing prices per share of such common stock (or equivalent) on the principal securities exchange on which such common stock (or equivalent) is traded for the 30 consecutive trading days immediately preceding the date of declaration of such Restricted Payment.

"<u>Material Adverse Effect</u>" means a material and adverse effect on (i) the business, assets, results of operations or financial condition of the Consolidated Group, taken as a whole, (ii) the remedies available to the Administrative Agent and the Lenders under the Loan Documents or (iii) the ability of the Borrowers and the other Loan Parties, taken as a whole, to perform their payment obligations under this Agreement or any of the other Loan Documents.

"<u>Material Indebtedness</u>" means any Indebtedness (other than the Loans) of any member of the Consolidated Group with an outstanding principal amount exceeding $15,000,000 at any one time outstanding.

"<u>Material Real Property</u>" means any parcel of real property (or set of parcels operated as a single property) located in the United Kingdom or the United States and owned in fee by a Loan Party with a fair market value in excess of $10,000,000.

"<u>Material Subsidiary</u>" shall mean, at any date of determination, each Subsidiary that is not an Immaterial Subsidiary.

"<u>Maturity Date</u>" means (a) with respect to the Initial Term Loan<u>Loans</u> and the Delayed Draw Term Loan<u>Loans</u>, the 6th anniversary of the Closing Date (or if such anniversary is not a Business Day, the next preceding Business Day); <u>provided</u> that to the extent the maturity date under the PIK Facility Agreement has not been extended to a date that is 91 days following the Maturity Date (as determined pursuant to clause (a) hereof) then in effect on or prior to December 5, 2027, the Maturity Date will be deemed to be December 5, 2027 and (b) with respect to any Incremental Term Loan or Extended Term Loan, as provided in the respective documentation therefor, but, as to any specific Term Loan, as the maturity of such Term Loan shall have been extended by the holder thereof in accordance with the terms hereof.

"<u>Maximum Rate</u>" has the meaning assigned to such term in <u>Section 9.13</u>.

"<u>MFN Adjustment</u>" shall mean, with respect to any Indebtedness, that such Indebtedness is subject to the provisions of <u>Section 2.20(c)</u> as though such Indebtedness were incurred as an Incremental Facility.

"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Mortgage</u>" means each mortgage, deed of trust, deed to secure debt, or other real estate security document (including any English law governed debenture) in respect of an owned Real Property delivered by any Loan Party to the Collateral Agent from time to time, in form and in substance reasonably satisfactory to the Collateral Agent, together with all extensions, renewals, amendments, supplements, modifications, substitutions and replacements thereto and thereof.

"<u>Mortgaged Property</u>" means any Material Real Property owned by a Loan Party that is subject to a Mortgage, in favor of the Collateral Agent, securing the Obligations.

"<u>Multiemployer Plan</u>" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"<u>Nationally Recognized Statistical Rating Organization</u>" means a nationally recognized statistical rating organization within the meaning of Rule 436 under the Securities Act.

"<u>Net Proceeds</u>" means, with respect to any event, (a) the cash proceeds (excluding proceeds from business interruption insurance) received in respect of such event, including (x) in the case of a Disposition of an asset (including pursuant to a Sale Leaseback transaction or a casualty or a condemnation or similar proceeding), any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment or earn-out, but excluding any reasonable interest payments), but only as and when received, (y) in the case of a casualty, cash insurance proceeds, and (z) in the case of a condemnation or similar event, cash condemnation awards and similar payments received in connection therewith, minus (b) the sum of (i) all reasonable fees and expenses (including commissions, discounts, transfer taxes and legal, accounting and other professional and transactional fees) paid or payable by any member of the Consolidated Group to third parties in connection with such event, (ii) in the case of a Disposition of an asset (including pursuant to a Sale Leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of payments made or required to be made in respect of Indebtedness (other than the Loans), whether principal, interest, premium or otherwise, secured by such asset or which by applicable law be repaid out of the proceeds of such Disposition, casualty, condemnation or similar proceeding, (iii) the amount of all taxes (or Restricted Payments in respect of such taxes), including as a result of the repatriation of funds, paid (or reasonably estimated to be payable or accrued as a liability under IFRS) by the Consolidated Group or any affiliate thereof as a result of such event, (iv) the amount of any reserves established by the applicable member of the Consolidated Group to fund liabilities estimated to be payable as a result of such event (as determined in good faith by the applicable Responsible Officer of such member of the Consolidated Group) however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be receipt of Net Proceeds occurring on the date of such reduction, (v) in the case of any Disposition or casualty or condemnation or similar proceeding by a non-wholly owned Subsidiary, the <u>pro rata</u> portion of the Net Proceeds thereof (calculated without regard to this <u>clause (v)</u>) attributable to minority interests and not available for distribution to or for the account of a Borrower or a wholly owned Subsidiary as a result thereof and (vi) any funded escrow established pursuant to the documents evidencing any such sale or Disposition to secure any indemnification obligations (or other liabilities associated with such Disposition) or adjustments to the purchase price associated with any such sale or disposition, however, the amount of any subsequent reduction of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be receipt of Net Proceeds occurring on the date of such reduction.

"<u>New Midco</u>" means Alloy Midco Limited, a private company limited by shares incorporated in Jersey with company number 130425, which will directly hold 100% of the shares in the Holdings.

"<u>Non-Consenting Lender</u>" has the meaning assigned to such term in <u>Section 9.02(c)</u>.

"<u>Non-Guarantor Debt Limitation</u>" has the meaning set forth in <u>Section 6.01</u>.

"<u>Non-Guarantor Investment Limitation</u>" has the meaning set forth in the <u>Section 6.04</u>.

"<u>Non-Loan Party</u>" means any Subsidiary other than a Loan Party.

"<u>Note</u>" means a promissory note of the applicable Borrowers evidencing Loans made or held by a Lender, substantially in the form of <u>Exhibit C</u>.

"<u>Notice of Intent to Cure</u>" has the meaning assigned to such term in <u>Section 7.03(b)</u>.

"<u>Notice of Loan Prepayment</u>" means a notice of prepayment with respect to a Loan, which shall be substantially in the form of <u>Exhibit H</u> or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower making such prepayment.

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>Obligations</u>" means all obligations of every nature of each Loan Party from time to time owed to the Administrative Agent, the Collateral Agent, the Lead Arranger, the Lenders or any of them, arising under any Loan Document, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such Loan Party, would have accrued on any Obligation, whether or not a claim is allowed in the related bankruptcy proceeding), prepayment premiums, fees (including fees and expenses which, but for the filing of a petition in bankruptcy with respect to such Loan Party, would have accrued on any Obligation, whether or not a claim is allowed against such Loan Party for such fees and expenses in the related bankruptcy proceeding), expenses, indemnification or otherwise; <u>provided</u> that for the avoidance of doubt, the "Obligations" of any Loan Party shall not include any Excluded Swap Obligations of such Loan Party nor any Second Lien Parallel Debt (as defined in the Intercreditor Agreement).

"<u>OFAC</u>" means the Office of Foreign Assets Control of the United States Department of the Treasury.

"<u>Organizational Documents</u>" of any Person means the charter, constitution, memorandum and articles of association, partnership agreement, articles and/or certificate of organization or incorporation and bylaws or other organizational or governing or constitutive documents of such Person (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction including any unanimous shareholder agreement or declaration).

"<u>Other Applicable Indebtedness</u>" has the meaning set forth in <u>Section 2.11(b)</u>.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between the Recipient and the jurisdiction of the Governmental Authority imposing such Tax (other than any such connection arising solely from such Recipient having executed, delivered, enforced, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, and/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 any and all present or future recording, stamp, court or documentary, intangible, recording, filing or similar Taxes, charges or levies arising from any payment made under any Loan Document or from the execution, delivery, performance, registration or enforcement of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are (i) Excluded Taxes, or (ii) Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 2.19(b)</u>).

"<u>Other Term Commitments</u>" means, with respect to each Additional Refinancing Lender, the commitment, if any, of such Additional Refinancing Lender to make one or more Classes of Other Term Loans under any Refinancing Amendment, expressed as an amount representing the maximum principal amount of the Other Term Loans to be made by such Lender under such Refinancing Amendment, as such commitment may be (a) reduced pursuant to <u>Section 2.08</u> and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to <u>Section 9.04</u> or as otherwise set forth herein.

"<u>Other Term Loans</u>" means one or more Classes of Term Loans made pursuant to or that result from a Refinancing Amendment.

"<u>Overnight Rate</u>" means, for any day, the NYFRB Rate.

"<u>Owned Real Property</u>" has the meaning specified in <u>Section 3.05(a)</u>.

"<u>Owner Real Property Leases</u>" has the meaning specified in <u>Section 3.05(a)</u>.

"<u>Parent Company</u>" means any direct or indirect parent of Holdings (including, after the consummation of a Qualifying IPO, the Public Company).

"<u>Parent Entity</u>" means any holding companies established by any Equity Investor and that holds its investment, directly or indirectly in Holdings.

"<u>Participant</u>" has the meaning assigned to such term in <u>Section 9.04(c)</u>.

"<u>Participant Register</u>" has the meaning assigned to such term in <u>Section 9.04(c</u>).

"<u>Participating Member State</u>" means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

"<u>Parties</u>" means, collectively, Holdings and the Borrowers.

"<u>PATRIOT Act</u>" has the meaning assigned to such term in <u>Section 9.14</u>.

"<u>Payment</u>" has the meaning assigned to such term in <u>Section 8.13(a)</u>.

"<u>Payment Notice</u>" has the meaning assigned to such term in <u>Section 8.13(b)</u>.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"<u>Pensions Regulator</u>" means the body corporate called the Pensions Regulator established under Part I of the Pensions Act 2004.

"<u>Permitted Acquisition</u>" means any Acquisition by any member of the Consolidated Group if (i) subject to <u>Section 1.12</u>, no Event of Default has occurred and is continuing or would result therefrom, (ii) all actions required to be taken with respect to such acquired or newly formed Subsidiary (other than any Excluded Subsidiary) or such acquired assets (other than Excluded Property) under <u>Section 5.12</u> and <u>Section 5.14</u> will be taken in accordance therewith (to the extent required), (iii) such Permitted Acquisition shall not be hostile, (iv) subject to <u>Section 1.12</u>, after giving effect to such Permitted Acquisition (including the principal amount of all Indebtedness incurred or assumed in connection with such Permitted Acquisition that constitutes Consolidated Total Indebtedness and the maximum amount payable in cash in respect of any seller note or any earnout or similar contingent consideration in connection with such Permitted Acquisition), the Parties shall be in compliance, on a Pro Forma Basis, with the First Lien Net Leverage Ratio permitted under <u>Section 6.06</u>, (v) after giving effect to such Acquisition, the Loan Parties are in compliance with <u>Section 6.13</u> and (vi) subject to <u>Section 1.12</u>, the aggregate consideration (including the principal amount of Indebtedness incurred or assumed in connection with such Permitted Acquisition that constitutes Consolidated Total Indebtedness and the maximum amount payable in cash in respect of any seller note or any earnout or similar contingent consideration in connection with such Permitted Acquisition) for all Acquisitions of assets that will not or have not become Collateral or Persons that will not or have not become Guarantors in accordance with <u>Section 5.12</u> or <u>Section 5.14</u>, shall not exceed in the aggregate at any time the Non-Guarantor Investment Limitation.

"<u>Permitted Acquisition Debt</u>" has the meaning assigned to such term in <u>Section 6.01(a)(xxix)</u>.

"<u>Permitted Encumbrances</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens imposed by law for taxes, assessments or other governmental charges or levies that are not yet due or delinquent, are not required to be paid pursuant to Section 5.05, or are being contested in compliance with <u>Section 5.05</u> or for property taxes on property that is not Real Property Collateral that any member of the Consolidated Group has abandoned if the sole recourse for such tax, assessment, charge, levy or claim is to such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) carriers', warehousemen's, supplier's, construction contractor's, workmen, mechanics', materialmen's, repairmen's, carrier's, landlords' and other like Liens, and inchoate or statutory liens, rights of distress and charges, in each case imposed by law or contract, arising in the ordinary course of business and securing obligations (i) that are not yet due or (ii) (x) that are not overdue by more than thirty (30) days, (y) [reserved] or (z) are being contested in compliance with <u>Section 5.05</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;(c) Liens, pledges and deposits made in the ordinary course of business in compliance with workers' compensation, unemployment insurance and other social security laws or regulations (and obligations in respect of letters of credit or bank guarantees that have been posted to support payment of the items);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens, pledges and deposits to secure the performance of (i) bids, government contracts, trade contracts (other than for borrowed money), leases, statutory obligations, deductibles, co-payment, co-insurance, retentions, premiums, reimbursement obligations or similar obligations to providers of insurance, self-insurance or reinsurance obligations, surety, stay, customs and appeal or similar bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) and other similar obligations, in each case incurred in the ordinary course of business and (ii) obligations in respect of letters of credit or bank guarantees that have been posted to support payment of the items set forth in <u>subclause (i)</u> of this <u>clause (d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) attachment or judgment Liens in respect of judgments or decrees that do not constitute an Event of Default under <u>Section 7.01(j)</u> and that have not been recorded against the Real Property 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;(f) easements, zoning restrictions, rights-of-way, encroachments, and similar encumbrances on real property imposed by law or arising in the ordinary course of business that individually or in the aggregate do not materially interfere with the ordinary conduct of business of the applicable Loan Party (or Subsidiary thereof), and that no uncured default by any applicable Loan Party (or Subsidiary thereof) exists with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) customary rights of first refusal and tag, drag and similar rights in Joint Venture agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens arising from Cash Equivalents described in <u>clause (d)</u> of the definition of the term "Cash Equivalents";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reservations, limitations, provisos and conditions expressed in any original grants from the Crown in respect of any property located in the United Kingdom or other grants of real or immovable property, or interests therein, which do not materially affect the use of the affected land for the purpose for which it is used by that Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens on any cash advances or cash earnest money deposits, escrow arrangements or similar arrangements made by any member of the Consolidated Group in connection with any letter of intent or purchase agreement for an acquisition, disposition or other transaction permitted hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) with respect to any Subsidiary that is not a U.S. Subsidiary or U.K. Subsidiary, other Liens and privileges arising mandatorily by any Requirement of Law not as a result of any action or inactions by Holdings or any Subsidiary.

"<u>Permitted Refinancing</u>" means modifications, replacements, restructurings, refinancings, refundings, renewals, amendments, restatements or extensions of all or any portion of Indebtedness (including any type of debt facility or debt security); <u>provided</u> that (a) the amount of such Indebtedness is not increased (unless the additional amount is permitted pursuant to another provision of <u>Section 6.01</u>) at the time of such refinancing, refunding, renewal or extension except by an amount not in excess of the existing unutilized commitments thereunder, accrued but unpaid interest thereon and a reasonable premium paid, and fees and expenses reasonably incurred, in connection with such refinancing, refunding, restructuring, renewal or extension (including any fees and original issue discount incurred in respect of such resulting Indebtedness) (as determined in good faith by the Borrowers), (b) the direct and contingent obligors of such Indebtedness shall not be expanded as a result of or in connection with such refinancing, refunding, restructuring, renewal or extension (other than to the extent any such additional obligors would have been permitted to be the obligor or guarantor of the Indebtedness being modified, replaced, refinanced refunded, restructured, renewed or extended or as otherwise permitted by <u>Section 6.01</u>), (c) to the extent such Indebtedness being so refinanced, refunded, renewed or extended is subordinated in right of payment and/or in right of Lien priority to any of the Secured Obligations, such refinancing, refunding, renewal or extension is subordinated in right of payment and/or in right of Lien priority (or, in the case of Lien subordination, not secured) to such Secured Obligations on terms (taken as a whole) at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being so modified, refinanced, refunded, renewed or extended (as determined in good faith by the Borrowers) or otherwise reasonably acceptable to the Administrative Agent or otherwise permitted under <u>Section 6.01</u> or <u>Section 6.02</u>, and (d) other than with respect to Indebtedness under <u>Section 6.01(a)(iv)</u> or <u>(v)</u> [reserved], such refinancing, refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity not shorter than the Weighted Average Life to Maturity of, the Indebtedness being refinanced, refunded, renewed or extended.

"<u>Permitted Reorganization</u>" means any transaction or undertaking, including Investments, in connection with internal reorganizations and/or restructurings (including in connection with tax planning and corporate reorganizations (which corporate reorganizations shall include an amalgamation by a Loan Party with another Loan Party and a dissolution or wind-up of a Subsidiary of a Loan Party into such Loan Party such that all such Subsidiary's property is transferred to such Loan Party)), so long as, after giving effect thereto, (a) the Loan Parties shall comply with <u>Section 5.12</u> and (b) the value of the Guaranties, taken as a whole, and the security interest of the Secured Parties in the Collateral, taken as a whole, are not materially impaired (including by (x) a material portion of the value of the Guaranties that support all Secured Obligations immediately prior to such Permitted Reorganization no longer supporting all Secured Obligations or (y) a material portion of the assets that constitute Collateral for all Secured Obligations immediately prior to such Permitted Reorganization no longer constituting Collateral for all Secured Obligations) as a result of such Permitted Reorganization (it being understood that the value of the Guarantees or Collateral shall be determined in good faith by the Borrowers after taking into account the practical realization of such value, including, without limitation, in connection with the jurisdiction, location and corporate structure).

"<u>Person</u>" means any natural person, corporation, company, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"<u>PGIM</u>" means PGIM, Inc., its Affiliates, and/or one or more accounts, funds, special purpose vehicles, trusts, partnerships, and/or other entities (including, in each case, any continuation fund or successor of any such entity) which, in each case, are directly or indirectly owned, managed, sub-managed, sponsored, controlled, advised and/or sub-advised by, or associated with, PGIM, Inc. or any of its Affiliates.

"<u>PIK Facility Agreement</u>" means the PIK facility agreement dated on or about March 3, 2020 (as the same may be amended, amended and restated, supplemented or otherwise modified) and made between, among others, Alloy Finco Limited, as the borrower, GLAS USA LLC, as the agent and GLAS Americas LLC, as the security agent.

"<u>Plan</u>" means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which any Loan Party or any ERISA Affiliate has any liability, contingent or otherwise.

"<u>Platform</u>" has the meaning assigned to such term in <u>Section 5.01</u>.

"<u>Post Road Facility</u>" means that certain master lease agreement dated as of December 27, 2022, (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time) by and among Post Road Equipment Finance SPV, LLC, as Lessor and Doncasters, Inc., Sothern Tool LLC and Certified Alloy Products, Inc., collectively as Lessee.

"<u>Prepayment Event</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Disposition (including pursuant to a Sale Leaseback transaction and by way of merger, amalgamation or consolidation) of any property or asset of any member of the Consolidated Group permitted pursuant to <u>clause (k)</u> of <u>Section 6.05</u> resulting in aggregate Net Proceeds exceeding $10,000,000, in the aggregate for all such transactions during any fiscal year of Holdings (and it being understood that only such excess amount shall constitute Net Proceeds for such Prepayment Event); <u>provided</u> that so long as the ABL Agreement (or any Permitted Refinancing thereof) is in effect, and any asset sale proceeds received in respect of the Disposition of any ABL Priority Collateral are required to be applied to repay ABL Loans in accordance with the terms of the ABL Agreement (or such Permitted Refinancing thereof) to maintain compliance with the borrowing base thereunder, any such amount so required to repay the ABL Loans shall not be considered Net Proceeds for such "Prepayment Event" for any purpose 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;(b) the incurrence by any member of the Consolidated Group of any Indebtedness, other than Indebtedness permitted under <u>Section 6.01</u> or otherwise permitted by the Required Lenders (other than Credit Agreement Refinancing Indebtedness); 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;(c) any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any member of the Consolidated Group with a fair market value immediately prior to such event, equal to or greater than $10,000,000; <u>provided</u> that so long as the ABL Agreement (or any Permitted Refinancing thereof) is in effect, any insurance proceeds received in respect of the ABL Priority Collateral the net proceeds of which are required to be applied to repay ABL Loans in accordance with the terms of the ABL Agreement (or such Permitted Refinancing thereof) shall not be considered a "Prepayment Event" for any purpose under this Agreement.

"<u>Prepayment Premium</u>" has the meaning assigned to such term in <u>Section 2.11(h)</u>.

"<u>Prime Rate</u>" means the rate of interest last quoted by The Wall Street Journal as the "Prime Rate" in the U.S. 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 determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"<u>Pro Forma Basis</u>" means, with respect to the calculation of First Lien Net Leverage Ratio, Secured Net Leverage Ratio, Total Net Leverage Ratio, the amount of Consolidated EBITDA or Consolidated Total Assets or any other financial test or covenant or calculation of any ratio hereunder, for purposes of determining the permissibility of asset sales and for any other specified purpose hereunder, and for purposes of determining compliance with the Financial Covenant, in each case as of any date, that such calculation shall give pro forma effect to the Transactions and all Specified Transactions (with any such incurrence or assumption of Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) (and the application of the proceeds from any such asset sale or debt incurrence or assumption) that have occurred (x) during the relevant testing period for which such financial test or ratio is being calculated or (y) except when calculating the First Lien Net Leverage Ratio for the purposes of determining actual compliance (not compliance on a Pro Forma Basis) with the Financial Covenant, during the period immediately following the Applicable Date of Determination therefor and prior to or substantially simultaneously with the event for which the calculation of any such ratio on such date of determination is made, including pro forma adjustments arising out of events which are attributable to the Transactions or the proposed Specified Transaction, including giving effect to the pro forma adjustments specified in accordance with the definition of "Consolidated EBITDA," using, for purposes of determining such compliance with a financial test or ratio (including any incurrence test), the historical financial statements of all entities, divisions or lines or assets so acquired or sold and the consolidated financial statements of the Consolidated Group for the most recent Applicable Date of Determination, calculated as if the Transactions or such Specified Transaction, and all other Specified Transactions consummated during the relevant period, and any Indebtedness incurred, assumed or repaid in connection therewith, had been consummated (and the change in Consolidated EBITDA resulting therefrom) and incurred, assumed or repaid on the first day of such period and Consolidated Total Assets shall also be calculated after giving effect thereto; <u>provided</u> that, for purposes of the foregoing, (a) any such calculation made by reference to, or requiring pro forma compliance with, the Financial Covenant shall be made by reference to the Financial Covenant levels required under Section 6.06, as of the Applicable Date of Determination, (b) for purposes of determining the satisfaction of the condition to certain baskets that the Parties are in compliance with the Financial Covenant on a Pro Forma Basis for any period ending prior to the fiscal quarter of Holdings ending December 31, 2024, notwithstanding clause (a) of this proviso, such condition shall be deemed to be satisfied if (and only if) Parties are in compliance with the Financial Covenant on a Pro Forma Basis based on the financial covenant levels applicable for the fiscal quarter of Holdings ending December 31, 2024, and (c) to the extent any pro forma determination of any ratio test or compliance with the Financial Covenant required to be made under this Agreement in connection with the incurrence of any Incremental Facility, Incremental Equivalent Debt or other Indebtedness, such determination shall be made without including the proceeds of such incurred Incremental Facility, Incremental Equivalent Debt or other Indebtedness as Unrestricted Cash. If since the beginning of any relevant testing period any Person that subsequently became a Subsidiary or was merged, amalgamated or consolidated with or into any member of the Consolidated Group since the beginning of such testing period shall have made any Specified Transaction that would have required adjustment pursuant to this definition, then First Lien Net Leverage Ratio, Secured Net Leverage Ratio, Total Net Leverage Ratio, the amount of Consolidated EBITDA or Consolidated Total Assets shall be calculated to give pro forma effect thereto in accordance with this definition.

Whenever pro forma effect is to be given to the Transactions or a Specified Transaction, the pro forma calculations shall be made in good faith by a Financial Officer of the Borrowers (including adjustments for costs and charges arising out of the Transactions or the proposed Specified Transaction and related restructurings and the "run-rate" cost savings and cost synergies resulting from the Transactions or such Specified Transaction that have been or are reasonably anticipated to be realizable ("run-rate" means the full recurring benefit for a test period that is associated with any action taken or expected to be taken or for which a plan for realization has been established (including any savings expected to result from the elimination of a public target's compliance costs with public company requirements), net of the amount of actual benefits realized during such test period from such actions), and, in each case, including, but not limited to, (w) reduction in personnel expenses and managed compensation, (x) reduction of costs related to administrative functions, (y) reductions of costs related to leased or owned properties and (z) reductions from the consolidation of operations and streamlining of corporate overhead, and any such adjustments included in the initial pro forma calculations shall continue to apply to subsequent calculations of such financial ratios or tests, including during any subsequent test periods in which the effects thereof are expected to be realizable); <u>provided</u> that (i) such amounts are reasonably identified and reasonably quantifiable, factually supportable and projected by the Borrowers in good faith to be reasonably anticipated to result from actions either taken or with respect to which substantial steps are expected to be taken and to be reasonably anticipated to be realizable, within eighteen (18) months after the date of such Transaction or Specified Transaction, as the case may be, (ii) no amounts shall be added pursuant to this paragraph to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA for such test period and (iii) the aggregate amount of all add-backs or adjustments on account of "run-rate" cost savings and cost synergies pursuant to this definition and any other add-backs or adjustments pursuant to this definition that are otherwise of the type described in clauses (e) or (h) of the definition of Consolidated EBITDA, together with any add-backs or adjustments pursuant to clauses (k) of the definition of Consolidated EBITDA and clause (c) of the definition of "Consolidated Net Income", shall not exceed an amount equal to 15% of Consolidated EBITDA for such period (determined after giving effect to such add-back and all other adjustments).

If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of the event for which the calculation is made had been the applicable rate for the entire test period (taking into account any interest hedging arrangements applicable to such Indebtedness). Interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a Financial Officer of the Borrowers to be the rate of interest implicit in such Capital Lease Obligation in accordance with IFRS. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be determined to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen as the Borrowers may designate.

"<u>Proceeds</u>" has the meaning assigned thereto in the UCC.

"<u>Projections</u>" means the customary pro forma financial statements of the Consolidated Group after giving effect to the Transactions (but excluding the impacts of any purchase accounting adjustments) and customary forecasts of financial statements of the Consolidated Group for each year commencing with the first fiscal year following the Closing Date through the fiscal year of 2028.

"<u>Proposed Change</u>" has the meaning assigned to such term in <u>Section 9.02(c)</u>.

"<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</u>" means, following the consummation of a Qualifying IPO, the Person the common Equity Interests of which are publicly traded as a result of such Qualifying IPO (which may, for the avoidance of doubt, be a Person the common Equity Interests of which were publicly traded prior to such Qualifying IPO).

"<u>Public Company Costs</u>" means costs relating to compliance with the Sarbanes-Oxley Act of 2002, as amended, and other expenses arising out of or incidental to any Public Company's status as a reporting company, including costs, fees and expenses (including legal, accounting and other professional fees) relating to compliance with provisions of the Securities Act and the Exchange Act, the rules of securities exchange companies with listed equity securities, directors' compensation, fees and expense reimbursement, shareholder meetings and reports to shareholders, directors' and officers' insurance and other executive costs, legal and other professional fees, and listing fees.

"<u>Qualified Equity Interests</u>" means any Equity Interests other than Disqualified Equity Interests.

"<u>Qualifying IPO</u>" means mean an underwritten public offering of the Equity Interests of Holdings or a Parent Company which generates cash proceeds of at least $50.0 million.

"<u>Ratio Incremental Amount</u>" has the meaning set forth in the definition of Incremental Cap.

"<u>Real Property</u>" means, at any time, any and all of the real property owned or leased by any Loan Party (or Subsidiary thereof), together with, in each case, all improvements and appurtenant fixtures, equipment, personal property, easements and other property and rights incidental to the ownership, lease or operation thereof.

"<u>Real Property Collateral</u>" means any Material Real Property that is encumbered or will be encumbered by a Mortgage pursuant to the terms of this Agreement, the U.S. Security Agreement or the U.K. Security Agreement, as the case may be.

"<u>Real Property Leases</u>" has the meaning specified in <u>Section 3.05(a)</u>.

"<u>Real Property Requirements</u>" means each of the following agreements, instruments, documents, evidence or other items for each Real Property that is or is to be Real Property Collateral, in form and substance, and from providers, reasonably satisfactory to Collateral Agent, at the sole cost and expense of the Loan Parties, in each case to the extent available in the applicable jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) evidence that the Mortgage for such Real Property has been duly executed, acknowledged and delivered by the applicable Loan Party (or Subsidiary thereof) to the Title Company and is in form suitable for filing or recording in all appropriate filing or recording offices that Collateral Agent may reasonably deem necessary or desirable, including the county in which the Real Property is located, in order to create or evidence a valid and subsisting perfected Lien on such Real Property and/or the rights described therein in favor of the Collateral Agent for the benefit of the Lenders, and that all filing and recording taxes and fees have been paid or otherwise provided for, and that such Mortgage has been submitted by the Title Company for recording in all such filing or recording offices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an American Land Title Association/National Society for Professional Surveyors survey, for which all fees and charges have been paid for by Borrowers (or the applicable Loan Party), in each case certified to Collateral Agent and the Title Company (sufficient for the Title Company to remove the standard survey exception from each Title Insurance Policy and issue standard survey related endorsements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Title Insurance Policy issued by the Title Company, and all customary documents, certificates, affidavits and indemnities required by the Title Company as conditions to the issuance of the Title Insurance Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the event that the title commitments, the surveys, or any other reports or documents relating to such Real Property reveal any issues, in Collateral Agent's reasonable discretion and at any time during the term of this Agreement, which may materially and adversely affect the marketability, use, value, or insurability of any Real Property Collateral or the compliance by any Real Property Collateral with any applicable laws (including, without limitation, Environmental Laws), items reasonably necessary for the Loan Parties to correct or otherwise address such issues, to Collateral Agent's reasonable satisfaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a customary zoning report, evidencing such Real Property's compliance with all applicable requirements of Law, together with copies of each letter issued by the applicable Governmental Authority with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if reasonably requested by the Collateral Agent, a Phase I Environmental Site Assessment prepared by a consultant selected by Borrower and if reasonably necessary based upon same, a Phase II Environmental Site Assessment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) an appraisal of the Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) opinions of local counsel for the Loan Parties (and/or the Lenders, as applicable, based on custom in the applicable jurisdiction) in each jurisdiction in which the Real Property Collateral is located, with respect to the enforceability and perfection of the Mortgages and any related fixture filings, and including such other matters as are customarily included in similar opinions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) flood insurance certifications, together with evidence that adequate flood insurance required to be maintained under this Agreement (if any) is in full force and effect, with additional insured, mortgagee and lender loss payable special endorsements attached thereto naming Collateral Agent as additional insured, mortgagee and lender loss payee, as applicable, and evidence that the Loan Parties have taken all actions required under the Flood Laws and/or reasonably requested by Collateral Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Real Property Collateral.

"<u>Recipient</u>" means, as applicable, (a) the Administrative Agent or (b) any Lender.

"<u>Redemption Notice</u>" has the meaning assigned to such term in <u>Section 6.08(b)(viii)</u>.

"<u>Reference Time</u>" with respect to any setting of the then-current Benchmark means if such Benchmark is Term SOFR, 5:00 a.m. (Chicago time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting.

"<u>Refinancing Amendment</u>" means an amendment to this Agreement in form reasonably satisfactory to the Borrowers and the Administrative Agent (at the direction of the Required Lenders) executed by each of (a) Holdings, (b) the Borrowers, (c) the other Loan Parties, (d) to the extent the consent of the Administrative Agent is required for any Additional Refinancing Lender pursuant to <u>Section 2.21</u>, the Administrative Agent, (e) if such amendment directly and adversely affects the rights or duties of the Administrative Agent and/or the Collateral Agent, the Administrative Agent and/or the Collateral Agent, as applicable, and (f) each Additional Refinancing Lender that agrees to provide any portion of the Credit Agreement Refinancing Indebtedness being incurred pursuant thereto, in accordance with <u>Section 2.21</u> and, in each case, acknowledged by the Administrative Agent (which acknowledgement shall not be unreasonably withheld, delayed or conditioned).

"<u>Register</u>" has the meaning assigned to such term in <u>Section 9.04(b)(vi)</u>.

"<u>Related Fund</u>" in relation to a fund (the "<u>first fund</u>"), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

"<u>Related Indemnified Party</u>" means, with respect to any Indemnitee, any controlling person or controlled affiliate of such Indemnitee, and any of the officers, directors, employees, agents, advisors or members of any of such Indemnitee or any of the foregoing; <u>provided</u> that each reference to a controlling person, controlled affiliate, officer, director, employee, agent, advisor or member in this sentence pertains to a controlling person, controlled affiliate, officer, director, employee, agent, advisor or member involved in the negotiation or syndication of the Facilities.

"<u>Related Parties</u>" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors, consultants, service providers and representatives of such Person and of such Person's Affiliates.

"<u>Release</u>" means any release, spill, emission, leaking, dumping, injection, pumping, pouring, emptying, deposit, disposal, discharge, dispersal, escaping, leaching or migration into or through the environment (including ambient air, surface water, groundwater, land surface or subsurface strata).

"<u>Relevant Governmental Body</u>" means with respect to a Benchmark Replacement in respect of Loans denominated in U.S. Dollars, the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"<u>Relevant Rate</u>" means with respect to any Credit Extension denominated in U.S. Dollars, Term SOFR.

"<u>Required Lenders</u>" means, as of any date of determination, subject to <u>Section 2.22</u> and <u>Section 9.02(e)</u>: (a) at any time prior to the earlier of the Loans becoming due and payable pursuant to <u>Section 7.01</u> or the Commitments terminating or expiring, Lenders having Total Outstandings and Commitments representing more than 50% or more of the sum of the aggregate Total Outstandings and Commitments at such time, and (b) for all purposes after the Loans become due and payable pursuant to <u>Section 7.01</u> or the Commitments expire or terminate, Lenders having Total Outstandings representing more than 50% or more of the aggregate Total Outstandings at such time; <u>provided</u> that, (i) in the case of clauses (a) and (b) above, for the purpose of determining the Required Lenders needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Affiliated Lender shall be disregarded except as expressly permitted under <u>Section 9.04(g)</u>, (ii) if at any time there are five or more unaffiliated Lenders, "Required Lenders" shall include at least three unaffiliated Lenders, (iii) if at any time there are two or more (but less than five) unaffiliated Lenders, "Required Lenders" shall include at least two unaffiliated Lenders and (iii) to the extent that PGIM holds not less than 33.33% of the sum of the aggregate Total Outstandings at such time, "Required Lenders" shall include PGIM.

"<u>Required Super-Majority Lenders</u>" means, as of any date of determination, subject to <u>Section 2.22</u> and <u>Section 9.02(e)</u>: (a) at any time prior to the earlier of the Loans becoming due and payable pursuant to <u>Section 7.01</u> or the Commitments terminating or expiring, Lenders having Total Outstandings and Commitments representing more than 75% or more of the sum of the aggregate Total Outstandings and Commitments at such time, and (b) for all purposes after the Loans become due and payable pursuant to <u>Section 7.01</u> or the Commitments expire or terminate, Lenders having Total Outstandings representing more than 75% or more of the aggregate Total Outstandings at such time; <u>provided</u> that, (i) in the case of clauses (a) and (b) above, for the purpose of determining the Required Super-Majority Lenders needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Affiliated Lender shall be disregarded except as expressly permitted under <u>Section 9.04(g)</u>, (ii) if at any time there are five or more unaffiliated Lenders, "Required Super-Majority Lenders" shall include at least three unaffiliated Lenders, (iii) if at any time there are two or more (but less than five) unaffiliated Lenders, "Required Super-Majority Lenders" shall include at least two unaffiliated Lenders and (iii) to the extent that PGIM holds not less than 33.33% of the sum of the aggregate Total Outstandings at such time, "Required Super-Majority Lenders" shall include PGIM.

"<u>Requirement of Law</u>" means, with respect to any Person, any statute, law, treaty, rule, regulation, order, executive order, ordinance, decree, writ, injunction or determination of any arbitrator or court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"<u>Rescindable Amount</u>" has the meaning as defined in <u>Section 2.18(d)</u>.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any U.K. Financial Institution, a U.K. Resolution Authority.

"<u>Responsible Officer</u>" means the chief executive officer, president, chief financial officer, vice president, treasurer, assistant treasurer, secretary, assistant secretary, or controller 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 by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. To the extent requested by the Administrative Agent, each Responsible Officer will provide an incumbency certificate and appropriate authorization documentation, in the form delivered on the Closing Date or otherwise in form and substance reasonably satisfactory to the Administrative Agent.

"<u>Restricted Payment</u>" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in any member of the Consolidated Group, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancelation or termination of any Equity Interests in any member of the Consolidated Group, or any option, warrant or other right to acquire any such Equity Interests in any member of the Consolidated Group, other than the payment of compensation in the ordinary course of business to holders of any such Equity Interests who are employees, members, independent contractors or service providers of any member of the Consolidated Group and other than payments of intercompany indebtedness permitted under this Agreement.

"<u>Retained Declined Proceeds</u>" has the meaning set forth in <u>Section 2.11(f)</u>.

"<u>Return</u>" means, with respect to any Investment, any dividend, distribution, interest, fee, premium, return of capital, repayment of principal, income, profit (from a disposition or otherwise) and any other amount received or realized in respect thereof.

"<u>S&P</u>" means Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC Business.

"<u>Sale Leaseback</u>" means any transaction or series of related transactions pursuant to which any member of the Consolidated Group (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases such property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed.

"<u>Same Day Funds</u>" means disbursements and payments in immediately available funds.

"<u>Sanctioned Country</u>" means, at any time, a country, region or territory which is itself the subject or target of any comprehensive Sanctions (at the time of this Agreement, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, the Crimea, Zaporizhzhia and Kherson regions of Ukraine, Cuba, Iran, North Korea and Syria).

"<u>Sanctioned Person</u>" means, at any time, any Person that is the subject or target of any Sanctions, including (a) any Person listed in any Sanctions-related list of designated Persons maintained by the U.S. government, including by OFAC, the U.S. Department of State or the U.S. Department of Commerce, or by the United Nations Security Council, the European Union, any applicable European Union member state, or His Majesty's Treasury of the United Kingdom, (b) any Person located, organized or resident in a Sanctioned Country, (c) any government that is itself the subject or target of Sanctions (including, at the time of this Agreement, Venezuela), or (d) any Person owned 50% or more or controlled by any such Person or Persons described in the foregoing clauses (a) - (c) (as ownership and control may be defined by the relevant Sanctions).

"<u>Sanctions</u>" means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC, the U.S. Department of State or the U.S. Department of Commerce, or (b) the United Nations Security Council, the European Union, any applicable European Union member states or His Majesty's Treasury of the United Kingdom.

"<u>SEC</u>" means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.

"<u>Secured Net Leverage Ratio</u>" means, as of any date of determination, the ratio of (a) Consolidated Secured Indebtedness as of the Applicable Date of Determination to (b) Consolidated EBITDA of the Consolidated Group for the period of four consecutive fiscal quarters of Holdings most recently ended on the Applicable Date of Determination.

"<u>Secured Obligations</u>" means the Obligations.

"<u>Secured Parties</u>" means, collectively, the Administrative Agent, the Collateral Agent and the Lenders.

"<u>Securities Act</u>" means the U.S. Securities Act of 1933 and the rules and regulations of the SEC promulgated thereunder.

"<u>Security Documents</u>" means the U.S. Security Agreement, the U.K. Security Agreement, the German Security Agreement, the Mortgages and each other security agreement or other instrument or document executed and delivered by a Loan Party pursuant to <u>Section 5.12</u> or <u>Section 5.14</u> to secure the Secured Obligations.

"<u>Shared Incremental Amount</u>" means, as of any date of determination, (a) the greater of (x) $50,000,000 and (y) 50% of Consolidated EBITDA calculated on a Pro Forma Basis, minus (b) the aggregate principal amount of all Incremental Facilities and/or Incremental Equivalent Debt originally incurred or issued in reliance on the Shared Incremental Amount outstanding on such date, in each case after giving effect to any reclassification of any such Indebtedness as having been incurred under clause (d) of the definition of "Incremental Cap" hereunder, minus (c) the aggregate principal amount of Indebtedness incurred pursuant to <u>Section 6.01(a)(vii)</u> outstanding on such date.

"<u>SOFR</u>" means the Secured Overnight Financing Rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>Solvency Certificate</u>" means the solvency certificate executed and delivered on behalf of Holdings by a Financial Officer or Chief Executive Officer of Holdings (in such capacity as an officer of such Borrower and not in any individual capacity) on the Closing Date.

"<u>Solvent</u>" means, with respect to the Consolidated Group, on a consolidated basis, that as of the date of determination: (a) the fair value of the assets of the Consolidated Group, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Consolidated Group, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured in the ordinary course of business; (c) the Consolidated Group, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured in the ordinary course of business; (d) the Consolidated Group, on a consolidated basis, are not engaged in, and are not about to engage in, business contemplated as of the date hereof for which they have unreasonably small capital; and (e) no member of the Consolidated Group has suspended making payments on any of its debts or commenced negotiations with one or more of its creditors (excluding any Credit Party in its capacity as such) with a view to rescheduling its indebtedness) by reason of actual or anticipated financial difficulties. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability.

"<u>Specified Jurisdictions</u>" means any of (a) the United States of America or any State thereof or the District of Columbia, (b) Jersey, (c) the Federal Republic of Germany, and (d) United Kingdom or territory thereof.

"<u>Specified Representations</u>" means the representations and warranties made by Holdings, the Borrowers and, to the extent applicable, each other Guarantor, with respect to Holdings, the Borrowers and the Guarantors, as applicable, set forth in <u>Section 3.01(a)</u> (with respect to organization or incorporation and valid existence) and <u>Section 3.01(b)(ii)</u>, <u>Section 3.02</u>, <u>Section 3.03(b)</u>, <u>Section 3.07(b)</u>, <u>Section 3.14</u>, <u>Section 3.15</u>, <u>Section 3.17</u> (subject to a customary "certain funds" provision) and <u>Section 3.18</u>.

"<u>Specified Transaction</u>" means any (a) disposition of all or substantially all the assets of or all the Equity Interests of any Subsidiary or of any product line, business unit, line of business or division of any Borrower or any Subsidiary for which historical financial statements are available (including the termination or discontinuance of activities constituting a business), (b) Acquisition (including commencement of activities constituting a business), (c) Investment that results in a Person becoming a Subsidiary, (d) [reserved], (e) any incurrence, assumption or repayment of Indebtedness (other than normal fluctuations in revolving Indebtedness incurred for working capital purposes), (f) the proposed incurrence (including assumption) of Indebtedness or making of a Restricted Payment or payment in respect of Indebtedness or other transaction or event in each case in respect of which compliance with any financial ratio is by the terms of this Agreement required to be calculated on a Pro Forma Basis or (g) any cost savings initiatives, operating expense reductions, other operating improvements and initiatives, restructurings, strategic initiatives and other initiatives.

"<u>Subsequent Transaction</u>" has the meaning assigned to such term in <u>Section 1.12</u>.

"<u>Subsidiary</u>" means, with respect to any Person (the "parent") at any date, any corporation, company, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the ordinary voting power for the election of the members of the governing body or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned or controlled by the parent and/or one or more subsidiaries of the parent and, in respect of any entity incorporated or established in Jersey, includes a subsidiary within the meaning of articles 2 and 2A of the Companies (Jersey) Law 1991. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of Holdings.

"<u>Subsidiary Loan Party</u>" means any Subsidiary (other than a Borrower) that has Guaranteed the Secured Obligations pursuant to the Guaranty; <u>provided</u> that, as of the Closing Date, for purposes of Article VI, "Subsidiary Loan Party" will include IVOSTUD GmbH, DONCASTERS Precision Castings-Bochum GmbH and Dundee Holdco GmbH; <u>provided</u> <u>further</u> that to the extent any foregoing Subsidiary shall not have become Guarantors on or prior to 45 days after the Closing Date pursuant to Section 5.17 hereof (or as such date may be extended pursuant to the terms thereof), "Subsidiary Loan Party" shall not include any such Subsidiaries until such Subsidiary shall have become a Guarantor pursuant to Section 5.17 hereof.

"<u>Successor Company</u>" has the meaning assigned to such term in <u>Section 6.03(a)</u>.

"<u>Swap Agreement</u>" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward contracts, future contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, repurchase agreements, reverse repurchase Agreements, sell buy back and buy sell back agreements, and securities lending and borrowing agreements or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. or any similar master agreement (any such master agreement, together with any related schedules, a "<u>Master Agreement</u>"), including any such obligations or liabilities under any Master Agreement.

"<u>Swap Obligation</u>" means, with respect to any Person, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act.

"<u>Swap Termination Value</u>" means, in respect of any one or more Swap Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreement for any date, the amount(s) determined as the mark to market value(s) for such Swap Agreement, as determined by the Borrowers in accordance with the terms thereof and in accordance with customary methods for calculating mark-to-market values under similar arrangements by the Borrowers. For purposes hereof, with respect to the Loan Parties, a positive Swap Termination Value denotes an amount payable to a Loan Party and a negative Swap Termination Value denotes an amount payable by a Loan Party.

"<u>Synthetic Lease</u>" means, as to any Person, any lease (including leases that may be terminated by the lessee at any time) of any property (whether real, personal or mixed) that is designed to permit the lessee (a) to treat such lease as an operating lease, or not to reflect the leased property on the lessee's balance sheet, under IFRS and (b) to claim depreciation on such property for U.S. federal income tax purposes, other than any such lease under which such Person is the lessor.

"<u>Synthetic Lease Obligations</u>" of any Person means the obligations of such Person to pay rent or other amounts under any Synthetic Lease, and the amount of such obligations shall be equal to the sum (without duplication) of (a) the capitalized amount thereof that would appear on a balance sheet of such Person in accordance with IFRS, if such obligations were accounted for as Capital Lease Obligations and (b) the amount payable by such Person as the purchase price for the property subject to such lease assuming the lessee exercises the option to purchase such property at the end of the term of such lease.

"<u>Target Person</u>" has the meaning assigned to such term in <u>Section 6.04</u>.

"<u>Taxes</u>" means any and all present or future taxes, levies, imposts, duties, deductions, assessments, fees, other charges or withholdings (including backup withholding) in the nature of taxation imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term Commitment</u>" means, with respect to any Person, such Person's Initial Term Loan Commitment, Delayed Draw Term Loans Commitment, Incremental Term Commitment, Other Term Commitment or any combination thereof (as the context requires).

"<u>Term Lender</u>" means a Lender with an outstanding Term Commitment or an outstanding Term Loan.

"<u>Term Loans</u>" means, collectively, (a) the Initial Term Loans and any Incremental Term Loans constituting an increase in the amount of the Initial Term Loan, (b) the Delayed Draw Term Loan, and (c) unless the context otherwise requires, any Incremental Term Loans, any Other Term Loans and any Extended Term Loans.

"<u>Term SOFR</u>" means, with respect to any Term SOFR Borrowing denominated in U.S. Dollars and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator; <u>provided</u> that, if the Term SOFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

"<u>Term SOFR Determination Day</u>" has the meaning assigned to it under the definition of Term SOFR Reference Rate.

"<u>Term SOFR Reference Rate</u>" means, for any day and time (such day, the "Term SOFR Determination Day"), with respect to any Term SOFR Borrowing denominated in U.S. Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the "Term SOFR Reference Rate" for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR has not occurred, then, so long as such day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day.

"<u>Termination Date</u>" means the date upon which (i) all of the Obligations (other than contingent indemnification obligations not yet due and payable) have been paid in full in cash and (ii) all Commitments have expired or been terminated.

"<u>Title Company</u>" means any nationally recognized title insurance company selected by or otherwise reasonably acceptable to Collateral Agent.

"<u>Title Insurance Policy</u>" means fully paid American Land Title Association Lender's Extended Coverage title insurance policies or the equivalent or other form available in each applicable jurisdiction issued by the Title Company in form and substance reasonably acceptable to Collateral Agent, together with customary endorsements, and in amounts not less than the fair market value of the owned Real Property subject to the insured Mortgage and otherwise reasonably acceptable to Collateral Agent, and providing for such other affirmative insurance and such coinsurance and direct access reinsurance as Collateral Agent may reasonably request.

"<u>Topco</u>" means Alloy Topco Limited, a private company limited by shares incorporated in Jersey with company number 130424, which will directly hold 100% of the shares in New Midco.

"<u>Total Net Leverage Ratio</u>" means, as of any date of determination, the ratio of (a) (i) Consolidated Total Indebtedness as of the Applicable Date of Determination less (ii) the sum of (x) Unrestricted Cash and (y) solely to the extent (1) CCY Swap Agreements have been designated by the Borrowers and (2) the CCY Swap Termination Value is positive, the CCY Swap Termination Value to (b) Consolidated EBITDA of the Consolidated Group for the period of four consecutive fiscal quarters of Holdings most recently ended on the Applicable Date of Determination.

"<u>Total Outstandings</u>" means, at any time, the aggregate outstanding amount of all Term Loans.

"<u>Transaction Costs</u>" means all premiums, fees, costs and expenses incurred or payable by or on behalf of any member of the Consolidated Group in connection with the Transactions or in connection with the negotiation, execution, delivery and performance of the Loan Documents and the transactions contemplated thereby, including to fund any original issue discount, upfront fees or legal fees and to grant and perfect any security interests.

"<u>Transactions</u>" means, collectively, (a) the execution and delivery of the Loan Documents, (b) the borrowing of the Initial Term Loans on the Closing Date, (c) the consummation of the Closing Date Refinancing, and (d) the payment of Transaction Costs.

"<u>Treasury Rate</u>" means, for any date on which the Make-Whole Amount is paid (the "<u>Make-Whole Repayment Date</u>"), the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two (2) Business Days prior to the Make-Whole Repayment Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Make-Whole Repayment Date to the first anniversary of the Closing Date; provided, however, that if the period from the Make-Whole Repayment Date to the first anniversary of the Closing Date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the applicable Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the Make-Whole Repayment Date to the first anniversary of the Closing Date is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant maturity of one year shall be used.

"<u>Type</u>", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to Term SOFR or the Base Rate.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York; <u>provided</u>, however, that in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of, or remedies with respect to, any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term "UCC" shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions hereof relating to such perfection, priority or remedies.

"<u>U.K. Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form 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>U.K. Guarantor</u>" means each Subsidiary Loan Party that is a U.K. Subsidiary.

"<u>U.K. Plan</u>" means a pension scheme which is fully funded based on the statutory funding objective under sections 221 and 222 of the Pensions Act 2004.

"<u>U.K. Plan Event</u>" means (i) any action or omission which is taken by any member of the Consolidated Group in relation to a U.K. Plan which has or is reasonably likely to have a Material Adverse Effect; (ii) any member of the Consolidated Group is or has been at any time an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993) or "connected" with or an "associate" of (as those terms are used in sections 38 or 43 of the Pensions Act 2004) such an employer; or (iii) the Pensions Regulator issues a Financial Support Direction or a Contribution Notice to any member of the Consolidated Group.

"<u>U.K. Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any U.K. Financial Institution.

"<u>U.K. Security Agreement</u>" <u>collectively</u> means <u>(i)</u> the English law governed debenture dated as of the Closing Date among the U.K. Guarantors, Holdings and the Collateral Agent <u>and (ii) the supplement to the English law governed debenture dated as of the Amendment No. 2 Effective Date among the U.K. Guarantors, Holdings and the Collateral Agent</u>.

"<u>U.K. Subsidiary</u>" means any Subsidiary of Holdings that is incorporated under the laws of England and Wales.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Uni-Pol Loans</u>" means the loans set forth on <u>Schedule 1.01</u>, any renewals thereof on substantially the same terms and any Permitted Refinancing thereof in accordance with <u>Section 6.01(a)(xxix)</u>.

"<u>Union</u>" has the meaning assigned to such term in <u>Section 3.12(a)</u>.

"<u>Unrestricted Cash</u>" means, at any time, an aggregate amount equal to the sum of unrestricted and unencumbered (other than in favor of the Secured Parties and Liens described in clause (f) of <u>Section 6.02</u>) cash and Cash Equivalents of the Loan Parties.

"<u>U.S.</u>" and "<u>United States</u>" means the United States of America.

"<u>U.S. <u>Dollars", "</u>Dollars</u>" or "<u>$</u>" refers to the lawful money of the United States of America.

"<u>U.S. 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 NYFRB 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>U.S. Guarantors</u>" means Subsidiary Loan Parties that are U.S. Subsidiaries.

"<u>U.S. Loan Parties</u>" means, collectively, the Borrowers and each U.S. Guarantor.

"<u>U.S. Person</u>" means any Person that is a "<u>United States person</u>" within the meaning of Section 7701(a)(30) of the Code.

"<u>U.S. Security Agreement</u>" means the U.S. Security Agreement dated as of the Closing Date among the U.S. Loan Parties and the Collateral Agent.

"<u>U.S. Subsidiary</u>" means any Subsidiary of Holdings that is incorporated or organized under the laws of the United States of America, any state thereof or the District of Columbia.

"<u>VAT</u>" means value added tax imposed by the United Kingdom Value Added Tax Act 1994 and any tax of a similar nature levied in the United Kingdom or elsewhere, including any similar tax levied in addition to or in substitution for it.

"<u>Weighted Average Life to Maturity</u>" means, when applied to any Indebtedness at any date, the number of years (and/or portion thereof) obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required 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>wholly owned Subsidiary</u>" or "<u>wholly owned subsidiary</u>" means, with respect to any Person at any date, a subsidiary of such Person of which securities or other ownership interests representing 100% of the Equity Interests (other than (x) directors' qualifying shares or (y) shares issued to foreign nationals to the extent required by applicable law) are, as of such date, owned, controlled or held by such Person or one or more wholly owned subsidiaries of such Person or by such Person and one or more wholly owned subsidiaries of such Person. For the avoidance of doubt, "<u>wholly owned Subsidiary</u>" means a wholly owned Subsidiary that is a Subsidiary.

"<u>Withdrawal Liability</u>" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in 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 U.K. 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.

Section 1.02 <u>Classification of Loans and Borrowings</u>. For purposes of this Agreement, Loans may be classified and referred to by Class (<u>e.g.</u>, a "Term Loan") or by Type (<u>e.g.</u>, a "Term SOFR Loan") or by Class and Type (<u>e.g.</u>, a "Term SOFR Term Loan"). Borrowings also may be classified and referred to by Class (<u>e.g.</u>, a "Term Loan Borrowing") or by Type (<u>e.g.</u>, a "Term SOFR Borrowing") or by Class and Type (<u>e.g.</u>, a "Term SOFR Loan Borrowing").

Section 1.03 <u>Terms Generally</u>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall."

Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (including pursuant to any permitted refinancing, extension, renewal, replacement, restructuring or increase (in each case, whether pursuant to one or more agreements or with different lenders or different agents), but subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's successors and permitted assigns and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all of the functions thereof, (c) the words "herein," "hereof" and "hereunder," and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (f) any reference to any Requirement of Law shall, unless otherwise specified, refer to such Requirement of Law as amended, modified or supplemented from time to time and shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Requirement of Law, (g) the phrase "for the term of this Agreement" and any similar phrases shall mean the period beginning on the Closing Date and ending on the Latest Maturity Date, the term "manifest error" shall be deemed to include any clearly demonstrable error whether or not obvious on the face of the document containing such error, (h) all references to "knowledge" or "awareness" of any Loan Party or a Subsidiary thereof means the actual knowledge of a Responsible Officer of a Loan Party or such Subsidiary and (i) all references to "in the ordinary course of business" of any member of the Consolidated Group means (x) in the ordinary course of business of, or in furtherance of an objective that is in the ordinary course of business of, such member of the Consolidated Group, or (y) generally consistent with the past or current practice of such member of the Consolidated Group and/or similarly situated companies where such member of the Consolidated Group's businesses are located or performed.

Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

Section 1.04 <u>Accounting Terms; IFRS</u>. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with IFRS, as in effect from time to time. In the event that any Accounting Change (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Parties and the Administrative Agent agree to enter into good faith negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Change with the desired result that the criteria for evaluating the Consolidated Group's consolidated financial condition shall be the same after such Accounting Change as if such Accounting Change had not been made. Until such time as such an amendment shall have been executed and delivered by the Parties, the Administrative Agent and the Required Lenders, all financial ratios, covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Change had not occurred. "<u>Accounting Change</u>" refers to any change in accounting principles required or permitted by IFRS if (a) the Borrowers' certified public accountants concur in such change or (b) the Administrative Agent notifies the Borrowers that the Required Lenders request an amendment to any provision hereof to reflect any such change.

Notwithstanding any other provision contained herein, (x) any liabilities or obligations in connection with any lease, concession or license of property (including capital leases, finance leases and operating leases) or the interest component thereof, as applicable, shall be calculated in accordance with the definition of IFRS and (y) interest on a Capital Lease Obligation shall be calculated in accordance with IFRS and shall be deemed to accrue at an interest rate determined in good faith by an Officer of the Consolidated Group to be the rate of interest implicit in such Capital Lease Obligation in accordance with the definition of IFRS.

Section 1.05 <u>Pro Forma Calculations</u>. With respect to any period during which the Transactions or any Specified Transaction occurs, for purposes of determining the Applicable Rate in respect of such period, calculation of the First Lien Net Leverage Ratio, Secured Net Leverage Ratio, Total Net Leverage Ratio, Consolidated EBITDA, Consolidated Total Assets, Consolidated Total Indebtedness, Consolidated Secured Indebtedness, Consolidated First Lien Secured Indebtedness, or for any other purpose hereunder, such determinations and calculations with respect to such period shall be made on a Pro Forma Basis.

Section 1.06 <u>Rounding</u>. Any financial ratios required to be maintained pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up for five). For example, if the relevant ratio is to be calculated to the hundredth decimal place and the calculation of the ratio is 5.125, the ratio will be rounded up to 5.13.

Section 1.07 <u>Timing of Payment or Performance</u>. When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on (or before) 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 such extension of time shall be reflected in computing interest or fees, as the case may be.

Section 1.08 <u>Certifications; Provision of Information</u>. All provisions of information, presentations, statements and certifications to be made hereunder by a director, officer or other representative of a Loan Party or other Subsidiary shall be made by such a Person in his or her capacity solely as an officer or a representative of such Loan Party or other Subsidiary, on such Loan Party's or such Subsidiary's behalf and not in such Person's individual capacity, and without personal liability.

Section 1.09 <u>Compliance with Article VI</u>. In the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), Disposition, Restricted Payment, Affiliate transaction, restrictive agreement or prepayment of Indebtedness, as the case may be, meets the criteria of one or more than one of the categories of such transactions then permitted pursuant to any clause of any one Section in <u>Article VI</u>, such transaction (or portion thereof) at any time shall be permitted under one or more of such clauses under such same Section as determined by the Borrowers in their sole discretion at such time (it being understood and agreed that, except as otherwise expressly contemplated by Article VI, this Section 1.09 shall not permit any basket or covenant capacity permitted under one Section of Article VI to be reallocated to another Section of Article VI).

Section 1.10 <u>Times of Day</u>. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

Section 1.11 <u>Currency Generally</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;(a) The Borrowers shall determine in good faith the Dollar equivalent amount of any utilization or other measurement denominated in a currency other than Dollars for purposes of compliance with any basket <u>or calculation of the aggregate Delayed Draw Term Loan Commitments outstanding</u>. For purposes of determining compliance with any basket under Article VI with respect to any amount expressed in a currency other than Dollars, no Default shall be deemed to have occurred solely as a result of changes in rates of currency exchange occurring after the time such basket utilization occurs or other basket measurement is made (so long as such basket utilization or other measurement, at the time incurred, made or acquired, was permitted hereunder). Except with respect to any ratio calculated under any basket, any subsequent change in rates of currency exchange with respect to any prior utilization or other measurement of a basket previously made in reliance on such basket (as the same may have been reallocated in accordance with this Agreement) shall be disregarded for purposes of determining any unutilized portion under such basket. To the extent that the termination currency (howsoever defined or described) of a Swap Agreement is Dollars, the currency of any Indebtedness corresponding thereto shall also be Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of determining the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio, as applicable, (i) the amount of Indebtedness and cash and Cash Equivalents denominated in currencies other than Dollars shall reflect the currency translation effects, determined in accordance with IFRS, of hedging obligations permitted hereunder (other than any CCY Swap Agreement if such currency is a CCY Swap Agreement Currency) for currency exchange risks with respect to the applicable currency in effect on the date of determination of the Dollar equivalent of such Indebtedness and (ii) the amount of Indebtedness and cash and Cash Equivalents denominated in a currency other than Dollars will be converted to Dollars for purposes of calculating any First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio, as applicable, at the exchange rate as of the last day of the fiscal quarter for which such measurement is being made (after giving effect to the foregoing clause (i)) and (iii) solely to the extent any CCY Swap Agreements are outstanding in respect of a CCY Swap Agreement Currency as of the last day of the fiscal quarter for which such measurement is being made, the exchange rates used for determining Consolidated EBITDA for the relevant period for portions thereof denominated in any such CCY Swap Agreement Currency will be the exchange rate as of the last day of the fiscal quarter for which such measurement is being made (it being understood that the exchange rates used for calculating Consolidated EBITDA in any non-CCY Swap Agreement Currency or to the extent no CCY Swap Agreements have been designated by the Borrower, in each case for such period, will otherwise be computed in accordance with IFRS).

Section 1.12 <u>Limited Condition Transactions</u>. Notwithstanding anything to the contrary herein (including in connection with any calculation made on a Pro Forma Basis), to the extent that the terms of this Agreement require (i) compliance with any financial ratio or financial test (including the Financial Covenant, the First Lien Net Leverage Ratio, Secured Net Leverage Ratio and/or Total Net Leverage Ratio test) and/or any cap expressed as a percentage of Consolidated Total Assets or Consolidated EBITDA, (ii) accuracy of any representation or warranty and/or the absence of a Default or Event of Default (or any type of default or event of default) or (iii) compliance with any basket or other condition, as a condition to (A) the consummation of any transaction (including in connection with any Acquisition (including a Permitted Acquisition), consolidation, business combination or similar Investment) or the assumption or incurrence of Indebtedness or incurrence of an Incremental Facility, (B) the making of any Restricted Payment if the declaration thereof is irrevocable or if the declaration thereof occurs after a Qualifying IPO and/or (C) the making of any voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing for which irrevocable notice of payment or redemption is required, the determination of whether the relevant condition is satisfied may be made, at the election of the Borrowers, (1) in the case of any Acquisition (including a Permitted Acquisition), consolidation, business combination or similar Investment, any Disposition, any incurrence of Indebtedness or any transaction relating thereto, at the time of (or on the basis of the financial statements for the Applicable Date of Determination at the time of) either (at the election of the Borrowers) (x) the execution of the definitive agreement with respect to such Acquisition, consolidation, business combination, similar Investment or Disposition (or, solely in connection with an Acquisition, consolidation or business combination to which the United Kingdom City Code on Takeovers and Mergers applies, the date on which a "Rule 2.7 Announcement" of a firm intention to make an offer is made) or (y) the consummation of such Acquisition, consolidation, business combination, Investment or Disposition or the incurrence of such Indebtedness, (2) in the case of any such Restricted Payment, at the time of (or on the basis of the financial statements for the Applicable Date of Determination at the time of) either (at the election of the Borrowers) (x) the declaration of such Restricted Payment if such Restricted Payment is actually made within sixty (60) days of such declaration or (y) the making of such Restricted Payment and (3) in the case of any such voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing, in each case, for which irrevocable notice of payment, distribution, redemption, retirement, acquisition, cancellation or termination is required, at the time of (or on the basis of the financial statements for the Applicable Date of Determination at the time of) either (at the election of the Borrowers) (x) delivery of such irrevocable notice with respect to such voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing or (y) the making of such voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing, in each case, after giving effect on a Pro Forma Basis to the relevant Acquisition (including a Permitted Acquisition), consolidation, business combination or similar Investment, Restricted Payment and/or voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing, incurrence of Indebtedness or other transaction (including the intended use of proceeds of any Indebtedness to be incurred in connection therewith) and, at the election of the Borrowers, any other Acquisition (including a Permitted Acquisition), consolidation, business combination or similar Investment that has not been consummated but with respect to which the Borrowers have elected to test any applicable condition prior to the date of consummation in accordance with this <u>Section 1.12</u>; provided that in the case of the foregoing clauses (1) through (3), such transaction is not contingent on the receipt of third-party financing. For the avoidance of doubt, (i) if the Borrowers shall have elected the option set forth in clause (x) of any of the preceding clauses (1), (2) or (3) in respect of any transaction (each, a "<u>Limited Condition Transaction</u>"), then, until the Limited Condition Transaction Lapse Date, (A) any subsequent adverse change in such ratio, test or condition occurring after the time such election was made shall not affect the permissibility of such Limited Condition Transaction (but any subsequent improvement in the applicable ratio, test or amount may be utilized by any member of the Consolidated Group), (B) if the Loan Documents require the absence of a Default or Event of Default (or any type of default or event of default) as a condition to the permissibility of such Limited Condition Transaction, then such Limited Condition Transaction shall be permitted only if no Event of Default under <u>Sections 7.01(a)</u>, <u>7.01(b)</u>, <u>7.01(h)</u> or <u>7.01(i)</u> shall have occurred and be continuing on the date of consummation of such Limited Condition Transaction and (C) in connection with any calculation of any other ratio, test or basket availability in each case not required to be entered into in connection with such Limited Condition Transaction subject to the election of the Borrowers (a "<u>Subsequent Transaction</u>") following the date of such election and prior to the earlier of (x) the date on which such Limited Condition Transaction is consummated or (y) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction (or the date on which the Borrowers demonstrate to the Administrative Agent that they have elected not to pursue such Limited Condition Transaction) (such earlier date, the "<u>LCT End Date</u>"), for purposes of determining whether such Subsequent Transaction is permitted under any ratio, test or basket, such ratio, test or basket shall be required to be satisfied on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions to be entered into in connection therewith (including any incurrence or assumption of any Incremental Facility or other Indebtedness) have been consummated (and, if such Subsequent Transaction is the making of a Restricted Payment, the making of any voluntary prepayment, distribution, redemption, retirement, acquisition, cancellation or termination of any Junior Financing, assuming such Limited Condition Transaction and other transactions to be entered into in connection therewith (other than any incurrence or assumption of any Indebtedness) have not been consummated) and (ii) the provisions of this <u>Section 1.12</u> shall also apply in respect of the incurrence of any Incremental Facility or Incremental Equivalent Debt.

Section 1.13 <u>Fixed Amounts; Incurrence-Based Amounts</u>. Notwithstanding anything to the contrary herein, unless the Borrowers otherwise notify the Administrative Agent, 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 financial test (including the Financial Covenant, the First Lien Net Leverage Ratio, Secured Net Leverage Ratio and/or Total Net Leverage Ratio test) (any such amount, or any other permitted revolving facility and any cap expressed as a percentage of Consolidated Net Income or Consolidated EBITDA, 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 financial test (including any Financial Covenant, ratio test) (any such amount, an "<u>Incurrence-Based Amount</u>"), it is understood and agreed that (i) the incurrence of the Incurrence-Based Amount shall be calculated first without giving effect to any Fixed Amount but giving full pro forma effect to the use of proceeds of such Fixed Amount and the related transactions and (ii) the incurrence of the Fixed Amount shall be calculated thereafter. Unless the Borrowers elect otherwise, the Borrowers shall be deemed to have used amounts under an Incurrence-Based Amount then available to the Borrowers prior to utilization of any amount under a Fixed Amount then available to the Borrowers. For the avoidance of doubt, this <u>Section 1.13</u> shall not apply to any determination of actual compliance with <u>Section 6.06</u>.

Section 1.14 <u>[Reserved]</u>.

Section 1.15 <u>Divisions</u>. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.

Section 1.16 <u>Jersey Terms.</u> In each of the Loan Documents, where it relates to a person: (i) incorporated; (ii) established; (iii) constituted; (iv) formed; (v) which carries on, or has carried on, business; or (vi) that has immovable property, in each case, in Jersey, a reference to: (a) a winding up, liquidation, administration, dissolution, insolvency event or insolvency includes, without limitation, bankruptcy (as that term is interpreted pursuant to Article 8 of the Interpretation (Jersey) Law 1954), and any procedure or process referred to in Part 21 of the Companies (Jersey) Law 1991; (b) a composition, compromise, assignment or arrangement with any creditor includes, without limitation, a compromise or arrangement with any creditor of the type referred to in Article 125 of the Companies (Jersey) Law 1991 (c) a liquidator, receiver, administrative receiver, administrator or the like includes, without limitation, the Viscount of the Royal Court of Jersey, Autorisés or any other person performing the same function of each of the foregoing; and (d) Collateral or a security interest includes, without limitation, any hypothèque whether conventional, judicial or arising by operation of law and any security interest created pursuant to the Security Interests (Jersey) Law 1983 or Security Interests (Jersey) Law 2012 and any related legislation: and (d) any equivalent or analogous procedure or step being taken in connection with insolvency includes any corporate action, legal proceedings or other formal procedure or step being taken in connection with an application for a declaration of en désastre being made in respect of any assets of such person (or the making of such declaration).

**ARTICLE II**

**THE CREDITS**

Section 2.01 <u>Commitments</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;(a) Subject to the terms and express conditions set forth herein, each Term Lender severally (and not jointly) agrees to make an Initial Term Loan to the Borrowers on the Closing Date in U.S. Dollars in an aggregate principal amount equal to its Initial Term Loan Commitment amounts<u>amount</u> on the Closing Date. Amounts borrowed under this <u>Section 2.01(a)</u> and repaid or prepaid in respect of the Initial Term Loan may not be reborrowed. The Initial Term Loan Commitments will terminate in full upon the making of the Loans referred to under this <u>Section 2.01(a)</u>. The Initial Term Loans <u>(including the 2025 Term Loans)</u> may be Base Rate Loans or Term SOFR Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Subject to the terms and express conditions set forth herein, each Term Lender severally (and not jointly) agrees to make a 2025 Term Loan to the Borrowers on the Amendment No. 2 Effective Date in U.S. Dollars in an aggregate principal amount equal to its 2025 Term Loan Commitment amount on the Amendment No. 2 Effective Date. Amounts borrowed under this Section 2.01(b) and repaid or prepaid in respect of the 2025 Term Loan may not be reborrowed. The 2025 Term Loan Commitments will terminate in full upon the making of the Loans referred to under this Section 2.01(b). The 2025 Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein.</u>

(b<u>c</u>) Subject to the terms and conditions set forth herein, and so long as the German Post-Closing Obligations have been satisfied, each Term Lender with a <u>2025</u> Delayed Draw Term Loan Commitment severally (and not jointly) agrees to make one or more term loans in U.S. Dollars (collectively, as drawn and outstanding, the "<u>Delayed Draw Term</u> <u>Loans</u>" and each, individually, a "Delayed <u>Draw Term Loan</u>") to the Borrowers from time to time, from the Closing Date<u>May 8, 2025 (or such earlier date agreed upon by the 2025 Delayed Draw Term Loan Lenders)</u> through the <u>2025</u> Delayed Draw Termination Date, which <u>2025</u> Delayed Draw Term Loans (i) shall be in a minimum amount of $20 million (or less, if such lesser amount represents the remaining amount of the aggregate amount of all <u>2025</u> Delayed Draw Term Loan Commitments), (ii) shall not exceed, for any such Lender, the <u>2025</u> Delayed Draw Term Loan Commitment of such Lender and (iii) shall not exceed, together with all other <u>2025</u> Delayed Draw Term Loans, in the aggregate, the total <u>2025</u> Delayed Draw Term Loan Commitment; <u>provided</u> that, there shall be no more than two (2) drawings under the <u>2025</u> Delayed Draw Term Loan and <u>provided</u>, further that, subject to the Borrowers' right to elect to make a Limited Condition Transaction pursuant to <u>Section 1.12</u>, no Lender with a <u>2025</u> Delayed Draw Term Loan Commitment shall be obligated to fund a request for a <u>2025</u> Delayed Draw Term Loan unless, after giving pro forma effect to such <u>2025</u> Delayed Draw Term Loan and the use of proceeds thereof (excluding cash proceeds of any borrowings of such <u>2025</u> Delayed Draw Term Loans at such time), <u>(i) on or prior to December 31, 2027,</u> the First Lien Net Leverage Ratio is equal to or less than<u>, calculated on a Pro Forma Basis, does not exceed 7.00 to 1.00 and (ii) after December 31, 2027, immediately before and immediately after giving effect to such Borrowing, the First Lien Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed</u> 5.30 to 1.00 as of the Applicable Date of Determination. Amounts borrowed under this Section 2.01(b)<u>Section 2.01(c)</u> and repaid or prepaid may not be reborrowed. The <u>2025</u> Delayed Draw Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein. Upon the funding of each <u>2025</u> Delayed Draw Term Loan, there shall commence an initial Interest Period with respect to such Borrowing, which Interest Period shall end on the last day of the Interest Period applicable to the <u>2025</u> Delayed Draw Term Borrowings as in effect immediately prior to the relevant <u>2025</u> Delayed Draw Term Loan funding date. The Administrative Agent is hereby authorized to take any and all action as may be reasonably necessary to ensure that the <u>2025</u> Delayed Draw Term Borrowings are included in the amount of each <u>2025</u> Delayed Draw Term Borrowing that has been made by the Borrowers and repayment of <u>2025</u> Delayed Draw Term Borrowings, in each case, on a pro rata basis (including, without limitation, applicable adjustments to amortization pursuant to <u>Section 2.10</u>).

Section 2.02 <u>Loans and Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class, Type and currency by the Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder, <u>provided</u> that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender's failure to make Loans as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 2.14</u>, Each Borrowing shall be comprised of Base Rate Loans, or Term SOFR Loans or a combination thereof. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of <u>Sections 2.14</u>, <u>2.15</u>, <u>2.16</u> and <u>2.17</u> shall apply to such Affiliate to the same extent as to such Lender); <u>provided</u> that any exercise of such option shall not affect the obligation of the applicable Borrowers to repay such Loan in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the commencement of each Interest Period for any Borrowing of a Term SOFR Loan, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 (or, if not an integral multiple, the entire available amount) and not less than $20,000,000. At the time that each Borrowing of a Base Rate Loan is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $20,000,000. 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 10 Interest Periods 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, the Borrowers shall not 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 such Borrowing (in the case of such Term Loan), as the case may be.

Section 2.03 <u>Requests for Borrowings</u>. To request a Borrowing, the requesting Borrower shall notify the Administrative Agent of such request by delivery of a Loan Notice, in either case, (a) in the case of a Borrowing of a Term SOFR Loan, not later than 11:00 a.m. (i) three U.S. Government Securities Business Days before the date of the proposed Borrowing with respect to any Borrowing of Loans other than a Delayed Draw Term Loans and (ii) five U.S. Government Securities Business Days before the date of the proposed Borrowing with respect to any Borrowing of Delayed Draw Term Loans; and (b) in the case of a Borrowing of a Base Rate Loan, not later than 11:00 a.m. five U.S. Government Securities Business Days before the proposed Borrowing, provided that in each case of (a) and (b), the Loan Notice and requested Borrowing may be conditioned may be conditioned on the occurrence of the Closing Date or the occurrence of such Permitted Acquisition or other transaction, as applicable. Each such Loan Notice shall specify the following information in compliance with <u>Section 2.02</u><u>; provided further, a Loan Notice delivered in respect of Delayed Draw Term may be withdrawn, without penalty, up to three U.S. Government Securities Business Days prior to the date of the proposed Borrowing</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; (i) the Borrower that will be making such Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Class of such Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the aggregate principal amount of such Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) the date of such Borrowing, which shall be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) the currency and Type of such Borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in the case of a Borrowing of a Term SOFR Loan, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term "Interest Period"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the location and number of the applicable Borrowers' account to which funds are to be disbursed.

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be comprised of Base Rate Loans. If no Interest Period is specified with respect to any requested Borrowing of a Term SOFR Loan, then the applicable Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following receipt of a Loan Notice in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount and currency of such Lender's Loan to be made as part of the requested Borrowing.

Section 2.04 <u>[Reserved]</u>

Section 2.05 <u>[Reserved]</u>

Section 2.06 <u>Funding of Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of Same Day Funds by 1:00 p.m. on the Business Day specified in the applicable Loan Notice to the account of the Administrative Agent for the applicable currency most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the applicable Borrower by wire transfer of the amounts so received, in like funds received, to an account of the applicable Borrower, in each case designated by the applicable Borrower in the applicable Loan Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Failure to Satisfy Conditions Precedent</u>. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to the applicable Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Funding Source</u>. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

Section 2.07 <u>Interest Elections</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrowing initially shall be of the Type specified in the applicable Loan Notice or designated by <u>Section 2.03</u> and, in the case of a Borrowing of a Term SOFR Loan, shall have an initial Interest Period as specified in such Loan Notice or designated by <u>Section 2.03</u>. The Borrowers shall have the option on the last Business Day of any Interest Period to (i) convert all of the outstanding principal amount of Loans of one Type into a Borrowing of another Type and (ii) continue the outstanding principal amount of any <u>Term</u> SOFR Loans as <u>Term</u> SOFR Loans<u>,</u> for an additional Interest Period; <u>provided</u> that Borrowings resulting from conversions pursuant to this Section shall be limited in number as provided 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;(b) To make an election pursuant to this Section, the applicable Borrower shall notify the Administrative Agent of such election by delivery of a Loan Notice by the time that a Loan Notice would be required under <u>Section 2.03</u>. Each such Loan Notice shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Loan Notice substantially in the form of <u>Exhibit A</u> and signed by the applicable Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Loan Notice shall specify the following information in compliance with <u>Section 2.03</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;(i) the Borrowing to which such Loan Notice applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to <u>clauses (iii)</u> and <u>(iv)</u> below shall be specified for each resulting Borrowing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the effective date of the election made pursuant to such Loan Notice, which shall be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the Type of the resulting Borrowing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the resulting Borrowing is a Borrowing of a Term SOFR Loan, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period."

If any such Loan Notice requests a Borrowing of a Term SOFR Loan but does not specify an Interest Period, then the applicable Borrower shall be deemed to have selected an Interest Period of one month's duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly following receipt of a Loan Notice, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the applicable Borrower fails to deliver a timely Loan Notice with respect to a Borrowing of a Term SOFR Loan prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period, such Borrowing shall be converted to a Borrowing of a Base Rate Loan. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrowers, then, so long as such Event of Default is continuing, no outstanding Borrowing may be elected, converted or continued as a Term SOFR Loan.

Section 2.08 <u>Termination and Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Voluntary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrowers may at any time, without premium or penalty, terminate, or from time to time reduce, the Commitments of any Class, <u>provided</u> that each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Commitments under <u>paragraph (b)</u> of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable, <u>provided</u> that a notice of termination of the Commitments of any Class delivered by the Borrowers may state that such notice is conditioned upon the consummation of an acquisition or sale transaction or upon the effectiveness of other credit facilities or the receipt of proceeds from the issuance of other Indebtedness or any other specified event, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

&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) Mandatory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Initial Term Loan Commitment of each Term Lender on the Closing Date shall be automatically and permanently reduced to $0 upon the making of such Lender's Initial Term Loans to the Borrowers pursuant to <u>Section 2.01(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon the funding of any Delayed Draw Term Loans, the Delayed Draw Term Loan Commitments of each Lender with a Delayed Draw Term Loan Commitment shall be automatically and permanently reduced by the aggregate principal amount of such drawn Delayed Draw Term Loans. The aggregate Delayed Draw Term Loan Commitment shall automatically terminate on the <u>2025</u> Delayed Draw Termination Date.

Section 2.09 <u>Repayment of Loans; Evidence of Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.28</u>, the Borrowers, jointly and severally, unconditionally promise to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of the Initial Term Loan or Delayed Draw Term Loan, as applicable, of such Lender as provided in <u>Section 2.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 to the Borrowers, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder to the Borrowers, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrowers for the account of the Lenders and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The entries made in the accounts maintained pursuant to <u>paragraph (b)</u> or <u>(c)</u> of this Section shall be <u>prima facie</u> evidence of the existence and amounts of the obligations recorded therein, <u>provided</u> that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans and pay interest thereon in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may request that Loans of any Class made by it be evidenced by a Note. In such event, the applicable Borrowers shall promptly prepare, execute and deliver to such Lender a Note payable to such Lender and its registered assigns; <u>provided</u> that, except as set forth in <u>Section 4.01(a)</u> the delivery of any such Note shall not be a condition precedent to the Closing Date or any Acquisition or Investment. Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (including after assignment pursuant to <u>Section 9.04</u>) be represented by such Note (and ownership shall at all times be recorded in the Register).

&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) All computations of interest for Base Rate Loans (to the extent determined by reference to the Prime Rate), shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). 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, subject to <u>Section 2.09(a)</u>, bear interest for one day. The Administrative Agent shall promptly notify the Borrowers and the Lenders of the interest rate applicable to any Interest Period for Term SOFR Loans upon determination of such interest rate. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; <u>provided</u> that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Benchmark Replacement Conforming Changes to the Borrowers and the Lenders reasonably promptly after such amendment becomes effective.

Section 2.10 <u>Amortization of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term Loans</u>. The Borrowers shall repay to the Administrative Agent for the ratable account of the Lenders (a) on the last Business Day of each March, June, September and December, commencing with June 30, 2024, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in <u>Section 2.11</u>) and (b) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date. In connection with any Incremental Term Loans that constitute part of the same Class as the Initial Term Loans, the Borrowers and the Administrative Agent (at the direction of the Required Lenders) shall be permitted to adjust the rate of prepayment in respect of such Class such that the Term Lenders holding Initial Term Loans comprising part of such Class continue to receive a payment that is not less than the same Dollar amount that such Term Lenders would have received absent the incurrence of such Incremental Term Loans, as applicable; *provided*, that if such Incremental Term Loans are to be "fungible" with the Initial Term Loans notwithstanding any other conditions specified in this <u>Section 2.10(a)</u>, the amortization schedule for such "fungible" Incremental Term Loan may provide for amortization in such other percentage(s) to be agreed by Borrower and the Administrative Agent to provide that the Incremental Term Loans will be (or will be deemed to be) "fungible" with the Initial Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delayed Draw Term Loans</u>. The Borrowers shall repay to the Administrative Agent for the ratable account of the Lenders (A) on the last Business Day of each March, June, September and December, commencing with the last Business Day of the second full fiscal quarter in which Delayed Draw Term Loans are outstanding, an aggregate amount equal to 0.25% of the aggregate original principal amount of all outstanding Delayed Draw Term Loans (as such repayment amount shall be reduced as a result of the application of prepayments in accordance with the order of priority determined under <u>Section 2.11</u>) and (B) on the Maturity Date for the Delayed Draw Term Loans, the aggregate principal amount of all Delayed Draw Term Loans outstanding on such date; *provided* that the amount of any such payment set forth above shall be adjusted to account for the addition of any extension pursuant to <u>Section 2.24</u> to contemplate (A) the reduction in the aggregate principal amount of any Delayed Draw Term Loans that were converted in connection with the incurrence of such extended Term Loans and (B) any increase to payments to the extent and as required pursuant to the terms of any applicable Extension Amendment increasing the amount of Delayed Draw Term Loans. In connection with any advance of Delayed Draw Term Loans, notwithstanding any other conditions specified in this <u>Section 2.10(b))</u>, the amortization schedule for additional Delayed Draw Term Loans may provide for amortization in such other percentage(s) to be agreed by Borrowers and the Administrative Agent to provide that the Delayed Draw Term Loans will be (or will be deemed to be) a single "fungible" Class of Term Loans with the Initial Term Loans or the previously incurred Delayed Draw Term Loans, as applicable.

Section 2.11 <u>Prepayment of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrowers shall have the right at any time and from time to time, without premium or penalty (but subject to <u>Section 2.16</u>), upon prior written notice pursuant to delivery of a Notice of Loan Prepayment to the Administrative Agent to prepay any Borrowing of any Class in whole or in part, as selected and designated by the Borrowers or the applicable Borrower; <u>provided</u> that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three U.S. Government Securities Business Days prior to any date of prepayment of Term SOFR Loans, and (B) on the date of prepayment of Base Rate Loans; (ii) any such prepayment of Term SOFR Loans<u>,</u> shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $2,000,000 (or, if less, the entire principal amount thereof then outstanding); (iii) any such prepayment of Base Rate Loans shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $2,000,000 (or, if less, the entire principal amount thereof then outstanding); and (v) any such prepayment of a Term Loan shall be applied to reduce the remaining scheduled principal repayments of such Term Loan as directed by the Borrowers (or the applicable Borrower) or as otherwise provided in any Extension Amendment, any Incremental Facility Amendment or Refinancing Amendment (or, in the absence of direction from the Borrowers, to the remaining scheduled principal amortization payments of such Term Loans in direct order of maturity). Each such notice shall specify the applicable Borrower, the date, currency and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Term SOFR Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender's Applicable Percentage of such prepayment. If such notice is given by the applicable Borrowers, the applicable Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; <u>provided</u> that such notice may state that such notice is conditional upon the consummation of an acquisition or sale transaction or upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of any other specified event, in which case such notice of prepayment may, subject to <u>Section 2.16</u>, be revoked by the applicable Borrowers (by notice to the Administrative Agent on or prior to the specified date) if such condition is not satisfied. Any prepayment of any Term SOFR Loan shall be accompanied by all accrued interest on the amount prepaid together with any additional amounts required pursuant to <u>Section 2.16</u>. Subject to <u>Section 2.22</u>, each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 2.11(e)</u>, following the end of each fiscal year of the Borrowers, commencing with the fiscal year ending December 31, 2024, within five (5) Business Days after financial statements have been (or are required to be) delivered pursuant to <u>Section 5.01(a)</u> and the related Compliance Certificate has been (or is required to be) delivered pursuant to <u>Section 5.01(c)</u> (the "<u>ECF Payment Date</u>"), the Borrowers shall cause to be prepaid an aggregate principal amount of Term Loans equal to (i) 50% of Excess Cash Flow if the First Lien Net Leverage Ratio as of the end of such period is greater than 3.50 to 1.00, (ii) 25% of Excess Cash Flow if the First Lien Net Leverage Ratio is greater than 3.00 to 1.00 but less than or equal to 3.50 to 1.00 and (iii) 0% of Excess Cash Flow if the First Lien Net Leverage Ratio is less than or equal to 3.00 to 1.00, <u>provided</u> that any voluntary prepayments of (1) any Term Loan made in accordance with <u>Section 2.11(a)</u> (so long as such prepayments are applied to the remaining scheduled principal repayments of such Term Loan on a pro rata basis)(or, in the case of the first ECF Payment Date after the Closing Date, January 1, 2025), or (2) any other Indebtedness permitted to be incurred under this Agreement to the extent secured by Liens on the Collateral that are pari passu with the Liens on the Collateral securing the Facilities (without regard to the control of remedies) in the form of term loans and revolving loans to the extent the related revolving commitments are permanently reduced by the amount of such prepayments made since the immediately preceding ECF Payment Date (or, in the case of the first ECF Payment Date after the Closing Date, January 1, 2025) except in each case of clauses (1) and (2), to the extent any such prepayment was funded with (x) the proceeds of Indebtedness of any member of the Consolidated Group (other than borrowings under any revolving credit facility or intercompany Indebtedness (to the extent such intercompany Indebtedness is not funded with any Indebtedness of any member of the Consolidated Group (other than revolving credit facilities))), (y) Other Term Loans the proceeds of which are applied to prepay the Term Loans refinanced with such Other Term Loans or (z) any Cure Amount, shall be credited against Excess Cash Flow prepayment obligations on a dollar-for-dollar basis prior to the making of such Excess Cash Flow prepayment; <u>provided</u>, <u>further</u>, that at the option of the Borrowers, no prepayment under this <u>Section 2.11(b)</u> shall be required unless Excess Cash Flow exceeds $10,000,000 (and, in such case, only such amount in excess of such amount shall be required to be prepaid); <u>provided</u>, <u>further</u>, that if at the time that any such prepayment would be required, any member of the Consolidated Group is also required to prepay, repurchase or offer to prepay or repurchase any Indebtedness that is secured on a pari passu basis (without regard to the control of remedies) with the Secured Obligations pursuant to the terms of the documentation governing such Indebtedness (such Indebtedness required to be so prepaid or repurchased or offered to be so prepaid or repurchased, "<u>Other Applicable Indebtedness</u>") with any portion of the Excess Cash Flow prepayment amount, then the Borrowers may apply such portion of the Excess Cash Flow prepayment amount on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and the relevant Other Applicable Indebtedness (or accreted amount if such Other Applicable Indebtedness is issued with original issue discount) at such time) to the prepayment of the Term Loans and to the prepayment of the relevant Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.11(b)</u> shall be reduced accordingly; it being understood that (1) the portion of such Excess Cash Flow prepayment amount allocated to the Other Applicable Indebtedness shall not exceed the portion of such Excess Cash Flow prepayment amount required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of such Excess Cash Flow prepayment amount shall be allocated to the Term Loans in accordance with the terms hereof 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 (10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to <u>Section 2.11(e)</u>, unless the Required Lenders otherwise 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the event and on each occasion that any Net Proceeds are received by or on behalf of any member of the Consolidated Group in respect of any Prepayment Event (other than as described in clause (ii) below), the Borrowers shall, within ten (10) Business Days in the case of any Prepayment Event referenced in <u>paragraph (a)</u> and <u>paragraph (c)</u> of the definition thereof and one (1) Business Day in the case of a Prepayment Event referenced in <u>paragraph (b)</u> of the definition thereof, after such Net Proceeds are received, prepay the Term Loans on a pro rata basis (except, as to Extended Term Loans, Incremental Term Loans and Other Term Loans, which may be prepaid on a less than pro rata basis if and to the extent set forth in the applicable Extension Amendment, Incremental Facility Amendment or Refinancing Amendment) in each case in an aggregate amount equal to 100% of the amount of such Net Proceeds (subject to reduction as set forth below); <u>provided</u> that in the case of any such event described in <u>clause (a)</u> and clause (c) of the definition of the term "Prepayment Event," if any member of the Consolidated Group applies the Net Proceeds from such event (or a portion thereof) within twelve (12) months after receipt of such Net Proceeds (or eighteen (18) if any such member of the Consolidated Group commits to apply such Net Proceeds within such twelve (12) month period pursuant to a contractual arrangement (including pursuant to a letter of intent or commitment letter)) to reinvest such proceeds in the business of any member of the Consolidated Group (including in connection with any permitted Investment, Consolidated Capital Expenditures or otherwise (other than working capital except short term capital assets)), then no prepayment shall be required pursuant to this paragraph in respect of such Net Proceeds except to the extent of any such Net Proceeds therefrom that have not been so applied by the end of the twelve (12) month (or, eighteen (18) month, if committed to be so applied) period following receipt of such Net Proceeds, at the end of which period a prepayment shall be required in an amount equal to such Net Proceeds that have not been so applied; <u>provided</u>, <u>further</u> that if, at the time that any such prepayment in respect of any Prepayment Event referenced in paragraph (a) of the definition thereof would be required hereunder, any member of the Consolidated Group is also required to prepay, repay or repurchase (or offer to prepay, repay or repurchase) any Other Applicable Indebtedness, then the relevant Person may apply the applicable Net Proceeds on a pro rata basis to the prepayment of the Term Loans and to the prepayment, repurchase or repayment of the Other Applicable Indebtedness (determined on the basis of the aggregate outstanding principal amount of the Term 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 applicable Net Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof (and the remaining amount, if any, of such Net Proceeds shall be allocated to the Term Loans in accordance with the terms hereof), and the amount of the prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.11(c)</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 (10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event and on each occasion that any Net Proceeds are received by or on behalf of any member of the Consolidated Group in respect of any Prepayment Event referenced in <u>paragraph (a)</u> of the definition thereof involving the sale of assets in excess of $50,000,000 (in one or a series of transactions), the Borrowers shall, within ten (10) days in the case of such Prepayment Event, after such Net Proceeds are received, prepay the Term Loans on a pro rata basis (except, as to Extended Term Loans, Incremental Term Loans and Other Term Loans, which may be prepaid on a less than pro rata basis if and to the extent set forth in the applicable Extension Amendment, Incremental Facility Amendment or Refinancing Amendment) in each case in an aggregate amount equal to 100% of the amount of such Net Proceeds (subject to reduction as set forth below); <u>provided</u> that if any member of the Consolidated Group applies 50% of the Net Proceeds from such event (or a portion thereof) within twelve (12) months after receipt of such Net Proceeds (or eighteen (18) if any such member of the Consolidated Group commits to apply such Net Proceeds within such twelve (12) month period pursuant to a contractual arrangement (including pursuant to a letter of intent or commitment letter)) to reinvest such proceeds in the business of any member of the Consolidated Group (including in connection with any permitted Investment, Consolidated Capital Expenditures or otherwise (other than working capital except short term capital assets)), then no prepayment shall be required pursuant to this paragraph in respect of such Net Proceeds except to the extent of any such Net Proceeds therefrom that have not been so applied by the end of the twelve (12) month (or, eighteen (18) month, if committed to be so applied) period following receipt of such Net Proceeds, at the end of which period a prepayment shall be required in an amount equal to such Net Proceeds that have not been so applied; <u>provided</u>, <u>further</u> that if, at the time that any such prepayment in respect of any Prepayment Event referenced in <u>paragraph (a)</u> of the definition thereof would be required hereunder, any member of the Consolidated Group is also required to prepay, repay or repurchase (or offer to prepay, repay or repurchase) any Other Applicable Indebtedness, then the relevant Person may apply the applicable Net Proceeds on a pro rata basis to the prepayment of the Term Loans and to the prepayment, repurchase or repayment of the Other Applicable Indebtedness (determined on the basis of the aggregate outstanding principal amount of the Term 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 applicable Net Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof (and the remaining amount, if any, of such Net Proceeds shall be allocated to the Term Loans in accordance with the terms hereof), and the amount of the prepayment of the Term Loans that would have otherwise been required pursuant to this <u>Section 2.11(c)</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 (10) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 connection with any mandatory prepayment from (x) Net Proceeds of any property of any Subsidiary or (y) Excess Cash Flow attributable to any Subsidiary (collectively, such Net Proceeds and such Excess Cash Flow are "<u>Foreign Proceeds</u>"), if the repatriation of cash to such Borrower by such Subsidiary in the amount of such Foreign Proceeds is (1) prohibited or delayed by applicable local law or would conflict with the fiduciary duties of such Subsidiary's directors, or would result in, or would 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 Subsidiary (in each case as determined in good faith by the Borrowers) (provided that the Borrowers and their respective Subsidiaries shall, for a period of one month, take all commercially reasonable actions available under local law to permit such repatriation) or (2) would reasonably be expected to result in material adverse tax consequences (including any material withholding tax) to any member of the Consolidated Group (as determined in good faith by the Borrowers), then, at the election of the Borrowers, such mandatory prepayment in the amount of such Foreign Proceeds shall not be required to be made hereunder until and to the extent such repatriation of cash can be made without being subject to either of the foregoing <u>clauses (1)</u> or <u>(2)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with any mandatory prepayment from (x) Net Proceeds of any property of any Subsidiary that is not a wholly owned Subsidiary or (y) Excess Cash Flow attributable to any Subsidiary that is not a wholly owned Subsidiary (collectively, such Net Proceeds and such Excess Cash Flow are "<u>Subject Proceeds</u>"), if the distribution of cash in the amount of the Subject Proceeds by such non-wholly owned Subsidiary to the holders of its Equity Interests is prohibited or delayed by any material Organizational Document of such non-wholly owned Subsidiary (as determined in good faith by the Borrowers), then, at the election of the Borrowers, such mandatory prepayment in the amount of such Subject Proceeds shall not be required to be made hereunder until and to the extent such distribution of cash is permitted to be made by such non-wholly owned 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;(e) The Borrowers will promptly notify the Administrative Agent of the amount of any mandatory prepayment due under <u>Section 2.11(d)</u>. The Administrative Agent will promptly notify each Lender holding the applicable Class of Term Loans of the contents of the Borrowers' prepayment notice and of such Lender's *pro rata* share of the prepayment. Each such Term Lender may reject all (but not less than all) of its *pro rata* share of any mandatory prepayment (such declined amounts, the "<u>Declined Proceeds</u>") of Term Loans required to be made pursuant to <u>Section 2.11(d)</u> by providing notice to the Administrative Agent at or prior to the time of such prepayment; <u>provided</u> that for the avoidance of doubt, no Lender may reject any prepayment made with the proceeds of Credit Agreement Refinancing Indebtedness. Any Declined Proceeds remaining thereafter shall be retained by the Borrowers ("<u>Retained Declined Proceeds</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;(f) Each mandatory prepayment of the Term Loans by the Borrowers pursuant to <u>Section 2.11(d)</u> shall be applied to the Class or Classes of Term Loans being refinanced as directed by the Borrowers and shall be applied pro rata to Term Lenders within each such Class, based upon the outstanding principal amounts owing to each such Term Lender under each such Class of Term Loans on a pro rata basis (except, as to Extended Term Loans or Term Loans made pursuant to an Incremental Facility Amendment or a Refinancing Amendment, as otherwise set forth in such Extension Amendment, Incremental Facility Amendment or a Refinancing Amendment which may be prepaid on a less than pro rata basis). Within the parameters of the applications set forth above, prepayments shall be applied first to Base Rate Loans and then to Term SOFR Loans in direct order of Interest Period maturities. All prepayments under <u>Section 2.11(b)</u> and <u>(d)</u> shall be subject to <u>Section 2.16</u>, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding anything to the contrary herein, all prepayments of the Initial Term Loans or any Delayed Draw Term Loans made or required to be made prior to the third anniversary of the Closing Date (whether voluntary or mandatory, as applicable, and whether upon acceleration of the Obligations, the commencement of any bankruptcy or insolvency proceeding, or otherwise, but in any event excluding ordinary course amortization payments made pursuant to <u>Section 2.10</u>, or Excess Cash Flow mandatory prepayment made pursuant to <u>Section 2.11(b))</u> shall be subject to an additional premium (the "<u>Prepayment Premium</u>"), to be paid to Administrative Agent for the benefit of Applicable Lenders as liquidated damages and compensation for the costs of being prepared to make funds available hereunder with respect to the Initial Term Loans or Delayed Draw Term Loans, as applicable, as determined as of the date of prepayment or acceleration, equal to (1) if such payment is made prior to the first anniversary of the Closing Date, the Make-Whole Amount and (2) if such payment is made following the first anniversary of the Closing Date and prior to the third anniversary of the Closing Date, the aggregate principal amount of such prepayment multiplied by (i) three percent (3.0%), with respect to prepayments made after the Closing Date but prior to the second anniversary of the Closing Date, and (ii) one percent 1.0%, with respect to prepayments made on or after the second anniversary of the Closing Date but prior to the third anniversary of the Closing Date; provided that, no Prepayment Premium shall apply in the event of any prepayments in connection with a Qualifying IPO. It is understood and agreed that upon the occurrence of any acceleration of the Obligations for any reason, the applicable Prepayment Premium, if any, determined as of the date of acceleration, will also be due and payable and will be treated and deemed as though the Initial Term Loans or Delayed Draw Term Loans were prepaid as of such date and shall constitute part of the Obligations for all purposes herein and added to the principal amount thereof. The applicable Prepayment Premium, if any, shall also be payable in the event the Obligations (and/or this Agreement) are satisfied or released by foreclosure (whether by power or judicial proceed), deed in lieu of foreclosure or by any other means. THE BORROWERS AND THE OTHER LOAN PARTIES EXPRESSLY WAIVE THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING APPLICABLE PREPAYMENT PREMIUM IN CONNECTION WITH SUCH ACCELERATION. The Borrowers and the other Loan Parties expressly agree that (u) the applicable Prepayment Premium is reasonable and is the product of an arms' length transaction between sophisticated business people, ably represented by counsel, (v) the applicable Prepayment Premium shall be payable notwithstanding the then prevailing market rates at the time payment is made, (w) there has been a course of conduct between the Lenders and the Borrowers and the other Loan Parties giving specific consideration in this transaction for such agreement to pay the applicable Prepayment Premium, (x) the Borrowers and the other Loan Parties shall be estopped hereafter from claiming differently than as agreed to in this clause (h), (y) their agreement to pay the applicable Prepayment Premium is a material inducement to the Lenders to make the Initial Term Loans or Delayed Draw Term Loans and (z) the Prepayment Premium represents a good faith, reasonable estimate and calculation of the lost profits or damages of the Lenders and that it would be impractical and extremely difficult to ascertain the actual amount of damages to the Lenders or profits lost by the Lenders as a result of an acceleration of the Obligations.

Section 2.12 <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrowers shall pay to the Administrative Agent for the account of each Lender having a <u>2025</u> Delayed Draw Term Loan Commitment, a commitment fee equal to 1.50% per annum *times* the average daily balance of the undrawn portion of the <u>2025</u> Delayed Draw Term Loan Commitment held by such Lender during each fiscal quarter or portion thereof from the date that is 90 days following the Closing<u>Amendment No. 2 Effective</u> Date to the <u>2025</u> Delayed Draw Termination Date. The <u>2025</u> Delayed Draw Term Loan ticking fee shall begin to accrue on such 90<sup>th</sup> day following the Closing<u>Amendment No. 2 Effective</u> Date and be payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date following the 90th day following the Closing<u>Amendment No. 2 Effective</u> Date and on the <u>2025</u> Delayed Draw Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower agrees to pay to each of the Administrative Agent and the Collateral Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between any of the Parties and the Administrative Agent and the Collateral Agent, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All fees payable hereunder shall be paid in U.S. Dollars by the Borrowers on the dates due, in Same Day Funds, to the Administrative Agent for distribution, in the case of commitment fees and participation fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances.

Section 2.13 <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Loans comprising each Borrowing of a Base Rate Loan shall bear interest at the Base Rate <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Loans comprising each Borrowing of a Term SOFR Loan shall bear interest at Term SOFR for the Interest Period in effect for such Borrowing <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default under any of <u>Section 7.01(a)</u>, <u>7.01(h)</u> or <u>7.01(i)</u>, the overdue portion of any principal amount of all Loans and, to the extent permitted by applicable Law, any overdue interest payments on the Loans or any overdue premium, fees or other amounts owed hereunder not paid when due, in each case whether at stated maturity, by notice of prepayment, by acceleration or otherwise, shall bear interest (including post-petition interest in any proceeding under any Debtor Relief Law) from the date of such Event of Default, payable on demand at a rate that is 2.00% per annum (the "<u>Default Rate</u>") <u>plus</u> the interest rate otherwise applicable to such Loan as provided in the preceding paragraphs of this <u>Section 2.13</u> (including the Applicable Rate); <u>provided</u> that no Default Rate shall accrue on the Loans of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Accrued interest on each Loan shall be payable in the same currency as the applicable Loan and in arrears on each Interest Payment Date for such Loan, <u>provided</u> that (i) interest accrued pursuant to <u>paragraph (c)</u> of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Term SOFR Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

Section 2.14 <u>Alternate Rate of Interest</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;(a) Subject to <u>clauses (b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e)</u> and <u>(f)</u> of this <u>Section 2.14</u>, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) prior to the commencement of any Interest Period for a Term SOFR Borrowing, that adequate and reasonable means do not exist for ascertaining the Term SOFR and such Interest 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrative Agent is advised by the Majority in Interest of any Class of Lenders that prior to the commencement of any Interest Period for a Term SOFR Borrowing, the Term SOFR and such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing and such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrowers and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrowers deliver a new Loan Notice in accordance with the terms hereof, (A) for Loans denominated in U.S. Dollars, any Loan Notice that requests the conversion of a Term SOFR Borrowing and any Loan Notice that requests a Term SOFR Borrowing shall instead be deemed to be a Loan Notice, for a Base Rate Borrowing. Furthermore, if any Term SOFR Loan, is outstanding on the date of the Borrowers' receipt of the notice from the Administrative Agent referred to in this <u>Section 2.14(a)</u> with respect to a Relevant Rate applicable to such Term SOFR Loan, then until (x) the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrowers delivers a new Loan Notice in accordance with the terms hereof, (A) for Loans denominated in U.S. Dollars, any Term SOFR Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall constitute, a Base Rate Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" with respect to Dollars for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority in Interest of each affected Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent will promptly notify the Borrowers and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section 2.14</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</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;(e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the Borrowers' receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrowers may revoke any request for a Term SOFR Borrowing, conversion to or continuation of Term SOFR Loans to be made, converted or continued and, failing that, the Borrowers will be deemed to have converted any request for a Term SOFR Borrowing denominated in Dollars into a request for a Borrowing of or conversion to a Base Rate Borrowing. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

Section 2.15 <u>Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impose, modify or deem applicable any reserve, special deposit, liquidity, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement subject to <u>Section 2.15(c)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) impose on any Lender or the applicable interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Term SOFR Loans made by such 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;(iii) subject any Lender to any additional Taxes of any kind whatsoever with respect to this Agreement or any Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except, in each case, for Indemnified Taxes indemnifiable under <u>Section 2.17</u> and any Excluded Taxes);

and the result of any of the foregoing shall be to materially increase the cost to such Lender of making, converting to, continuing or maintaining any Term SOFR Loan (or of maintaining its obligation to make any such Loan) of the Borrowers or to increase the cost to such Lender or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the applicable Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

&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 Lender determines in good faith that any Change in Law regarding capital or liquidity requirements has or would have the effect of materially reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to the Borrowers to a level below that which such Lender or such Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding company with respect to capital and liquidity adequacy), then from time to time the applicable Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in <u>(a)</u> or <u>(b)</u> of this Section shall be delivered to the Borrowers and shall be conclusive absent manifest error. The applicable Borrowers shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt 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;(e) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation, <u>provided</u> that no Borrower shall be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 120 days prior to the date that such Lender notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor, and <u>provided</u> further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 120-day period referred to above shall be extended to include the period of retroactive effect thereof.

Section 2.16 <u>Break Funding Payments</u>. In the event of (a) the payment by any Borrower of any principal of any Term SOFR Loan other than on the last day of an Interest Period applicable thereto or the relevant interest payment date or payment period (including as a result of an Event of Default), (b) the conversion by any Borrower of any Term SOFR Loan other than on the last day of the Interest Period applicable thereto or the relevant interest payment date or payment period, (c) the failure by any Borrower to borrow, convert into, continue or prepay any Term SOFR Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Term SOFR Loan other than on the last day of the Interest Period applicable thereto or the relevant interest payment date or payment period as a result of a request by any Borrower pursuant to <u>Section 2.19</u> or <u>Section 9.02(c)</u>. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrowers and shall be conclusive absent manifest error. The applicable Borrowers shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt thereof.

Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation, <u>provided</u> that no Borrower shall be required to compensate a Lender pursuant to this Section for any costs incurred more than 120 days prior to the date of the event giving rise to such costs.

Section 2.17 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each payment by or on account of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, unless such deduction or withholding is required by any Requirement of Law. If any applicable withholding agent (including any Loan Party) is so required to deduct or withhold Taxes (as determined in the good faith discretion of an applicable withholding agent), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Loan Party shall promptly upon becoming aware of such requirement to make the deduction or withholding (or that there is any change in the rate or the basis of the deduction or withholding) notify the Administrative Agent accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Loan Party or Administrative Agent (as applicable) shall so deduct or withhold and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with any applicable law; 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;(iii) to the extent such withholding or deduction is made on account of Indemnified Taxes, then the amount payable by the applicable Loan Party shall be increased as necessary so that, after any required withholding or the making of any required deductions (including deductions and withholdings applicable to any additional amounts payable under this <u>Section 2.17</u>), the applicable Recipient receives the amount it would have received had no such withholding or deduction been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the provisions of subsection (a) above, each applicable Loan Party shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As promptly as possible after any payment of Taxes by a Loan Party with respect to a Recipient to a Governmental Authority in accordance with <u>Section 2.17(a)</u> and <u>Section 2.17(b)</u>, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The applicable Loan Parties shall indemnify each Recipient for the full amount of any Indemnified Taxes that are paid or payable by such Recipient, or required to be withheld or deducted from a payment to a Recipient, in connection with any Loan Document (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17) and any reasonable out of pocket expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this <u>paragraph (d)</u> shall be paid within 30 days after the Recipient (or the Administrative Agent, on behalf of such Recipient) delivers to the applicable Loan Party a certificate setting forth the basis and a calculation of the amount of Indemnified Taxes so payable by such Recipient. Such certificate shall be conclusive of the amount so payable absent manifest error. Such Recipient shall deliver a copy of such certificate to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax with respect to any payments under any Loan Document shall deliver to the applicable Borrower and the Administrative Agent, at the time or times prescribed by law or reasonably requested by the applicable Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the applicable Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the applicable Borrower or the Administrative Agent, shall deliver such other documentation prescribed by law or reasonably requested by the applicable Borrower or the Administrative Agent as will enable the applicable Borrower or the Administrative Agent to determine whether or not such Lender is subject to U.S. backup withholding or information reporting requirements, or any other U.S. or non-U.S. withholding requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (e)(i), (e)(ii), and (e)(iii) of this Section) 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. Upon the reasonable request of the applicable Borrower or the Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this <u>clause (e)</u>. If any form or certification previously delivered pursuant to this <u>clause (e)</u> expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10 days after such expiration, obsolescence or inaccuracy) notify the applicable Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to the Borrowers, each Lender that is not a U.S. Person and is a party hereto on the Closing Date or purports to become an assignee of an interest pursuant to <u>Section 9.04</u> after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to such assignment) (each such Lender a "<u>Foreign Lender</u>") shall, to the extent permitted by Requirement of Law, execute and deliver to the Borrowers and 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 Borrowers or the Administrative Agent) whichever of the following is applicable: (A) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with respect to payments of interest under any Loan Document, two (2) properly completed and executed copies of United States IRS Forms W-8BEN or W-8BEN-E (or successor form) establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Documents, two (2) properly completed and executed copies of IRS Forms W-8BEN or W-8BEN-E (or successor form) establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the "business profits" or "other income" article of such tax treaty; (B) two (2) executed copies of IRS Form W-8ECI (or successor form); (C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate 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 Borrowers within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" that is related to a Borrower as described in Section 881(c)(3)(C) of the Code (a "U.S. Tax Compliance Certificate") and (y) two (2) executed copies of IRS Forms W-8BEN or W-8BEN-E (or successor form); (D) to the extent a Foreign Lender is not the beneficial owner, two (2) executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E (or successor form), a U.S. Tax Compliance Certificate, IRS Form W-9 (or successor form), and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each beneficial owner; or (E) other applicable forms, certificates or documents prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to the Borrowers, each Lender that is a U.S. Person and is a party hereto on the Closing Date or purports to become an assignee of an interest pursuant to <u>Section 9.04</u> after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to such assignment) shall provide to the Borrowers and Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), a properly completed and executed copy of IRS Form W-9 or any successor form certifying as to such Lender's or Administrative Agent's entitlement to an exemption from U.S. backup withholding and other applicable forms, certificates or documents prescribed by the IRS or reasonably requested by the Borrowers or 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;(iii) With respect to the Borrowers, if a payment made to any Lender would be subject to any withholding Tax imposed under FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrowers and Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such other documentation reasonably requested by the Borrowers and Administrative Agent as may be necessary for the Administrative Agent and the Borrowers to comply with their obligations under FATCA, to determine whether such Lender has or has not complied with such Lender's FATCA obligations and to determine the amount, if any, to deduct and withhold from such payment. For purposes of determining withholding Taxes imposed under FATCA, from and after the Closing Date, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a "grandfathered obligation" within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). Solely for purposes of this <u>clause (iv)</u>, "FATCA" shall include any amendments after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding any other provision of this <u>clause (e)</u>, a Lender shall not be required to deliver any form that such Lender is not legally eligible to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any Recipient determines, in its sole discretion (exercised in good faith), that it has received a refund of any Indemnified Taxes (whether in cash or applied as a credit against any Cash Taxes payable) as to which it has been indemnified pursuant to this <u>Section 2.17</u> (including additional amounts paid by any Loan Party pursuant to this <u>Section 2.17</u>), it shall promptly pay to the indemnifying party an amount equal to such refund and any additional amounts paid under this Section 2.17 in respect of the Taxes giving rise to such refund (but only to the extent of indemnity payments made, and additional amounts paid, under this <u>Section 2.17</u> with respect to the Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses (including any Taxes) of such Recipient and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), <u>provided</u> that the indemnifying party, upon the written request of such Recipient, shall repay to such Recipient the amount paid to such indemnifying party pursuant to the previous sentence (<u>plus</u> any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <u>clause (f)</u>, in no event will the applicable Recipient be required to pay any amount to an indemnifying party pursuant to this <u>clause (f)</u> the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the tax subject to indemnification and giving rise to such refund had not been deducted, withheld, or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This <u>clause (f)</u> shall not be construed to require any Recipient to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Loan Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent shall deliver to the Borrowers on or prior to the date on which the Administrative Agent becomes an Administrative Agent under this Agreement executed copies of IRS Form W-9 certifying that such Administrative Agent is exempt from U.S. federal backup withholding tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the avoidance of doubt, all amounts expressed to be payable under a Loan Document by any Loan Party to a Lender which (in whole or in part) constitute consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply and, accordingly, if VAT is or becomes chargeable on any supply made by any Lender to any Loan Party under a Loan Document and such Lender is required to account to the relevant tax authority for the VAT, that Loan Party must pay to such Lender (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Lender must, on request, promptly provide an appropriate VAT invoice to that Loan Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Where a Loan Document requires a Loan Party to reimburse or indemnify a Lender for any cost or expense, that Loan Party shall reimburse or indemnify (as the case may be) such Lender for the full amount of such cost or expense, including such part thereof as represents VAT save to the extent that such Lender reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

Section 2.18 <u>Payments Generally; Pro Rata Treatment; Sharing of Setoffs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower shall make each payment or prepayment required to be made by it under any Loan Document (whether of principal, interest, fees or of amounts payable under <u>Section 2.15</u>, <u>Section 2.16</u>, <u>Section 2.17</u> or otherwise) prior to the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 2:00 p.m.), on the date when due, in Same Day Funds, free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the applicable Borrower hereunder shall be made to the applicable Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent's Office in U.S. Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein. Any amounts received after 2:00 p.m., in the case of payments in U.S. Dollars, 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's Office, except that payments pursuant to <u>Section 2.12(c)</u>, <u>Section 2.15</u>, <u>Section 2.16</u>, <u>Section 2.17</u> and <u>Section 9.03</u> shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. Unless otherwise provided herein, if any payment under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments under each Loan Document of principal or interest in respect of any Loan (or of any breakage indemnity in respect of any Loan) shall be made in the currency of such Loan and, except as otherwise set forth in any Loan Document, all other payments under each Loan Document shall be made in U.S. Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time insufficient funds from the Borrowers are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) <u>first</u>, towards payment of interest and fees then due by the Borrowers hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties from the Borrowers, and (ii) <u>second</u>, towards payment of principal then due by the Borrowers hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such 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;(c) If, other than as provided elsewhere herein, any Lender shall, by exercising any right of setoff or counterclaim, obtain payment in respect of any principal of or interest on any of its Term Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Term Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Term Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Term Loans of the applicable Class, <u>provided</u> that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to (v) any payment or prepayment made by or on behalf of the any Borrower or any other Loan Party pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender or Disqualified Lender), (x) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant or the termination of any Lender's commitment and non-pro rata repayment of Loans pursuant to <u>Section 2.19(b)</u>, (y) [reserved], or (z) in connection with a transaction pursuant to an Extension Offer, Refinancing Amendment or Incremental Facility Amendment or amendment in connection with Credit Agreement Refinancing Indebtedness. For the avoidance of doubt, this Section shall not limit the ability of any member of the Consolidated Group to pay principal, fees, premiums and interest with respect to Credit Agreement Refinancing Indebtedness, Extended Term Loans, or Incremental Term Loans following the effectiveness of any Refinancing Amendment, any Extension Offer or Incremental Facility Amendment on a basis different from the Loans of such Class that will continue to be held by Lenders that were not Additional Refinancing Lenders, Extending Lenders or Additional Lenders, 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;(d) Unless the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. With respect to any payment that the Administrative Agent makes for the account of the Lenders hereunder as to which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the "<u>Rescindable Amount</u>"): (i) such Borrower has not in fact made such payment; (ii) the Administrative Agent has made a payment in excess of the amount so paid by such Borrower (whether or not then owed); or (iii) the Administrative Agent has for any reason otherwise erroneously made such payment; then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Lender, in Same Day Funds 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 Overnight Rate. A notice of the Administrative Agent to any Lender or any Borrower with respect to any amount owing under this <u>Section 2.18(d)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any Lender shall fail to make any payment required to be made by it pursuant to <u>Section 2.06(a)</u> or <u>(b)</u>, <u>Section 2.18(d)</u> or <u>Section 9.03(c)</u>, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under such Sections until all such unsatisfied obligations are fully paid.

Section 2.19 <u>Mitigation Obligations; Replacement of Lender</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Lender requests compensation under <u>Section 2.15</u> or <u>Section 2.17</u>, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.17</u>, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 2.15</u> or <u>Section 2.17</u>, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not be inconsistent with its internal policies or otherwise be disadvantageous to such Lender. Each Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender (to the extent applicable to such Borrower) in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender requests compensation under <u>Section 2.15</u> or <u>Section 2.17</u>, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.17</u>, and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with <u>Section 2.19(a)</u>, or if any Lender ceases to make Term SOFR Loans as a result of any of the conditions in <u>Section 2.14</u> or <u>Section 2.15</u>, or if any Lender becomes a Defaulting Lender, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender (and such Lender shall be obligated) to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in <u>Section 9.04</u>), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), <u>provided</u> that (i) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and, other than in the case of a Defaulting Lender, such Lender's pro rata share of accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts), and (ii) in the case of any such assignment resulting from a claim for compensation under <u>Section 2.15</u> or payments required to be made pursuant to <u>Section 2.17</u>, such assignment will result in a reduction in such compensation or 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;(c) Any Lender being replaced pursuant to <u>Section 2.19(b)</u> or <u>Section 9.02(c)</u> shall (i) execute and deliver an Assignment and Assumption with respect to such Lender's Commitment and outstanding Loans (<u>provided</u> that the failure of any such Lender to execute an Assignment and Assumption shall not render such assignment invalid and such assignment shall be recorded in the Register) and (ii) deliver Notes, if any, evidencing such Loans to the Borrowers or Administrative Agent. Pursuant to such Assignment and Assumption, (A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning Lender's Commitments and outstanding Loans (B) all obligations of the Loan Parties owing to the assigning Lender relating to the Loan Documents and participations so assigned shall be paid in full by the assignee Lender or the Loan Parties (as applicable) to such assigning Lender concurrently with such assignment and assumption (including any amounts owing to the assigning Lender (other than a Defaulting Lender) under <u>Section 2.16</u> as a consequence of such assignment) and (C) upon such payment and, if so requested by the assignee Lender, the assignor Lender shall deliver to the assignee Lender the appropriate Note or Notes executed by the Borrowers, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions under this Agreement, which shall survive as to such assigning Lender.

Section 2.20 <u>Incremental Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time and from time to time after the <u>2025</u> Delayed Draw Termination Date and prior to the Latest Maturity Date, so long as the German Post-Closing Obligations have been satisfied, subject to the terms and express conditions set forth herein, the Borrowers may by no less than three (3) Business Days' prior notice to the Administrative Agent (or such lesser number of days reasonably acceptable to the Administrative Agent), request to add one or more new credit facilities to this Agreement (each, an "<u>Incremental Facility</u>"), consisting of one or more additional tranches of term loans (including new delayed draw commitments) or an increase to an existing Class of term Loans (including delayed draw term loans) under this Agreement (each, an "<u>Incremental Facility</u>"), so long as (i) the aggregate principal amount of all Incremental Facilities, when taken together with the aggregate principal amount of all outstanding Incremental Equivalent Debt, does not exceed the Incremental Cap as in effect at the time of determination; (ii) subject to <u>Section 1.12</u>, immediately before and after giving effect to each Incremental Facility Amendment, no Event of Default has occurred and is continuing or would result therefrom; (iii) [reserved]; (iv) the representations and warranties in <u>Article III</u> of this Agreement and the other Loan Documents shall be true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language, in all respects) on and as of the date of the incurrence of such Incremental Facility (although any representations or warranties which expressly relate to a given date or period shall be required only to be true and correct in all material respects (or in all respects, as applicable) as of the respective date or for the respective period, as the case may be); <u>provided</u> that, in the case of any Limited Condition Transaction, the requirement with respect to representations and warranties shall be as agreed between the Borrowers and the applicable Additional Lender providing such Incremental Facility; (v) no existing Lender shall be required to participate in any such Incremental Facility without its consent; and (vi) each Incremental Facility shall be in a minimum principal amount of $5,000,000 or multiples of $1,000,000 in excess thereof. Each Incremental Facility shall have the same guarantees as, and be secured on a pari passu basis by the same Collateral securing, all of the other Obligations hereunder, subject to <u>Section 2.28</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Incremental Facility (i) if made a part of an existing Class of Term Loans, (x) shall have terms identical to those applicable to such Class of Term Loans (other than with respect to upfront, arrangement, structuring or similar fees or original issue discount applicable to such Class of Term Loans) and (y)(A) such Incremental Facility shall have the same amortization schedule then applicable to such Class of Term Loans; provided that, unless otherwise agreed by the Borrowers, the first such amortization payment in respect of any Incremental Facility shall be the first full fiscal quarter following incurrence and (B) the amortization schedule for such Class of Term Loans shall be amended by the Administrative Agent and the Borrowers to increase the amortization payment for all Lenders holding such Class of Term Loans on a pro rata basis to the extent necessary to maintain, solely in respect of the outstanding amount of such Class of Term Loans held by each Lender immediately prior to such Incremental Facility (on a dollar basis and after giving effect to any pro rata application of such amortization payments to such Class of Term Loans), the principal amount of the amortization payments to which such Lenders were entitled before such recalculation or (ii) if consisting of an additional tranche of Term Loans shall have such terms as determined by the Borrowers and the lenders providing such Incremental Facility; <u>provided</u>, that, (A) no Subsidiary shall be a borrower or a guarantor with respect to such Incremental Facility unless such Subsidiary is a Loan Party (or substantially concurrently with the incurrence thereof becomes a Loan Party), and such Incremental Facility shall be secured on a pari passu basis with the Liens securing the Secured Obligations, (B) the obligations in respect thereof shall not be secured by Liens on the assets other than assets constituting Collateral, (C) the final maturity of any such Incremental Facility shall be no earlier than the Latest Maturity Date then in effect, (D) no Incremental Facility shall have a Weighted Average Life to Maturity that is shorter than the Weighted Average Life to Maturity of any of the then outstanding Term Loans, as applicable (without giving effect to amortization for periods where amortization has been eliminated as a result of a prepayment of such Term Loans), (E) any Incremental Facility may provide for the ability to participate on a pro rata basis or less than pro rata basis but not a greater than pro rata basis (other than in the case of prepayment with proceeds of Indebtedness refinancing such Incremental Facility) in any mandatory prepayment of Term Loans required pursuant to <u>Section 2.11(d)</u>, (F) the pricing, interest rate margins, discounts, premiums, rate floors and fees applicable to any Incremental Facility shall be determined by the Borrowers and the Lenders providing such Incremental Term Loans, (G) other terms may differ and shall be determined by the Borrowers and the lenders providing such Incremental Term Loans; <u>provided</u>, however, the covenants and events of default of such Incremental Term Loans, if not consistent with the terms of this Agreement and the other Loan Documents shall not be materially more restrictive to Holdings, the Borrowers and the Subsidiaries (as determined in good faith by the Borrowers), when taken as a whole, than the terms of this Agreement and the other Loan Documents, unless (x) the Lenders receive the benefit of such more restrictive terms pursuant to an amendment executed by the Borrowers and the Administrative Agent (it being understood that no consent of any such Lender shall be required to receive the benefit of such more restrictive terms) or (y) any such provisions apply after the Latest Maturity Date then in effect and (H) each Incremental Facility shall be denominated in U.S. Dollars and evidenced by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, for any Incremental Term Loan that is secured on a pari passu basis with the Initial Term Loans and Delayed Draw Term Loans, the Applicable Rate (which shall be deemed to (i) include (x) for purposes of this sentence only, all upfront or similar fees or original issue discount based on a four year average life or, if less, the remaining life to maturity payable to all Lenders providing such Loans, as applicable and (y) a floor with respect to Term SOFR greater than 2.00% but (ii) exclude any arrangement, commitment, structuring and underwriting fees and any amendment fees payable to the Lenders or their Affiliates or any Lenders under the Incremental Facility or their Affiliates) relating to such Incremental Term Commitment exceeds the Applicable Rate relating to the relevant Initial Term Loans and Delayed Draw Term Loans immediately prior to the effectiveness of the applicable Incremental Facility Amendment by more than 0.50%, the Applicable Rate relating to the relevant Initial Term Loans and Delayed Draw Term Loans shall be adjusted to be equal to the Applicable Rate relating to such Incremental Term Commitment minus 0.50.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each notice from the Borrowers pursuant to this Section shall set forth the requested amount and proposed terms of the relevant Incremental Facility. Any additional bank, financial institution, existing Lender or other Person that elects to provide Commitments under an Incremental Facility shall be an Eligible Assignee that is reasonably satisfactory to the Borrowers and, to the extent such consent would be required for an assignment of Loans or Commitments of the same (or similar) Class pursuant to <u>Section 9.04</u>, the Administrative Agent (such consent not to be unreasonably withheld, delayed or conditioned) (any such bank, financial institution, existing Lender or other Person being called an "<u>Additional Lender</u>") and, if such Additional Lender is not already a Lender, it shall become a Lender under this Agreement pursuant to an amendment (an "<u>Incremental Facility Amendment</u>") to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers and such Additional Lender (in the case of this Agreement and, as appropriate, any other Loan Document, as applicable) (and to the extent it directly and adversely affects the rights or duties of the Administrative Agent, and/or the Collateral Agent, the Administrative Agent, and/or the Collateral Agent, as applicable), and acknowledged by the Administrative Agent (which acknowledgement shall not be unreasonably withheld, delayed or conditioned). No Lender shall be obligated to provide any Commitments under an Incremental Facility, unless it so agrees. Commitments in respect of any Incremental Facilities shall become Commitments under this Agreement. An Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to any Loan Documents as may be necessary, advisable or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this Section (including to provide for voting provisions applicable to the Additional Lenders comparable to the provisions of <u>clause (iv)</u> of the first proviso of <u>Section 9.02(b)</u>). The effectiveness of any Incremental Facility Amendment shall, unless otherwise agreed to by the Additional Lenders, be subject to the satisfaction (or waiver) on the date thereof of the express conditions in respect of such Incremental Facility Amendment to be mutually agreed upon by the Additional Lenders and the Borrowers. The proceeds of any Loans under an Incremental Facility will be used, directly or indirectly, by the applicable Borrower for working capital and/or general corporate purposes and/or any other purposes not prohibited hereunder (including Restricted Payments, Acquisitions and other Investments). This <u>Section 2.20</u> shall supersede any provisions in <u>Section 2.11</u>, <u>Section 2.18</u> and <u>Section 9.02</u> to the contrary.

Section 2.21 <u>Refinancing Facilities</u>.

At any time after the Closing Date, the Borrowers may obtain from any existing Lender or any other Person reasonably satisfactory to the Administrative Agent, (any such existing Lender or other Person being called an "<u>Additional Refinancing Lender</u>") Credit Agreement Refinancing Indebtedness in respect of all or any portion of any Class of Term Loans then outstanding under this Agreement in the form of Other Term Loans or Other Term Commitments or pursuant to a Refinancing Amendment; <u>provided</u> that (i) such Credit Agreement Refinancing Indebtedness may be secured only by assets consisting of Collateral, (ii) the other terms and conditions of such Credit Agreement Refinancing Indebtedness (excluding pricing and optional prepayment or redemption terms) are substantially similar to, or less favorable (including for the avoidance of doubt any amortization, maturity, fee and prepayment provisions) to the Additional Refinancing Lenders, taken as a whole, than those applicable to the Credit Agreement Refinanced Debt (except for covenants or other provisions applicable only to periods after the latest final maturity date of the applicable Credit Agreement Refinanced Debt or to the extent such provisions are added for the benefit of all the Lenders hereafter (it being understood that no consent of any such Lender shall be required to receive the benefit of such provisions)), (iii) delivery of customary opinions, authorizing resolutions, reaffirmations and other customary certificates (including as to the satisfaction of the conditions precedent in <u>Section 4.02</u> at the time such Other Term Commitments become effective), in each case of the type and scope delivered on the Closing Date, (iv) any Credit Agreement Refinancing Indebtedness shall be denominated in U.S. Dollars, (v) with respect to Other Term Loans or Other Term Commitments, any Affiliated Lender providing an Other Term Commitment shall be subject to the same restrictions set forth in <u>Section 9.04</u> as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Term Loans, and (vi) the Administrative Agent shall enter into an Acceptable Intercreditor Agreement with respect thereto. The effectiveness of any Refinancing Amendment shall be subject to such express conditions as are mutually agreed with the participating Additional Refinancing Lenders. Each Class of Credit Agreement Refinancing Indebtedness (other than in connection with an extension of the maturity of Term Loans) incurred under this <u>Section 2.21</u> shall be in an integral multiple of $1,000,000 and be in an aggregate principal amount that is not less than $5,000,000, <u>provided</u> that such amount may be less than $5,000,000 if such amount represents all the remaining availability under the aggregate principal amount of the applicable Credit Agreement Refinanced Debt. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary or reasonably advisable to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Other Term Loans, and/or Other Term Commitments). Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary, or reasonably advisable or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this Section. This <u>Section 2.21</u> shall supersede any provisions in <u>Section 2.18</u> and <u>Section 9.02</u> to the contrary.

Section 2.22 <u>Defaulting Lenders</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;(a) <u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section 9.02</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;(ii) <u>Reallocation of Payments</u>. Any payment of principal, interest, fees, indemnity payments or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VII</u> or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to <u>Section 9.08</u>), shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; *second*, as the Borrowers may request, to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement; *third*, if so determined by the Administrative Agent and the Borrowers, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; *fourth*, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and *fifth*, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of all non- Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this <u>Section 2.22(a)(ii)</u> shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees</u>. That Defaulting Lender shall not be entitled to receive any commitment fee pursuant to <u>Section 2.12(a)</u> or any Default Rate of interest pursuant to <u>Section 2.13(c)</u>, in each case, for any period during which that Lender is a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defaulting Lender Cure</u>. If the Borrowers and the Administrative Agent (at the direction of the Required Lenders) agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentage, whereupon that Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and <u>provided</u>, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

Section 2.23 <u>[Reserved]</u>.

Section 2.24 <u>Extensions of Term Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 the Borrowers to all Lenders of Term Loans of the applicable Class with a like maturity date on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term Loans with a like maturity date) and offered on the same terms to each such Lender, each Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender's Term Loans and otherwise modify the terms of such Term Loans pursuant to the terms of the relevant Extension Offer (including by increasing the interest rate, premiums or fees payable in respect of such Term Loans (and related outstandings) and/or modifying the amortization schedule, optional prepayment terms, required prepayment dates and participation in prepayments in respect of such Lender's Term Loans) (each, an "<u>Extension</u>", and each group of Term Loans, as so extended, as well as the Initial Term Loan or Delayed Draw Term Loans (not so extended), being a separate Class; any Extended Term Loans shall constitute a separate Class of Term Loans from the Class of Term Loans from which they were converted), so long as the following terms are satisfied (or waived):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as to interest rates, fees, premiums, amortization, voluntary prepayments, AHYDO Catch-Up Payments and final maturity (which shall, subject to the immediately succeeding <u>clauses (iii)</u>, <u>(iv)</u> and <u>(v)</u>, be determined by the Borrowers and set forth in the relevant Extension Offer), the Term Loans (whether an Initial Term Loan or Delayed Draw Term Loans, as applicable) of any Term Lender that agrees to an Extension with respect to such Term Loans (an "<u>Extending Lender</u>") extended pursuant to any Extension ("<u>Extended Term Loans</u>") shall have covenants and events of default that, if not consistent with the terms of the applicable Term Loans, shall not be materially more restrictive to Holdings, the Borrowers and the Subsidiaries (as determined in good faith by the Borrowers), when taken as a whole, than the terms of the applicable Term Loans unless (x) the Lenders of the Term Loans receive the benefit of such more restrictive terms pursuant to an amendment executed by the Borrowers and the Administrative Agent (it being understood that no consent of any such Lender shall be required to receive the benefit of such more restrictive terms) or (y) any such provisions apply after the Maturity Date of the Class of Term Loans for which such Extension Offer was made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the final maturity date of any Extended Term Loans shall be no earlier than the Maturity Date of the Class of Term Loans for which such Extension Offer was made and at no time shall the Term Loans (including Extended Term Loans) have more than six different maturity dates,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Term Loans extended thereby (without giving effect to amortization for periods where amortization has been eliminated as a result of a prepayment of the applicable Term Loans),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Extended Term Loans may participate on a pro rata basis or less than pro rata basis in any voluntary or mandatory prepayment of any Class of Term Loans 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;(vi) if the aggregate principal amount of the Class of Term Loans (calculated on the face amount thereof) in respect of which Term Lenders of such Class shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans offered to be extended by the Borrowers pursuant to such Extension Offer, then the Class of Term Loans of such Term Lenders of such Class shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Term Lenders have accepted such Extension Offer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all documentation in respect of such Extension shall be consistent with the foregoing, 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;(viii) any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to all Extensions consummated by the Borrowers pursuant to this <u>Section 2.24</u>, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of <u>Section 2.11</u> and (ii) no Extension Offer is required to be in any minimum amount or any minimum increment, <u>provided</u> that the Borrowers may at their election specify as a condition (a "<u>Minimum Extension Condition</u>") to consummating any such Extension that a minimum amount (to be determined and specified in the relevant Extension Offer in the Borrowers' sole discretion and may be waived by the Borrowers) of the Class of Term Loans of any or all applicable Classes be tendered. The Administrative Agent and the Lenders hereby consent to the consummation of the transactions contemplated by this <u>Section 2.24</u> (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Term Loans 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 any pro rata payment or amendment section) or any other Loan Document that may otherwise prohibit or restrict any such Extension or any other transaction contemplated by this <u>Section 2.24</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Extended Term Loans shall be established pursuant to an Extension Amendment executed by the Borrowers, the Administrative Agent, the Extending Lenders; <u>provided</u> that, except to the extent expressly contemplated by this <u>Section 2.24</u> and notwithstanding anything to the contrary set forth in <u>Section 9.02</u>, each Extension Amendment shall (i) be consistent with the provisions set forth in this <u>Section 2.24</u>, (ii) be reasonably satisfactory to the Administrative Agent, (iii) include representations (x) as to the accuracy of representations and warranties set forth in Article III of this Agreement and in the other Loan Documents in all material respects (without duplication of materiality qualifiers) immediately before and after giving effect to such Extension Amendment and the transactions contemplated thereby (except to the extent such representation or warranty relates to an earlier date, in which case such representation or warranty shall be deemed made as of such earlier date) and (y) that no Default or Event of Default shall have occurred and be continuing as of the effective date of such Extension Amendment or after giving effect to such Extension Amendment and the transactions contemplated thereby, (iv) be subject to any applicable Minimum Extension Condition (unless waived by the Borrowers) and (v) to the extent reasonably requested by the Administrative Agent, be subject to receipt by the Administrative Agent of (x) customary board resolutions and officers' certificates consistent with those delivered on the Closing Date, (y) customary opinions of counsel to the Loan Parties consistent with those delivered on the Closing Date (other than changes to legal opinions resulting from a change in law, change in fact or change in counsel's form of opinion reasonably acceptable to the Administrative Agent) and (z) supplemental or reaffirmation agreements and/or such amendments to the Loan Documents as may be reasonably requested by the Administrative Agent in order to ensure that the Extended Term Loans are provided with the benefit of the applicable Loan Documents. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each such Extension Amendment be reasonably acceptable to the Administrative Agent and shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Term Loans established thereby). All Extended Term Loans and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis with all other applicable Obligations under this Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize the Administrative Agent and, to the extent applicable, the Collateral Agent, to enter into amendments to this Agreement and the other Loan Documents with the Borrowers and other Loan Parties as may be necessary or advisable in order to establish new Classes in respect of Term Loans so extended and such technical amendments as may be necessary, advisable or appropriate in the reasonable opinion of the Administrative Agent and the Borrowers in connection with the establishment of such new Classes, in each case on terms consistent with this <u>Section 2.24</u>. No Lender shall be required to participate in any Extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with any Extension, the Borrowers shall provide the Administrative Agent at least 5 Business Days (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (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 2.24</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the avoidance of doubt, each Lender shall be deemed to have declined any Extension unless such Lender shall expressly agree to such Extension in accordance with this <u>Section 2.24</u>. The Commitments of any such non-extending Lender shall terminate on the then-applicable Maturity Date therefor and all Loans and funded participations of any such non-extending Lender, together with all other Obligations in respect thereof, shall be due and payable in full on the then-applicable Maturity Date therefor.

Section 2.25 <u>Illegality</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;(a) If any Lender determines that any applicable law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain or fund or charge interest with respect to Loans whose interest is determined by reference to a Relevant Rate, or to determine or charge interest rates based upon a Relevant Rate or to take deposits of U.S. Dollars in the applicable interbank market, then, on notice thereof by such Lender to the applicable Borrower through the Administrative Agent, (i) any obligation of such Lender to make or maintain Term SOFR Loans, or to convert Base Rate Loans to Term SOFR Loans, shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Term SOFR component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR component of the Base Rate, in each case, until such Lender notifies the Administrative Agent and the applicable Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the (A) applicable Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay such Loans or, in the case of Term SOFR Loans convert such Loans to Base Rate Loans, either on the last day of the Interest Period applicable thereto or the relevant interest payment date or last day of the relevant payment period, if such Lender may lawfully continue to maintain such Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Loans and (B) if such notice asserts the illegality of such Lender determining or charging interest rates based upon Term SOFR, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Term SOFR component 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 Term SOFR. Upon any such prepayment or conversion, the applicable Borrower shall also pay accrued interest on the amount so prepaid or converted and all amounts due. Each Lender agrees to designate a different lending office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to 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;(b) If, in any applicable jurisdiction, the Administrative Agent or any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Administrative Agent or any Lender to (i) perform any of its obligations hereunder or under any other Loan Document, (ii) to fund, hold a commitment or maintain its participation in any Loan or (iii) issue, make, maintain, fund or charge interest or fees with respect to any Credit Extension such Person shall promptly notify the Administrative Agent, then, upon the Administrative Agent notifying the applicable Borrower, and until such notice by such Person is revoked, any obligation of such Person to issue, make, maintain, fund or charge interest or fees with respect to any such Credit Extension shall be suspended, and to the extent required by applicable law, cancelled. Upon receipt of such notice, the Loan Parties shall, (A) repay that Person's participation in the Loans or other applicable Obligations on the last day of the Interest Period for each Loan or other Obligation occurring after the Administrative Agent has notified the applicable Borrower or, if earlier, the date specified by such Person in the notice delivered to the Administrative Agent (being no earlier than the last day of any applicable grace period permitted by applicable law) and (B) take all reasonable actions requested by such Person to mitigate or avoid such illegality.

Section 2.26 <u>[Reserved.]</u>

Section 2.27 <u>Appointment of Borrowers for Notices, Etc</u>. Doncasters Finance hereby irrevocably appoints Doncasters to act as its agent for the purpose of delivering notices, requests, elections, certificates, approvals, consents and other communications on behalf of the Borrowers under this Agreement and the other Loan Documents and agrees that the Administrative Agent, the Collateral Agent and the Lenders may accept, and be permitted to rely on, any notice, request, election, certificate, approval, consent or other communication executed and/or delivered by Doncasters on behalf of Doncasters Finance or all Borrowers (including Loan Notices and Notices of Loan Prepayments). For the avoidance of doubt, the foregoing shall be without prejudice to the ability of Doncasters Finance to execute and/or deliver any notice, request, election, certificate, approval, consent or other communication under this Agreement or any other Loan Document on its own behalf.

Section 2.28 <u>Joint and Several Liability of Borrowers</u>. Each Borrower is jointly and severally liable for all of the Secured Obligations, regardless of which Borrower actually receives the proceeds or other benefits of the Loans or other Credit Extensions or the manner in which the Borrowers, the Administrative Agent or any Lender accounts therefor in their respective books and records.

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES**

Each of the Parties represents and warrants to the Lenders that:

Section 3.01 <u>Organization; Powers</u>. Other than as set forth on <u>Schedule 3.01</u>, each of the Parties and each Material Subsidiary is (a) duly organized or incorporated, validly existing and, to the extent such concept is applicable in the corresponding jurisdiction, in good standing under the laws of the jurisdiction of its organization, incorporation or establishment, (b) has all requisite organizational or constitutional power and authority to (i) own, pledge, mortgage, and operate its assets and properties and to carry on its business as now conducted and (ii) to execute, deliver and perform its obligations under each Loan Document to which it is a party, and (c) is qualified to do business, and is in good standing, in every jurisdiction where it does business, except in the case of <u>clauses (a)</u>, (other than with respect to any Borrower), <u>(b)</u> and <u>(c)</u>, where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. The centre of main interests (as that term is referred to in Article(l) of the Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings) of each German Guarantor is situated in its jurisdiction or incorporation.

Section 3.02 <u>Authorization; Enforceability</u>. The execution, delivery and performance of this Agreement (and the lending transactions contemplated hereby to occur on the Closing Date) has been duly authorized by all necessary corporate, shareholder or other organizational action by each of the Parties, and constitutes, and each other Loan Document to which any Loan Party is a party has been duly authorized by all necessary corporate, shareholder or other organizational action by such Loan Party, and each Loan Document constitutes a legal, valid and binding obligation of each of the Parties or such other Loan Party (as the case may be), enforceable in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, defenses of set-off or counterclaim, the principle that security expressed to be fixed security may take the effect of floating security, and other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinion delivered pursuant to the Loan Documents and (ii) the need for filings and registrations necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties. Each Loan Document has been duly executed and delivered by each Loan Party that is a party thereto.

Section 3.03 <u>Governmental Approvals; No Conflicts</u>. The execution, delivery and performance by the Loan Parties of the Loan Documents to which such Loan Parties are a party (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, in each case, as of the Closing Date, (ii) filings and registrations of charges necessary to perfect Liens created under the Loan Documents and to release existing Liens (if any) and (iii) those consents, approvals, registrations, filings or other actions, the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect, (b) will not violate any Organizational Document of any Loan Party, (c) will not violate any Requirement of Law applicable to the members of the Holding Company Group, (d) after giving effect to the Transactions, will not violate or result in a default under any indenture, agreement or other instrument in each case constituting Material Indebtedness binding upon any member of the Holding Company Group or its assets, or give rise to a right thereunder to require any payment to be made by any member of the Holding Company Group or give rise to a right of, or result in, termination, cancelation or acceleration of any obligation thereunder, in each case, as of the Closing Date, and (e) will not result in the creation or imposition of any Lien on any material asset of any member of the Holding Company Group, except Liens created under the Loan Documents and Liens permitted under <u>Section 6.02</u>; except in the cases of <u>clauses (a)</u>, <u>(c)</u> and <u>(d)</u> above where such violations, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

Section 3.04 <u>Financial Condition; No Material Adverse Change</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;(a) The Historical Financial Statements (to the knowledge of the Parties) (i) were prepared in accordance with IFRS consistently applied throughout the period covered thereby, except as otherwise expressly noted therein and (ii) fairly present the financial condition of the Persons expressed to be covered thereby as of the date thereof and the results of operations, cash flows and changes in equityholders' equity for the period covered thereby in accordance with IFRS consistently applied throughout the period covered thereby, except as otherwise expressly noted therein and, in the case of unaudited financial statements, subject to the absence of footnotes and to normal year-end audit adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since December 31, 2023, no Material Adverse Effect has occurred, and no event, circumstance, change, effect or condition that would reasonably be expected to have a Material Adverse Effect has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender and the Administrative Agent hereby acknowledges and agrees that Holdings and its Subsidiaries may be required to restate historical financial statements as the result of the implementation of changes in IFRS, or the respective interpretation thereof, and that such restatements will not result in a Default or an Event of Default under the Loan Documents.

Section 3.05 <u>Properties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date of this Agreement, <u>Schedule 3.05</u> sets forth a correct and complete list of all Real Property owned by each Loan Party (or any Subsidiary thereof) (collectively, the "<u>Owned Real Property</u>"), all leases, subleases, and licenses of Real Property and other similar agreements regarding the right to occupy Real Property by each Loan Party (or any Subsidiary thereof) as lessee, sublessee, licensee or similar capacity (together with each amendment, modification, restatement or supplement thereto, collectively, the "Real Property Leases"), and all leases, subleases, and licenses of Real Property and other similar agreements regarding rights to occupy Real Property by each Loan Party or any of its Subsidiaries as lessor, sublessor, licensor or similar capacity (together with each amendment, modification, restatement or supplement thereto collectively, the "<u>Owner Real Property Leases</u>"), with the current location of each such Real Property by street address, including the county, state and, where applicable, each lessee, licensee, sublessee or other occupant 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;(b) Each applicable Loan Party (or Subsidiary thereof) has marketable fee simple title (or the equivalent thereof in the applicable jurisdiction) to the Owned Real Property and the valid and enforceable right to use, pledge, and mortgage such Owned Real Property, and valid leasehold interests in the Real Property Leases, in each case free and clear of all Liens, other than those permitted by <u>Section 6.02</u>. Each Real Property Lease and each Owner Real Property Lease is in full force and effect and is the valid, binding and enforceable obligation of each Loan Party (or Subsidiary thereof, as applicable) party thereto in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting the enforcement of creditors' rights generally and by general equitable principles. No Loan Party (nor Subsidiary thereof, as applicable), nor to the knowledge of any Loan Party (or Subsidiary thereof, as applicable), any other Person, is in default under any Real Property Lease or under any Owner Real Property Lease, and to the knowledge of any Loan Party (or Subsidiary thereof, as applicable) no event has occurred and no circumstance exists which, if not remedied, would result in a default that would reasonably be expected to have a Material Adverse Effect. No party to any Real Property Lease or any Owner Real Property Lease has exercised any termination rights with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There do not exist any material actual or threatened in writing condemnation or eminent domain proceedings that affect any Real Property or any material part thereof, and no Loan Party (nor any Subsidiary thereof) has received any written notice of the intention of any Governmental Authority or other Person to take or use any Material Real Property or any material part thereof or interest therein. No Loan Party (nor any Subsidiary thereof) owns or holds, or is obligated under or is a party to, any option, right of first refusal or other contractual (or other) right or obligation to purchase, acquire, sell, assign or dispose of any real estate or any portion of or interest in the Real Property. No Loan Party (nor any Subsidiary thereof) has received written notice of any material default or violation under any declarations, restrictive covenants or easement agreements (reciprocal or otherwise), in each case affecting any Real Property Collateral, that has not been cured. The Owned Real Property has either direct access to public roads or streets or access to public roads or streets. The Real Property, including, without limitation, all building and improvements, systems, equipment, and structural components, are in good condition, order and repair in all material respects (excepting ordinary wear and tear).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the Loan Parties and each of its Subsidiaries has good and defensible title to, valid leasehold interests in, or rights to use, all of its respective personal property material to its business as currently conducted (i) except in cases where the failure to have such interest would not reasonably be expected to result in a Material Adverse Effect and (ii) free of all Liens, other than those permitted by <u>Section 6.02</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;(e) Each member of the Holding Company Group exclusively owns or has the valid and enforceable right to use all Intellectual Property that is necessary for the operation of their respective businesses as currently conducted, except where failure of the foregoing would not reasonably be expected to have a Material Adverse Effect. The conduct of the businesses of each member of the Holding Company Group and such entity's use of owned Intellectual Property have not and do not infringe, misappropriate, or violate, any third-party Intellectual Property, except where such infringement, misappropriation nor violation of the foregoing would not reasonably be expected to have a Material Adverse Effect. Except for such claims and infringements that could not reasonably be expected to have a Material Adverse Effect, no claim has been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property owned by any member of the Holding Company Group or the validity or effectiveness of any Intellectual Property of any member of the Holding Company Group, nor does any Party know of any such claim, and, to the knowledge of the Parties, the use of any Intellectual Property by any member of the Holding Company Group or the granting of a right or a license in respect of any Intellectual Property from any member of the Holding Company Group does not infringe on the rights of any Person. To the knowledge of any Loan Party, no Person is infringing any Intellectual Property owned by a member of the Holding Company Group.

Section 3.06 <u>Litigation and Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than as set forth on <u>Schedule 3.06</u>, there are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrowers, threatened in writing against any member of the Holding Company Group which is reasonably expected, individually or in the aggregate, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than as set forth on <u>Schedule 3.06</u> and except with respect to any other matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, no member of the Holding Company Group (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has handled, stored, transported, disposed of, arranged for or permitted the disposal of, or Released any Hazardous Materials, or owned or operated any property or facility (and no such property or facility is knowingly contaminated by Hazardous Materials) in each case, in a manner that has given or would reasonably be expected to give rise to Environmental Liability, (iii) has become subject to any Environmental Liability, or (iv) has received written notice of any actual or alleged violation of Environmental Law or any Environmental Liability.

Section 3.07 <u>Compliance with Laws.</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;(a) Each member of the Holding Company Group is in compliance with all Requirements of Law applicable to it or its property, except, where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; 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;(b) the pension schemes of each Subsidiary of Parent incorporated in England and Wales are funded to the extent required by law or otherwise comply with the requirements of any law applicable in the jurisdiction in which the relevant pension scheme is maintained, in each case, where failure to do so would reasonably be expected to have a Material Adverse Effect.

Section 3.08 <u>Investment Company Status</u>. No Loan Party is required to be registered as an "investment company" as defined in, or subject to regulation under, the Investment Company Act of 1940.

Section 3.09 <u>Taxes</u>. Each member of the Holding Company Group (a) has timely filed or caused to be filed all U.S. federal, state and non-U.S. Tax returns and reports required to have been filed by it, except to the extent that failure to do so would not reasonably be expected to result in a Material Adverse Effect, and (b) has paid or caused to be paid all U.S. federal, state and non-U.S. Taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable or required to have been paid for it, required to have been paid by it, except (x) any Taxes the failure of which to pay would not reasonably be expected to result in a Material Adverse Effect or (y) any Taxes that are being contested in good faith by appropriate proceedings diligently conducted for which adequate reserves have been provided in accordance with IFRS.

Section 3.10 <u>ERISA.</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;(a) Except as would not reasonably be expected to have a Material Adverse Effect, (i) each Plan is in compliance with ERISA and the Code; (ii) no Lien imposed under the Code or ERISA exists or is likely to arise on account of any Plan within the meaning of Section 412 of the Code; (iii) no ERISA Event has occurred nor is reasonably expected to occur; (iv) no Loan Party has engaged in a nonexempt prohibited transaction as described in Sections 406 of ERISA or 4975 of the Code; (v) no Loan Party or any ERISA Affiliate has incurred any liability to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which have become due which are unpaid; (vi) no Loan Party or any ERISA Affiliate has incurred any liability to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which have become due which are unpaid; and (vii) except as required by Section 4980B of the Code or any other applicable law, no Loan Party maintains an employee welfare benefit plan (as defined in Section 3(l) of ERISA), which provides health and welfare benefits (through the purchase of insurance or otherwise) for any retired or former employee of any Loan Party or coverage after a participant's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither it nor any of its Subsidiaries is or has at any time been (i) an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pensions Schemes Act 1993); and (ii) "connected" with or an "associate" of (as those terms are used in sections 38 and 43 of the Pensions Act 2004) such an employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as would not reasonably be expected to have a Material Adverse Effect, no Foreign Plan Event or U.K. Plan Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties are not and will not be using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to the Parties' entrance into, participation in, administration of and performance of the Loans, the Commitments or this Agreement.

Section 3.11 <u>Disclosure</u>. (a) All written information and written data that has been or will be made available to the Administrative Agent by the Holding Company Group when taken as a whole, is or will be, when furnished, correct in all material respects and does not or will 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) and (b) the Projections have been prepared in good faith based upon assumptions that are believed by the Holding Company Group to be reasonable at the time such Projections are so furnished to the Administrative Agent; it being understood that the Projections are as to future events and are not to be viewed as facts, the Projections are subject to significant uncertainties and contingencies, many of which are beyond the control of the Holding Company Group, that no assurance can be given that any particular Projections will be realized and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and such differences may be material.

Section 3.12 <u>Labor and Employment Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth on <u>Schedule 3.12(a)</u>, (i) none of the Parties or any of their respective Subsidiaries are party to or subject to any collective bargaining agreements, works council agreements, labor union contracts, trade union agreements, and other agreements (each a "<u>Collective Bargaining Agreement</u>") with any union, works council, or labor organization (each a "<u>Union</u>" and collectively "<u>Unions</u>"); (ii) during the past five (5) years, no Union or group of employees of any of the Parties or any of their respective Subsidiaries has sought to organize any employees for purposes of collective bargaining, made a demand for recognition or certification, sought to bargain collectively with any of the Parties or any of their respective Subsidiaries, or filed a petition for recognition with any Governmental Authority; and (iii) as of this date, no Collective Bargaining Agreement is being negotiated by any of the Parties or any of their respective Subsidiaries. Except as would not reasonably be expected to result, individually or in the aggregate, a Material Adverse Effect, during the past five (5) years there have been no actual or threatened strikes, lockouts, slowdowns, work stoppages, boycotts, handbilling, picketing, walkouts, demonstrations, leafleting, sit-ins, sick-outs, or other forms of organized labor disruption with respect to any of the Parties or any of their respective 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;(b) Except as would not be expected to result, individually or in the aggregate, in a Material Adverse Effect, (i) during the past three (3) years, none of the Parties or their respective Subsidiaries materially failed to take reasonable action to investigate or remedy any material allegations involving a senior executive of the Parties or their respective Subsidiaries relating to discrimination, harassment (including sexual harassment), or retaliation, (ii) to the knowledge of the Loan Parties, there are no material allegations of sexual harassment pending against a senior executive of the Parties or their respective Subsidiaries, and (iii) to the knowledge of the Loan Parties, no senior executive of the Parties or their respective Subsidiaries has engaged in any conduct, is being investigated for any conduct, or aided or assisted any other Person to engage in any conduct or cover-up of such conduct, that could reasonably be expected to cause or that has caused any material damage to the reputation or business of any of the Parties or their respective Subsidiaries, including, but not limited to, any conduct constituting sexual misconduct, harassment (including sexual harassment), discrimination or retaliation.

Section 3.13 <u>Subsidiaries; Loan Parties</u>. As of the Closing Date, <u>Schedule 3.13</u> sets forth the name of and the ownership by the Borrowers and the Subsidiaries in each Subsidiary and identifies each Subsidiary that is a Loan Party and/or Excluded Subsidiary as of the Closing Date.

Section 3.14 <u>Solvency</u>. As of the Closing Date, after giving effect to the consummation of the Transactions, the Consolidated Group, when taken as a whole, is Solvent.

Section 3.15 <u>Federal Reserve Regulations</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;(a) None of Holdings or any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock.

&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 part of the proceeds of the Loans will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a violation of the provisions of the Regulations of the Board, including Regulation T, U or X.

Section 3.16 <u>Use of Proceeds</u>. The proceeds of the Initial Term Loan and the Delayed Draw Term Loan, as the case may be, will be used in accordance with <u>Section 5.11</u>; <u>provided</u> that the proceeds of any Incremental Facility may be used for working capital and general corporate purposes of Holdings and its Subsidiaries and as otherwise agreed by the Borrowers and the lenders thereof to the extent not otherwise prohibited under the Loan Documents.

Section 3.17 <u>Security Documents</u>. Subject to the Intercreditor Agreement, the Security Documents, upon execution and delivery by the parties thereto, are effective to create in favor of the Collateral Agent for the benefit of the applicable Secured Parties legal, valid and enforceable (subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, defenses of set-off or counterclaim, the principle that security expressed to be fixed security may take the effect of floating security, and other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinion delivered pursuant to the Loan Documents and (b) any filings, notices and registrations and other perfection requirements necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (which filings or recordings shall be made to the extent required by any Security Document)) first priority Liens on, and security interests in, the Collateral (other than the ABL Priority Collateral) and a second priority Lien on the ABL Priority Collateral, subject to Liens permitted pursuant to <u>Section 6.02</u> and, (i) when all appropriate filings, notices or recordings are made in the appropriate offices, corporate records or with the appropriate Persons as may be required under applicable laws and/or any Security Document (which filings, notices or recordings shall be made to the extent required by any Security Document), (ii) when Mortgages and other filings in appropriate form are recorded in the appropriate recordation office in the location specified in such Mortgage(s), and (iii) upon the taking of possession or control by the Collateral Agent of such Collateral, with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Collateral Agent to the extent required by any Security Document), such Security Document will constitute perfected first priority Lien on, and security interests in, all right, title and interest of the Loan Parties in such Collateral (other than ABL Priority Collateral) and a second priority Lien on such ABL Priority Collateral, as the case may be, subject to Liens permitted pursuant to <u>Section 6.02</u>.

Section 3.18 <u>Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions; Ex-Im Laws</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;(a) No member of the Holding Company Group, nor any director or officer thereof, nor, to the knowledge of the Loan Parties and their Subsidiaries, any employee, agent, Affiliate or representative thereof, is a Sanctioned Person or located, organized or resident in Venezuela or Russia. No member of the Holding Company Group is currently, or has in the past five (5) years, engaged in any activities, dealings or transactions directly or knowingly indirectly with any Sanctioned Person or in any Sanctioned Country, in either case in violation of Sanctions.

&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 member of the Holding Company Group and their respective officers and directors, and, to the knowledge of the Loan Parties and their Subsidiaries, their employees, Affiliates, representatives and agents, has been for the past five (5) years in compliance in all material respects, and is in compliance in all material respects with Anti-Money Laundering Laws and Ex-Im Laws, and is in compliance in all respects with Sanctions and Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no, and have not been within the past five (5) years any, actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority, pending against or, to the knowledge of the Loan Parties or their Subsidiaries, threatened in writing involving Anti-Money Laundering Laws, Ex-Im Laws, Anti-Corruption Laws or Sanctions. During the past five (5) years, no member of the Holding Company Group has made any voluntary disclosure to a Governmental Authority relating to an actual or potential violation of Anti-Money Laundering Laws, Ex-Im Laws, Anti-Corruption Laws or Sanctions.

&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 representations in this <u>Section 3.18</u> shall not be given to or by any Person if and to the extent that it would violate or expose such Person or any of its directors, officers, agents or employees to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union (and/or any of its member states) or the United Kingdom that are applicable to such entity (including EU Regulation (EC) 2271/96 and section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung - AWV) in connection with the German Foreign Trade Law (Außenwirtschaftsgesetz)).

Section 3.19 <u>Affected Financial Institutions</u>. No Loan Party is an Affected Financial Institution.

Section 3.20 <u>Covered Entities</u>. No Loan Party is a Covered Entity.

Section 3.21 <u>Beneficial Ownership Certification</u>. As of the Closing Date, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.

**ARTICLE IV**

**CONDITIONS**

Section 4.01 <u>Closing Date</u>.

The Agreement and the obligations of the Lenders to make the extensions of credit to be made hereunder on the Closing Date shall not become effective until the date on which each of the following express conditions is satisfied (or waived by the Administrative Agent, acting at direction of the Required Lenders):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent (or its counsel) shall have received: (i) from each of the Parties either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence reasonably satisfactory to the Administrative Agent (which may include telecopy or electronic transmission (including Adobe pdf file) of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement, together with all Schedules hereto and (ii) (A) from each of the Loan Parties executed counterparts of the Guaranty, (B) from each U.S. Loan Party executed counterparts of the U.S. Security Agreement, (C) from each U.K. Guarantor and Holdings executed counterparts of the applicable U.K. Security Agreement, (D) [reserved] (E) duly executed Intercreditor Agreement, (F) from the Borrowers, (1) a Note executed by the applicable Borrower for each Lender that requests such a Note at least five (5) Business Days in advance of the Closing Date and (2) the Fee Letters executed by the Borrowers and the other parties party thereto, (G) with respect to each Loan Party, UCC-1 financing statements in a form appropriate for filing in the state of organization of such Loan Party, and (H) short-form filings with the United States Patent and Trademark Office or United States Copyright Office in respect of any registered copyrights, patents or trademarks of the Loan Parties in the United States constituting Collateral; <u>provided</u> that if any assignments in such offices need to be filed as a result of the Transactions or corporate reorganizations occurring prior to the Closing Date, such Intellectual Property shall not be subject to this <u>Section 4.01(a)</u> but shall instead be a condition subsequent to 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;(b) The Administrative Agent shall have received customary written opinions (addressed to the Administrative Agent and the Lenders and dated the Closing Date) of (A) Paul Hastings LLP, as New York counsel to the Loan Parties, (B) Carey Olsen Jersey LLP, as Jersey counsel to the Loan Parties and (C) Akin Gump LLP, as English counsel to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall have received: (i) a copy of each Organizational Document of the Loan Parties, and to the extent applicable, certified as of a recent date by the appropriate governmental official; (ii) signature and, to the extent applicable in the relevant jurisdiction, incumbency certificates of the officers of the Loan Parties executing the Loan Documents to which they are party as of the Closing Date; (iii) resolutions of the board of directors (to the extent applicable in the relevant jurisdiction), of the supervisory board (to the extent applicable) or similar governing body and, to the extent applicable in the relevant jurisdiction, the holders of the issued shares of each Loan Party approving and authorizing, among other things, the execution, delivery and performance of this Agreement and the other Loan Documents to which such Loan Party is a party as of the Closing Date, certified as of the Closing Date by such Loan Party as being in full force and effect without modification or amendment; (iv) a good standing certificate, certificate of status or equivalent (to the extent applicable in the relevant jurisdiction) from the applicable Governmental Authority of the Loan Parties' jurisdictions of incorporation, organization or formation dated a recent date on or prior to the Closing Date; (v) in respect of the U.K. Guarantors, a certificate of that U.K. Guarantor (A) confirming that borrowing or guaranteeing, as appropriate, the Term Commitment would not cause any guaranteeing or similar limit to be exceeded, (B) attaching copies of the documents referred to in paragraphs (i) and (ii) above; (C) including a specimen signature of each person authorized to sign the Loan Documents; and (D) certifying that each copy document relating to it in this paragraph (c) is correct, complete and in full force and effect as at a date no earlier than the Closing Date and (vi) in respect of Holdings, a copy of the consent issued by the Jersey Financial Services Commission pursuant to the Control of Borrowing (Jersey) Order 1958.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall have received all fees and other amounts due and payable by any Loan Party on or prior to the Closing Date, including fees under the Fee Letters and, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses (including fees, charges and disbursements of counsel) required to be reimbursed or paid by the Parties under any Loan Document, <u>provided</u> that any amounts other than fees to be paid must be invoiced at least two (2) Business Days prior to the Closing Date and may be offset against the proceeds of the Initial Term Loan <u>funded on</u> <u>the Closing Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Initial Lead Arranger shall have received copies of the Historical Financial Statements (which the Initial Lead Arranger acknowledges receipt of each).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Administrative Agent shall have received a notice (which notice may be in the form of a Loan Notice or such other form or method as approved by the Administrative Agent) setting forth the deposit account of the Borrowers to which the Administrative Agent is authorized by the Borrowers to transfer the proceeds of the initial Loans to be funded hereunder on the Closing Date, together with a customary funding indemnification letter to the extent any such Loan will be a Term SOFR 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;(g) the Closing Date Refinancing shall have been consummated, or shall be consummated substantially simultaneously with the funding of the Initial Term Loan 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;(h) The representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (except to the extent any such representation and warranty by its terms is qualified by materiality or Material Adverse Effect, in which case such representation and warranty (as so qualified) shall be true and correct in all respects), in each case on and as of the date of Closing Date (or true and correct in all material respects as of a specified date, if earlier).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent shall have received a Solvency Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Administrative Agent shall have received a certificate from the Borrowers certifying as to the satisfaction of the conditions precedent set forth in Sections 4.01(g) and (h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Administrative Agent shall have received certificates of insurance listing the Administrative Agent as (x) lender loss payee for the property casualty insurance policies of Holdings and its Subsidiaries, and (y) additional insured with respect to the liability insurance of Holdings and its Subsidiaries; <u>provided</u> that, after the Borrowers' use of commercially reasonable efforts, in the event that any of the certificates or endorsements set forth in clauses (x) or (y) are not available on or prior to the Closing Date, such insurance certificates and endorsements shall instead be a condition subsequent to 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;(l) The Administrative Agent and the Initial Lead Arranger shall have received (i) all documentation and other information about Holdings, the Borrowers and their Subsidiaries as has been reasonably requested in writing at least three (3) Business Days prior to the Closing Date by the Administrative Agent or the Initial Lead Arranger that they reasonably request in connection with "know your customer" provisions of Anti-Money Laundering Laws, including the PATRIOT Act, and (ii) Beneficial Ownership Certifications with respect to the Borrowers pursuant to the requirements of 31 C.F.R. § 1010.230 reasonably requested in writing at least ten (10) Business Days prior to the Closing Date by the Administrative Agent or the Initial Lead Arranger.

For purposes of determining whether the conditions set forth in this <u>Section 4.01</u> have been satisfied, by releasing its signature page hereto, the Administrative Agent and each Lender party hereto shall be deemed to have consented to, approved, accepted or 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 or such Lender, as the case may be.

Section 4.02 <u>Each Credit Extension</u>.

The obligation of each Lender to make a Loan on the occasion of any Borrowing is subject to receipt of the request therefor in accordance herewith and to the satisfaction of the following express 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;(a) Except as expressly set forth in <u>Sections 2.20</u> and 1.15 with respect to Incremental Term Commitments, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (except to the extent any such representation and warranty by its terms is qualified by materiality or Material Adverse Effect, in which case such representation and warranty (as so qualified) shall be true and correct in all respects), in each case on and as of the date of such Credit Extension (or true and correct in all material respects as of a specified date, if earlier).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly set forth in <u>Sections 2.20</u> and 1.15 with respect to Incremental Term Commitments, at the time of and immediately after giving effect to such Credit Extension, no Default or Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of any Borrowing of Delayed Draw Term Loans<u>, (i)</u> <u>on or prior to</u> <u>December 31, 2027, immediately before and immediately after giving effect to such Borrowing, the First Lien Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 7.00 to 1.00 and (ii) after December 31, 2027</u>, immediately before and immediately after giving effect to such Borrowing, the First Lien Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 5.30 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly set forth herein, the Administrative Agent shall have received a Loan Notice meeting the requirements of <u>Section 2.03</u>.

Except as expressly set forth herein, each Borrowing (<u>provided</u> that a conversion or a continuation of a Borrowing shall not constitute a "Borrowing" for purposes of this Section) shall be deemed to constitute a representation and warranty by the Borrowers on the date thereof as to the matters specified in <u>paragraphs (a)</u> and <u>(b)</u> of this Section.

Notwithstanding the foregoing, the only representations and warranties the accuracy of which shall be a condition to the availability of any Credit Extension made in connection with a Limited Condition Transaction shall be (x) the representations made by the vendor(s) or the seller(s) identified in the definitive documentation for the applicable Acquisition as are material to the interests of the Lenders, but only to the extent the Parties (or one of the affiliates of the Parties) have the right to terminate their (or their Affiliates') obligations under such definitive documentation or decline to consummate such Acquisition as a result of a breach of such representations in such definitive documentation and (y) the Specified Representations (as conformed for the applicable Acquisition).

**ARTICLE V**

**AFFIRMATIVE COVENANTS**

From and after the Closing Date and until the Termination Date, each of Holdings (solely with respect to Sections 5.01 (final three paragraphs only), 5.04, 5.05, 5.08, 5.09 and 5.14), and the Borrowers covenants and agrees with the Lenders that:

Section 5.01 <u>Financial Statements and Other Information</u>. The Borrowers will furnish to the Administrative Agent which will furnish to the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commencing with fiscal year ending December 31, 2023, within 120 days<u>2024, on or prior to June 30th of the succeeding year</u> after the end of each fiscal year of Holdings (and in the case of the fiscal year of Holdings ending December 31, 2023, on or prior to October 1, 2024), the audited consolidated balance sheet and related consolidated statements of income and cash flows as of the end of and for such year for Holdings and its Subsidiaries (but for the avoidance of doubt, for the fiscal year ending December 31, 2023, such financial statements of Holdings and its Subsidiaries may commence on or at any time before the Closing Date<u>which shall not include any reporting in respect of the Subsidiaries independent of the reporting provided by Holdings on a consolidated basis</u>), and related notes thereto, setting forth, commencing with the audited financial statements for the second full fiscal year following the Closing Date, in each case in comparative form the figures for the previous fiscal year, which shall be accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent (it being agreed PricewaterhouseCoopers or any other firm of like standing appointed by Holdings to act as its statutory auditor are reasonably acceptable to the Administrative Agent), which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any "going concern" or like qualification or exception or any qualification or exception as to the scope of such audit (except to the extent any qualification results solely from (i) a current maturity of this Agreement or any other Indebtedness, or (ii) any actual or prospective Event of Default resulting from any actual or prospective breach of the Financial Covenant) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of Holdings and its Subsidiaries on a consolidated basis in accordance in all material respects with IFRS (except as otherwise disclosed in such financial statements), together with an unaudited consolidating balance sheet and related consolidating statements of income and cash flows as of the end of such fiscal year for Holdings and a customary management discussion and analysis of the financial condition and results of operations for such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within 60 days after the end of the first three fiscal quarters of each fiscal year of Holdings, commencing with the fiscal quarter ending March 31, 2024, the unaudited consolidated balance sheet and related consolidated statements of income and cash flows of Holdings and its Subsidiaries as of the end of such fiscal quarter, setting forth, commencing with the unaudited quarterly financial statements for the first full fiscal quarter following the one year anniversary of the Closing Date, in comparative form the figures for the corresponding period or periods of the previous fiscal year, in each case, which shall be certified by the chief executive officer, chief financial officer, treasurer or controller of Borrowers as fairly representing in all material respects the financial condition and results of operations of Holdings and its Subsidiaries on a consolidated basis in accordance in all material respects with IFRS (except as otherwise disclosed in such financial statements), subject only to the absence of footnotes and normal year-end adjustments and a customary management discussion and analysis of the financial condition and results of operations for such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) concurrently with the delivery of any financial statements under <u>paragraphs (a)</u> and <u>(b)</u> of this <u>Section 5.01</u>, Compliance Certificate (i) certifying as to whether a Default exists and, if a Default exists, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) commencing with the Compliance Certificate delivered under <u>paragraph (b)</u> for the fiscal quarter ending March 31, 2024, setting forth reasonably detailed calculations demonstrating compliance or non-compliance with the Financial Covenant, (iii) [reserved] and (iv) in the case of the delivery of financial statements commencing with the financial statements to be delivered under paragraph (a) above for the fiscal year ending December 31, 2024, setting forth reasonably detailed calculations demonstrating Excess Cash Flow for such fiscal year and the amount (if any) required to be prepaid pursuant to <u>Section 2.11(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not later than 5 Business Days after the delivery of the financial statements under <u>paragraph (a)</u> above to the extent any of the Parties has knowledge thereof, an officer's certificate of a Responsible Officer of the Borrowers stating whether any material change in IFRS or in the application thereof has occurred since the date of the then most recently delivered audited financial statements that would affect the compliance or non-compliance with the Financial Covenant or any other requirement in this Agreement, and, if any such change has occurred, specifying the effect of such change on the financial statements most recently delivered under <u>paragraph (a)</u> 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;(e) concurrently with the delivery of the financial statements required by <u>clause (a)</u> above (commencing with the fiscal year ending December 31, 2024), a reasonably detailed consolidated budget for the following fiscal year as customarily prepared by management of the Borrowers for its internal use consistent in scope with the financial statements provided pursuant to <u>Section 5.01(a)</u> setting forth the principal assumptions upon which such budget is based, it being understood and agreed that any financial or business projections furnished by any Loan Party (i)(A) are subject to significant uncertainties and contingencies, which may be beyond the control of the Loan Parties, (B) no assurance is given by the Loan Parties that the results or forecast in any such projections will be realized and (C) the actual results may differ from the forecast results set forth in such projections and such differences may be material and (ii) are not a guarantee of performance;

&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) after the delivery of the financial statements required to be delivered pursuant to <u>clause (b)</u> above, at the request of the Administrative Agent (at the direction of the Required Lenders) and upon reasonable prior notice, Borrowers shall hold a conference call (at a mutually agreeable time) with all Lenders who choose to attend such meeting at which meeting shall be reviewed the financial results of the previous fiscal quarter and the financial condition of Holdings and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) promptly (and in any event not later than five (5) Business Days thereafter) upon the delivery thereof, copies of any information regarding the business, legal, financial or corporate affairs of any member of the Holding Company Group made available to all Equity Investors via posting to such Equity Investors via IntraLinks or another similar secured electronic system;

&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) promptly following any reasonable request therefor, (i) such other financial information regarding any member of the Holding Company Group as the Administrative Agent may reasonably request (or any Lender may request through the Administrative Agent), to the extent such information is customarily prepared and readily available and (ii) information and documentation reasonably requested by the Administrative Agent (or any Lender through the Administrative Agent) in connection with "know your customer" provisions of Anti-Money Laundering Laws, including the PATRIOT Act, and the Beneficial Ownership Regulation; <u>provided</u> that no member of the Holding Company Group will be required to disclose or permit the inspection or discussion of, any document, information or other matter (i) that constitutes trade secrets or proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their representatives or contractors) is prohibited by (x) law or (y) fiduciary duty or any binding agreement or (iii) that is subject to attorney client or similar privilege or constitutes attorney work product; <u>provided</u> that in the case of binding agreements with respect to <u>clause (ii)(y)</u>, such member of the Holding Company Group shall use commercially reasonable efforts to obtain waivers and to otherwise provide such information that does not violate such obligations and in the case of <u>clauses (ii)(y)</u> and <u>(iii)</u>, shall notify the Administrative Agent as to the scope of the information that is not being provided under the applicable exception; 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;(i) to the extent any Loan Party qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, an updated Beneficial Ownership Certification promptly following any change in the information provided in the Beneficial Ownership Certification delivered to any Lender in relation to such Loan Party that would result in a change to the list of Beneficial Owners identified in such certification.

Notwithstanding the foregoing, following a Qualifying IPO, the obligations in <u>paragraphs (a)</u> and <u>(b)</u> of this <u>Section 5.01</u> may be satisfied with respect to the financial statements of Holdings and its Subsidiaries by furnishing the Parent Company's Form 10-K or 10-Q (or any reasonably equivalent publicly available filing in another jurisdiction), as applicable, filed with the SEC (or any reasonably equivalent authority in such other jurisdiction), accompanied with the other information and materials required to be delivered by such applicable paragraphs, to the extent not included in such Form 10-K or 10-Q (or any reasonably equivalent publicly available filing in another jurisdiction), as applicable; <u>provided</u> that (i) if (1) such financial statements relate to any Parent Company and (2) either (I) 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 Borrowers in good faith and other than any operations that are attributable solely to such Parent Company's direct or indirect ownership of Holdings and its subsidiaries) or (II) there are material differences between the financial statements of such Parent Company and its consolidated subsidiaries, on the one hand, and Holdings and its Subsidiaries, on the other hand, such Form 10-K or Form 10-Q (or any reasonably equivalent publicly available filing in another jurisdiction) shall be accompanied by consolidating information (which need not be audited) that summarizes in reasonable detail the differences between the information relating to such Parent Company, on the one hand, and the information relating to Holdings and its Subsidiaries on a standalone basis, on the other hand, which consolidating information shall be certified by a Responsible Officer of the Borrowers as having been fairly presented in all material respects and (ii) to the extent such statements are in lieu of statements required to be provided under <u>Section 5.01(a)</u>, such statements shall be certified without qualification with respect to the scope of the audit or going concern by auditors of recognized national standing or other auditors reasonably acceptable to the Administrative Agent in a manner that satisfies the applicable requirements set forth in <u>Section 5.01(a)</u> as if the references to Holdings therein were references to such Parent Company.

All financial statements and other documents, reports or other materials required to be delivered pursuant to this <u>Section 5.01</u> or <u>Section 5.02</u> may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which any Party posts such documents, or provides a link thereto, on such Party's publicly available website or (ii) on which such documents are posted on such Party's behalf on an Internet or Intranet website, if any, to which the Administrative Agent and each Lender has access (whether a commercial third-party website or a website sponsored by the Administrative Agent), <u>provided</u> that (A) the Parties shall, at the request of the Administrative Agent, continue to deliver copies (which delivery may be by electronic transmission (including Adobe pdf copy)) of such documents (other than pursuant to <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 5.01</u>) to the Administrative Agent and (B) the Parties shall notify (which notification may be by facsimile or electronic transmission (including Adobe pdf copy)) the Administrative Agent of the posting of any such documents on any website. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Parties with any such request by a Lender for delivery, and each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such document to it and maintaining its copies of such documents.

The Parties hereby acknowledge that (a) the Administrative Agent will make available to the Lenders materials and/or information provided by or on behalf of the Parties hereunder (collectively, "<u>Borrower Materials</u>") by posting the Borrower Materials on IntraLinks or another similar secured electronic system (the "<u>Platform</u>") and (b) certain of the Lenders (each a "<u>Public Lender</u>") may have personnel who do not wish to receive material non-public information with respect to the Parties or their Subsidiaries (or following a Qualifying IPO, material non-public information with respect to the Parent Company and its Subsidiaries), or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons' securities. The Parties further acknowledge and agree that (x) all Borrower Materials will be treated as private and may contain material nonpublic information with respect to the Parties or their securities for purposes of the United States federal and state laws; and (y) the Administrative Agent will treat all Borrower Materials as being suitable only for posting on a portion of the Platform not designated "PUBLIC", "Public Investor", "Public Lender" or a like term. Furthermore, the Parties shall be under no obligation to mark any Borrower Materials "PUBLIC".

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 foreign, United States 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 Parties or any of their respective securities for purposes of foreign, United States federal or state securities laws.

THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. "<u>Agent Parties</u>" shall mean the Administrative Agent or any of its Related Parties.

Section 5.02 <u>Notices of Material Events</u>. The Borrowers will furnish to the Administrative Agent (for distribution to each Lender through the Administrative Agent) prompt written notice of a Responsible Officer of any of the Borrowers obtaining knowledge of 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;(a) the occurrence of any Default or Event of Default, in each case, except to the extent the Administrative Agent shall have furnished the Borrowers written notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or, to the knowledge of a Responsible Officer of any of the Parties, threatened in writing against any member of the Holding Company Group which is reasonably expected to result, after giving effect to the coverage and policy limits of applicable insurance policies, in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the occurrence or threat of any strike, lockout, boycott, or other forms of organized labor disruption with respect to any of the Parties or any of their Subsidiaries that would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of any ERISA Event, Foreign Plan Event or U.K. Plan Event, that would reasonably be expected to result in a Material Adverse Effect, or any other event that would reasonably be expected to result in a Material Adverse Effect; and

Each notice delivered under this Section shall be accompanied by a written statement of a Responsible Officer of the Borrowers setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. Documents required to be delivered pursuant to this <u>Section 5.02</u> may be delivered electronically in accordance with <u>Section 5.01</u>.

Section 5.03 <u>[Reserved]</u>.

Section 5.04 <u>Existence; Conduct of Business</u>. The Parties will, and will cause each Subsidiary to, do or cause to be done all things reasonably necessary to obtain, preserve, renew and keep in full force and effect (a) its legal existence (except as otherwise permitted hereunder) and (b) the rights, licenses, permits, privileges, franchises, Intellectual Property necessary to conduct its business, except, in the case of <u>clauses (a)</u> (other than with respect to the Parties) and <u>(b)</u>, to the extent that failure to do so would not reasonably be expected to result in a Material Adverse Effect, <u>provided</u> that the foregoing shall not prohibit any transaction otherwise permitted hereunder. Each Borrower will cause each German Guarantor to maintain its centre of main interest (as that term is referred to in Article 3(1) of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings) in its jurisdiction of incorporation.

Section 5.05 <u>Payment of Taxes</u>. Each of the Parties will, and will cause each Subsidiary to, pay, discharge, or otherwise satisfy all of its obligations and liabilities, including all Tax liabilities, before the same shall become delinquent or in default, except where (a)(i) any such payment is being contested in good faith by appropriate proceedings diligently conducted and (ii) such Loan Party or Subsidiary has set aside on its books adequate reserves or other appropriate provision with respect thereto in accordance with IFRS or (b) the failure to make payment would not reasonably be expected to result in a Material Adverse Effect.

Section 5.06 <u>Maintenance of Properties</u>. Except if the failure to do so would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each Loan Party will, and will cause each Subsidiary to, keep and maintain all tangible real property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted and casualty or condemnation excepted; <u>provided</u> that the foregoing shall not prohibit any transaction otherwise permitted hereunder.

Section 5.07 <u>Insurance</u>. The Loan Parties will, and will cause each Subsidiary to, (a) maintain, with financially sound and reputable insurance companies, insurance with respect to its assets, properties and business, in such amounts (after giving effect to any self-insurance reasonable and customary for similarly-situated Persons engaged in the same or similar business) and against such risks (but including in any event (i) public liability, (ii) flood insurance to the extent required under this Agreement, and (iii) property insurance on the Real Property Collateral) as is required by any Governmental Authority having jurisdiction with respect thereto and as is (i) customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations as reasonably determined by management of the Borrowers and (ii) considered adequate by the Borrowers and (b) cause the Administrative Agent and its successors and assigns to be named as lender's loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing liability coverage or coverage in respect of any Collateral, and cause each provider of any such insurance to agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Administrative Agent, that it will give the Administrative Agent thirty days (or such lesser amount as the Administrative Agent may agree) prior written notice before any such policy or policies shall be altered or canceled. Notwithstanding the foregoing, the Loan Parties shall (1) maintain flood insurance on all Mortgaged Property that is in a "special flood hazard area", from such providers, on such terms and in such amounts as required by applicable law or as otherwise required by the Lenders, which ever is greater, and (2) promptly upon request of the Collateral Agent or any Lender, deliver to the Collateral Agent or such Lender, as applicable, evidence of such flood insurance in form and substance reasonably acceptable to the Collateral Agent or such Lender, including, without limitation, evidence of annual renewals of such insurance. In addition, each Loan Party will, and will cause each Subsidiary to, take all actions required under the Flood Laws, and as requested by the Collateral Agent, to assist in ensuring that each Lender is in material compliance with the Flood Laws applicable to the Real Property Collateral, including, but not limited to, providing the Collateral Agent and the Lenders with the address and/or GPS coordinates of each structure on any owned Real Property that will be subject to a Mortgage, and, to the extent required, using commercially reasonable efforts to obtain flood insurance for such property, structures and contents prior to such property, structures and contents becoming Real Property Collateral, and thereafter using commercially reasonable efforts to maintain such flood insurance in full force and effect for so long as required by the Flood Laws.

Section 5.08 <u>Books and Records; Inspection and Audit Rights</u>. The Parties will, and will cause each Subsidiary to, keep proper books of record and account in which full, true and correct entries (in all material respects) are made of all material financial transactions in relation to its business and activities. The Parties will, and will cause each Subsidiary to, permit any representatives designated by the Administrative Agent, upon reasonable prior notice, to visit and inspect its properties (provided that no invasive testing or sampling of environmental media, e.g., sampling of soil or groundwater) shall be permitted without the Loan Parties' prior consent), to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers, all at such reasonable times and as often as reasonably requested, <u>provided</u> that only the Administrative Agent on behalf of the Lenders may exercise rights under this <u>Section 5.08</u> and the Administrative Agent shall not exercise such rights more often than once during any fiscal year absent the existence of an Event of Default and only one such time shall be at the Parties' expense, <u>provided</u>, <u>further</u>, that when an Event of Default has occurred and is continuing the Administrative Agent (or any of its designated representatives) may do any of the foregoing at the expense of the Parties at any time during normal business hours and upon reasonable advance notice, and <u>provided</u>, <u>further</u>, that representatives of any Lender, at the option of such Lender and at such Lender's expense, may accompany the representatives of the Administrative Agent in connection with the exercise of such rights under this <u>Section 5.08</u>. Notwithstanding anything to the contrary in this <u>Section 5.08</u>, no member of the Holding Company Group will be required to disclose or permit the inspection or discussion of, any document, information or other matter (i) that constitutes trade secrets or proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their representatives or contractors) is prohibited by (x) law or (y) fiduciary duty or any binding agreement or (iii) that is subject to attorney client or similar privilege or constitutes attorney work product; <u>provided</u> that in the case of binding agreements with respect to <u>clause (ii)(y)</u>, the applicable member of the Holding Company Group shall use commercially reasonable efforts to obtain waivers and, in the cases of <u>clauses (ii)(y)</u> and <u>(iii)</u> shall notify the Administrative Agent as to the scope of the information that is not being provided under the applicable exception.

Section 5.09 <u>Compliance with Laws</u>. The Parties will, and will cause each Subsidiary to, comply with all Requirements of Law with respect to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect (with the exception of Sanctions and Anti-Corruption Laws which shall be complied with in all respects). This Section 5.09 and following <u>Section 5.10</u> shall not be interpreted or applied in relation to any Borrower, any Loan Party, any member of the Holding Company Group, any Lender, Administrative Agent or Collateral Agent to the extent that the obligations under this Section 5.09 and following <u>Section 5.10</u> would: (i) violate or expose such person or any of its directors, officers, agents or employees to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union (and/or any of its member states) or the United Kingdom that are applicable to such entity (including EU Regulation (EC) 2271/96 and section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung - AWV) in connection with the German Foreign Trade Law (Außenwirtschaftsgesetz)); or (ii) prevent or prohibit such Person or any of its directors, officers, agents or employees from engaging in business, transactions, activities or other conduct pursuant to a general or specific license from OFAC, any license or authorization from HM's Treasury, the European Union, or any European Union Member State, or any other registration, authorization, permit, license exemption, or license from any other applicable Governmental Authority.

Section 5.10 <u>Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions; Ex-Im Laws</u>. Each Loan Party will implement and maintain in effect policies and procedures reasonably designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers and employees with Anti-Money Laundering Laws, Anti-Corruption Laws, Ex-Im Laws and Sanctions (subject to <u>Section 5.09</u>).

Section 5.11 <u>Use of Proceeds</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;(a) The proceeds of the Initial Term Loan <u>borrowed on the Closing Date</u> will be used by the Borrowers directly or indirectly, to (i) finance the consummation of the Transactions, (ii) to pay the Transaction Costs (including to fund OID or upfront fees in connection with the Initial Term Loan and Delayed Draw Term Loans), (iii) provide working capital and to fund general corporate purposes and (iv) to repay amounts under the PIK Facility Agreement up to an amount equal to $50,000,000. <u>The proceeds of the 2025 Term Loans will be used for general corporate purposes, including Permitted Acquisitions and other permitted investments; provided; that proceeds of the 2025 Term Loans may not be used for repayments of the PIK Facility or otherwise pay dividends to the direct or indirect equity holders of Holdings.</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;(b) The proceeds of the Delayed Draw Term Loan will be used by the Borrowers directly or indirectly to (i)<u>for general corporate purposes, including for the avoidance of doubt,</u> fund Permitted Acquisitions and other similar Investments permitted hereunder (including to pay earnouts, seller notes, holdbacks and other deferred payments in connection therewith (whether funded on or at the closing of such transaction)), and (iv) to repay amounts under the PIK Facility Agreement up to an amount equal to $50,000,000, and, in each case with respect to clauses (i) and (ii), to pay<u>including</u> fees, costs and expenses and deferred costs and charges, in each case, related thereto or incurred in connection therewith<u>; provided; that proceeds of the Delayed Draw Term Loan may not be used for repayments of the PIK Facility or otherwise pay dividends to the direct or indirect equity holders of Holdings</u>.

Section 5.12 <u>Execution of Guaranty and Security Documents after the Closing Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 5.15(b)</u>, <u>(c)</u> and <u>(d)</u>, in the event that any Person becomes a Subsidiary after the date hereof (other than any Subsidiary for so long as it is an Excluded Subsidiary) or any Subsidiary (including any Electing Guarantor) ceases to be an Excluded Subsidiary, the Parties will promptly (and in no event later than 60 days thereafter or such later date as the Administrative Agent may agree in its reasonable discretion) cause such Subsidiary to execute and deliver to the Administrative Agent a joinder to the Guaranty and the Security Documents or joinders thereto with respect to the applicable Specified Jurisdiction and to take all such further actions (including, unless the Administrative Agent otherwise agrees, the delivery of a legal opinion substantially consistent with the scope of the legal opinion delivered on the Closing Date in connection with the execution of such joinders, accessions, other security agreement, other instrument and/or other documents) and execute all such further documents and instruments as required by the U.S. Security Agreement, the U.K. Security Agreement or the German Security Agreement, each other Security Document and any other security agreement, other instrument or document required in respect of any Specified Jurisdiction to secure the Secured Obligations for the benefit of the Secured Parties (including all actions necessary to cause such Lien to be duly perfected to the extent required by such Security Document, including the filing of UCC, or other Specified Jurisdiction as may be reasonably requested by the Administrative Agent and in all events to exclude Excluded Property). In addition, as and to the extent provided in the Security Documents (subject to all applicable exceptions and limitations therein and herein), the Parties shall deliver to the Collateral Agent all certificates, if any, representing Equity Interests of such Subsidiary (in each case, accompanied by undated stock powers, duly endorsed in blank) as required thereunder. Under no circumstance will any Loan Party be required to execute any Security Documents governed by the laws of any jurisdiction other than a Specified Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 5.15(b), (c) and (d), in the event that any Person becomes a Subsidiary after the date hereof (other than any Subsidiary for so long as it is an Excluded Subsidiary), concurrently with the execution and delivery of counterparts to the Guaranty and the applicable Security Documents pursuant to <u>Section 5.12(a)</u>, such Subsidiary shall deliver to the Administrative Agent, (i) certified copies of such Subsidiary's Organizational Documents or, if such document is of a type that may not be so certified, certified by the secretary or similar officer of the applicable Subsidiary, and (ii) a certificate executed on behalf of such Subsidiary by the secretary or similar officer of such Subsidiary as to (a) the fact that the attached resolutions of the Governing Body of such Subsidiary approving and authorizing the execution, delivery and performance of such Loan Documents are in full force and effect and have not been modified or amended and (b) the incumbency and signatures of the officers of such Subsidiary executing such 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;(c) If, at any time, (x) [reserved] or (y) material adverse tax consequences could (in the reasonable determination of the Borrowers in consultation with the Administrative Agent (at the direction of the Required Lenders)) reasonably be expected to result (i) from any Security Document executed and delivered by any Subsidiary of Holdings that is (x) a CFC or (y) a CFC Holding Company with respect to a guarantee in excess of 65% of the outstanding voting Equity Interests of any such CFC or CFC Holding Company, the Collateral Agent shall release such Subsidiary from any such Security Document, or (ii) from any Lien granted under any Loan Document in respect of the Equity Interests in any Subsidiary of Holdings that is (x) a CFC or (y) a CFC Holding Company with respect to a guarantee in excess of 65% of the outstanding voting Equity Interests of any such CFC or CFC Holding Company, such Lien shall be released. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent or the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall not enter into any mortgage charging real property located in the United States after the Closing Date until (1) the date that occurs 30 days after the Administrative Agent has delivered to the Lenders (which may be delivered electronically) the following documents in respect of such real property: (i) a completed flood hazard determination from a third party vendor; (ii) if such real property is located in a "special flood hazard area", (A) a notification to the applicable Loan Party of that fact and (if applicable) notification to the applicable Loan Party that flood insurance coverage is not available and (B) evidence of the receipt by the applicable Loan Party of such notice; and (iii) if such notice is required to be provided to the applicable Loan Party and flood insurance is available in the community in which such real property is located, evidence of required flood insurance and (2) the Administrative Agent shall have received written confirmation from each of the Lenders that flood insurance due diligence and flood insurance compliance has been completed by the Lenders (such written confirmation not to be unreasonably conditioned, withheld or delayed).

Section 5.13 <u>Additional Collateral</u>. If any Material Real Property is acquired by any Loan Party (or Subsidiary thereof) after the Closing Date (other than Excluded Property), then such Loan Party (or applicable Subsidiary) will (i) promptly notify the Collateral Agent thereof and, if requested by the Collateral Agent, cause such Material Real Property to be subjected to a Lien securing the Obligations and (ii) take, and cause each applicable Loan Party (or applicable Subsidiary) to take, such actions as shall be necessary or reasonably requested by the Collateral Agent (at the direction of the Required Lenders) to grant and perfect such Liens, including the filing and recording of financing statements, fixture filings, Mortgages, and other documents and such other actions or deliveries of the type required by this Agreement, and including the Real Property Requirements with respect to any such Material Real Property, all at the expense of the Loan Parties.

Section 5.14 <u>Environmental Matters</u>. The Parties shall, and shall cause each Subsidiary to: (a) comply, and shall cause its properties and operations to comply, with all applicable Environmental Laws, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; (b) not dispose of or otherwise Release any Hazardous Materials on, under, about or from any property owned or operated by any member of the Holding Company Group except in compliance with applicable Environmental Laws, except where the disposal or Release, individually or in the aggregate, would not reasonably be expected to result in Material Adverse Effect; (c) timely obtain or file all notices, permits, licenses, exemptions, approvals, registrations or other authorizations, if any, required under applicable Environmental Laws to be obtained or filed in connection with the operation or use of the Holding Company Group's properties and facilities, which failure to obtain or file would reasonably be expected to have a Material Adverse Effect; (d) promptly commence and diligently prosecute to completion any assessment, evaluation, investigation, monitoring, containment, cleanup, removal, repair, restoration, remediation or other remedial obligations (collectively, the "<u>Remedial Work</u>") in the event any Remedial Work is required under applicable Environmental Laws because of or in connection with the actual or suspected past, present or future disposal or other Release of any Hazardous Material on, under, about or from any of the Holding Company Group's properties or facilities, which failure to commence and diligently prosecute to completion would reasonably be expected to have a Material Adverse Effect; and (e) establish and implement such policies of environmental audit and compliance as required by Environmental Law to determine and assure that each member of the Holding Company Group's obligations under this <u>Section 5.14</u> are timely satisfied, which failure to establish and implement would be expected to have a Material Adverse Effect.

Section 5.15 <u>Further Assurances</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;(a) Subject to <u>Section 5.12</u> and <u>Sections 5.15(b)</u>, <u>(c)</u> and <u>(d)</u> and the terms, conditions and provisions of the Security Documents applicable to such Loan Party, the Parties shall, and shall cause the other Loan Parties to, promptly upon reasonable request by the Administrative Agent or the Collateral Agent (i) correct any jointly identified material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Security 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, deeds, certificates, assurances and other instruments as the Administrative Agent or the Collateral Agent may reasonably request from time to time, and in order to carry out more effectively the purposes thereof, in each case, to the extent required by this Agreement and the Security 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;(b) Notwithstanding anything in this Agreement or any Security Document to the contrary and subject in each case to the Agreed Security Principles: (i) neither the Administrative Agent nor the Collateral Agent shall take, and the Loan Parties shall not be required to grant, a security interest in any Excluded Property; (ii) any security interest required to be granted or any action required to be taken, including to perfect such security interest, shall be subject to the same exceptions and limitations as those set forth in the Security Documents; (iii) no Loan Party shall be required, nor shall the Administrative Agent or Collateral Agent be authorized to perfect any pledges, charges, assignments and security interests in any Collateral by any means other than (A) filings pursuant to the UCC in the office of the secretary of state (or similar central filing office) of the relevant State(s), and equivalent filings or actions in any other Specified Jurisdiction (including with Companies House in England and Wales), (B) filings of short-form Intellectual Property security agreements in United States government offices (and any equivalent offices in Specified Jurisdictions, if applicable) with respect to applied for, registered or issued Intellectual Property constituting Collateral as expressly required by the Loan Documents, (C) delivery to the Collateral Agent to be held in its possession of all Collateral consisting of (1) intercompany notes in a principal amount in excess of $4,000,000 individually or $10,000,000 in the aggregate, (2) stock certificates of the members of the Consolidated Group and (3) other instruments issued to any Loan Party with a value in excess of $4,000,000 individually or $10,000,000 in the aggregate, (D) necessary perfection steps with respect to commercial tort claims over $4,000,000 individually or $10,000,000 in the aggregate, (E) recording of Mortgages with respect to Material Real Property, (F) perfection steps in respect of intellectual property, bank accounts, insurance policies, the assignment of other contractual rights and any other Collateral as set out in the U.K. Security Agreements and German Security Agreement, and (G) other than as expressly required by <u>Section 5.12(a)</u> or <u>(b)</u>, no Loan Party shall be required to take any action outside the Specified Jurisdictions to perfect any security interest in the Collateral (including the execution of any agreement, document or other instrument governed by the law of any jurisdiction other than a Specified Jurisdiction); (iv) [reserved]; (v) as to any action to perfect the security interest granted under the Security Documents in Collateral consisting of (or otherwise held in) any deposit account or securities account, no Loan Party shall have any obligation under any Loan Document to enter into any deposit account control agreement or securities account control agreement with respect to such accounts (other than notices to the depository banks as required under the U.K. Security Agreement and/or the German Security Agreement); (vi) no Loan Party shall be required to enter into any source code escrow arrangement (or be obligated to register Intellectual Property); (vii) no Loan Party shall be required to send notices to account debtors or other contractual third parties prior to the occurrence of an Event of Default and (viii) no Loan Party shall be required to enter into any security documents governed by the laws of a jurisdiction other than a Specified Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Administrative Agent nor the Collateral Agent shall obtain or perfect a security interest in any assets of any Loan Party as to which the Borrowers and the Administrative Agent (at the direction of the Required Lenders) have agreed in writing shall determine that the cost of obtaining or perfecting such security interest is excessive in relation to the benefit to the Lenders of the security afforded thereby (such comparison to be determined in a manner consistent with any such determination made in connection with the Closing Date) or would otherwise violate applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement or any Security Document to the contrary, the Administrative Agent may, in its reasonable discretion, grant extensions of time for the satisfaction of any of the requirements under <u>Section 5.12</u> and <u>Section 5.14</u> in respect of any particular Collateral or any particular Subsidiary.

Section 5.16 <u>Designation of Subsidiaries</u>. The Borrowers may designate (or re-designate) any Subsidiary that is an Excluded Subsidiary as an Electing Guarantor. The Borrowers may designate (or re-designate) any Electing Guarantor as an Excluded Subsidiary; <u>provided</u> that (i) each of the Borrowers shall not change the designation of any particular Subsidiary (whether as an Excluded Subsidiary or an Electing Guarantor) more than twice during the term of this Agreement, (ii) no Electing Guarantor may be redesignated as an Excluded Subsidiary if, after giving effect to such redesignation, an Event of Default has occurred and is continuing or would result therefrom, (iii) such designation or redesignation shall constitute an Investment by the applicable member of the Consolidated Group therein at the date of designation or redesignation in an amount equal to the fair market value (as determined in good faith by the Parties) of the Investments held by such member of the Consolidated Group in such Electing Guarantor immediately prior to such designation or re-designation and such Investments must otherwise be under <u>Section 6.04</u> and (iv) any Investment, Indebtedness or Liens of such Subsidiary (after giving effect to such designation or redesignation) shall be deemed to be incurred at the time of such designation or redesignation by such Electing Guarantor and such incurrence must otherwise be permitted hereunder.

Section 5.17 <u>Post-Closing Covenant</u>. As promptly as practicable, and in any event within the time periods after the Closing Date specified in <u>Schedule 5.17</u> or such later date as the Administrative Agent (at the direction of the Required Lenders) agrees to (and, for the avoidance of doubt subject to Section 5.15(b), (c) and (d)), take the actions and deliver the documents specified on <u>Schedule 5.17</u>. Regardless of whether the time periods shall have extended pursuant to the terms hereof, to the extent the German Post-Closing Obligations shall not have been satisfied on or prior to the 90th day after the Closing Date, the "Applicable Rate", from the 91st day following the Closing Date until the date on which the German Post-Closing Obligations are duly satisfied, shall be increased to (a) 7.50% per annum for Term SOFR Loans and (b) 6.50% per annum for Base Rate Loans.

Section 5.18 <u>German ABL Accounts</u>. With respect to the collection of German WCF Receivables, Holdings and the Borrowers shall cause each German Guarantor to undertake as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall instruct each account debtor to make all payments with respect to the ABL Priority Security (as defined in the ABL Agreement) into a German ABL Controlled Account;

&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) it will promptly pay all proceeds of German WCF Receivables so received into a German ABL Controlled Account (but pending such payment will not commingle such amounts with any other funds); 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;(c) if any account debtor makes a payment owed to a German Guarantor into any account which is not a German ABL Controlled Account, it will promptly (i) transfer the relevant amounts to a German ABL Controlled Account and (ii) direct the relevant account debtor to make future payments to a German ABL Controlled Account.

**ARTICLE VI**

**NEGATIVE COVENANTS**

From and after the Closing Date and until the Termination Date, each of Holdings and the Borrowers covenants and agrees with the Lenders that:

Section 6.01 <u>Indebtedness; Certain Equity Securities</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;(a) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness created under the Loan Documents, including any Incremental Facility Amendment, Extension Amendment or Refinancing Amendment, and any Permitted Refinancings of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Indebtedness of any member of the Consolidated Group to another member of the Consolidated Group or to Holdings, <u>provided</u> that (A) such Indebtedness shall be permitted by <u>Section 6.04</u> or <u>Section 6.14</u> and (B) Indebtedness of any Loan Party to a Subsidiary that is not a Loan Party shall be unsecured and subordinated in right of payment to the Obligations <u>Section 7.01</u> on subordination terms reasonably acceptable to the Administrative Agent and the Borrowers; <u>provided,</u> further, that Indebtedness incurred by any Subsidiary that is not a Loan Party owed to any Loan Party (unless set forth on <u>Schedule 6.04</u>) shall be subject to the Non-Guarantor Investment Limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Guarantees by any member of the Consolidated Group of Indebtedness of another member of the Consolidated Group, <u>provided</u> that (A) the Indebtedness so Guaranteed is otherwise permitted by this Section, (B) such Guarantees shall be permitted by <u>Section 6.04</u> and (C) if Indebtedness being guaranteed is subordinated in right of payment to the Obligations under the Loan Documents, such Guarantees permitted under this <u>clause (iii)</u> shall be subordinated in right of payment to the Obligations to the same extent and on the same terms as the Indebtedness so Guaranteed is subordinated to the Obligations <u>provided,</u> further, that Indebtedness of any Subsidiary that is not a Loan Party Guaranteed by any Loan Party (unless set forth on <u>Schedule 6.04</u>) shall be subject to the Non-Guarantor Investment Limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Indebtedness incurred to finance the acquisition, development, construction, restoration, replacement, rebuilding, maintenance, upgrade or improvement of any fixed or capital assets, including Capital Lease Obligations, Synthetic Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, <u>provided</u> that such Indebtedness is incurred prior to or within 270 days after such acquisition or the completion of such development, construction, restoration, replacement, rebuilding, maintenance, upgrade or improvement, and (B) extensions, renewals and replacements of any such Indebtedness so long as the principal amount of such extensions, renewals and replacements does not exceed the principal amount of the Indebtedness being extended, renewed or replaced (<u>plus</u> any accrued but unpaid interest (including any portion thereof which is payable in kind in accordance with the terms of such extended, renewed or replaced Indebtedness) and premium payable by the terms of such Indebtedness thereon and fees and expenses associated therewith), <u>provided</u> that the aggregate principal amount of Indebtedness permitted by this <u>clause (iv)</u> (unless set forth on <u>Schedule 6.01</u>), when taken together with Indebtedness incurred under <u>Section 6.01(a)(xxiii)</u>, at any one time outstanding shall not exceed the greater of (x) $20,000,000 and (y) 20% of Consolidated EBITDA computed on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Indebtedness of any Person acquired or assumed in connection with an Acquisition ("<u>Acquired Indebtedness</u>") or permitted Investment or any assets acquired in connection therewith; and any Permitted Refinancing thereof, <u>provided</u> that (i) such Indebtedness is not created in anticipation of such Acquisition or Investment, (ii) subject to <u>Section 1.13</u>, the aggregate principal amount of such Indebtedness acquired or assumed under this <u>clause (v)</u> does not exceed at any time the greater of (x) $20,000,000 and (y) 20% of Consolidated EBITDA computed on a Pro Forma Basis, and any Permitted Refinancing thereof, and (iii) subject to Section 1.12, the Total Net Leverage Ratio calculated on a Pro Forma Basis after giving effect to any such Indebtedness does not exceed the Total Net Leverage Ratio immediately prior to the incurrence of such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) other Indebtedness in an aggregate principal amount outstanding at any time not exceeding the greater of (x) $15,000,000 and (y) 15% of Consolidated EBITDA computed on a Pro Forma Basis; <u>provided,</u> that aggregate principal amount outstanding at any time of Indebtedness incurred under this <u>clause (vii), clause (xii) and clause (xxix) below</u> by any Subsidiary that is not a Loan Party (unless set forth on <u>Schedule 6.01</u>) shall not exceed the greater of (x) $30,000,000 and (y) 30% of Consolidated EBITDA computed on a Pro Forma Basis (the "Non-Guarantor Debt Limitation");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Indebtedness owed to any Person (including obligations in respect of letters of credit for the benefit of such Person) providing workers' compensation, health, disability or other employee benefits or property, casualty, liability insurance, self-insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Indebtedness in respect of or guarantee of performance bonds, bid bonds, appeal bonds, surety bonds, performance and completion guarantees, workers' compensation claims, letters of credit, bank guarantees and banker's acceptances, warehouse receipts or similar instruments and similar obligations (other than in respect of other Indebtedness for borrowed money) including those incurred to secure health, safety and environmental obligations, in each case provided in the ordinary course of business or consistent with past practice or consistent with industry standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Indebtedness in respect of Swap Agreements not entered into solely for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) unsecured Indebtedness owing to current and former employees, officers, members, independent contractors, service providers or directors/managers (or any spouses, ex-spouses, descendants, family or estates or lenders of any of the foregoing) incurred in connection with the repurchase of Equity Interests that have been issued to such Persons to the extent such repurchase is permitted under <u>Section 6.08</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;(xii) Indebtedness of any Subsidiary that is not a Loan Party; <u>provided</u> that the aggregate principal amount of Indebtedness of all such Subsidiaries that are not Loan Parties outstanding at any time pursuant to this <u>clause (xii)</u> (unless set forth on <u>Schedule 6.01</u>) shall not exceed the greater of (x) $15,000,000 and (y) 15% of Consolidated EBITDA computed on a Pro Forma Basis; <u>provided</u> further, that the aggregate amount of Indebtedness incurred under this clause (xii) by any Subsidiary that is not a Loan Party (unless set forth on <u>Schedule 6.01</u>) shall be subject to the Non-Guarantor Debt Limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Indebtedness with respect to financial accommodations of the nature described in the definition of "Cash Management Obligations," and other Indebtedness in respect of treasury, depositary, cash management and netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements or otherwise in connection with securities accounts and deposit accounts, in each case, in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Indebtedness consisting of (a) the financing of insurance premiums or (b) take or pay obligations contained in supply arrangements, in each case, in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Indebtedness arising from agreements providing for indemnification, purchase price adjustments or similar obligations, in each case incurred or assumed in connection with the acquisition or disposition of any business or assets permitted under this Agreement (including, for the avoidance of doubt, guarantees by any member of the Consolidated Group of any such Indebtedness of another member of the Consolidated Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Indebtedness to the seller of any business or assets permitted to be acquired by any member of the Consolidated Group under this Agreement (including, for the avoidance of doubt, guarantees by any member of the Consolidated Group of any such Indebtedness of another member of the Consolidated Group); <u>provided</u> any seller notes shall be subordinated in right of payment to the Obligations pursuant to subordination provisions reasonably acceptable to the Administrative Agent (at the direction of the Required Lenders) and the Borrowers; <u>provided</u>, further that, if any seller note matures on or prior to the Latest Maturity Date applicable to the Loans and/or Commitments, the aggregate amount shall not exceed the greater of (x) $5,000,000 and (y) 5% of Consolidated EBITDA computed on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the incurrence of Indebtedness under the ABL Agreement up to an amount not to exceed the greater of $110,000,000 and 100% of Consolidated EBITDA computed on a Pro Forma Basis and any Permitted Refinancings thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) endorsement of instruments or other payment items for deposit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) to the extent constituting Indebtedness, Guarantees in the ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of any member of the Consolidated Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Guarantees of any member of the Consolidated Group primarily guaranteeing performance of contractual obligations of another member of the Consolidated Group to a third party and not primarily for the purpose of guaranteeing payment of Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Indebtedness (other than Indebtedness for borrowed money) supported by any letter of credit, in each case, in an amount not to exceed the face amount of such letter of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) obligations in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any Subsidiary to the extent required by law or in connection with any statutory filing or the delivery of audit opinions performed in jurisdictions other than within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) so long as the German Post-Closing Obligations have been satisfied, Incremental Equivalent Debt and any Permitted Refinancing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) Indebtedness of any Joint Venture or Indebtedness of any Subsidiary incurred on behalf of any Joint Venture or any Guarantees by any Subsidiary of Indebtedness of any Joint Venture and, in each case, any Permitted Refinancing thereof, in an aggregate outstanding principal amount for all such Indebtedness not to exceed the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) Indebtedness outstanding as of the Closing Date, which shall be (unless in an aggregate committed or principal amount not in excess of $10,000,000 and $1,000,000 individually) described on <u>Schedule 6.01</u> annexed hereto (other than Indebtedness incurred described in Section 6.01(a)(xvii)), and any Permitted Refinancing thereof; <u>provided</u> that with respect to the Uni-Pol Loans, any Permitted Refinancing thereof shall not be with respect to an amount of Uni-Pol Loans in excess of $10,000,000 (with any such Uni-Pol Loans the subject of a Permitted Refinancing to be selected by the Borrowers), any Permitted Refinancing thereof shall not be with respect to any UniPol Loans that were paid off or intended to be paid off with advances made pursuant to <u>Section 6.04(y)</u> and any such Uni-Pol Loans not subject to a Permitted Refinancing shall be permitted to be renewed as provided in 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) the incurrence or issuance of (I) Indebtedness or Disqualified Equity Interests of the Borrowers or Indebtedness, Disqualified Equity Interests or preferred stock of a Subsidiary, incurred or issued to finance an acquisition or investment (or other purchase of assets) or (II) Indebtedness, Disqualified Equity Interests or preferred stock (A) of Persons that are acquired by the Borrowers or any Subsidiary or merged into, amalgamated or consolidated with the Borrowers or a Subsidiary in accordance with the terms of this Agreement or (B) that is assumed by the Borrowers or any Subsidiary in connection with such acquisition or investment (or other purchase of assets) (and not, for the avoidance of doubt, created in contemplation of the applicable investment or acquisition), in each case under this <u>clause (i)</u>, in an aggregate outstanding principal amount or liquidation preference, together with any Permitted Refinancing in respect of any of the foregoing (excluding any amounts under the Incremental Cap), in an unlimited amount so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&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 respect to Indebtedness secured by Liens on the Collateral on a pari passu basis with the Liens on
the Collateral securing the Obligations (without regard to control of remedies), the First Lien Net Leverage Ratio for the Applicable
Date of Determination preceding the date on which such Indebtedness is incurred (without netting any cash received from the incurrence
of such Indebtedness proposed to be incurred) would be no greater 5.00 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. with respect to Indebtedness that is secured by Liens on the Collateral on a basis that is junior in priority
to the Liens on the Collateral securing the Obligations (and that, for the avoidance of doubt, has not been incurred pursuant to <u>clause c.</u> below), the Secured Net Leverage Ratio for the Applicable Date of Determination preceding the date on which such Indebtedness is
incurred (without netting any cash received from the incurrence of such Indebtedness proposed to be incurred) would be no greater 6.00
to 1.00, 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 respect to Indebtedness that is (i) secured by Liens on property that does not constitute Collateral
or (ii) not secured, or any Disqualified Equity Interests or preferred stock, in each case, either, in each case, as elected by the
Borrower, the Total Net Leverage Ratio for the Applicable Date of Determination preceding the date on which such Indebtedness is incurred
or such Disqualified Equity Interests or preferred stock is issued (without netting any cash received from the incurrence of such Indebtedness
proposed to be incurred) would be no greater 6.50 to 1.00 (any Indebtedness, Disqualified Equity Interests or preferred stock incurred
or issued pursuant to <u>clause (xxix)</u>, " <u>Permitted Acquisition Debt</u> "),

in each case, determined on a Pro Forma Basis; provided that, if such Indebtedness is incurred (and not assumed) by the Borrowers or a Guarantor, such Permitted Acquisition Debt (I) shall not mature earlier than the Latest Maturity Date and (II) shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of the Initial Term Loans or Delayed Draw Term Loans, whichever is lengthier, on the date of incurrence of such Indebtedness; <u>provided</u> that the aggregate amount of Permitted Acquisition Debt incurred under this clause (xxix) by any Subsidiary that is not a Loan Party (unless set forth on <u>Schedule 6.01</u>) shall be subject to the Non-Guarantor Debt Limitation; 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;(xxx) Indebtedness pursuant to the Post Road Facility and the Close Brothers Facility in an aggregate amount not to exceed $11,000,000 in the aggregate.

Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest, premium, fees or expenses, in the form of additional Indebtedness, Disqualified Equity Interests or preferred stock shall not be deemed to be an incurrence of Indebtedness for purposes of this <u>Section 6.01</u>.

For purposes of determining compliance with any restriction on the incurrence of Indebtedness, the principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; <u>provided</u> that if such Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, refinancing, renewal or defeasance would cause the applicable restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, refinancing, renewal or defeasance, such restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased, <u>plus</u> the amount of any premium paid, and fees and expenses incurred, in connection with such extension, replacement, refunding refinancing, renewal or defeasance (including any fees and original issue discount incurred in respect of such resulting Indebtedness).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, issue any Disqualified Equity Interests, except to the extent Holdings, such Borrower or such Subsidiary otherwise utilizes a basket for Indebtedness that is permitted to be incurred under <u>Section 6.01(a)</u> (and such usage shall reduce the availability of such basket).

Section 6.02 <u>Liens</u>. Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens created pursuant to any Loan Document (including Liens on Collateral to secure the Secured Obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Permitted Encumbrances;

&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 Lien on any property or asset of any member of the Consolidated Group existing on the Closing Date and, with respect to all such Liens securing Indebtedness, such Liens (x) secure Indebtedness in an aggregate committed or principal amount not in excess of $1,000,000 or (y) are described on <u>Schedule 6.02</u> annexed hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Lien existing on any property or asset prior to the acquisition thereof by any member of the Consolidated Group or existing on any property or asset of any Person that became or becomes a Subsidiary after the Closing Date prior to the time such Person became or becomes a Subsidiary; <u>provided</u> that (i) such Lien is not created in contemplation of such acquisition or such Person becoming a Subsidiary as the case may be, (ii) such Lien shall not apply to any other property or asset of any member of the Consolidated Group (other than any replacements of such property or assets and additions and accessions thereto, after-acquired property of the same type subject to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of such after-acquired property, and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender) and (iii) such Lien shall secure only those obligations and unused commitments (and to the extent such obligations and commitments constitute Indebtedness, such Indebtedness is permitted hereunder) that it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof so long as the principal amount of such extensions, renewals and replacements does not exceed the principal amount of the obligations being extended, renewed or replaced (<u>plus</u> any accrued but unpaid interest (including any portion thereof which is payable in kind in accordance with the terms of such extended, renewed or replaced Indebtedness) and premium payable by the terms of such obligations thereon and fees 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;(e) Liens on fixed or capital assets acquired, developed, constructed, restored, replaced, rebuilt, maintained, upgraded or improved (including any such assets made the subject of a Capital Lease Obligation or Synthetic Lease Obligation incurred) by any Loan Party or any Subsidiary thereof; <u>provided</u> that (i) such Liens secure Indebtedness incurred to finance such acquisition, development, construction, restoration, replacement, rebuilding, maintenance, upgrade or improvement and that is permitted by <u>Section 6.01(a)(iv)</u>, or to extend, renew or replace such Indebtedness and Indebtedness that is permitted by <u>Section 6.01(a)(v)</u> or <u>Section 6.01(a)(xxx</u>), as applicable, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 270 days after such acquisition or the completion of such development, construction, restoration, replacement, rebuilding, maintenance, upgrade or improvement (<u>provided</u> that this <u>clause (ii)</u> shall not apply to any Indebtedness permitted by <u>Section 6.01(a)(v)</u> or <u>Section 6.01(a)(xxx)</u>, as applicable, or any Lien securing such Indebtedness) and (iii) such Liens shall not apply to any other property or assets of any member of the Consolidated Group (other than any replacements of such property or assets and additions and accessions thereto and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment financed by 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;(f) Liens (i) of a collecting bank arising in the ordinary course of business under Section 4-210 of the UCC in effect in the relevant jurisdiction covering only the items being collected upon, (ii) in favor of a banking or other financial institution arising as a matter of law or contract encumbering deposits or other funds maintained with a financial institution (including netting arrangements or the right of set off) and which are within the general parameters customary in the banking industry or (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Liens representing (i) any interest or title of a licensor, lessor or sublicensor or sublessor under any lease or license permitted by this Agreement, (ii) any Lien or restriction that the interest or title of such lessor, licensor, sublessor or sublicensor may be subject to, or (iii) the interest of a licensee, lessee, sublicensee or sublessee arising by virtue of being granted a license or lease permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the filing of UCC financing statements solely as a precautionary measure or required notice in connection with operating leases or consignment of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) other than with respect to Real Property Collateral, Liens not otherwise permitted by this Section to the extent that the aggregate outstanding amount (or in the case of Indebtedness, the principal amount) of the obligations secured thereby at any time does not exceed the greater of (x) $15,000,000 and (y) 15% of Consolidated EBITDA computed 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;(k) other than with respect to Real Property Collateral, Liens granted by a Subsidiary that is not a Loan Party in favor of any Loan Party in respect of Indebtedness or other obligations owed by such Subsidiary to such Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens (i) attaching solely to cash advances and cash earnest money deposits in connection with Investments permitted under <u>Section 6.04</u>, (ii) consisting of an agreement to Dispose of any property in a Disposition permitted hereunder, or (iii) securing Cash Management Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any Lien resulting from the rules and regulations of any clearing system or stock exchange over shares and/or other securities held in that clearing system or stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens on the assets of any Subsidiary that is a Non-Loan Party securing Indebtedness or other obligations of such Subsidiary (or of another Subsidiary that is a Non-Loan Party) permitted under <u>Section 6.01(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;(o) precautionary or purported Liens evidenced by the filing of UCC financing statements, or similar financing statements under applicable Requirements of Law relating solely to (i) operating leases or consignment or bailee arrangements entered into in the ordinary course of business (provided that no default exists thereunder) and/or (ii) the sale of accounts receivable in the ordinary course of business to the extent permitted by <u>Section 6.05</u> (other than <u>Section 6.05(n)</u>) for which a UCC financing statement, or similar financing statement under applicable Requirements of Law is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens securing reimbursement obligations permitted by <u>Section 6.01</u> in respect of documentary letters of credit or bankers' acceptances; <u>provided</u> that such Liens attach only to the documents, goods covered thereby and proceeds thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Liens on insurance policies and the proceeds thereof granted to secure the financing of insurance premiums with respect thereto in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens encumbering deposits made to secure obligations arising from contractual or warranty 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;(s) subject to the Intercreditor Agreement, Liens with respect to Indebtedness permitted under <u>Section 6.01(a)(xvii)</u> and Liens securing Swap Obligations, secured on a pari passu basis with the Indebtedness permitted under <u>Section 6.01(a)(xvii)</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;(t) Liens granted pursuant to a security agreement between any member of the Consolidated Group and a licensee of Intellectual Property to secure the damages, if any, of such licensee resulting from the rejection of the licensee of such licensee in a bankruptcy, reorganization or similar proceeding with respect to such member of the Consolidated Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens in respect of Incremental Equivalent Debt referred to in Section 6.01(a)(xxv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens on the Equity Interests in or assets of a Joint Venture securing Indebtedness referred to in Section 6.01(a)(xxvii) with respect to 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;(w) Liens in respect of servicing agreements, development agreements, site plan agreements, subdivision agreements and other agreements with governmental authorities pertaining to the use or development of real property, in each case which do not and will not (i) affect the priority of any Mortgage and (ii) interfere in any material respect with the ordinary conduct of the Consolidated Group, taken as a whole;

&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) licenses or sublicenses (with respect to Intellectual Property and other property), leases or subleases granted to third parties not interfering in any material respect with the ordinary conduct of the business of the Consolidated Group, taken as a whole, provided in each case that no default exists thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Liens in favor of customs and revenue authorities to secure payment of customs duties in connection with the importation of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Liens of bailees in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) 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 the Consolidated Group, provided in each case that no default exists thereunder and that same do not affect the priority of the Mortgage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) utility and similar deposits in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) purchase options, call and similar rights of, and restrictions for the benefit of, a third party with respect to Equity Interests held by any member of the Consolidated Group in Joint Ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Liens that are contractual rights of set-off and other customary Liens (i) relating to the establishment of depository, brokerage, custody or clearing relations with banks or other financial institutions not given in connection with the incurrence of Indebtedness for borrowed money, (ii) relating to pooled deposit or sweep accounts of any member of the Consolidated Group to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Consolidated Group or (iii) relating to purchase orders and other agreements entered into by any member of the Consolidated Group in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) the modification, replacement, renewal or extension of any Lien permitted by <u>Section 6.02(a)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e)</u>, <u>(o), (u)</u> or <u>(v)</u>; <u>provided</u> that (i) the Lien does not extend 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; and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is not prohibited by <u>Section 6.01</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;(gg) Liens on securities which are the subject of repurchase agreements incurred in the ordinary course of business.

Section 6.03 <u>Fundamental Changes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, merge into, consolidate or amalgamate with any other Person, or permit any other Person to merge into, consolidate or amalgamate with it, except that: (i) any Subsidiary (other than a Borrower or Holdings) may merge into or consolidate or amalgamate with Holdings or a Borrower as long as Holdings or such Borrower is the surviving or resulting entity, except as provided in <u>clause (vi)</u> hereof, (ii) any Subsidiary (other than a Borrower or Holdings) may merge into or consolidate or amalgamate with any other Subsidiary that is a Subsidiary Loan Party (as long as (A) (1) a Subsidiary Loan Party is the continuing, surviving or resulting entity, (2) such continuing, surviving or resulting entity becomes a Subsidiary Loan Party substantially concurrently with the consummation of such transaction and complies with <u>Section 5.12</u> and <u>Section 5.14</u>, (3) [reserved] or (4) the disposition of such Subsidiary Loan Party would otherwise be permitted under <u>Section 6.05</u> (other than <u>Section 6.05(l)</u>) or such Subsidiary Loan Party would otherwise be permitted to be to redesignated as an Excluded Subsidiary immediately prior to such transaction (and shall be deemed to be so disposed or redesignated) and (B) a U.S. Subsidiary that is a Subsidiary Loan Party may not merge into or consolidate with a non-U.S. Loan Party unless such U.S. Guarantor is the continuing, surviving or resulting entity), (iii) any Subsidiary that is not a Loan Party may merge into or consolidate or amalgamate with (A) any other Subsidiary that is not a Subsidiary Loan Party or (B) (subject to <u>clause (ii)</u> above) any other Subsidiary that is a Subsidiary Loan Party, (iv) any Borrower or any Subsidiary may consummate any Investment permitted by <u>Section 6.04</u> (other than <u>Section 6.04(aa)</u>) (whether through a merger, consolidation, amalgamation or otherwise), <u>provided</u> that (A) the surviving or resulting entity shall be subject to the requirements of <u>Section 5.12</u> and <u>Section 5.14</u> (to the extent applicable) and, in the case of a merger, consolidation or amalgamation involving a Loan Party (other than a U.S. Loan Party), deliver ancillary documents to the Administrative Agent confirming that it is subject to all of the Obligations hereunder and (B) if any Borrower is a direct party involved in such merger, consolidation or amalgamation for such transaction, such Borrower shall be the continuing, surviving or resulting entity, except as provided in <u>clause (vi)</u> hereof, (v) any Subsidiary may consummate any sale, transfer or other disposition permitted pursuant to <u>Section 6.05</u> (other than <u>Section 6.05(l)</u>) (whether through a merger, consolidation, amalgamation or otherwise), <u>provided</u> that the surviving or resulting entity shall be subject to the requirements of <u>Section 5.12</u> and <u>Section 5.14</u> (to the extent applicable) and, in the case of a merger, consolidation or amalgamation involving a Loan Party (other than a U.S. Loan Party), deliver ancillary documents to the Administrative Agent confirming that it is subject to all of the Obligations hereunder and (vi) in each of the preceding <u>clauses (i)</u> or <u>(iv)</u> of this <u>paragraph (a)</u>, in the case of any merger, consolidation or amalgamation directly involving any Borrower as a party for such merger, consolidation or amalgamation, if the Person continuing, surviving or resulting from such merger, consolidation or amalgamation is not such Borrower (any such Person, the "<u>Successor Company</u>"), then (A) such Successor Company shall be approved by the Administrative Agent (at the direction of the Required Lenders), (B) no Default and Event of Default shall have occurred and be continuing or would result therefrom, (C) the Successor Company shall be an entity organized or existing under the laws of the United States, any state thereof or the District of Columbia, (D) the Successor Company shall expressly assume all the obligations of such Borrower under this Agreement and the other Loan Documents to which such Borrower is a party pursuant to such documentation as may be reasonably required by the Administrative Agent and in connection therewith shall deliver items of the type described in Section 4.01(a)(ii)(E), (F) or (G), as applicable, Section 4.01(b) and Section 4.01(c), (E) the Successor Company shall take such actions and deliver such items reasonably required by the Administrative Agent to cause the Collateral Agent to have a first priority perfected security interest (subject to Liens permitted under <u>Section 6.02</u>) in all Collateral of the Successor Company, (F) each Guarantor shall have confirmed (pursuant to such documentation, including amendments to Security Documents), reasonably acceptable to the Administrative Agent that its Guaranty and its grant of Liens under the Security Documents shall guaranty and secure the Secured Obligations after giving effect to the Successor Company assuming all of the obligations of such Borrower and shall deliver such documentation as may be reasonably required by the Administrative Agent (including any items of the type described in Section 4.01(b) and (c) in connection therewith) and (in the case of Holdings) all certificates representing Equity Interests of the Successor Company, (G) deliver all documentation and other information about the Successor Company as has been requested in writing by the Administrative Agent or any Lender in connection with "know your customer" provisions of Anti-Money Laundering Laws, including the PATRIOT Act, and Beneficial Ownership Certifications with respect to the Successor Company and (H) the Successor Company shall have delivered to the Administrative Agent an officer's certificate stating that such merger, amalgamation or consolidation and such supplements preserve the enforceability of the Guaranty and the perfection and priority of the Liens under the applicable Security Documents; <u>provided</u>, that if the foregoing are satisfied, the Successor Company will succeed to, and be substituted for such Borrower 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;(b) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, liquidate or dissolve, except that: (i) any Subsidiary that is a Subsidiary Loan Party may transfer all or any portion of its assets (upon liquidation, dissolution, winding-up or any similar transaction) to any Loan Party (other than Holdings); <u>provided</u> that if the transferor is a Subsidiary that is a U.S. Loan Party, the transferee shall be a U.S. Loan Party (other than Holdings), (ii) any Subsidiary that is not a Subsidiary Loan Party may transfer all or any portion of its assets (upon liquidation, dissolution, winding-up or any similar transaction) to any member of the Consolidated Group, (iii) [reserved], (iv) any member of the Consolidated Group may change its legal form and (v) any Subsidiary may transfer all or any portion of its assets (upon liquidation, dissolution, winding-up or any similar transaction) to any Person in order to effect a substantially concurrent Investment permitted pursuant to <u>Section 6.04</u> (other than <u>Section 6.04(aa)</u>), a transaction permitted pursuant to <u>clause (a)</u> above, or a sale, transfer or other disposition permitted pursuant to <u>Section 6.05</u> (other than <u>Section 6.05(l)</u>).

Section 6.04 <u>Investments</u>. Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, make or own any Investments, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments comprised of cash and Cash Equivalents and of assets that were Cash Equivalents when such Investment was 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;(b) Permitted Acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Investment by any member of the Consolidated Group existing on the Closing Date and, with respect to all such Investments, such Investments (x) are in an amount not in excess of $1,000,000 or (y) are described on <u>Schedule 6.04</u> annexed hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) Investments made by any Loan Party in any Loan Party (other than Investments in Holdings, except to the extent constituting Investments made by Holdings) and (ii) Investments made by any Loan Party in any Subsidiary that is not a Loan Party; <u>provided</u> that the aggregate outstanding amount of all Investments made after the Closing Date pursuant to <u>clause (d)(ii)</u>, (unless set forth on <u>Schedule 6.04</u>) shall be subject to the Non-Guarantor Investment Limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments made by any Subsidiary that is not a Loan Party in (x) any other Subsidiary that is not a Loan Party or (y) any Loan Party (other than Holdings); <u>provided</u> that to the extent that any such Investments under <u>clause (y)</u> constitute loans or advances made to any Loan Party, such loans or advances shall be subordinated in right of payment to the Obligations pursuant to subordination provisions reasonably acceptable to the Administrative Agent (at the direction of the Required Lenders) and the Borrowers;

&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) non-cash loans or advances to employees, partners, officers and directors of any member of the Consolidated Group in connection with such Person's purchase of Equity Interests of such member of the Consolidated Group (or a Parent Company) or in connection with the exercise of options 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;(h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Investments in respect of Swap Agreements not entered into solely for speculative purposes, Cash Management Agreements and Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Investments of any Person existing at the time such Person becomes a Subsidiary or consolidates, amalgamates or merges with any member of the Consolidated Group (including in connection with an Acquisition or other Investment permitted hereunder); <u>provided</u> that such Investment was not made in contemplation of such Person becoming a Subsidiary or such consolidation, amalgamation or merger;

&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) Investments resulting from pledges or deposits described in the definition of the term "Permitted Encumbrance" or otherwise permitted as a Lien pursuant to <u>Section 6.02</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;(l) Investments received in connection with the disposition of any asset in accordance with and to the extent permitted by <u>Section 6.05</u> (other than <u>Section 6.05(d)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) receivables or other trade payables owing to any member of the Consolidated Group if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms, <u>provided</u> that such trade terms may include such concessionary trade terms as such member of the Consolidated Group deems reasonable under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Investments resulting from Liens permitted under <u>Section 6.02</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;(o) Investments in deposit accounts and securities accounts opened in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investments in members of the Consolidated Group in connection with any Permitted Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) other Investments (including those of the type otherwise described herein) made after the Closing Date in an aggregate amount at any time outstanding not to exceed the sum of the greater of (x) $15,000,000 and (y) 15% of Consolidated EBITDA computed on a Pro Forma Basis; <u>provided,</u> that any Investment made under this <u>clause (q)</u> (unless set forth on <u>Schedule 6.04</u>) in a Subsidiary that is not a Loan Party shall be subject to the Non-Guarantor Investment Limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Investments solely to the extent such Investments reflect an increase in the value of Investments otherwise permitted under this <u>Section 6.04</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;(t) the acquisition of additional Equity Interests of Subsidiaries from minority shareholders (it being understood that to the extent that any Subsidiary that is not a Loan Party is acquiring Equity Interests from minority shareholders then this <u>clause (t)</u> shall not in and of itself create, or increase the capacity under, any basket for Investments by Loan Parties in any Subsidiary that is not a Loan Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Investments consisting of endorsements for collection or deposit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Investments in Equity Interests in any Subsidiary resulting from any sale, transfer or other disposition by any member of the Consolidated Group permitted by <u>Section 6.05</u>, including as a result of any contribution from any parent or distribution to any Subsidiary of such Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) contributions to a "rabbi" trust pursuant to a deferred compensation plan of any member of the Consolidated Group for the benefit of employees or other grantor trust subject to claims of creditors in the case of a bankruptcy of any Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) loans or advances to officers, partners, directors, consultants and employees of any member of the Consolidated Group for (A) relocation, entertainment, travel expenses, drawing accounts and purchases of tools in a manner consistent with past practices in the ordinary course of business and similar expenditures and (B) for other purposes not to exceed the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed 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;(y) advances to Jiangyin Uni-pol Vacuum Casting India Pvt Limited in an amount not to exceed $23,000,000 for the sole purpose of paying off the Uni-Pol Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) other Investments in an aggregate amount not to exceed the Available Amount at such time, so long as, subject to Section 1.12, (i) no Event of Default exists or would result from the making of such Investment and (ii) both before and immediately after giving effect to such Investment, the First Lien Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 5.30 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Investments consisting of Indebtedness, Liens, Restricted Payments, fundamental changes and dispositions permitted under <u>Section 6.01</u> (other than <u>Section 6.01(a)(ii)</u> and <u>6.01(a)(iii)</u>), <u>Section 6.02</u>, <u>Section 6.03</u> (other than <u>Section 6.03(a)(iv)</u>, <u>(a)(vi)</u> and <u>(b)(v)</u>), <u>Section 6.05</u> (other than <u>Section 6.05(b)</u> and <u>Section 6.05(d)</u>) and <u>Section 6.08</u> (other than <u>Section 6.08(b)(ix)</u>), respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Loans repurchased by any member of the Consolidated Group pursuant to and in accordance with <u>Section 9.04</u>, so long as such Loans are immediately cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) cash or property distributed from any Subsidiary that is not a Loan Party may be contributed to other Subsidiaries that are not Loan Parties and in connection with a contribution therewith, may pass through any Borrower to Holdings (but not Holdings) and/or any intermediate Subsidiaries, so long as all part of a series of related transactions and such transaction steps are not unreasonably delayed and are otherwise permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Investments to the extent that payment for such Investments is made solely with Equity Interests (other than any Disqualified Equity Interests) of Holdings, or proceeds of equity contributions in the form of Qualified Equity Interests initially made to Holdings after the Closing Date (to the extent subsequently contributed to Holdings or a Borrower and other than any proceeds that increase the Cure Amount or the Available Amount), in each case, that have not increased the Cure Amount or the Available 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;(ee) Guarantee obligations of any member of the Consolidated Group in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any Subsidiary to the extent required by law or in connection with any statutory filing or the delivery of audit opinions performed in jurisdictions other than within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) (i) loans and advances to Holdings, any Parent Company or any Parent Entity in lieu of, and not in excess of the amount of (after giving effect to any other such loans or advances or Restricted Payments in respect thereof) Restricted Payments to the extent permitted to be made in accordance with <u>Section 6.08</u> (other than <u>Section 6.08(b)(ix)</u>) or (ii) other Investments in lieu of and not in excess of the amount of (after giving effect to any other such Investments or payments, redemptions, repurchases, retirements, terminations or cancellations of Indebtedness pursuant to <u>Section 6.08(b)(vii)</u>) Restricted Payments to the extent permitted to be made in accordance with <u>Section 6.08(a)(x)</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;(gg) asset purchases (including purchases of inventory, supplies and materials) and the licensing or sublicensing or contribution of Intellectual Property pursuant to joint marketing or other arrangements with other Persons, in each case in the ordinary course of business; 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;(hh) Guarantees by any member of the Consolidated Group of leases (other than Capital Lease Obligations), contracts, or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business, or of deferred purchase price, earn-out, purchase price adjustments, indemnity and other obligations in connection with Permitted Acquisitions, in each case to the extent the underlying obligation is otherwise not prohibited hereunder.

Notwithstanding anything herein to the contrary, (a) Investments in Subsidiaries that are non-Loan Parties shall not exceed the sum of (i) in the case of an Investment in Subsidiaries that are non-Loan Parties on the Closing Date, the amount invested in such Subsidiaries as of the Closing Date and (ii) (unless set forth on <u>Schedule 6.04</u>) an amount equal to the greater of (A) $30,000,000 and (B) 30% of Consolidated EBITDA as of the Applicable Date of Determination calculated on a Pro Forma Basis after giving effect to each proposed Investment at any one time outstanding, in each case, determined as of the date such Investment is made (such cap, the "<u>Non-Guarantor Investment Limitation</u>").

For the avoidance of doubt, if an Investment would be permitted under any provision of this <u>Section 6.04</u> (other than <u>Section 6.04(b)</u>) and as a Permitted Acquisition, such Investment need not satisfy the requirements otherwise applicable to Permitted Acquisitions unless such Investments are consummated in reliance on <u>Section 6.04(b)</u>. In addition, to the extent an Investment is permitted to be made by any member of the Consolidated Group directly in any Subsidiary or any other Person who is not a Loan Party (each such person, a "<u>Target Person</u>") under any provision of this <u>Section 6.04</u>, such Investment may be made by advance, contribution or distribution directly or indirectly to Holdings and further advanced or contributed by Holdings to a Loan Party or other Subsidiary for purposes of ultimately making the relevant Investment in the Target Person without constituting an Investment for purposes of <u>Section 6.04</u> (it being understood that such Investment must satisfy the requirements of, and shall count toward any thresholds or baskets in, the applicable clause under <u>Section 6.04</u> as if made by the applicable Subsidiary directly to the Target Person).

Notwithstanding anything herein to the contrary, in no event shall any member of the Consolidated Group make an Investment consisting of the transfer of any Intellectual Property of a Loan Party that is material to the business of any member of the Consolidated Group to any Subsidiary that is not (x) if the transferor is Holdings, a Borrower or a Subsidiary that is a U.S. Subsidiary, a U.S. Loan Party and (y) otherwise, a Loan Party.

Section 6.05 <u>Asset Sales</u>. Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, sell, transfer, lease or otherwise dispose of any asset, including any Equity Interests owned by it, nor will Holdings or any Borrower permit any Subsidiary to issue any additional Equity Interests in such Subsidiary (other than (i) any Subsidiary issuing directors' qualifying shares and (ii) any other Subsidiary issuing Equity Interests to any other member of the Consolidated Group), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sales, transfers, licenses, leases and other dispositions of (i) inventory or services, equipment sold pursuant to customer contracts or similar arrangements or of immaterial assets in the ordinary course of business, (ii) obsolete, worn-out, uneconomic, negligible, damaged or surplus property or property that is no longer economically practical or commercially desirable to maintain or used or useful in its business, whether now or hereafter owned or leased or acquired in connection with an Acquisition, (iii) cash, Cash Equivalents and other investment securities in the ordinary course of business, (iv) accounts in the ordinary course of business for purposes of collection and (v) other assets to the extent that the aggregate value of such assets sold during any fiscal year of Holdings is equal to an amount not to exceed the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sales, transfers, licenses, leases and other dispositions to any member of the Consolidated Group (including by contribution, disposition, dividend or otherwise); <u>provided</u> that (i) (A) if the transferor of such property is a U.S. Loan Party, then the transferee thereof must be a U.S. Loan Party (other than Holdings) and (B) if the transferor of such property is a U.K. Guarantor or German Guarantor, then the transferee thereof must be a Loan Party (other than Holdings) or (ii) to the extent constituting a Disposition to a Subsidiary that is not a Loan Party, such Disposition (w) is in the ordinary course of business, (x) is for fair value and any promissory note or other non-cash consideration received in respect thereof is a permitted Investment in a Subsidiary that is not a Loan Party in accordance with <u>Section 6.04</u> or (y) to the extent constituting an Investment, such Investment must be a permitted Investment in a Subsidiary that is not a Loan Party in accordance with <u>Section 6.04</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;(c) sales, transfers and other dispositions of trade or accounts receivable (including write-offs, discounts and compromises) in connection with the compromise, settlement or collection 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;(d) sales, transfers, licenses, leases and other dispositions of property to the extent that such sales, transfers, licenses, leases and other dispositions of property constitute Investments permitted by <u>Section 6.04</u> (other than <u>Section 6.04(l)</u>) hereunder or another asset received as consideration for the disposition of any asset permitted by this Section (in each case, other than any Equity Interests in a Subsidiary, unless all Equity Interests in such Subsidiary are sold for fair market value (as reasonably determined in good faith by the Borrowers));

&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) leases or licenses or subleases or sublicenses entered into in the ordinary course of business, to the extent that they do not materially interfere with the business of the Consolidated Group taken as a whole;

&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) licenses or sublicenses of intellectual property (including software) in the ordinary course of business or pursuant to a research or development or other similar agreement in which the counterparty to such agreement receives a license to Intellectual Property (including software) that result from such agreement as contemplated in the applicable 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;(g) dispositions resulting from any casualty or insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any member of the Consolidated Group;

&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 abandonment or other disposition of Intellectual Property, whether now or hereafter owned, licensed, sublicensed, leased or otherwise acquired in connection with an Acquisition or other permitted Investment that is, in the reasonable good faith judgment of Borrowers, no longer economically practicable or commercially desirable to maintain or used or useful in the business of the Consolidated Group;

&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) Disposition of assets identified on <u>Schedule 6.01</u> in connection with the funding of additional amounts pursuant to the Post Road Facility and the Close Brothers 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;(j) dispositions from and after the Closing Date of non-core or obsolete assets acquired in connection with any Acquisition or other permitted Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) sales, transfers, leases, licenses and other dispositions by any member of the Consolidated Group of assets since the Closing Date so long as (i) such disposition is for fair market value (as reasonably determined in good faith by such member of the Consolidated Group), (ii) at the time of execution of a binding agreement in respect of such sale, transfer or other disposition, no Event of Default has occurred and is continuing and at the time of consummation of such sale transfer or other disposition, no Event of Default under Section 7.01(a), 7.01(b), 7.01(h) or 7.01(i) has occurred and is continuing, (iii) if the assets sold, transferred or otherwise disposed of have a fair market value in excess of the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis, at least 75% of the consideration (other than (A) the assumption by the transferee of Indebtedness or other liabilities contingent or otherwise of any member of the Consolidated Group and the valid release of such member of the Consolidated Group, by all applicable creditors in writing, from all liability on such Indebtedness or other liability in connection with such Disposition, (B) securities, notes or other obligations received by any member of the Consolidated Group from the transferee that are converted by any member of the Consolidated Group into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days following the closing of such Disposition, (C) Indebtedness of any Subsidiary that is no longer a Subsidiary as a result of such Disposition, to the extent that each member of the Consolidated Group is released from any Guarantee or other credit support in respect of payment of such Indebtedness in connection with such Disposition, (D) consideration consisting of Indebtedness of Holdings (other than Indebtedness that is contractually subordinated in right of payment to the prior payment of all Obligations pursuant to subordination provisions reasonably acceptable to the Administrative Agent and the Borrowers) received after the Closing Date from Persons who are not members of the Consolidated Group and (E) in connection with an asset swap, all of which shall be deemed "cash") received is cash or Cash Equivalents or Designated Non-Cash Consideration to the extent that all Designated Non-Cash Consideration at such time does not exceed $4,000,000 (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value) and all of the consideration received is at least equal to the fair market value of the assets sold, transferred or otherwise disposed of and (iv) at the time of execution of a binding agreement in respect of such sale, transfer or other disposition and immediately after giving effect thereto, the Borrowers shall be in compliance with the Financial Covenant calculated on a Pro Forma Basis (other than, in the case of this clause (iv), for assets not to exceed a fair market value of $5,000,000 during the term of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) sales, transfers and other dispositions permitted by <u>Section 6.03</u> (other than <u>Section 6.03(a)(v)</u> or <u>(b)(v)</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;(m) the sale or exchange of specific items of property, so long as the purpose of each such sale or exchange is to acquire (and results within 365 days of such sale or exchange in the acquisition of) replacement items of property that are the functional equivalent of the item of property so sold or exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the incurrence of Liens permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) sales or dispositions of Equity Interests of any Subsidiary (other than the Borrowers) in order to qualify members of the Governing Body of such Subsidiary if required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) de minimis amounts of equipment provided to employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) sales, transfers and other dispositions of Excluded Property if the aggregate value of such Excluded Property sold is equal to or less than an amount equal to the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed 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;(r) Restricted Payments made pursuant to <u>Section 6.08</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;(s) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the unwinding of any Cash Management Agreement or Swap Agreement pursuant to its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) sales, transfers or other dispositions of Investments in Joint Ventures or any Subsidiary that is not a wholly owned Subsidiary to the extent required by, or made pursuant to customary buy/sell arrangements between, the parties set forth in Joint Venture arrangements and similar binding agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any member of the Consolidated Group may (i) terminate or otherwise collapse its cost sharing agreements with any member of the Consolidated Group and settle any crossing payments in connection therewith, (ii) convert any intercompany Indebtedness to Equity Interests, (iii) transfer any intercompany Indebtedness to any member of the Consolidated Group <u>provided</u> that (A) if the transferor is a U.S. Loan Party then the transferee shall be a U.S. Loan Party (other than Holdings) and (B) if the transferor is a U.K. Guarantor or other non-U.S. Loan Party then the transferee shall be a Loan Party (other than Holdings), (iv) settle, discount, write off, forgive or cancel any intercompany Indebtedness or other obligation owing by any member of the Consolidated Group <u>provided</u> that if such Indebtedness is owed to a Loan Party then such action shall be deemed an Investment by such Loan Party in the obligor on such Indebtedness in an amount equal to such Indebtedness, (v) settle, discount, write off, forgive or cancel any Indebtedness owing by any present or former consultants, directors, officers or employees, of any member of the Consolidated Group or any of their successors or assigns or (vi) surrender or waive contractual rights and settle or waive contractual or litigation claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Dispositions constituting any part of a Permitted Reorganization; 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;(x) Dispositions made with the approval (or to obtain the approval) of any anti-trust authority or otherwise necessary or advisable in the good faith determination of the Borrowers to consummate any acquisition or other Investment permitted hereunder.

Notwithstanding anything herein to the contrary, in no event shall any member of the Consolidated Group sell, transfer, lease or otherwise dispose any Intellectual Property that is material to the business of the members of the Consolidated Group to any Subsidiary that is not (x) if the transferor is Holdings, a Borrower or a Subsidiary that is a U.S. Subsidiary, a U.S. Loan Party and (y) otherwise, a Loan Party.

Section 6.06 <u>Financial Covenant</u>. The Borrowers shall not permit the First Lien Net Leverage Ratio as of the Applicable Date of Determination to be greater than the ratio set forth below in respect of such period set forth below (the "<u>Financial Covenant</u>") (such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent pursuant to Section 5.01(a) and (b), as applicable, with respect to such Applicable Date of Determination):

---

| | |
|:---|:---|
| &nbsp;&nbsp;Period | &nbsp;&nbsp;First Lien Net Leverage Ratio |
| &nbsp;&nbsp;Applicable Date of Determination ending December 31, 2024, through and including the Applicable Date of Determination ending September 30, 2025<u>2027</u> | &nbsp;&nbsp;7.00 to 1.00 |
| &nbsp;&nbsp;Applicable Date of Determination ending December 31, 2025<u>2027</u> and each Applicable Date of Determination ending thereafter | &nbsp;&nbsp;5.00 to 1.00 |

---

Section 6.07 <u>[Reserved]</u>.

Section 6.08 <u>Restricted Payments; Certain Payments of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, make any Restricted Payment, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subsidiaries of Holdings may make Restricted Payments so long as, if the Subsidiary making the Restricted Payment is not wholly owned (directly or indirectly) by such Person, such Restricted Payment is made ratably among the holders of its Equity Interests (or in a greater proportion to any member of the Consolidated Group that holds Equity Interests of such Subsidiary as compared to any holder of such Equity Interests that is not a member of the Consolidated Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 member of the Consolidated Group may make Restricted Payments with respect to its Equity Interests payable solely in shares of its Qualified Equity Interests (so long as, if the Subsidiary making the Restricted Payment is not wholly owned (directly or indirectly) by Holdings, such Restricted Payment is made ratably among the holders of its Equity Interests (or in a greater proportion to the member(s) of the Consolidated Group that hold Equity Interests of such Subsidiary as compared to any holder of such Equity Interests that is not a member of the Consolidated Group));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each of Holdings and the Borrowers may make Restricted Payments in respect of (A) overhead, legal, accounting and other professional fees and expenses of Holdings, Parent Company or any Parent Entity (including, after the consummation of a Qualifying IPO, Public Company Costs), (B) fees and expenses related to any public offering or private placement of Equity Interests or debt securities of Holdings, Parent Company or any Parent Entity whether or not consummated, (C) franchise and similar taxes and other fees and expenses in connection with the maintenance of its (and any Parent Company's or Parent Entity's) existence and its (or any Parent Company or Parent Entity's indirect) ownership of Holdings or a Borrower, (D) payments permitted by Section 6.09(d), (f), (h), (i), (k), and (l), (E) in the case of Holdings, any income Tax for which a Parent Company is liable which is attributable to or payable by such Parent Company to the extent referable to acting as a direct or indirect holding company of Holdings or any of its Subsidiaries, (F) [reserved] and (G) customary fees, salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers, directors and employees of Holdings, Parent Company or any Parent Entity, in each case in order to permit Holdings, Parent Company or any Parent Entity to make such payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each of Holdings and the Borrowers may make payments (or may make Restricted Payments to Holdings, Parent Company or any Parent Entity, the proceeds of which will be used to make payments) at such times and in such amounts as are necessary to make payments of or on account of (1) director's and consultant's fees, monitoring, advisory, refinancing, exit or management or similar fees or transaction fees and (2) reimbursement of out-of-pocket costs, expenses and indemnities, in each case to any Equity Investor or any of its Affiliates, in each case solely to the extent that if Holdings or a Borrower were obligated to make such payment directly and such payment would be permitted by <u>Section 6.09</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;(v) the Subsidiaries of Holdings may make a Restricted Payment in connection with the acquisition of additional Equity Interests in any Subsidiary from minority shareholders (it being understood that to the extent that any Subsidiary that is not a Loan Party is acquiring Equity Interests from minority shareholders then this <u>clause (v)</u> shall not in and of itself create, or increase the capacity under, any basket for Investments by Loan Parties in, or Restricted Payments by Loan Parties to, any Subsidiary that is not a Loan Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any member of the Consolidated Group may make repurchases of Equity Interests deemed to occur upon the cashless exercise of stock options when such Equity Interests represents a portion of the exercise price thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any member of the Consolidated Group may make Restricted Payments (A) in respect of working capital adjustments or purchase price adjustments pursuant to any Permitted Acquisition or other permitted Investments (other than pursuant to <u>Section 6.04(aa)</u>), and (B) to satisfy indemnity and other obligations in respect of Permitted Acquisitions or other permitted Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any member of the Consolidated Group may make Restricted Payments necessary to consummate transactions permitted pursuant to <u>Section 6.03</u> and to make Investments permitted pursuant to <u>Section 6.04</u> (other than pursuant to <u>Section 6.04(aa)</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;(x) each of Holdings, the Borrowers and their respective Subsidiaries may make additional Restricted Payments in an aggregate amount in reliance of this <u>clause (x)</u> when taken together with amounts paid in reliance of <u>Section 6.08(b)(vi)</u> not to exceed the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any member of the Consolidated Group may make additional Restricted Payments to the extent that such Restricted Payments are (a) made with net proceeds received by Holdings after the Closing Date from the issuance or sale of Qualified Equity Interests of Holdings or proceeds of an equity contribution on Qualified Equity Interests made to Holdings after the Closing Date (in each case, to the extent subsequently contributed to a Borrower and other than with any proceeds that have increased Cure Amount or the Available Amount) or (b) dividends on any Holdings' or a Parent Company's common stock (or equivalent) following the consummation of a Qualifying IPO of up to the greater of (1) 6.00% per annum of the net proceeds received by or contributed to the Borrowers in or from all public offerings of any Holdings' or a Parent Company's common stock (or equivalent) (including from a Qualifying IPO), other than public offerings with respect to any such common stock (or equivalent) registered on Form S-4 or Form S-8, and (2) an amount equal to 6.00% per annum of the Market Capitalization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Holdings and the Borrowers may make Restricted Payments to any Parent Company or Parent Entity the proceeds of which shall be used to pay customary costs, fees and expenses related to any unsuccessful equity or debt offering permitted by this Agreement, so long as the proceeds of such offering were intended to be contributed to the Borrowers or such offering was otherwise related to the business of the Borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 member of the Consolidated Group may make Restricted Payments to (a) pay (or fund the payment by Holdings of) cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Acquisition, Investment or other transaction otherwise permitted hereunder and (b) honor any conversion request by a holder of convertible Indebtedness (to the extent such conversion request is paid solely in shares of Qualified Equity Interests of Holdings) and make cash payments (or fund the making of such payment by Holdings of) in lieu of fractional shares in connection with any such conversion and may make payments (or fund the making of such payment by Holdings of) on convertible Indebtedness in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 member of the Consolidated Group may make Restricted Payments to purchase or fund the purchase of Holdings', Parent Company's or any Parent Entity's Equity Interests from present or former consultants, directors, managers, members, independent contractors, service providers, officers or employees of any Parent Entity, any Parent Company or any member of the Holding Company Group, or their respective estates, descendants, family, lenders, spouses or former spouses, upon the death, disability or termination of employment or other services of, or involuntary transfer (whether due to divorce, bankruptcy, judicial order, legal process or otherwise) of the Equity Interests of, such consultant, director, manager, member, independent contractor, service provider, officer or employee or pursuant to any employee, management, director or manager equity plan, employee, management, director or manager stock option plan or any other employee, management, director or manager benefit plan or any agreement (including any stock subscription or shareholder agreement) with any employee, director, manager, member, independent contractor, service provider, officer or consultant of any member of the Holding Company Group, <u>provided</u> that the aggregate amount of payments under this <u>clause (xiv)</u> subsequent to the Closing Date (net of proceeds received by the Borrowers from any equity contribution on Qualified Equity Interests made to Holdings (other than any Cure Amount or proceeds that have increased the Available Amount)) subsequent to the date hereof in connection with resales or any stock or common stock options so purchased shall not exceed an amount equal to the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis (increasing to the greater of (x) $15,000,000 and (y) 15% of Consolidated EBITDA computed on a Pro Forma Basis following a Qualifying IPO) (with unused amounts in any fiscal year being carried over to the immediate subsequent fiscal year) per fiscal year, plus, the amount actually received by any member of the Consolidated Group (following the death of any such consultant, director, manager, member, officer or employee) after the date hereof from any key-man life insurance policies; <u>provided</u> that the cancellation of Indebtedness owing to Holdings or any of its Subsidiaries in connection with a repurchase of any such Equity Interests and the redemption or cancellation of such Equity Interests without cash payment will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) each of Holdings and the Borrowers may make Restricted Payments in an aggregate amount not to exceed the Available Amount at such time; <u>provided</u> that immediately before and immediately after giving effect to such Restricted Payments (1) no Default exists or would result from the making of such Restricted Payment and (2) the Total Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 4.00 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) each of Holdings, the Borrowers and their respective Subsidiaries may make additional Restricted Payments constituting any part of a Permitted Reorganization; provided that any Restricted Payment received by Holdings in connection with the foregoing shall be recontributed to a Borrower as part of such Permitted Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) any member of the Consolidated Group may forgive or cancel any Indebtedness owed to any member of the Consolidated Group issued for repurchases of Holding's Equity Interests pursuant to <u>Section 6.08(a)(xiv)</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;(xx) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) (i) payment of a dividend to the borrower under the PIK Facility Agreement on the Closing Date to repay the facility under the PIK Facility Agreement in an aggregate principal amount not to exceed $50,000,000 plus accrued and unpaid interest thereon and (ii) payment of a one or more dividends to the borrower under the PIK Facility Agreement using the Delayed Draw Term Loan proceeds to repay the facility under the PIK Facility Agreement in an aggregate amount not to exceed $50,000,000; <u>provided</u> that in the case of this clause (ii), (x) such Restricted Payment is made within 6 months of the applicable drawing of Delayed Draw Term Loans and (y) both before and immediately after giving effect to such Restricted Payments the First Lien Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 5.30 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) each of Holdings, the Borrowers and their respective Subsidiaries may make Restricted Payments under the Management Incentive Plan as set forth in the Management Incentive Plan as in effect on the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) Each of Holdings, the Borrowers and their Subsidiaries may make Restricted Payments to pay regularly-scheduled cash interest on the PIK Facility Agreement, in an annual amount not to exceed $4,000,000 in the first fiscal year following the Closing Date, and thereafter increasing by 14% per annum (inclusive of any amounts that have previously increased the amount in this clause (xxiii)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to make any voluntary payment or other distribution (whether in cash, securities or other property), of or in respect of principal or interest, or such payment by way of the purchase, redemption, retirement, acquisition, cancellation or termination, in each case prior to the final scheduled maturity thereof, of any Junior Financing (each a "<u>Junior Financing Prepayment</u>") except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payment of regularly scheduled interest and principal payments (and fees, indemnities and expenses payable) as, and when due in respect of any such Indebtedness to the extent permitted by any subordination or intercreditor provisions in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Permitted Refinancing of Junior Financing to the extent such Permitted Refinancing is permitted by <u>Section 6.01</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;(iii) so long as no Event of Default pursuant to <u>Section 7.01(h)</u> or <u>Section 7.01(i)</u> has occurred and is continuing or would result therefrom, payments of intercompany Indebtedness permitted under <u>Section 6.01</u> to the extent permitted by any subordination provisions in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the conversion, exchange, redemption, repayment or prepayment of such Indebtedness into, for or with, as applicable, Equity Interests of any member of the Consolidated Group (other than Disqualified Equity Interests of any member of the Consolidated Group), except to the extent permitted under <u>Section 6.01(b)</u> or Equity Interests of Holdings, any Parent Company or any Parent Entity (other than Disqualified Equity Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) AHYDO Catch-Up Payments relating to Indebtedness permitted under <u>Section 6.01</u> of the Consolidated Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) each of Holdings, the Borrowers and their respective Subsidiaries may make additional Junior Financing Prepayments in an aggregate amount in reliance of this <u>clause (vi)</u>, when taken together with the amounts paid in reliance of <u>Section 6.08(a)(x)</u>, not to exceed (A) the greater of (x) $10,000,000 and (y) 10% of Consolidated EBITDA computed on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Junior Financing Prepayments made with Net Proceeds received by Holdings after the Closing Date from the issuance or sale of Qualified Equity Interests of Holdings or proceeds of an equity contribution on Qualified Equity Interests initially made to Holdings after the Closing Date (to the extent subsequently contributed to Holdings or a Borrower and other than any proceeds that increase the Cure Amount or the Available Amount);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Junior Financing Prepayments made within 60 days after the date of any payment, redemption, repurchase, retirement, termination or cancellation notice in respect thereof (the "<u>Redemption Notice</u>"), if on the date such Redemption Notice such Junior Financing Prepayments would have complied with another provision of this <u>Section 6.08(b)</u>; <u>provided</u> that Junior Financing Prepayments shall reduce capacity under such other provision on the date of such Redemption Notice; 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;(ix) Junior Financing Prepayments in an aggregate amount not to exceed the Available Amount as such time; <u>provided</u> that (1) no Default or Event of Default pursuant to <u>Section 7.01(h)</u> or <u>Section 7.01(i)</u> exists or would result from the making of such Junior Financing Prepayment and (2) the Total Net Leverage Ratio, calculated on a Pro Forma Basis, does not exceed 4.00 to 1.00.

Section 6.09 <u>Transactions with Affiliates</u>. Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise consummate any other transactions with, any of its Affiliates, with a fair market value in excess of the greater of (x) $5,000,000 and (y) 5% of Consolidated EBITDA computed on a Pro Forma Basis or less, except (a) transactions at prices and on terms and conditions (taken as a whole) not materially less favorable to Holdings or such Borrower or such Subsidiary than could reasonably be expected to be obtained on an arm's-length basis from unrelated third parties (as determined in good faith by the Borrowers); (b) transactions between or among (x) the Loan Parties or with any Person that becomes a Loan Party as a result of such transaction or (z) between or among Subsidiaries that are not Loan Parties (or by a Subsidiary that is not a Loan Party with any Person that becomes a Subsidiary that is not a Loan Party as a result of such transaction); (c) loans or advances to employees, officers and directors permitted under <u>Section 6.04</u>; (d) payroll, travel and similar advances to cover matters permitted under <u>Section 6.04</u>; (e) the payment of reasonable fees and reimbursement of out-of-pocket expenses to directors of any member of the Holding Company Group, any Parent Company or any Parent Entity (including Restricted Payments to make any such payment); (f) compensation (including bonuses, commissions and equity or other consideration) and employee benefit arrangements paid to, indemnities provided for the benefit of, and employment and severance or termination arrangements entered into with, directors, officers, managers, consultants or employees of any member of the Holding Company Group in the ordinary course of business (including Restricted Payments to make any such payment), including in connection with the Transactions and any other transaction permitted hereunder; (g) any issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans; (h) any payments to any Equity Investor or its Affiliates for reimbursement of out-of-pocket costs and expenses and indemnities in connection therewith; (i) payment of fees and expenses pursuant to the Transactions; (j) any Restricted Payment and payments on Indebtedness not prohibited by <u>Section 6.08</u>; (k) payments by any member of the Holding Company Group (including Restricted Payments to make such payments) (A) to any Equity Investor (whether directly or indirectly) of customary compensation in connection with financial advisory, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with a Qualifying IPO, acquisitions and divestitures), which payments are approved by the majority of the disinterested members of the Board of Directors of Holdings or such Subsidiary in good faith and in any event shall not exceed 1% of the transaction value, and (B) in respect of any indemnification obligations and expenses (and similar amounts) owed to any Equity Investor and any of their respective directors, officers, members of management, managers, employees and consultants; (l) transactions between and among members of the Consolidated Group which are in the ordinary course of business and transactions between any Borrower and its direct or indirect equityholders in the ordinary course of business with respect to the Equity Interests in such Borrower, such as shareholder agreements, operating agreements, investor rights agreements, registration agreements and including providing expense reimbursement and indemnities in respect thereof; (m) Investments in Subsidiaries (or in Persons that become Subsidiaries as a result of such Investment) permitted by <u>Section 6.04</u>; (n) the Transactions and the other transactions consummated on the Closing Date; (o) [reserved]; (p) Affiliate repurchases of the Loans or Commitments to the extent permitted hereunder and the holding of such Loans or Commitments and the payments and other transactions contemplated herein in respect thereof; (q) any transaction specifically permitted under this Agreement; (r) any Intercompany License Agreements; (s) payments to or from, and transactions with, joint ventures (to the extent any such joint venture is only an Affiliate as a result of Investments by any member of the Consolidated Group in such joint venture) in the ordinary course of business; (t) transactions by any member of the Consolidated Group with customers, clients, joint venture partners, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Consolidated Group, as determined in good faith by the board of directors or the senior management of the relevant Person, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; (u) [reserved]; (v) loans and advances to Holdings, Parent Company or Parent Entity permitted under <u>Section 6.04(ff)</u>; (w) [reserved]; (x) any Permitted Reorganization and any transaction for the forming of a holding company or reincorporation of any member of the Consolidated Group (except for the reincorporation of Holdings, a Borrower or any U.S. Guarantor in a jurisdiction outside the United States of America, any state thereof or the District of Columbia); and (y) transactions in which any member of the Consolidated Group delivers to the Administrative Agent a letter from a nationally or regionally recognized independent third-party financial advisor (selected by the Borrowers in good faith) stating that such transaction is fair to such member of the Consolidated Group from a financial point of view or meets the requirements of <u>clause (a)</u> of this <u>Section 6.09</u>.

Section 6.10 <u>Restrictive Agreements</u>. Each of Holdings and the Borrowers will not, and will not permit any Subsidiary to, enter into any agreement, instrument, deed or lease that prohibits, restricts or imposes any condition upon (a) the ability of any Loan Party to act as a Loan Party or to create, incur or permit to exist any Lien in favor of the Secured Parties upon any of its Collateral or (b) the ability of any Subsidiary (the "<u>Subject Subsidiary</u>") to make Restricted Payments to or make or repay loans or advances to Holdings or a Borrower that is a direct or indirect parent of such Subject Subsidiary or any other Subsidiary that is a direct or indirect parent of such Subject Subsidiary, <u>provided</u> that the foregoing shall not apply to (i) restrictions and conditions imposed by (A) law, (B) any Loan Document (including any Incremental Facility) or, solely in the case of clause (b) above, the agreements and instruments for any Incremental Equivalent Debt or any Permitted Refinancing of the Indebtedness under the Loan Documents or any Incremental Equivalent Debt, (C) any agreements evidencing Indebtedness incurred pursuant to <u>Section 6.01(a)(iv)</u>, <u>provided</u> such restriction relates only to the fixed or capital assets acquired, developed, constructed, restored, rebuilt, maintained, upgraded or improved with such Indebtedness, (D) any agreements evidencing Indebtedness incurred pursuant to <u>Section 6.01(a)(v)</u>, <u>provided</u> such restriction relates only to the assets acquired in the applicable Acquisition or other Investment, (E) any agreements evidencing Indebtedness permitted under <u>Section 6.01</u> in respect of Subsidiaries that are not Loan Parties until such Person becomes a Loan Party, (F) Indebtedness incurred under <u>Section 6.01</u> in respect of Subsidiaries that are not Loan Parties until such Person becomes a Loan Party, (G) [reserved] and (H) solely in the case of restrictions and conditions referenced in <u>clause (b)</u>, agreements evidencing other Indebtedness permitted by <u>Section 6.01</u>, <u>provided</u> that in each case under this <u>clause (i)</u> such restrictions or conditions (x) apply solely to a Subsidiary that is not a Loan Party, (y) are not materially more restrictive (taken as a whole) (as determined in good faith by the Borrowers) than the restrictions or conditions set forth in the Loan Documents, or (z) do not materially impair any Loan Party's ability to pay its obligations under the Loan Documents as and when due (as determined in good faith by the Borrowers); (ii) restrictions and conditions existing on the Closing Date or to any extension, renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement materially expands the scope of any such restriction or condition (as determined in good faith by the Borrowers); (iii) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any assets pending such sale, <u>provided</u> that such restrictions and conditions apply only to the Subsidiary or assets that is or are to be sold and such sale is permitted hereunder; (iv) the foregoing shall not apply to customary provisions in leases, licenses and other contracts restricting the assignment, subletting or transfer thereof or other assets subject thereto; (v)(A) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the sale, transfer or other disposition of all or substantially all of the Equity Interests or assets of such Subsidiary or (B) restrictions on transfers of assets subject to Liens permitted by <u>Section 6.02</u> (but, with respect to any such Lien, only to the extent that such transfer restrictions apply solely to the assets that are the subject of such Lien); (vi) restrictions or conditions set forth in any agreement in effect at any time any Person becomes a Subsidiary, <u>provided</u> that such agreement was not entered into in contemplation of such Person becoming a Subsidiary and the restriction or condition set forth in such agreement does not apply to any member of the Consolidated Group; (vii) customary provisions in shareholders agreements, joint venture agreements, organizational or constitutive documents or similar binding agreements relating to any Joint Venture or non-wholly owned Subsidiary and other similar agreements applicable to Joint Ventures and non-wholly owned Subsidiaries and applicable solely to such Joint Venture or non-wholly owned Subsidiary and the Equity Interests issued thereby; (viii) any restrictions on cash or other deposits imposed by agreements entered into in the ordinary course of business; (ix) any restrictions regarding licensing or sublicensing by any member of the Consolidated Group of Intellectual Property in the ordinary course of business; (x) any restrictions that arise in connection with cash or other deposits permitted under <u>Section 6.02</u> and <u>Section 6.04</u>; (xi) are restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; and (xii) [reserved].

Section 6.11 <u>Amendment of Material Documents</u>. Each of Holdings and the Borrowers will not, and will not permit any of its Subsidiaries to, amend or otherwise modify any of its Organizational Documents other than (1) any amendment or modification that is not adverse to the interests of the Lenders in any material respect and (2) any amendment or modification that has been agreed by the Administrative Agent and the Borrowers. Each of Holdings and the Borrowers will not, and will not permit any other Loan Party to, amend or otherwise modify any document governing any Junior Financing if such amendment or modification is expressly prohibited by any subordination provisions set forth therein or in any other stand-alone subordination or intercreditor agreement applicable thereto (including any Acceptable Intercreditor Agreement), other than any amendment or modification that has been agreed by the Administrative Agent and the Borrowers and which has not been objected to by the Required Lenders following 5 Business Days after the notice thereof. Each of Holdings and the Borrowers will not permit any party to the PIK Facility Agreement to amend the definition of "Cash Pay Interest" or otherwise amend the PIK Facility Agreement for the purpose of increasing such Cash Pay Interest above 0.50% per annum.

Section 6.12 <u>Changes in Fiscal Year</u>. Each of Holdings and the Borrowers will not permit their fiscal year for financial reporting purposes to end on a day other than December 31; <u>provided</u>, <u>however</u>, that the Borrowers may upon written notice to the Administrative Agent, change such fiscal year (and the fiscal year of the Subsidiaries) to any other fiscal year reasonably acceptable to the Administrative Agent. The Borrowers and the Administrative Agent (at the direction of the Required Lenders) will, and are hereby authorized by the Lenders to, enter into an amendment to this Agreement to make any adjustments to this Agreement (including enter into an the covenants contained herein) that are that are reasonably necessary in order to reflect such change.

Section 6.13 <u>Changes in Lines of Business</u>. Each of Holdings and the Borrowers shall not, and shall not permit any of the Subsidiaries to, directly or indirectly, engage in any material line of business substantially different from those lines of business conducted by the Consolidated Group on the Closing Date or any business reasonably related, complementary, synergistic or ancillary thereto or reasonable extensions thereof.

Section 6.14 <u>Permitted Activities</u>. Notwithstanding any other provision of this Agreement or any other Loan Document to the contrary, Holdings will not:

&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) conduct, transact or otherwise engage in any business or operations or own any material assets, provided that the following activities and assets shall in any event be permitted: (i) its ownership of the Equity Interests of Dundee Pikco Limited or any other Subsidiary that will promptly be contributed or merged or amalgamated into Dundee Pikco Limited, (ii) the maintenance of its legal existence, including the ability to incur fees, costs and expenses relating to such maintenance, (iii) participating in tax, accounting and other administrative matters, (iv) the performance of its obligations under its Organizational Documents, the Loan Documents, the Management Incentive Plan and any other agreements contemplated hereby or thereby or contemplated by or incidental to the activities permitted by the other clauses of this <u>Section 6.14</u>, (v) incurring fees, costs and expenses relating to overhead and general operating including professional fees for legal, tax and accounting issues and paying Taxes, (vi) paying fees and other compensation to and providing usual and customary indemnification to officers and directors, (vii) the issuance of Equity Interests (other than Disqualified Equity Interests), payment of dividends or making of distributions, making of loans to any member of the Consolidated Group, the contributions to the capital to Holdings or any Subsidiary that will promptly be contributed or merged or amalgamated into Holdings and guarantees of the obligations of any member of the Consolidated Group, (viii) holding any cash or property received in connection with Restricted Payments made by any Subsidiary in accordance with <u>Section 6.08</u> pending application thereof or any cash or property pending prompt loans or contribution to a Subsidiary, (ix) those activities and assets directly or indirectly related, complementary or incidental to the foregoing and (x) other activities and assets customary (as determined in good faith by Holdings) for a parent holding company of a corporate group such as the Consolidated Group;

&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) consolidate or amalgamate with, or merge with or into, or convey, sell or otherwise transfer all or substantially all of its assets to, any Person; <u>provided</u> that, so long as no Event of Default exists or results therefrom, (i) Holdings may consolidate or amalgamate with, or merge with or into, any other Person (other than any member of the Consolidated Group) so long as (A) Holdings is the continuing or surviving Person or (B) if the Person formed by or surviving any such consolidation, amalgamation or merger is not Holdings (the "<u>Successor Person</u>"), (1) is an entity organized or existing under the laws of the United States, (2) the Successor Person expressly assumes 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 and in connection therewith shall deliver items of the type described in Section 4.01(a)(ii)<u>(E)</u>, <u>Section 4.01(b)</u> and <u>Section 4.01(c)</u>, (3) such Successor Person takes such actions and deliver such items reasonably required by the Administrative Agent to cause the Collateral Agent to have a first priority perfected security interest (subject to Liens permitted under <u>Section 6.14(d)</u>) in all Collateral of such Successor Person, (4) such Successor Person delivers to the Administrative Agent and each Lender all documentation and other information about such Successor Person, the Borrowers and their Subsidiaries as has been reasonably requested in writing by the Administrative Agent or such Lender, as applicable, that they reasonably determine in connection with "know your customer" provisions of Anti-Money Laundering Laws, including the PATRIOT Act and a Beneficial Ownership Certification, and (5) the Borrowers deliver a certificate of a Responsible Officer with respect to the satisfaction of the conditions set forth in this clause (b)(i), and (ii) Holdings may otherwise convey, sell or otherwise transfer all or substantially all of its assets to any other Person (other than the Borrowers and any of their Subsidiaries) so long as (A) no Change in Control results therefrom and (B) the Person acquiring such assets (or the Borrowers, as applicable) satisfies each of the conditions set forth in clauses (b)(i)(1)-(5) applicable to a Successor Person; <u>provided</u>, <u>further</u>, that (1) if the conditions set forth in the preceding proviso are satisfied, the successor to Holdings will succeed to, and be substituted for, Holdings under this Agreement and the other Loan Documents, (2) it is understood and agreed that, with prior or concurrent written notice to the Administrative Agent (or by such other time as agreed by the Administrative Agent). Holdings may convert into another form of entity so long as such conversion does not adversely affect the value of the Collateral pledged by Holdings, taken as a whole and (3) notwithstanding anything to the contrary in this <u>Section 6.14</u>, nothing herein shall preclude Holdings from consummating any Permitted Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) incur any Indebtedness for borrowed money or any Guarantee of Indebtedness for borrowed money other than (A) Indebtedness incurred by Holdings under the Loan Documents, (B) Guarantees of Indebtedness or other obligations of any member of the Consolidated Group and (C) Indebtedness owed to any member of the Consolidated Group to the extent the advance of such Indebtedness by such member of the Consolidated Group is otherwise permitted under this Agreement or (ii) issue any Disqualified Equity Interests; 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;(d) create or suffer to exist any Lien on any property or asset now owned or hereafter acquired by it securing Indebtedness for borrowed money or any Guarantee of Indebtedness for borrowed money other than (i) the Liens created under the Security Documents to which it is a party and (ii) Liens of the type permitted under <u>Section 6.02</u>.

Section 6.15 <u>Use of Proceeds</u>. The Borrowers, Loan Parties, Loan Party Subsidiaries, and their respective directors, officers, employees, and agents, shall not, directly or knowingly indirectly, use, lend, contribute or otherwise make available to any Subsidiary, Affiliate, joint venture partner or other Person, the proceeds of any Borrowing (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, in either case in violation of Sanctions or (iii) in any manner that would result in the material violation of Anti-Money Laundering Laws or Ex-Im Laws or the violation of Anti-Corruption Laws or Sanctions by any party to this Agreement. This <u>Section 6.15</u> shall not be interpreted or applied in relation to any Borrower, any Loan Party, any member of the Holding Company Group, any Lender, Administrative Agent or Collateral Agent to the extent that the obligations under this <u>Section 6.15</u> would: (i) violate or expose such person or any of its directors, officers, agents or employees to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union (and/or any of its member states) or the United Kingdom that are applicable to such entity (including EU Regulation (EC 2271/96) and section 7 of the German Foreign Trade Regulation (*Außenwirtschaftsverordnung - AWV*) in connection with the German Foreign Trade Law (*Außenwirtschaftsgesetz*)); or (ii) prevent or prohibit such person or any of its directors, officers, agents or employees from engaging in business, transactions, activities or other conduct pursuant to a general or specific license from OFAC, any license or authorization from HM Treasury, the European Union, or any European Union Member State, or any other registration, authorization, permit, license exemption, or license from any other applicable Governmental Authority.

Section 6.16 <u>Repayment</u>. The Borrowers and each member of the Holding Company Group shall not, directly or knowingly indirectly, fund all or part of any repayment or other payments under this Agreement out of proceeds derived (i) in violation of any Anti-Money Laundering Laws or Ex-Im Laws in any material respect, or any Anti-Corruption Laws, or Sanctions in any respect, or (ii) in any other manner that would result in the material violation of Anti-Money Laundering Laws, Ex-Im Laws, Anti-Corruption Laws or Sanctions by any party to this Agreement. This <u>Section 6.16</u> shall not be interpreted or applied in relation to any Borrower, any Loan Party, any member of the Holding Company Group, any Lender, Administrative Agent or Collateral Agent to the extent that the obligations under Section 6.16 would: (i) violate or expose such person or any of its directors, officers, agents or employees to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time in the European Union (and/or any of its member states) or the United Kingdom that are applicable to such entity (including EU Regulation (EC 2271/96) and section 7 of the German Foreign Trade Regulation (*Außenwirtschaftsverordnung - AWV*) in connection with the German Foreign Trade Law (*Außenwirtschaftsgesetz*)); or (ii) prevent or prohibit such person or any of its directors, officers, agents or employees from engaging in business, transactions, activities or other conduct pursuant to a general or specific license from OFAC, any license or authorization from HM Treasury, the European Union, or any European Union Member State, or any other registration, authorization, permit, license exemption, or license from any other applicable Governmental Authority.

Section 6.17 <u>German Receivables</u>. Each of Holdings and the Borrowers will not, and will not permit any German Loan Party to, create, incur, assume or permit to exist any Lien (other than Permitted Encumbrances and any retention of title or extended retention of title arrangements entered into in the ordinary course of business) on any property or assets which are the subject of the security assignment agreement dated 6 March 2020 and the security transfer agreement dated 6 March 2020, other than Liens in favor of Wells Fargo Capital Finance (UK) Limited, as agent and security agent under the ABL Agreement.

**ARTICLE VII**

**EVENTS OF DEFAULT**

Section 7.01 <u>Events of Default</u>. If any of the following events (any such event, an "<u>Event of Default</u>") shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, and in the currency required 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;(b) any Borrower shall fail to pay any interest on any Loan, any fee payable hereunder or any other amount due under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days;

&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 representation, warranty or certification, when made or deemed made by any Loan Party in any Loan Document shall be false or incorrect in any material respect as of the date made or deemed made and, in each case, to the extent capable of being cured (as determined by the Borrowers in good faith), such incorrect representation, warranty or certification shall remain incorrect for a period of thirty (30) days after the earlier of (x) a Loan Party having knowledge of such breach and (y) receipt by the Borrowers of written notice thereof from the Administrative Agent or the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Party shall default in the performance or compliance with (i) <u>Section 5.02(a)</u> (provided that failure to deliver a notice of Default or Event of Default pursuant to <u>Section 5.02(a)</u> shall not constitute an Event of Default under this clause (d) to the extent the underlying breach giving rise to such notice requirement was remedied in accordance with this Agreement prior to the end of the time period during which a Responsible Officer of Holdings or any Borrower was required to deliver such notice pursuant to <u>Section 5.02(a)</u>), (ii) <u>Section 5.04</u> (solely with respect to the existence of each of the Parties in its jurisdiction of organization or incorporation, if applicable), (iii) <u>Section 5.17</u> and such default shall continue unremedied for a period of 15 days or (iv) in <u>Article VI</u>; provided that an Event of Default under the Financial Covenant is subject to the Cure Right set forth in <u>Section 7.03</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;(e) any Loan Party shall default in the performance or compliance of any term contained in any Loan Document (other than those specified in <u>paragraphs (a)</u>, <u>(b)</u> or <u>(d)</u> of this <u>Section 7.01</u>), and such default shall continue unremedied and unwaived for a period of thirty days after the earlier of (x) a Loan Party having knowledge of such breach and (y) receipt by the Borrowers of written notice thereof from the Administrative Agent or the Required Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any member of the Holding Company Group shall fail to make any payment beyond all applicable grace periods (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any applicable grace periods provided in the applicable instrument or agreement under which such Material Indebtedness was created, <u>provided</u> that any Default or Event of Default under this <u>paragraph (f)</u> shall be immediately cured and no longer continuing (without any action on the part of the Administrative Agent, any Lender or otherwise) as and when any such failure (x) is remedied by the applicable member of the Holding Company Group or (y) is waived (including in the form of amendment) by the requisite holders of the applicable item of Material Indebtedness, in either case, prior to the acceleration of all the Loans pursuant to this <u>Section 7.01</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;(g) (i) any breach or default (after all applicable grace periods having expired and all required notices having been given) by any member of the Holding Company Group of any Material Indebtedness if the effect of such breach or default is to cause such Material Indebtedness to become due prior to its scheduled maturity or that enables or permits (with all applicable grace periods having expired and all required notices having been given) the holder or holders of such Material Indebtedness, or any trustee or agent on its or their behalf, to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, <u>provided</u> that (A) this <u>paragraph (g)(i)</u> shall not apply to (x) secured Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement), or (y) Indebtedness which is convertible into Equity Interest and converts to Equity Interests in accordance with its terms, and (B) any Default or Event of Default under this <u>paragraph (g)(i)</u> shall be immediately cured and no longer continuing (without any action on the part of the Administrative Agent, any Lender or otherwise) as and when any such breach or default (x) is remedied by the applicable member of the Holding Company Group or (y) is waived (including in the form of amendment) by the requisite holders of the applicable item of Material Indebtedness, in either case, prior to the acceleration of all the Loans pursuant to this <u>Section 7.01</u> or (ii) if an involuntary "early termination event" or other similar event (which event shall extend beyond any applicable cure periods or grace periods) shall have occurred in respect of obligations owing under any Swap Agreement of any member of the Holding Company Group, and the amount of such obligations, either individually or in the aggregate for all such Swap Agreements at such time, is in excess of $15,000,000; <u>provided</u> that, in respect of obligations owing under any such Swap Agreement owed to the applicable counterparty at such time, the amount for purposes of this <u>paragraph (g)(ii)</u> shall be the amount payable on a net basis by such member of the Holding Company Group to such counterparty (after giving effect to all netting arrangements) if such Swap Agreement were terminated at such time; <u>provided</u> that any Default or Event of Default under this <u>paragraph (g)(ii)</u> shall be immediately cured and no longer continuing (without any action on the part of the Administrative Agent, any Lender or otherwise) as and when any such event (x) is remedied by the applicable member of the Holding Company Group or (y) is waived (including in the form of amendment) by the applicable counterparty, in either case, prior to the acceleration of all the Loans pursuant to this <u>Section 7.01</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;(h) subject to <u>Section 7.02</u>, (i) an involuntary proceeding shall be commenced, or an involuntary petition shall be filed, seeking liquidation, reorganization, administration, examinership, rescue process or other relief in respect of any member of the Holding Company Group, or of all or a substantial part of its assets, under any federal, state, provincial or foreign bankruptcy, insolvency, administration, winding-up, receivership or similar law now or hereafter in effect or (ii) the involuntary appointment of a receiver, receiver-manager, trustee, custodian, sequestrator, conservator, administrator or similar official for any member of the Holding Company Group or for a substantial part of its assets, and, in any such case, such proceeding shall continue undismissed and unstayed for 60 consecutive days without having been dismissed, bonded or discharged or an order of relief is entered in any such proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to <u>Section 7.02</u>, any member of the Holding Company Group shall (i) voluntarily commence any proceeding seeking liquidation, reorganization, administration, examinership, rescue process or other relief under any federal, state or foreign bankruptcy, insolvency, administration, winding-up, receivership, moratorium or similar law now or hereafter in effect, (ii) consent to the institution of any proceeding or petition described in <u>paragraph (h)</u> of this <u>Section 7.01</u>, (iii) consent to the appointment of a receiver, receiver-manager, trustee, custodian, sequestrator, conservator, administrator or similar official for any member of the Holding Company Group or for all or a substantial part of its assets or (iv) make a general assignment, compromise, composition or arrangement for the benefit of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any final, non-appealable judgments for the payment of money in an amount in excess of $15,000,000 (to the extent not covered by insurance or indemnities as to which the applicable insurance company or third party has been notified of the claim and has not denied coverage) shall be rendered against any member of the Holding Company Group or any combination thereof and the same shall remain undischarged, unvacated, unbounded and unstayed for a period of 60 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) an ERISA Event, U.K. Plan Event and/or Foreign Plan Event that individually or collectively results in a Material Adverse Effect or (ii) one or more strike or other form of organized labor disruption with respect to any Party or any of their respective Subsidiaries have occurred that individually or collectively results in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any Lien purported to be created under any Security Document shall cease to be, or shall be asserted by any Loan Party not to be (other than in an informational notice to the Administrative Agent), a valid and perfected (if and to the extent required to be perfected under the applicable Security Document) Lien on any material portion of Collateral, with the priority required by the applicable Security Document (subject to Liens permitted under <u>Section 6.02</u>), except (i) as a result of the release of a Loan Party or the sale, transfer or other disposition of the applicable Collateral in a transaction permitted under the Loan Documents or the occurrence of the Termination Date or (ii) as a result of the Administrative Agent no longer having control or possession of any stock certificates, promissory notes, transfer powers, allonges or other instruments acquired under or delivered to it under the Security Documents, or a Uniform Commercial Code (or foreign equivalent) filing not having been filed or having lapsed because a Uniform Commercial Code (or foreign equivalent) continuation statement was not filed in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) at any time after the execution and delivery thereof, any Loan Document shall for any reason other than the occurrence of the Termination Date or as expressly permitted hereunder or thereunder (including or as a result of a transaction permitted hereunder) cease to be in full force and effect, or any Loan Party shall contest the validity or enforceability in writing or repudiate, rescind or deny in writing that it has any further liability or obligation under any Loan Document other than as a result of the occurrence of the Termination Date, the sale or transfer of such Loan Party or as a result of a transaction permitted hereunder or thereunder; 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;(n) a Change in Control shall have occurred;

then, and in every such event (I) (other than (x) an event described in <u>paragraph (d)</u> of this <u>Section 7.01</u> in respect of a default of performance or compliance with any covenant <u>Section 6.06</u> or (y) an event with respect to any Borrower described in <u>paragraph (h)</u> or <u>(i)</u> of this <u>Section 7.01</u>; <u>provided</u> that in the case of <u>clause (x)</u>, the actions hereinafter described will be permitted to occur only following the expiration of the ability to effectuate the Cure Right if such Cure Right has not been so exercised, and at any time thereafter during the continuance of such event, the Administrative Agent with the consent of the Required Lenders may, and at the request of the Required Lenders shall, by notice to the Borrowers (<u>provided</u> that any failure to give such notice shall in no way limit or otherwise prohibit any such actions taken or to be taken by the Agents), take any or all of the following actions, at the same or different times (except in the case of an event under <u>paragraph (d)</u> of this <u>Section 7.01</u> in respect of a failure to observe or perform any covenant under <u>Section 6.06</u>, the following actions may not be taken until the ability to exercise the Cure Right under <u>Section 7.03</u> has expired (but may be taken as soon as the ability to exercise the Cure Right has expired and it has not been so exercised)): (i) terminate the Commitments, and thereupon the 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, during the continuance of such event, 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 Loan Parties 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 Loan Parties; and (iii) exercise, with the consent of the Required Lenders, on behalf of itself and the other Secured Parties, all rights and remedies available to it and them under the Loan Documents; and (II) in the case of an event under <u>paragraph (d)</u> of this <u>Section 7.01</u> in respect of a failure to observe or perform any covenant under <u>Section 6.06</u> (<u>provided</u> that the actions hereinafter described will be permitted to occur only following the expiration of the ability to effectuate the Cure Right if such Cure Right has not been so exercised), and at any time thereafter during the continuance of such event, the Administrative Agent with the consent of the Required Lenders may, or, at the request of the Required Lenders, shall, by notice to the Borrowers (<u>provided</u> that any failure to give such notice shall in no way limit or otherwise prohibit any such actions taken or to be taken by the Agents), take any or all of the following actions, at the same or different times (except the following actions may not be taken until the ability to exercise the Cure Right under <u>Section 7.03</u> has expired (but may be taken as soon as the ability to exercise the Cure Right has expired and it has not been so exercised)): (i) terminate the Commitments, and thereupon the 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, during the continuance of such event, 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 Loan Parties 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 Loan Parties (to the extent permitted by applicable law); and (iii) exercise, with the consent of the Required Lenders, on behalf of itself and the other Secured Parties, all rights and remedies available to it and them under the Loan Documents; and, in the case of any event with respect to Holdings or any Borrower described in <u>paragraph (h)</u> or <u>(i)</u> of this <u>Section 7.01</u>, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Loan Parties accrued hereunder, shall automatically become due and payable by the Loan Parties, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties.

Section 7.02 <u>Exclusion of Immaterial Subsidiaries</u>. Solely for the purposes of determining whether a Default or an Event of Default has occurred under <u>paragraph (h)</u>, <u>(i)</u> or <u>(j)</u> of <u>Section 7.01</u>, any reference in any such paragraph to any Subsidiary shall be deemed not to include any Immaterial Subsidiary.

Section 7.03 <u>Right to Cure</u>. (a) Notwithstanding anything to the contrary contained in <u>Section 7.01</u>, in the event that the Borrowers fail to comply with the Financial Covenant at the end of any fiscal quarter of Holdings, until the expiration of the fifteenth (15th) Business Day subsequent to the date the Compliance Certificate is required to be delivered pursuant to <u>Section 5.01(c)</u> (and after the lapse of any cure period set forth in <u>Section 7.01</u>) in respect of the period ending on the last day of such quarter (the "<u>Cure Right Expiration Date</u>"), any net cash proceeds received by Holdings from any common equity contribution made to Holdings or any net cash proceeds received by Holdings from the issuance of Qualified Equity Interests of Holdings (to the extent subsequently contributed to Doncasters Limited, to a sister company of Doncasters Limited or to a Borrower), in each case on or after the first day of such fiscal quarter and on or prior to such 15th Business Day, in each case in an aggregate amount equal to the amount necessary to cure the relevant failure to comply with such Financial Covenant may, at the election of the Borrowers, be included in the calculation of Consolidated EBITDA for purposes of determining compliance with such Financial Covenant (the "<u>Cure Right</u>"), and upon the contribution by Holdings of such cash proceeds to Holdings or a Borrower (the "<u>Cure Amount</u>"), such Financial Covenant shall be recalculated giving effect to the following pro forma statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solely for purpose of determining the existence of an Event of Default under such Financial Covenant, (1) Consolidated EBITDA for the fiscal quarter of Holdings for which such certificate is required to be delivered shall be increased by an amount equal to the Cure Amount, and such increase shall be effective for all measurement periods that include the fiscal quarter of Holdings for which such Cure Right was exercised, and not for any other purpose under this Agreement (including calculating basket levels based on Consolidated EBITDA, calculating the Applicable Rate, calculating the percentage of Excess Cash Flow subject to the mandatory prepayment in <u>Section 2.11(b)</u> and calculating the Financial Covenant, the Total Net Leverage Ratio, Secured Net Leverage Ratio or the First Lien Net Leverage Ratio on a Pro Forma Basis in connection with determining whether a particular transaction is permitted hereunder) and (2) any net cash proceeds received by Holdings from any common equity contribution made to Holdings or any net cash proceeds received by Holdings from the issuance of Qualified Equity Interests of Holdings (to the extent subsequently contributed to Holdings or a Borrower), on or after the first day of the tested fiscal quarter and on or prior to the last day of such tested fiscal quarter shall not constitute Unrestricted Cash to the extent such proceeds are included as an addback to (or otherwise increases) Consolidated EBITDA for such fiscal quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, after giving effect to the foregoing recalculation (but not giving effect to any payment of Indebtedness made with such Cure Amount when calculating compliance with the Financial Covenants at the end of such (but no other) fiscal quarter), the Borrowers shall then be in compliance with the requirements of the Financial Covenants at the end of such fiscal quarter, the Parties shall be deemed to have satisfied the requirements of the Financial Covenants as of the last day of such fiscal quarter with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or Default or Event of Default of the Financial Covenants that had occurred shall be deemed cured for this purpose under this Agreement and the other Loan Documents on the date the Cure Amount is contributed to Holdings or a Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, (i) in each four-fiscal-quarter period of the Borrowers there shall be at least two (2) fiscal quarters in which the Cure Right is not exercised, (ii) the Cure Right shall not be exercised more than five (5) times prior to the Maturity Date, (iii) the Cure Amount shall not exceed the amount required to cause the Borrowers to be in compliance with the applicable Financial Covenant as provided in the foregoing clause (a), and (iv) upon the Administrative Agent's receipt of a written notice from the Borrowers that the Borrowers intend to exercise the Cure Right (a "<u>Notice of Intent to Cure</u>") until the Cure Right Expiration Date, neither the Administrative Agent nor any Lender or Secured Party shall exercise any remedy (including acceleration) under the Loan Documents or applicable law on the basis of an Event of Default caused by the failure to comply with <u>Section 6.06</u> until after the Borrowers' ability to cure has lapsed and the Borrowers have not exercised the Cure Right.

Section 7.04 <u>Application of Proceeds</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;(a) Subject to the provisions of the Intercreditor Agreement and any other Acceptable Intercreditor Agreement, upon the occurrence and during the continuation of an Event of Default, if requested by Required Lenders, or upon acceleration of all the Obligations pursuant to <u>Section 7.01,</u> all proceeds received by the Administrative Agent or the Collateral Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral under any Loan Document shall be applied by the Administrative Agent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *First*, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest) payable to each Agent in its capacity as such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) *Second*, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders ratably among them in proportion to the amounts described in this <u>clause (ii)</u> payable to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Third*, to the payment of all other Secured Obligations that are due and payable to the Administrative Agent and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Secured Obligations owing to the Administrative Agent and the other Secured Parties on such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Last*, the balance, if any, after all of the Secured Obligations have been paid in full, to the Borrowers or as otherwise required by law.

Notwithstanding the foregoing, amounts received from any Loan Party that is not a "Eligible Contract Participant" (as defined in the Commodity Exchange Act) shall not be applied to the obligations that are Excluded Swap Obligations but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation otherwise set forth above in this Section.

**ARTICLE VIII**

**THE ADMINISTRATIVE AGENT**

Section 8.01 <u>Appointment of Agents</u>. Each Lender, on behalf of itself and its Affiliates, hereby irrevocably appoints GLAS USA LLC to act on its behalf as the Administrative Agent and GLAS Americas LLC to act on its behalf as Collateral Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent and Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent and Collateral Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. Unless otherwise specifically set forth herein, the Collateral Agent shall have all the rights and benefits of the Administrative Agent set forth in this Article. Except for the rights of the Loan Parties under <u>Section 8.06</u>, the provisions of this <u>Article VIII</u> are solely for the benefit of the Administrative Agent, the Collateral Agent, the Lenders and no Loan Party shall have rights as a third party beneficiary of any of such provisions.

The Collateral Agent shall act as the "collateral agent" under the Loan Documents, and each of the Lenders hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties pursuant to the Security Documents to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent, as "collateral agent" and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to <u>Section 8.05</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent, (in addition to any benefits additionally provided in the Loan Documents with respect to the Collateral Agent) shall be entitled to the benefits of all provisions of this <u>Article VIII</u> and <u>Article IX</u> (including <u>Section 9.03</u>) (as though such co-agents, subagents and attorneys-in-fact were the "collateral agent" under the Loan Documents) as if set forth in full herein with respect thereto. No Lender shall have any right individually to realize upon any of the Collateral or to enforce any guarantee of the Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Collateral Agent on behalf of the Lenders in accordance with the terms thereof. In its capacity, the Administrative Agent is a "representative" of the Lenders within the meaning of the term "secured party" as defined in the UCC. In the event that any Collateral is hereafter pledged by any Person as collateral security for the Obligations, the Collateral Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Lenders any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral in favor of the Collateral Agent on behalf of the Lenders.

The Collateral Agent declares that it holds the Collateral on trust for the Lenders on the terms set out in this Agreement.

Section 8.02 <u>Rights of Lender</u>. The entity serving as the Administrative Agent and Collateral 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 the Administrative Agent and Collateral Agent, and with respect to any of its Loans or Commitments hereunder, the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent and Collateral Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with Holdings or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent and Collateral Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto.

Section 8.04 <u>Reliance by Administrative Agent and Collateral Agent</u>. Each of the Administrative Agent and Collateral Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, communication, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it in good faith to be genuine and to have been signed or sent or otherwise authenticated by the proper Person. Each of the Administrative Agent and Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it in good faith to be made by the proper Person, and shall not incur any liability for relying thereon. Each of the Administrative Agent and Collateral Agent may consult with legal counsel (who may be counsel for the Borrowers), 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 8.05 <u>Delegation of Duties</u>. Each of the Administrative Agent and Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Documents by or through any one or more sub-agents appointed by the Administrative Agent. Each of the Administrative Agent and Collateral Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent or Collateral Agent. Neither Agent shall be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the applicable Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

Section 8.06 <u>Resignation of Agents; Successor, Administrative Agent and Collateral Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent and Collateral Agent may at any time resign by giving 30 days' prior written notice of its resignation to the Lenders, and the Borrowers. If the Administrative Agent is a Defaulting Lender pursuant to <u>clause (d)</u> of the definition of "Defaulting Lender" either the Required Lenders or the Borrowers may, to the extent permitted by applicable Requirements of Law, upon 10 days' prior notice remove the Administrative Agent or Collateral Agent, as the case may be. Upon receipt of any such notice of resignation or delivery of such removal notice, the Required Lenders shall have the right, with the consent of the Borrowers (<u>provided</u> that such consent shall not be unreasonably withheld or delayed and that such consent shall not be required at any time that an Event of Default under <u>Sections 7.01(a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> shall have occurred and be continuing), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent or Collateral Agent, as applicable, gives notice of its resignation or the delivery of such removal notice, then (a) in the case of a retirement, the retiring Agent may (but shall not be obligated to) on behalf of the Lenders appoint a successor Administrative Agent or Collateral Agent, as applicable, meeting the qualifications set forth above (including the consent of the Borrowers, as applicable) or (b) in the case of a removal, the Borrowers may, after consulting with the Required Lenders, appoint a successor Administrative Agent or Collateral Agent, as applicable, meeting the qualifications set forth above; <u>provided</u> that (x) in the case of a retirement, if such Agent shall notify the Borrowers and the Lenders that no qualifying Person has accepted such appointment or (y) in the case of a removal, the Required Lenders notify the Borrowers that no qualifying Person has accepted such appointment, then, in each case, such resignation or removal shall nonetheless become effective in accordance with such notice and (i) the retiring or removed Administrative Agent or Collateral Agent, as applicable, 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 the Administrative Agent or Collateral Agent, as applicable, on behalf of the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent or Collateral Agent, as applicable, shall continue to hold such collateral security, as bailee, until such time as a successor Administrative Agent or Collateral Agent, as applicable, is appointed), (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent or Collateral Agent, as applicable, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly (and each Lender will cooperate with the Borrowers to enable the Borrowers to take such actions), until such time as the Required Lenders or the Borrowers, as applicable, appoint a successor Administrative Agent, as provided for above in this <u>Section 8.06</u> and (iii) the Borrowers and the Lenders agree that in no event shall the retiring Administrative Agent and Collateral Agent or any of their respective Affiliates or any of their respective officers, directors, employees, agents advisors or representatives have any liability to the Loan Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the failure of a successor Administrative Agent or Collateral Agent to be appointed and to accept such appointment. Upon the acceptance of a successor's appointment as Administrative Agent or Collateral Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent or Collateral Agent, as applicable (other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the effective date of such resignation or removal) and the retiring or removed Administrative Agent or Collateral Agent, as applicable, shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Article). The fees payable by the Borrowers to a successor Administrative Agent or Collateral Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring or removed Administrative Agent's resignation or removal hereunder and under the other Loan Documents, the provisions of this <u>Article VIII</u> and <u>Section 9.03</u> shall continue in effect for the benefit of such retiring or removed Administrative Agent or Collateral Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent or Collateral Agent was acting as Administrative Agent or Collateral Agent.

Section 8.07 <u>Non-Reliance on Agents and Other Lenders</u>. Each Lender acknowledges that (a) it has, independently and without reliance upon the Administrative Agent, the Collateral Agent 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 and decision to enter into this Agreement, (b) the Loan Documents set forth the terms of a commercial lending facility, (c) in participating as a Lender, it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender in the ordinary course of business, and not for the purpose of investing in the general performance or operations of the Borrowers, or for the purpose of purchasing, acquiring or holding any other type of financial instrument such as a security (and each Lender agrees not to assert a claim in contravention of the foregoing, such as a claim under federal or state securities laws) and (d) 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, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon any Loan Document or any related agreement or any document furnished thereunder. Each Lender, by delivering its signature page to this Agreement on the Closing Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent, the Collateral Agent or the Lenders on the Closing Date or the effective date of any such Assignment and Assumption or any other Loan Document pursuant to which it shall have become a Lender hereunder. Each Lender hereby agrees that (i) it has requested a copy of each report prepared by or on behalf of the Administrative Agent; (ii) the Administrative Agent (A) makes no representation or warranty, express or implied, as to the completeness or accuracy of any report or any of the information contained therein or any inaccuracy or omission contained in or relating to a report and (B) shall not be liable for any information contained in any report; (iii) the reports are not comprehensive audits or examinations, and that any Person performing any field examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties' books and records, as well as on representations of the Loan Parties' personnel and that the Administrative Agent undertakes no obligation to update, correct or supplement the reports; (iv) it will keep all reports confidential and strictly for its internal use, not share the report with any Loan Party or any other Person except as otherwise permitted pursuant to this Agreement; and (v) without limiting the generality of any other indemnification provision contained in this Agreement, (A) it will hold the Administrative Agent, the Collateral Agent and any such other Person preparing a report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any report in connection with any extension of credit that the indemnifying Lender has made or may make to the Borrower, or the indemnifying Lender's participation in, or the indemnifying Lender's purchase of, a Loan or Loans; and (B) it will pay and protect, and indemnify, defend, and hold the Administrative Agent, the Collateral Agent and any such other Person preparing a report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable attorneys' fees) incurred by the Administrative Agent, the Collateral Agent or any such other Person as the direct or indirect result of any third parties who might obtain all or part of any report through the indemnifying Lender.

Section 8.08 <u>No Other Duties</u>. Notwithstanding anything herein to the contrary, none of the bookrunners, syndication agents, documentation agents, Agents or Lead Arranger listed on the cover page hereof shall have any powers, duties or responsibilities under any Loan Document, except in its capacity, as applicable, as the Administrative Agent, Collateral Agent or a Lender hereunder.

Section 8.09 <u>Collateral and Guaranty Matters</u>. Each Lender hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to agree, that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the provisions of this Agreement or the Security Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. Each of the Lenders irrevocably authorize each of the Administrative Agent and the Collateral Agent, at its option and in its discretion,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent (or any sub-agent thereof) under any Loan Document in accordance with <u>Section 9.02(d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to release any Guarantor from its obligations under the Guaranty in accordance with <u>Section 9.02(d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document to the holder of any Lien on such property that is permitted under <u>Section 6.02(d)</u> and <u>Section 6.02(e)</u> or <u>clause (f)</u> of the definition of "Permitted Encumbrances" (each as in effect on the Closing Date or otherwise amended in accordance with Section 9.02);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter into any (x) Acceptable Intercreditor Agreement or (y) any other subordination or intercreditor agreements or arrangement with respect to Indebtedness to the extent the Administrative Agent or Collateral Agent is otherwise contemplated herein as being a party to such intercreditor or subordination agreement, in each case on terms mutually agreed between the Borrowers, the Administrative Agent and consistent with prevailing market conditions, which, in the case of clause (x), Acceptable Intercreditor Agreement shall be posted to the Lenders not less than five Business Days before execution thereof and, if the Required Lenders shall not have objected to such Acceptable Intercreditor Agreement within five Business Days after posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent's and/or Collateral Agent's entry into such Acceptable Intercreditor Agreement is reasonable and to have consented to such Acceptable Intercreditor Agreement and to the Administrative Agent's and/or Collateral Agent's execution thereof in each case in form and substance reasonably satisfactory to the Administrative Agent (it being understood that junior Liens are not required to be pari passu with other junior Liens, and that Indebtedness secured by junior Liens may be secured by Liens that are pari passu with, or junior in priority to, other Liens that are junior to the Liens securing the Obligations); <u>provided</u> that, any Acceptable Intercreditor Agreement, or other subordination or intercreditor agreement or arrangement, that results in the subordination of the Secured Obligations to any other Indebtedness or other obligations, or provides for the subordination of the Liens securing the Secured Obligations to the Liens securing any other Indebtedness or other obligations, shall require the consent of each Lender pursuant to clause (xii) of the first proviso of <u>Section 9.02(b)</u> to the extent required thereunder; 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;(e) to enter into and sign for and on behalf of the Lenders as Secured Parties the Security Documents for the benefit of the Lenders and the other Secured Parties; <u>provided</u> that, any Security Document that results in the subordination of the Secured Obligations to any other Indebtedness or other obligations, or provides for the subordination of the Liens securing the Secured Obligations to the Liens securing any other Indebtedness or other obligations, shall require the consent of each Lender pursuant to clause (xii) of the first proviso of <u>Section 9.02(b)</u> to the extent required thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon request by the Administrative Agent or the Collateral Agent at any time, the Required Lenders (or such greater number of Lenders as may be required pursuant to clauses (vi), (vii), (viii), (ix), (x) or (xii) of the first proviso to <u>Section 9.02(b)</u>) will confirm in writing the Administrative Agent's or the Collateral Agent's, as the case may be, authority to release or subordinate its interest in particular types or items of property, or to release any Loan Party from its obligations under the Guaranty pursuant to this <u>Section 8.09</u>. In each case as specified in this <u>Section 8.09</u>, the Administrative Agent and the Collateral Agent will (and each Lender hereby authorizes the Administrative Agent and the Collateral Agent to), at the Borrowers' expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Security Documents or to subordinate its interest in such item, or to release such Loan Party from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Section 8.09</u>. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent or the Collateral Agent.

Section 8.10 <u>[Reserved]</u>.

Section 8.11 <u>Withholding Tax</u>. To the extent required by any applicable 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. If the IRS or any other Governmental Authority of any jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered, was not properly executed or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding Tax ineffective), such unless such failure is the result of the Administrative Agent's own gross negligence, bad faith or willful misconduct such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so) fully for, and shall make payable in respect thereof within 30 days after demand therefor, all amounts paid, directly or indirectly, by the Administrative Agent as Tax (including, for the avoidance of doubt, any Taxes attributable to a Lender's failure to comply with the provisions of <u>Section 9.04(c)</u> relating to the maintenance of a Participant Register and any Excluded Taxes attributable to such Lender) or otherwise, including penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses. 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 <u>Section 8.11</u>. The agreements in this <u>Section 8.11</u> shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

Section 8.12 <u>Administrative Agent and Collateral Agent May File Proofs of Claim</u>. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, administration, winding-up, reorganization, arrangement, adjustment or composition under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent and Collateral Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent or Collateral Agent shall have made any demand on the Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations, in each case, that are owing and unpaid by such Loan Party and to file such other documents as may be necessary or advisable in order to have such claims of the Lenders, the Administrative Agent and Collateral Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Administrative Agent and Collateral Agent and their respective agents and counsel and all other amounts due the Lenders, the Administrative Agent and Collateral Agent under <u>Section</u> 2.12 and <u>Section 9.03</u> which are reimbursable or payable by such Loan Party) allowed in such judicial proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 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;(c) any custodian, receiver, receiver-manager, assignee, trustee, liquidator, administrator, sequestrator, examiner, process adviser or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent, to the making of such payments directly to the Lenders to pay to the Administrative Agent (and Lenders) 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>Section 2.12</u> and <u>Section 9.03</u> in each case reimbursable or payable by such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing contained herein shall be deemed to authorize the Administrative Agent or Collateral Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent and Collateral Agent to vote in respect of the claim of any Lender or in any such proceeding. The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any Debtor Relief Law or any similar laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with applicable law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (i) the Administrative Agent and Collateral Agent shall be authorized to form one or more acquisition vehicles to make a bid, (ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles (<u>provided</u> that any actions by the Administrative Agent or the Collateral Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in <u>Section 9.02</u>), and (ii) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Lenders pro rata and the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Lender or any acquisition vehicle to take any further action.

Section 8.13 <u>Recovery of Erroneous Payments</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;(a) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "<u>Payment</u>") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter (or such later date as the Administrative Agent, in its sole discretion, may specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this <u>Section 8.13</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one (1) Business Day thereafter (or such later date as the Administrative Agent, in its sole discretion, may specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by such Loan Party, in each case, except to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds of any Borrower or any other Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party's obligations under this <u>Section 8.13</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

**ARTICLE IX**

**MISCELLANEOUS**

Section 9.01 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone, 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 facsimile, as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to Holdings, the Borrowers, or any
 other Loan Party,

---

| |
|:---|
| Doncasters Limited |
| 1 Park Row, Leeds, |
| LS1 5AB, England |
| Attention: Helen Barrett-Hague |
| Email: [\*\*\*] |
| With a copy (which shall not constitute notice) to: |
| Paul Hastings LLP |
| 600 Travis Street, Fifty-Eighth Floor, |
| Houston, TX 77002 |
| Attn: Seth Chandler |
| Email: sethchandler@paulhastings.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Administrative Agent or the Collateral Agent or in the case of a notification of the DQ List, to the address, telecopier number, electronic mail address or telephone number specified for such Person on <u>Schedule 9.01</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if to any other Lender, to it at its address (or facsimile number, electronic mail address or telephone number specified) set forth in its Administrative Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in <u>subsection (b)</u> below, shall be effective as provided in such <u>subsection (b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Electronic Communications</u>. Subject to <u>Section 9.15</u>, notices and other communications to the Lenders hereunder may also be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, <u>provided</u> that the foregoing shall not apply to notices to any Lender pursuant to <u>Article II</u> if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication or to compliance and no Default certificates unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent, or the Borrowers may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, <u>provided</u> that approval of such procedures may be limited to particular notices or communications. All 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), provided that if not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (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 clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day of the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Platform</u>. In no event shall the Agent Parties have any liability to the Borrowers, any Lender, or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Loan Party's or the Administrative Agent's transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet other than with respect to gross negligence or willful misconduct as determined by a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change of Address, Etc</u>. Each of the Borrowers, the Administrative Agent, the Collateral Agent, may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Borrowers and the Administrative Agent. In addition, each Lender will use commercially reasonable efforts to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender; <u>provided</u>, <u>however</u>, that failure of any Lender to so notify shall not result in any claim or liability against such Lender or impair any Lender's rights under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reliance by Administrative Agent and Lenders</u>. The Administrative Agent, the Collateral Agent, and the Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices) purportedly given by or on behalf of any Loan Party even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall indemnify the Administrative Agent, the Collateral Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party but only to the extent required pursuant to <u>Section 9.03</u>. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

Section 9.02 <u>Waivers; Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No failure or delay by the Administrative Agent, the Collateral Agent, or any Lender in exercising any right or power under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by <u>paragraph (b)</u> of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender may have had notice or knowledge of such Default at the time. No notice or demand on the Borrowers in any case shall entitle the Borrowers to any other or further notice or demand in similar or other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in <u>Section 2.20</u> with respect to any Incremental Facility Amendment, in <u>Section 2.21</u> with respect to any Refinancing Amendment, in <u>Section 2.24</u> with respect to an Extension Offer, <u>Section 6.12</u> with respect to a change in the fiscal year of Holdings and the Subsidiaries and in <u>Section 9.02(g)</u> or as otherwise specifically provided in this <u>Section 9.02</u> below, neither any Loan Document nor any provision thereof may be waived, amended or modified except, (x) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders, and acknowledged by the Administrative Agent (which acknowledgement shall not be unreasonably withheld, delayed or conditioned), or (y) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto (except as otherwise expressly provided therein), in each case with the consent of the Required Lenders (other than with respect to any amendment, modification or waiver contemplated in <u>clauses (i)</u> through <u>(iii)</u> in the following proviso, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders), <u>provided</u> that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender (it being understood that a waiver of any condition precedent in <u>Section 4.02</u> of this Agreement or the waiver of any covenant, Default, Event of Default or mandatory prepayment shall not constitute an increase of any Commitment of a Lender), (ii) reduce or forgive the principal amount of any Loan owed to a Lender, reduce the rate of interest thereon or change the type of interest thereon owed to such Lender (for example, from cash interest to interest paid in kind), or reduce any fees or other amounts payable hereunder owed to such Lender, without the written consent of such Lender directly and adversely affected thereby, <u>provided</u> that any waiver of Default or Event of Default or default interest, waiver of a mandatory prepayment or any modification, waiver or amendment to the financial covenant definitions or financial ratios or any component thereof in this Agreement shall not constitute a reduction or forgiveness in the interest rates or the fees for purposes of this <u>clause (ii)</u>, (iii) postpone the scheduled final maturity of any Loan, any scheduled amortization principal payment or any date for the payment of any interest or fees or other amounts payable hereunder or reduce or forgive the amount of, waive or excuse any such payment (but not mandatory prepayment), or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly and adversely affected thereby (it being understood that no amendment, modification or waiver of, or consent to departure from, any condition precedent, covenant, Default, Event of Default, waiver of default interest or mandatory prepayment shall constitute a postponement of any date scheduled for the payment of principal or interest or an extension of the final maturity of any Loan or the scheduled date of expiration of any Commitment), (iv) change any of the provisions of (x) <u>Section 7.04</u> as such provisions are applied following the enforcement of rights under this Agreement or (y) <u>Sections 2.11(a)</u>, <u>2.11(f)</u>, <u>2.18</u>, <u>7.04</u> or <u>9.04(b)(ii)</u> or any other provision hereof in a manner that would by its terms have the effect of altering the ratable reduction of Commitments, pro rata payments or alter the application or pro rata sharing of payments required hereunder, in each case, without the written consent of each Lender directly and adversely affected thereby, (v) change any of the provisions of this <u>Section 9.02</u> (other than as provided in clause (xiii) of the first proviso to this <u>Section 9.02(b)</u> below) or reduce the percentage set forth in the definition of the term "Required Lenders", "Required Super-Majority Lenders" or "Majority in Interest" or reduce the number or percentage in any other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (or each Lender of such Class, as the case may be) (it being understood that, other than as specifically provided in this Agreement, including pursuant to, (w) any Incremental Facility Amendment (the consent requirements for which are set forth in <u>Section 2.20)</u>, (y) a Refinancing Amendment (the consent requirements for which are set forth in <u>Section 2.21</u>) and (z) an Extension Offer pursuant to <u>Section 2.24</u>, with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders or a particular Class of Lenders on substantially the same basis as the Term Loans on the Closing Date), (vi) release, or have the effect of releasing, Holdings or any Borrower or all or substantially all of the Subsidiary Loan Parties under the Guaranties (except as provided herein or, with respect to the Guarantors, in the Guarantee), without the written consent of each Lender, (vii) release, or have the effect of releasing, all or substantially all the Collateral from the Liens of the Security Documents (except as provided herein), without the written consent of each Lender (it being understood that any subordination of a Lien permitted under clause (xi)(y) of the first proviso to this <u>Section 9.02(b)</u> shall not constitute a release of a Lien under this section or the granting of Liens otherwise permitted hereunder from time to time (including pursuant to amendments) shall not constitute a release of Liens), (viii) release, or have the effect of releasing, (x) Holdings or any Borrower or (y) the Subsidiary Loan Parties representing value of more than 25% of Consolidated EBITDA of the Guaranties of the Subsidiary Loan Parties in a single release or series of related releases (except as provided herein or, with respect to the Guarantors, in the Guarantee), without the written consent of the Required Super-Majority Lenders, (ix) release, or have the effect of releasing, Collateral representing value of more than 25% of Consolidated EBITDA from the Liens of the Security Documents in a single release or series of related releases (except as provided herein), without the written consent of the Required Super-Majority Lenders (it being understood that any subordination of a Lien permitted under clause (xi)(y) of the first proviso to this <u>Section 9.02(b)</u> shall not constitute a release of a Lien under this section or the granting of Liens otherwise permitted hereunder from time to time (including pursuant to amendments) shall not constitute a release of Liens), (x) designate, or have the effect of designating, any "unrestricted subsidiary" under this Agreement without the consent of the Required Super-Majority Lenders, (xi) permit purchases (including, but not limited to, purchases in cash or by way of debt exchanges or by way of re-classifications, but excluding purchases of Term Loans with proceeds of, or exchanges of Term Loans for, Equity Interests in, or Indebtedness of, any Non-Loan Party or "unrestricted subsidiary") of Term Loans by Holdings, the Borrowers or any of their Subsidiaries or non-wholly owned Subsidiaries which are not offered on a pro rata basis under this Agreement without the consent of the Required Super-Majority Lenders, (xii) (x) subordinate, or have the effect of subordinating, the Secured Obligations to any other Indebtedness or other obligation, or (y) subordinate, or have the effect of subordinating, the Liens securing the Secured Obligations to Liens securing any other Indebtedness or other obligation (in each case except (A) as otherwise expressly permitted pursuant to <u>Article VIII</u> as in effect on the date hereof and (B) any "debtor-in-possession" facility so long as such Indebtedness is offered ratably to all Lenders holding the Obligations), in each case, without the consent of each Lender, (xiii) change any of the provisions of clauses (viii), (ix), (x), (xi) or (xiii) of the first proviso to this <u>Section 9.02(b)</u> without the written consent of the Required Super-Majority Lenders and (xiv) permit purchases of Term Loans by Holdings, the Borrowers or any of their Subsidiaries or non-wholly owned Subsidiaries by way of purchases of Term Loans with proceeds of, or exchanges of Term Loans for, Equity Interests in, or Indebtedness of, any Non-Loan Party or "unrestricted subsidiary" which are not offered on a pro rata basis under this Agreement without the consent of each Lender; <u>provided</u>, further, that no such agreement shall directly and adversely amend or modify the rights or duties of the Administrative Agent or the Collateral Agent without the prior written consent of the Administrative Agent or the Collateral Agent, as the case may be; <u>provided</u> further that, notwithstanding the foregoing, any amendment or waiver that by its term affects the rights or duties of Lenders holding Loans or Commitments of a particular Class (but not the Lenders holding Loans or Commitments of any other Class) will require only the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto if such Class of Lenders were the only Class of Lenders. Notwithstanding the foregoing, no Lender consent is required to effect any amendment, modification or supplement to any Acceptable Intercreditor Agreement or any other intercreditor agreement or arrangement permitted under this Agreement or in any document pertaining to any Indebtedness permitted hereby that is permitted to be secured by the Collateral, including any Incremental Term Loan, any Other Term Loan, Extended Term Loans or Incremental Equivalent Debt, for the purpose of adding the holders of such Indebtedness (or their senior representative) as a party thereto and otherwise causing such Indebtedness to be subject thereto, to give effect hereto or otherwise carry out the purposes thereof, in each case as contemplated by the terms of such Acceptable Intercreditor Agreement or other intercreditor agreement or arrangement permitted under this Agreement, as applicable, together with (A) any immaterial changes and (B) material changes thereto in light of prevailing market conditions, which material changes shall be posted to the Lenders not less than five Business Days before execution thereof and, if the Required Lenders shall not have objected to such changes within five Business Days after posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent's and/or Collateral Agent's entry into such Acceptable Intercreditor Agreement (with such changes) is reasonable and to have consented to such Acceptable Intercreditor Agreement (with such changes) and to the Administrative Agent's and/or Collateral Agent's execution thereof, in each case in form and substance reasonably satisfactory to the Administrative Agent and/or Collateral Agent (it being understood that junior Liens are not required to be pari passu with other junior Liens, and that Indebtedness secured by junior Liens may be secured by Liens that are pari passu with, or junior in priority to, other Liens that are junior to the Liens securing the Obligations); <u>provided</u> that, any Acceptable Intercreditor Agreement, or other subordination or intercreditor agreement or arrangement, that results in the subordination of the Secured Obligations to any other Indebtedness or other obligations, or provides for the subordination of the Liens securing the Secured Obligations to the Liens securing any other Indebtedness or other obligations, shall require the consent of each Lender pursuant to clause (xii) of the first proviso to this <u>Section 9.02(b)</u> to the extent required thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any proposed amendment, modification, waiver or termination (a "<u>Proposed Change</u>") requiring the consent of all Lenders or all directly and adversely affected Lenders, if the consent of the Required Lenders (or, to the extent any Proposed Change requires the consent of Lenders holding Loans of any Class pursuant to <u>clause (iv)</u> of <u>paragraph (b)</u> of this <u>Section 9.02</u>, the consent of a Majority in Interest of such Class) (or, in the case of a consent, waiver or amendment involving directly and adversely affected Lenders, at least 50.1% of such directly and adversely affected Lenders) to such Proposed Change is obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not obtained or if a Lender rejects (or is deemed to reject) an Extension of any Class under <u>Section 2.24</u> and a Majority in Interest of such Class of Lenders has agreed to such Extension, (any such Lender whose consent is not obtained as described in <u>paragraph (b)</u> of this <u>Section 9.02</u> or has rejected (or is deemed to have rejected) such Extension Offer being referred to as a "<u>Non-Consenting Lender</u>"), then, the Borrowers may, at their sole expense and effort, upon notice to such Non-Consenting Lender and the Administrative Agent, require such Non-Consenting Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in <u>Section 9.04</u>), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), <u>provided</u> that (A) such Non-Consenting Lender shall have received payment of an amount equal to the outstanding principal of its Loans accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts), (B) the Borrowers or such assignee shall have paid to the Administrative Agent the processing and recordation fee specified in <u>clause (b)(ii)</u> of this <u>Section 9.02</u> and (C) such assignee shall have consented to the Proposed Change or Extension, as applicable. <u>Section 2.19(c)</u> shall also apply to any Lender being replaced pursuant to this <u>Section 9.02(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;(d) The Lenders, and all other Secured Parties hereby irrevocably agree that the Liens granted to the Collateral Agent by the Loan Parties on any Collateral shall, at the sole cost and expense of the Borrowers, be automatically released (i) upon the occurrence of the Termination Date, (ii) upon the sale or other disposition of such Collateral (as part of or in connection with any other sale or other disposition permitted hereunder) to any Person other than another Loan Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement (as in effect on the Closing Date or otherwise amended in accordance with Section 9.02), (iii) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this <u>Section 9.02</u>), (iv) to the extent such property (i) constitutes Excluded Property (other than pursuant to clause (r) of the definition thereof) and (ii) is not otherwise ABL Collateral and (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the Guaranty to the extent such release of a Guarantor is made in compliance with the terms of this Agreement and the Guaranty. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon or obligations (other than those being released) of the Loan Parties in respect of all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral except to the extent comprised of Excluded Property or otherwise released in accordance with the provisions of the Loan Documents. Additionally, the Lenders, and all other Secured Parties, hereby irrevocably agree that a Subsidiary Loan Party shall be released from its Guarantee upon (x) such Subsidiary Loan Party (other than an Electing Guarantor) becoming an Excluded Subsidiary in accordance with the terms hereof; <u>provided</u> that if any Subsidiary that is a Subsidiary Loan Party becomes an Excluded Subsidiary solely as a result of such Subsidiary ceasing to be a wholly owned Subsidiary, such Subsidiary Loan Party shall be released from the Guaranties only if (1) such Subsidiary ceased to be a wholly owned Subsidiary as a result of a disposition of its Equity Interests for fair market value to a Person that is not an Affiliate of any Party and for a bona fide primary business purpose (including Joint Ventures) and (B) after giving effect on a Pro Forma Basis to the consummation of the relevant transaction and the release of such Subsidiary Loan Party, the Borrowers is deemed to have made a new Investment in such non-wholly owned Person or Joint Venture, as the case may be (as if such Person was then newly acquired) equal to the fair market value of such released Subsidiary Loan Party and such Investment is permitted pursuant to this Agreement) (<u>provided</u> that no such release shall occur if such Subsidiary Loan Party continues (after giving effect to the consummation of such transaction or designation) to be a guarantor or provide any credit support in respect of any Material Indebtedness or Junior Financing of Holdings or any Subsidiary; <u>provided</u>, <u>further</u> that no Loan Party shall be released from any Guaranty solely as a result of such Loan Party becoming an Excluded Subsidiary of the type described in clause (c) and clause (e) of the definition thereof, (y) upon the re-designation of such Electing Guarantor as an Excluded Subsidiary in accordance herewith; <u>provided</u> that at the time of such release, after giving effect on a Pro Forma Basis to such release and the consummation of the related transactions, the Borrowers have capacity to make (and shall be deemed to have made) an Investment in such released Subsidiary and such released Subsidiary has the capacity to incur (and shall be deemed to have incurred) any Indebtedness, Investments and Liens of such released Subsidiary or (z) subject to the foregoing clause (x), the sale or other disposition of such Subsidiary Loan Party to any Person (other than a Loan Party) that is permitted hereby or to which the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this <u>Section 9.02</u>) have otherwise consented such that after giving effect to such sale or other disposition such Subsidiary Loan Party ceases to be a Subsidiary. The Lenders, and all other Secured Parties, hereby authorize the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Loan Party's Guaranty or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender or other Secured Party. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent or the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Defaulting Lender and no Lender holding an unfunded Commitment in respect of an Incremental Facility that is a delayed draw term loan facility (any such Lender, an "<u>Incremental DDTL Lender</u>"), in each case, shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the Applicable Lenders other than Defaulting Lenders), except (x) that the Commitment of any Defaulting Lender or Incremental DDTL Lender may not be increased or extended without the consent of such Lender, (y) that any waiver, amendment or modification requiring the consent of all Lenders pursuant to clauses (vi), (vii) or (xi) of the first proviso to <u>Section 9.02(b)</u>, or each directly and adversely affected Lender pursuant to clauses (i), (ii), (iii), or (iv) of the first proviso to <u>Section 9.02(b),</u> that, by its terms, directly and adversely affects any Defaulting Lender or Incremental DDTL Lender disproportionately in relation to other affected Lenders shall require the consent of such Defaulting Lender or Incremental DDTL Lender, as applicable, or (z) as provided for in the definition of "Incremental Cap".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended (or amended and restated) solely with the written consent of the Required Lenders and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the accrued interest and fees in respect thereof and (b) subject to the foregoing <u>Section 9.03(e)</u>, to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended solely with the consent of the Administrative Agent and the Borrowers without the need to obtain the consent of any other Lender if such amendment is delivered in order to correct or cure (x) ambiguities, errors, omissions, defects, (y) to effect administrative changes of a technical or immaterial nature or (z) incorrect cross references or similar inaccuracies in this Agreement or the applicable Loan Document, so long as such amendment, modification or supplement does not adversely affect the rights of any Lender or other holder of Obligations in any material respect. Guaranties, collateral documents, security documents, Acceptable Intercreditor Agreements, other intercreditor agreements, and related documents executed in connection with this Agreement may be in a form reasonably determined by the Administrative Agent or Collateral Agent, as applicable, and may be amended, modified, terminated or waived, and consent to any departure therefrom may be given, without the consent of any Lender if such amendment, modification, waiver or consent is given in order to (x) comply with local law or advice of counsel or (y) cause such guarantee, collateral document, security document or related document to be consistent with or to give effect to or to carry out the purpose of this Agreement and the other Loan Documents. The Borrowers and the Administrative Agent may, without the consent of any other Lender, effect amendments to this Agreement and the other Loan Documents as may be necessary in the reasonable opinion of the Borrowers and the Administrative Agent to effect the provisions of <u>Sections 2.20</u> and <u>Section 2.21</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;(h) amend, waive or otherwise modify any conditions set forth in Section 4.02 as to any Credit Extension under the Delayed Draw Term Loan Commitments which directly affects Lenders holding Delayed Draw Term Loan Commitments and does not directly affect Lenders under any other Facilities, in each case, without the written consent of Lenders having more than 50% of the sum of (1) the Total Outstandings under such Delayed Draw Term Loan Commitments and (2) the aggregate unused Delayed Draw Term Loan Commitments; provided, however, that the waivers described in this clause (h) shall not require the consent of the Required Lenders or any other Lenders other than the Required Lenders holding the applicable Delayed Draw Term Loan Commitments (it being understood that any amendment to the conditions of effectiveness of Incremental Term Commitments set forth in Section 2.14 shall be subject to clause (i) above);

Section 9.03 <u>Expenses; Indemnity; Damage Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Solely to the extent the Closing Date occurs, the Borrowers shall pay, (i) all reasonable and documented or invoiced out-of-pocket costs and expenses incurred by the Administrative Agent, the Collateral Agent and their Affiliates and Lenders, including the reasonable and documented fees, charges and disbursements of a single primary counsel for the Agents and a single primary counsel for the Lenders (in addition to one local counsel in each Specified Jurisdiction for the Agents and Lenders, collectively, to the extent reasonably necessary, which may include one single counsel acting in multiple jurisdictions) in connection with due diligence performed in connection with the arrangement of the Facilities, the syndication of the credit facilities provided for herein, the preparation, execution and delivery and administration of the Loan Documents and not paid on the Closing Date or any amendments, modifications or waivers of the provisions thereof (whether or not the transactions contemplated thereby shall be consummated) and (ii) all documented out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent, any Lender including the reasonable fees, charges and disbursements of (v) a single primary counsel for the Administrative Agent and the Collateral Agent, (w) a single primary counsel for the Lenders and other Secured Parties, (x) a single local counsel for the Agents and Lenders, collectively, in each Specified Jurisdiction to the extent reasonably necessary, which may include one single counsel acting in multiple jurisdictions, (y) in the case of an actual or perceived conflict of interest where a Lender informs the Borrowers of such conflict, an additional counsel for such affected Lender (and a single local counsel in each applicable jurisdiction) and (z) any other counsel retained with the consent of the Borrowers (such consent not to be unreasonably withheld or delayed), in each case, in connection with the enforcement of any rights under this Agreement or any other Loan Documents, including rights under this Section, or in connection with the Loans made 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;(b) Without duplication of the expense reimbursement obligations pursuant to <u>paragraph (a)</u> above, the Borrowers shall indemnify the Administrative Agent, the Collateral Agent, the Lead Arranger, 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 reasonable and documented or invoiced out of pocket costs, actual losses, claims, damages, liabilities and related expenses, but (x) including the reasonable and documented fees, charges and disbursements of a single counsel selected by the Administrative Agent and the Collateral Agent for the Indemnitees (in addition to one local counsel selected by the Administrative Agent and the Collateral Agent in each relevant material jurisdiction to the extent reasonably necessary and, in the case of an actual or perceived conflict of interest where an Agent or Lender informs the Borrowers of such conflict, an additional counsel for the affected Indemnitees (and a single local counsel in each applicable jurisdiction)) and any other counsel retained with the consent of the Borrowers (such consent not to be unreasonably withheld or delayed) and (y) excluding any allocated costs of in-house counsel, imposed on, incurred by or asserted against any Indemnitee by any third party or by any Party or any of its Affiliates, shareholders or creditors, arising out of, in connection with, or as a result of (A) the negotiation, execution or delivery of any Loan Document or any other agreement or instrument contemplated thereby (including, without limitation, the Indemnitee's reliance on any Communication executed using an Electronic Signature, or in the form of an Electronic Record), the performance by the parties to the Loan Documents of their respective obligations thereunder, the consummation of the transactions contemplated thereby, or, in the case of the Administrative Agent and the Collateral Agent (and any sub-agent thereof) and their Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in <u>Section 2.17</u>), (B) any Loan or the use or proposed use of the proceeds therefrom, (C) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by a Loan Party or any of its Subsidiaries, or any actual or alleged Environmental Liability related in any way to a Loan Party or any of its Subsidiaries, and (D) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether or not any such Indemnitee shall be designated as a party or a potential party thereto and whether or not such matter is initiated by any Party or any of its Affiliates, shareholders or creditors or any other Person, and any fees or expenses incurred by Indemnitees in enforcing this indemnity, <u>provided</u> that no Indemnitee will be indemnified (1) for its (or any of its Related Indemnified Parties') willful misconduct, bad faith or gross negligence (to the extent determined in a final non-appealable order of a court of competent jurisdiction), (2) for its (or any of its Related Indemnified Parties') material breach of its or any of its Related Parties' obligations under the Loan Documents (to the extent determined in a final non-appealable order of a court of competent jurisdiction), or (3) for any dispute among Indemnitees that does not involve an act or omission by Holdings or any Subsidiary (other than any claims against an Indemnitee acting in its capacity as an Agent, Lead Arranger or other similar role, subject to <u>clause (1)</u> 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;(c) To the extent that the Borrowers fail to pay any amount required to be paid by them to the Administrative Agent, the Collateral Agent, or any Related Party under <u>paragraph (a)</u> or <u>(b)</u> of this Section, and without limiting the Borrowers' obligation to do so, each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent or such Related Party, as the case may be, such Lender's pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, <u>provided</u> that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or the Collateral Agent, in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent or the Collateral Agent in connection with such capacity. For purposes hereof, a Lender's "pro rata share" shall be determined based upon in the case of unpaid amounts owing to the Administrative Agent, its share of the outstanding Term Loans and unused Commitments at the applicable time. The obligations of the Lenders under this <u>paragraph (c)</u> are subject to the last sentence of <u>Section 2.02(a)</u> (which shall apply mutatis mutandis to the Lenders' obligations under this <u>paragraph (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;(d) To the extent permitted by applicable law, none of the Parties, any Agent, any Lender, any other party hereto or any Indemnitee shall assert, and each such Person hereby waives and releases, any claim against any other such Person, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, arising out of, as a result of, or in any way related to, this Agreement or any or any agreement or instrument contemplated hereby or referred to herein, the transactions contemplated hereby or thereby, or any act or omission or event occurring in connection therewith, and each such Person further agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor; <u>provided</u> that the foregoing shall in no event limit the Borrowers' indemnification obligations under <u>clause (b)</u> above to the extent such special, indirect, consequential or punitive damages are included in any third-party claim in connection with which such Indemnitee is otherwise entitled to indemnification 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;(e) In case any proceeding is instituted involving any Indemnitee for which indemnification is to be sought hereunder by such Indemnitee, then such Indemnitee will promptly notify the Borrowers of the commencement of any proceeding; <u>provided</u>, however, that the failure to do so will not relieve the Borrowers from any liability that they may have to such Indemnitee hereunder, except to the extent that the Borrowers are materially prejudiced by such failure.

&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) Notwithstanding anything to the contrary in this Agreement, no Party hereto or any Indemnitee shall be liable for any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems (including IntraLinks or SyndTrak Online), in each case, except to the extent any such damages are found in a final non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of, or material breach of this Agreement or the other Loan Documents by, such Party or Indemnitee (or its Related Indemnified 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;(g) Except to the extent otherwise expressly provided herein, all amounts due under this Section shall be payable within twenty Business Days after receipt of reasonably detailed documentation therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This <u>Section 9.03</u> shall not apply to Taxes, except for Taxes which represent costs, losses, claims, etc. with respect to a non-Tax claim.

&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 agreements in this Section and the indemnity provisions of <u>Section 9.01(e)</u> shall survive the resignation of the Administrative Agent and the Collateral Agent, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations.

Section 9.04 <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) except as otherwise permitted herein, no Borrower may assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any such attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section (and any attempted assignment or transfer by such Lender otherwise shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (solely to the extent provided in <u>paragraph (d)</u> of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the express 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 its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of (A) the Borrowers, <u>provided</u> that no consent of the Borrowers shall be required for an assignment of all or any portion of a Loan or Commitment (I) in the case of a Term Loan or Term Commitment, to a Lender, an Affiliate of a Lender or an Approved Fund of a Lender (as defined below) or (II) if an Event of Default under <u>Sections 7.01(a)</u>, <u>7.01(b)</u>, <u>7.01(h)</u> or 7.01(i) with respect to any Loan Party has occurred and is continuing; <u>provided</u> that the Borrowers shall be deemed to have consented to any such assignment unless the Borrowers shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after a Responsible Officer having confirmed receipt of written notice thereof and (B) the Administrative Agent, <u>provided</u> that no consent of the Administrative Agent shall be required for an assignment of (x) all or any portion of an outstanding Term Loan to a Term Lender, an Affiliate of a Term Lender or an Approved Fund with respect of a Term 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;(i) Assignments shall be subject to the following additional express conditions: (A) except in the case of an assignment to a Lender, an Affiliate of a Lender, or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement) with respect to such assignment is delivered to the Administrative Agent) shall not be less than $2,500,000 or, in the case of a Term Commitment or a Term Loan, $1,000,000 (it being understood and agreed that such minimum amount shall be aggregated for two or more simultaneous assignments by or to two or more Approved Funds), unless the Borrowers and the Administrative Agent (at the direction of the Required Lenders) otherwise consent (each such consent not to be unreasonably withheld, conditioned or delayed), <u>provided</u> that no such consent of Borrowers shall be required if an Event of Default under <u>Sections 7.01(a)</u>, <u>7.01(b)</u>, <u>7.01(h)</u> or <u>7.01(i)</u> with respect to any Loan Party has occurred and is continuing, (B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement, <u>provided</u> that this <u>clause (B)</u> shall not be construed to prohibit assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans, (C) the parties to each assignment shall (1) execute and deliver to the Administrative Agent an Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement), via an electronic settlement system acceptable to the Administrative Agent or (2) if previously agreed with the Administrative Agent, manually execute and deliver to the Administrative Agent an Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement), together with (x) unless the assignee is already a party to the Intercreditor Agreement in its capacity as a Senior Lender (as defined in the Intercreditor Agreement), the assignee entering into the documentation required for it to accede as a party to the Intercreditor Agreement and (y) a processing and recordation fee of $3,500 (which such fee may be waived or reduced in the sole discretion of the Administrative Agent); <u>provided</u> that assignments made pursuant to <u>Section 2.19</u> or <u>Section 9.02(c)</u> shall not require the signature of the assigning Lender to become effective, (D) the assignee, if it shall not be a Lender or Affiliated Lender, shall deliver to the Administrative Agent an Administrative Questionnaire (in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Loan Parties and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee's compliance procedures and applicable laws, including federal, state and foreign securities laws) and any tax forms required by <u>Section 2.17(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments to an Affiliated Lender (other than Holdings, the Borrowers or any of their Subsidiaries) shall be permitted; <u>provided</u> that (A) [reserved], (B) the aggregate principal amount of Term Loans held by all Affiliated Lenders, shall not exceed 25% of the aggregate unpaid principal amount of Term Loans then outstanding, (C) Affiliated Lenders (other than Affiliated Debt Funds) will not receive information provided solely to Lenders and will not be permitted to attend or participate in Lender meetings, (D) each Affiliated Lender shall either (x) make a representation to the selling Lender that it does not possess material non-public information with respect to Loan Parties that has not been disclosed to the Lenders generally or (y) disclose that it cannot make such representation, in which case, the applicable assigning Lender shall be deemed to expressly re-make the acknowledgement set forth in the last sentence of this clause (ii) in connection with such assignment, (G) any Term Loans purchased by an Affiliated Lender (other than a Borrower) may be contributed to any Borrower (with the consent of the applicable Borrower) and exchanged for equity securities that would otherwise be permitted to be issued at such time, (H) no Event of Default shall have occurred and be continuing or shall result after giving effect to any assignment to Holdings or its Subsidiaries, (I) [reserved] and (J) as a condition to each assignment pursuant to this <u>clause (ii)</u>, the Administrative Agent shall have been provided a written notice in connection with each assignment to an Affiliated Lender or a Person that upon effectiveness of such assignment would constitute an Affiliated Lender. Each Affiliated Lender agrees to notify the Administrative Agent promptly (and in any event within ten (10) Business Days) if it acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent promptly (and in any event within ten (10) Business Days) if it becomes an Affiliated Lender. Each Lender participating in any assignment to Affiliated Lenders acknowledges and agrees that in connection with such assignment, (1) the Affiliated Lenders then may have, and later may come into possession of material non-public information, (2) such Lender has independently and, without reliance on the Affiliated Lenders, the Loan Parties or any of their Subsidiaries, the Administrative Agent or any Related Parties of the Administrative Agent, made its own analysis and determination to participate in such assignment notwithstanding such Lender's lack of knowledge of the material non-public information, (3) none of the Affiliated Lenders or the Loan Parties or any of their Subsidiaries shall be required to make any representation that it is not in possession of material non-public information, (4) none of the Affiliated Lenders or its Affiliates, the Loan Parties or any of their Subsidiaries or Affiliates, the Administrative Agent or any Related Parties of the Administrative Agent shall have any liability to such Lender, and such Lender hereby waives and releases, to the extent permitted by law, any claims such Lender may have against any Affiliated Lender or Affiliate thereof, the Loan Parties or any of their Subsidiaries or Affiliates, the Administrative Agent and any Related Parties of the Administrative Agent, under applicable laws or otherwise, with respect to the nondisclosure of the material non-public information and (5) that the material non-public information may not be available to the Administrative Agent or the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchases or exchanges of Term Loans by Holdings, the Borrowers or any of their Subsidiaries shall not be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of <u>paragraph (b)</u> of this Section, the terms "Approved Fund" and "CLO" have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "<u>Approved Fund</u>" means (a) a CLO and (b) with respect to any Lender that is a fund that invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "<u>CLO</u>" means an entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course and is administered or managed by a Lender or an Affiliate of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to acceptance and recording thereof pursuant to <u>paragraph (b)(vi)</u> of this Section, from and after the effective date specified in each Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement), the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement), have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement), be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption (or Affiliated Lender Assignment and Assumption 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 entitled to the benefits of <u>Section 2.15</u>, <u>Section 2.16</u>, <u>Section 2.17</u> and <u>Section 9.03</u> and to any fees payable hereunder that have accrued for such Lender's account but have not yet been paid); <u>provided</u>, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender. Upon request, the Borrowers (at their expense) shall execute and deliver a Note to the assignee 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;(vi) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrowers (and such agency being solely for tax purposes), shall maintain at one of its offices in the United States a copy of each Assignment and Assumption (or Affiliated Lender Assignment and Assumption Agreement) delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal and related interest amounts of the Loans each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and, with respect to its own interests only, any Lender, at any reasonable time and from time to time upon reasonable prior notice. This <u>Section 9.04(b)(vi)</u> shall be construed so that the Loans are at all times maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and the Treasury Regulations promulgated thereunder (including Treasury Regulations Sections 5f.103-1(c) and 1.871-14) and the Register and the Participant Register (as defined below) shall be maintained in accordance with such intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire and any tax forms required by <u>Section 2.17(e)</u>, as applicable (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>paragraph (b)</u> of this Section (to the extent required) and any written consent to such assignment required by <u>paragraph (b)</u> of this Section, to the extent such assignment is permitted hereunder, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

&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 Lender may, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations to any Person that is an Eligible Assignee (a "<u>Participant</u>") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it), <u>provided</u> that (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, (C) the Parties, the Administrative Agent, 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 and (D) except as expressly set forth herein, such Person shall not be entitled to exercise any rights of a Lender under the Loan Documents.

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents, <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in <u>clauses</u> (i) - <u>(vii)</u> and <u>(xi)</u> of the first proviso to <u>Section 9.02(b)</u> that directly and adversely affects such Participant. Subject to the paragraph below, each Borrower and each participating Lender agrees that each Participant shall be entitled to the benefits of <u>Section 2.15</u>, <u>Section 2.16</u> and <u>Section 2.17</u> (subject to the limitations and requirements of such Sections, including <u>Section 2.17(e)</u> and <u>Section 2.19</u> (it being understood that the documentation required under <u>Section 2.17(e)</u> shall be delivered to the participating Lender)) 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 that such participating Lender shall cease to be entitled to such benefits to the same extent as if it assigned its interest to the participant pursuant to <u>paragraph (b)</u> of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 9.08</u> as though it were a Lender; <u>provided</u> that such Participant agrees to be subject to <u>Section 2.18(c)</u> as though it were a Lender. Each Lender that sells a participation 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 the principal amounts (and stated interest) of each participant's interest in the Loans or other obligations under this Agreement (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have the obligation to disclose all or a portion of the Participant Register (including the identity of the Participant or any information relating to a Participant's interest in any Loans or other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary in connection with a Tax audit or other proceeding to establish that any loans are in registered form under U.S. Treasury Regulations Section 5f.103-1(c) for U.S. federal income tax purposes. The entries in the Participant Register shall be conclusive absent manifest error, and the Borrowers and such Lender shall treat each person whose name is recorded in the Participant 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 maintain a Participant Register. This Section shall be construed so that the Loan Documents are at all times maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

A Participant shall not be entitled to receive any greater payment under <u>Section 2.15</u> or <u>Section 2.17</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, except to the extent the right to a greater payment results from a Change in Law after the Participant becomes a Participant or the sale of the participation to such Participant is made with the Borrowers' prior written 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;(d) Any Lender may, without the consent of the Borrowers or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank and including any pledge or assignment to any holders of obligations owed, or securities issued, by such Lender (including to any trustee for, or any other representative of, such holders), and this Section 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 a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other express conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Parties, on behalf of itself and its Affiliates, and the Lenders expressly acknowledge that the Administrative Agent (in its capacity as such or as an arranger, bookrunner or other agent hereunder) shall not (x) have any obligation to monitor, ascertain or inquire whether assignments or participations are made to Disqualified Lenders, or otherwise enforce provisions with respect thereto or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any Disqualified 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;(ii) No assignment shall be made to any Person that was a Disqualified Lender as of the date (the "<u>Trade Date</u>") on which the applicable Lender entered into a binding agreement to sell and assign all or a portion of its rights and obligations under this Agreement to such Person (unless the Borrowers have consented to such assignment as otherwise contemplated by this <u>Section 9.04</u> (without giving effect to the second proviso of <u>Section 9.04(b)</u>), in which case such Person will not be considered a Disqualified Lender for the purpose of such assignment). For the avoidance of doubt, with respect to any assignee that becomes a Disqualified Lender after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice period referred to in, the definition of "Disqualified Lender"), such assignee shall not retroactively be considered a Disqualified Lender. Any assignment in violation of this <u>clause (f)(ii</u>) shall not be void, but the other provisions of this <u>clause (f</u>) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 any assignment is made to any Disqualified Lender without the Borrowers' prior consent in violation of <u>clause (ii</u>) above, the Borrowers may, at their sole expense and effort, upon notice to the applicable Disqualified Lender and the Administrative Agent, (A) in the case of outstanding Term Loans held by Disqualified Lenders, prepay such Term Loan by paying the *lesser of* (1) the principal amount thereof and (2) the amount that such Disqualified Lender paid to acquire such Term Loans, in each case, plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and under the other Loan Documents and/or (B) require such Disqualified Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in this <u>Section 9.04</u>), all of its interest, rights and obligations under this Agreement and related Loan Documents to an Eligible Assignee that shall assume such obligations at the lesser *of* (1) the principal amount thereof and (2) the amount that such Disqualified Lender paid to acquire such interests, rights and obligations, in each case, plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and the other Loan Documents; <u>provided</u>, that, (x) the Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in <u>Section 9.04(b)(i)</u>, (y) such assignment does not conflict with applicable laws and (z) in the case of <u>clause (B</u>), the Borrowers shall not use the proceeds from any Loans to prepay Term Loans held by Disqualified Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary contained in this Agreement, Disqualified Lenders (A) will not (1) have the right to receive information, reports or other materials provided to Lenders by the Parties, the Administrative Agent or any other Lender, (2) attend or participate in meetings attended by the Lenders and the Administrative Agent, or (3) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders and (B) (1) for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified Lender will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Lenders consented to such matter, and (2) for purposes of voting on any plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws ("<u>Plan of Reorganization</u>"), each Disqualified Lender party hereto hereby agrees (I) not to vote on such Plan of Reorganization, (II) if such Disqualified Lender does vote on such Plan of Reorganization notwithstanding the restriction in the foregoing <u>clause (I</u>), such vote will be deemed not to be in good faith and shall be "designated" pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Plan of Reorganization in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (III) not to contest any request by any party for a determination by the bankruptcy court (or other applicable court of competent jurisdiction) effectuating the foregoing <u>clause (II</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Administrative Agent shall have the obligation, and the Borrowers hereby expressly authorize the Administrative Agent, to (A) post the list of Disqualified Lenders provided by the Borrowers and any updates thereto from time to time (collectively, the "<u>DQ List</u>") on the Platform, including that portion of the Platform that is designated for "public side" Lenders or (B) provide the DQ List to each Lender requesting the same.

&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) Subject to the provisos of this paragraph, for purposes of whether Required Lenders shall have been satisfied for any amendment, modification, waiver or consent under any Loan Document or any plan of reorganization, any Loans held by an Affiliated Lender (other than an Affiliated Debt Fund) shall be automatically deemed to be voted in the same proportion as all other Lenders who are not Affiliated Lenders (other than an Affiliated Debt Fund) (but excluding any amendment, modification, waiver or consent that directly and adversely affects any Affiliated Lender in its capacity as a Lender in any material respect disproportionately in relation to other affected Lenders); <u>provided</u> that in the event that any proceeding under the Bankruptcy Code or any Debtor Relief Law shall be instituted by or against any Loan Party, each Affiliated Lender (other than an Affiliated Debt Fund) shall acknowledge and agree that they are each "insiders" under Section 101(31) of the Bankruptcy Code and, as such, the claims associated with the Loans and Commitments owned by it shall not be included in determining whether the applicable class of creditors holding such claims has voted to accept a proposed plan for purposes of Section 1129(a)(10) of the Bankruptcy Code, or, alternatively, to the extent that the foregoing designation is deemed unenforceable for any reason, each Affiliated Lender (other than an Affiliated Debt Fund) shall vote in such proceedings in the same proportion as the allocation of voting with respect to such matter by those Lenders who are not Affiliated Lenders (other than an Affiliated Debt Fund), except to the extent that any plan of reorganization proposes to treat the Obligations held by such Affiliated Lender in a manner that is less favorable in any material respect to such Affiliated Lender than the proposed treatment of similar Obligations held by Lenders that are not Affiliated Lenders. The Lenders and each Affiliated Lender agree and acknowledge that the provisions set forth in this <u>Section 9.04(g)</u> and the related provisions set forth in each Assignment and Assumption entered into by an Affiliated Lender constitute a "subordination agreement" as such term is contemplated by, and utilized in, Section 510(a) of the Bankruptcy Code, and, as such, would be enforceable for all purposes in any case where any Loan Party or any Subsidiary thereof has filed for protection under any law relating to bankruptcy, insolvency or reorganization or relief of debtors applicable to such Loan Party or such Subsidiary, as applicable. The aggregate principal amount of Term Loans held by all Affiliated Debt Funds at any time shall not exceed 49.9% of the aggregate unpaid principal amount of the Term Loans then outstanding.

Section 9.05 <u>Survival</u>. All representations and warranties made by the Loan Parties in this Agreement and the other Loan Documents and in the certificates or other instruments delivered in connection with or pursuant hereto or thereto shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery hereof and thereof and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder.

Section 9.06 <u>Integration</u>. This Agreement and the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Loan Parties, the Administrative Agent, nor any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.

Section 9.07 <u>Severability</u>. Any provision of this Agreement or the other Loan Documents 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 of this Agreement and the other Loan Documents; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction, and the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. Without limiting the foregoing provisions of this <u>Section 9.07</u>, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent then such provisions shall be deemed to be in effect only to the extent not so limited.

Section 9.08 <u>Right of Setoff</u>. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent and the Required Lenders, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency, but not any tax accounts, trust accounts, escrow accounts, withholding or payroll accounts) at any time held and other obligations (in whatever currency) at any time owing by such Lender to or for the credit or the account of any Borrower against any and all of the Obligations now or hereafter existing under this Agreement held by such Lender, but only to the extent then due and payable; <u>provided</u> that in the event that any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of <u>Section 2.22</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender may have. Each Lender agree promptly to notify the Borrowers and the Administrative Agent of such setoff and application made by such Lender, <u>provided</u> that any failure to give or any delay in giving such notice shall not affect the validity of any such setoff and application under this Section.

Section 9.09 <u>Governing Law; Jurisdiction; Consent to Service of Process</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be construed in accordance with and governed by the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall (i) affect any right that any Agent, or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction or (ii) waive any statutory, regulatory, common law, or other rule, doctrine, legal restriction, provision or the like providing for the treatment of bank branches, bank agencies, or other bank offices as if they were separate juridical entities for certain purposes, including UCC Sections 4-106, 4-A-105(1)(b), and 5-116(b), UCP 600 Article 3 and ISP98 Rule 2.02, and URDG 758 Article 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to any Loan Document in any court referred to in <u>paragraph (b)</u> of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in <u>Section 9.01</u>. Nothing in any Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

Section 9.10 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 9.11 <u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

Section 9.12 <u>Confidentiality</u>. Each of the Administrative Agent, the Collateral Agent, and the Lenders agrees to keep confidential, and not to publish, disclose or otherwise divulge, the Information (as defined below), except that Information may be disclosed (a) to its Affiliates or to its and its Affiliates' directors, officers, employees, agents, advisors, trustees, administrators, managers, consultants, service providers and representatives, including accountants, legal counsel and other advisors on a "need to know" basis (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential, <u>provided</u> that the relevant Lender shall be responsible for such compliance and non-compliance), (b) to the extent requested in writing by any Governmental Authority with jurisdiction over the Administrative Agent, the Collateral Agent, and/or the Lenders, as applicable, including Governmental Authorities related to compliance with Anti-Corruption Laws, Anti-Money Laundering Laws, Ex-Im Laws or Sanctions, (c) to the extent required by (i) any order of any court or administrative agency having jurisdiction over the Administrative Agent, the Collateral Agent, and/or the Lenders, as applicable; provided that, other than in connection with any audit or examination conducted by bank accountants or any governmental, regulatory or self-regulatory authority exercising examination or regulatory authority, prior notice shall have been given to the Borrowers, to the extent permitted by applicable laws or regulations, (ii) any pending legal judicial or administrative proceeding with the power to bind the Administrative Agent, the Collateral Agent, and/or the Lenders, as applicable, and (iii) applicable laws or regulations or by any compulsory legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to any Loan Document or the enforcement of rights thereunder, including establishing any defense under applicable securities laws, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, in each case, except to any Disqualified Lender to the extent that a list thereof is made available to all the Lenders, or (ii) any actual or prospective party to any swap, derivative or other transaction under which payments are to be made by reference to any Loan Party and its obligations under the Loan Documents, in each case, except to any Disqualified Lender to the extent that a list thereof is made available to all the Lenders (it being understood that the DQ List may be disclosed to any assignee, or prospective assignee, in reliance on this <u>clause (f)</u>), (g) with the written consent of the Borrowers, (h) to the extent such Information (I) becomes publicly available other than as a result of a breach of this Section or (II) becomes available to the Administrative Agent, the Collateral Agent, or any Lender on a nonconfidential basis from a source other than any member of the Consolidated Group, (i) on a confidential basis in consultation with the Borrowers to (1) any rating agency in connection with rating any Loan Party or its Subsidiaries or the credit facilities provided hereunder (2) the CUSIP Service Bureau, Clearpar or Loanserv or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers, settlement of assignments or other general administrative functions with respect to the Facilities or (3) the provider of any Platform or other electronic delivery service used by the Administrative Agent to deliver Borrower Materials or notices to the Lenders or (j) to the extent independently developed by such the Administrative Agent, Collateral Agent, and/or Lender, as applicable, without reliance on confidential information or any other information available as a result of a breach of confidentiality obligations. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agents and the Lenders in connection with the administration of this Agreement, the other Loan Documents and the Commitments. For the purposes of this Section the term "<u>Information</u>" means all information received from or on behalf of any member of the Holding Company Group relating to any member of the Holding Company Group or its businesses, other than any such information that is available to the Administrative Agent, the Collateral Agent, or any Lender on a nonconfidential basis prior to disclosure by any member of the Holding Company Group; <u>provided</u> that, in the case of information received from any member of the Holding Company Group after the date hereof, such information is clearly identified at the time of delivery as confidential. Subject to the Borrowers' prior consent (which shall not be unreasonably withheld, conditioned, or delayed), the Administrative Agent may publish on behalf of the Collateral Agent, any Lead Arranger or any Lender press releases, tombstones, advertising or other promotional materials relating to the financing transactions contemplated by this Agreement; <u>provided</u> that such publications shall not include information related to facility size, Secured Net Leverage Ratio, Total Net Leverage Ratio, First Lien Net Leverage Ratio, Applicable Rate, Consolidated EBITDA or other key financial terms.

Each Lender acknowledges that Information furnished to it pursuant to this Agreement may include material non-public information concerning the Loan Parties and their respective Related Parties or their respective securities, and confirms that it has developed compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in accordance with those procedures and applicable law, including federal and state securities laws.

All Information, including requests for waivers and amendments, furnished by the Parties or the Administrative Agent pursuant to, or in the course of administering, this Agreement will be syndicate-level Information, which may contain material non-public information about the Loan Parties and their respective Related Parties or their respective securities. Accordingly, each Lender represents to the Parties and the Administrative Agent that it has identified in its Administrative Questionnaire a credit contact who may receive Information that may contain material non-public information in accordance with its compliance procedures and applicable law.

Section 9.13 <u>Interest Rate Limitation</u>. Notwithstanding anything herein or any other Loan Document to the contrary, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the "<u>Maximum Rate</u>"). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the applicable Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Requirement of Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

Section 9.14 <u>PATRIOT Act</u>

Each Lender that is subject to the PATRIOT Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Loan Parties that pursuant to the requirements of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>PATRIOT Act</u>"), it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties, information concerning its direct and indirect holders of Equity Interests and other Persons exercising Control over it, and other information that will allow such Lender, or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the PATRIOT Act.

Section 9.15 <u>Electronic Execution; Electronic Records</u>. This Agreement, any Loan Document and any other Communication, including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures. Each of the Loan Parties and each of the Credit Parties agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on such Person to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered. Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. The Administrative Agent and each of the Credit Parties may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record ("<u>Electronic Copy</u>"), which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document. All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, none of the Administrative Agent is under any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by such Person pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of the Credit Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party and/or any Credit Party without further verification and (b) upon the request of the Administrative Agent or any Credit Party, any Electronic Signature shall be promptly followed by such manually executed counterpart.

The Administrative Agent, shall not be responsible for or have any duty to ascertain or inquire into the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document (including, for the avoidance of doubt, in connection with the Administrative Agent's reliance on any Electronic Signature transmitted by telecopy, emailed .pdf or any other electronic means). The Administrative Agent shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any Communication (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution or signed using an Electronic Signature) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

Each of the Loan Parties and each Credit Party hereby waives (i) any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any ancillary document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such ancillary document, and (ii) any claim against the Administrative Agent, each Credit Party and each Related Party for any liabilities arising solely from the Administrative Agent's and/or any Credit Party's reliance on or use of Electronic Signatures, including any liabilities arising as a result of the failure of the Loan Parties to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

Each of the parties to this Agreement represents and warrants to the each other party to this Agreement that it has the corporate capacity and authority to execute this Agreement and any other Communication through electronic means and there are no restrictions on doing so in that party's constitutive documents.

Section 9.16 <u>Payments Set Aside</u>. To the extent that any payment by or on behalf of any Loan Party is made to the Administrative Agent, or any Lender, or the Administrative Agent, or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, or such Lender in its discretion) to be repaid to a trustee, receiver, administrator or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders under <u>clause (b)</u> of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

Section 9.17 <u>No Advisory or Fiduciary Responsibility</u>. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Parties acknowledges and agrees, and acknowledges their Affiliates' understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Lead Arranger, and the making of the Loans and Commitments by the Lenders are arm's-length commercial transactions between the Loan Parties and its Affiliates, on the one hand, and the Administrative Agent, the Lead Arranger and the Lenders, on the other hand, (B) each of the Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Parties is capable of evaluating, and understands and accepts, the terms, risks and express conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Lead Arranger and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Loan Parties or any of their respective Affiliates, or any other Person and (B) none of the Administrative Agent, the Lead Arranger or any Lender has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Lead Arranger and the Lenders their respective Affiliates, in addition to providing or participating in commercial lending facilities such as that provided hereunder, may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Administrative Agent, the Lead Arranger or any Lender has any obligation to disclose any of such interests to the Loan Parties or any of their respective Affiliates. To the fullest extent permitted by law, each of the Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent, the Lead Arranger and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

Section 9.18 <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 among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-in Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 9.19 <u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of any Loan Party, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments, or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84–14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95–60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90–1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91–38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96–23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84–14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of subsections (b) through (g) of Part I of PTE 84–14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84–14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and 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;(b) In addition, unless either (1) <u>clause (i)</u> in the immediately preceding <u>clause (a</u>) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with <u>clause (iv)</u> in the immediately preceding <u>clause (a)</u>, 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 the Borrowers 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 Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any other Loan Document or any documents related hereto or thereto).

Section 9.20 <u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Agreement or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>", and each such QFC, a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regimes if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regimes if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this <u>Section 9.20</u>, the following terms have the following meanings:

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>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>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>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).

Section 9.21 <u>Judgment Currency</u>. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency (the "<u>Agreement Currency</u>") into another currency (the "<u>Judgment Currency</u>"), the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase Agreement Currency with the Judgment Currency on the Business Day preceding that on which final judgment is given. The obligation of each Loan Party in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in the Judgment Currency, be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender from any Loan Party in the Agreement Currency, such Loan Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in the Agreement Currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the applicable Loan Party (or to any other Person who may be entitled thereto under applicable law).

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Credit Agreement to be duly executed and delivered as of the date first written above.

---

| | |
|:---|:---|
| BORROWER: | DONCASTERS US FINANCE LLC |
|  | By: |
|  | Name: |
|  | Title: |
|  | DONCASTERS US LLC |
|  | By: |
|  | Name: |
|  | Title: |
| HOLDINGS: | ALLOY PARENT LIMITED |
|  | By: |
|  | Name: |
|  | Title: |

---

[SIGNATURE PAGES CONTINUE]

---

| | |
|:---|:---|
| AGENTS: | GLAS USA LLC, |
|  | as Administrative Agent |
|  | By: |
|  | Name: |
|  | Title: |
|  | GLAS AMERICAS LLC, |
|  | as Collateral Agent |
|  | By: |
|  | Name: |
|  | Title: |
| LENDERS: | [LENDERS] |
|  | By: |
|  | Name: |
|  | Title: |

---

**Exhibit B**

---

| | |
|:---|:---|
| **2025 Term Loan Commitments** | **2025 Term Loan Commitments** |
| **Term Lender** | **Commitment** |
| Jefferies Finance LLC | $50000000 |
| **Total** | **$50000000** |

---

---

| | |
|:---|:---|
| **2025 Delayed Draw Term Loan Commitments** | **2025 Delayed Draw Term Loan Commitments** |
| **Term Lender** | **Commitment** |
| Jefferies Finance LLC | $75000000 |
| **Total** | **$75000000** |

---

**Annex I**

&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. Clovepark Limited

&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. RCG
 Holdings Limited

## Exhibit 10.4

**Exhibit 10.4**

SUBJECT TO CONTRACT

**Dated** 10<sup>th</sup> February 2020

DONCASTERS LIMITED

MIKE QUINN

------

SERVICE AGREEMENT

------

![](tm269965d4_ex10-4img001.jpg)

London

99 Bishopsgate<br> London EC2M 3XF<br> (44) 020 7710 1000 (Tel)<br> (44) 020 7374 4460 (Fax)<br> www.lw.com

SERVICE AGREEMENT

**THIS AGREEMENT** is made on 10<sup>th</sup> February 2020

**BETWEEN**

(1) Doncasters
 Limited, a company registered in England with registered number 00321992 and having its registered
 office at Repton House, Bretby Business Park, Ashby Road, Burton Upon Trent, Staffordshire,
 England, DE 15 0YZ (the "**Company** "); and

(2) Mike
 Quinn, residing at [\*\*\*] (the **Executive)** 

**BACKGROUND**

The Company wishes to employ the Executive as Advisor for an initial period, and then Chief Executive Officer on the terms and conditions of this Agreement and the Executive wishes to accept such employment.

**IT IS AGREED** as follows:

**1.** **DEFINITIONS AND INTERPRETATION** 

1.1 **Definitions** 

In this Agreement, unless the context otherwise requires:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Basic Salary**" | means the salary, as specified in Clause 6.1(a) or, as appropriate, the reviewed annual salary from time to time; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Board**" | means the Board of directors of the Company from time to time or any duly authorised committee thereof, or where the relevant powers have been reserved to the Company's members, its members from time to time; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Confidential Information**" | means all information which is identified or treated by the Company or any Group Company or any of the Group's clients or customers as confidential or which by reason of its character or the circumstances or manner of its disclosure is evidently confidential including (without prejudice to the foregoing generality) any information about the personal affairs of any of the directors (or their families) of the Company or any Group Company, business plans, proposals relating to the acquisition or disposal of a company or business or proposed expansion or contraction of activities, maturing new business opportunities, research and development projects, designs, secret processes, trade secrets, product or services development and formulae, know-how, inventions, sales statistics and forecasts, marketing strategies and plans, costs, profit and loss and other financial information (save to the extent published in audited accounts), prices and discount structures and the names, addresses and contact and other details of: (a) employees and their terms of employment; (b) customers and potential customers, their requirements and their terms of business with the Company or Group; and (c) suppliers and potential suppliers and their terms of business (all whether or not recorded in writing or in electronic or other format); |

---

SERVICE AGREEMENT

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Commencement Date**" | means 17<sup>th</sup> February 2020; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Completion**" | means the time at which all the conditions as set out in Schedule 2 (Conditions Precedent) to the Restructuring Agreement have been fulfilled or waived in accordance with their terms and the Financial Restructuring is implemented in accordance with the Restructuring Agreement; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Corruption**" | includes bribery, extortion, fraud, deception, collusion, and money laundering, and each of these terms shall have the meaning ascribed to them by applicable law including but not limited to the Bribery Act 2010, the Fraud Act 2006, and the Proceeds of Crime Act 2002, or any similar legislation in any other jurisdiction; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Employment**" | means the employment of the Executive under this Agreement or, as the context requires, the duration of that employment; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Financial Restructuring**" | means the proposed restructuring of the existing indebtedness and equity of the Group; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Group**" | means together or separately the Company, any holding company or undertaking of the Company and any subsidiaries and subsidiary undertakings of the Company or such holding company or undertaking from time to time (and the words "subsidiary" and "holding company" shall have the meanings given to them in section 1159 in the Companies Act 2006; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Group Company**" | means any company within the Group; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Health Care Scheme**" | means the medical expenses insurance, permanent health insurance ("**PHI**"), death in service, or other healthcare or disability scheme(s) or arrangement(s) as may be provided or introduced from time to time by the Company (at the Company's discretion) for the benefit of similarly situated executives in the Company or Group; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Intellectual Property Rights**" | means any and all existing and future intellectual or industrial property rights in and to any Works (whether registered or unregistered), including all existing and future patents, copyrights, design rights, database rights, trade marks, semiconductor topography rights, plant varieties rights, internet rights/domain names, know-how and any and all applications for any of the foregoing and any and all rights to apply for any of the foregoing in and to any Works; |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Management Incentive Plan**" | means the management incentive plan which may be offered to the Executive from time to time; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Minority Holder**" | means a person who either solely or jointly holds (directly or through nominees) any shares or loan capital in any company, whether or not it is listed or dealt in on a recognised stock exchange, provided that such holding does not, when aggregated with any shares or loan capital held by the Executive's partner and/or his or his partner's children under the age of 18, exceed 3% of the shares or loan capital of the class concerned for the time being issued; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Restructuring Agreement**" | means the restructuring deed which will implement the Financial Restructuring, in the form appended to the explanatory statement provided to certain creditors of the Group pursuant to section 897 of the Companies Act 2006, in the context of the scheme of arrangement used, in part, to implement the Financial Restructuring; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Share Incentive**" | means any option or other right that the Executive may have to purchase, hold or otherwise acquire a share or right in respect of or relating to shares in the Company and/or a Group Company; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Termination Date**" | means the date of termination of the Employment; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Two Year Anniversary**" | means the date which is the second anniversary of the Commencement Date; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Works**" | means any documents, materials, models, designs, drawings, processes, inventions, formulae, computer coding, methodologies, know-how, Confidential Information or other work, performed made, created, devised, developed or discovered by the Executive during the Employment (and whether or not made or discovered in the course of the Employment) either alone or with any other person in connection with or in any way affecting or relating to the business of the Company or any Group Company or capable of being used or adapted for use therein or in connection therewith; |

---

1.2 **Interpretation and Construction** 

Save to the extent that the context or the express provisions of this Agreement require otherwise, in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular shall include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing any gender shall include all other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing the whole shall be treated as including reference to any part of the whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 reference to a Clause, the Schedule or part of the Schedule is to the relevant Clause, Schedule
 or part of the Schedule of or to this Agreement unless otherwise specified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference
 to this Agreement or to any other document is a reference to this Agreement or to that other
 document as modified, amended, varied, supplemented, assigned, novated or replaced from time
 to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference
 to a provision of law is a reference to that provision as extended, applied, amended, consolidated
 or re-enacted or as the application thereof is modified from time to time and shall be construed
 as including reference to any order, instrument, regulation or other subordinate legislation
 from time to time made under it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references
 to a "person'' includes any individual, firm, company, corporation, body
 corporate, government, state or agency of state, trust or foundation, or any association,
 partnership or unincorporated body (whether or not having separate legal personality) or
 two or more of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) general
 words shall not be given a restrictive meaning because they are followed by words which are
 particular examples of the acts, matters or things covered by the general words and "including",
 "include" and "in particular" shall be construed without limitation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 meaning of any words coming after "other" or "otherwise" shall not
 be constrained by the meaning of any words coming before "other" or "otherwise
 where a wider construction is possible.

1.3 **Headings** 

The table of contents and the headings in this Agreement are included for convenience only and shall be ignored in construing this Agreement.

**2.** **THE EMPLOYMENT** 

2.1 **Appointment** 

Subject to the provisions of this Agreement, the Company employs the Executive and the Executive accepts employment as Advisor to the Company with effect from the Commencement Date until Completion. With effect from Completion the Executive shall be appointed as Chief Executive Officer, notwithstanding the date or dates of this Agreement.

2.2 **Work Permits and warranty** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Executive warrants to the Company that by virtue of entering into this Agreement he will
 not be in breach of any express or implied obligation to any third party, including any restrictive
 covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Executive warrants that he is legally entitled to work in the United Kingdom and will throughout
 the Employment continue to hold a valid United Kingdom work permit if appropriate. The Executive
 warrants that he will notify the Company in advance of any possible change to his immigration
 status, as soon as he becomes aware of any circumstances that might give rise to such change.
 Should the Company discover that the Executive does not have permission to live and work
 in the United Kingdom or if any such permission is revoked, the Company reserves the right
 to terminate the Employment immediately and without notice or pay in lieu of notice and without
 referring to the warning stages of the Company's disciplinary procedure.

**3.** **DURATION OF THE EMPLOYMENT** 

3.1 **Continuous Employment** 

No employment with any previous employer shall count as part of the Executive's continuous period of employment.

3.2 **Duration** 

Subject to the provisions of Clauses 3 and 18.1 the Employment shall continue unless and until terminated at any time by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company, which must give to the Executive not less than four weeks' prior written notice
 of termination of the Employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Executive, who must give to the Company not less than one month's prior written notice
 of termination of the Employment.

3.3 **Payment in lieu of notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall be entitled, at its sole discretion, to terminate the Employment immediately
 at any time by giving the Executive notice in writing. In these circumstances, , the Company
 will subsequently make a payment to the Executive in lieu of notice, calculated in accordance
 with the provisions of this Clause 3.3 (the payment being referred to as a "**Notice Payment** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Notice Payment will be paid less all deductions that are required or permitted by law to
 be made including in respect of income tax, national insurance contributions and any sums
 due to the Company or any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Notice Payment will consist of a sum equivalent to the Basic Salary which the Executive would
 have received in respect of any notice period outstanding on the Termination Date.

3.4 **Termination Payment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the remainder of this Clause 3.4, if the Executive' s employment is terminated by
 him for any reason, or by the Company other than lawfully pursuant to Clauses 18.1(a), (d),
 (e), or (h) at anytime prior to the Two Year Anniversary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company will reimburse the Executive the reasonable costs of obtaining health insurance to
 cover the Executive, his spouse and his children up to the age of 18, of an amount up to
 £5,000 per year (pro-rated in respect of periods of less than a year) during the period
 between the Termination Date and the Two year Anniversary, subject to the presentation of
 receipts or other appropriate evidence as the Board may require; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company shall, subject to appropriate deductions for income tax and national insurance contributions,
 pay to the Executive an amount equal to two years' Basic Salary (being his Basic Salary,
 excluding any bonus pursuant to Clause 6.3, as at the date of this Agreement) less:

&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
 gross amount of all Basic Salary the Executive received during the Employment;

&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
 Notice Payment; 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;(C) any
 payment made to the Executive at any time, under the Management Incentive Plan,

(the "**Termination Payment**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Termination Payment will only be paid if the Executive has not been subject to a disciplinary
 or performance management process throughout the Employment, and has not materially breached
 this Agreement where such breach would constitute grounds for termination under clause 18.
 In the event that after the Termination Payment has been paid, the Company becomes aware
 that the Executive has committed any material act or omission which would have entitled the
 Company to lawfully terminate the Employment without notice in accordance with Clauses 18.1(a),
 (d), (e), or (h), the net amount of the Termination Payment received by the Executive shall
 be repaid by him to the Company immediately and shall be recoverable by the Company as a
 debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Termination Payment is in full and final settlement of all and any rights and claims that
 the Executive may have against the Group or arising out of the termination of his employment
 (including both contractual and statutory employment claims). The Executive agrees to waive,
 release and discharge any and all such rights and claims and acknowledges that it is a condition
 of the payment of the Termination Payment that he will execute a settlement agreement (and
 any other documents reasonably required by the Company) in a form reasonably acceptable to
 the Company in order to give effect to the release and waiver in this Clause 3.4(c) (a
 "**Settlement Agreement** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the Executive's employment is terminated by him for any reason, the Company may, at
 its sole discretion, pay the Termination Payment in equal monthly instalments over the period
 between the Termination Date and the Two Year Anniversary (the "**Instalment Period** "),
 the first instalment payable at the end of the month in which the Termination Date occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 the Executive's employment is terminated by him for any reason and the Executive commences
 alternative employment during the Instalment Period, then he will immediately advise the
 Company of that fact and the Executive will cease to be entitled to continue to participate
 in the Company's benefits program from the date of commencement of the alternative
 employment.

**4.** **HOURS AND PLACE OF WORK** 

4.1 **Hours of work** 

The Executive agrees that he shall work normal business hours together with such additional hours as are necessary for the proper performance of his duties.

4.2 **Working Time Regulations** 

The Executive has autonomous decision making powers. The duration of his working time is not measured or predetermined.

4.3 **Place of work** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Executive's place of work will initially be at the Company's offices at Repton
 House, Bretby Business Park, Ashby Road, Burton Upon Trent, Staffordshire, England, DE 15
 OYZ but the Company may require the Executive to work at any place within the United Kingdom
 on either a temporary or an indefinite basis. The Executive will be given reasonable notice
 of any change in his permanent place of work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Executive may be required to be absent from the United Kingdom for a period exceeding 1 month
 at any one time, however there are currently no particulars in this regard.

**5.** **SCOPE OF THE EMPLOYMENT** 

5.1 **Duties of the Executive** 

During the Employment the Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) undertake
 and carry out to the best of his ability such duties and exercise such powers in relation
 to the Company or Group's business as may from time to time be assigned to or vested
 in him by the Board including where those duties require the Executive to work for any Group
 Company (it being acknowledged that the Board will only assign such duties to the Executive
 as are appropriate to the Executive's position);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the discharge of those duties and the exercise of those powers observe and comply with all
 lawful resolutions, regulations and directions from time to time made by, or under the authority
 of, the Board and promptly upon request, give a full account to the Board or a person duly
 authorised by the Board of all matters with which he is involved. He will provide the information
 in writing if requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) comply
 with the Articles of Association (as amended from time to time) of the Company and any Group
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) do,
 or refrain from doing, such things as are necessary or expedient to ensure compliance by
 himself and the Company and any Group Company with applicable law and regulations of regulatory
 authorities relevant to the Company and any Group Company, and any codes of practice issued
 by the Company and any Group Company (as amended from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) act
 in accordance with all statutory, fiduciary and common law duties that he owes to the Company
 and any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) refrain
 from doing anything which would cause him to be disqualified from acting as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unless
 prevented by ill-health, holidays or other unavoidable cause, devote the whole of his working
 time, attention and skill to the discharge of his duties hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) faithfully
 and diligently perform his duties and at all times use his best endeavours to promote and
 protect the interests of the Company and the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly
 disclose to the Board full details of any wrongdoing by the Executive or any other employee
 of any Group Company where that wrongdoing is material to that employee's employment
 by the relevant company or to the interests or reputation of any Group Company.

5.2 **Directorships and Directors & Officers insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Executive will be required to act as a director of the Company and other Group Companies
 (either executive or non-executive) as the Board requires from time to time. The Company
 reserves the right on giving written notice to the Executive to terminate any office or directorship
 held by the Executive immediately at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company shall for the duration of the Executive's appointment as a director and for
 six years after the termination of any such appointment maintain directors' and officers'
 insurance for the benefit of the Executive, on the same terms as for other directors, in
 respect of those liabilities which he may incur as a director or officer of the Company or
 any Group Company and for which such insurance is normally available.

5.3 **Right to suspend duties and powers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 any notice period or for the purpose of investigating any serious disciplinary matter in
 which the Executive is materially implicated or involved, the Company reserves the right
 in its absolute discretion to suspend all or any of the Executive's duties and powers
 on terms it considers expedient or to require him to perform only such duties, specific projects
 or tasks as are assigned to him expressly by the Company (including the duties of another
 position) in any case for such period or periods and at such place or places (including,
 without limitation, the Executive's home) as the Company in its absolute discretion
 deems necessary (the "Garden Leave"). During any period of Garden Leave the terms
 and conditions set out in this Agreement shall continue to apply to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company may, at its sole discretion, require that during the Garden Leave the Executive shall
 not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enter
 or attend the premises of the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) contact
 or have any communication with any client or prospective client or supplier of the Company
 or any Group Company in relation to the business of the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) contact
 or have any communication with any employee, officer, director, agent or consultant of the
 Company or any Group Company in relation to the business of the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) remain
 or become involved in any aspect of the business of the Company or any Group Company except
 as required by such companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) work
 either on his own account or on behalf of any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During
 any period of Garden Leave after notice of termination of employment has been served, the
 Executive will continue to receive his Basic Salary and benefits but will not accrue any
 bonus (including under the Management Incentive Plan) or share of profit and no Share Incentive
 will continue to vest during a period of Garden Leave. During any other period of Garden
 Leave the Executive will continue to receive and accrue all payments, benefits and incentives
 (unless otherwise provided for pursuant to the terms of the Management Incentive Plan) as
 if he was actively employed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the avoidance of doubt, the Company may exercise its powers under this Clause 5.3 at any
 time during the Employment including after notice of termination has been given by either
 party.

5.4 **Joint appointments** 

Prior to Completion only, the Company shall be at liberty to appoint any other person or persons to act jointly with the Executive in any position to which he may be assigned from time to time.

5.5 **Intra-Group transfer or secondment** 

The Company may at its sole discretion transfer this Agreement or second the Executive to any Group Company at any time, in relation to which events the Executive shall be entitled to terms and conditions which are no less favourable than those which apply to him immediately prior to the transfer or secondment.

**6.** **REMUNERATION** 

6.1 **Basic Salary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 the Employment the Company shall pay the Executive a Basic Salary of not less than £425,000
 per annum, pro-rata for part years worked. The Basic Salary shall accrue from day to day
 and be payable by credit transfer in equal monthly instalments part in arrears and part in
 advance on or around the middle day of each calendar month or otherwise as arranged from
 time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Basic Salary shall be inclusive of all director's fees (if any) to which the Executive
 may become entitled including all remuneration and director's fees in respect of services
 rendered by the Executive to any Group Company.

6.2 **Salary review** 

The Basic Salary shall be reviewed annually, with the first review to take place on or around 1 April 2021. The Company shall increase the Basic Salary at any review if, in the reasonable opinion of the Board, the Company's financial position has materially improved during the Employment and the Executive has performed substantially well in his role.

6.3 **Discretionary bonuses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to clause 6.3(b), the Company may, at its sole discretion, pay the Executive a cash bonus
 in respect of each financial year of the Company (the "Bonus"). The maximum Bonus
 that the Executive can earn is a sum equal to 50% of his Basic Salary actually received (gross)
 for that financial year. The terms and amount of this bonus will be approved from time to
 time and notified to the Executive by the Board (or any sub-committee thereof) in its sole
 discretion, acting reasonably and in good faith. The Bonus will be assessed by the Board
 in the first quarter of the calendar year and, if payable, shall be paid no later than the
 April payroll date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 relation to the part-financial year from the Commencement Date to 31 December 2020 only,
 the Company shall no later than the April 2021 payroll date pay to the Executive a minimum
 Bonus equal to 25% of his Basic Salary actually received (gross) in respect of that period
 (the "Minimum Bonus"). Any Bonus in addition to this shall be assessed in accordance
 with Clause 6.3(a). The Minimum Bonus shall be paid to the Executive in all circumstances
 unless, prior to the April 2021 payroll date, the Executive has given notice to terminate
 his Employment or the Company has terminated the Employment pursuant to Clause 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject
 to Clause 6.3(b), the Bonus will only be paid if the Executive is in Employment (and has
 not received or served notice of termination of employment at the date the Bonus is due for
 payment.) Upon the termination of the Executive's employment or (if earlier) upon either
 party giving notice under Clause 3 or the Company exercising its rights under Clause 18,
 the Executive will have no rights as a result of this Agreement or any alleged breach of
 it to any compensation under or in respect of any Bonus. For the avoidance of doubt, the
 Bonus will not accrue, nor will the Executive have any legitimate expectation as to the size
 or form of the Bonus, until the Company pays it to him. There are no circumstances whether
 in reliance on express or implied terms or otherwise where the Executive can require pay
 out of a particular sum or payment in a particular form or claim compensation for loss of
 such a Bonus.

6.4 **Management Incentive Plan** 

The Executive shall be eligible to participate in the Company's Management Incentive Plan on the same terms as similarly situated employees, subject always to the rules of the plan.

**7.** **EXPENSES** 

7.1 **Out-of-pocket expenses** 

The Company shall reimburse to the Executive (against receipts or other appropriate evidence as the Board may require) the amount of all out-of-pocket expenses reasonably and properly incurred by him in the proper discharge of his duties (including fuel for business travel) hereunder to the extent that such expenses are incurred in accordance with the Company's business expenses policy from time to time.

7.2 **Company credit/charge cards** 

In the event that the Company issues a Company sponsored credit or charge card to the Executive he shall use such card only for expenses reimbursable under Clause 7.1 and shall return it to the Company when so requested and in any event immediately on termination of the Employment howsoever arising.

**8.** **DEDUCTIONS** 

The Executive agrees that the Company may deduct from any sums due to him under this Agreement any sums due by him to the Company including, without limitation, any debits to his Company credit or charge card not authorised by the Company, the Executive's pension contributions (if any), any overpayments, loans or advances made to him by the Company, the cost of repairing any damage or loss to the Company's property caused by him and any losses suffered by the Company as a result of any negligence or breach of duty by the Executive.

**9.** **CAR AND ACCOMMODATION REIMBURSEMENT** 

The Executive will be entitled to be reimbursed up to £2,000 per month (against receipts or other appropriate evidence as the Board may require) in respect of the reasonable costs of obtaining a car and accommodation in the UK for business purposes. The car and accommodation reimbursement will be subject to deduction of tax and National Insurance contributions.

**10.** **PENSION SCHEME** 

During the period of the Executive's service with the Company, the Company will comply at all times with the employer duties under Part 1 of the Pensions Act 2008.

**11.** **OTHER INSURANCE & BENEFITS** 

11.1 **Health Care Scheme** 

Without prejudice to the terms of Clauses 3 and 18, the Executive and his spouse and children up to the age of 18 shall be entitled during the Employment, to participate at the Company's expense in any Health Care Scheme subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Executive's and his family's participation is subject to the Company's
 rules regarding eligibility in force from time to time and the rules, terms and conditions
 of the relevant Health Care Scheme and/or insurance policy in force from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company reserves the right to terminate the Executive's or his family's or the
 Company's participation in any of the Health Care Scheme(s), substitute a new scheme(s) for
 an existing scheme(s) and/or alter the level or type of benefits available under any
 scheme(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 a scheme provider (e.g. an insurance company or pensions provider) refuses for any reason
 (whether under its own interpretation of the rules, terms and conditions of the relevant
 insurance policy or otherwise) to accept a claim and/or provide the relevant benefit(s) to
 the Executive (or his family) under the applicable Health Care Scheme, the Company shall
 not be liable to provide (or compensate the Executive for the loss of) such benefit(s) nor
 shall it be obliged to take action against the provider to enforce any rights under the Health
 Care Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 fact that the termination of the Employment may result in the Executive or his family ceasing
 to be eligible to receive or continue to receive benefits under any Health Care Scheme does
 not remove the Company's right to terminate the Employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Executive's acceptance of such variations to his terms and conditions of employment
 as may from time to time be required by the Company.

11.2 **Reimbursement for non-participation in Health Care Scheme** 

The Executive may provide the Company with written notice before his appointment as CEO that he will not participate in the Company's Health Care Scheme as provided for in Clause 11.1. In these circumstances, the Executive shall be entitled to reimbursement of the reasonable costs of obtaining such similar insurances to cover the Executive, his spouse and his children up to the age of 18, of an amount up to £5,000 per year (pro-rated in respect of period of less than a year) subject to the presentation of receipts or other appropriate evidence as the Board may require.

11.3 **Medical examinations** 

At any reasonable time during the Employment the Company may require the Executive to undergo a medical examination by a medical practitioner appointed by the Company and at the Company's expense and the Executive will consent to such examination and to the results being made available to the Company.

**12.** **HOLIDAYS** 

12.1 **The holiday year** 

The Company's holiday year runs from 1st January to 31st December. Holidays of five or more working days' duration can only be taken with the prior permission of the Board. The Executive shall be entitled to take holidays of shorter duration on reasonable notice to the Board.

12.2 **Annual entitlement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Executive's annual entitlement to paid holidays is to those public or customary holidays
 recognised by the Company in any holiday year (of which there are eight in total) and in
 addition, 25 contractual days' holiday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Entitlement
 to contractual holidays is accrued pro rata throughout the holiday year. The Executive will
 be entitled to take public and customary holidays on the days that they are recognised by
 the Company during the holiday year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Executive is not entitled to carry any unused holiday entitlement forward to the next holiday
 year without the permission of the Company.

12.3 **Holiday entitlement on termination** 

Upon notice of termination of the Employment being served by either party, the Company may require the Executive to take any unused holidays accrued in the holiday year in which the termination takes place at that time during any notice period. Alternatively, the Company may, at its discretion, on termination of the Employment, make a payment in lieu of accrued contractual holiday entitlement. The Executive will be required to make a payment to the Company in respect of any holidays taken in excess of his holiday entitlement accrued at the Termination Date. Any sums so due may be deducted from any money owing to the Executive by the Company.

**13.** **ABSENCE** 

13.1 **Absence due to sickness or injury** 

If the Executive is absent from work due to sickness or injury he shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately
 inform the Company of his sickness or injury; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 respect of absence due to sickness, injury or accident that continues for more than 7 consecutive
 days (including weekends) the Executive must provide the Company with a note of fitness to
 work stating the reason for the absence. Thereafter notes of fitness to work must be provided
 to the Company to cover the remainder of the period of continuing sickness absence. Failure
 to follow these requirements may result in disciplinary action and loss of Statutory Sick
 Pay and/or sick pay pursuant to Clause 13.2.

13.2 **Payment of salary during absence** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the Executive complying with the terms of Clause 13.1, the Company shall continue to pay
 Basic Salary and other benefits during any period of absence due to sickness or injury for
 up to a maximum period of 12 weeks in any period of 12 consecutive months (the 12 month period
 referred to as the **"Entitlement Period'')** unless the Employment
 is terminated in terms of Clauses 3 or 18. The first Entitlement Period will begin on the
 first day of absence and any subsequent Entitlement Period will start on the first day of
 any absence occurring outside an enduring Entitlement Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment
 of the Basic Salary in terms of Clause 13.2(a) shall be made less:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 amount equivalent to any Statutory Sick Pay payable to the Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 sums which may be received by the Executive under any insurance policy effected by the Company;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 other benefits or sums which the Executive receives in terms of the Employment or under any
 relevant legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Once
 payment of Basic Salary under Clause 13.2(a) ceases, then the Executive shall have no
 right to any benefit or emolument from the Company except any remaining entitlement to Statutory
 Sick Pay.

13.3 **Absence caused by third party negligence** 

If the Executive's absence is caused by the negligence of a third party in respect of which damages are recoverable, then all sums paid by the Company during the period of absence in terms of Clause 13.2 shall constitute loans to the Executive who shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately
 notify the Company of all the relevant circumstances and of any claim, compromise, settlement
 or judgment made or awarded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Company so requires, refund to it an amount determined by the Company, not exceeding
 the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 amount of damages recovered by him in respect of loss of earnings during the period of absence
 under any compromise, settlement or judgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 sums advanced to him by the Company in respect of the period of incapacity.

**14.** **OTHER INTERESTS** 

14.1 **Disclosure of other interests** 

The Executive shall disclose to the Board any interest of his own (or that of his partner or of any child of his or of his partner under eighteen years of age):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 any trade, business or occupation whatsoever which is in any way similar to any of those
 in which the Company or any Group Company is involved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 any trade, business or occupation carried on by any supplier or customer of the Company or
 any Group Company whether or not such trade, business or occupation is conducted for profit
 or gain.

14.2 **Restrictions on other activities and interests of the Executive** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 the Employment the Executive shall not at any time, without the prior written consent of
 the Board, either alone or jointly with any other person, carry on or be directly or indirectly
 employed, engaged, concerned or interested in any business, prospective business or undertaking
 other than a Group Company. Nothing contained in this Clause shall preclude the Executive
 from being a Minority Holder unless the holding is in a company that is a direct business
 competitor of the Company or any Group Company in which case, the Executive shall obtain
 the prior consent of the Board to the acquisition or variation of such holding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Executive, with the consent of the Board, accepts any other appointment he must keep
 the Company accurately informed of the amount of time he spends working under that appointment.

**15.** **ANTI-BRIBERY AND CORRUPTION POLICY AND PROCEDURES** 

15.1 **Prohibition of Corruption** 

The Company prohibits Corruption and will not tolerate any involvement or attempted involvement in Corruption by the Company or any Executive, employees, agents, associates or any parties in any way associated with the business of the Company or the Group. This prohibition extends to all of the Group's business dealings and transactions in all countries in which it, its subsidiaries, its agents and its associates operate.

15.2 **Compliance with the Anti-Bribery and Corruption Policy** 

The Executive must comply with any Anti-Bribery and Corruption Policy that the Company has in place from time to time and must report any instances of Corruption (including those attempted and/or resisted) and/or corrupt activity involving the Company or any Group Company or any of its officers, employees, agents or associates which he becomes aware of irrespective of the identity or position of those alleged to be involved.

15.3 **Corruption events** 

During the Employment the Executive shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) become
 involved in bribery whether by offering, promising, giving, agreeing to, soliciting, demanding,
 requesting, receiving, or accepting bribes, or behaving corruptly in expectation of a bribe
 or an advantage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) offer
 any hospitality, gift or gratuity to customers, suppliers or any other person connected with
 the business of the Company or the Group with the intention of gaining a business advantage.
 Any gifts or invitations to hospitality events that the Executive wishes to issue which are
 expected to exceed the value of £100 must be agreed in advance with the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) receive
 or obtain directly or indirectly any discount, rebate, commission, or gratuity over the value
 of £100 or any hospitality or other form of gift known to have a value of over £100
 (any of these referred to as a "**Gratuity**") as a result of the Employment
 or any sale or purchase of goods or services effected or other business transacted (whether
 or not by him) by or on behalf of the Company or any Group Company and if he (or any person
 in which he is interested) obtains any Gratuity he must first seek permission from the Board
 and may be required to account to the Company for the amount received by him (or a due proportion
 of the amount received by the person having regard to the extent of his interest therein).

**16.** **CONFIDENTIALITY AND COMPANY DOCUMENTS** 

16.1 **Restrictions on disclosure and use of Confidential Information** 

The Executive must not either during the Employment (except in the proper performance of his duties) or at any time (without limit) after the Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) divulge
 or communicate to any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use
 for his own purposes or for any purposes other than those of the Company or any Group Company;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) through
 any failure to exercise due care and diligence, cause any unauthorised disclosure of;

any Confidential Information. The Executive must at all times use his best endeavours to prevent publication or disclosure of any Confidential Information. These restrictions shall cease to apply to any information which is or shall become available to the public generally otherwise than through the default of the Executive.

16.2 **Protection of Company documents and materials** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 be and remain the property of the Company or the relevant Group Company or client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 be handed over by the Executive to the Company or the relevant Group Company or client on
 demand by the Company and in any event on the termination of the Employment.

**17.** **INVENTIONS AND OTHER WORKS** 

17.1 **Executive to further interests of the Company** 

The Company and the Executive agree that the Executive may make or create Works in the course of and/or during the Employment and agree that in this respect the Executive is obliged to further the interests of the Company and any Group Company.

17.2 **Disclosure and ownership of Works** 

The Executive must immediately disclose to the Company all Works and all Intellectual Property Rights. Both the Works and all Intellectual Property Rights will (subject to sections 39 to 43 Patents Act 1977) belong to and be the absolute property of the Company or any other person the Company may nominate.

17.3 **Protection, registration and vesting of Works** 

The Executive shall immediately on request by the Company (whether during or after the Employment) and at the expense of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) apply
 or join with the Company or any Group Company in applying for any Intellectual Property Rights
 or other protection or registration ()"**Protection**") in the United Kingdom
 and in any other part of the world for, or in relation to, any Works;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) execute
 all instruments and do all things necessary for vesting all Intellectual Property Rights
 or Protection when obtained and all right, title and interest to and in the same absolutely
 and as sole beneficial owner in the Company or such Group Company or other person as the
 Company may nominate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sign
 and execute any documents and do any acts reasonably required by the Company in connection
 with any proceedings in respect of any applications and any publication or application for
 revocation of any Intellectual Property Rights or Protection.

17.4 **Waiver of rights by the Executive** 

The Executive hereby irrevocably and unconditionally waives all rights under Chapter IV Copyright, Designs and Patents Act 1988 and any other moral rights which he may have in the Works, in whatever part of the world such rights may be enforceable including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 right conferred by section 77 of that Act to be identified as the author of any such Works;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 right conferred by section 80 of that Act not to have any such Works subjected to derogatory
 treatment.

17.5 **Power of Attorney** 

The Executive hereby irrevocably appoints the Company to be his attorney and in his name and on his behalf to execute any such act and to sign all deeds and documents and generally to use his name for the purpose of giving to the Company the full benefit of this Clause. The Executive agrees that, with respect to any third parties, a certificate signed by any duly authorised officer of the Company that any act or deed or document falls within the authority hereby conferred shall be conclusive evidence that this is the case.

17.6 **Statutory rights** 

Nothing in this Clause 17 shall be construed as restricting the rights of the Executive or the Company under sections 39 to 43 Patents Act 1977.

**18.** **TERMINATION** 

18.1 **Termination events** 

Notwithstanding the provisions of Clauses 3 and 11, the Company shall be entitled, but not bound, to terminate the Employment with immediate effect by giving to the Executive notice in writing at any time after the occurrence of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Executive is guilty of any gross misconduct or behaviour which tends to bring himself
 or the Company or any Group Company into disrepute; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Executive commits any material or persistent breach of this Agreement (in the case of
 a non-material persistent breach, having been given notice in writing of the breach and a
 reasonable opportunity to rectify the breach if it is capable of being rectified) or fails
 to comply with any reasonable and lawful order or direction of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 he becomes insolvent or bankrupt or compounds with or grants a trust deed for the benefit
 of his creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 his behaviour (whether or not in breach of this Agreement) can reasonably be regarded as
 materially prejudicial to the interests of the Company or any Group Company, including if
 he is found guilty of any criminal offence punishable by imprisonment (whether or not such
 sentence is actually imposed); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 he has an order made against him disqualifying him from acting as a company director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 he becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if
 the Executive is removed from membership of any industry regulating body; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if
 the Executive is found guilty of any offence of bribery under the Bribery Act 2010, or other
 bribery legislation in any other jurisdiction, breach of Clause 15 of this Agreement or the
 Company's Anti-Bribery and Corruption Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the Executive commits any material breach or persistent but non-material breach of the Articles
 of Association of the Company or any Group Company (in the case of a persistent but non-material
 breach, having been given notice in writing of the breach and a reasonable opportunity to
 rectify the breach).

18.2 **Company's right to proceed** 

While the Company will endeavour to deal fairly with allegations against the Executive, it reserves the right to proceed under Clause 18.1 without prior notice and without holding a hearing or inviting any representations from the Executive.

18.3 **Termination on resignation as director** 

If the Executive resigns as a director of the Company or any Group Company (otherwise than at the request of the Company), he shall be deemed to have terminated the Employment with effect from the date of his resignation and the Employment shall terminate at that time, unless the Company agrees with the Executive that the Employment should continue, in which case the Employment may be subject to any terms and conditions stipulated by the Company in its absolute discretion.

18.4 **No damages or payment in lieu of notice** 

In the event of the Employment being terminated pursuant to Clause 18.1(a), (d), (e) or (h), the Executive shall not be entitled to receive the Termination Payment, any payment in lieu of notice nor make any claim against the Company or any Group Company for damages for loss of office or termination of the Employment. Regardless of this, the termination shall be without prejudice to the continuing obligations of the Executive under this Agreement.

**19.** **EVENTS UPON TERMINATION** 

19.1 **Obligations upon termination** 

Immediately upon the termination of the Employment howsoever arising or immediately at the request of the Board at any time after either the Company or the Executive has served notice of termination of the Employment, the Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver
 to the Company all Works, materials within the scope of Clause 16.2 and all other materials
 and property including credit or charge cards, mobile telephone, computer equipment, disks
 and software, passwords, encryption keys or the like, keys, security pass, letters, stationery,
 documents, files, films, records, reports, plans and papers (in whatever format including
 electronic) and all copies thereof used in or relating to the business of the Company or
 the Group which are in the possession of or under the control of the Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) resign
 (without claim for compensation) as a director and from all other offices held by him in
 the Company or any Group Company or otherwise by virtue of the Employment. For the avoidance
 of doubt, such resignations shall be without prejudice to any claims the Executive may have
 against the Company or any Group Company arising out of the termination of the Employment;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfer
 without payment, to the Company, or as the Company may direct, any shares or other securities
 held by the Executive as nominee or trustee for the Company or any Group Company;

and should the Executive fail to do so the Company is hereby irrevocably authorised to appoint some person to sign any documents and/or do all things in his name and on his behalf necessary to give effect thereto.

19.2 **Loss of Share Incentives** 

On the termination of the Employment (howsoever arising, including lawfully or unlawfully), the Executive shall not be entitled to any compensation or payment for the loss of the Share Incentives or any benefit which could have been derived from them, whether the compensation or payment is claimed by way of a payment in lieu of notice, damages for wrongful dismissal, breach of contract or loss of office, or compensation for unfair dismissal, or on any other basis.

**20.** **RESTRICTIONS AFTER TERMINATION** 

20.1 **Definitions** 

Since the Executive is likely to obtain Confidential Information in the course of the Employment and personal knowledge of and influence over suppliers, customers, clients and employees of the Company and Group Companies, the Executive hereby agrees with the Company that in addition to the other terms of this Agreement and without prejudice to the other restrictions imposed upon him by law, he will be bound by the covenants and undertakings contained in Clauses 20.2 to 20.7. In this Clause 20, unless the context otherwise requires:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Customer"** | means any person to which the Company distributed, sold or supplied Restricted Products or Restricted Services during the Relevant Period and with which, during that period either the Executive, or any employee under the direct or indirect supervision of the Executive, had material dealings in the course of the Employment, but always excluding therefrom, any division, branch or office of such person with which the Executive and/or any such employee had no dealings during that period; |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Prospective Customer"** | means any person with which the Company had discussions during the Relevant Period regarding the possible distribution, sale or supply of Restricted Products or Restricted Services and with which during such period the Executive, or any employee who was under the direct or indirect supervision of the Executive, had material dealings in the course of the Employment, but always excluding therefrom any division, branch or office of that person with which the Executive and/or any such employee had no dealings during that period; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Non-Compete Restricted Period"** | means, subject to the terms of Clause 20.4: (i) if the Termination Date is after the Two Year Anniversary, the period commencing on the Termination Date and continuing for three months; or (ii) if the Termination Date is on or before the Two Year Anniversary, the period commencing on the Termination Date and ending on the Two Year Anniversary unless: (A) that period is less than three months, in which case the Non-Compete Restricted Period shall be three months; or (B) that period is greater than 12 months, in which case the Non-Compete Restricted Period shall be 12 months; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Relevant Period"** | means: (i) where the Employment is continuing, the period of the Employment; and (ii) where the Employment has terminated, the period of twelve months immediately preceding the Termination Date; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Restricted Area"** | means: |
|  | (a) England, Scotland, Wales; and |
|  | (b) any other country in the world where, on the Termination Date, the Company dealt in Restricted Products or Restricted Services; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Restricted Employee"** | means any person who was a director, employee or consultant of the Company at any time within the Relevant Period who by reason of that position and in particular his seniority and expertise or knowledge of Confidential Information or knowledge of or influence over the clients, customers or contacts of the Company is likely to cause damage to the Company if he were to leave the employment of the Company and become employed by a competitor of the Company; |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Restricted Period"** | means the period commencing on the Termination Date and, subject to the terms of Clause 20.4, continuing for 12 months; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Restricted Products"** | means any products, equipment or machinery researched into, developed, manufactured, supplied, marketed, distributed or sold by the Company and with which the duties of the Executive were materially concerned or for which he was responsible during the Relevant Period, or any products, equipment or machinery of the same type or materially similar to those products, equipment or machinery; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Restricted Services"** | means any services (including but not limited to technical and product support, technical advice and customer services) researched into, developed or supplied by the Company and with which the duties of the Executive were materially concerned or for which he was responsible during the Relevant Period, or any services of the same type or materially similar to those services; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Supplier"** | means any supplier, agent, distributor or other person who, during the Relevant Period was in the habit of dealing with the Company and with which, during that period, the Executive, or any employee under the direct or indirect supervision of the Executive, had material dealings in the course of the Employment. |

---

20.2 **Restrictive covenants** 

In relation to clause 20.2(c) only, both during the Employment and during the Non-Compete Restricted Period, and in relation to all other sub-clauses below both during the Employment and during the Restricted Period, the Executive will not, without the prior written consent of the Company, whether by himself, through his employees or agents and whether on his own behalf or on behalf of any person, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) so
 as to compete with the Company, solicit business from or canvas any Customer or Prospective
 Customer in respect of Restricted Products or Restricted Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so
 as to compete with the Company, accept orders from, act for or have any business dealings
 with, any Customer or Prospective Customer in respect of Restricted Products or Restricted
 Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) within
 the Restricted Area, be employed or engaged in or provide Confidential Information to that
 part of a business or person which is involved in the business of researching into, developing,
 manufacturing, distributing, selling, supplying or otherwise dealing with Restricted Products
 or Restricted Services, if the business or person is or seeks to be in competition with the
 Company. For the purposes of this subclause, acts done by the Executive outside the Restricted
 Area shall nonetheless be deemed to be done within the Restricted Area where their primary
 purpose is to distribute, sell, supply or otherwise deal with Restricted Products or Restricted
 Services in the Restricted Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) solicit
 or induce or endeavour to solicit or induce any person who was a Restricted Employee (and
 with whom the Executive had dealings during the Relevant Period) to cease working for or
 providing services to the Company, whether or not any such person would thereby commit a
 breach of contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) employ
 or otherwise engage any Restricted Employee in the business of researching into, developing,
 manufacturing, distributing, selling, supplying or otherwise dealing with Restricted Products
 or Restricted Services if that business is, or seeks to be, in competition with the Company;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) solicit
 or induce or endeavour to solicit or induce any Supplier to cease to deal with the Company
 and shall not interfere in any way with any relationship between a Supplier and the Company.

20.3 **Application of restrictive covenants to other Group Companies** 

Clause 20.2 shall also apply as though references to the "Company'' in Clauses 20.1 and 20.2 include references to each Group Company in relation to which the Executive has in the course of the Employment or by reason of rendering services to or holding office in such Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acquired
 knowledge of its products, services, trade secrets or Confidential Information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) had
 personal dealings with its Customers or Prospective Customers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) supervised
 directly or indirectly employees having personal dealings with its Customers or Prospective
 Customers;

but so that references to the "**Company**" shall for this purpose be deemed to be references to the relevant Group Company. The obligations undertaken by the Executive pursuant to this Clause 20.3 shall, with respect to each Group Company, constitute a separate and distinct covenant in favour of and for the benefit of each Group Company and which shall be enforceable either by the particular Group Company or by the Company on behalf of the Group Company and the invalidity or unenforceability of any such covenant shall not affect the validity or enforceability of the covenants in favour of any other Group Company.

20.4 **Effect of suspension on Restricted Period and Non-Compete Restricted Period** 

If the Company exercises its right to suspend the Executive's duties and powers under Clause 5.3 after notice of termination of the Employment has been given, the aggregate of the period of the suspension and the Restricted Period and/or the Non-Compete Restricted Period shall not exceed 12 months (or three months, or such longer period as the Non-Compete Restricted Period may be as calculated in accordance with its definition above) and if the aggregate of the two periods would exceed 12 months (or three months, or such longer period as the Non- Compete Restricted Period may be as calculated in accordance with its definition above) the Restricted Period and/or the Non-Compete Restricted Period shall be reduced accordingly.

20.5 **Further undertakings** 

The Executive hereby undertakes to the Company that he will not at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during
 the Employment or after the Termination Date engage in any trade or business or be associated
 with any person engaged in any trade or business using any trading names used by the Company
 or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after
 the Termination Date make any public statement in relation to the Company or any Group Company
 or any of their officers or employees, except that he may confirm that he was employed by
 the Company and discuss his role, subject always to Clause 20.6 below; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after
 the Termination Date represent or otherwise indicate any association or connection with the
 Company or any Group Company or for the purpose of carrying on or retaining any business
 represent or otherwise indicate any past association with the Company or any Group Company.

20.6 **Protection of Company reputation** 

The Executive undertakes that, he will not at any time during the Employment and at any time (without limit) after the Termination Date make or publish or cause to be made or published to anyone in any circumstances any disparaging remarks concerning the Company or any Group Company or any of its or their respective shareholders, officers, employees or agents.

20.7 **Employment Offer** 

In the event that the Executive accepts an offer of employment or request to provide services either during the Employment or during the terms of the Restricted Period or Non-Compete Restricted Period, the Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide
 immediately to such person, company or other entity making such an offer or request a full
 and accurate copy of the Restrictive Covenants set out at Clause 20 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if,
 it is during the Employment, notify the Company within 3 working days of accepting such offer
 and the identity of the person, company or other entity making the offer.

20.8 **Severance** 

The restrictions in this Clause 20 (on which the Executive has had the opportunity to take independent advice, as the Executive hereby acknowledges) are separate and severable restrictions and are considered by the parties to be reasonable in all the circumstances. It is agreed that if any such restrictions, by themselves, or taken together, shall be adjudged to go beyond what is reasonable in all the circumstances for the protection of the legitimate interests of the Company or a Group Company but would be adjudged reasonable if some part of it were deleted, the relevant restriction or restrictions shall apply with such deletion(s) as may be necessary to make it or them valid and enforceable.

**21.** **RECONSTRUCTION AND AMALGAMATIONS** 

If the Company undergoes any process of reconstruction or amalgamation (whether or not involving the liquidation of the Company) and the Executive is offered employment by the successor or proposed successor to the Company or any Group Companies on terms not materially less favourable overall to those under this Agreement whether as to duties, responsibilities, remuneration or otherwise and the Executive does not accept the offer within one month of it being made, then the Executive shall have no claim against the Company or the successor to the Company in respect of termination of this Agreement and the Employment.

**22.** **DISCIPLINARY AND GRIEVANCE PROCEDURE** 

22.1 **Disciplinary procedures** 

Any disciplinary action taken in connection with the Employment will usually be taken in accordance with the Company's normal disciplinary procedures (which are workplace rules and not contractually binding) a copy of which is available from the Board.

22.2 **Grievance procedure** 

If the Executive wishes to obtain redress of any grievance relating to the Employment or is dissatisfied with any reprimand, suspension or other disciplinary step taken by the Company, he shall apply in writing to the Chairman of the Board, setting out the nature and details of any such grievance or dissatisfaction.

**23.** **GENERAL** 

23.1 **Provisions which survive termination** 

Any provision of this Agreement which is expressed or intended to have effect on, or to continue in force after, the termination of this Agreement shall have such effect, or, as the case may be, continue in force, after such termination.

23.2 **No collective agreements** 

There are no collective agreements that directly affect the terms and conditions of the Employment.

23.3 **Compliance with the code on Corporate Governance** 

The Executive shall comply, to the extent that the Board considers appropriate for a company the size of the Company, with the provisions of "The UK Corporate Governance Code" a corporate governance code issued by the Financial Reporting Council (as the same is amended from time to time).

**24.** **DATA PROTECTION AND PRIVACY** 

24.1 **Data Protection** 

The Company will hold, collect and otherwise process certain personal data as set out in the Company's privacy notice, which is on the intranet. All personal data will be treated in accordance with applicable data protection laws and regulations.

**25.** **AMENDMENTS, WAIVERS AND REMEDIES** 

25.1 **Amendments** 

No amendment or variation of this Agreement or any of the documents referred to in it (other than an alteration in the Basic Salary) shall be effective unless it is in writing and signed by or on behalf of each of the parties.

25.2 **Waivers and remedies cumulative** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 rights of each party under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may
 be exercised as often as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are
 cumulative and not exclusive of its rights under the general law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) may
 be waived only in writing and specifically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Delay
 in exercising or non-exercise of any right is not a waiver of that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 right of rescission conferred upon the Company by this Agreement shall be in addition to
 and without prejudice to all other rights and remedies available to it.

**26.** **ENTIRE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement and the documents referred to in it constitute the entire agreement and understanding
 of the parties and supersede and extinguish all previous agreements, promises, assurances,
 warranties, representations and understandings between the parties, whether written or oral,
 relating to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 party acknowledges that in entering into this Agreement it does not rely on, and shall have
 no remedies in respect of, any statement, representation, assurance or warranty (whether
 made innocently or negligently) that is not set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent
 misstatement based on any statement in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing
 in this Clause shall limit or exclude any liability for fraud.

**27.** **NO OUTSTANDING CLAIMS** 

The Executive hereby acknowledges that he has no outstanding claims of any kind against the Company or any Group Company (other than in respect of remuneration and expenses due to the date of this Agreement but not yet paid).

**28.** **SEVERANCE** 

If any provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 legality, validity or enforceability in that jurisdiction of any other provisions of this
 Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 legality, validity or enforceability in any other jurisdiction of that or any other provision
 of this Agreement.

**29.** **NOTICE** 

29.1 **Notices and deemed receipt** 

Any notice hereunder shall be given by either party to the other either personally to the Executive or the Company Secretary (as appropriate) or sent in the case of the Company, to its registered office for the time being and, in the case of the Executive, to his address last known to the Company. Any such notice shall be in writing and shall be given by letter delivered by hand or sent by first class prepaid recorded delivery or registered post or by facsimile transmission. Any such notice shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 delivered personally, at the time of delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of pre-paid recorded delivery or registered post, 48 hours from the date of posting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the case of registered airmail, five days from the date of posting;and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 the case of fax or email, at the time of transmission;

provided that if deemed receipt occurs before 9am on a business day the notice shall be deemed to have been received at 9am on that day and if deemed receipt occurs after 5pm on a business day, or on a day which is not a business day, the notice shall be deemed to have been received at 9am on the next business day. For the purpose of this Clause, "business day'' means any day which is not a Saturday, a Sunday or a public holiday in the place at or to which the notice is left or sent.

**30.** **GOVERNING LAW AND JURISDICTION** 

30.1 **Governing law** 

This Agreement is governed by and to be construed in accordance with English law.

30.2 **Jurisdiction** 

Each party hereby submits to the exclusive jurisdiction of the English courts as regards any claim, dispute or matter arising out of or in connection with this Agreement and its implementation and effect.

**IN WITNESS** of which this Agreement has been executed and delivered as a deed on the first date written above.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED as a Deed | /s/ Ian Molyneux |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DONCASTERS LIMITED<br> acting by | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witness's |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature: | /s/ Janet A Mitchell |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full Name: | Janet A Mitchell |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address: | [\*\*\*] |
|  | [\*\*\*] |
|  | [\*\*\*] |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED as a Deed<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by MIKE QUINN | /s/ Mike Quinn |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the presence of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witness's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature: | /s/ Gillian Power | 9/2/2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full Name: | Gillian Power |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address: | [\*\*\*]<br>|  |
|  | [\*\*\*] |  |
|  | [\*\*\*] |  |
|  | [\*\*\*] |  |
|  | [\*\*\*] |  |

---

![](tm269965d4_ex10-4img002.jpg)

**Mike Quinn**<br> Via Email

30 July 2025

**Re: Variation to Notice Period under Employment Contract**

Dear Mike

We refer to your employment contract dated 10 February 2020. This letter confirms our mutual agreement to vary the notice period clause in your contract from one month to six months.

With effect from July 30, 2025, Clause 3.2 of your contract of employment will be varied as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Either
 party (the Company or the Executive) must give not less than **six months' prior written notice** to terminate the employment.

All other terms and conditions of your employment remain unchanged and in full force and effect.

Please sign and return the enclosed copy of this letter to confirm your agreement to this change.

If you have any questions regarding this variation, please don't hesitate to contact me.

Yours sincerely

/s/ Dirkson Charles

**Dirkson Charles<br> Chairman**

I confirm that I accept this variation to my contract.

Name: Mike Quinn

---

| | | | |
|:---|:---|:---|:---|
| Signed: | /s/ Mike Quinn | Date: | 30-Jul-25 |

---

1 Park Row, Leeds, LS1 5AB, UK<br> **Tel:** (0) 1332 864 900 **www.doncasters.com**

<br> **Doncasters Limited.** Registered in England and Wales. Company No: 00321992<br> Registered Office: 1 Park Row, Leeds, LS1 5AB, UK

## Exhibit 10.5

**Exhibit 10.5**

**<u>DATED</u>** <u>19-Mar-24</u>

**(1) DONCASTERS LIMITED**

**(2) DAVID EGAN**

**SENIOR EXECUTIVE'S SERVICE AGREEMENT**

Contents

1. DEFINITIONS
 AND INTERPRETATIONS 2

2. EMPLOYMENT 5

3. FREEDOM
 TO TAKE UP THE APPOINTMENT 5

4. TERM
 OF EMPLOYMENT 6

5. DUTIES
 OF THE EXECUTIVE 7

6. HOURS
 OF WORK 9

7. PLACE
 OF WORK 9

8. SALARY
 AND BONUS 9

9. EXPENSES 10

10. PENSION
 AND LIFE ASSURANCE 10

11. PRIVATE
 MEDICAL EXPENSES INSURANCE SCHEME 10

12. HOLIDAY 11

13. SICKNESS 12

14. OTHER
 PAID LEAVE 13

15. TERMINATION
 OF EMPLOYMENT 14

16. DISCIPLINARY
 AND GRIEVANCE PROCEDURES 16

17. DIRECTORSHIPS
 AND SHAREHOLDINGS 17

18. RECONSTRUCTION 17

19. CONFIDENTIAL
 INFORMATION 17

20. POST
 TERMINATION COVENANTS 18

21. INTELLECTUAL
 PROPERTY 21

22. MISREPRESENTATION 22

23. REFERENCES 22

24. DATA
 PROTECTION 22

25. THIRD
 PARTY RIGHTS 24

26. DIRECTORS'
 AND OFFICERS' INSURANCE 24

27. OTHER
 AGREEMENTS 24

28. NOTICES 24

29. LAW
 AND JURISDICTION 25

30. GENERAL
 PROVISIONS 25

**THIS DEED** is made on 19-Mar-24

**BETWEEN: -**

**(1)** **Doncasters Limited** incorporated and registered in England and Wales with company number 00321992
 whose registered office is at 1 Park Row, Leeds, LS1 5AB, United Kingdom (the "Company");
 and

**(2)** **David Egan** of [\*\*\*] (the "**Executive** ").

**WHEREAS** the execution of this Agreement was approved by the Remuneration Committee on 23 February 2024

**IT IS AGREED** as follows: -

1. **DEFINITIONS AND INTERPRETATIONS** 

1.1 In
 this Agreement:-

---

| | |
|:---|:---|
| "**the Act**" | means the Employment Rights Act 1996 |

---

---

| | |
|:---|:---|
| "**Associated Company**" | means a company or undertaking (which is not a Subsidiary or Holding Company of the Company or of a Group Company) of which more than 20 per cent of the Equity Share Capital is for the time being owned by the Company or a Group Company or which for the time being owns more than 20 per cent of the Equity Share Capital of the Company or a Group Company |

---

---

| | |
|:---|:---|
| "**Board**" | means the Board of Directors of the Company from time to time or any duly appointed committee thereof |

---

---

| | |
|:---|:---|
| "**Civil Partner**" | means a person who has entered into a civil partnership under the Civil Partnership Act 2004 |

---

---

| | |
|:---|:---|
| "**Confidential Information**" | means: - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any and all information relating to Material

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 and all information relating to Inventions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 information which relates to the business, finances, transactions, affairs, products,
 services, processes, equipment or activities of the Company and any Group Company which is
 designated by the Company or any Group Company as confidential and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 information relating to such matters which comes to the knowledge of the Executive
 in the course of the Employment and which, by reason of its character and/or the manner of
 its coming to his knowledge, is evidently confidential and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all information which relates to the business,
 finances, transactions, affairs, products, processes, equipment, or activities of actual
 or potential clients, customers, suppliers or other persons which has been given to the Company
 or any Group Company in confidence and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) shall
 include without limitation all such information under (a) to (e) held or contained
 in any media, including on social media sites, and information as to any of the following
 subjects: business plans, business methods, corporate plans, management systems, finances,
 maturing new business opportunities, research and development projects, concepts, ideas,
 new products or services, product formulae, source code, software, software designs, graphic
 designs, artwork, processes, inventions, discoveries or know-how, sales statistics, sales
 techniques, marketing surveys and plans, costs, profit or loss, prices and discount structures,
 the names, addresses and contact details of customers and suppliers or potential customers
 and suppliers PROVIDED THAT information shall not be, or shall cease to be Confidential Information
 if and to the extent that it comes to be in the public domain otherwise than as a result
 of the unauthorised act or default or breach of this Agreement of the Executive

---

| | |
|:---|:---|
| "**Employment**" | means the employment of the Executive under this Agreement or, where the context so requires, the duration of the employment of the Executive under this Agreement |

---

---

| | |
|:---|:---|
| "**Equity Share Capital**" | has the meaning given to it in section 548 of the Companies Act 2006 |

---

---

| | |
|:---|:---|
| "**Financial Year**" | means: the Company's financial year ending on 31 December each year- |

---

"**Group**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Holding Company for the time being
 of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Subsidiary for the time being of the
 Company or of the Company's Holding Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Associated Company and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other company or body corporate or
 other form of business entity the name of which is notified in writing to the Executive by
 the Company as being a member of the Group

---

| | |
|:---|:---|
| "**Group Company**" | means any member of the Group, other than the Company, from time to time |

---

---

| | |
|:---|:---|
| "**Holding Company**" and "**Subsidiary**" | have the meanings given to them respectively in section 1159 of the Companies Act 2006 |

---

---

| | |
|:---|:---|
| "**Intellectual Property Rights**" | means patents, rights to inventions, copyright and related rights (including rights in computer software), moral rights, trade names and internet domain names, rights in get-up and trade dress, rights in goodwill, rights to sue for passing off, unfair competition rights, rights in designs, rights of whatsoever nature in computer software (including without limitation rights in source code and object code), database rights, rights to data (including without limitation data held in clouds), topography rights, rights in confidential information (including know-how and Trade Secrets), trademarks, service marks, logos, database rights, semi-conductor topography rights, utility models, and any other intellectual property rights and all other intangible rights and privileges of a nature similar and/or allied to any of the foregoing, in each case whether registered or unregistered and including all applications for registration (or rights to apply) for, renewals or extensions of and amendments to, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world |

---

---

| | |
|:---|:---|
| "**Invention**" | means any invention, discovery, enhancement or improvement including (without limitation) any know how, design, image, process, plan, drawing, formula, computer programme, software (including source code and object code), system or specification which in any way affects or relates to the business of the Company or any Group Company (including without limitation any current, potential or future product, service, process, equipment, system or activity of the Company or any Group Company) whether or not now, or at any future time, capable of forming the subject matter of a patent or otherwise being subject to patent protection (whether in the United Kingdom or in any other territory in the World) |

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| | |
|:---|:---|
| "**Material**" | means any and all written, audio and/or visual work, any know-how, show-how, information, technique, Invention, design, drawing, specification, component list, manual, instruction, catalogue, image, photograph, plan, formula, computer program, software or system, record, document, compilation or database which in any way affects or relates to the business of the Company or any Group Company (including without limitation any current, potential or future product, service, process, equipment, system or activity of the Company or any Group Company) |

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| | |
|:---|:---|
| "**Minority Holder**" | means a person who, whether solely or jointly, holds or is beneficially interested in the shares or securities of any company quoted on any Recognised Investment Exchange provided that such holding or interest does not exceed 3 per cent of any single class of such shares or securities. In calculating whether a person is a Minority Holder there shall be aggregated with any shares or securities held by him or to which he is beneficially entitled any shares or securities of the same class which his spouse or Civil Partner or any dependent child holds or is beneficially entitled to |

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---

| | |
|:---|:---|
| "**Reference Period**" | means any 17-week period during the Employment |

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---

| | |
|:---|:---|
| "**Remuneration**" | means all Salary, compensation, bonus, and benefits (in whatever form) that the Executive receives from the Company or any Group Company and shall be taken to include (but is not limited to) any payments that are made in connection with the Employment, the holding of any office and the termination of the Employment and/or any office that the Executive holds in the Company or any Group Company |

---

---

| | |
|:---|:---|
| "**Remuneration Committee**" | means any committee of the Board, set up to determine executive remuneration as appointed by the Board from time to time |

---

---

| | |
|:---|:---|
| "**Salary**" | has the meaning given in Clause 8.1 as the same may be amended from time to time |

---

---

| | |
|:---|:---|
| "**Termination**" | means the termination of the Employment and Termination Date shall mean the date on which Termination takes effect. |

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| | |
|:---|:---|
| "**Trade Secrets**" | means information which meets all the requirements for a 'trade secret' set out in Article 2 of the Directive (EU) 2016/943 of the European Parliament, to the extent that Article 2 is implemented in countries and/or areas within the United Kingdom or any other territory in the world |

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| | |
|:---|:---|
| "**Working Time**" | has the meaning given to it in Regulation 2 of the Working Time Regulations 1998 |

---

1.2 The
 headings in this Agreement are for convenience only and shall not affect its interpretation
 or construction.

1.3 A
 reference to any statutory or legislative provision includes a reference to that provision
 as modified, replaced, amended and/or re-enacted from time to time.

1.4 Any
 reference to the Executive shall, if appropriate, include his personal representatives.

1.5 Words
 importing one gender include the other gender.

1.6 References
 to a "person" include any individual, firm, company, corporation, body corporate,
 government, state or agency of state, trust or foundation, or any association, partnership,
 or unincorporated body (whether or not having separate legal personality).

1.7 Any
 reference in this Agreement to a Clause or Sub-Clause is to the relevant Clause or Sub-Clause
 of this Agreement.

1.8 The
 Schedule to this Agreement forms an integral part of this Agreement and any reference to
 this Agreement includes a reference to such Schedule.

1.9 This
 Agreement includes the written statement of particulars of employment which the Company is
 required to give the Executive under section 1 of the Act and therefore no separate written
 statement will be provided. Whilst most of the particulars are set out in the body of the
 Agreement, additional particulars are set out in 1.

2. **EMPLOYMENT** 

The Company shall employ the Executive and the Executive agrees to act as Chief Finance Officer of the Group or in such capacity of a like status as the Board shall from time to time reasonably require on the terms set out in this Agreement.

3. **FREEDOM TO TAKE UP THE APPOINTMENT** 

3.1 The
 Executive warrants that by virtue of entering into or performing any of his duties under
 this Agreement or any other agreement made or to be made between the Company or a Group Company
 and the Executive he will not be in breach of any express or implied terms of any contract
 or of any other obligation binding to any third party, including any restrictive covenants,
 and declares that he is not directly or indirectly interested in any capacity in any other
 business, trade or occupation. The Executive undertakes to indemnify the Company and any
 Group Company against any costs, claims, liabilities, and expenses (including legal expenses
 on an indemnity basis) arising out of any such breach or alleged breach by him.

3.2 The
 Executive warrants that he is legally entitled to work in the United Kingdom. Should the
 Company discover that the Executive does not have permission to live and work in the United
 Kingdom or if any such permission is revoked or if the Executive is unable to present evidence
 of the right to work in the United Kingdom so that the Company can comply with the prescribed
 requirements under Section 15 of the Immigration, Asylum and Nationality Act 2006, the
 Company reserves the right to terminate the Employment immediately without notice or pay
 in lieu of notice.

4. **TERM OF EMPLOYMENT** 

4.1 The
 Employment shall begin on 6 May 2024 ()"**Commencement Date**") and no previous
 employment of the Executive shall count as part of the Executive's continuous period of employment
 for the purposes of the Act.

4.2 Subject
 to Clause 15 (Termination of Employment) the Employment shall be subject to termination by
 either party giving to the other six months prior notice in writing. Any period of notice
 given shall commence immediately after it is given in accordance with Clause 28.

4.3 **Garden Leave** 

Without prejudice to the provisions of Clauses 15.2 (Payment in Lieu of Notice) and 15.1 (Summary Dismissal), the Company may, at any time during the Employment, including without limitation for the purpose of investigating any matter relating to the Executive's conduct or performance, require the Executive to cease performing all or any of the Executive's duties for such period or periods as the Company shall in its absolute discretion determine (the "**Garden Leave**")**.** During any such period of Garden Leave: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 the
 Company shall continue to pay the Salary and shall provide all benefits to which the Executive
 is entitled under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2 without
 prejudice to the Company's rights under Clause 5.3 (performance of alternative duties) the
 Company shall be under no obligation to provide any work for the Executive and shall be entitled
 to appoint any other person or persons to perform the Executive's duties under this Agreement
 whether on a temporary or a permanent basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3 the
 Executive shall not, without the prior written permission of the Company enter or attend
 any Group premises or to contact any employees, officers, customers, clients, agents, or
 suppliers of the Group without its prior consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4 the
 Executive shall, at the request of the Board, immediately deliver to the Company all or any
 property in his possession or control which belongs to the Company or any Group Company or
 which relates to the business of the Company or any Group Company, including without limitation,
 all items mentioned in Clause 15.1.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.5 the
 Executive shall keep the Board informed of his whereabouts so that he can be called upon
 to perform any appropriate duties as required by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.6 for
 the avoidance of doubt the Executive shall continue to be bound by all the Executive's obligations
 under this Agreement insofar as they are compatible with the Executive being on garden leave
 including, without limit, the Executive's duty of good faith and the Executive's duties under
 Clause 5.6 (Executive not to be employed in any other business).

5. **DUTIES OF THE EXECUTIVE** 

5.1 The
 Executive shall, in his capacity as Chief Finance Officer of the Company, be responsible
 to the Board for the day-to-day management of the Company's affairs and shall report for
 line management purposes to the Chief Executive Officer.

5.2 The
 Executive accepts that without being entitled to further remuneration: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 the
 Company may require him to perform duties for any Group Company whether for the whole or
 part of his Working Time, and whether or not by way of a formal secondment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 the
 Company may require him to act as an officer of the Company or any Group Company or hold
 any other appointment or office as nominee or representative of the Company or any Group
 Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 the
 Company may transfer the Employment to any other Group Company.

5.3 The
 Executive accepts that the Company may at its discretion require him to perform other duties
 or tasks not within the scope of his normal duties and the Executive agrees to perform those
 duties or undertake those tasks as if they were specifically required under this Agreement.

5.4 During
 the Employment the Executive shall at all times: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 use
 his best endeavours to promote the success, interests and reputation of the Group giving
 at all times the full benefit of his knowledge, experience, expertise and skill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 faithfully
 and diligently and to the best of his ability exercise such powers and perform such duties
 in relation to the business of the Group as the Board may from time to time require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3 comply
 with his duties under Part 10 of the Companies Act 2006;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.4 keep
 the Board promptly and fully informed (in writing if so required by the Board) of his conduct
 of the business of the Company and any Group Company and provide the Board with all information
 regarding the affairs of the Company and any Group Company and his conduct in relation thereto
 as it shall require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.5 conform
 to the instructions or directions of the Board and implement and apply the policies of the
 Company as determined by the Board from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.6 refrain
 from making any false or misleading statements about the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.7 refrain
 from entering into any arrangement on behalf of the Company or any Group Company which is
 outside its normal course of business or his normal duties or which contains unusual or onerous
 terms without the approval of the Board.

5.5 The
 Company may during any period of Garden Leave, or absence from work due to illness or injury
 which is longer than 8 weeks or in the event of a planned absence forecasted to be longer
 than 8 weeks appoint any other person or persons to act jointly with the Executive to perform
 the duties of the Executive under this Agreement. In all other circumstances where the Company
 may wish to appoint another person to act jointly with the Executive the Company will only
 do this with the consent of the Executive, such consent not to be unreasonably withheld.

5.6 The
 Executive shall not during the Employment without the prior written consent of the Board
 be directly or indirectly employed, engaged, concerned or interested, whether as a director,
 employee, sub-contractor, partner, consultant, proprietor, agent or otherwise, in any other
 business, undertaking or occupation or the setting up of any other business, undertaking
 or occupation, or accept any other engagement or public office but the Executive may nevertheless
 be or become a Minority Holder provided that the Executive discloses this in writing to the
 Board.

5.7 The
 Executive shall not during the Employment knowingly or willingly do or cause or permit to
 be done anything which is calculated or may tend to prejudice or injure the interests of
 the Company or any Group Company and if during the Employment the Executive shall learn of
 any act or omission by any other person whether or not employed by the Company or any Group
 Company which is calculated or may tend to prejudice or injure the interests of the Company
 or any Group Company he shall promptly report it to the Board giving all necessary particulars,
 irrespective of whether this may involve some degree of self-incrimination. This shall include
 without limit any behaviour by any current or former officer or employee of the Company or
 any Group Company which could reasonably be construed as an attempt to entice the Executive
 or any other employee of the Company or any Group Company to leave the employment of the
 Company or any Group Company.

5.8 The
 Executive shall at all times comply with any policies of the Company relating to anti-bribery
 and corruption, and/or gifts and hospitality and shall not instruct, authorise or condone,
 expressly or impliedly, any corrupt activity. The Executive shall promptly report any breach
 or suspected breach of these policies, using the Company's whistleblowing procedures for
 this purpose. The Executive shall cooperate fully with the Company in its investigation of
 any suspected bribery or corruption of which he becomes aware and, in accordance with any
 existing or revised Company policy, he shall take reasonable preventative measures to stop
 bribery or corruption for which the Company or any Group Company may be liable.

5.9 The
 Executive shall at all times comply with any policies of the Company or any Group Company
 relating to the prevention of tax evasion and/or the prevention of the facilitation of tax
 evasion. The Company shall not instruct, authorise, or condone, expressly or impliedly, any
 corrupt activity, or any activity to evade or facilitate the evasion of tax. The Executive
 shall promptly report any breach or suspected breach of these policies and/or any suspected
 incidence of tax evasion, and/or any suspected facilitation of tax evasion, using the Company's
 whistleblowing procedures for this purpose. The Executive shall cooperate fully with the
 Company in its investigation of any tax evasion or facilitation of tax evasion of which he
 becomes aware. In accordance with any existing, implemented, or revised Company policy, the
 Executive shall take reasonable measures to prevent tax evasion and/or the facilitation of
 tax evasion for which the Company or any Group Company may be liable whether in the UK or
 worldwide.

5.10 The
 Executive shall comply and procure that his spouse or Civil Partner and dependent children
 comply with all applicable laws, regulations, rules and codes of conduct, including
 without limitation the Criminal Justice Act 1993, together with any policy of the Company
 from time to time in force in relation to: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.1 dealings
 in shares, debentures or other securities of the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.2 any
 inside information affecting the securities of any other company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.3 any
 form of market abuse.

5.11 The
 Executive shall hold any office in the Company and any Group Company subject to the Articles
 of Association of the relevant Company as amended from time to time. If the provisions of
 this Agreement conflict with the Articles of Association of the relevant Company, the Articles
 of Association will prevail.

6. **HOURS OF WORK** 

6.1 The
 Executive's normal working hours shall be 9.00 a.m. to 5.00 p.m. and his normal
 days of work shall be Mondays to Fridays. These hours and days are not variable unless with
 prior written agreement. However, the Executive may be required to work additional hours,
 without extra remuneration, as may be necessary for the proper performance of his duties
 and those additional hours are variable.

6.2 Subject
 to the performance of any activities permitted by the Board under Clause 5.6 (if any) the
 Executive shall devote the whole of his working time and attention to the service of the
 Group except during holidays and any periods of authorised absence.

6.3 The
 Executive acknowledges that the limit in Regulation 4(1) of The Working Time Regulations
 1998 (the "Regulations") shall not apply to him and accordingly agrees that his
 Working Time (including overtime) may exceed an average of 48 hours for each seven-day period
 in the Reference Period (as defined in the Regulations) whenever necessary for the proper
 discharge of his duties or in any event as may be required by the Company. The Executive
 shall be entitled to withdraw such agreement by giving three months prior written notice
 to the Company.

7. **PLACE OF WORK** 

7.1 The
 Executive's normal place of work shall be his home location as set out on page 2 of
 this agreement. The Executive agrees to travel on Group business within the United Kingdom
 as required by the Board for the proper performance of his powers and duties under this Agreement.

7.2 For
 the purpose of performing his duties, the Executive shall undertake such journeys in the
 United Kingdom and elsewhere as the Board shall require. Travelling and other expenses shall
 be reimbursed in accordance with Clause 9.

7.3 The
 Executive shall not be required to work outside the UK for any continuous period of more
 than one month without the Executives prior agreement.

8. **SALARY AND BONUS** 

8.1 During
 the Employment the Company shall pay to the Executive a basic salary at the rate of £475,000
 per year which shall accrue from day to day and be payable by equal monthly instalments two
 weeks in advance and two weeks in arrears on or about the 13<sup>th</sup> day of each month
 (the "**Salary** "). The Salary shall be deemed to include any fees or other
 remuneration receivable by the Executive as a director of the Company or any Group Company
 or in respect of any other company or unincorporated body in which he holds office or any
 other appointment as nominee or representative of the Company or any Group Company.

8.2 The
 Salary shall be reviewed by the Remuneration Committee from time to time and the rate of
 the Salary may be increased by the Company with effect from that date by such amount, if
 any, as it shall think fit. For the avoidance of doubt it is agreed that the Executive shall
 have no contractual right to any increase in the Salary under this Clause 8, and there will
 be no review of the Salary after notice has been given in accordance with Clause 4.2.

8.3 The
 Executive shall have a contractual right to participate in the Doncasters discretionary annual
 bonus scheme. The Executive acknowledges that the Board reserves the right to use its discretion
 as to whether in any one year a payment is made, the amount of the payment and the timing
 and conditions of any payment. Details of any performance criteria applicable to the relevant
 financial year shall be shared with the Executive in a timely manner. In the application
 of any Group or Companywide performance criteria, the Board shall treat the Executive no
 less favourably than it does any other Executive. All bonuses payable to the Executive under
 the annual bonus scheme shall not be pensionable and shall be paid to the Executive within
 30 days of the date of the filing of the Company's accounts for the relevant Financial Year
 at Companies House provided that Alloy Topco Limited and Alloy Parent Limited consolidated
 statutory accounts for the relevant Financial Year have also been filed.

8.4 For
 the purposes of sections 13 to 16 of the Act, the Executive hereby consents to the deduction
 from the Salary and bonus (or from any other sum due from the Company or any Group Company
 to the Executive which falls within the definition of "Wages" in section 27 of
 the Act) of any sums owing by the Executive to the Company or to any Group Company at any
 time and he also agrees to make payment to the Company or any Group Company of any sums owed
 by him to the Company or any Group Company upon demand by the Company at any time. This Clause
 is without prejudice to the right of the Company and any Group Company to recover any sums
 or balance of sums owed by the Executive to the Company or any Group Company by legal proceedings.

8.5 If,
 at any time during the Employment or subsequent to the termination of Employment, the Executive
 is found to have breached any of the terms of this Agreement or the Executive's duties to
 the Company during the Employment such that the Company would have been lawfully entitled
 to terminate the Employment without notice or payment in lieu of notice, the Company shall
 be entitled to recover any payment of bonus made to the Executive under Clause 8.3 in respect
 of his entitlement to bonus in the Financial Year during which the relevant breach occurred
 and/or to cease making further payments of the same under Clause 8.3 with immediate effect.
 Any such payments already made shall be recoverable from the Executive as a debt.

9. **EXPENSES** 

9.1 The
 Company shall refund to the Executive all reasonable expenses properly incurred by him in
 performing his duties under this Agreement, provided that these are incurred in accordance
 with Company policy from time to time. The Company will require the Executive to produce
 receipts or other documents as proof that he has incurred any expenses he claims.

9.2 If
 the Company provides the Executive with any credit or charge card the Executive shall use
 such card solely for those expenses referred to in Clause 9.land he shall immediately return
 any such card to the Company whenever so required by the Board, and in any event in accordance
 with the provisions of Clause 4.3 (Garden leave), Clause 15.5.1 (b) (Termination of
 Employment) and Clause 16.3 (Suspension from Employment) where applicable.

10. **PENSION AND LIFE ASSURANCE** 

10.1 Subject
 to HM Revenue and Customs limits, the Company will pay contributions to the Executive's personal
 pension arrangements provided those arrangements are acceptable to the Company. These contributions
 will be made at the rate of 15% of the Salary per annum and will be paid on or around the
 13<sup>th</sup> of each month. The Company will comply with its legal duties under Part 1
 of the Pensions Act 2008.

10.2 The
 Company maintains a life assurance scheme (the "Life Assurance Scheme") and, subject
 to Clauses 10.3 and 10.4 below, the Executive shall be entitled to join the Life Assurance
 Scheme, subject to the rules of the Life Assurance Scheme from time to time in force
 (details of which will be provided to the Executive on request) and to the approval of the
 relevant provider.

10.3 The
 Company shall be entitled at any time to withdraw or amend any of the rules or benefits
 of the Life Assurance Scheme and/or to terminate the Executive's participation in the Life
 Assurance Scheme.

10.4 Notwithstanding
 the generality of Clause 10.3 above, the Company may withdraw the benefits of and/or terminate
 the Executive's membership of the Life Assurance Scheme once the Executive has reached the
 age of 65 or the State Pensionable Age, if higher.

11. **PRIVATE MEDICAL EXPENSES INSURANCE SCHEME** 

11.1 During
 the Employment the Executive shall be entitled to participate at the Company's expense for
 himself, for any spouse or Civil Partner and any dependent children in the Company's private
 medical expenses insurance scheme (the "**Private Medical Insurance Scheme** ")
 subject always to the rules of the Private Medical Insurance Scheme for the time being
 in force (details of which are available on request) and to the approval of the relevant
 insurer.

11.2 The
 Company reserves the right at any time to withdraw or amend any of the rules or benefits
 of the Private Medical Insurance Scheme (including the level of cover) and/or terminate the
 Executive's participation in the Private Medical Insurance Scheme and subject to Clause 11.3
 any such changes shall take effect as between the Company and the Executive upon the Executive
 receiving written notice of the same from the Company.

11.3 Where
 the Executive is notified of any change in accordance with Clause 11.2, any entitlement to
 benefit which has already accrued to him at the time of the change will be dealt with in
 accordance with the rules of the relevant scheme immediately prior to the change provided
 that thereafter the Executive's entitlement under the scheme (if any) shall be subject to
 any changes which have been duly notified to him in accordance with Clause 11.2

11.4 Notwithstanding
 the generality of Clause 11.2, the Company may withdraw the benefits of and/or terminate
 the Executive's membership of the Private Medical Insurance Scheme once the Executive has
 reached the age of 65 or the State Pensionable Age, if higher. Any entitlement to benefit
 which has already accrued will be dealt with in accordance with the rules of the Private
 Medical Insurance Scheme for the time being in force.

12. **HOLIDAY** 

12.1 The
 Executive is entitled to 25 working days paid holiday in each holiday year in addition to
 such bank and other public holidays as are observed by the Company. The holiday year runs
 from January to December and, subject to the provisions of Clause 12.7, holiday
 entitlement is to be taken at such times and on such notice as is agreed by the Company's
 Chief Executive Officer.

12.2 The
 Executive will only be able to carry forward up to five days of his annual holiday entitlement
 to the succeeding holiday year, including, for the avoidance of doubt where the Executive
 is absent on sick leave.

12.3 Where
 the Employment starts or terminates during a holiday year the Executive will be entitled
 in that year to such proportion of his annual holiday entitlement as equals the proportion
 of time he is employed under this Agreement in that year, rounded to the nearest day except
 that if the Executive has accrued sufficient holiday in a particular holiday year to comply
 with the Working Time Regulations 1998 (the "**Regulations**") no holiday entitlement
 shall accrue during any period of garden leave taken in accordance with Clause 4.3.

12.4 The
 Executive shall not be entitled to payment in lieu of any unused part of his holiday entitlement,
 except on Termination and in accordance with Clause 12.6.

12.5 The
 Executive shall not accrue any entitlement to holiday in respect of periods of absence due
 to injury or illness of more than 28 consecutive days absence in any holiday year, save in
 relation to additional statutory holiday (if any) to which the Executive is entitled as a
 matter of law.

12.6 On
 termination of the Employment: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6.1 subject
 to Clause 12.6.2, the Executive shall be entitled to be paid in lieu of any outstanding holiday
 entitlement for the holiday year in which termination takes place or, as the case may be,
 shall be obliged to repay to the Company Salary in respect of holiday taken in excess of
 his entitlement in his final holiday year and the basis for calculation in either case shall
 be <sup>1</sup>/26o of the Salary for each day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6.2 where
 the Executive has been summarily dismissed in accordance with Clause 15.2 or where the Executive
 terminates the Employment in breach of the notice provisions in Clause 4.2:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Executive shall be entitled to be paid in respect of any outstanding statutory holiday entitlement
 for the holiday year in which termination takes place but shall not be entitled to be paid
 in lieu of any additional outstanding contractual holiday entitlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 calculation of any sum owed by the Executive in respect of excess holiday entitlement shall
 be carried out in accordance with Clause 12.6.1.

12.7 For
 the avoidance of doubt: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7.1 Regulations
 15(1) to 15(4) of the Regulations do not apply to the Employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7.2 the
 Executive may take all or part of his holiday entitlement before it has accrued under Regulation
 15A of the Regulations provided that the Executive has the Chief Executive Officer's permission
 to do so in accordance with Clause 12.1.

13. **SICKNESS** 

13.1 If
 during the Employment the Executive is absent from work due to illness or injury, he must
 notify Chief Executive Officer or the Chief People Officer as soon as possible and, if practicable,
 on the first working day of incapacity. Subject to Clause 13.10 below, the Executive shall
 complete any self-certification forms which are required by the Company immediately upon
 his return to work and, if his incapacity continues for more than seven consecutive days
 (whether working days or not) shall produce medical certificates to cover the duration of
 his absence from work. Provided the Executive complies with these requirements, undergoes
 any medical examination or tests reasonably required by the Company under Clause 13.6, provides
 any medical evidence reasonably required by the Company pursuant to Clause 13.10 the Executive's
 absence will be regarded as authorised.

13.2 The
 Executive shall continue to receive his full salary and benefits including any bonus and
 other contractual benefits due to him under this Agreement during any authorised period or
 periods of absence due to illness or injury up to a maximum of 26 weeks in aggregate in any
 12-month period ()"**Contractual Sick Pay** "). Thereafter he will not be entitled
 to any further payment from the Company or any Group Company (other than by way of any Statutory
 Sick Pay or paid statutory holiday due to him or any pay due to him pursuant to the terms
 of Clause 12) nor to the continued provision of his benefits under this Agreement except
 for life assurance, until the resumption of his duties, although the Company may at the Board's
 discretion continue to pay him his normal remuneration in excess of any Contractual Sick
 Pay including any bonus and other contractual benefits for such periods as it considers appropriate
 ()"**Discretionary Sick Pay** ").

13.3 Both
 Contractual Sick Pay and any Discretionary Sick Pay shall be subject to set off by the Company
 in respect of any statutory sick pay or social security benefits to which the Executive is
 entitled (whether or not such benefits are actually received).

13.4 For
 statutory sick pay purposes, the Executive's qualifying days shall be his normal working
 days.

13.5 The
 Executive may at the Company's expense be required during the course of the Employment to
 attend a medical practitioner or clinic nominated by the Company for the purpose of a medical
 examination to help determine his fitness for continued Employment and he shall undergo any
 tests and examinations reasonably required by the said medical practitioner or clinic and
 shall authorise disclosure of and co-operate in ensuring the prompt delivery of any resulting
 report to the Company. Such an examination may include or consist of tests for alcohol or
 drugs (including "**controlled drugs**" as defined by the Misuse of Drugs Act
 1971) where the Company has reason to believe that the use of alcohol or drugs is adversely
 affecting the Executive's performance at work or is posing a risk to health and safety. Notwithstanding
 the provisions of the Access to Medical Reports Act 1988 the Executive hereby consents to
 the Company obtaining any medical report relating to his physical or mental health prepared
 by a medical practitioner who is or has been responsible for the clinical care of the Executive.

13.6 Without
 prejudice to Clause 5.5 (Power to appoint Joint Executive) the Company shall be entitled
 during any period during which the Executive is absent due to illness or injury to appoint
 any other person or persons to perform the duties and exercise the powers of the Executive
 in his place on such terms and conditions as the Company shall see fit.

13.7 **Third Party Injury to Executive** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.1 If
 the Executive is absent from work by reason of any illness or injury caused wholly or partly
 by any act or omission of any third party in relation to which the Executive may be or become
 entitled to recover damages or compensation, then all net payments made to the Executive
 under this Clause 13 in respect of the said absence shall be repaid by the Executive if and
 to the extent that he recovers damages or compensation for loss of earnings from the said
 third party and/or from the Criminal Injuries Compensation Authority or the Motor Insurers'
 Bureau or any other similar body (the "**Relevant Bodies**") by action or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.2 Where
 the Executive receives any damages or compensation for loss of earnings as referred to in
 Clause 13.9.1, he shall notify the Company in writing forthwith and shall repay the amount
 due to the Company under this Clause 13.9.1 within 28 days of receipt of the said damages
 or compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7.3 For
 the avoidance of doubt, where the Executive receives damages or compensation from a third
 party and/or the Relevant Bodies in the circumstances referred to in Clause 13.9.1, and that
 compensation includes an unspecified sum for loss of earnings, then the amount owing to the
 Company under Clause 13.9.1 will be such sum as is reasonable in all the circumstances.

13.8 For
 the avoidance of doubt: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8.1 the
 term "**illness or injury**" as used in this Clause 13 includes any mental or
 psychiatric illness and any injury, whether or not this has been sustained in the course
 of the Executive's duties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8.2 the
 provisions of this Clause 13 are subject to the termination provisions set out in Clause
 15 and in particular the Company's right in Clause 15.4 to terminate on account of illness
 or injury.

13.9 **Reclassifying Holiday as Sickness** 

If the Executive becomes ill or is injured during a period of statutory holiday and seeks to reclassify all or any part of such holiday as sick leave, the Company reserves the right to require the Executive to provide satisfactory (in the opinion of the Company) medical evidence from a recognised medical practitioner showing that the Executive is unable to work due to illness or injury and such medical evidence should cover the duration of the illness or injury whilst on holiday.

14. **OTHER PAID LEAVE** 

The Executive is eligible for other paid leave, including adoption leave, paternity leave, parental leave, shared parental leave, dependants leave, compassionate leave, bereavement leave, and leave for public duties, in accordance with the Company's current policies, as amended from time to time, subject to him complying with the relevant statutory and other conditions and requirements in order to be entitled to the leave and pay. Copies of the Company's policies is available from the HR Department.

15. **TERMINATION OF EMPLOYMENT** 

15.1 **Summary Dismissal** 

Notwithstanding the provisions of Clauses 4.2 (notice Clause), 15.2 (Payment in Lieu of Notice) and 15.4 (Termination on Account of Illness or Injury), the Company may by written notice to the Executive forthwith terminate the Employment (without being under any obligation to pay any further sums to the Executive whether by way of compensation, damages or otherwise in respect of or in lieu of any notice period or unexpired term of this Agreement, and without prejudice to any other rights of the Company) if the Executive:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1 does
 not comply with any lawful order or direction given to him by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2 is
 guilty of any serious and material or persistent breach or non-observance of any fundamental
 provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3 in
 the performance of his duties or otherwise commits: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 act of gross misconduct; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 act of misconduct having already received a final written warning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.4 through
 his acts or omissions (whether at or outside work) adversely prejudices or is likely in the
 reasonable opinion of the Board to prejudice adversely the interests or reputation of the
 Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.5 resigns
 as a director of the Company without the written consent of the Board or is disqualified
 from holding or ceases to hold office as a director of the Company or any Group Company by
 virtue of any court order, under any provision of general law or under any provision of the
 Company's Articles of Association as then in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.6 is
 convicted of any criminal offence for which a penalty of imprisonment is imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.7 is
 made the subject of a bankruptcy order or has a receiving order or an administration order
 made against him or makes any composition or arrangement with his creditors generally or
 otherwise takes advantage of any statute from time to time in force offering relief for insolvent
 debtors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.8 becomes
 addicted to or is habitually under the influence of alcohol or any drug (not being a drug
 prescribed for the Executive by a medical practitioner for the treatment of a condition other
 than drug addiction) the possession of which is controlled by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.9 is
 expelled, suspended or subject to any serious disciplinary action by his professional governing
 body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.10 becomes
 a patient within the meaning of the Mental Health Act 1983;

15.2 **Payment in Lieu of Notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.1 The
 Company may at any time in its absolute discretion elect to terminate the Employment forthwith
 and with immediate effect by notifying the Executive in writing: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the Employment is being terminated in exercise of the right under this Clause15.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 date upon which the employment is so terminated (the "**Early Termination Date** ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 the Executive shall be entitled to receive in lieu of the notice period referred to in Clause
 4.2, 4.3 or Clause 15.6 (Termination on Account of Illness or Injury) or any part thereof,
 an amount which shall be an amount equivalent to the Executive's full Salary (at the rate
 then payable under this Agreement) for and any bonus and benefits in kind (the "**Notice Payment** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.2 In
 the event that the Company exercises its right under this Clause 15.2 the Company shall make
 payment of the Notice Payment or the first instalment thereof under Clause 15.2.4 within
 28 days of the Early Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.3 Any
 Notice Payment paid pursuant to this Clause15.2 shall be subject to such deductions for tax
 and national insurance as are required by law and to any other authorised deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.4 The
 Company may, at its discretion and subject to the terms of this Clause 15.2.4, pay the Notice
 Payment in equal monthly instalments for what would have been the duration or remaining duration
 of the notice period (the "**Instalment Period** "), the first instalment being
 payable within 28 days of the Early Termination Date. In the event that the Company decides
 to pay the Notice Payment in instalments the Executive agrees that: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Executive begins alternative employment during the Instalment Period which provides the
 Executive with any remuneration (to include wages, salary and bonus from any employment,
 consultancy or other paid work and which shall be referred to for the purposes of this Clause
 as "**Other Income**") which in any calendar month is greater than the monthly
 instalment of the Notice Payment, then the Executive will not be entitled to receive any
 Notice Payment for that month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Executive begins alternative employment during the Instalment Period and for any calendar
 month during that period the Executive's Other Income is less than the monthly instalment
 of the Notice Payment, the Executive shall only be entitled to receive the balance of the
 monthly instalment of the Notice Payment having been reduced by the Executive's Other Income
 for that month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Executive does not obtain alternative employment and receives no Other Income, the Notice
 Payment will continue to be paid in monthly instalments until the expiry of the Instalment
 Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 the Executive obtains alternative employment, consultancy or other paid work that is to begin
 during the Instalment Period, the Executive agrees to advise the Company of this fact and
 of his total Other Income from that employment, consultancy or work immediately.

15.3 If
 subsequent to the termination of Employment, the Executive is found to have breached any
 of the terms of this Agreement or the Executive's duties to the Company during the Employment
 such that the Company would have been lawfully entitled to terminate the Employment without
 notice or payment in lieu of notice, the Company shall be entitled to recover any payments
 made under Clause 8.5. Any such payments already made shall be recoverable from the Executive
 as a debt.

15.4 **Termination on Account of Illness or Injury** 

Without prejudice to Clauses 15.1 (Summary Dismissal) and 15.2 (Payment in Lieu of Notice), but notwithstanding any other provision of this Agreement, if the Executive shall become unable to perform his duties properly by reason of illness or injury for a period or periods aggregating at least 26 weeks in any period of 12 consecutive calendar months (the "**Period or Periods of Incapacity**") then the Company may, by not less than six months' prior written notice to the Executive given at any time while the Executive is incapacitated by illness or injury from performing his duties under the Agreement, terminate the Employment provided that the Company shall withdraw any such notice if during the currency of the notice the Executive returns to full time duties and provides a medical practitioner's certificate satisfactory to the Board to the effect that he has fully recovered his health and that no recurrence of his illness or injury can reasonably be anticipated.

15.5 **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.1 Upon
 termination of the Employment for whatever reason the Executive shall forthwith deliver to
 the Company or its authorised representative such of the following as are in his possession
 or control: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 keys, security and computer passes, plans, statistics, documents, records, papers, magnetic
 disks, Confidential Information, tapes, or other software storage media including any copies
 thereof and all matter derived from such sources which is in his possession or under his
 control which belong to the Group or which relate to the business of the Group including
 all copies, records and memoranda (whether or not recorded in writing or on computer disk
 or tape) made by the Executive of any Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 credit cards and charge cards provided for the Executive's use by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Company car provided and all keys and documents relating to it (if one has been provided);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 other property of the Group not previously referred to in this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5.2 The
 Executive will provide a signed statement that he has complied fully with his obligations
 under this Clause 15.5 together with such reasonable evidence of compliance as the Company
 may request.

16. **DISCIPLINARY AND GRIEVANCE PROCEDURES** 

16.1 The
 Company's normal disciplinary (which cover decisions regarding dismissal) and grievance procedures
 from time to time apply to the Executive's employment with such modifications as the Company
 may deem to be necessary to take account of the Executive's seniority. The said disciplinary
 and grievance procedures shall not have contractual effect and the Company shall not therefore
 be obliged to follow the procedures or any part thereof in whole or in part at any stage
 of the Employment.

16.2 If
 the Executive is dissatisfied with any disciplinary decision taken against him (including
 a decision to dismiss him) or if the Executive seeks redress for any grievance relating to
 the Employment, he should raise the issue in writing with the Chairman of the Board. Full
 details of how to go about this and the steps that follow such application are set out in
 the Company's disciplinary and grievance procedures.

16.3 The
 Company may suspend the Employee from any or all of his duties during any period in which
 the Company is investigating any disciplinary or performance matter involving the Employee
 or while any disciplinary or performance procedure against the Employee is outstanding.

17. **DIRECTORSHIPS AND SHAREHOLDINGS** 

17.1 During
 the Employment the Executive will not do anything which could cause him to be disqualified
 from continuing to act as a director of the Company or any Group Company.

17.2 The
 Executive shall not resign his office as a director of the Company or any Group Company without
 the agreement of the Company.

The Executive shall, at the written request of the Board: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.1 immediately
 resign (without claim for compensation) from all and any directorships and other offices
 held in the Company and any Group Company and from any other appointments or offices which
 he holds as nominee or representative of the Company and/or any Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.2 transfer
 without payment as the Company may direct any qualifying shares held by the Executive in
 accordance with the Articles of Association of the Company and/or any Group Company

and in the event of his failure to do so within seven days of the said request the Executive hereby irrevocably authorises any director of the Company for the time being in his name and on his behalf to execute any documents or do anything else that is necessary to affect such resignations and/or transfers. For the avoidance of doubt, the Board may make a request in accordance with this Clause at any time, including, but not limited to, in circumstances where the Executive is on garden leave pursuant to Clause 4.3, has been suspended from the Employment pursuant to this Agreement or where the Employment has terminated for any reason.

17.3 If
 during the Employment the Executive shall cease to be a director of the Company or any Group
 Company (otherwise than fora reason justifying summary dismissal pursuant to Clause 15.1.5)
 the Company may by written notice terminate the Employment or alternatively, at the discretion
 of the Company, the Employment shall continue as if the Executive had been employed as a
 member of the Executive and the terms of this Agreement (save those relating to the holding
 of the office of director) shall continue in full force and effect.

18. **RECONSTRUCTION** 

If the Employment of the Executive is terminated by reason of the liquidation, reorganisation, or other reconstruction of the Company or any Group Company or as part of any other rearrangement of the affairs of the Company or any Group Company not involving a liquidation, and the Executive is offered employment by a reconstructed Company or by another Group Company on terms which (considered in their entirety) are no less favourable to any material extent than the terms of this Agreement then, subject to the provisions of the Transfer of Undertakings (Protection of Employment) Regulations 2006 (as amended), the Executive shall be obliged to accept such offer and shall have no claim against the Company or any reconstructed or Group Company in respect of the termination of the Employment.

19. **CONFIDENTIAL INFORMATION** 

19.1 The
 Executive is aware that in the course of the Employment he will have access to and be entrusted
 with information in respect of the business and finances of the Company and its dealings,
 transactions and affairs and likewise in relation to any Group Company all of which information
 is or may be Confidential Information. Accordingly, the Executive gives the undertakings
 set out in this Clause 19 to the Company for itself and for the benefit of and as trustee
 for any Group Company.

19.2 The
 Executive shall not during the Employment or afterwards use, exploit (except for the benefit
 of the Group) or divulge to any third party by any means any Confidential Information except
 he shall be permitted to do so: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.1 when
 necessary, in the proper performance of the duties of the Employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.2 with
 the express written consent of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.3 where
 and to the extent that this is required by law.

19.3 The
 Executive shall, during the Employment, use his best endeavours to prevent the unauthorised
 use or disclosure of any Confidential Information whether by any other officer, employee,
 or agent of the Group or otherwise and shall be under an obligation promptly and fully to
 report to the Board any such unauthorised use or disclosure which comes to his knowledge.

19.4 The
 Executive shall not, during the Employment or at any time thereafter make, except for the
 benefit of the Company or any Group Company, any copy, record, or memorandum (whether recorded
 in writing, on computer disk or tape or otherwise) of any Confidential Information and any
 such copy record or memorandum made by the Executive during the Employment shall be and remain
 the property of the Company and accordingly shall be returned by the Executive to the Company
 at any time during the Employment at the request of the Board and in any event upon the termination
 of the Employment for whatever reason in accordance with Clause 15.5.1 (a).

19.5 The
 Executive shall not during the Employment without the prior written consent of the Board
 either directly or indirectly publish any opinion, fact or material or deliver any lecture
 or address or participate in the making of any film, radio broadcast or television transmission
 or communicate with any representative of the media or any third party relating to: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5.1 the
 business or affairs of the Company or any Group Company or of any of their officers, employees,
 customers, clients, suppliers, distributors, agents, or shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5.2 the
 development or exploitation of any Intellectual Property Rights, Inventions or Confidential
 Information,

and for the purposes of this Clause media shall include television (terrestrial, satellite, and cable), radio, newspapers and other journalistic publications.

19.6 Nothing
 in this Clause 19 shall prevent the Executive from disclosing information which he is entitled
 to disclose under the Public Interest Disclosure Act 1998 provided that the disclosure is
 made in the appropriate way to an appropriate person having regard to the provisions of the
 Act and he has first complied with the Company's procedures relating to such disclosures.

19.7 This
 Clause is without prejudice to the Executive's obligations under Clause 24 (Data Protection).

20. **POST TERMINATION COVENANTS** 

20.1 For
 the purposes of this Clause 20 the following words and expressions shall have the following
 meanings: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1 "**Business**" the
 business or businesses of the Company or any other Group Company in or with which the Executive
 has been involved or concerned at any time during the period of 12 months prior to the Termination
 Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.2 "**directly or indirectly**" the
 Executive acting either alone and on his own behalf or jointly with or on behalf of any other
 person, whether as principal, partner, manager, employee, contractor, director, consultant,
 investor or otherwise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.3 "**Key Personnel**" any
 person who is at the Termination Date or was at any time during the period of 12 months prior
 to the Termination Date employed or who is at the Termination Date or was at any time during
 the period of 12 months prior to the Termination Date engaged as a consultant in the Business
 within the financial team or in an executive or senior managerial capacity and with whom
 the Executive has had dealings other than in a de minimis way during the course of the Employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.4 "**Prospective Customer**" any
 person, firm or company which has been engaged in negotiations, with which the Executive
 has been personally involved, with the Company or any Group Company with a view to purchasing
 goods or services from the Company or any Group Company during the period of 6 months prior
 to the Termination Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.5 "**Relevant Area**" means
 the provision of accounting services for entities involved in the manufacture of super alloys
 and casting parts for the aerospace, automotive and industrial gas turbine industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.6 "**Relevant Customer"** any
 person, firm or company which at any time during the 12 months prior to the Termination Date
 was a customer of the Company or any Group Company, with whom or which the Executive dealt
 other than in a de minimis way at any time during the said period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.7 "**Relevant Goods and Services**" the
 manufacture of super alloys and casting of parts for the aerospace, automotive and industrial gas
 turbine markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.8 "**Relevant Period**" for
 the purposes of Clause 20.2, the period of 6 months from the Termination Date and, for the
 purposes of Clauses 20.3, 20.4 and 20. 5, the period of 12 months from the Termination Date
 except that any period of garden leave served by the Executive pursuant to Clause 4.1 in
 the 6 months prior to the Termination Date shall reduce the Relevant Period accordingly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.9 "**Relevant Supplier**" any
 person, firm or company which at any time during the 12 months prior to the Termination Date
 was a supplier of any goods or services (other than utilities and goods or services supplied
 for administrative purposes) to the Company or any Group Company and with whom or which the
 Executive had personal dealings during the Employment other than in a de minimis way

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.10 "**Termination Date**" the
 date on which the Employment shall terminate

20.2 Without
 prejudice to Clause 5.6 (Executive not to be employed in any other business) the Executive
 shall not without the prior written consent of the Board directly or indirectly at any time
 within the Relevant Period engage or be concerned or interested in any business within the
 Relevant Area which (a) competes or (b) will at any time during the Relevant Period
 compete with the Business. Nothing in this Clause 20.2 shall prevent the Executive from being
 or becoming a Minority Holder provided that the Executive discloses this to the Board.

20.3 The
 Executive shall not, other than during the Employment in the ordinary and proper course of
 his duties and for the benefit of the Company, without the prior written consent of the Board
 directly or indirectly at any time within the Relevant Period: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.1 solicit
 the custom of; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.2 facilitate
 the solicitation of; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.3 deal
 with,

any Relevant Customer in respect of any Relevant Goods and Services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.4 solicit
 the custom of; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.5 facilitate
 the solicitation of; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.6 deal
 with,

any Prospective Customer in respect of any Relevant Goods and Services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.7 interfere:
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.8 endeavour
 to interfere,

with the continuance of supplies to the Company and/or any Group Company (or the terms relating to those supplies) by any Relevant Supplier.

20.4 The
 Executive shall not without the prior written consent of the Board directly or indirectly
 at any time during the Relevant Period: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4.1 entice
 away from the Company or any Group Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4.2 endeavour
 to entice away from the Company or any Group Company,

any Key Personnel.

20.5 The
 Executive shall not without the prior written consent of the Board directly or indirectly
 at any time during the Relevant Period: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.1 employ
 or engage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.2 endeavour
 to employ or engage,

any Key Personnel.

20.6 The
 Executive acknowledges that because of the nature of his duties and the particular responsibilities
 arising as a result of such duties he has or will have knowledge of Confidential Information
 and will have developed relationships with and have knowledge of and influence over the Group's
 customers and staff and is therefore in a position to harm the goodwill and interests of
 the Company and any Group Companies (the "**Interests**") if he were to make
 use of such Confidential Information or knowledge or influence for his own purposes or the
 purposes of another. Accordingly, having regard to the above and having taken independent
 legal advice, the Executive acknowledges that the provisions of this Clause are fair, reasonable,
 and necessary to protect the Interests. Whilst the provisions of this Clause 20 have been
 framed with a view to ensuring that the Interests are adequately protected taking account
 of the Group's legitimate expectations of the future development of the business, it is acknowledged
 by the Executive that the business may change over time and as a result it may become necessary
 to amend the provisions of this Clause 20 in order to ensure that the Interests remain adequately
 protected. The Executive, therefore, agrees that the Company shall be entitled to amend the
 provisions of this Clause 20 in accordance with Claus 20.7 below in order to protect the
 Interests.

20.7 In
 order to amend the provisions of this Clause 20, the Company shall notify the Executive in
 writing of why it believes it is necessary to amend Clause 20 and the amendments which it
 proposes. The Executive shall then have a period of 14 calendar days in which to put forward
 any objections which he might have to the proposed amendments. In the event of the Executive
 not putting forward any such objections, then this Clause 20 shall take effect with the proposed
 amendments on the expiry of the 14-day period. In the event of the Executive putting forward
 any objections, the Company shall endeavour to accommodate them, insofar as they are reasonable
 and where reasonably possible, given that the Company's overriding objective must be to ensure
 adequate protection of the Interests, to agree the amendments with the Executive. The Company
 shall then, having considered the Executive's objections, serve a further written notice
 on the Executive informing him of the final amendments to this Clause 20 which will thereafter
 take immediate effect.

20.8 The
 Executive acknowledges that the provisions of this Clause 20 shall constitute severable undertakings
 given to the Company for itself and for the benefit of and as trustee for each of the other
 Group Companies and the said undertakings may be enforced by the Company on its own behalf
 and on behalf of any of the Group Companies.

20.9 Each
 of the obligations in this Clause 20 is an entire separate and independent restriction on
 the Executive. If any part is found to be invalid or unenforceable the remainder will remain
 valid and enforceable.

20.10 If
 any of the restrictions or obligations contained in this Clause 20 is held not to be valid
 on the basis that it exceeds what is reasonable for the protection of the goodwill and interests
 of the Company or any Group Company but would be valid if part of the wording were deleted,
 then such restrictions or obligations shall apply with such deletions as may be necessary
 to make it enforceable.

20.11 The
 Executive acknowledges and agrees that he shall be obliged to draw the provisions of this
 Clause 20 to the attention of any third party who may at any time before or after the termination
 of the Employment offer to employ or engage the Executive and for whom or with whom the Executive
 intends to work during the Relevant Period.

20.12 The
 Executive shall, at the request and cost of the Company, enter into a direct agreement or
 undertaking with any Group Company to which the Executive provides services whereby he will
 accept restrictions corresponding to the restrictions in this Clause (or such of them as
 may be appropriate in the circumstances) as the Company may require in the circumstances.

20.13 The
 Executive agrees that if the Company transfers all or any part of its business to a third
 party (the "**Transferee** "), the restrictions contained in this Clause 20 shall,
 with effect from the date that the Executive becomes an employee of the Transferee, apply
 to the Executive as if references to the Company include the Transferee and references to
 any Group Company include any Group Company of the Transferee.

21. **INTELLECTUAL PROPERTY** 

21.1 It
 shall be a duty of the Executive during the Employment to consider and keep under review
 the ways if any in which the products, services, processes, equipment, systems and activities
 of the Company and any Group Company might be improved, enhanced and/or developed.

21.2 If
 the Executive alone or with others (including without limitation those others who are under
 his direction) makes, discovers, develops, or directs the discovery of any Invention in the
 course of his duties or in the course of any project for or on behalf of the Company or any
 Group Company outside the scope of his normal duties he shall promptly disclose it to the
 Board giving full particulars of it including all necessary drawings, know how, models, specifications
 or other material related to the Invention, and the Executive agrees and acknowledges that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.1 because
 of the nature of his duties and the responsibilities arising from them he has a special obligation
 to further the interests of the Company so that all Inventions made, discovered, developed,
 or directed by the Executive in the performance of his duties or as a result of any project
 for on behalf of the Company or any Group Company outside the scope of his normal duties
 and all rights in such Inventions shall belong to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.2 the
 provisions of this Clause 21.2.2:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 not entitle the Executive to any compensation beyond the Salary and bonus to which he is
 entitled under Clause 8 of this Agreement except that nothing in this Agreement excludes
 or restricts any rights which the Executive may have to claim additional compensation by
 virtue of section 40 of the Patents Act 1977, in the case of any Invention in relation to
 which a British patent has been granted, and in relation to which the Company has derived
 outstanding benefit from such Invention and/or the patent for it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 not restrict the Executive's rights under sections 39 to 43 of the Patents Act 1977.

21.3 The
 Executive hereby assigns to the Company any and all Intellectual Property Rights (including
 without limitation any and all Inventions) created or owned by the Executive which in any
 way relate to the Company, and all Material embodying or reflecting such rights to the fullest
 extent permitted by law. Further, the Executive shall record in writing any and all know-how
 and disclose the same to the Company immediately upon creation.

21.4 To
 the extent that the Executive is not permitted by law to assign the Intellectual Property
 Rights in Clause 21.4 the Executive hereby grants to the Company an exclusive, royalty-free
 licence for the Company to use such Intellectual Property Rights for any purpose.

21.5 The
 Executive hereby waives all and any moral rights (as defined in Chapter IV of the Copyright
 Designs and Patents Act 1988).

21.6 The
 Executive hereby irrevocably appoints the Company to be his attorney in his name and on his
 behalf to execute or sign all such documents and to do all such acts as may be necessary
 or desirable to give effect to this Clause 22.

22. **MISREPRESENTATION** 

The Executive shall not, after termination of the Employment, wrongfully represent him as being employed by, or connected with or interested in the Company or any Group Company.

23. **REFERENCES** 

The Company is under no obligation to provide a reference in respect of the Executive either during or after the Employment. However, if it agrees to do so it will use reasonable efforts to ensure that any such reference is accurate. The Company shall not, in the absence of malice, be liable to the Executive for any error in or omission from any such reference.

24. **DATA PROTECTION** 

24.1 In
 this Clause "**Controller** ", "**Personal Data**" and "**processing** "
 shall have the meaning set out in the Data Protection Act 2018 (the "**2018 Act** ")
 and "**process**" and "**processed**" shall be construed accordingly.
 "Sensitive Personal Data" means Personal Data that reveals such categories of data
 as are listed in Recital 10 and Article 9 of Regulation (EU) 2016/679 (the General Data
 Protection Regulation) (the GDPR), namely racial or ethnic origin, political opinions, religious
 or philosophical beliefs, trade union membership, health or sex life and sexual orientation,
 genetic data and biometric data which is processed to uniquely identify a person.

24.2 The
 Executive shall at all times during the Employment act in accordance with the 2018 Act and
 all applicable regulations, domestic legislation and any successor legislation relating to
 the protection of individuals with regards to the processing of personal data to which the
 Company (and each relevant Group Company) is subject (the "**Data Protection Legislation** ")

24.3 The
 Executive agrees to provide the Company in its capacity as Controller with all Personal Data
 relating to him which is necessary or reasonably required for the proper performance of this
 Agreement and in connection with the Employment (including the performance of the Company's
 responsibility as the Executive's employer and the administration of the employment relationship
 (both during and after the employment)) or the conduct of the Company's business or where
 such provision is required by law (the "**Authorised Purposes** ")

24.4 In
 order to keep and maintain accurate records relating to the Employment, it will be necessary
 for the Company to record, hold and process Personal Data (including Sensitive Personal Data),
 relating to the Executive held in manual and electronic form which is subject to the Data
 Protection Legislation. The Company may disclose this data to third parties where this is
 necessary or reasonably required to achieve one or more of the Authorised Purposes. Such
 third parties include without limitation [payroll agencies, benefit (including pension) providers,
 the Inland Revenue, computer maintenance companies engaged by the Company, the Company's
 professional advisers, other Group Companies and any potential purchasers of the business)].
 In certain circumstances, it may be necessary to transfer such Personal Data (including Sensitive
 Personal Data) outside the European Economic Area, as set out in the Company's policies as
 listed at Clause 25.8.

24.5 Where
 it is necessary or reasonably required to achieve one or more of the Authorised Purposes,
 the Company or any Group Company may process the Executive's Personal Data, including Sensitive
 Personal Data (including without limitation any self-certification forms or medical certificates
 supplied to the Company to explain the Executive's absence by reason of illness or injury,
 any records of sickness absence, any medical reports or health assessments, any details of
 his trade union membership and any information relating to any criminal convictions or any
 criminal charges secured or brought against the Executive. In particular, this includes the
 Executive's line manager having access to relevant Personal Data such as his home address,
 home/mobile telephone number, marital status record, emergency contact details and absence
 records.

24.6 The
 Executive acknowledges that the Company or any Group Company will process the Executive's
 sensitive personal data where this is necessary or reasonably required to achieve one or
 more of the purposes set out in Clause 25.4.

24.7 The
 Executive acknowledges that it is necessary for the Company to protect its interests by monitoring
 computer usage and all communications on its networks (including office telephone networks,
 mobile telephones usage, social media and email systems). The Executive understands and accepts
 that the Company collects information on all internet user accounts, social media, email
 activity and call details and that this information is periodically reviewed by authorised
 staff to ensure compliance with the Company's policies and to detect any unauthorised use
 of the Company's IT infrastructure and systems.

24.8 The
 Executive shall at all times comply with and shall make himself aware of the Company's policies
 related to data protection and data security.

24.9 The
 Executive agrees that he shall comply with the above policies and any other policy introduced
 by the Company from time to time to comply with the Data Protection Legislation.

25. **THIRD PARTY RIGHTS** 

25.1 The
 Company and the Executive agree that no term of this Agreement (including the terms of any
 documents incorporated either expressly or by implication into this Agreement) shall be enforceable
 by a Third Party in his own right by virtue of section 1(1) of the Contracts (Rights
 of Third Parties) Act 1999 and for the avoidance of doubt this Agreement may be rescinded
 or varied in whole or in part by agreement between the Company and the Executive without
 the consent of any such Third Party.

25.2 For
 the purposes of this Clause a "**Third Party**" means any person who is not
 named as a party to this Agreement.

26. **DIRECTORS' AND OFFICERS' INSURANCE** 

26.1 During
 the Employment and for not less than six years following Termination the Executive shall
 be entitled to be covered by a policy of directors' and officers' liability insurance on
 terms no less favourable than those in place from time to time for other members of the Board.
 A copy of the policy is available from the General Counsel and Chief Risk Officer.

27. **OTHER AGREEMENTS** 

27.1 The
 Company acknowledges that the Executive has been induced to enter into this Agreement by
 and in reliance upon the representations or warranties or undertakings made to him regarding
 a) his membership of and ability to share in the MIP; and 2) the Board's commitment to review
 the current MIP structure and determine with the help of external advice if it can be changed
 from an income based scheme to an equity based scheme of which the Executive would be able
 to share in the same proportions.

28. **NOTICES** 

28.1 Any
 notice, request, demand or other communication (collectively Notices) to be given under this
 Agreement will be deemed to be duly given by either party if:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.1 sent
 by first class post addressed to the other party at (in the case of a Notice to the Company)
 its registered office for the time being or (in the case of a Notice to the Executive) the
 Executive's last known address in England and Wales; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.2 given
 personally to (in the case of a Notice to the Company) either the Chief Executive or General
 Counsel of the Company or (in the case of a notice to the Executive) the notice is left at
 the Executive's last known address or given personally to the Executive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.3 sent
 by electronic mail to the company email address of the in the case Chief Executive or General
 Counsel of the Company and the Executive's email address used by the Executive in correspondence
 with the Company from time to time.

28.2 Any
 such Notice will be deemed to have been given: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2.1 if
 sent by first class post, 48 hours (or, if sent to or from a place outside the United Kingdom,
 seven days) after the time of posting and, in proving service, it will be sufficient to prove
 that the envelope containing such Notice was properly addressed, stamped, and put in the
 post;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2.2 if
 given personally to Chief Executive or the General Counsel at the time it is so given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2.3 if
 left at the Executive's address or given personally, at the time the notice is left or given
 to the Executive: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2.4 if
 sent by email, 24 hours after sending.

29. **LAW AND JURISDICTION** 

29.1 This
 Agreement is governed by and shall be construed in accordance with English law.

29.2 The
 parties submit to the exclusive jurisdiction of the English courts with regard to any dispute
 or claim arising under this Agreement except to the extent that it is provided elsewhere
 in this Agreement that such dispute or claim should be resolved by any person acting as an
 expert.

30. **GENERAL PROVISIONS** 

30.1 Any
 amendment to this Agreement (other than an amendment to Clause 20 which must be made in accordance
 with Clause 20.7) must be recorded in writing and signed by the parties to be effective.

30.2 The
 complete or partial invalidity or unenforceability of any provision of this Agreement for
 any purpose shall in no way affect: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2.1 the
 validity or enforceability of such provision for any other purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2.2 the
 remainder of such provisions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2.3 the
 remaining provisions of this Agreement.

30.3 No
 waiver by the Company other than one made in writing by resolution of the Board of any breach
 by the Executive of any provision of this Agreement and no failure, delay or forbearance
 by the Company in exercising any of its rights shall be taken to be a waiver of such breach
 or right or shall prevent the Company from later taking any action or making any claim in
 respect of such breach or right.

30.4 This
 Agreement may be executed in counterparts which together shall constitute one Agreement.
 Either party may enter into this Agreement by executing a counterpart and this Agreement
 shall not take effect until it has been executed by both parties. Delivery of an executed
 counterpart of a signature page by facsimile shall take effect as delivery of an executed
 counterpart of this Agreement provided that the relevant party shall give the other the original
 counterpart (including such signature page) as soon as reasonably practicable thereafter.

**EXECUTED AS A DEED** by the parties on the date which first appears in this Deed.

---

| | |
|:---|:---|
| Executed as a deed by **Doncasters Limited** acting by **Mike Quinn**, a director, in the presence of<br>/s/ Helen Barrett-Hague<br> Signature of Witness<br>Name: Helen Barrett-Hague<br> Address of Witness: 1 Park Row, Leeds, LS1 <br> 5AB, United Kingdom<br> Occupation of Witness: Solicitor | &nbsp;&nbsp;/s/ Mike Quinn<br> **Mike Quinn** |
| Executed as a deed by **David Egan** in the presence of<br>/s/ Helen Barrett-Hague<br> Signature of Witness<br>Name: Helen Barrett-Hague<br> Address of Witness: 1 Park Row, Leeds, LS1 <br> 5AB, United Kingdom<br> Occupation of Witness: Solicitor | &nbsp;&nbsp; <br> /s/ David Egan<br> **David Egan** |

---

**SCHEDULE 1**

**STATEMENT OF TERMS AND CONDITIONS**

**(Clause 1.9)**

The following information is given to supplement the information given in the body of the Agreement and to comply with the requirements of section 1 of the Employment Rights Act 1996: -

1. There
 are no collective agreements which directly affect the terms and conditions of the Employment.

2. The
 Executive is not required to work outside the UK for a period in excess of one month and
 accordingly there are no particulars in this regard relevant to the Employment.

## Exhibit 10.6

**Exhibit 10.6**

![](tm269965d4_ex10-6img002.jpg)

Jason Mays<br> Mailed Electronically

February 21, 2018

Dear Jason,

We are pleased to confirm the change to your role as Managing Director -Structural Castings to include responsibility for Bochum and Deritend. In this position you will continue to report directly to Ian Dunkinson, President - Cast Products.

This change is effective as of January 1, 2018. In connection with this change, your base annual salary will increase to $270,000 per year.

You will continue to be eligible to participate in the Company's discretionary bonus scheme. This scheme is non-contractual and non-pensionable. The company reserves the right to amend this scheme from time to time. Under the present scheme, for 2018, payable in April 2019 if all conditions for payment are met, your bonus target will be 40% of your base salary, and your maximum potential bonus would be 80% of base salary. Documented guidelines for the 2018 scheme will be issued in due course.

As with other employees of the Company, your employment with Doncasters will be "at will," meaning that either you or Doncasters may terminate the employment at any time at either party's election. However, in the event your employment with the Company is terminated by Doncasters other than for Cause (as defined herein), and upon your execution of a severance agreement and general release of claims in a form satisfactory to the Company upon the termination of your employment with the Company returned within thirty (30) days of your termination, Doncasters will pay you severance pay in an amount equal to six (6) months of your base salary as then in effect (excluding any bonuses or other variable pay), less any required tax withholding or other authorized deductions and less any amount you owe Doncasters. The severance pay will be paid to you over a period of six (6) months (the "Severance Period") in accordance with Doncasters' regular payroll policies and procedures then in effect, and will commence on the next regular pay date occurring after you execute the severance agreement and general release of claims without revocation and return the same to Doncasters following termination of your employment with the Company.

For severance pay purposes, "Cause" shall mean your conviction of, or plea of nolo contendere to, a felony or any other crime involving moral turpitude, or any act or omission involving dishonesty, misrepresentation, embezzlement, fraud or similar behavior, or a determination by the CEO that you have: (i) materially violated any Company policy or any agreement with the Company or any of its parents, subsidiaries or affiliates; (ii) breached any fiduciary duty or material obligation to the Company or any of its parents, subsidiaries or affiliates; (iii) engaged in willful misconduct that has had or is reasonably likely to have a material adverse effect on, or has materially injured or harmed or is reasonably likely to materially injure or harm, the Company or any of its parents, subsidiaries or affiliates or any of its or their business affairs, customers or suppliers; (iv) disclosed any confidential or proprietary information to an unauthorized person; (v) abandoned your responsibilities; (vi) engaged in repeated or material negligence with respect to your responsibilities; (vii) failed or refused to perform any assigned duty or duties; and/or (viii) not satisfactorily performed your duties in a manner that meets the expectations and requirements of the Company.

Additionally, in recognition of the severance opportunity offered to you above, as well as the fact that in your role with the Company you will continue to have access to valuable trade secrets and proprietary information that are peculiar to the Company's business and the disclosure of which would cause the Company great and irreparable harm, and also will have continued interaction with customers of the Company which the Company has invested considerable time and expense in developing ongoing business relationships with, you agree that for the six (6) month period following the termination of your employment with the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) You shall not (either on your own behalf or on another's behalf) perform job activities of the type you conducted or provided for the Company within the two years prior to your termination for any business that competes with, is involved in, or is directly-related to the business in which the Company is now involved or becomes involved in or has plans to become involved in during your employment with the Company. You acknowledge that the Company's operations and customer base extend throughout the United States and Europe, where the Company's ultimate parent corporation is based, and therefore this restriction shall apply throughout the United States and Europe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) You will not solicit or attempt to solicit (either directly or by assisting others) any business from the customers or prospective customers of the Company which, at the time of your termination, have been served by the Company in the past, are actively being serviced by the Company, or from whom potential business is being sought by the Company for the purpose of manufacturing and/or selling any type of product or service similar in nature to that manufactured, sold or provided by the Company within the two years prior to your termination. This restriction shall apply only to customers and prospective customers with whom you had Material Contact during the last two years of your employment with the Company. "Material Contact" means contact between you and an existing or prospective customer of the Company: (a) with whom you dealt on behalf of the Company within two years prior to the date of your termination; (b) whose dealings with the Company were coordinated or supervised by you within two years prior to the date of your termination; (c) about whom you obtained confidential information in the ordinary course of business as a result of your work with the Company within two years prior to the date of your termination; or, (d) who receives services the sale or provision of which results or resulted in compensation, commissions, or earnings for you within two years prior to the date of your termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) You will not recruit, solicit or encourage to leave their employment with the Company (either directly or by assisting others) any other employee of the Company, its parents, subsidiaries or affiliates.

You agree that the restrictions in the covenants above are necessary and reasonable to protect the Company's legitimate business interests in its trade secrets, valuable proprietary information and relationships and goodwill with its employees and customers, and that the covenants stated above are independent, separate, severable, and divisible, and in the event any portion or portions of such covenants are declared invalid or unenforceable, the validity of the remaining covenants will not be affected. You also agree that if covenant herein shall for any reason be held excessively broad or unreasonable as to time, territory, activity, services or interest to be protected or otherwise unenforceable, a court or arbitrator is hereby empowered and requested to modify such provision by narrowing it. so as to make it reasonable and enforceable to the extent provided under applicable law.

While this offer of employment is for no specific duration or term, should you accept this offer, and then choose to resign from employment with Doncasters, we expect that you will provide the Company with 60 days' advance, written notice before the effective date of your resignation. Likewise, should Doncasters elect to terminate your employment, the Company will provide you with 60 days' advance notice, or pay in lieu thereof, prior to the effective date of such termination.

All other Company benefits you are eligible for remain at their current level, understanding that the level or coverage is subject to the terms and conditions of the applicable benefit plan or policy as set by the Company.

Should you have questions, please do not hesitate to contact me.

Yours sincerely,

---

| | | |
|:---|:---|:---|
| DONCASTERS Group Ltd |  |  |
| /s/ Ian Dunkinson |  |  |
| Ian Dunkinson | Accepted: | /s/ Jason Mays |
| President Cast Products |  | Jason Mays |

---

![](tm269965d4_ex10-6img003.jpg)

Friday, 12 May 2023

**Private & Confidential**<br> Jason Mays<br> By Email

Dear Jason,

**Re: Job Title Change**

Further to recent discussions I am pleased to confirm your new job title to reflect your responsibilities as **Doncasters President – Americas**. You will continue to report me, as Chief Executive Officer.

All other terms and conditions of your employment are unchanged.

Thank you for your commitment and I look forward to working with you as we continue to drive our strategy forwards.

Yours sincerely<br> For and on behalf of Doncasters Limited

---

| |
|:---|
| /s/ Mike Quinn |
| **Mike Quinn<br> Chief Executive Officer** |

---

Repton House, Bretby Business Park, Ashby Road, Burton-Upon-Trent, Staffordshire, DE15 OYZ, UK<br> **Tel:** +44 (0) 1332 864 900 **www.doncasters.com**<br>**Doncasters Limited.** Registered in England & Wales, Company No. 00321992.<br> Registered Office: Repton House, Bretby Business Park, Ashby Road, Burton-Upon-Trent, Staffordshire, DE15 OYZ, UK

![](tm269965d4_ex10-6img004.jpg)

**Private & Confidential**<br> Jason Mays<br> Sent via Email

January 2025

**Re: Chief Operating Officer**

Dear Jason

We are pleased to offer you the position of Chief Operating Officer, an exempt position reporting to the Chief Executive Officer. Your start date will be January 1, 2025, with an annual salary of $362,422 and an on target bonus of 45%.

You will be paid bi-weekly in accordance with the Company's standard payroll practice, which may be modified by the company from time-to-time.

You will also be subject to a reciprocal three month notice period, noting that we have the discretion to terminate your employment without notice and make a payment of basic salary in lieu of notice.

All other terms and conditions of your employment are unchanged as set out in your employment contract. Please confirm your decision to accept this role within five days of receipt of this letter by signing below, to be returned via email to Claire Davies, Chief People Officer.

We would like to take this opportunity to thank you for your ongoing service with Doncasters and wish you every success in your new position.

Yours sincerely<br> For and on behalf of **Doncasters Limited**

---

| |
|:---|
| /s/ Mike Quinn |
| **Mike Quinn<br> Chief Executive Officer** |

---

I confirm that I accept this offer and associated terms within.

Name: Jason Mays

---

| | | | |
|:---|:---|:---|:---|
| Signed: | /s/ Jason Mays | Date: | 1/14/25 |

---

1 Park Row, Leeds, LS1 5AB, UK<br> Tel: (0) 1332 864 900 <u>www.doncasters.com</u><br>Doncasters Limited. Registered in England and Wales. Company No: 00321992

## Exhibit 10.7

**Exhibit 10.7**

**DPC Holdings Limited<br> 2026 Equity Incentive Plan**

**ARTICLE I** **<br> PURPOSE; EFFECTIVE DATE; TERM**

1.1 Purpose. The name of the Plan is the DPC Holdings Limited 2026 Equity Incentive Plan (the "Plan"). The purposes of the Plan are to provide an additional incentive to selected officers, employees, non-employee directors, independent contractors, and consultants of the Company or its Affiliates (as hereinafter defined) whose contributions are essential to the growth and success of the business of the Company and its Affiliates, in order to strengthen the commitment of such persons to the Company and its Affiliates, motivate such persons to faithfully and diligently perform their responsibilities and attract and retain competent and dedicated persons whose efforts will result in the long-term growth and profitability of the Company and its Affiliates. To accomplish such purposes, the Plan provides that the Company may grant Stock Options.

1.2 Effective Date. The Plan became effective on May 22, 2026 (the "Effective Date"), which is the date that the Plan was approved by the stockholders of the Company. Notwithstanding the foregoing, to the extent the closing of the Company's initial public offering does not occur within five business days of the pricing date of such initial public offering, the Plan shall immediately terminate and will be of no further force and effect, and any Awards granted under the Plan prior to such date shall terminate and be *void ab initio*.

1.3 Term. No Award may be granted on or after the 10th anniversary of the Effective Date, but Awards granted before such 10th anniversary may extend beyond that date.

**ARTICLE II** **<br> DEFINITIONS**

For purposes of the Plan, the following terms will have the following meanings:

2.1 "Acquiring Corporation" has the meaning set forth in Section 8.1(d).

2.2 "Affiliate" means each of the following: (a) any Subsidiary; (b) any Parent; (c) any entity that is directly or indirectly controlled 50% or more (whether by ownership of stock, assets, or an equivalent ownership interest or voting interest) by the Company or any Affiliate; (d) any entity that directly or indirectly controls 50% or more (whether by ownership of stock, assets, by contract, or an equivalent ownership interest or voting interest) of the Company; and (e) any other entity in which the Company or any Affiliate has a material equity or other pecuniary interest and that is designated as an "Affiliate" by resolution of the Committee.

2.3 "Applicable Law" means the requirements related to or implicated by the administration of equity-based awards and the related shares under applicable Jersey law, United States state corporate laws, United States federal and state securities laws, the Code, the rules of any stock exchange or quotation system on which the Shares are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.

2.4 "Articles" means the Articles of Association of the Company as amended from time to time.

2.5 "Award" means any award granted under the Plan of any Stock Option. All Awards will be granted by, confirmed by, and subject to the terms and conditions of, a written Award Agreement executed by the Company and the Participant.

2.6 "Award Agreement" means the written or electronic agreement, contract, certificate, or other instrument or document evidencing or setting forth the terms and conditions applicable to an individual Award. Each Award Agreement shall be subject to the terms and conditions of the Plan.

2.7 "Board" means the Board of Directors of the Company.

2.8 "Business Combination" has the meaning set forth in Section 8.1(c).

2.9 "Cause", unless otherwise agreed to in writing between the Participant and the Company or a Subsidiary, shall have the meaning assigned to such term or an analogous term in the employment, severance or similar agreement, if any, between the Participant and the Company or, if the Participant is not party to such an agreement in which such term is defined, then, unless otherwise determined by the Committee in the applicable Award Agreement, an Eligible Employee's (i) conviction of, or entering of a plea of guilty or nolo contendere (or its equivalent under any applicable legal system) with respect to (A) a felony or (B) any crime involving moral turpitude; (ii) commission of fraud, misrepresentation, embezzlement or theft against any Person; (iii) engaging in any activity that is intended to injure or would reasonably be expected to injure (monetarily or otherwise), in any material respect, the reputation, the business or a business relationship of the Company or any of its direct or indirect owners or any of their respective Affiliates; (iv) gross negligence or willful misconduct in the performance of the Eligible Employee's duties to the Company or any of its Affiliates, or willful refusal or material failure to carry out any reasonable, lawful and authorized instructions of the Board; (v) material violation of a fiduciary duty owed to the Company or any of its Affiliates; or (vi) material breach of any non-competition, non-solicitation, confidentiality or other restrictive covenant, or a material violation of any provision of the Award Agreement, a written policy or code of conduct of the Company or any of its Affiliates. Except for such acts constituting Cause which, by their nature, cannot reasonably be expected to be cured, the Eligible Employee shall have ten (10) days following the delivery of written notice by the Company of its intention to terminate the Eligible Employee's employment for Cause within which to cure any acts constituting Cause.

2.10 "Change in Control" has the meaning set forth in Section 8.1.

2.11 "Change in Control Person" has the meaning set forth in Section 8.1(a).

2.12 "Code" means the U.S. Internal Revenue Code of 1986, as amended from time to time. Any reference to any section of the Code shall also be a reference to any successor provision and any guidance and treasury regulation promulgated thereunder.

2.13 "Committee" means any committee or subcommittee the Board may appoint to administer the Plan, or the Board to the extent appropriate. Subject to the discretion of the Board, a Committee shall be composed entirely of individuals who meet the qualifications of (i) a "non-employee director" within the meaning of Rule 16b-3 and (ii) any other qualifications required by the applicable stock exchange on which the Shares are traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by one or more Committees. Except as otherwise provided in the Articles of the Company, any action of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly constituted or unanimous written consent of the Committee's members.

2.14 "Company" means DPC Holdings Limited, a registered private company incorporated in Jersey, and its successors by operation of law.

2.15 "Consultant" means any natural person who is an advisor or consultant to the Company or an Affiliate.

2.16 "Disability" means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant's Separation from Service, a permanent and total disability as defined in Code Section 22(e)(3). A Disability will only be deemed to occur at the time of the determination by the Committee of the Disability; provided, however, that, for Awards that are subject to Section 409A, Disability means that a Participant is disabled for purposes of benefits under Section 409A.

2.17 "Director Share Program" has the meaning set forth in Section 7.1.

2.18 "Effective Date" has the meaning set forth in Section 1.2.

2.19 "Eligible Director" means a Non-Employee Director eligible to participate in the Company's directed share program established in connection with the initial public offering of the Company.

2.20 "Eligible Employee" means each employee of the Company or an Affiliate. An employee on a leave of absence may be an Eligible Employee.

2.21 "Eligible Individual" means each Eligible Director, Eligible Employee, Non-Employee Director, and Consultant who is designated by the Committee in its discretion as eligible to receive an Award subject to the conditions set forth herein.

2.22 "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time.

2.23 "Fair Market Value" means, for purposes of the Plan, unless otherwise required by any applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Shares on the applicable date as reported on the principal stock exchange in the United States on which the Shares are then listed, or if the Shares are not listed, or otherwise reported or quoted, the Committee shall determine in good faith the Fair Market Value in whatever manner it considers appropriate, taking into account the requirements of Section 409A. For purposes of the grant of any Award, the applicable date shall be the trading day on which the Award is granted or, if the date on which the Award is granted is not a trading day, on the immediately preceding trading day. For purposes of any Award granted in connection with the Registration Date, the Fair Market Value will be the public offering price in the initial public offering as set forth on the cover of the final prospectus. For purposes of the purchase of any Award, the applicable date will be the date a notice of purchase is received by the Company or, if not a day on which the applicable market is open, the next day that it is open. Notwithstanding the foregoing, with respect to any Award granted on the pricing date of the Company's initial public offering, the Fair Market Value shall mean the initial public offering price of a Share as set forth in the Company's final prospectus relating to its initial public offering filed with the Securities and Exchange Commission.

2.24 "Family Member" means the Participant's child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Participant's household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than 50% of the voting interests.

2.25 "GAAP" means generally accepted accounting principles.

2.26 "Incentive Stock Option" or "ISO" means any Stock Option awarded to an Eligible Employee of the Company, its Subsidiaries, or any Parent intended to be and designated as an "incentive stock option" within the meaning of Code Section 422.

2.27 "Incumbent Directors" has the meaning set forth in Section 8.1(b).

2.28 "IPO Shares" has the meaning set forth in Section 7.2.

2.29 "Lead Underwriter" has the meaning set forth in Section 10.19.

2.30 "Lock-Up Period" has the meaning set forth in Section 10.19.

2.31 "Matching Grant" has the meaning set forth in Section 7.2.

2.32 "Matching Grant Shares" has the meaning set forth in Section 7.2.

2.33 "Maximum IPO Limit" has the meaning set forth in Section 7.2.

2.34 "Non-Employee Director" means a director or a member of the Board or the board of directors of an Affiliate who is not an active employee of the Company or an Affiliate.

2.35 "Nonstatutory Stock Option" or "NSO" means any Stock Option awarded under the Plan that is not an ISO.

2.36 "Outstanding Company Shares" has the meaning set forth in Section 8.1(a).

2.37 "Outstanding Company Voting Securities" has the meaning set forth in Section 8.1(a).

2.38 "Parent" means any parent corporation of the Company within the meaning of Code Section 424(e).

2.39 "Participant" means an Eligible Individual who has been granted, and holds pursuant to the Plan, an Award.

2.40 "Performance Goals" means goals established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable, which may be based on business objectives or other measures of performance as the Committee, in its discretion, deems appropriate. Performance Goals may differ among Awards granted to any one Participant or to different Participants. The Committee may also designate additional business objectives on which the Performance Goals may be based; and adjust, modify, or amend the aforementioned business objectives.

2.41 "Person" means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, and a government or any branch, department, agency, political subdivision, or official thereof.

2.42 "Plan" means this DPC Holdings Limited 2026 Equity Incentive Plan, as amended from time to time.

2.43 "Proceeding" has the meaning set forth in Section 10.9.

2.44 "Purchase Date" has the meaning set forth in Section 7.2.

2.45 "Purchased Shares" has the meaning set forth in Section 7.2.

2.46 "Qualifying Director" has the meaning set forth in Section 7.1.

2.47 "Registration Date" means the date on which the Company consummates the sale of its Shares in a bona fide, firm commitment underwriting pursuant to a registration statement under the Securities Act.

2.48 "Rule 16b-3" means Rule 16b-3 under Section 16(b) of the Exchange Act, as then in effect or any successor provision.

2.49 "Section 409A" means the nonqualified deferred compensation rules under Code Section 409A and any applicable treasury regulations and other official guidance thereunder.

2.50 "Securities Act" means the Securities Act of 1933, as amended from time to time.

2.51 "Separation from Service" means, unless otherwise determined by the Committee or the Company, the termination of the applicable Participant's employment with, and performance of services for, the Company and all Affiliates, including by reason of the fact that the Participant's employer or other service recipient ceases to be an Affiliate of the Company. Unless otherwise determined by the Company, if a Participant's employment or service with the Company or an Affiliate terminates but the Participant continues to provide services to the Company or an Affiliate in a Non-Employee Director capacity or as an Eligible Employee or Consultant, as applicable, such change in status will not be considered a Separation from Service. Approved temporary absences from employment because of illness, vacation, or leave of absence and transfers among the Company and its Affiliates will not be considered Separations from Service. Notwithstanding the foregoing definition of Separation from Service, with respect to any Award that constitutes nonqualified deferred compensation under Section 409A, "Separation from Service" means a "separation from service" as defined under Section 409A.

2.52 "Share" means an ordinary share of the Company.

2.53 "Share Reserve" has the meaning set forth in Section 4.1.

2.54 "Stock Option" means an option to purchase Shares granted to an Eligible Individual under Article VI.

2.55 "Stockholder" means a stockholder of the Company.

2.56 "Subsidiary" means any subsidiary corporation of the Company within the meaning of Code Section 424(f).

2.57 "Substitute Awards" has the meaning set forth in Section 4.1.

2.58 "Ten Percent Stockholder" means a Person owning stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, its Subsidiaries, or any Parent.

2.59 "Transfer" means (a) when used as a noun, any direct or indirect transfer, sale, assignment, pledge, hypothecation, encumbrance, or other disposition, whether for value or no value and whether voluntary or involuntary, and (b) when used as a verb, to directly or indirectly transfer, sell, assign, pledge, encumber, charge, hypothecate, or otherwise dispose of, whether for value or for no value and whether voluntarily or involuntarily.

2.60 "Transferred" and "Transferable" have a correlative meaning under the Plan.

**ARTICLE III** **<br> ADMINISTRATION**

3.1 Committee. The Plan will be administered and interpreted by the Committee. To the extent required by Applicable Law and the Articles, it is intended that each member of the Committee will qualify as (a) a "non-employee director" under Rule 16b-3 and (b) an "independent director" under the rules of the principal stock exchange in the United States on which the Shares are then listed, as applicable. If it is later determined that one or more members of the Committee do not so qualify, actions taken by the Committee before such determination will be valid despite such failure to qualify.

3.2 Grants of Awards. The Committee will have full authority to grant, under the terms and conditions of the Plan, Stock Options to Eligible Individuals. In particular, the Committee will have the authority:

(a) to select the Eligible Individuals to whom Awards may be granted hereunder;

(b) to determine whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or more Eligible Individuals;

(c) to determine the number of Shares to be covered by each Award granted hereunder;

(d) to determine the terms and conditions, not inconsistent with the terms and conditions of the Plan or the Articles, of all Awards;

(e) to determine the amount of cash to be covered by each Award granted hereunder;

(f) to determine whether, to what extent, and under what circumstances grants of Stock Options and other Awards under the Plan are to operate on a tandem basis or in conjunction with or apart from other awards made by the Company outside of the Plan;

(g) to determine whether and under what circumstances a Stock Option may be settled in cash or Shares, under Section 6.4(d);

(h) to determine whether a Stock Option is an ISO or NSO;

(i) to impose a "blackout" period during which Stock Options may not be exercised;

(j) to determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of Shares acquired upon the exercise or vesting of an Award for a period of time as determined by the Committee, in its sole discretion, after the date of the acquisition of such Award; and

(k) to modify, extend, or renew an Award, subject to Section 6.4(l) and Article XIII.

3.3 Guidelines. Subject to Article XIII, the Committee shall have the authority to adopt, alter, and repeal such administrative rules, guidelines, and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by Applicable Law and the Articles), as it may deem advisable; to construe and interpret the Plan, all Awards, and all Award Agreements (and in each case any agreements relating thereto); and to otherwise supervise the administration of the Plan. The Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent it deems necessary to effectuate the purpose and intent of the Plan. The Committee may adopt sub-plans and/or special terms and conditions for Persons who are residing in, or employed in, or subject to the taxes of, any domestic or foreign jurisdictions to comply with Applicable Law or to qualify for preferred tax treatment of such domestic of foreign jurisdictions. Notwithstanding the foregoing terms and conditions of this Section 3.3, no action of the Committee under this Section 3.3 may substantially impair the rights of any Participant without the Participant's consent. To the extent applicable, Awards granted pursuant to the Plan are intended to comply with the applicable requirements of Rule 16b-3, and the Plan will be limited, construed, and interpreted in a manner so as to comply therewith.

3.4 Sole Discretion; Decisions Final. Any decision, interpretation, or other action made or taken in good faith by or at the direction of the Company, acting by the Board, or the Committee (or any of their members) arising out of or in connection with the Plan shall be within the sole and absolute discretion of all and each of them, as the case may be, and shall be final, binding, and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors, and assigns and all other Persons having an interest in the Plan.

3.5 Designations of Consultants/Liability.

(a) The Committee may designate employees of the Company and professional advisors to assist the Committee in the administration of the Plan and may grant authority to officers to grant Awards to Eligible Employees who are not executive officers or directors of the Company subject to Section 16 of the Exchange Act and execute agreements and other documents on behalf of the Committee, in each case to the extent permitted by Applicable Law. In the event of any designation of authority hereunder, subject to Applicable Law and any terms and conditions imposed by the Committee in connection with such designation, such designee or designees will have the power and authority to take such actions, exercise such powers, and make such determinations that are otherwise specifically designated to the Committee hereunder.

(b) The Committee may employ such legal counsel, consultants, and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant, or agent will be paid by the Company. The Committee, its members, and any Person designated under Section 3.5(a) will not be liable for any action or determination made in good faith with respect to the Plan. To the maximum extent permitted by Applicable Law, no officer of the Company or member or former member of the Committee or of the Board will be liable for any action or determination made in good faith with respect to the Plan or any Award granted under it.

3.6 Indemnification. To the maximum extent permitted by Applicable Law (including, but not limited to, the Companies (Jersey) Law 1991) and the Articles, and to the extent not covered by insurance directly insuring such Person, each officer and employee of the Company and each Affiliate and member or former member of the Committee and the Board will be indemnified and held harmless by the Company against all costs and expenses and liabilities, and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration of the Plan, except to the extent arising out of such officer's, employee's, member's, or former member's own fraud or bad faith. Such indemnification will be in addition to any right of indemnification the employees, officers, directors, or members or former officers, directors, or members may have under Applicable Law or under the Articles or the articles of association or By-Laws of an Affiliate. Notwithstanding any other term or condition of the Plan, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to himself or herself.

**ARTICLE IV** **<br> SHARE LIMITATION**

4.1 Shares. Share Limits and Counting. The maximum number of Shares available for issuance under the Plan may not exceed (i) 55.25 million Shares (such amount, subject to any increase or decrease under this Section 4.1 or Section 4.2, the "Share Reserve")<sup>1</sup>. Any Shares granted in connection with Stock Options shall be counted against this limit as one (1) Share for every one (1) Stock Option awarded. The Share Reserve may consist of authorized and unissued Shares and Shares held in or acquired for the treasury of the Company. The maximum number of Shares with respect to which ISOs may be granted is 55.25 million Shares. If any Stock Option expires, terminates, or is canceled for any reason without having been exercised in full, the number of Shares underlying such Award will be added back to the Share Reserve. Any Award settled in cash will not count against the Share Reserve. If Shares issuable upon exercise, vesting, or settlement of an Award are surrendered or tendered to the Company in payment of the purchase or exercise price of an Award or any taxes required to be withheld in respect of an Award, in each case, in accordance with the terms of the Plan, such surrendered or tendered Shares will be added back to the Share Reserve. Awards may be granted in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired by the Company or with which the Company combines ("Substitute Awards"). Substitute Awards will not count against the Share Reserve; provided, that Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding Stock Options intended to qualify as ISOs will count against the ISO limit above. Subject to applicable stock exchange requirements, available shares under a shareholder-approved plan of an entity acquired by the Company or with which the Company combines (as appropriately adjusted to reflect such acquisition or transaction) may be used for Awards and will not count against the Share Reserve. Of the 55.25 million Shares reserved pursuant to this Section 4.1, (a) 0.25 million Shares may be granted as the Maximum IPO Limit under the Director Share Program, (b) 30 million Shares may be granted immediately following effectiveness of the Plan, subject to the occurrence of the initial public offering within five business days following pricing, (c) 5 million Shares may be granted when all lock-up and similar restrictions agreed in connection with the initial public offering by the shareholders at the date of adoption of this Plan have been irrevocably and unconditionally released, and (d) a further 5 million Shares may be granted on or following each anniversary of the initial public offering; provided, however, that following the first anniversary of the initial public offering such annual grant limitations shall not apply once the trading price of a Share trades at or above two times the initial public offering price of a Share as set forth in the Company's final prospectus relating to its initial public offering filed with the Securities and Exchange Commission.

4.2 Changes.

(a) The existence of the Plan and any Awards will not affect in any way the right or power of the Board, the Committee, or the Stockholders to make or authorize (i) any adjustment, recapitalization, reorganization, or other change in the Company's capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate, (iii) any issuance of bonds, debentures, preferred, or prior preference stock ahead of or affecting the Shares, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or part of the assets or business of the Company or any Affiliate, or (vi) any other corporate act or proceeding.

(b) Subject to Section 8.1:

(i) In the event of any change in the outstanding Shares or in the capital structure of the Company by reason of any stock split, reverse stock split, recapitalization, reorganization, merger, consolidation, combination, division, exchange, spin off, stock dividend, or extraordinary cash or non-cash dividend, or other relevant change in capitalization, Awards will be equitably adjusted or substituted (which may include cash payments) to the extent necessary to preserve the economic intent of such Awards. For the avoidance of doubt, the issuance of Shares in connection with the Company's initial public offering will not trigger an adjustment or substitution as described in this Section 4.2(b)(i).

(ii) Fractional Shares resulting from any adjustment in Awards under this Section 4.2(b) will be aggregated until, and eliminated at, the time of exercise or payment by rounding down to the nearest whole number. No cash settlements will be required with respect to fractional Shares eliminated by rounding. Notice of any adjustment will be given by the Committee to each Participant whose Award has been adjusted and such adjustment (whether or not such notice is given) will be effective and binding for all purposes of the Plan.

(iii) The Committee may establish a program under which dividend equivalent rights may be granted in conjunction with other Awards, and it is intended that any such dividend equivalent rights would be either exempt from, or in compliance with, Section 409A.

4.3 Minimum Purchase Price. Notwithstanding any other term or condition of the Plan, if authorized but previously unissued Shares are issued under the Plan, such Shares may not be issued for a consideration that is less than as permitted under Applicable Law.

<sup>1</sup> Based on a total share count of 451,747,577 Shares. If the total number of Shares is adjusted due to a reverse split prior to the adoption of this Plan then the Share Reserve shall be adjusted accordingly.

**ARTICLE V** **<br> ELIGIBILITY**

5.1 General Eligibility. All current and prospective Eligible Individuals are eligible to be granted Awards. Eligibility for the grant of Awards and actual participation in the Plan will be determined by the Committee.

5.2 ISOs. Notwithstanding Section 5.1, only Eligible Employees of the Company, its Subsidiaries, and any Parent are eligible to be granted ISOs.

5.3 General Requirement. The vesting and exercise of Awards granted to a prospective Eligible Individual must be conditioned upon such individual actually becoming an Eligible Employee, Consultant, or Non-Employee Director, respectively.

**ARTICLE VI** **<br> STOCK OPTIONS**

6.1 Stock Options. Stock Options may be granted alone or in addition to other Awards granted under the Plan. Each Stock Option will be of one of two types: (a) an ISO or (b) a NSO.

6.2 Grants. The Committee will have the authority to grant to any Eligible Employee one or more ISOs, NSOs, or both types of Stock Options; provided, however, that ISOs may only be granted to an Eligible Employee who is an employee of the Company, its Subsidiaries or any Parent. The Committee will have the authority to grant any Consultant or Non-Employee Director one or more NSOs. To the extent that any Stock Option does not qualify as an ISO (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion thereof that does not so qualify will constitute a separate NSO.

6.3 ISOs. Notwithstanding any other term or condition of the Plan, no term or condition of the Plan relating to ISOs will be interpreted, amended, or altered, nor will any discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan under Code Section 422, or, without the consent of the Participants affected, to disqualify any ISO under Code Section 422.

6.4 Terms and Conditions of Stock Options. Stock Options will be subject to terms and conditions, not inconsistent with the Plan, determined by the Committee, and the following:

(a) Exercise Price. The exercise price per Share subject to a Stock Option will be determined by the Committee at the time of grant, provided that the per Share exercise price of a Stock Option may not be less than 100% (or, in the case of an ISO granted to a Ten Percent Stockholder, 110%) of the Fair Market Value of the Shares at the grant date.

(b) Stock Option Term. The term of each Stock Option will be fixed by the Committee, provided that no Stock Option may be exercisable more than 10 years after the date the Stock Option is granted; and provided further that the term of an ISO granted to a Ten Percent Stockholder may not exceed five years.

(c) Exercisability. Unless otherwise determined by the Committee in accordance with this Section 6.4, Stock Options granted under the Plan will be exercisable at the time or times and subject to the terms and conditions determined by the Committee at the time of grant. If the Committee provides that any Stock Option is exercisable subject to certain terms and conditions, the Committee may waive those terms and conditions on the exercisability at any time at or after the time of grant in whole or in part.

(d) Method of Exercise. Subject to whatever installment exercise and waiting period terms and conditions that may apply under Section 6.4(c), to the extent vested, Stock Options may be exercised in whole or in part at any time during the Stock Option term by giving written notice of exercise to the Company specifying the number of Shares to be purchased. Such notice must be accompanied by payment in full of the exercise price as follows: (i) in cash or by check, bank draft, or money order payable to the order of the Company; (ii) solely to the extent permitted by Applicable Law, if the Shares are listed on a national stock exchange, and the Committee authorizes, through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee to deliver promptly to the Company an amount equal to the exercise price; (iii) to the extent the Committee authorizes, having the Company withhold Shares issuable upon exercise of the Stock Option, or by payment in full or in part in the form of Shares owned by the Participant, based on the Fair Market Value of the Shares on the payment date; (iv) by means of consideration received under any cashless exercise procedure approved by the Committee (including the withholding of Shares otherwise issuable upon exercise); (v) on such other terms and conditions that may be acceptable to the Committee; or (vi) any combination of the foregoing. No Shares will be issued under the Plan until payment for those Shares has been made or provided for in accordance with the Plan.

(e) Non-Transferability of Stock Options. No Stock Option will be Transferable by the Participant other than by will or by the laws of descent and distribution, and all Stock Options will be exercisable, during the Participant's lifetime, only by the Participant, except that the Committee may determine, in its sole discretion, at the time of grant or thereafter that a NSO that is otherwise not Transferable under this Section 6.4(e) is Transferable to a Family Member in whole or in part on terms and conditions that are specified by the Committee. A NSO that is Transferred to a Family Member under the preceding sentence (i) may not be subsequently Transferred other than by will or by the laws of descent and distribution and (ii) remains subject to the Plan and the applicable Award Agreement. Any Shares acquired upon the exercise of a NSO by a permissible transferee of a NSO or a permissible transferee under a Transfer after the exercise of the NSO will be subject to the Plan and the applicable Award Agreement.

(f) Separation from Service by Death or Disability. Unless otherwise provided in the applicable Award Agreement, or otherwise determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant's Separation from Service is by reason of death or Disability, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant's Separation from Service may be exercised by the Participant (or in the case of the Participant's death, by the legal representative of the Participant's estate) at any time within a period of one year from the date of such Separation from Service, but in no event beyond the expiration of the stated term of such Stock Options; provided, however, that, in the event of a Participant's Separation from Service by reason of Disability, if the Participant dies within such exercise period, all unexercised Stock Options held by such Participant will thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one year from the date of such death, but in no event beyond the expiration of the stated term of such Stock Options.

(g) Involuntary Separation from Service without Cause. Unless otherwise provided in the applicable Award Agreement, or otherwise determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant's Separation from Service is initiated by the Company without Cause, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant's Separation from Service may be exercised by the Participant at any time within a period of 90 days after the date of such Separation from Service, but in no event beyond the expiration of the stated term of such Stock Options.

(h) Voluntary Resignation. Unless otherwise provided in the applicable Award Agreement, or otherwise determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant's Separation from Service is voluntary, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant's Separation from Service may be exercised by the Participant at any time within a period of 90 days from the date of such Separation from Service, but in no event beyond the expiration of the stated term of such Stock Options.

(i) Separation from Service for Cause. Unless otherwise provided in the applicable Award Agreement, or otherwise determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant's Separation from Service is for Cause, all Stock Options, whether vested or not vested, that are held by such Participant will terminate and expire as of the date of such Separation from Service.

(j) Unvested Stock Options. Unless otherwise provided in the applicable Award Agreement, or otherwise determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, Stock Options that are not vested as of the date of a Participant's Separation from Service for any reason will terminate and expire as of the date of such Separation from Service.

(k) ISO Terms and Conditions. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which ISOs are exercisable for the first time by an Eligible Employee during any calendar year under the Plan or any other stock option plan of the Company, any Subsidiary, or any Parent exceeds $100,000, such Stock Options will be treated as NSOs. In addition, if an Eligible Employee does not remain employed by the Company, any Subsidiary, or any Parent at all times from the time an ISO is granted until 3 months before the date of exercise thereof (or such other period as required by Applicable Law), such Stock Option will be treated as a NSO. Should any term or condition of the Plan not be necessary in order for the Stock Options to qualify as ISOs, or should any additional terms and conditions be required, the Committee may amend the Plan accordingly.

(l) Form, Modification, Extension and Renewal of Stock Options. Subject to the terms and conditions of the Plan, Stock Options will be evidenced by such form of agreement or grant as is approved by the Committee, and the Committee may (i) modify, extend, or renew outstanding Stock Options (provided that the rights of a Participant are not reduced without such Participant's consent; and provided, further, that such action does not subject the Stock Options to Section 409A without the consent of the Participant), and (ii) accept the surrender of outstanding Stock Options (to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised). Notwithstanding any other term or condition of the Plan, except in connection with a corporate transaction involving the Company in accordance with Section 4.2, the repricing of Options is prohibited without prior approval of the Stockholders. For this purpose, a "repricing" means any of the following (or any other action that has the same effect as any of the following): (y) any action that is treated as a "repricing" under GAAP and (z) repurchasing for cash or canceling an Option at a time when its exercise price is greater than the Fair Market Value of the underlying Shares in exchange for another Award. A cancellation and exchange under clause (z) would be considered a "repricing" regardless of whether it is treated as a "repricing" under GAAP and regardless of whether it is voluntary on the part of the Participant.

(m) Automatic Exercise. The Committee may include a term or condition in an Award Agreement providing for the automatic exercise of a NSO on a cashless basis on the last day of the term of such Stock Option if the Participant has failed to exercise the NSO as of such date, with respect to which the Fair Market Value of the Shares underlying the NSO exceeds the exercise price of such NSO on the date of expiration of such Stock Option, subject to Section 10.5. Stock Options may contain such other provisions, which shall not be inconsistent with any of the terms of the Plan, as the Committee shall deem appropriate.

**ARTICLE VII** **<br> DIRECTOR SHARE PROGRAM**

7.1 Director Share Program. The Board may, in its sole discretion, permit any individual who first becomes a Non-Employee Director following the Effective Date or any Eligible Director (a "Qualifying Director") to make a one-time election to participate in a share purchase and matching grant program in accordance with the terms and conditions set forth in this Article VII (the "Director Share Program").

7.2 Share Grant. The Director Share Program will provide that if the Qualifying Director purchases Shares (the "Purchased Shares") on the New York Stock Exchange (or other applicable market) (the date of the first such purchase, the "Purchase Date") as part of the directed share program established in connection with the initial public offering of the Company or, with respect to an individual who became a Qualifying Director after the closing of the initial public offering of the Company, within thirty (30) days following the date on which the Qualifying Director first becomes a Non-Employee Director, in each case, for a purchase price equal to the aggregate Fair Market Value of such Shares on the date of purchase, then the Qualifying Director will receive a grant (the "Matching Grant") of fully vested Shares under the Plan (the "Matching Grant Shares") equal to the lesser of (i) the number of Shares having an aggregate Fair Market Value calculated as of the Purchase Date equal to twenty-five percent (25%) of the aggregate Fair Market Value of the Purchased Shares on the Purchase Date or (ii) the number of Shares having an aggregate value equal to the product of (a) 41,667 multiplied by (b) the initial public offering price of a Share as set forth in the Company's final prospectus relating to its initial public offering filed with the Securities and Exchange Commission. A maximum of 250,000 Shares, in the aggregate, may become Matching Grant Shares pursuant to this Article VII in connection with the initial public offering of the Company (such number of Matching Grant Shares actually issued following the first round of elections, the "IPO Shares" and such limit of 250,000, the "Maximum IPO Limit"). Notwithstanding clause (ii) of this Section VII.2, if the number of IPO Shares following the first round of elections to purchase Purchased Shares in connection with the initial public offering is less than the Maximum IPO Limit, the number of Shares equal to the difference between the Maximum IPO Limit and the IPO Shares shall be available for Matching Grants to Qualifying Directors who maximized their Purchased Share purchases in the first round of elections in connection with the initial public offering of the Company and who then elect to purchase additional Purchased Shares in connection with the initial public offering of the Company, with such remaining IPO Shares available for issuance as Matching Grant Shares to such Qualifying Directors on a pro-rata basis and subject to the same terms and conditions as otherwise set forth in this Section VII. No fractional Shares shall be issued pursuant to this Article VII. Matching Grant Shares shall be Awards granted under the Plan.

7.3 Transfer Restrictions. As a condition to any Matching Grant, a Qualifying Director hereby irrevocably agrees not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of, any interest in any Purchased Shares or any Matching Grant Shares or any securities convertible into, derivative of, or exchangeable or exercisable for, or any other rights to purchase or acquire any Purchased Shares or any Matching Grant Shares during such period of time beginning after the Purchase Date and ending on and including the third anniversary of the Qualifying Director's Purchase Date; provided, that the Qualifying Director may sell up to 100% of his or her Purchased Shares beginning the day after the first anniversary of his or her Purchase Date, after which all such restrictions will cease. The Company may impose stop-transfer instructions with respect to Purchased Shares and Matching Grant Shares until the end of such restricted period.

**ARTICLE VIII** **<br> CHANGE IN CONTROL**

8.1 Change in Control. "Change in Control" means an event or occurrence set forth in any one or more of subsections (a) through (d) below (including an event or occurrence that constitutes a Change in Control under one of such subsections but is specifically exempted from another such subsection):

(a) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Change in Control Person") of beneficial ownership of any capital stock of the Company if, after such acquisition, such Change in Control Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 30% or more of either (x) the then outstanding ordinary shares of the Company (the "Outstanding Company Shares") or (y) the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company (excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for ordinary shares or voting securities of the Company, unless the Change in Control Person exercising, converting or exchanging such security acquired such security directly from the Company or an underwriter or agent of the Company), (B) any acquisition by any corporation pursuant to a transaction which complies with clauses (A) and (B) of subsection (c) of this definition or (C) any acquisition by any individual, entity or group that holds securities of the Company or one of its Affiliates prior to the initial public offering of the Company's ordinary shares, provided that such individual entity or group does not acquire more than 50% of the Outstanding Company Shares or the Outstanding Voting Securities (for the avoidance of doubt, if any such person acquires more than 50% of the Outstanding Company Shares or the Outstanding Voting Securities, such acquisition shall constitute a Change in Control); or

(b) such time as a majority of the Board (or, if applicable, the Board of Directors of a successor corporation to the Company)have been elected subsequent to a nomination by a single shareholder or group of shareholders acting in concert; or

(c) the consummation of a merger, consolidation; organization, recapitalization or statutory share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the Company in one or a series of transactions (a "Business Combination"), unless, immediately following such Business Combination, each of the following two conditions is satisfied: (A) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Shares and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then outstanding ordinary shares and the combined voting power of the then outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company's assets either directly or through one or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the "Acquiring Corporation") in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Shares and Outstanding Company Voting Securities, respectively; and (B) no Change in Control Person (excluding any employee benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or indirectly, 30% or more of the then outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then outstanding securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination); or

(d) the liquidation or dissolution of the Company.

Notwithstanding anything in this Plan or any Award Agreement to the contrary, a Change in Control that does not constitute a "change in ownership", "change in effective control" or "change in ownership of a substantial portion of the Company's assets" within the meaning of Section 409A shall not prevent Awards from becoming vested in connection with such Change in Control; provided, however, that, only to the extent necessary to establish a time or form of payment that complies with Section 409A of the Code of deferred compensation that is subject to Section 409A, a Change in Control shall occur only if Change in Control also constitutes a "change in ownership", "change in effective control" or "change in ownership of a substantial portion of the Company's assets" within the meaning of Section 409A. Any payment that would have been made except for the application of the preceding sentence shall be made in accordance with the payment schedule that would have applied in the absences of a Change in Control or termination of employment or service but disregarding any future service or performance requirements.

8.2 Treatment Following a Change in Control. In the event of a Change in Control, all outstanding Stock Options shall become immediately exercisable with respect to 100% of the shares subject to such Stock Options. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company and its Affiliates, taken as a whole.

**ARTICLE IX** **<br> AMENDMENT AND TERMINATION**

9.1 Amendment and Termination of Plan. Subject to Section 9.3, the Board may amend or terminate the Plan at any time; provided, however, that no amendment will be effective unless approved by the Stockholders to the extent Stockholder approval is necessary to satisfy any Applicable Laws or the Articles.

9.2 Amendment of Awards. Subject to Section 9.3, the Committee may amend any Award at any time; provided, however, that no amendment will be effective unless approved by the Stockholders to the extent Stockholder approval is necessary to satisfy any Applicable Laws or the Articles.

9.3 No Impairment of Rights. Rights under any Award granted before amendment or termination of the Plan or amendment of an Award may not be substantially impaired by any such amendment or termination unless the Participant consents in writing.

**ARTICLE X** **<br> GENERAL TERMS AND CONDITIONS**

10.1 Legend. The Committee may require each person receiving Shares under the Plan to represent to and agree with the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof. In addition to any legend required by the Plan, the certificates for Shares issued under the Plan may include any legend that the Committee deems appropriate to reflect any restrictions on Transfer. All certificates for Shares delivered under the Plan will be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under Applicable Law or the Articles, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

10.2 Book Entry. Notwithstanding any other term or condition of the Plan and subject to the provision of the Articles, the Company may elect to satisfy any requirement under the Plan for the delivery of Share certificates through the use of another system, such as book entry.

10.3 Other Plans. Nothing contained in the Plan prevents the Board from adopting other or additional compensation arrangements, subject to Stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific cases.

10.4 No Right to Employment/Consultancy/Directorship. Neither the Plan nor the grant of any Award gives any Person any right with respect to continuance of employment, consultancy, or directorship by the Company or any Affiliate, nor does the Plan or the grant of any Award cause any limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate such employment, consultancy, or directorship at any time.

10.5 Withholding for Taxes. The Company or an Affiliate, as the case may be, has the right to deduct from payments of any kind otherwise due to a Participant any federal, state, or local taxes of any kind required by Applicable Law to be withheld (a) with respect to the vesting of or other lapse of restrictions applicable to an Award, (b) upon the issuance of any Shares upon the exercise of an Option, or (c) otherwise due in connection with an Award. At the time the tax obligation becomes due, the Participant must pay to the Company or the Affiliate, as the case may be, any amount that the Company or Affiliate determines to be necessary to satisfy the tax obligation. The Company or the Affiliate, as the case may be, may require or permit the Participant to satisfy the tax obligation, in whole or in part, (i) by causing the Company or Affiliate to withhold up to the maximum required number of Shares otherwise issuable to the Participant as may be necessary to satisfy such tax obligation, (ii) by delivering to the Company or Affiliate Shares already owned by the Participant or (iii) through other methods established or approved by the Company that are satisfactory to the Company regarding the payment of such tax obligation. The Shares so delivered or withheld must have an aggregate Fair Market Value equal to the tax obligation. The Fair Market Value of the Shares used to satisfy the tax obligation will be determined by the Company or the Affiliate as of the date that the amount of tax to be withheld is to be determined. To the extent applicable, a Participant may satisfy his or her tax obligation only with Shares that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. Any fraction of a Share required to satisfy tax obligations will be disregarded and the amount due must be paid instead in cash by the Participant.

10.6 No Assignment of Benefits. No Award or other benefit payable under the Plan may, except as otherwise specifically provided by Applicable Law or permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit will be void, and any such benefit will not in any manner be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any Person who will be entitled to such benefit, nor will it be subject to attachment or legal process for or against such Person.

10.7 Listing and Other Terms and Conditions.

(a) Unless otherwise determined by the Committee, as long as the Shares are listed on a national stock exchange or system sponsored by a national securities association, the issuance of Shares under an Award will be conditioned upon such Shares being listed on such exchange or system. The Company will have no obligation to issue such Shares unless and until such Shares are so listed, and the right to exercise any Stock Option or other Award with respect to such Shares will be suspended until such listing has been effected.

(b) If at any time counsel to the Company is of the opinion that any sale or delivery of Shares under an Award is or may be unlawful or result in the imposition of excise taxes on the Company, the Company will have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to Shares or Awards, and the right to exercise any Stock Option or other Award will be suspended until, in the opinion of said counsel, such sale or delivery would be lawful or would not result in the imposition of excise taxes on the Company.

(c) Upon termination of any period of suspension under this Section 10.7, any Award affected by such suspension that has not expired or terminated will be reinstated as to all Shares available before such suspension and as to Shares that would otherwise have become available during the period of such suspension, but no such suspension will extend the term of any Award.

(d) A Participant will be required to supply the Company with certificates, representations, and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent, and approval the Company determines necessary or appropriate.

10.8 Governing Law. The Plan and actions taken in connection with the Plan will be governed and construed in accordance with the laws of the State of Delaware (regardless of the law that might otherwise govern under applicable Delaware principles of conflict of laws).

10.9 Jurisdiction; Waiver of Jury Trial. Any suit, action, or proceeding with respect to the Plan or any Award or Award Agreement, or any judgment entered by any court of competent jurisdiction in respect of the Plan or any Award or Award Agreement, will be resolved only in the courts of the State of Delaware or the United States District Court for the District of Delaware and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the Company and each Participant irrevocably and unconditionally (a) submits in any proceeding relating to the Plan or any Award or Award Agreement, or for the recognition and enforcement of any judgment in respect of the Plan or any Award or Award Agreement (a "Proceeding"), to the exclusive jurisdiction of the courts of the State of Delaware or the United States District Court for the District of Delaware and the appellate courts having jurisdiction of appeals in such courts, and agrees that all claims in respect of any Proceeding will be heard and determined in such state court or, to the extent permitted by Applicable Law, in such federal court, (b) consents that any Proceeding may and will be brought in such courts and waives any objection that the Company or the Participant may have at any time after the Effective Date to the venue or jurisdiction of any Proceeding in any such court or that the Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort, or otherwise) arising out of or relating to the Plan or any Award or Award Agreement, (d) agrees that service of process in any Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party, in the case of a Participant, at the Participant's address shown in the books and records of the Company or, in the case of the Company, at the Company's principal offices, attention Chair of the Board, and (e) agrees that nothing in the Plan will affect the right to effect service of process in any other manner permitted by the laws of the State of Delaware.

10.10 Other Benefits. No Award granted or paid out under the Plan will be considered compensation for purposes of computing benefits under any retirement plan of the Company or any Affiliate or affect any benefit or compensation under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation.

10.11 Costs. The Company will bear all expenses associated with administering the Plan, including expenses of issuing Shares under Awards.

10.12 No Right to Same Benefits. The terms and conditions of Awards need not be the same with respect to each Participant, and Awards to individual Participants need not be the same in subsequent years (if granted at all).

10.13 Death/Disability. The Committee may in its sole discretion require the transferee of a Participant to supply it with written notice of the Participant's death or Disability and to supply it with a copy of the will (in the case of the Participant's death) or such other evidence as the Committee deems necessary to establish the validity of the transfer of an Award. The Committee may also require that the agreement of the transferee to be bound by the Plan.

10.14 Section 16(b) of the Exchange Act. All elections and transactions under the Plan by Persons subject to Section 16 of the Exchange Act involving Shares are intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee may establish and adopt guidelines for such purposes, as it may deem necessary or proper for the administration and operation of the Plan and the transaction of business thereunder.

10.15 Section 409A. The Plan and Awards are intended to be exempt from or comply with Section 409A and will be limited, construed, and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A, it will be paid in a manner that complies with Section 409A, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding any other provision of the Plan, any Plan provision that is inconsistent with Section 409A will be deemed to be amended to comply with Section 409A and to the extent such provision cannot be amended to comply, such provision will be null and void. The Company will have no liability to a Participant, or any other party, if an Award that is intended to be exempt from or compliant with Section 409A is not so exempt or compliant, or for any action taken by the Committee or the Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Section 409A, responsibility for payment of such penalties will rest solely with the affected Participants and not with the Company. Notwithstanding any other provision in the Plan or any Award Agreement, any payment(s) of "nonqualified deferred compensation" (within the meaning of Section 409A) that are otherwise required to be made under the Plan to a "specified employee" (as defined under Section 409A) as a result of such employee's separation from service (other than a payment that is not subject to Section 409A) will be delayed for the first 6 months after such separation from service (or, if earlier, the date of death of the specified employee) and will instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period. All installment payments under the Plan will be deemed separate payments for purposes of Section 409A.

10.16 Successors and Assigns. The Plan will be binding on all successors and permitted assigns of a Participant, including the estate of such Participant and the executor, administrator, or trustee of such estate.

10.17 Severability of Terms and Conditions. If any term or condition of the Plan is held invalid or unenforceable, such invalidity or unenforceability will not affect any other term or condition of the Plan, and the Plan will be construed and enforced as if such term or condition had not been included.

10.18 Payments to Minors, Etc. Any benefit payable to or for the benefit of a minor, an incompetent Person, or other Person incapable of receipt thereof will be considered paid when paid to such Person's guardian or to the party providing or reasonably appearing to provide for the care of such Person, and such payment will fully discharge the Committee, the Board, the Company, all Affiliates, and their employees, agents, and representatives with respect thereto.

10.19 Lock-Up Agreement. As a condition to the grant of an Award, if requested by the Company and the lead underwriter of any public offering of Shares (the "Lead Underwriter"), a Participant must irrevocably agree not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of, any interest in any Shares or any securities convertible into, derivative of, or exchangeable or exercisable for, or any other rights to purchase or acquire Shares (except Shares included in such public offering or acquired on the public market after such offering) during such period of time after the effective date of a registration statement of the Company filed under the Securities Act that the Lead Underwriter may specify (the "Lock-Up Period"). Each Participant must sign such documents as may be requested by the Lead Underwriter to effect the foregoing. The Company may impose stop-transfer instructions with respect to Shares acquired under an Award until the end of such Lock-Up Period.

10.20 Clawbacks. All awards, amounts, or benefits received or outstanding under the Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Company clawback or similar policy, the Articles or any Applicable Law related to such actions. A Participant's acceptance of an Award will constitute the Participant's acknowledgement of and consent to the Company's application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply to the Participant, whether adopted before or after the Effective Date, and any Applicable Law relating to clawback, cancellation, recoupment, rescission, payback, or reduction of compensation, and the Participant's agreement that the Company may take any actions that may be necessary to effectuate any such policy, the Articles, or Applicable Law, without further consideration or action.

10.21 Data Protection. A Participant's acceptance of an Award will be deemed to constitute the Participant's acknowledgement of and consent to the collection and processing of personal data relating to the Participant so that the Company and the Affiliates can fulfill their obligations and exercise their rights under the Plan and generally administer and manage the Plan. This data will include data about participation in the Plan and Shares offered or received, purchased, or sold under the Plan and other appropriate financial and other data (such as the date on which the Awards were granted) about the Participant and the Participant's participation in the Plan.

10.22 Unfunded Plan. The Plan is intended to constitute an "unfunded" plan for incentive and deferred compensation. With respect to any payment as to which a Participant has a fixed and vested interest but that is not yet made to a Participant by the Company, nothing in the Plan gives any Participant any right that is greater than the rights of a general unsecured creditor of the Company with respect to their Awards. If the Committee or the Company chooses to set aside funds in a trust or otherwise for the payment of Awards under the Plan, such funds shall at all times be subject to the claims of the creditors of the Company in the event of its bankruptcy or insolvency. The grant of an Award will not require a segregation of any of the Company's assets for satisfaction of the Company's payment obligation under any Award.

10.23 Plan Construction. In the Plan, unless otherwise stated, the following uses apply:

(a) references to Applicable Law refer to the Applicable Law and any amendments and supplements thereto and any successor Applicable Law, and to all valid and binding rules and regulations promulgated thereunder, court decisions, and other regulatory and judicial authority issued or rendered thereunder, as amended or supplemented, or their successors, as in effect at the relevant time;

(b) in computing periods from a specified date to a later specified date, the words "from" and "commencing on" (and the like) mean "from and including," and the words "to," "until," and "ending on" (and the like) mean "to and including";

(c) indications of time of day will be based upon the time applicable to the location of the principal headquarters of the Company;

(d) the words "include," "includes," and "including" (and the like) mean "include, without limitation," "includes, without limitation," and "including, without limitation" (and the like), respectively;

(e) all references to articles, sections, and exhibits are to articles, sections, and exhibits in or to the Plan;

(f) all words used will be construed to be of such gender or number as the circumstances and context require;

(g) the captions and headings of articles, sections, and exhibits have been inserted solely for convenience of reference and will not be considered a part of the Plan, nor will any of them affect the meaning or interpretation of the Plan;

(h) any reference to an agreement, plan, policy, form, document, or set of documents, and the rights and obligations of the parties under any such agreement, plan, policy, form, document, or set of documents, will mean the agreement, plan, policy, form, document, or set of documents as amended from time to time, and any and all modifications, extensions, renewals, substitutions, or replacements thereof; and

(i) all accounting terms not specifically defined will be construed in accordance with GAAP.

**DPC HolDings LImited 2026 Equity Incentive Plan**

**UK SUB-PLAN**

**For the Grant of tax advantaged and non tax-advantaged Options to Employees in the UK**

This Schedule (the "**UK Sub-Plan**") must be notified to HMRC pursuant to paragraph 28A of Schedule 4. Options granted under the UK Sub-Plan shall be governed by the provisions of the DPC Holdings Limited 2026 Equity Incentive Plan (the "**Plan**"), subject to the amendments and additions set out below.

**1.** **Purpose of the UK Sub-Plan** 

The purpose of the UK Sub-Plan is to enable tax-advantaged and non tax-advantaged Options to be granted to Eligible Employees (as defined below) in the United Kingdom, pursuant to the provisions of Schedule 4 (also as defined below). Benefits cannot be provided to Eligible Employee under the UK Sub-Plan otherwise than in accordance with Schedule 4. In the event of any conflict between the Plan and the UK Sub-Plan, the provisions of the UK Sub-Plan shall prevail in respect to Options granted under the UK Sub-Plan.

**2.** **Definitions and Interpretation** 

2.1 Capitalised
 terms used in the UK Sub-Plan shall have the meanings given to them in the Plan, except where
 defined below, when they shall have the meanings given to them below:

"**Act**" means the Income Tax (Earnings and Pensions) Act 2003 of the United Kingdom;

"**Associate**" has the meaning given in paragraph 12 of Schedule 4;

"**Associated Company**" has the meaning assigned to it in paragraph 35(1) of Schedule 4;

"**Constituent Company**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Eligible Company nominated by the Board to be a Constituent Company at the relevant time;

"**Control**" has the meaning given to it by Section 719 of the Act and "**Controlled**" shall be construed accordingly;

**"Data Protection Law"** means any applicable laws and regulations relating to the use or processing of Personal Data, in each case, to the extent in force, and as such are updated, amended or replaced from time to time;

"**Date of Grant**" means the date on which an Option is granted under the UK Sub-Plan;

"**Eligible Company**" means any company of which the Company has Control, including any jointly owned company (as defined in paragraph 34 of Schedule 4):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 is treated as being under the Company's Control under paragraph 34 of Schedule 4;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 is not excluded from being a Constituent Company under paragraph 34(4) of Schedule 4;

"**Eligible Employee**" means any Employee who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) does
 not have a Material Interest (within the meaning of paragraph 9 of Schedule 4, which requires
 ownership of more than 30% of the ordinary share capital of a relevant close company, whether
 held directly or indirectly or together with one or more Associates), and has not had such
 a Material Interest at any time during the 12 months preceding the relevant Date of Grant;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not
 a director of any Constituent Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 director of a Constituent Company who is required to devote at least 25 hours per week (excluding
 meal breaks) to his duties as a director or employee of a Constituent Company or any Associated
 Company;

"**Employee**" means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 employed under a contract of employment with a Constituent Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) holds
 office as a director of a Constituent Company and is required to devote at least 25 hours
 per week (excluding meal breaks) to the performance of his duties as director or employee
 of the Constituent Company or any Associated Company,

in each case within the meaning of paragraph 8 of Schedule 4;

"**Exercise Price**" means the price at which each Share subject to an Option may be acquired on the exercise of that Option, which (subject to Paragraph ‎5 (*Adjustments or Reductions of Exercise Price)* below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 Shares are to be newly issued to satisfy the exercise of the Option, may not be less than
 the nominal value of a Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may
 not be less than the Market Value of a Share on the Date of Grant (or such earlier date as
 determined in accordance with paragraph 22 of Schedule 4);

"**HMRC**" means His Majesty's Revenue & Customs of the United Kingdom;

"**Key Feature**" means any provision of the Plan that is necessary to meet the requirements of Schedule 4;

"**Market Value**" means the market value determined by the Board in accordance with the applicable provisions of Part VIII of the UK's Taxation of Chargeable Gains Act 1992, and any relevant published HMRC guidance, on the relevant date. If Shares are subject to a Relevant Restriction, the Market Value shall be determined as if they were not subject to a Relevant Restriction;

"**Material Interest**" has the meaning given in paragraph 9 of Schedule 4;

"**Option**" means a share option granted under the UK Sub-Plan to a Participant to acquire Shares in accordance with the UK Sub-Plan as evidenced by the issue of an Award Agreement;

"**Participant**" means an Eligible Employee who has been granted an Option under the UK Sub-Plan;

"**Relevant Restriction**" means any provision included in any contract, agreement, arrangement or condition to which any of sections 423(2), 423(3) and 423(4) of the Act would apply if references in those sections to employment-related securities were references to Shares;

"**Schedule 4**" means Schedule 4 to the Act;

"**Shares**" means ordinary shares in the capital of the Company (or such other company as satisfies the conditions in paragraph 16(b) or 16(c) of Schedule 4) which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are
 fully paid up and are not redeemable (within the meaning of paragraph 17 of Schedule 4);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are
 not subject to any restrictions other than restrictions which attach to all shares of the
 same class (whether or not the Company is a close company for the purposes of Schedule 4),
 in accordance with paragraphs 18 and 19 of Schedule 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) do
 not carry any right to convert into, or to subscribe for, shares that do not satisfy the
 conditions in Part 4 of Schedule 4 (paragraph 20); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) form
 part of the ordinary share capital of the Company or a company which Controls the Company,
 or of a company which is controlled by a company which Controls the Company, as contemplated
 by paragraph 16 of Schedule 4,

and, in each case, which comply with all applicable provisions of Part 4 of Schedule 4; and

"**UK Companies Act**" means the Companies Act 2006 of the United Kingdom.

2.2 References
 to Paragraphs, unless otherwise indicated, are references to paragraphs of this UK Sub-Plan
 and references to Sections are references to Sections of the Plan.

2.3 The
 following words in the Plan shall not apply to Options granted under the UK Sub-Plan, wherever
 they appear:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "settled";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "surrendered";
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Section 409A".

**3.** **Grant of Options** 

3.1 Only
 Options may be granted under the UK Sub-Plan. For the avoidance of doubt, all references
 to "Incentive Stock Options" and "ISOs" shall be ignored for the
 purposes of the UK Sub-Plan.

3.2 Only
 Eligible Employees may participate in the UK Sub-Plan.

3.3 In
 no event shall the purchase price per Share purchasable upon exercise of an Option be less
 than the Market Value on the Date of Grant.

3.4 While
 the Committee may grant Options subject to terms and conditions as described in the Plan,
 including without limitation any Performance Goals, such conditions must be stated at the
 time the Option is granted. Any Performance Goals must be objective and may be waived or
 amended if an event happens which causes the Committee, acting fairly and reasonably, to
 consider that the Performance Goals could not be fairly or reasonably met, *provided that* any amended Performance Goals should be no more difficult to satisfy than the original conditions.

3.5 The
 number of Shares over which an Option may be granted to any Eligible Employee shall be limited
 and take effect so that the aggregate Market Value, measured at the respective Dates of Grant,
 of Shares over which Options have been granted to that Eligible Employee (whether or not
 those Options remain outstanding at the time of any new grant) under the UK Sub-Plan and
 under any other plan that meets the requirements of Schedule 4 operated by the Company or
 by any Associated Company, shall not exceed £60,000 (or such other amount as may from
 time to time be specified in paragraph 6(1) of Schedule 4). For the purposes of this
 Paragraph **‎** 3.5, Options that have lapsed or been surrendered without having been
 exercised shall be disregarded, in accordance with paragraph 6(2) of Schedule 4.

3.6 Subject
 to Paragraph **‎** 4.6, Options may not be transferred or assigned or have any charge
 or other security interest created over them. If a Participant attempts to do any of those
 things, the Option shall lapse immediately.

**4.** **Exercise of Options** 

4.1 Upon
 exercise of an Option, the Company shall, subject to Applicable Law and the Articles, allot
 and issue or procure the transfer of Shares to the Participant within 30 days of the date
 such an Option is exercised, provided always that no Shares shall be issued and no certificate
 representing Shares shall be delivered until:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 full Exercise Price has been paid (or an arrangement has been made for such payment to the
 Company's satisfaction); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) made
 any arrangements, or entered into any agreements, required to satisfy any Tax Liabilities
 under Paragraph ‎5.

4.2 The
 Shares shall rank pari passu with other issued Shares of the same class and shall be acquired
 subject to the Company's statutes and bylaws.

4.3 Upon
 the exercise of an Option, payment may be made in either of the ways specified in Sections
 6.4(d)(i) and (v) of the Plan.

4.4 The
 date of exercise shall be the date the Company receives a written notice of exercise together
 with the aggregate Exercise Price in accordance with the Award Agreement relating to the
 Option. For the avoidance of doubt, the Exercise Price may not be paid on the exercise of
 an Option in instalments or in the form of Shares or other securities.

4.5 No
 Option may be exercised at any time when the Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has
 a Material Interest (any interests of the Participant's Associates being treated as
 belonging to the Participant for this purpose, in accordance with paragraph 12 of Schedule
 4); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) had
 a Material Interest at any time during the 12 months immediately preceding the proposed date
 of exercise (any interests of the Participant's Associates being treated as having
 belonged to the Participant for this purpose).

4.6 If
 a Participant dies, his/her personal representative or the beneficiaries of the Participant's
 estate may exercise the Option for a period of up to 12 months following the Participant's
 death, after which, the Option shall immediately lapse.

4.7 In
 the exercise of any discretion the Committee may have to determine a Participant's
 right of exercise or to accelerate the vesting of Options, the Committee will at all times
 act fairly and reasonably.

4.8 No
 Option may be exercised after the tenth anniversary of its Date of Grant, in accordance with
 paragraph 6(3) of Schedule 4. Any unexercised portion of an Option shall lapse automatically
 upon the tenth anniversary of the Date of Grant.

4.9 Subject
 to Paragraph **‎** 8, an Option may be exercised to the extent vested within six months
 of a Change of Control. The Board may determine that the Option shall lapse when it ceases
 to be exercisable under this Paragraph **‎** 4.9.

4.10 If
 a Change of Control occurs and, as a result of the Change of Control, Shares will no longer
 satisfy the requirements of Part 4 of Schedule 4, the Board may, in its absolute discretion,
 permit Participants to exercise Options to the extent vested during the period of 20 days
 following the Change of Control. If an Option is not exercised, it will lapse at the expiry
 of 20 days following the Change of Control.

4.11 If
 the Board reasonably expects a Change of Control to occur, the Board may make arrangements
 permitting Options to be exercised, to the extent vested, for a period of 20 days ending
 with the Change of Control. If an Option is exercised under this Paragraph **‎** 4.11,
 it will be treated as having been exercised in accordance with Paragraph **‎** 4.9.

4.12 If
 the Board makes arrangements for the exercise of Options under Paragraph **‎** 4.11:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Option is not exercised in accordance with those arrangements, it will lapse on the date
 of the Change of Control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Relevant Event does not occur within 20 days of the date of purported exercise, the Option
 shall be treated as not having been exercised.

**5.** **Withholding obligations** 

5.1 The
 Participant shall be accountable for any income tax and, subject to the following provisions,
 national insurance liability which is chargeable on any assessable income deriving from the
 exercise of, or other dealing in, an Option. In respect of such assessable income, the Participant
 shall indemnify the Company and (at the direction of the Company) any Affiliate which is
 or may be treated as the employer of the Participant in respect of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 income tax liability which falls to be paid to HMRC by the Company (or the relevant employing
 Affiliate) under the PAYE system as it applies to income tax under ITEPA and the PAYE regulations
 referred to in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 national insurance liability which falls to be paid to HMRC by the Company (or the relevant
 employing Subsidiary) under the PAYE system as it applies for national insurance purposes
 under the Social Security Contributions and Benefits Act 1992 and regulations referred to
 in it, such national insurance liability being the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 the employee's primary Class 1 national insurance contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where
 lawful, all the employer's secondary Class 1 national insurance contributions,

(together, the "**Tax Liabilities**").

5.2 Pursuant
 to the indemnity referred to in paragraph **‎** 5.1, the Participant shall make such
 arrangements as the Company requires to meet the cost of the Tax Liabilities, including at
 the direction of the Company any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making
 a cash payment of an appropriate amount to the relevant company whether by cheque, banker's
 draft or deduction from salary in time to enable the company to remit such amount to HMRC
 before the 14th day following the end of the month in which the event giving rise to the
 Tax Liabilities occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appointing
 the Company as agent and/or attorney for the sale of sufficient Shares acquired pursuant
 to the exercise of an Option to cover the Tax Liabilities and authorising the payment to
 the relevant company of the appropriate amount (including all reasonable fees, commissions
 and expenses incurred by the relevant company in relation to such sale) out of the net proceeds
 of sale of the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) entering
 into an election whereby the employer's liability for secondary Class 1 national
 insurance contributions is transferred to the Participant on terms set out in the election
 and approved by HMRC.

**6.** **Section 431 Election** 

Where the Shares to be acquired on exercise of an Option are considered to be **"restricted securities"** for the purposes of the UK tax legislation (such determination to be at the sole discretion of the Company), it is a condition of exercise that the Participant if so directed by the Company enter into a joint election with the Company or, if different, the relevant employing Subsidiary pursuant to section 431 of the Act electing that the market value of the Shares to be acquired on the exercise of the Option be calculated as if the Shares were not **"restricted securities"**.

**7.** **Adjustments or Reductions of Exercise Price** 

7.1 For
 the purposes of the UK Sub-Plan, no adjustment shall be made to any Option which has been
 granted under the UK Sub-Plan unless such adjustment would be permitted under paragraph 22
 of Schedule 4. For the avoidance of doubt, paragraph 22 of Schedule 4 only
 permits adjustments to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 number of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Exercise Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 description (but not the class) of the Shares awarded under the Plan.

7.2 Where
 Options are to be amended following a variation in capital, the variation or variations must
 (in particular) secure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 total Market Value of the Shares which may be acquired by the exercise of the Option is immediately
 after the variation or variations substantially the same as what it was immediately before
 the variation or variations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 total price at which those Shares may be acquired is immediately after the variation or variations
 substantially the same as what it was immediately before the variation or variations.

**8.** **Exchange of Options** 

8.1 This
 Paragraph **‎** 8 applies if a company (the "**Acquiring Company** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtains
 Control of the Company as a result of making a general offer to acquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 whole of the ordinary issued Shares in the capital of the Company (other than that which
 is already owned by it and its subsidiary or holding company) made on a condition such that,
 if satisfied, the Acquiring Company will have Control of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 the Shares (or those Shares not already owned by the Acquiring Company or its subsidiary
 or holding company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtains
 Control of the Company under a compromise or arrangement sanctioned by the court under Section 899
 of the UK Companies Act (or such equivalent in the United States of America) and agreed
 in advance by HMRC to be equivalent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) becomes
 bound or entitled to acquire Shares under sections 979 to 982 of the UK Companies Act
 (or such equivalent in the United States of America) and agreed in advance by HMRC to be
 equivalent.

8.2 On
 the occurrence of any of the events described in Paragraph **‎** 8.1, a Participant
 may, during the period specified in Paragraph **‎** 8.3 below, agree with the
 Acquiring Company to release his Option ()"**Old Option**") in consideration
 of the grant to him of a new option ()"**New Option** "). The New Option must
 be equivalent to the Old Option within the meaning of paragraph 27(4) of Schedule 4.
 It will be an option to acquire shares in the Acquiring Company or some other company falling
 within paragraph 16(b) or paragraph 16(c) of Schedule 4.

8.3 The
 period referred to in Paragraph **‎** 8.2 is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 a case falling within Paragraph ‎8.1(a), 6 months starting with the time when
 the Acquiring Company obtains Control of the Company and any condition subject to which the
 offer is made is satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 a case falling within Paragraph ‎8.1(b), 6 months starting with the time when
 the court sanctions the compromise or arrangement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 a case falling within Paragraph ‎8.1(c), the period during which the Acquiring Company
 remains so bound or entitled.

8.4 Where
 a Participant is granted a New Option for release of his Old Option as described in this
 Paragraph **‎** 8, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 New Option will be treated as having been acquired at the same time as the Old Option and
 be exercisable in the same manner and at the same time as the Old Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 New Option will be subject to the provisions of the Plan and this UK Sub-Plan as it had effect
 in relation to the Old Option immediately before the release; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with
 effect from the release and grant, the provisions of the Plan and the UK Sub-Plan will be
 construed, in relation to the New Option, as if references to Shares were references to shares
 over which the New Option is granted, and references to the Company were references to the
 Acquiring Company. However, for the purpose of references to the Company, the Company will
 continue to be DPC Holdings Limited.

**9.** **Amendments** 

9.1 The
 Board may amend the Plan (including the UK Sub-Plan) from time to time, but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 amendment may be made to a Key Feature of the Plan if, as a result of the amendment, the
 Plan would no longer be a share plan that meets the requirements of Schedule 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 material amendment may apply to Options granted before the amendment was made without the
 consent of the Participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) while
 the Company is subject to any requirement, or bound by any agreement, that this should be
 the case, no amendment may be made without the prior approval of the Company in general meeting
 if it would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make
 the terms on which Options may be granted materially more generous; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) increase
 any of the limits specified in Paragraph 3.5; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) change
 the definition of Eligible Employee to expand the class of potential Participants; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) change
 Paragraph ‎5 to the benefit of the Participants,

unless it is a minor amendment to benefit the administration of the Plan, to take account of a change in legislation or to obtain or maintain favourable tax, exchange control or regulatory treatment for Participants of for the Company.

**10.** **Data protection** 

10.1 The
 Company will collect, use, store, share and transfer Personal Data about the Participant
 (**"Data"**) as necessary to facilitate the implementation, administration
 and management of the Plan and the UK Sub-Plan. The Company may collect and receive
 Data about the Participant directly and/or from the Participant's employer which is
 an Affiliate of the Company. Full details about what Data the Company collects, how
 the Company collects and receives, uses, stores, shares, transfers and protects that Data
 and the lawful basis that the Company relies on to do so under Data Protection Law, are set
 out in the Company's privacy notice ()"**Privacy Notice** "). The
 Privacy Notice is available at upon request from the Company.

10.2 The
 Participant confirms that he or she has read and understood the Privacy Notice and acknowledges
 that the Company may collect, use, store, share and transfer the Participant's Data
 in accordance with the Privacy Notice.

**11.** **Terms of employment** 

11.1 The
 Participant acknowledges that the terms of their employment shall not be affected in any
 way by their participation in the Plan and/or the UK Sub-Plan, which shall not form part
 of such terms (either expressly or impliedly) nor in any way entitle them to take into account
 such participation in calculating any compensation or damages on the termination of their
 employment for whatever reason (whether lawful or unlawful) which might otherwise be payable
 to them, and their terms of employment shall be deemed to be varied accordingly.

11.2 The
 UK Sub-Plan is entirely discretionary and may be suspended or terminated by the Board of
 Directors (acting by a Committee or otherwise) at any time for any reason. Participation
 in the Plan is entirely discretionary and does not create any contractual or other right
 to receive future grants of awards, or benefits in lieu of awards. All determinations with
 respect to future grants will be at the sole discretion of the Committee.

## Exhibit 10.9

**Exhibit 10.9**

![](tm269965d4_ex10-9img005.jpg)

PRIVATE & CONFIDENTIAL

Name

By Email

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026

Dear Name,

**Management Incentive Plan ("MIP")**

Capitalised terms used but not otherwise defined in this letter shall have the meanings given to them in the existing MIP Rules for Members (the "MIP Rules").

We are writing to you in connection with your participation in the MIP. This letter, to be signed as a deed, constitutes a request for your consent, in your capacity as a Participant, to

&nbsp;&nbsp;&nbsp;&nbsp;i) a proposed variation to the MIP Rules when determining the amount of your MIP payment (the "Proposed Variation")
and

ii) commit to reinvest part of your MIP payment to buy Ordinary Shares when the company goes public (IPO). You'll buy these shares at the set price through a special program (called a directed share program) run by one of the underwriters. This program is designed to help people purchase shares during the IPO.

**Variation to the existing MIP Rules**

Under the existing MIP Rules, cash proceeds arising in connection with an initial public offering ("IPO") are calculated on the basis that all shareholders are deemed to have sold their entire shareholdings at a price per share equal to the average of the official closing prices published by the relevant exchange over the five trading days immediately following the IPO.

The Board has determined that the foregoing methodology is impracticable, as it may give rise to a material unquantified liability which could adversely impact investor demand in connection with the IPO. Accordingly, it is proposed that the calculation of cash proceeds be amended such that it is based on the IPO offering price per Ordinary Share (the "Variation").

In consideration for your agreement to the Variation, the Board intends to grant to existing Participants a total of 5,000,000 options to purchase ordinary shares. Participants will be granted these options on a pro rata basis in accordance with their existing entitlements under the MIP.

On this basis, you shall be entitled to a grant of **XXX,xxx options** to purchase ordinary shares in the Company at the time of the IPO. Such options shall be subject to certain terms and conditions, to be notified to you in due course, including (without limitation):

![](tm269965d4_ex10-9img006.jpg)

![](tm269965d4_ex10-9img005.jpg)

i) a vesting and lock-up period of not less than 180 days; <br> ii) your agreement to be responsible for any applicable taxes arising on the exercise of such options and the subsequent sale of such shares.

All other terms and conditions of the MIP shall remain unchanged and continue in full force and effect in accordance with the existing MIP Rules.

**Commitment to reinvest part of your MIP payout**

In addition to the above, to help make the IPO more attractive to investors, I am asking you to reinvest % of your MIP payment (after tax) to buy shares through the directed share program (the "Reinvestment").

This amount will be taken out of your payment, and in return, you'll get the right to buy company shares through the directed share program. The number of shares you can buy will be based on how much you reinvest, divided by the share price, rounded down to a whole number. We can arrange for you to be taken through an example of how this will work.

Your agreement to the Proposed Variation and the Reinvestment shall be conditional on, and shall take effect only upon, Shareholder approval being obtained.

By signing this letter you also acknowledge and agree that the MIP will automatically terminate pursuant to the authority of the Board of Directors in connection with the IPO, provided, however, that you will continue to be entitled to receive your MIP payment.

Please note that it is the intension of the Board to put in place a new option scheme and details of this new incentive scheme will be shared with you in due course.

Please indicate your consent to the Variation and Reinvestment by signing and returning a copy of this letter.

Should you require any further information or clarification in relation to the above, please do not hesitate to contact us.

We truly believe Doncasters has a bright future ahead, built in no small part on the effort you've put in. We're excited about what we can continue to achieve together as we grow the business. By choosing to invest in Doncasters, you're showing your belief in where we're headed—and we're just as committed to you, which is why we're pleased to offer you additional options.

![](tm269965d4_ex10-9img005.jpg)

This document is executed and delivered as a deed on the date written above.

---

| | |
|:---|:---|
| Executed as a Deed by **DPC Holdings Limited**<br> acting by two directors: |  |
| Signature | Signature |
| Michael Quinn | Nicolas Sanders |

---

------

**Consent**

I, Name, irrevocably and unconditionally consent to the Variation to the MIP Rules in respect of the calculation of cash proceeds and commit to the Reinvestment, in consideration for the right to receive, subject to my continued employment through the IPO and Compensation Committee consent, **XXX,xxx options** to purchase ordinary shares in DPC Holdings Limited upon completion of the IPO.

---

| | |
|:---|:---|
| Signed as a deed by |  |
| **Name** |  |
|  | Signature |
| In the presence of: |  |
| Witness Signature |  |
| Witness Name: |  |
| Witness Address: |  |
| Witness Occupation: |  |

---

## Exhibit 10.10

**Exhibit 10.10**

**Shareholder Director Nominee Agreement**

This shareholder nominee agreement (this "Agreement") is dated as of May 22, 2026, by and between DPC Holdings Limited (the "Company"), a Jersey, Channel Islands corporation, and J.F. Lehman & Company, LLC (together with its related investment funds. "JFL"), a Delaware limited liability company.

**Recitals**

**WHEREAS**, it is intended that there will be an initial public offering of ordinary shares of the Company (such shares, the "Ordinary Shares" and such initial public offering, the "Offering") and listing of the Ordinary Shares on the New York Stock Exchange (the "NYSE");

**WHEREAS**, as of the date hereof and upon the closing of the Offering, the Company's board of directors ("Board") consists of and will consist of 9 directors (the "Total Number of Directors");

**WHEREAS**, as of the date hereof, JFL currently beneficially owns 75,572,492 of the Company's Ordinary Shares, comprising 16.73% of the total number of the Company's outstanding Ordinary Shares (the "Total Outstanding Shares"). For purposes of this Agreement, "Beneficially Own" has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act;

**WHEREAS**, as of the date hereof, JFL has two nominees (the "JFL nominees") who are directors on the Board; and

**WHEREAS**, the Company and JFL each desire to enter into this Agreement to, *inter alia*, establish certain rights and obligations relating to the JFL nominees to provide for the consistent and uniform management of the Company as set forth herein.

**NOW, THEREFORE**, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

**Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **JFL Director Nominees at Beneficial Ownership Above 10% of the Total Outstanding Shares**. Subject to the terms and conditions hereof, so long as JFL Beneficially Owns 10% or more of the Total Outstanding Shares, JFL has the right but not the obligation to have two director nominees on the Board, nominated in each case by or at the direction of the Board, and subject to such directors meeting requirements for service as a director under applicable law, rules and regulations, the Company's Articles of Association, the Company's Corporate Governance Guidelines and related policies adopted or amended by the Board from time to time, and continued approval by the Company's shareholders at annual shareholder meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **JFL Director Nominees at Beneficial Ownership Between 5%-10% of the Total Outstanding Shares**. Subject to the terms and conditions hereof, so long as JFL Beneficially Owns between 5% to 10% of the Total Outstanding Shares, JFL is entitled to have one director nominee on the Board, nominated by or at the direction of the Board, and subject to such director meeting the requirements under applicable law, rules and regulations, the Company's Articles of Association, the Company's Corporate Governance Guidelines and related policies adopted or amended by the Board from time to time, and continued approval by the Company's shareholders at annual shareholder meetings. JFL shall notify the Company as soon as practicable and in any event within 5 business days of it becoming aware that it holds less than 10% of the Total Outstanding Shares and, assuming JFL continues to Beneficially Own above 5% of the Total Outstanding Shares, one of its two director nominees shall not stand for re-election at the next annual shareholder meeting (following the date JFL's shareholding falls below 10% of the Total Outstanding Shares and the end of such director's term), unless by vote of the majority of the then existing Board (other than the directors nominated by JFL) for such director to continue his or her service. Such director's continued service is subject to such director meeting the requirements under applicable law, rules and regulations, the Company's Articles of Association, the Company's Corporate Governance Guidelines and related policies adopted or amended by the Board from time to time, and continued approval by the Company's shareholders at annual shareholder meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **JFL Director Nominees at Beneficial Ownership Below 5% of the Total Outstanding Shares**. Subject to the terms and conditions hereof, so long as JFL Beneficially Owns below 5% of the Total Outstanding Shares, the remaining JFL director nominee on the Board will not stand for re-election at the next annual shareholder meeting (following the date JFL's shareholding falls below 5% of the Total Outstanding Shares and the end of such director's term), unless by vote of the majority of the then existing Board other than the affected director for such director to continue his or her service. Such director's continued service is subject to such director meeting the requirements under applicable law, rules and regulations, the Company's Articles of Association, the Company's Corporate Governance Guidelines and related policies adopted or amended by the Board from time to time, and continued approval by the Company's shareholders at annual shareholder meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Notices**. All communications hereunder shall be in writing and effective only upon receipt and if to the Company shall be delivered, mailed or sent to Helen Barrett-Hague at [\*\*\*], with a copy to Richard Browne at [\*\*\*] and Jessica Chen at [\*\*\*]; and if to JFL shall be delivered, mailed, emailed or sent to David Rattner at [\*\*\*], with a copy to Murray Cox at [\*\*\*] and Barbra Broudy at [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Acknowledgement and Entire Agreement**. This Agreement represents the entire agreement between the Company, on the one hand, and JFL, on the other, with respect to the JFL director nominees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Governing Law**. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.

[*Signature Pages Follow*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first set forth above.

---

| | | |
|:---|:---|:---|
| **DPC HOLDINGS LIMITED** | **DPC HOLDINGS LIMITED** | **DPC HOLDINGS LIMITED** |
| By: | /s/ David Egan | /s/ David Egan |
|  | Name: | David Egan |
|  | Title: | Chief Financial Officer and Director |
| **J.F. Lehman & Company, LLC** | **J.F. Lehman & Company, LLC** | **J.F. Lehman & Company, LLC** |
| By: | /s/ Alex Harman | /s/ Alex Harman |
|  | Name: | Alex Harman |
|  | Title: | Managing Partner |

---

[*Signature Page to Shareholder Director Nomination Agreement*]

## Exhibit 10.11

**Exhibit 10.11**

**<u>FORM OF REGISTRATION RIGHTS AGREEMENT</u>**

THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of , 2026 among DPC Holdings Limited (to be named DPC Holdings PLC, a Jersey, Channel Islands company, the "Company"), and each of the shareholders of the Company listed on <u>Exhibit A</u> hereto (the "Reporting Shareholders"), each of which holds, as of the date hereof, five percent (5%) or more of the Company's Ordinary Shares. Except as otherwise specified herein, all capitalized terms used in this Agreement are defined in <u>Exhibit B</u> hereto.

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

Section 1 <u>Demand Registrations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Demand Requests for Registration Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At any time beginning on the date that is one hundred eighty (180) days following the pricing of the initial Public Offering (or such earlier date on which the Lock-Up Agreement is waived by the underwriters, on a pro rata basis, for all parties who signed a Lock-Up Agreement), Reporting Shareholders who are beneficial owners (as such term is defined under Rule 13d-3, promulgated by the SEC under the Securities and Exchange Act of 1934, as amended) ("Beneficial Holders") of ten percent (10%) or more of the Company's total outstanding voting securities ("Outstanding Shares") as of 4:30 pm Eastern time on the date immediately prior to the date of the Demand Registration Notice (the "Demand Registration Request Record Date"), may request registration under the Securities Act of all or any portion of their Registrable Securities on a Form S-3 or a similar short-form registration statement ("Short-Form Registrations"), if available, to be filed by the Company with the Securities and Exchange Commission (the "SEC"). Each such request may specify that any Short-Form Registration be made pursuant to Rule 415 under the Securities Act (a "Shelf Registration Statement") and (if the Company is a WKSI at the time any such request is submitted to the Company or will become one by the time of the filing of such Shelf Registration) that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an "Automatic Shelf Registration Statement"). If the Company is not eligible to use Form S-3 or a similar short-form registration statement, such Reporting Shareholders may request registration under the Securities Act of all or any portion of their Registrable Securities on Form S-1 or a similar long-form registration statement ("Long-Form Registrations"). Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short form, unless otherwise requested by the Company. Any such requested Short-Form Registration or Long-Form Registration is referred to in this Agreement as a "Demand Registration."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Reporting Shareholder for the relevant Short-Form Registration or Long-Form Registration must deliver to the Company a written notice (a "Demand Registration Notice") specifying the number of Registrable Securities that each such Reporting Shareholder desires to be included on the registration statement for the Short-Form Registration or Long-Form Registration and (if known) the intended method of distribution; *provided* that the proposed maximum aggregate offering amount of the Registrable Securities requested to be registered in any Short-Form Registration or Long-Form Registration equal at least $50,000,000 based on the closing price on the New York Stock Exchange of the Company's Ordinary Shares on the day immediately prior to the Demand Registration Request Record Date multiplied by the amount of Registrable Securities requested to be included by the Reporting Shareholders on the registration statement applicable to such Short-Form Registration or Long-Form Registration, subject to <u>Section 6</u> 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;(iii) Only one Demand Registration request may be pending at any time and the Company will not be obligated to effect a Demand Registration if such request is made within four (4) months of the date on which a prior Demand Registration has been completed.

&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) On the terms and subject to the other conditions herein, the Reporting Shareholders, collectively, shall be entitled to no more than three (3) Short-Form Registrations and no more than two (2) Long-Form Registrations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) For the avoidance of doubt, the Reporting Shareholders may exercise rights in connection with a Demand Registration during the lock-up period under the Lock-Up Agreement; *provided*, that (x) there is no public filing of a registration statement or public announcement thereof during such lock-up period, or (y) the Lock-Up Agreement is waived by the underwriters in accordance with its terms.

&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) Upon receipt of a Demand Registration Notice, subject to the terms of <u>Section 7</u>, the Company shall (i) use its commercially reasonable efforts to file a registration statement with the SEC as expeditiously as possible, and in any case no later than the later of thirty (30) days (A) after receiving the Demand Registration Notice and (B) the date on which the financial statements required by SEC rules for inclusion in such registration statement have been audited and/or reviewed by the Company's registered independent auditors, as the case may be, (ii) use its commercially reasonable efforts to cause such registration statement to be declared effective by the SEC, and (iii) keep such registration statement effective for one hundred eighty (180) days (or such shorter period as is required to complete the distribution of all Registrable Securities covered thereby in the manner contemplated by such Demand Registration).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice to Other Holders for Demand Registrations</u>. As soon as possible and no later than three (3) Business Days after the Company receives a Demand Registration Notice that fulfills the requirements set out in <u>Section 1(a)(i)</u> and <u>(ii)</u> above, the Company will provide written notice of the Demand Registration to all other Holders (who are not demanding Holders) who are Beneficial Holders of one percent (1%) or more of the Company's Outstanding Shares on the Demand Registration Request Record Date and to all Holders who are directors or members of management of the Company (the "1% Holder Demand Registration Notice") and will include in such Demand Registration all Registrable Securities, subject to <u>Section 6</u>, with respect to which the Company has received written requests for inclusion (which such written request must include the maximum number of Registrable Securities such Holder desires to include in the Demand Registration as well as selling shareholder information required to be included in the registration statement) therein as soon as possible and in any case within three (3) Business Days after the date of the 1% Holder Demand Registration Notice, unless a later date is specified in such 1% Holder Demand Registration Notice.

Section 2 <u>Takedown Requests.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Shelf Takedown Requests for Underwritten Offerings.</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;(i) For so long as a Shelf Registration Statement is available and remains effective, Reporting Shareholders who are Beneficial Holders of ten percent (10%) or more of the Company's Outstanding Shares as of 4:30pm Eastern time on the date immediately prior to the date of the relevant Underwritten Takedown Offering Notice (the "Takedown Request Record Date"), will have the right at any time or from time to time elect to sell such Reporting Shareholders' shares registered on the relevant Shelf Registration Statement ("<u>Shelf Securities</u>") pursuant to an underwritten offering to one or more underwriters on a firm commitment basis (each, an "Underwritten Takedown Offering") by requesting the Company to facilitate such an offering (each, an "Underwritten Takedown Request").

&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) For each Underwritten Takedown Request, each requesting Reporting Shareholder must deliver to the Company a written notice (a "Underwritten Takedown Offering Notice") specifying the number of Shelf Securities that such Reporting Shareholder desires be included on a prospectus or prospectus supplement for the relevant Underwritten Takedown Offering (including in the form of an Underwritten Block Trade); *provided* that the proposed maximum aggregate offering amount of the Shelf Securities requested to be included in any Underwritten Takedown Offering (including in the form of an Underwritten Block Trade) is equal to at least $50,000,000 based on the closing price on the New York Stock Exchange of the Company's Ordinary Shares on the day immediately prior to the Takedown Request Record Date multiplied by the amount of Shelf Securities requested to be included on a prospectus or prospectus supplement by such Reporting Shareholders for the relevant Underwritten Takedown Offering (including in the form of an Underwritten Block Trade).

&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) On the terms and subject to the other conditions herein, the Reporting Shareholders shall be entitled to no more than three (3) Underwritten Takedown Offerings (including in the form of an Underwritten Block Trade) in any 365-day period. Only one Underwritten Takedown Offering (including in the form of an Underwritten Block Trade) may be pending at any time and the Company will not be obligated to facilitate an Underwritten Takedown Offering (including in the form of an Underwritten Block Trade) if one had been completed within four (4) months of the date of the Underwritten Takedown Offering Notice. For the avoidance of doubt, unless otherwise agreed, an Underwritten Takedown Offering may only take the form of an Underwritten Block Trade once the lock-up period under the Lock-Up Agreement has expired or the Lock-Up Agreement has been fully waived for all holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All determinations as to whether to complete any Underwritten Takedown Offering (including in the form of an Underwritten Block Trade) and as to the timing, manner, price and other terms of any Underwritten Takedown Offering (including in the form of an Underwritten Block Trade) contemplated by this <u>Section 2(a)</u> shall be determined by the Company and the Reporting Shareholders initiating such Underwritten Takedown Offering (including in the form of an Underwritten Block Trade), and the Company shall use its commercially reasonable efforts to cause any Underwritten Takedown Offering (including in the form of an Underwritten Block Trade) to occur in accordance with such determinations as promptly as practicable.

&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 Company will, at the request of the representative for the initiating Reporting Shareholders, file any prospectus supplement or any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Company and the Reporting Shareholders to effect any relevant Underwritten Takedown Offering (including in the form of an Underwritten Block Trade).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notices to Other Holders for Underwritten Takedown Offerings.</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;(i) *Underwritten Takedown Offering Notice*. As soon as possible and no later than three (3) Business Days after the Company receives an Underwritten Takedown Offering Notice that fulfills the requirements set out in <u>Section 2(a)(i)</u> and <u>(ii)</u> above, the Company will provide written notice of such Takedown Request (other than a Takedown Request for an Underwritten Block Trade) to all other Holders of Shelf Securities who are Beneficial Holders of one percent (1%) or more of the Company's Outstanding Shares as of the Takedown Request Record Date (who are not requesting Holders) and all Holders who are directors or members of management of the Company that are permitted to sell in such Underwritten Takedown Offering (the "1% Holder Underwritten Takedown Notice"), and will include in such Underwritten Takedown Offering all Shelf Securities with respect to which the Company has received written requests (which written request must include the maximum number of Shelf Securities such Holder desires to sell in the Underwritten Takedown Offering as well as selling shareholder information required to be included in the prospectus or prospectus supplement) for inclusion therein as soon as possible and in any case within five (5) Business Days after the date of the 1% Holder Underwritten Takedown Notice, unless another date is specified in such 1% Holder Underwritten Takedown Notice, subject to <u>Section 6</u> 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;(ii) *Underwritten Block Trade Notice*. As soon as possible and no later than two (2) Business Days after the Company receives an Underwritten Takedown Offering Notice that (x) fulfills the requirements set out in <u>Section 2(a)(i)</u> and <u>(ii)</u> above, and (y) specifies that the form of the offering will be an Underwritten Block Trade, the Company will provide written notice of such Underwritten Block Trade request (the "Underwritten Block Trade Notice") to all non-demanding Holders of Shelf Securities who are Beneficial Holders of five percent (5%) or more of the Company's Outstanding Shares as of 4:30pm ET on the date immediately prior to the date of the Underwritten Block Trade Notice and all non-demanding institutional Holders that may be deemed affiliates of the Company, and such notified Holders (each, a "Potential Block Trade Participant") must elect by written request, (which written request must include the maximum number of Shelf Securities such Holder desires to sell in the Underwritten Block Trade as well as selling shareholder information required to be included in the prospectus supplement) for inclusion therein as soon as possible and no later than 5:00 p.m. Eastern time on the second (2<sup>nd</sup>) Business Day after the date of the Underwritten Block Trade Notice. Any Potential Block Trade Participant's request to participate in an Underwritten Block Trade shall be binding on the Potential Block Trade Participant, subject to <u>Section 6</u> below.

Section 3 <u>Selection of Underwriters and Legal Counsel for Demand Registrations and Underwritten Takedown Offerings.</u>

The initiating Reporting Shareholders who are Beneficial Holders of the majority of Registrable Securities, in the case of a Demand Registration, or Shelf Securities, in the case of an Underwritten Takedown Request (including for an offering in the form of an Underwritten Block Trade) included in such registration or offering shall select the investment banker(s), manager(s) and the legal counsel(s) to the selling shareholders that constitute Registration Expenses pursuant to the terms of <u>Section 11</u> to administer any underwritten offering in connection with any Demand Registration or Underwritten Takedown Request (including for an offering in the form of an Underwritten Block Trade), subject, in the case of the investment banker(s) or manager(s), to the consent of the Company (not to be unreasonably withheld, conditioned or delayed). The Company shall select the legal counsel(s) for the Company in connection with any Demand Registration or Underwritten Takedown Request (including for an offering in the form of an Underwritten Block Trade).

Section 4 <u>Revocation of Demand Registration Request or Underwritten Takedown Request.</u>

At any time prior to (i) the filing of the registration statement relating to a Demand Registration request or (ii) the filing of a prospectus or prospectus supplement relating to an Underwritten Takedown Request (including for an offering in the form of an Underwritten Block Trade), the Reporting Shareholders who initiated such Demand Registration or Underwritten Takedown Request (including for an offering in the form of an Underwritten Block Trade) may revoke or withdraw such notice of a Demand Registration or Underwritten Takedown Request (including for an offering in the form of an Underwritten Block Trade) on behalf of all Holders participating in such Demand Registration or Underwritten Takedown Request (including for an offering in the form of an Underwritten Block Trade) without liability to such Holders, in each case by providing written notice to the Company, and the Company shall immediately cease all efforts to secure effectiveness of such registration statement. For the avoidance of doubt, such revoked registration or offering does not count toward the number of Demand Registrations or Takedown Requests available to the Reporting Shareholders.

Section 5 <u>Piggyback Offerings.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time, in order to facilitate the offer and sale of Ordinary Shares for itself to an underwriter on a firm commitment basis, the Company proposes to file (i) a prospectus supplement to an effective Shelf Registration Statement, or (ii) a registration statement on Form S-3 or a similar short-form registration statement, or if not available, on Form S-1 or a similar long-form registration statement (other than pursuant to an Excluded Registration) (a "Piggyback Offering"), the Company will, as soon as possible and no later than five (5) Business Days prior to the launch of the offering, provide written notice (the "Piggyback Notice") to all Holders who are Beneficial Holders of one percent (1%) or more of the Company's Outstanding Shares as of 4:30pm ET the date prior to the date of the Piggyback Notice and all Holders who are directors or members of management of the Company of its intention to effect such Piggyback Offering and, subject to the terms of <u>Section 6</u>, will include in such Piggyback Offering all Registrable Securities with respect to which the Company has received written requests (which written request must include the maximum number of Registrable Securities such Holder desires to sell in the Piggyback Offering as well as selling shareholder information required to be included in the registration statement, prospectus or prospectus supplement) for inclusion therein within three (3) Business Days after the date of the Piggyback Notice, unless another date is specified in such Piggyback Notice. Any Holder participating in such Piggyback Offering may withdraw its request for inclusion at any time at least two (2) Business Days prior to the filing of the registration statement, or if none, the filing of the prospectus supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Right to Terminate Registration</u>. The Company will have the right to terminate or withdraw any registration or offering initiated by it under <u>Section 5(a)</u>, whether or not any Holder of Registrable Securities has elected to include securities in such registration; *provided*, that Reporting Shareholders may continue the registration as a Demand Registration pursuant to the terms of <u>Section 1</u> and/or an Underwritten Takedown Request pursuant to the terms of <u>Section 2.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Selection of Underwriters and Legal Counsel for Piggyback Offerings</u>. If any Piggyback Offering is initiated by the Company, the Company shall select the legal counsel(s) for the Company, the investment banker(s) and manager(s) for the offering. Holders who are Beneficial Holders of the majority of Registrable Securities or Shelf Securities included in such Piggyback Offering shall select the legal counsel(s) to the selling shareholders that constitute Registration Expenses pursuant to the terms of <u>Section 11</u>.

Section 6 <u>Cutbacks.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Priority on Demand Registrations and Underwritten Takedown Offerings</u>. If (x) a Demand Registration is an underwritten offering or (y) in the case of an Underwritten Takedown Offering, the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities or Shelf Securities, as the case may be, and (if permitted hereunder) other securities requested to be included in such offering exceeds the number of Registrable Securities or Shelf Securities, as the case may be, and other securities (if any), which can be sold therein without materially and adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then the Company will include in such registration or offering (prior to the inclusion of any securities which are not Registrable Securities): (A) in the case of a Demand Registration, (i) first, the Registrable Securities requested to be included by the Reporting Shareholders joining such Demand Registration which, in the opinion of such underwriters, can be sold, without any such adverse effect, *pro rata* among such Reporting Shareholders on the basis of the number of Registrable Securities held by each such Reporting Shareholders, and (ii) second, any additional Registrable Securities requested to be included by other Holders which, in the opinion of such underwriters, can be sold, without any such adverse effect, on a *pro rata* basis on the basis of the number of Registrable Securities held by each such Holder (which Registrable Securities may be reduced to zero); and (B) in the case of an Underwritten Takedown Offering (including in the form of an Underwritten Block Trade), (i) first, the Shelf Securities requested to be included by the Reporting Shareholders initiating such Underwritten Takedown Offering (including in the form of an Underwritten Block Trade) which, in the opinion of such underwriters, can be sold, without any such adverse effect, *pro rata* among such initiating Reporting Shareholders on the basis of the number of Shelf Securities held by each such Reporting Shareholder, and (ii) second, the Shelf Securities requested to be included by any other Holders which, in the opinion of such underwriters, can be sold, without any such adverse effect, *pro rata* among such other Holders on the basis of the number of Shelf Securities held by each such Holder (which Shelf Securities may be reduced to zero).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Priority on Piggyback Offerings</u>. If a Piggyback Offering is initiated by the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration or offering exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) first, the securities the Company proposes to sell; (ii) second, the Registrable Securities requested to be included in such registration by any Holders which, in the opinion of such underwriters, can be sold, without any such adverse effect, *pro rata* among such Holders on the basis of the number of Registrable Securities held by each such Holder (which Registrable Securities may be reduced to zero); and (iii) third, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect.

Section 7 <u>Blackouts and Suspensions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Restrictions on Demand Registration and Underwritten Takedown Offerings.</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;(i) All Demand Registrations and Underwritten Takedown Offering (including in the form of an Underwritten Block Trade) will be subject to customary blackout periods as part of the Company's insider trading or similar policies. In addition, the Company may, in its sole discretion, postpone the filing (but not the preparation of) or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part of a Shelf Registration Statement (and therefore suspend sales of the Shelf Securities) by providing written notice to the Holders, for a period not to exceed ninety (90) days in the aggregate in any three hundred sixty (360)-day period (the "Suspension Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of an event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in <u>Section 7(a)</u> above (each, a "Suspension Event"), the Company will give a notice to the Holders whose Registrable Securities are registered pursuant to such Shelf Registration Statement (a "Suspension Notice") to suspend sales of the Registrable Securities and such notice must state generally the basis for the notice and that such suspension will continue only for so long as the Suspension Event or its effect is continuing. Each Holder agrees not to effect any sales of its Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice. A Holder may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following further written notice to such effect (an "End of Suspension Notice") from the Company, which End of Suspension Notice will be given by the Company to the Holders promptly following the conclusion of any Suspension Event (and in any event during the permitted Suspension Period).

Section 8 <u>Confidentiality.</u>

Each Holder agrees to treat as confidential the receipt of any notice hereunder (including notice of a Demand Registration Notice, an Underwritten Takedown Offering Notice, an Underwritten Block Trade, a Suspension Notice, or End of Suspension Notice) and the information contained therein, and not to disclose or use the information contained in any such notice (or the existence thereof) without the prior written consent of the Company until such time as the information contained therein is or becomes available to the public generally (other than as a result of disclosure by such Holder in breach of the terms of this Agreement).

Section 9 <u>Shareholder Lock-Up Agreements.</u>

In connection with any underwritten Public Offering, each Holder participating in such offering will enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case, not to exceed 90 days (or such shorter period as the underwriter(s) managing such offering shall request), with such modifications and exceptions as may be approved by the Company and the Holders. The Company may impose stop-transfer instructions with respect to any securities subject to the agreed restrictions until the end of such lock-up or holdback period.

Section 10 <u>Registration Procedures.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Company Obligations</u>. Whenever the Reporting Shareholders have initiated a Demand Registration request pursuant to this Agreement or have initiated a Underwritten Takedown Request (including for an offering in the form of an Underwritten Block Trade), the Company will use its commercially reasonable efforts to effect the registration and the sale of such Registrable Securities or Shelf Securities, as the case may be, in accordance with the intended method of disposition thereof, and pursuant thereto the Company will as expeditiously as possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with (or submit confidentially to) the SEC a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities or Shelf Securities, as the case may be, and use its commercially reasonable efforts to cause such registration statement to become effective as soon as possible, all in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use its commercially reasonable efforts to (A) prevent the issuance by the SEC of any stop order suspending the effectiveness of any registration statement, (B) notify each Holder of (x) the issuance by the SEC of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (y) the receipt by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (z) the effectiveness of each registration statement filed hereunder, and (C) obtain the withdrawal of any SEC stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose at the earliest possible time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement;

&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) furnish, without charge, to each seller of Registrable Securities thereunder and each underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) (in each case including all exhibits and documents incorporated by reference therein), each amendment and supplement thereto, each Free Writing Prospectus and such other documents as such seller or underwriter, if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller (the Company hereby consenting to the use in accordance with all applicable laws of each such registration statement, each such amendment and supplement thereto, and each such prospectus (or preliminary prospectus or supplement thereto) or Free Writing Prospectus by each such seller of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use its commercially reasonable efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph or (B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) notify in writing each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing of such registration statement or prospectus or for additional information, and (C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event or of any information or circumstances as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to <u>Section 7</u>, if required by applicable law, the Company will use its commercially reasonable efforts to promptly prepare and file a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading and (D) if at any time the representations and warranties of the Company in any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct;

&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) (A) cause all such Registrable Securities to be listed on each stock exchange on which similar securities issued by the Company are then listed, and (B) comply (and continue to comply) with the requirements of any stock exchange rules applicable to the Company, including without limitation all corporate governance 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;(viii) provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;

&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) enter into and perform such customary agreements (including, as applicable, underwriting agreements in customary form) and take all such other actions as the underwriters, if any, reasonably request in line with market practice in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, making available the executive officers of the Company and participating in "road shows," investor presentations, marketing events and other selling efforts);

&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) obtain for each selling Holder and any underwriter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) an opinion of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by the underwriters, 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;(B) a "comfort" letter signed by the independent registered public accountants who have certified the Company's financial statements included in such registration statement;

&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) make available for inspection by any underwriter participating in such registration or offering and any attorney, accountant or other agent retained by any such underwriter, all financial and other records, pertinent corporate and business documents and properties of the Company, as will be necessary to enable them to exercise their due diligence responsibility, and cause the Company's officers, directors, employees, agents, representatives and independent accountants to supply all information reasonably requested by any such underwriter, attorney, accountant or agent in connection with such registration or offering of Registrable Securities pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) take all actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration, Piggyback Offering or Underwritten Takedown Offering (including in the form of an Underwritten Block Trade) hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company's first full calendar quarter after the effective date of the registration statement, which earnings statement will satisfy the provisions of <u>Section 11(a)</u> of the Securities Act and Rule 158 thereunder, it being understood that this obligation is satisfied by the Company's timely filings of its periodic reports with the SEC;

&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) use its commercially reasonable efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) cooperate with the Holders covered by the registration statement and the managing underwriter or agent, if any, to facilitate the timely removal of any restrictive legends associated with any account at which such securities are held, and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) have appropriate officers of the Company prepare and make presentations at any "road shows" and before analysts and rating agencies, as the case may be, take other actions to obtain ratings for any Registrable Securities (if they are eligible to be rated) and otherwise use its commercially reasonable efforts to cooperate as reasonably requested by the selling Holders and the underwriters in the offering, marketing or selling of the Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) have appropriate officers of the Company, and cause representatives of the Company's independent registered public accountants, to participate in any due diligence discussions reasonably requested by any managing underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) if requested by any managing underwriter, agree, and cause the Company and any directors or officers of the Company to agree, to be bound by customary "lock-up" agreements restricting the ability to dispose of Company securities and file or cause the filing of any registration statement under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) if requested by any managing underwriter, include in any prospectus or prospectus supplement updated financial or business information for the Company's most recent period or current quarterly period if required for purposes of marketing the offering in the view of the managing underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence investigation by any underwriter that is required to be undertaken in accordance with the rules and regulations of FINRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC and all reporting requirements under the rules and regulations of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) take no direct or indirect action prohibited by Regulation M under the Exchange Act; *provided*, *however*, that to the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) cooperate with each Holder covered by the registration statement and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with the preparation and filing of applications, notices, registrations and responses to requests for additional information with FINRA, the New York Stock Exchange, or any other national securities exchange on which the shares of Ordinary Shares are or are to be listed, and (B) to the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter acceptable to the managing underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) use its commercially reasonable efforts to provide (1) a legal opinion of the Company's outside counsel on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a Demand Registration or Underwritten Takedown Offering (including in the form of an Underwritten Block Trade), (2) one or more "negative assurances letters" of the Company's outside counsel, dated such date, in form and substance as is customarily given to underwriters in an underwritten public offering, and (3) customary certificates executed by authorized officers of the Company as may be requested by any managing underwriter in such offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) if the Company files an Automatic Shelf Registration Statement covering any Registrable Securities, use its commercially reasonable efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) if the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, use its commercially reasonable efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be kept effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) use commercially reasonable efforts to take any action requested by the selling Holders to prepare for and facilitate any Underwritten Block Trade or other proposed sale of Registrable Securities over a limited timeframe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Automatic Shelf Registration Statements</u>. If the Company files any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, and the Reporting Shareholders do not request that their Registrable Securities be included in such Shelf Registration Statement, the Company agrees that, at the request of the Reporting Shareholders, it will include in such Automatic Shelf Registration Statement such disclosures as may be required by Rule 430B in order to ensure that the Reporting Shareholders may be added to such Shelf Registration Statement at a later time through the filing of a prospectus supplement, if available, rather than a post-effective amendment. If the Company has filed any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, the Company shall, at the request of the Reporting Shareholders, file any post-effective amendments necessary to include therein all disclosure and language necessary to ensure that the holders of Registrable Securities may be added to such Shelf Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Additional Information</u>. The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing, as a condition to such seller's participation in such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Suspended Distributions</u>. Each Person participating in a registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in <u>Section 7</u>, such Person will immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such Person's receipt of the copies of a supplemented or amended prospectus as contemplated by <u>Section 7</u>, subject to the Company's compliance with its obligations under <u>Section 7</u>.

Section 11 <u>Registration Expenses.</u>

Except as expressly provided herein, all out-of-pocket expenses incurred by the Company in connection with the performance of or compliance with this Agreement and/or in connection with any Demand Registration, Underwritten Takedown Offering (including in the form of an Underwritten Block Trade), or Piggyback Offering, whether or not the same shall become effective, shall be paid by the Company, including, without limitation: (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or "blue sky" laws, (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses, (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses of any cold comfort letters required by such performance), (v) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting practice, (vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange on which similar securities of the Company are then listed, (vii) all expenses related to the "road-show" for any underwritten offering, including all travel, meals and lodging for directors and officers of the Company, (viii) all of the Company's internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), (ix) any reasonable fees and disbursements of underwriters customarily paid by the issuers or sellers of securities, (x) any other fees and disbursements customarily paid by the issuers of securities and (xi) the reasonable and documented fees and disbursements of not more than one law firm chosen by a majority of the Holders of Registrable Securities requested to be included in such registration by the Reporting Shareholders. All such expenses are referred to herein as "Registration Expenses." The Company shall not be required to pay, and each Person that sells securities pursuant to a Demand Registration, Piggyback Offerings, or Underwritten Takedown Offering (including in the form of an Underwritten Block Trade) hereunder will bear and pay, (A) all underwriting discounts and commissions applicable to the Registrable Securities sold for such Person's account, (B) all transfer taxes (if any) attributable to the sale of such Person's Registrable Securities and (C) the fees and expenses of such Person's legal counsels and advisors (other than such fees and expenses that constitute Registration Expenses pursuant to this <u>Section 11</u>).

Section 12 <u>Indemnification and Contribution.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company</u>. The Company will indemnify and hold harmless, to the fullest extent permitted by law and without limitation as to time, each Holder, such Holder's officers, directors employees, agents, fiduciaries, shareholders, managers, partners, members, affiliates, direct and indirect equityholders, consultants and representatives, and any successors and assigns thereof, and each Person who controls such holder (within the meaning of the Securities Act) (the "<u>Indemnified Parties</u>") against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) (collectively, "<u>Losses</u>") caused by, resulting from, arising out of, based upon or related to any of the following (each, a "<u>Violation</u>") by the Company: (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this <u>Section 12</u>, collectively called an "<u>application</u>") executed by or on behalf of the Company or based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the "blue sky" or securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance. In addition, the Company will reimburse such Indemnified Party for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Losses. Notwithstanding the foregoing, the Company will not be liable in any such case to the extent that any such Losses result from, arise out of, are based upon, or relate to an untrue statement, or omission, made in such registration statement, any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Company by such Indemnified Party expressly for use therein and used by the Company in conformity therewith (such information "Selling Shareholder Information") or by such Indemnified Party's failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such Indemnified Party with a sufficient number of copies of the same. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of such securities by such seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By Holders</u>. In connection with any registration statement in which a Holder is participating, each such Holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, will indemnify the Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within the meaning of the Securities Act) against any Losses resulting from (as determined by a final and appealable judgment, order or decree of a court of competent jurisdiction) any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in such participating Holder's Selling Shareholder Information; *provided* that the obligation to indemnify will be individual, not joint and several, for each Holder and will be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Claim Procedure</u>. Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (*provided* that the failure to give prompt notice will impair any Person's right to indemnification hereunder only to the extent such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties will have a right to retain one separate counsel, chosen by the majority of the conflicted indemnified parties involved in the indemnification, at the expense of the indemnifying party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Contribution</u>. If the indemnification provided for in this <u>Section 12</u> is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any Loss referred to herein, then such indemnifying party will contribute to the amounts paid or payable by such indemnified party as a result of such Loss, (i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such Loss as well as any other relevant equitable considerations or (ii) if the allocation provided by clause (i) of this <u>Section 12(d)</u> is not permitted by applicable law, then in such proportion as is appropriate to reflect not only such relative fault but also the relative benefit of the Company on the one hand and of the sellers of Registrable Securities and any other sellers participating in the registration statement on the other in connection with the statement or omissions which resulted in such Losses, as well as any other relevant equitable considerations; *provided* that the maximum amount of liability in respect of such contribution will be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party will be determined by reference to, among other things, whether the untrue (or, as applicable alleged) untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this <u>Section 12(d)</u> were to be determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of the Losses referred to herein will be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of <u>Section 11(f)</u> of the Securities Act) will be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Release</u>. No indemnifying party will, except with the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Non-exclusive Remedy; Survival</u>. The indemnification and contribution provided for under this Agreement will be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract and will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of Registrable Securities and the termination or expiration of this Agreement.

Section 13 <u>Cooperation with Underwritten Offerings.</u>

No Person may participate in any underwritten registration hereunder unless such Person (i) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or "green shoe" option requested by the underwriters and agreed to by a majority of the Holders of Registration; *provided* that no Holder will be required to sell more than the number of Registrable Securities such Holder has requested to include in such registration), and (ii) completes, executes and delivers all questionnaires, stock powers, custody agreements, indemnities, lock-up agreements, underwriting agreements and other documents and agreements required under the terms of such underwriting arrangements or as may be reasonably requested by the Company and the lead managing underwriter(s). To the extent that any such agreement is entered into pursuant to, and consistent with, <u>Section 9</u>, <u>Section 10</u> and/or this <u>Section 13</u>, the respective rights and obligations created under such agreement will supersede the respective rights and obligations of the Holders, the Company and the underwriters created thereby with respect to such registration.

Section 14 <u>Trading Windows.</u>

The Company shall (i) use its commercially reasonable efforts to notify the Reporting Shareholders of each "closing" and "opening" date under the trading windows established by the Company's insider trading policy, in each case, at least two (2) Business Days prior to each such date, and (ii), at the request of the Reporting Shareholders, confirm to the Reporting Shareholders whether a trading window is open at such time.

Section 15 <u>Joinder; Additional Parties.</u>

With the consent of a Majority in Interest of the Reporting Shareholders, the Company may from time to time permit any Person who acquires Ordinary Shares (or rights to acquire Ordinary Shares) to become a party to this Agreement and to be entitled to and be bound by all of the rights and obligations as a Holder by obtaining an executed joinder to this Agreement from such Person in the form of <u>Exhibit C</u> attached hereto (a "<u>Joinder</u>"). Upon the execution and delivery of a Joinder by such Person, the Ordinary Shares held by such Person shall be deemed Registrable Securities, and such Person shall be deemed a Holder (and Reporting Shareholder if such Person is a Beneficial Holder of more than 5% of the Company's Outstanding Shares), in each case as set forth on the signature page to such Joinder.

Section 16 <u>Termination.</u>

This Agreement shall terminate and be of no further force or effect on the earlier of: (i) the seventh (7th) anniversary of the closing of the Company's initial Public Offering; and (ii) as to any individual Reporting Shareholder, the date on which such Reporting Shareholder holds less than one percent (1%) of Outstanding Shares and all Registrable Securities held by such Reporting Shareholder may be sold during any three-month period pursuant to Rule 144 under the Securities Act without limitation under any of the other requirements of Rule 144.

Section 17 <u>Other Registration Rights.</u>

The Company shall not grant registration rights to any third party without the prior written consent of a Majority in Interest of the Reporting Shareholders, unless the priority of rights of such Reporting Shareholders under this Agreement would not be adversely impacted by such grant.

Section 18 <u>General Provisions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amendments and Waivers</u>. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only with the prior written consent of the Company and a Majority in Interest of the Reporting Shareholders; *provided* that no such amendment, modification or waiver that would treat a specific Holder or group of Holders of Registrable Securities in a manner materially and adversely different than any other Holder or group of Holders will be effective against such Holder or group of Holders without the consent of the holders of a majority of the Registrable Securities that are held by the group of Holders that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or its obligations under this Agreement will not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Remedies</u>. The parties to this Agreement will be entitled to enforce their rights under this Agreement specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party will be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability</u>. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect and to any extent under any applicable law or regulation in any jurisdiction, (i) the application of that provision to other Person or circumstances shall not be affected thereby and that provision shall be enforced to the greatest extent permitted by law and (ii) such prohibition, invalidity, illegality or unenforceability will not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such prohibited, invalid, illegal or unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Entire Agreement</u>. Except as otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Successors and Assigns</u>. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and any Permitted Transferees who execute a Joinder to this Agreement, and upon becoming a successor or permitted assign, such Permitted Transferee shall be treated as a Holder hereunder. This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement, including this <u>Section 18(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notices</u>. Any notice, demand, request or other communication to be given under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given when sent by electronic mail during normal business hours of the recipient; but if not, then on the next Business Day. Such notices, demands, requests and other communications will be sent to the Holders at the address specified on <u>Exhibit A</u> hereto or any Joinder. Any party may change such party's address for receipt of notice by giving prior written notice of the change to the Company as provided 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;(i) Any notice, demand, request or other communication to be given under or by reason of the provisions of this Agreement to the Company must be sent to:

DPC Holdings Limited

Donington Court, 2<sup>nd</sup> Floor

Pegasus Business Park, Herald Way

Derby, DE742UZ

United Kingdom

Attn: Helen Barrett-Hague, General Counsel and Chief Risk Officer

Email: [\*\*\*]

<u>With a copy, which shall not constitute notice, to:</u>

White & Case LLP

1221 Avenue of the Americas

New York, New York 10020

Attn: Richard Browne and Jessica Y. Chen

Email: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Business Days</u>. If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time period will automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Governing Law</u>. All issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto will be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of Jersey, Channel Islands or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>MUTUAL WAIVER OF JURY TRIAL</u>. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>CONSENT TO JURISDICTION AND SERVICE OF PROCESS</u>. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY'S RESPECTIVE ADDRESS SET FORTH ABOVE WILL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Recourse</u>. Notwithstanding anything to the contrary in this Agreement, the Company and each Holder agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, will be had against any current or future director, officer, employee, general or limited partner or member of any Holder or any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Descriptive Headings; Interpretation</u>. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. The use of the word "including" in this Agreement will be by way of example rather than by limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Strict Construction</u>. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Electronic Delivery</u>. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a facsimile machine or electronic mail will be treated in all manner and respects as an original agreement or instrument and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto will re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument will raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Further Assurances</u>. In connection with this Agreement and the transactions contemplated hereby, each Holder agrees to execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Dividends, Recapitalizations, Etc.</u> If at any time or from time to time there is any change in the capital structure of the Company by way of a share split, share dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment will be made in the provisions hereof so that the rights and privileges granted hereby will continue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>No Third-Party Beneficiaries</u>. No term or provision of this Agreement is intended to be, or shall be, for the benefit of any Person not a party hereto, and no such other Person shall have any right or cause of action hereunder, except as otherwise expressly provided herein.

\* \* \* \* \*

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

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|:---|
| **DPC HOLDINGS LIMITED** |
| By: |
| Its: |

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|:---|
| **HOLDER:** |
| [·] |
| By: |
| Title: |
| Address: |

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[*Signature Page to Registration Rights Agreement*]

**Exhibit A**

**Reporting Shareholders**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Entity Name** | &nbsp;&nbsp;**Number of <br> Shares <br> Beneficially <br> Owned** | &nbsp;&nbsp;**Percentage of <br> Total <br> Outstanding** | &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**Contact** |

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**Exhibit B**

**Definitions**

"<u>1% Holder Demand Registration Notice</u>" has the meaning set forth in <u>Section 1(b).</u>

"<u>1% Holder Underwritten Takedown Notice</u>" has the meaning set forth in <u>Section 2(b).</u>

"<u>Affiliate</u>" of any Person means any other Person controlled by, controlling or under common control with such Person and, in the case of an individual, also includes any member of such individual's Family Group; provided that the Company and its Subsidiaries will not be deemed to be Affiliates of any Holder of Registrable Securities. As used in this definition, "control" (including, with its correlative meanings, "controlling," "controlled by" and "under common control with") will mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise).

"<u>Agreement</u>" has the meaning set forth in the recitals.

"<u>Automatic Shelf Registration Statement</u>" has the meaning set forth in <u>Section 1(a).</u>

"<u>Beneficial Holders</u>" has the meaning set forth in <u>Section 1(a).</u>

"<u>Business Day</u>" means a day that is not a Saturday or Sunday or a day on which banks in New York City are authorized or requested by law to close.

"<u>Company</u>" has the meaning set forth in the preamble and shall include its successor(s).

"<u>Demand Registrations</u>" has the meaning set forth in <u>Section 1(a).</u>

"<u>Demand Registration Notice</u>" has the meaning set forth in <u>Section 1(a).</u>

"<u>Demand Registration Request Record Date</u>" has the meaning set forth in <u>Section 1(a).</u>

"<u>End of Suspension Notice</u>" has the meaning set forth in <u>Section 7(b)</u>.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.

"<u>Excluded Registration</u>" means any registration (i) pursuant to a Demand Registration (which is addressed in Section 1(a)), (ii) in connection with registrations on Form S-4 or S-8 promulgated by the SEC or any successor or similar forms, (iii) relating to an offering of debt securities, or (iv) relating to an exchange offer.

"<u>Family Group</u>" means with respect to any individual, such individual's current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) and the spouses of such descendants, any trust, limited partnership, corporation or limited liability company established solely for the benefit of such individual or such individual's current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) or the spouses of such descendants.

"<u>FINRA</u>" means the Financial Industry Regulatory Authority.

"<u>Free Writing Prospectus</u>" means a free-writing prospectus, as defined in Rule 405.

"<u>Holder</u>" means a holder of Registrable Securities who is a party to this Agreement (including by way of Joinder).

"<u>Indemnified Parties</u>" has the meaning set forth in <u>Section 12(a).</u>

"<u>Joinder</u>" has the meaning set forth in <u>Section 15(a).</u>

"<u>Lock-Up Agreement</u>" means each lock-up agreement entered into in connection with the Company's initial Public Offering.

"<u>Long-Form Registrations</u>" has the meaning set forth in <u>Section 1(a)</u>.

"<u>Losses</u>" has the meaning set forth in <u>Section 12(a)</u>.

"<u>Ordinary Shares</u>" means the Company's ordinary shares, no par value per share.

"<u>Outstanding Shares</u>" has the meaning set forth in <u>Section 1(a)</u>.

"<u>Permitted Transferee</u>" means any transferee pursuant to a transfer of Ordinary Shares and the execution by such transferee of a Joinder to this Agreement (i) by any Holder to or among such Holder's Family Group (including, without limitation, for estate planning purposes) or pursuant to applicable laws of descent and distribution, provided that (x) Ordinary Shares may not be transferred to a Holder's spouse in connection with a divorce proceeding and (y) any Holder that is a trust or estate planning vehicle or entity must be controlled by the Holder and remain for the benefit of the same person(s) for so long as such trust holds Ordinary Shares.

"<u>Person</u>" means an individual, a partnership, a corporation, a limited liability company, an association, a joint share company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

"<u>Piggyback Notice</u>" has the meaning set forth in <u>Section 5(a)</u>.

"<u>Piggyback Offering</u>" has the meaning set forth in <u>Section 5(a).</u>

"<u>Potential Block Trade Participant</u>" has the meaning set forth in <u>Section 2(b)</u>.

"<u>Public Offering</u>" means any sale or distribution by the Company, one of its Subsidiaries and/or Holders to the public of Ordinary Shares or other securities convertible into or exchangeable for Ordinary Shares pursuant to an offering registered under the Securities Act.

"<u>Registrable Securities</u>" means Reporting Shareholder Registrable Securities. As to any particular Registrable Securities, such securities will cease to be Registrable Securities when they have been (a) sold or distributed pursuant to a Public Offering, (b) sold in compliance with Rule 144, (c) distributed to the direct or indirect partners or members of a Reporting Shareholder or (d) repurchased by the Company or a Subsidiary of the Company. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities, and the Registrable Securities will be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person will be entitled to exercise the rights of a holder of Registrable Securities hereunder (it being understood that a holder of Registrable Securities may only request that Registrable Securities in the form of Ordinary Shares be registered pursuant to this Agreement).

"<u>Registration Expenses</u>" has the meaning set forth in <u>Section 11</u>.

"<u>Reporting Shareholders</u>" has the meaning set forth in the recitals; provided that any decision to be made under this Agreement by a "Majority in Interest of the Reporting Shareholders" shall be made by the Reporting Shareholders who hold a majority of all Reporting Shareholder Registrable Securities.

"<u>Reporting Shareholder Registrable Securities</u>" means, irrespective of which Person actually holds such securities, (i) any Ordinary Shares held (directly or indirectly) by any Reporting Shareholders as of the date hereof, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization.

"<u>Rule 144</u>", "<u>Rule 158</u>", "<u>Rule 405</u>" and "<u>Rule 415</u>" mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the SEC, as the same will be amended from time to time, or any successor rule then in force.

"<u>SEC</u>" has the meaning set forth in Section 1(a).

"<u>Securities Act</u>" means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.

"<u>Selling Shareholder Information</u>" has the meaning set forth in <u>Section 12(a)</u>.

"<u>Shelf Registration</u>" has the meaning set forth in <u>Section 1(a).</u>

"<u>Shelf Registration Statement</u>" has the meaning set forth in <u>Section 2(a).</u>

"<u>Shelf Securities</u>" has the meaning set forth in <u>Section 2(a)</u>.

"<u>Short-Form Registrations</u>" has the meaning set forth in <u>Section 1(a)</u>.

"<u>Subsidiary</u>" means, with respect to the Company, any corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more Subsidiaries of the Company or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons will be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or will be or control the managing director or general partner of such limited liability company, partnership, association or other business entity.

"<u>Suspension Event</u>" has the meaning set forth in <u>Section 7(b)</u>.

"<u>Suspension Notice</u>" has the meaning set forth in <u>Section 7(b)</u>.

"<u>Suspension Period</u>" has the meaning set forth in <u>Section 7(a)</u>.

"<u>Takedown Request Record Date</u>" has the meaning set forth in <u>Section 2(a).</u>

"<u>Underwritten Block Trade Notice</u>" has the meaning set forth in <u>Section 2(b).</u>

"<u>Underwritten Takedown Offering (including in the form of an Underwritten Block Trade)</u>" has the meaning set forth in <u>Section 2(a).</u>

"<u>Underwritten Takedown Offering Notice</u>" has the meaning set forth in <u>Section 2(a).</u>

"<u>Underwritten Takedown Request</u>" has the meaning set forth in <u>Section 2(a)</u>.

"<u>Violation</u>" has the meaning set forth in <u>Section 12(a)</u>.

"<u>WKSI</u>" means a "well-known seasoned issuer" as defined under Rule 405.

**E** **xhibit C**

**Form of Joinder Agreement**

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of _______________, 2026 (as amended, modified and waived from time to time, the "<u>Registration Agreement</u>"), among DPC Holdings Limited, a Jersey, Channel Islands company (the "<u>Company</u>"), and the other persons named as parties therein (including pursuant to other Joinders). Capitalized terms used herein have the meaning set forth in the Registration Agreement.

By executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of, the Registration Agreement as a Holder in the same manner as if the undersigned were an original signatory to the Registration Agreement, and the undersigned will be deemed for all purposes to be a Holder and the undersigned's ____ Ordinary Shares will be deemed for all purposes to be Registrable Securities under the Registration Agreement.

Accordingly, the undersigned has executed and delivered this Joinder as of the ___ day of ____________, 20___.

Acknowledged and agreed:<br>**[HOLDER:]**<br>

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|:---|
| By: |
| Its: |
| Address: |
| <br> Agreed and Accepted as of |
| ________________, 20___: |
| **DPC HOLDINGS LIMITED** |
| By: |
| Its: |

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## Exhibit 10.12

**Exhibit 10.12**

**<u>FORM OF INDEMNIFICATION AGREEMENT</u>**

This Indemnification Agreement ("**Agreement**") is made as of , 2026 by and between DPC Holdings Limited, a Bailiwick of Jersey company with registration number 130424 (the "**Company**"), and [a member of the board of directors][an officer] of the Company ("**Indemnitee**"). This Agreement supersedes and replaces any and all previous agreements between the Company and Indemnitee covering indemnification and advancement.

**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 or officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification and advancement of expenses against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

WHEREAS, the Board has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Articles of Association (the "**Articles**") of the Company permit indemnification of the directors and officers of the Company. Indemnitee may also be entitled to indemnification pursuant to the Companies (Jersey) Law 1991, as amended (the "**Companies Law**"). The Articles and the Companies Law permit contracts to be entered into between the Company and members of the Board, officers, former officers and former members of the Board with respect to indemnification and advancement of expenses;

WHEREAS, the uncertainties relating to such insurance, to indemnification, and to advancement of expenses may increase the difficulty of attracting and retaining such persons;

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;

WHEREAS, this Agreement is a supplement to and in furtherance of the Articles and any resolutions adopted pursuant thereto, and is not a substitute therefor, nor diminishes or abrogates any rights of Indemnitee thereunder; and

WHEREAS, Indemnitee does not regard the protection available under the Articles, Companies Law and insurance as adequate in the present circumstances, and may not be willing to serve or continue to serve as a director or an officer without adequate additional protection, and the Company desires Indemnitee to serve or continue to serve in such capacities. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified and be advanced expenses.

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 director][an officer] 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 Agreement 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 (as defined herein)) and Indemnitee.

Section 2. <u>Definitions</u>. As used in this Agreement:

(a) "**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.

(b) "**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.

(c) "**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.

(d) "**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 Agreement, excise taxes and penalties related to the Employee Retirement Income Security Act of 1974, as amended, 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, supersede as bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 13(c) of this Agreement only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee's counsel as being reasonable in the good faith judgment of such counsel will be presumed conclusively to be reasonable. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

(e) "**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, reimbursement, or advancement of Expenses can be provided under this Agreement. A Proceeding also includes a situation the Indemnitee believes in good faith may lead to or culminate in the institution of a Proceeding.

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 applicable 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 applicable 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. Except as permitted by Article 77 of the Companies Law, 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.

Section 5. <u>Indemnification for Expenses of a Party Who is Wholly or Partly Successful</u>. To the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding to 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 applicable 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 Agreement to indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company will, subject to the Companies Law, 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 of this Agreement, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law (including, but not limited to, the Companies Law and any amendments to or replacements of the Companies Law adopted after the date of this Agreement that expand the Company's ability to indemnify its directors and officers) 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). No indemnification, hold harmless or exoneration rights shall be available under this Section 8 on account of Indemnitee's conduct which constitutes a breach of Indemnitee's duty to the Company or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the Companies law.

Section 9. <u>Exclusions</u>. Notwithstanding any provision in this Agreement, the Company is not obligated under this Agreement to make any indemnification payment to Indemnitee in connection with any Proceeding:

(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 14(b) of this Agreement and except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

(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 or similar provisions of applicable 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;

(c) for which payment is prohibited by the Articles, the Companies law or other applicable law; or

(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 or advancement, of Expenses, including a Proceeding (or any part of any Proceeding) initiated pursuant to Section 13 of this Agreement, (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>Advances of Expenses</u>.

(a) The Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee or any Proceeding (or any part of any Proceeding) initiated by Indemnitee if (i) the Proceeding or part of any Proceeding is to enforce Indemnitee's rights to obtain indemnification or advancement of Expenses from the Company or Enterprise, including a proceeding initiated pursuant to Section 13 of this Agreement or (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation. The Company will advance the Expenses within 30 days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding.

(b) Advances will be unsecured and interest free. Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon the execution of this Agreement and delivery to the Company. No other form of undertaking is required other than the execution of this Agreement. The Company will make advances without regard to Indemnitee's ability to repay the Expenses and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement.

Section 11. <u>Procedure for Indemnification or Advancement</u>.

(a) Indemnitee shall notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee shall 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 shall specify in the written notification the Expenses Indemnitee seeks payment under this Agreement. Indemnitee's failure to notify the Company will not relieve the Company from any obligation it may have to Indemnitee under this Agreement, and any delay in so notifying the Company will not constitute a waiver by Indemnitee of any rights under this Agreement.

(b) The Company will be entitled to participate in the Proceeding at its own expense.

(c) Subject to the provisions of this Agreement, the Company shall make payment of such Expenses to Indemnitee within 30 days after receipt of the written notification.

Section 12. <u>Presumptions and Effect of Certain Proceedings</u>.

(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 not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company will, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement 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 legal 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.

(b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of *nolo contendere* or its equivalent, will not (except as otherwise expressly provided in this Agreement) 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.

(c) 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 Agreement, 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(c) 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 Agreement.

(d) The knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee of an Enterprise may not be imputed to Indemnitee for purposes of determining Indemnitee's right to indemnification under this Agreement.

Section 13. <u>Remedies of Indemnitee</u>.

(a) In the event that the Indemnitee makes a request for payment of Expenses under Section 3, Section 4, Section 5, Section 6, Section 7 and Section 8 herein or a request for an advancement of Expenses under Section 10 herein and the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, the Indemnitee may petition a court to enforce the Company's obligations under this Agreement.

(b) Subject to the provisions of the Articles and the Companies Law, the Company agrees to reimburse the Indemnitee in full for any Expenses incurred by the Indemnitee in connection with investigating, preparing for, litigating, defending or settling any action brought by the Indemnitee under Section 13(a) above; provided, however, that if the Indemnitee is unsuccessful on the merits in such action, then the Company shall have no obligation to the Indemnitee under this Section 13(b).

(c) The Company is, to the fullest extent not prohibited by law, precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 13 that the procedures and presumptions of this Agreement 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 Agreement.

(d) 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 Agreement 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 30 days after receipt by the Company of a written request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in connection with any action concerning this Agreement, Indemnitee's right to indemnification or advancement of Expenses 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>.

(a) The indemnification and advancement of Expenses provided by this Agreement are 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 shareholders or a resolution of directors, or otherwise. The indemnification and advancement of Expenses provided by this Agreement may not be limited or restricted by any amendment, alteration or repeal of this Agreement 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 Agreement. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Articles or this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this Agreement 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.

(b) The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided by one or more other Persons with whom or which Indemnitee may be associated. The relationship between the Company and such other Persons, other than an Enterprise, with respect to the Indemnitee's rights to indemnification, advancement of Expenses, 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.

(i) The Company hereby acknowledges and agrees:

(A) the Company is the indemnitor of first resort with respect to any request for indemnification or advancement of Expenses made pursuant to this Agreement concerning any Proceeding;

(C) any obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee and/or advance Expenses to Indemnitee in respect of any proceeding are secondary to the obligations of the Company's obligations;

(D) the Company will indemnify Indemnitee and advance Expenses to 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 or insurer of any such Person; and

(ii) Subject to Section 14(e), the Company irrevocably waives, relinquishes and releases (A) any other Person with whom or which Indemnitee may be associated 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 Agreement and (B) any right to participate in any claim or remedy of Indemnitee against any Person, 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, 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.

(iii) In the event any other Person with whom or which Indemnitee may be associated 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 Agreement. In no event will payment by any other Person with whom or which Indemnitee may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company's obligation to indemnify or advance of Expenses to any other Person with whom or which Indemnitee may be associated.

(iv) Any indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated is specifically in excess over the Company's obligation to indemnify and advance Expenses or any valid and collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company.

(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 or include Indemnitee in such 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 or advance Expenses to Indemnitee as required by this Agreement. If, at the time of the receipt of a notice of a claim pursuant to this Agreement, 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.

(d) The Company's obligation to indemnify or advance Expenses hereunder to Indemnitee for any Proceeding concerning Indemnitee's Corporate Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses 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 and advancement of Expenses for any Proceeding related to or arising from Indemnitee's Corporate Status with such Enterprise. The Company's obligation to indemnify and advance Expenses to 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 and advancement of Expenses for any Proceeding related to or arising from Indemnitee's Corporate Status with such Enterprise.

(e) In the event of any payment made by the Company under this Agreement, 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 Agreement</u>. This Agreement continues until and terminates upon the later of: (a) 10 years after the date that Indemnitee ceases to have a Corporate Status or (b) one year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to Section 13 of this Agreement relating thereto. The indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement 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 Agreement is held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement 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 Agreement (including, without limitation, each portion of any Section of this Agreement 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 Agreement will be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification and advancement of Expenses permitted by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted by law for indemnification and advancement in excess of that expressly provided, without limitation, by the Articles, vote of the Company shareholders or applicable law.

Section 18. <u>Enforcement</u>.

(a) The Company expressly confirms and agrees that it has entered into this Agreement 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 Agreement in serving or continuing to serve as a director or officer of the Company.

(b) This Agreement 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 Agreement is a supplement to and in furtherance of the Articles 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 Agreement is binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement will be deemed or constitutes a waiver of any other provisions of this Agreement 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 or advancement of Expenses 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 Agreement or otherwise.

Section 21. <u>Notices</u>. All notices, requests, demands and other communications under this Agreement 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:

(a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee provides to the Company.

(b) If to the Company to:

DPC Holdings Limited

General Counsel and Chief Risk Officer

[47 Esplanade, St. Helier, JE1 0BD, Jersey]

Attention: Helen Barrett-Hague

with a copy, which shall not constitute notice, to:

White & Case LLP

1221 Avenue of the Americas

New York, NY 10020

Attention: Richard Browne, Esq. and Jessica Y. Chen, Esq.

Telephone: (212) 819-8200

or to any other address as may have been furnished to Indemnitee by the Company.

Section 22. <u>Contribution</u>. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

Section 23. <u>Applicable Law and Consent to Jurisdiction</u>. This Agreement and the legal relations among the parties are governed by, and construed and enforced in accordance with, Jersey law. The parties irrevocably agree that the courts of Jersey have exclusive jurisdiction to settle any dispute or claim arising out of, or in connection with, this agreement or its subject matter or formation (including any dispute or claim relating to non-contractual obligations).

Section 24. <u>Identical Counterparts</u>. This Agreement 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 Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

Section 25. <u>Headings</u>. The headings of this Agreement are inserted for convenience only and do not constitute part of this Agreement or affect the construction thereof.

[*Signature Pages Follow*]

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.

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| | |
|:---|:---|
| **DPC Holdings Limited** | **DPC Holdings Limited** |
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Indemnification Agreement*]

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| | |
|:---|:---|
| **Indemnitee** | **Indemnitee** |
| By: |  |
|  | Name: |
|  | Address: |

---

[*Signature Page to Indemnification Agreement*]

## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARIES OF DPC HOLDINGS LIMITED** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Certified Alloy Products, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;2. Doncasters Inc.

&nbsp;&nbsp;&nbsp;&nbsp;3. Doncasters Precision Castings, Deritend International Limited

&nbsp;&nbsp;&nbsp;&nbsp;4. Doncasters Precision Castings, Bochum GmbH

&nbsp;&nbsp;&nbsp;&nbsp;5. Ross & Catherall Limited

## Exhibit 23.1

**Exhibit 23.1**

![](tm269965d4_ex23-1img001.jpg)

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated April 14, 2026, with respect to the consolidated financial statements of DPC Holdings Limited, included herein and to the reference to our firm under the heading "Experts" in the prospectus.

<u>/s/ KPMG LLP</u>

KPMG LLP

Birmingham, United Kingdom

May 26, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Ordinary shares, no par value per share | 457(o) | $100000000.00 | 0.0001381 | $13810.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $100000000.00  |  | $13810.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $13810.00  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> 1.a. Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended. 1.b. Includes ordinary shares subject to the underwriters' option to purchase additional shares.

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| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

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