Document:

Exhibit 4.2

 

DISH DBS Corporation

 

$1,000,000,000 7.375% Senior Notes due
2028

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of July 1, 2020 by and among DISH DBS Corporation,
a Colorado corporation (the “Company”), the Guarantors named in the Purchase Agreement (as defined below)
(the “Guarantors” and, together with the Company, the “Issuers”), and J.P.
Morgan Securities LLC (the “Purchaser”), who has agreed to purchase $1,000,000,000 aggregate principal
amount of the Company’s 7.375% Senior Notes due 2028 (the “Notes”) upon the terms and conditions
set forth in the Purchase Agreement, dated as of June 24, 2020 (the “Purchase Agreement”), among
the Company, the Guarantors and the Purchaser.

 

This Agreement is made
pursuant to the Purchase Agreement. As an inducement to the Purchaser to purchase the Notes, the Company has agreed to provide
the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations
of the Purchaser under the Purchase Agreement. Capitalized terms used herein without definition shall have the meanings assigned
to them in the indenture (the “Indenture”), of even date herewith, by and among the Company, the Guarantors
and U.S. Bank National Association, as trustee (the “Trustee”), relating to the Notes.

 

The parties hereby agree as follows:

 

SECTION 1. DEFINITIONS

 

As used in this Agreement,
the following defined terms shall have the following meanings:

 

“Affiliate”: As defined
in Rule 144(a)(1) under the Securities Act.

 

“Broker-Dealer”:
Any broker or dealer registered as such under the Exchange Act.

 

“Business
Day”:Any day other than a Saturday,
Sunday or other day on which commercial banks in the State of New York or the State of Colorado are authorized or required by
law or executive order to close.

 

“Closing Date”: The date
hereof.

 

“Commission”:
The Securities and Exchange Commission, or any other federal agency at any time administering the Exchange Act or the Securities
Act, whichever is the relevant statute for the particular purpose.

 

     

     

    

 

“Consummate”
(and variations of that word): The Exchange Offer shall be deemed “Consummated” for purposes of this Agreement
upon the occurrence of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration
Statement relating to the Exchange Notes to be issued in the Exchange Offer, (ii) the maintenance of such Exchange Offer
continuously effective and the keeping of the Exchange Offer open for a period not less than the period required pursuant to
Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture, Exchange
Notes in the same aggregate principal amount as the aggregate principal amount of the Notes that were tendered by Holders
thereof pursuant to the Exchange Offer.

 

“Consummation Deadline”:
As defined in Section 3(b) hereof.

 

“Effectiveness Deadline”: As defined in Section 3(a) hereof.

 

“Exchange Act”: The Securities Exchange Act of 1934, as amended.

 

“Exchange
Notes”: The Company’s 7.375% Senior Notes due 2028, guaranteed by the Guarantors to the same extent as the
Notes, to be issued pursuant to the Indenture: (i) in the Exchange Offer or (ii) as contemplated by Section 6 hereof.

 

“Exchange
Offer”: The exchange and issuance by the Company of a principal amount of Exchange Notes (which shall be registered,
pursuant to the Exchange Offer Registration Statement) equal to the outstanding principal amount of Notes that are tendered by
Holders in connection with such exchange and issuance.

 

“Exchange
Offer Registration Statement”: A Registration Statement relating to the Exchange Offer, including the related Prospectus.

 

“Filing Deadline”: As defined
in Section 3(a) hereof.

 

“FINRA”: Financial Industry Regulatory Authority, Inc.

 

“Free Writing
Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by
or on behalf of the Company or used or referred to by the Company in connection with the sale of the Notes or the Exchange Notes.

 

“Holders”: As defined in
Section 2 hereof.

 

“Indemnified Party”: As defined in Section 8(c) hereof.

 

“Indemnifying
Party”: As defined in Section 8(c) hereof.

 

“Issuer Information” shall
have the meaning set forth in Section 8(a) hereof.

 

“Prospectus”:
The prospectus included in a Registration Statement at the same time such Registration Statement is declared effective, as amended
or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all
material incorporated by reference into such Prospectus.

 

“Recommencement Date”: As
defined in Section 6(d) hereof.

 

“Registration Default”: As defined in Section 5 hereof.

 

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“Registration
Statement”: Any registration statement of the Company relating to (a) an offering of Exchange Notes pursuant
to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration
Statement, in each case, that is filed pursuant to the provisions of this Agreement, including the Prospectus included therein,
all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference
therein.

 

“Regulation S”: Regulation
S promulgated under the Securities Act.

 

“Rule 144”: Rule 144 promulgated under the Securities
Act.

 

“Securities Act”: The Securities Act of 1933, as amended.

 

“Shelf Effectiveness Deadline”:
As defined in Section 4(a)(y) hereof.

 

“Shelf Filing Deadline”: As defined in Section 4(a)(x) hereof.

 

“Shelf Registration Statement”:
As defined in Section 4(a)(x) hereof.

 

“Suspension Notice”: As defined in Section 6(d) hereof.

 

“TIA”:
The Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of the Indenture.

 

“Transfer
Restricted Securities”: (a) Each Note, until the earliest to occur of (x) the date on which such Note is
exchanged in an Exchange Offer for an Exchange Note which is entitled to be resold to the public by the Holder thereof without
complying with the prospectus delivery requirements of the Securities Act, (y) the date on which such Note has been disposed
of in accordance with a Shelf Registration Statement, or (z) the date on which such Note may be sold to the public in accordance
with Rule 144 under the Securities Act by a person that is not an “affiliate” (as defined in Rule 144 under
the Securities Act) of the Company where no conditions of Rule 144 are then applicable (other than the holding period requirement
in paragraph (d)(1)(ii) of Rule 144 so long as such holding period requirement is satisfied at such time of determination);
or (b) each Exchange Note until the date on which such Exchange Note is disposed of by a Broker-Dealer pursuant to the “Plan
of Distribution” contemplated by the Exchange Offer Registration Statement (including the delivery of the Prospectus contained
therein).

 

“Underwritten
Registration” or “Underwritten Offering”: A registration in which securities of the Company
are sold to an underwriter for reoffering to the public.

 

SECTION 2. HOLDERS

 

A person is deemed
to be a holder of Transfer Restricted Securities (each, a “Holder” and, collectively, the “Holders”)
whenever such Person owns Transfer Restricted Securities.

 

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SECTION 3. REGISTERED EXCHANGE OFFER

 

(a)            Unless
the Company determines, after consultation with counsel, either (x) that an Exchange Offer with respect to the Notes is
not permitted by applicable law or Commission policy or (y) that such an Exchange Offer with respect to the Notes is not
effective to make Exchange Notes freely tradeable to the extent contemplated hereby under applicable law or Commission policy
(after the procedures set forth in Section 6(a) below have been complied with), the Company shall: (i) cause
an Exchange Offer Registration Statement to be filed with the Commission as soon as reasonably practicable after the Closing
Date, but in no event later than 180 days after the Closing Date (such 180th day being the “Filing
Deadline”), (ii) use its reasonable best efforts to cause such Exchange Offer Registration Statement to
become effective at the earliest possible time, but in no event later than 270 days after the Closing Date (such
270th day being the “Effectiveness Deadline”), (iii) in connection with the
foregoing, (A) file all pre-effective amendments to such Exchange Offer Registration Statement as may reasonably be
necessary in order to cause it to become effective, (B) file, if applicable, a post-effective amendment to such Exchange
Offer Registration Statement pursuant to Rule 430A under the Securities Act, and (C) cause all necessary filings,
if any, in connection with the registration and qualification of the Exchange Notes to be made under the Blue Sky laws of
such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the effectiveness of
such Exchange Offer Registration Statement, use its reasonable best efforts to commence and Consummate the Exchange Offer
such that the Exchange Offer is Consummated not later than the 315th day after the Closing Date. The Exchange
Offer shall be on the appropriate form permitting (i) registration of the Exchange Notes to be offered in exchange for
the Notes that are Transfer Restricted Securities and (ii) resales of Exchange Notes by Broker-Dealers that tendered the
Exchange Notes that such Broker-Dealer acquired for its own account as a result of market-making activities or other trading
activities (other than Notes acquired directly from the Company or any of its Affiliates) as contemplated by
Section 3(c) below.

 

(b)            The
Company shall use its reasonable best efforts to cause an Exchange Offer Registration Statement with respect to the Exchange Notes
to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under
applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event
shall such period be less than twenty (20) Business Days. The Company shall cause the Exchange Offer to comply with all applicable
federal and state securities laws. No securities other than Exchange Notes shall be included in any Exchange Offer Registration
Statement. The Company shall use its reasonable best efforts to cause the Exchange Offer to be Consummated not later than the 315th
day after the Closing Date (such 315th day being the “Consummation Deadline”).

 

(c)            The
Company shall include a “Plan of Distribution” section in the Prospectus contained in each Exchange Offer Registration
Statement and indicate therein that any Broker-Dealer who holds Transfer Restricted Securities that were acquired for the account
of such Broker-Dealer as a result of market-making activities or other trading activities (other than Notes acquired directly from
the Company or any Affiliate of the Company), may exchange such Transfer Restricted Securities pursuant to the Exchange Offer.
Such “Plan of Distribution” section shall also contain all other information with respect to such sales by such Broker-Dealers
that the Commission may require in order to permit such sales pursuant thereto, but such “Plan of Distribution” shall
not name any such Broker-Dealer or disclose the amount of Transfer Restricted Securities held by any such Broker-Dealer, except
to the extent required by the Commission as a result of a change in policy, rules or regulations after the date of this Agreement.

 

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Because such
Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore,
deliver a prospectus meeting the requirements of the Securities Act in connection with any initial sale of any Exchange Notes
received by such Broker-Dealer in the Exchange Offer, the Company shall permit the use of the Prospectus contained in each
Exchange Offer Registration Statement by such Broker-Dealer to satisfy such prospectus delivery requirement. To the extent
necessary to ensure that the Prospectus contained in each Exchange Offer Registration Statement is available for sales of
Exchange Notes by Brokers-Dealers, the Company shall use its reasonable best efforts to keep each Exchange Offer Registration
Statement continuously effective, supplemented, amended and current as required by and subject to the provisions of Sections
6(a) and 6(c) hereof and in conformity with the requirements of this Agreement, the Securities Act and the
policies, rules and regulations of the Commission as announced from time to time, for a period of six months from the
date on which each Exchange Offer is Consummated or such shorter period as will terminate when all Transfer Restricted
Securities covered by such Registration Statement have been sold pursuant thereto. The Company shall provide sufficient
copies of the latest version of such Prospectus to such Broker-Dealers, promptly upon request, and in no event later than two
Business Days after such request, at any time during such period.

 

(d)            The
Company represents, warrants and covenants that it (including its agents and representatives) will not prepare, make, use, authorize,
approve or refer to any Free Writing Prospectus.

 

SECTION 4. SHELF REGISTRATION

 

(a)            Shelf
Registration. If (i) the Company determines, after consultation with counsel, either (x) that an Exchange Offer is
not permitted by applicable law or Commission policy or (y) that such an Exchange Offer is not effective to make Exchange
Notes freely tradeable to the extent contemplated hereby under applicable law or Commission policy (after the Company has complied
with the procedures set forth in Section 6(a) below) or (ii) if any Holder of Transfer Restricted Securities shall
notify the Company within twenty (20) Business Days following the date on which any Exchange Offer is Consummated that (A) such
Holder was prohibited by applicable law or Commission policy from participating in the Exchange Offer, or (B) such Holder
may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a prospectus and that the
Prospectus contained in such Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder,
or (C) that such Holder is a Broker-Dealer and holds Notes acquired directly from the Company or any of its Affiliates, then
the Company shall:

 

(x)            cause
to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act (the “Shelf Registration
Statement”), relating to all Transfer Restricted Securities, on or prior to the later of (1) ninety (90) days
after the date on which the Company determines that an Exchange Offer Registration Statement cannot be filed as a result of clause
(a)(i) above, (2) ninety (90) days after the date on which the Company receives notice specified in clause (a)(ii) above,
and (3) the 180th day after the Closing Date (such later date, the “Shelf Filing Deadline”);
and

 

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(y)            shall
use its reasonable best efforts to cause such Shelf Registration Statement to become effective on or prior to the
270th day after the Shelf Filing Deadline (such 270th day, the “Shelf Effectiveness
Deadline”). To the extent necessary to ensure that the Shelf Registration Statement is available for sales of
Transfer Restricted Securities by the Holders thereof entitled to the benefit of this Section 4(a) and other
securities required to be registered therein pursuant to Section 6(b)(ii) hereof, the Company shall use its
reasonable best efforts to keep such Shelf Registration Statement required by this Section 4(a) continuously
effective, supplemented, amended and current as required by and subject to the provisions of Sections 6(b) and
(c) hereof and in conformity with the requirements of this Agreement, the Securities Act and the policies,
rules and regulations of the Commission as announced from time to time, for a period of at least two years (as extended
pursuant to Section 6(d) hereof) following the Closing Date or such shorter period as will terminate where
all Transfer Restricted Securities covered by such Shelf Registration Statement have been sold pursuant thereto.

 

(b)            Provision
by Holders of Certain Information in connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities
may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and
until such Holder furnishes to the Company in writing, within twenty (20) days after receipt of a request therefor, (i) the
information specified in Item 507 or 508 of Regulation S-K, as applicable, of the Securities Act, and any successor provisions,
for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein and (ii) the
undertaking specified in Section 8(b) hereof. No Holder of Transfer Restricted Securities shall be entitled to liquidated
damages pursuant to Section 5 hereof unless and until such Holder shall have used its reasonable best efforts to provide all
such information. Each selling Holder agrees to furnish promptly to the Company all information required to be disclosed in order
to make the information previously furnished to the Company by such Holder not materially misleading.

 

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SECTION 5. LIQUIDATED DAMAGES

 

If (i) any
Registration Statement required by this Agreement is not filed with the Commission on or prior to, in the case of the
Exchange Offer Registration Statement, the Filing Deadline or, in the case of the Shelf Registration Statement, the Shelf
Filing Deadline, (ii) any such Registration Statement has not been declared effective by the Commission on or prior to,
in the case of the Exchange Offer Registration Statement, the Effectiveness Deadline or, in the case of the Shelf
Registration Statement, the Shelf Effectiveness Deadline, (iii) any Exchange Offer has not been Consummated on or prior
to the Consummation Deadline or (iv) any Registration Statement required by this Agreement is filed and declared
effective but shall thereafter (and before the second anniversary of the initial sale) cease to be effective or fail to be
usable in connection with resales of the Transfer Restricted Securities without being succeeded immediately by a
post-effective amendment to such Registration Statement that cures such failure and that is itself immediately declared
effective, and only for such time of non-effectiveness or non-usability (each such event referred to in clauses
(i) through (iv), a “Registration Default”), then the Company hereby agrees to pay (and the
Guarantors agree to guarantee such payments) liquidated damages to each Holder of Transfer Restricted Securities affected
thereby for the first 90-day period immediately following the occurrence of such Registration Default, in an amount equal to
$0.05 per week per $1,000 in principal amount of Transfer Restricted Securities held by such Holder for each week or portion
thereof that the Registration Default continues. The amount of the liquidated damages shall increase by an additional $0.05
per week per $1,000 in principal amount of Transfer Restricted Securities with respect to each subsequent 90-day period until
all Registration Defaults have been cured, the Transfer Restricted Securities become freely tradable without registration
under the Securities Act or no Transfer Restricted Securities are outstanding, up to a maximum amount of liquidated damages
of $0.25 per week per $1,000 in principal amount of Transfer Restricted Securities; provided that the Company shall in no
event be required to pay liquidated damages with respect to the Notes for more than one Registration Default at any given
time. All accrued liquidated damages shall be paid to the Holders entitled thereto, in the manner provided for the payment of
interest, on each Interest Payment Date, as more fully set forth in the Indenture and the Notes. Notwithstanding anything to
the contrary set forth herein, (1) upon the filing of an Exchange Offer Registration Statement with respect to the
affected Transfer Restricted Securities (and/or, if applicable, the Shelf Registration Statement), in the case of
(i) above, (2) upon the effectiveness of an Exchange Offer Registration Statement with respect to the affected
Transfer Restricted Securities (and/or, if applicable, the Shelf Registration Statement), in the case of (ii) above,
(3) upon the Consummation of an Exchange Offer with respect to the affected Transfer Restricted Securities, in the case
of (iii) above, or (4) upon the filing of a post-effective amendment to a Registration Statement or an additional
Registration Statement that causes the Exchange Offer Registration Statement with respect to the affected Transfer Restricted
Securities (and/or, if applicable, the Shelf Registration Statement) to again be declared effective or made usable in the
case of (iv) above, the liquidated damages payable with respect to the affected Transfer Restricted Securities as a
result of such clause (i), (ii), (iii) or (iv), as applicable, shall cease.

 

Notwithstanding the
fact that any securities for which liquidated damages are due cease to be Transfer Restricted Securities, all obligations of the
Company to pay liquidated damages with respect to securities shall survive until such time as such obligations with respect to
such securities shall have been satisfied in full.

 

SECTION 6. REGISTRATION PROCEDURES

 

(a)            Exchange
Offer Registration Statement. In connection with the Exchange Offer, the Company shall (x) comply with all of the provisions
of Section 6(c) below, (y) use its reasonable best efforts to effect such exchange and to permit the resale of Exchange
Notes by Broker-Dealers that tendered in the Exchange Offer, Notes that such Broker-Dealer acquired for its own account as a result
of its market making activities as other trading activities (other than Notes acquired directly from the Company or any of its
Affiliates) being sold in accordance with the intended method or methods of distribution thereof, and (z) comply with all
of the following provisions:

 

(i)            If,
following the date hereof there has been announced a change in Commission policy with respect to exchange offers such as the Exchange
Offer, that in the reasonable opinion of counsel to the Company raises a substantial question as to whether any Exchange Offer
is permitted by applicable federal law, the Company hereby agrees to seek a no-action letter or other favorable decision from the
Commission allowing the Company to Consummate such Exchange Offer for such Transfer Restricted Securities. The Company agrees to
pursue the issuance of such a decision to the Commission staff. In connection with the foregoing, the Company agrees, to take all
such other actions as may be requested by the Commission or otherwise required in connection with the issuance of such decision,
including without limitation (A) participating in telephonic conferences with the Commission and (B) delivering to the
Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel
has concluded that such an Exchange Offer should be permitted.

 

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(ii)            As
a condition to its participation in the Exchange Offer, each Holder of Transfer Restricted Securities (including, without
limitation, any Holder who is a Broker- Dealer) shall furnish, upon the request of the Company, prior to the Consummation of
the Exchange Offer, a written representation to the Company (which may be contained in the letter of transmittal
contemplated by the related Exchange Offer Registration Statement) to the effect that (A) it is not an Affiliate of the
Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any
person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer and (C) it is
acquiring the Exchange Notes in its ordinary course of business. Each Holder using an Exchange Offer to participate in a
distribution of the Exchange Notes shall acknowledge and agree that, if the resales are of Exchange Notes obtained by such
Holder in exchange for Notes acquired by such Holder directly from the Company or an Affiliate thereof, it (1) could
not, under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Exxon
Capital Holdings Corporation (available May 13, 1988) and Morgan Stanley and Co., Inc. (available
June 5, 1991), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2,
1993, and similar no-action letters (including, if applicable, any no-action letter obtained pursuant to clause
(i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in
connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective
registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of
Regulation S-K or any successor provisions.

 

(iii)            Prior
to effectiveness of each Exchange Offer Registration Statement, the Company shall provide a supplemental letter to the Commission
(A) stating that the Company is registering the related Exchange Offer in reliance on the position of the Commission enunciated
in Exxon Capital Holdings Corporation (available May 13, 1988) and Morgan Stanley and Co., Inc. (available
June 5, 1991), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993,
and, if applicable, any no-action letter obtained pursuant to clause (i) above, (B) including a representation that neither
the Company nor any Guarantor has entered into any arrangement or understanding with any Person to distribute the Exchange Notes
to be received in the Exchange Offer and that, to the best of the Company’s information and belief, each Holder participating
in the Exchange Offer is acquiring the Exchange Notes in its ordinary course of business and has no arrangement or understanding
with any Person to participate in the distribution of the Exchange Notes received in the Exchange Offer and (C) any other
undertaking or representation required by the Commission as set forth in any no-action letter obtained pursuant to clause (i) above,
if applicable.

 

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(b)            Shelf
Registration Statement. In connection with each Shelf Registration Statement, the Company shall: (i) comply with all
the provisions of Section 6(c) below and shall use its reasonable best efforts to effect such registration to
permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of
distribution thereof (as indicated in the information furnished to the Company pursuant to Section 4(b) hereof),
and pursuant thereto the Company will prepare and file with the Commission, a Registration Statement relating to the
registration on any appropriate form under the Securities Act, which form shall be available for the sale of the Transfer
Restricted Securities in accordance with the intended method or methods of distribution thereof within the time periods and
otherwise in accordance with the provisions hereof and (ii) issue, upon the request of any Holder or purchaser of Notes
covered by any Shelf Registration Statement contemplated by this Agreement, Exchange Notes having an aggregate principal
amount equal to the aggregate principal amount of Notes sold pursuant to the Shelf Registration Statement and surrendered to
the Company for cancellation; the Company shall register Exchange Notes on the Shelf Registration Statement for this
purpose and issue the Exchange Notes to the purchasers of securities subject to the Shelf Registration Statement in the names
as such purchasers shall designate.

 

(c)             General
Provisions. In connection with any Registration Statement and any related Prospectus required by this Agreement, the Company
shall:

 

(i)            use
its reasonable best efforts to keep such Registration Statement continuously effective and provide all requisite financial statements
for the period specified in Section 3 or 4 of this Agreement, as applicable. Upon the occurrence of any event that would cause
any such Registration Statement or the Prospectus contained therein (A) to contain an untrue statement of material fact or
omit to state any material fact necessary to make the statements therein not misleading or (B) not to be effective and usable
for resale of Transfer Restricted Securities during the period required by this Agreement, the Company shall file promptly an appropriate
amendment to such Registration Statement, curing such defect, and if Commission review is required, use its reasonable best efforts
to cause such amendment to be declared effective as soon as reasonably practicable;

 

(ii)           prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement as may be necessary to
keep such Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as the case may be;
cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424
under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act
in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered
by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by
the sellers thereof set forth in such Registration Statement or supplement to the Prospectus;

 

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(iii)          advise
the underwriters, if any and each selling Holder promptly, (A) when the Prospectus or any Prospectus supplement or
post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment
thereto, when the same has become effective, (B) of any request by the Commission for amendments to the Registration
Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the
issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement under the Securities
Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for
offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, and (D) of
the existence of any fact or the happening of any event that makes any statement of a material fact made in any Registration
Statement, any Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or
that requires the making of any additions to or changes in any Registration Statement or any Prospectus in order to make the
statements therein not misleading, or that requires the making of any additions to or changes in any Prospectus in order to
make the statements therein in the light of the circumstances under which they were made, not misleading. If at any time the
Commission shall issue any stop order suspending the effectiveness of any Registration Statement, or any state securities
commission or other regulatory authority shall issue an order suspending the qualification or exemption from
qualification of the Transfer Restricted Securities under state securities or Blue Sky laws, the Company shall use its
reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time;

 

(iv)          furnish
to each of the underwriters, if any, in connection with such exchange or sale, if any, before filing with the Commission, copies
of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement
or Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement), which
documents will be subject to the review and comment of such underwriter(s), if any, in connection with such sale, if any, for
a period of at least three (3) Business Days, and the Company shall use its reasonable best efforts to reflect in any such
Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus (including
all such documents incorporated by reference) such comments as the underwriters, if any, reasonably propose;

 

(v)           make
available, at reasonable times, for inspection by any underwriter, if any, participating in any disposition pursuant to such Registration
Statement, and any attorney or accountant retained by any of such underwriters, all financial and other records, pertinent corporate
documents and properties of the Company and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any such underwriter, attorney or accountant in connection with such Registration Statement or any
post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness;

 

(vi)          cause
the Transfer Restricted Securities covered by each Registration Statement to be rated with the appropriate rating agencies, if
so requested by the Holders of a majority in aggregate principal amount of Notes covered thereby;

 

(vii)         furnish
to each of the underwriter(s) (and upon request, any selling Holder), if any, in connection with such exchange or sale, without
charge, at least one copy of each Shelf Registration Statement, as first filed with the Commission, and of each amendment thereto,
including all documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference);

 

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(viii)        deliver
to each selling Holder and each of the underwriters, if any, without charge, as many copies of each Prospectus (including each
preliminary prospectus) included with a Shelf Registration Statement and any amendment or supplement thereto as such Persons reasonably
may request; the Company hereby consents to the use (in accordance with applicable law) of the Prospectus included with a Shelf
Registration Statement and any amendment or supplement thereto by each selling Holder and each underwriter, if any, in connection
with the offering and the sale of the Transfer Restricted Securities covered by each Prospectus or any amendment or supplement
thereto;

 

(ix)          upon
the request of any selling Holder, enter into such agreements (including underwriting agreements), and make such
representations and warranties, and take all such other actions in connection therewith in order to expedite or
facilitate the disposition of the Transfer Restricted Securities pursuant to any Shelf Registration Statement contemplated by
this Agreement, as may be requested by any selling Holder in connection with any sale or resale pursuant to any Shelf
Registration Statement. In such connection, the Company shall:

 

(A)            upon
request of the underwriters, if any, furnish to each such requesting underwriter, in such substance and scope as they may request
and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the effectiveness of each Shelf
Registration Statement, as the case may be:

 

(1)            a
certificate, dated such date signed on behalf of the Company by (x) the President or any Vice President of the Company and
(y) a principal financial or accounting officer of the Company, confirming, as of the date thereof, that the representations
and warranties of the Company contained in any such underwriting agreement (which shall be of the same tenor as the representations
and warranties contained in the Purchase Agreement, excluding Section 2(a) (which shall reference the related Registration
Statement and Prospectus instead of the Offering Memorandum) and (v)) qualified as to materiality are true and correct, and those
not so qualified are true and correct in all material respects, in each case, as of the date hereof, and confirming such other
matters as such parties may reasonably request;

 

(2)            an
opinion, dated the date of effectiveness of each Shelf Registration Statement, as the case may be, of counsel for the Company,
similar to the form set forth in Schedule IV to the Purchase Agreement, and in any event including a statement to the effect
that such counsel has participated in conferences with officers and other representatives of the Company, representatives of the
independent public accountants for the Company, the Purchaser’s representatives and the Purchaser’s counsel in connection
with the preparation of such Shelf Registration Statement and the related Prospectus and have considered the matters required to
be stated therein and the statements contained therein, although such counsel has not independently verified the accuracy, completeness
or fairness of such statements; and that such counsel advises that, on the basis of the foregoing (relying as to materiality to
the extent such counsel deems appropriate upon the statements of officers and other representatives of the Company and without
independent check or verification), no facts came to such counsel’s attention that caused such counsel to believe that the
applicable Shelf Registration Statement, at the time such Shelf Registration Statement or any post-effective amendment thereto
became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary to make the statements therein not misleading, or that the related Prospectus contained in such Shelf Registration
Statement as of its date contained an untrue statement of a material fact or omitted to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading. Without limiting
the foregoing, such counsel may state further that such counsel assumes no responsibility for, and has not independently verified,
the accuracy, completeness or fairness of the financial statements, notes and schedules and other financial data included in any
Shelf Registration Statement contemplated by this Agreement or the related Prospectus; and

 

    11 

     

    

 

(3)            a
customary comfort letter, dated as of the date of effectiveness of each Shelf Registration Statement, as the case may be, from
the Company’s independent registered public accounting firm, in the customary form and covering matters of the type customarily
covered in comfort letters to underwriters in connection with primary underwritten offerings; and

 

(B)            deliver
such other documents and certificates as may be reasonably requested by the underwriters, if any, to evidence compliance with the
matters covered in clause (A) above and with any customary conditions contained in any agreement or other agreement entered
into by the Company pursuant to this clause (ix), if any.

 

If at any time the representations and
warranties of the Company contemplated in clause (A)(1) above cease to be true and correct, the Company shall so advise the
Purchaser and the underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such
advice in writing;

 

(i)            prior
to any public offering of Transfer Restricted Securities, cooperate with the underwriters, if any, and their respective counsel
in connection with the registration and qualification of the Transfer Restricted Securities under the securities or Blue Sky laws
of such jurisdictions as the underwriters may request and do any and all other acts or things necessary or advisable to enable
the disposition in such jurisdictions of the Transfer Restricted Securities covered by the applicable Registration Statement; provided,
however, that the Company shall not be required to register or qualify as a foreign corporation where it is not now so qualified
or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions
relating to any Registration Statement, in any jurisdiction where it is not now so subject;

 

(ii)           shall
issue, upon the request of any Holder of Notes covered by each Shelf Registration Statement, Exchange Notes, having an aggregate
principal amount equal to the aggregate principal amount of Notes surrendered to the Company by such Holder in exchange therefor
or being sold by such Holder; such Exchange Notes to be registered in the name of such Holder or in the name of the purchaser(s) of
such Notes or Exchange Notes, as the case may be; in return, the Notes held by such Holder shall be surrendered to the Company
for cancellation;

 

(iii)          in
connection with any sale of Transfer Restricted Securities that will result in such securities no longer being Transfer Restricted
Securities, cooperate with the Holders and the underwriters, if any, to facilitate the timely preparation and delivery of certificates
representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and to register such Transfer
Restricted Securities in such denominations and in such names as the selling Holders or the underwriters, if any, may request
at least five (5) Business Days prior to any such sale of Transfer Restricted Securities;

 

    12 

     

    

 

(iv)          use
its reasonable best efforts to cause the disposition of the Transfer Restricted Securities covered by each Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to
enable the underwriters, if any, to consummate the disposition of such Transfer Restricted Securities, subject to the proviso
contained in clause (x) above;

 

(v)           subject
to Section 6(c)(i), if any fact or event contemplated by Section 6(c)(iii)(D) above shall exist or have occurred,
prepare a supplement or post-effective amendment to each Registration Statement or related Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer Restricted
Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, not misleading;

 

(vi)          provide
a CUSIP number for all Transfer Restricted Securities not later than the effective date of a Registration Statement covering such
Transfer Restricted Securities and provide the Trustee under the Indenture with printed certificates for the Transfer Restricted
Securities which are in a form eligible for deposit with the Depositary Trust Company;

 

(vii)         cooperate
and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter,
if any, (including any “qualified independent underwriter”) that is required to be retained in accordance with the
rules and regulations of FINRA, and use its reasonable best efforts to cause such Registration Statement to become effective
and approved by such governmental agencies or authorities as may be necessary to enable the Holders selling Transfer Restricted
Securities to consummate the disposition of such Transfer Restricted Securities;

 

(viii)        otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make generally
available to its security holders with regard to any Registration Statement, as soon as reasonably practicable, a consolidated
earning statement meeting the requirements of Rule 158 under the Securities Act (which need not be audited) covering a twelve-month
period, beginning after the effective date of the Registration Statement (as such term is defined in paragraph (c) of Rule 158
under the Securities Act);

 

(ix)          cause
the Indenture to be qualified under the TIA not later than the effective date of the Registration Statement required by this Agreement,
and, in connection therewith, cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required
for the Indenture to be so qualified in accordance with the terms of the TIA; and execute, and use its reasonable best efforts
to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required
to be filed with the Commission to enable the Indenture to be so qualified in a timely manner;

 

(x)           cause
all Transfer Restricted Securities covered by the Registration Statement to be listed on each securities exchange on which similar
securities issued by the Company are then listed if requested by the Holders of a majority in aggregate principal amount of Notes
or the managing underwriters, if any; and

 

    13 

     

    

  

(xi)          provide
promptly to each underwriter, if any, upon request, each document filed with the Commission pursuant to the requirements of Section 13
or Section 15(d) of the Exchange Act since the Company’s most recent Annual Report on Form 10-K.

 

(d)            Restrictions
on Holders. Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of the notice referenced
in Section 6(c)(iii)(D) or any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof
(in each case, a “Suspension Notice”), such Holder will forthwith discontinue disposition of Transfer
Restricted Securities pursuant to the applicable Registration Statement until (i) such Holder has received copies of the supplemented
or amended Prospectus contemplated by Section 6(c)(xiv) hereof, or (ii) such Holder is advised in writing by the
Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are
incorporated by reference in the Prospectus (in each case, the “Recommencement Date”). Each Holder receiving
a Suspension Notice hereby agrees that it will either (i) destroy any Prospectuses, other than permanent file copies then
in such Holder’s possession which have been replaced by the Company with more recently dated Prospectuses, or (ii) will
deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s
possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such Suspension
Notice. The time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as
applicable, shall be extended by a number of days equal to the number of days in the period from and including the date of delivery
of the Suspension Notice to the date of the Recommencement Date.

 

SECTION 7. REGISTRATION EXPENSES

 

Subject to the
compliance in all material respects by the Company and the Guarantors with all of their respective obligations under this
Agreement, the Purchaser agrees to pay (and, to the extent not paid by the Purchaser, to reimburse the Company for) all
out-of-pocket costs and expenses reasonably incurred by the Issuers in connection with the registration of the Exchange Notes
in an aggregate amount not to exceed $750,000, including (i) Commission filing fees; (ii) costs of printing or word
processing or other production of documents incurred in connection with the exchange offer; (iii) fees and expenses of
the Trustee, and any transfer or exchange agent; (iv) all fees and expenses of compliance with federal securities and
state Blue Sky or securities laws; (v) all application and filing fees in connection with listing Exchange Notes on a
national securities exchange automated quotation system pursuant to the requirements hereof; (vi) all
fees and disbursements of the Issuers’ counsel and independent accountants incurred in connection therewith; and
(vii) all expenses of printing (including printing certificates for the Exchange Notes to be issued in the Exchange
Offer and printing of Prospectuses), messenger and delivery services and telephone. To the extent not paid or reimbursed,
such expenses shall be borne by the Company and the Guarantors. The Purchaser’s obligations under this Section 7
shall be subject in each case to the submission by the Company and the Guarantors to the Purchaser of invoices and other
documentation with respect to such costs and expenses. In no event shall the Purchaser’s obligations under this
Section 7 limit their rights under Section 8 hereof, whether by set-off or otherwise by the Company and the
Guarantors, and no liability of the Company and the Guarantors under Section 8 hereof shall be an obligation required to
be paid or reimbursed by the Purchaser pursuant to this Section 7.

 

The Company will, in
any event, bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts,
retained by the Company.

 

    14 

     

    

 

SECTION 8. INDEMNIFICATION

 

(a)            The
Company and the Guarantors agree to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls
such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (any of the persons
referred to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the respective
officers, directors, partners, employees, representatives and agents of any Holder or any controlling person, from and against
any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, any legal or
other expenses incurred in connection with, investigating, preparing, pursuing or defending any claim or action, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, including any action that could give rise to any such
losses, claims, damages, liabilities or judgments) directly or indirectly caused by, related to, based upon, arising out of or
in connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement,
preliminary prospectus, Prospectus (or any amendment or supplement thereto) or any Free Writing Prospectus used in violation of
this Agreement or any “issuer information” (“Issuer Information”) filed or required to be
filed pursuant to Rule 433(d) under the Securities Act, provided by the Company to any Holder or any prospective purchaser
of Exchange Notes or registered Notes or caused by any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities,
judgments, actions or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is based
upon information relating to such Holder furnished in writing to the Company by such Holder.

 

(b)            The
Company may require, as a condition to including any Transfer Restricted Securities held by any Holder in a Registration Statement,
that the Company shall have received an undertaking reasonably satisfactory to it from such Holder that such Holder agrees, severally
and not jointly, to indemnify and hold harmless the Company and the Guarantors, and their respective directors and officers, and
each person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) the Company or the Guarantors, as the case may be, to the same extent as the foregoing indemnity from the Company set forth
in Section 8(a) above, but only with reference to information relating to such Holder furnished in writing to the Company
by such Holder expressly for use in any Registration Statement. In no event shall any Holder, its directors, officers, or any person
who controls such Holder be liable or responsible for any amount in excess of the amount by which the entire amount received by
such Holder with respect to its sale of the Transfer Restricted Securities pursuant to a Registration Statement exceeds (i) the
amount paid by such Holder for such Transfer Restricted Securities and (ii) the amount of any damages that such Holder, its
directors, officers or any Person who controls such Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission.

 

    15 

     

    

 

(c)            In
case any action shall be commenced involving any person in respect of which indemnity may be sought pursuant to Section 8(a) or
8(b) (the “Indemnified Party”), the Indemnified party shall promptly notify the person against whom
such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall assume
the defense of such action, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment
of all fees and expenses of such counsel, as incurred (except that in the case of any action in respect of which indemnity may
be sought pursuant to both Sections 8(a) and 8(b), a Holder shall not be required to assume the defense of such action pursuant
to this Section 8(c), but may employ separate counsel and participate in the defense thereof, but the fees and expenses of
such counsel, except as provided below, shall be at the expense of the Holder). Any Indemnified Party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be
at the expense of the Indemnified Party unless (i) the employment of such counsel shall have been specifically authorized
in writing by the Indemnifying Party, (ii) the Indemnifying Party shall have failed to assume the defense of such action or
employ counsel reasonably satisfactory to the Indemnified Party or (iii) the named parties to any such action (including any
impleaded parties) include both the Indemnified Party and the Indemnifying Party, and the Indemnified Party shall have been advised
by such counsel that there may be one or more legal defenses available to it which are different from or additional to those available
to the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume the defense of such action on
behalf of the Indemnified Party). In any such case, the Indemnifying Party shall not, in connection with any one action or separate
but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances,
be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all indemnified
parties and all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by a
majority of the Holders, in the case of the parties indemnified pursuant to Section 8(a), and by the Company, in the case
of parties indemnified pursuant to Section 8(b). The Indemnifying Party shall indemnify and hold harmless the Indemnified
Party from and against any and all losses, claims, damages, liabilities, judgments and expenses by reason of any settlement of
any action (i) effected with its written consent or (ii) effected without its written consent if the settlement is entered
into more than twenty (20) Business Days after the Indemnifying Party shall have received a request from the Indemnified Party
for reimbursement for the fees and expenses of counsel (in any case where such fees and expenses are at the expense of the Indemnifying
Party) and, prior to the date of such settlement, the Indemnifying Party shall have failed to comply with such reimbursement request.
No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement or compromise of,
or consent to the entry of judgment with respect to, any pending or threatened action in respect of which the Indemnified Party
is or could have been a party and indemnity or contribution may be or could have been sought hereunder by the Indemnified Party,
unless such settlement, compromise or judgment (i) includes an unconditional release of the Indemnified Party from all liability
on claims that are or could have been the subject matter of such action and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act, by or on behalf of the Indemnified Party.

 

    16 

     

    

 

(d)            To
the extent that the indemnification provided for in this Section 8 is unavailable to an Indemnified Party under
Section 8(a) or Section 8(b) hereof in respect of any losses, claims, damages, liabilities, judgments or
expenses referred to therein, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, liabilities,
judgments or expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Company,
on the one hand, and the Holders, on the other hand, from their sale of Transfer Restricted Securities or (ii) if the
allocation provided by clause 8(d)(i) is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause 8(d)(i) above but also the relative fault of the Company,
on the one hand, and of the Holder, on the other hand, in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities, judgments or expenses, as well as any other relevant equitable considerations. The
relative fault of the Company, on the one hand, and of the Holder, on the other hand, shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company, on the one hand, or by such Holder, on the other hand,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.

  

The Company, the Guarantors
and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined
by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable
by an Indemnified Party as a result of the losses, claims, damages, liabilities, judgments or expenses referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred
by such Indemnified Party in connection with investigating or defending any such action or claim including any action that could
have given rise to such losses, claims, damages, liabilities, judgments or expenses. Notwithstanding the provisions of this Section 8,
no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total received by
such Holder with respect to the sale of Transfer Restricted Securities pursuant to a Registration Statement exceeds (i) the
amount paid by such Holder for such Transfer Restricted Securities and (ii) the amount of any damages which such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute
pursuant to this Section 8(d) are several in proportion to the respective principal amount of Transfer Restricted Securities
held by each Holder hereunder and not joint.

 

SECTION 9. RULE 144 AND RULE 144A

 

The Company hereby
agrees with each Holder, for so long as any Transfer Restricted Securities remain outstanding and during any period in which the
Company (i) is not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request of any Holder,
to such Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser
of such Transfer Restricted Securities designated by such Holder or beneficial owner, the information required by Rule 144A(d)(4) under
the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A, and (ii) is
subject to Section 13 or 15(d) of the Exchange Act, to make all filings required thereby in a timely manner in order
to permit resales of such Transfer Restricted Securities pursuant to Rule 144.

 

    17 

     

    

 

SECTION 10. PARTICIPATION IN UNDERWRITTEN REGISTRATIONS

 

No Holder may participate
in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities
on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements
and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up
letters and other documents required under the terms of such underwriting arrangements.

 

SECTION 11. SELECTION OF UNDERWRITERS

 

The Holders of Transfer
Restricted Securities covered by the Shelf Registration Statement who desire to do so may sell such Transfer Restricted Securities
in an Underwritten Offering. In any such Underwritten Offering, the investment banker or investment bankers and manager or managers
that will administer the offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted
Securities included in such offering; provided that such investment bankers and managers must be reasonably satisfactory to the
Company.

 

SECTION 12. MISCELLANEOUS

 

(a)           Remedies.
The Company and the Guarantors acknowledge and agree that any failure by the Company to comply with its obligations under Sections
3 and 4 hereof may result in material irreparable injury to the Purchaser or Holders for which there is no adequate remedy at law,
that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Purchaser
or any Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Sections
3 and 4 hereof. The Company and the Guarantors further agree to waive the defense in any action for specific performance that a
remedy at law would be adequate.

 

(b)           No
Inconsistent Agreements. The Company will not, on or after the date of this Agreement, enter into any agreement with respect
to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof.

 

(c)           Adjustments
Affecting the Notes or Exchange Notes. The Company will not take any action, or permit any change to occur, with respect to
the Notes or the Exchange Notes that would materially and adversely affect the ability of the Holders to Consummate any Exchange
Offer.

 

    18 

     

    

 

(d)           Amendments
and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or
departures from the provisions hereof may not be given unless (i) in the case of Section 5 hereof and this
Section 12(d)(i), the Company has obtained the written consent of Holders of all outstanding Transfer Restricted
Securities and (ii) in the case of all other provisions hereof, the Company has obtained the written consent of Holders
of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding Transfer Restricted
Securities held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the
provisions hereof that relates exclusively to the rights of Holders whose Transfer Restricted Securities are being tendered
pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose Transfer
Restricted Securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the
outstanding principal amount of Transfer Restricted Securities subject to such Exchange Offer.

 

(e)           Third
Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the Company, on
the one hand, and the Purchaser, on the other hand, and shall have the right to enforce such agreements directly to the extent
they may deem such enforcement necessary or advisable to protect their rights or the rights of Holders hereunder.

 

(f)            Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class
mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery:

 

(i)            if
to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the
Indenture; and

 

		(ii)	if to the Company or the Guarantors:

 

DISH DBS Corporation 

9601 South Meridian Boulevard

 Englewood, Colorado
80112 

Telecopier No.: (303) 723-1699

 Attention: General
Counsel

 

With a copy to:

 

Sullivan & Cromwell LLP 

125 Broad Street 

New York, NY 10004 

Telecopier No.: (212) 291-9101 

Attention: Scott D. Miller

 

All such notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five (5) Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and on the next Business
Day, if timely delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address
specified in the Indenture.

 

    19 

     

    

 

(g)           Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the
parties, including without limitation and without the need for an express assignment, subsequent Holders; provided,
that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Transfer Restricted Securities
in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire
Transfer Restricted Securities in any manner, whether by operation of law or otherwise, such Transfer Restricted Securities
shall be held subject to all of the terms of this Agreement, and by taking and holding such Transfer Restricted Securities
such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this
Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and
such Person shall be entitled to receive the benefits hereof.

 

(h)           Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission shall be effective as
delivery of a manually executed counterpart. Any signature to this Agreement may be delivered by facsimile, electronic mail (including
pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records
Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be
valid and effective for all purposes to the fullest extent permitted by applicable law. Each of the parties represents and warrants
to the other parties that it has the corporate or other capacity and authority to execute this Agreement through electronic means
and there are no restrictions for doing so in that party’s constitutive documents.

 

(i)            Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(j)            Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CONFLICT OF LAW RULES THEREOF.

 

(k)           Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

 

(l)            Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect
to the registration rights granted with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements
and understandings between the parties with respect to such subject matter.

 

    20 

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

 

	 	
        DISH DBS CORPORATION

        A Colorado corporation

	 	 	 	 
	 	By:	/s/ Paul W. Orban
	 	 	Name:	Paul W. Orban
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

	 	
        DISH NETWORK L.L.C.

        DISH OPERATING L.L.C.

        ESCHOSPHERE L.L.C

        DISH NETWORK SERVICE L.L.C

        DISH BROADCASTING CORPORATION

        DISH TECHNOLOGIES L.L.C.

        SLING TV HOLDING L.L.C.

        as Guarantors

	 	 	 	 
	 	By:	/s/ Paul W. Orban
	 	 	Name:	Paul W. Orban
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

	 	 	J.P. Morgan Securities LLC
	 	By:	/s/ Bridget Dalton
	 	 	Name:	Bridget Dalton
	 	 	Title:	Vice President

 

[Signature
Page to Registration Rights Agreement]EX-10.1

 Exhibit 10.1 

ANNALY CAPITAL MANAGEMENT, INC. EXECUTIVE SEVERANCE PLAN 

ARTICLE 1 
 Purpose

 Annaly Capital Management, Inc. (the “Plan Sponsor”), on behalf of each participating entity, hereby establishes the Annaly
Capital Management, Inc. Executive Severance Plan (the “Plan”), effective as of July 1, 2020. The Plan is established to provide financial assistance to Participants whose Employment is terminated due to Involuntary Terminations of
Employment occurring on or after the Effective Date. 
 The Plan, as a “severance pay arrangement” within the meaning of
Section 3(2)(B)(i) of ERISA, is intended to meet all applicable requirements of ERISA, is administered and maintained as an unfunded “welfare plan” under Section 3(1) of ERISA and is intended to be exempt from the reporting and
disclosure requirements of ERISA as an unfunded welfare plan for a select group of management or highly compensated employees. 
 The
establishment of the Plan shall not affect or modify the rights of a Participant with respect to severance benefits under any individual employment agreement (each, an “Agreement”). In no event may a Participant receive severance benefits
under both the Plan and an Agreement, or any other arrangement with the Company or an Affiliate, except to the extent the Company expressly determines otherwise. If a Participant has an Agreement and such Agreement provides for the payment of
severance benefits in connection with a Participant’s Involuntary Termination of Employment, to the extent the events giving rise to the Involuntary Termination of Employment are covered by such Agreement, such Agreement and not the Plan shall
govern the payment of severance benefits relating to such Involuntary Termination of Employment. In addition, the establishment of the Plan (a) does not nullify or replace any non-competition, release of
claims or other agreements between the Company or an Affiliate and any of its employees or former employees entered into in connection with any such Agreements and (b) does not have any effect on any outstanding equity awards granted under an
equity compensation plan of the Company. 

  
 1 

 ARTICLE 2 

Definitions 
 The following terms when used
in the Plan have the following meanings, unless a different meaning is plainly required by the context. 
 2.1 2018-2019 Average Cash
Bonus. For each Participant, the sum of the Participant’s gross cash bonus received from the Manager with respect to the 2018 calendar year and 2019 calendar year, divided by two. 

2.2 Affiliate. All members of any controlled group within the meaning of Code Sections 414(b) and (c) that includes the Plan
Sponsor. 
 2.3 Base Salary. A Participant’s annualized pre-tax rate of base salary in
effect on his or her Separation Date. 
 2.4 Board. The Board of Directors of the Plan Sponsor. 

2.5 Cause. “Cause” shall be as defined in any employment agreement, offer letter or similar agreement between the Participant
and the Company or an Affiliate, and if there is no such agreement or definition, “Cause” shall mean a Participant being reasonably found by the Plan Administrator in good faith to have: 

 

	 	(a)	 committed an act of fraud or dishonesty in the course of Employment; 

 

	 	(b)	 been convicted of (or plead no contest with respect to) a crime constituting a felony or a crime of comparable
magnitude under applicable law (as determined by the Plan Administrator in its sole discretion); 

  

	 	(c)	 failed to perform the Participant’s job duties where such failure is materially injurious to the Company
and its Affiliates, or to the business interests or reputation of the Company and its Affiliates; 

  

	 	(d)	 materially breached any written policy applicable to the Participant’s Employment including, but not
limited to, the Company’s Code of Business Conduct and Ethics; or 

  

	 	(e)	 materially breached any employment-related covenants under any agreement with the Company or an Affiliate;

 provided, however, that with respect to any breach or failure that is curable by the Participant, as determined by the Plan
Administrator in good faith, the Company has provided the Participant written notice of the material breach or failure and the Participant has not cured such breach or failure, as determined by the Plan Administrator in good faith, within 15 days
following the date the Company provides such notice. 

  
 2 

 2.6 CEO. The Chief Executive Officer of the Company who is a Participant in the Plan.

 2.7 Code. The Internal Revenue Code of 1986, as amended from time to time (including any valid and binding governmental
regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder). 
 2.8 Company. The Plan
Sponsor, its successor and assigns, and any of its Affiliates that, with the consent of the Plan Sponsor, adopt the Plan for the benefit of their employees. The Plan Sponsor may act on behalf of any such adopting Affiliate for purposes of the Plan.

 2.9 Disabled or Disability. An incapacity that has resulted in qualification of a Participant to receive long-term disability
benefits under the Company’s Long Term Disability Insurance Plan. If the Participant is not covered by the Company’s Long Term Disability Insurance Plan, the Participant is considered to have a Disability if the Participant’s
incapacity results in a determination by the Social Security Administration that the Participant is entitled to a Social Security disability benefit. The Plan Administrator may establish uniform and nondiscriminatory time limits for such
determination by the Social Security Administration and for notice of such determination to be provided to the Plan Administrator in order for such incapacity to be a Disability under the Plan. 

2.10 Effective Date. The Plan is effective as of July 1, 2020. 

2.11 Employment. A Participant’s employment with the Company, beginning on the Participant’s original date of hire (including
the date of hire with the Manager, if applicable) and ending on the last official workday for which the Participant receives pay for service with the Company. 

2.12 ERISA. The Employee Retirement Income Security Act of 1974, as amended from time to time (including any valid and binding
governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder). 
 2.13 Involuntary
Termination of Employment. A Participant’s termination of Employment by the Company without Cause, other than by reason of death or Disability. 

2.14 Manager. Annaly Management Company LLC and members of any controlled group within the meaning of Code Sections 414(b) and
(c) that includes the Manager. 
 2.15 Other Executive. Any employee other than the CEO who the Board has determined is an
executive officer of the Company and who is a Participant in the Plan. 
 2.16 Participant. Any individual selected by the Plan
Administrator to participate in the Plan pursuant to Article 3. 
 2.17 Plan. The Annaly Capital Management, Inc. Executive Severance
Plan, as stated herein and as may be amended from time to time. 

  
 3 

 2.18 Plan Administrator. The Compensation Committee of the Board, or any committee or
other person or persons designated by the Board to administer the Plan pursuant to Section 5.2. 
 2.19 Plan Sponsor. Annaly
Capital Management, Inc. 
 2.20 Plan Year. The calendar year. However, the first Plan Year shall begin on the Effective Date and end
on December 31, 2020. 
 2.21 Prorated Bonus Payment. The portion of the Severance Benefit determined in accordance with
Section 4.1(c). 
 2.22 Section 409A. Section 409A of the Code. 

2.23 Separation Date. A Participant’s last day of active Employment (i.e., the last day the Participant works for the Company) due
to an Involuntary Termination of Employment that entitles the Participant to benefits from the Plan. 
 2.24 Severance Benefits.
Benefits paid to a Participant pursuant to Article 4. 

  
 4 

 ARTICLE 3 

Eligibility for Severance Benefits 

3.1 Participation Requirements. The Plan Administrator may designate, in its sole discretion and from time to time, one or more
employees of the Company to participate in the Plan as Participants. As of the Effective Date, the Participants are the CEO and each Other Executive. 

3.2 Notice of Participation. The Plan Administrator or its delegate shall provide each Participant selected to participate in the Plan
with a letter notifying the Participant of his or her participation in the Plan. 
 3.3 Eligibility for Severance Benefits. A
Participant shall be eligible for Severance Benefits, as determined pursuant to Article 4, if the Participant: 
  

	 	(a)	 incurs an Involuntary Termination of Employment; 

 

	 	(b)	 executes and returns to the Plan Administrator a general written release and waiver of claims, in such form as
determined by the Plan Administrator from time to time; 

  

	 	(c)	 is in compliance with the covenants set forth in Section 4.5 on the Separation Date;

  

	 	(d)	 returns to the Company any property of the Company that has come into the Participant’s possession; and

  

	 	(e)	 performs all transition and other matters required of the Participant by the Company following his or her
Involuntary Termination of Employment. 

 The actions required under this Section must be performed within 60 days after the
Participant’s Involuntary Termination of Employment unless a shorter time period is provided in the applicable release, agreement, waiver or other document required to be provided as a condition of receipt of Severance Benefits. 

3.4 Ineligibility for Benefits. A Participant shall not be eligible to receive Severance Benefits in the event of any of the following:

  

	 	(a)	 the Participant’s termination of Employment for any reason other an Involuntary Termination of Employment
(for example, termination of Employment by the Company for Cause, due to the Participant’s death or Disability or a voluntary termination of Employment by the Participant); or 

 

	 	(b)	 the amendment or termination of the Plan to eliminate a Participant’s eligibility to receive Severance
Benefits prior to his or her Separation Date, in accordance with Section 6.1. 

  
 5 

 ARTICLE 4 

Severance Benefits 
 4.1
Amount of Severance Benefits. 
  

	 	(a)	 CEO Severance Benefits. The amount of the CEO’s Severance Benefits shall equal the aggregate
amounts determined under this Section 4.1(a) and Section 4.1(c): 

  

	 	(i)	 2020 Plan Year: If the CEO is entitled to Severance Benefits for an Involuntary Termination of
Employment that occurs during the 2020 Plan Year, the CEO shall be entitled to a Severance Benefit equal to the sum of (A) 1.0 times the CEO’s Base Salary and (B) 1.0 times the 2018-2019 Average Cash Bonus. 

 

	 	(ii)	 Plan Years after the 2020 Plan Year: If the CEO is entitled to Severance Benefits for an Involuntary
Termination of Employment that occurs after the 2020 Plan Year, the CEO shall be entitled to a Severance Benefit equal to the sum of (A) 1.5 times the CEO’s Base Salary and (B) 1.5 times the CEO’s target cash bonus for the Plan Year in
which the Involuntary Termination of Employment occurs. 

  

	 	(b)	 Other Executives’ Severance Benefits. The amount of the Severance Benefits for any Other Executive
shall equal the aggregate amounts determined under this Section 4.1(b) and Section 4.1(c): 

  

	 	(i)	 2020 Plan Year: If an Other Executive is entitled to Severance Benefits for an Involuntary Termination
of Employment that occurs during the 2020 Plan Year, the Other Executive shall be entitled to a Severance Benefit equal to the sum of (A) 0.75 times the Other Executive’s Base Salary and (B) 0.75 times the Other Executive’s 2018-2019
Average Cash Bonus. 

  

	 	(ii)	 Plan Years after the 2020 Plan Year: If an Other Executive is entitled to Severance Benefits for an
Involuntary Termination of Employment that occurs after the 2020 Plan Year, the Other Executive shall be entitled to a Severance Benefit equal to the sum of (A) 1.25 times the Other Executive’s Base Salary and (B) 1.25 times the Other
Executive’s target cash bonus for the Plan Year in which the Involuntary Termination of Employment occurs. 

  

	 	(c)	 Prorated Bonus Payment. Each Participant whose Separation Date is on or after March 31st of a calendar
year and who received a cash bonus from the Company for the immediately preceding calendar year, may receive an additional Severance Benefit equal to the gross cash bonus earned by the Participant for the immediately preceding calendar year, pro-rated based on the number of weeks in the calendar year through the Separation Date divided by 52; provided, however, that the Plan Administrator retains the discretion to adjust the amount of the Prorated Bonus
Payment to account for performance in for the calendar year in which the Separation Date occurs. 

  
 6 

	 	(d)	 Additional Severance Benefits. The Plan Administrator, in its sole discretion, may provide for such
other Severance Benefits, such as outplacement services, as may be expressly communicated to a Participant, subject to any conditions or limitations as may be determined by the Plan Administrator and subject to the provisions of Section 6.1.

 4.2 Payment of Severance Benefits. The Severance Benefits payable to a Participant shall be paid in a single
lump sum as soon as practicable following the expiration period described in the waiver required under Section 3.3 and in no event later than 75 days after the Separation Date, subject to all applicable deductions and withholdings required by
law; provided, however, that payment of the Prorated Bonus Payment may be paid during the normal bonus cycle for the applicable performance year but in no event later than March 15 following the calendar year in which the Participant’s
Involuntary Termination of Employment occurs. 
 4.3 Payment of Severance Benefits Upon Death of Participant. If a Participant dies
after Severance Benefits become payable under the Plan but prior to the date payment of Severance Benefits is completed, the Severance Benefits shall be paid in a single lump sum no later than March 15 following the calendar year in which the
Participant’s death occurs to the Participant’s legal surviving spouse, or if none, to the Participant’s estate. Notwithstanding any provision of the Plan to the contrary, no Severance Benefits shall be paid following the death of the
Participant unless the Company receives any release, agreement, waiver or other document required to be provided by the Participant’s surviving spouse or estate, as applicable, as a condition of receipt of Severance Benefits within the time
frame required under the applicable release, agreement, waiver or other document but no later than 75 days following the Participant’s death, to the extent required by the Plan Administrator. 

4.4 Repayment of Benefits. The Company reserves the right to recover Severance Benefits in the event a Participant violates any
covenant to which he or she is subject under Section 4.5 or if the Plan Administrator determines within three years after the Separation Date that the Participant engaged in conduct that constitutes “Detrimental Conduct” as defined in
the Annaly Capital Management, Inc. Policy on Recovery (Clawback) of Incentive Compensation from Executives. 
 4.5 Restrictive
Covenants. To be eligible to receive Severance Benefits, a Participant must abide by any post-Employment covenants applicable to the Participant under any written agreement with the Company or as required by the Company’s Code of Business
Conduct and Ethics. 

  
 7 

 ARTICLE 5 

Plan Administration 
 5.1
Plan Administrator’s Authority. The Plan Administrator shall have full and complete authority to enforce the Plan in accordance with its terms and shall have all powers necessary to accomplish that purpose, including, but not limited to,
the following: 
  

	 	(a)	 to apply and interpret the Plan in its absolute discretion, including the authority to construe disputed
provisions; 

  

	 	(b)	 to determine all questions arising in its administration, including those related to the eligibility of persons
to become Participants and eligibility for Severance Benefits, and the rights of Participants; 

  

	 	(c)	 to compute and certify the amount of Severance Benefits payable to Participants; 

 

	 	(d)	 to authorize all disbursements in accordance with the provisions of the Plan; 

 

	 	(e)	 to employ and reasonably compensate accountants, attorneys and other persons to render advice or perform
services for the Plan as it deems necessary; 

  

	 	(f)	 to make available to Participants upon request, for examination during business hours, such records as pertain
exclusively to the examining Participant; and 

  

	 	(g)	 to appoint an agent for service of legal process. 

All decisions of the Plan Administrator based on the Plan and documents presented to it shall be final and binding upon all persons. 

5.2 Appointment of Separate Administrator. The Plan Sponsor may appoint a separate Plan Administrator which shall be an officer of the
Plan Sponsor or a committee consisting of at least two persons. Members of any such committee may resign by written notice to the Plan Sponsor and the Plan Sponsor may appoint or remove members of the committee. A Plan Administrator consisting of
more than one person shall act by a majority of its members at the time in office and may authorize any one or more of its members to execute any document or documents on behalf of the Plan Administrator. 

5.3 Claims for Benefits. Generally, an obligation of the Plan to provide Severance Benefits to a Participant arises only when a written
offer of Severance Benefits has been communicated by the Plan Administrator to the Participant. A Participant not receiving Severance Benefits who believes that he is eligible for such benefits, or a Participant disputing the amount of Severance
Benefits, or any such Participant’s authorized representative (the “Claimant”) may file a claim for Severance Benefits in writing with the Plan Administrator. All such claims for Severance Benefits must be submitted to the Plan
Administrator at the address of the Plan Sponsor’s corporate headquarters within 60 days after the Claimant’s termination of employment with the Company and its Affiliates. The review of all claims for Severance Benefits is governed by the
following rules: 

  
 8 

	 	(a)	 Time Limits on Decision. Unless special circumstances exist, a Claimant who has filed a claim shall be
informed of the decision on the claim within 90 days of the Plan Administrator’s receipt of the written claim. This period may be extended by an additional 90 days if special circumstances require an extension of time, provided the Claimant is
notified of the extension within the initial 90-day period. The extension notice shall indicate: 

  

	 	(i)	 the special circumstances requiring the extension of time; and 

 

	 	(ii)	 the date, no later than 180 days after receipt of the written claim, by which the Claimant can expect to
receive a decision. 

  

	 	(b)	 Content of Denial Notice. If a claim for Severance Benefits is partially or wholly denied, the Claimant
will receive a written notice that: 

  

	 	(i)	 states the specific reason or reasons for the denial; 

 

	 	(ii)	 refers to the specific Plan provisions on which the denial is based; 

 

	 	(iii)	 describes and explains the need for any additional material or information that the Claimant must supply in
order to perfect the claim and an explanation of why such material or information is necessary; and 

  

	 	(iv)	 describes the Plan’s review procedures and the time limits applicable to such procedures, including a
statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review. 

5.4 Appeal of Denied Claims. If the Claimant’s claim is denied and he or she wants to submit a request for a review of the denied
claim, the following rules apply: 
  

	 	(a)	 Review of Denied Claim. If a Claimant wants his or her denied claim to be reconsidered, the Claimant
must send a written request for a review of the claim denial to the Plan Administrator no later than 60 days after the date on which he or she receives written notification of the denial. The Claimant may include any written comments, documents,
records or other information relating to the claim for benefits. The Claimant shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relating to the claim for benefits.
The Plan Administrator’s review shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the
initial benefit determination. 

  
 9 

	 	(b)	 Decision on Review. The Plan Administrator shall review the denied claim and provide a written decision
within 60 days of the date the Plan Administrator receives the Claimant’s written request for review. This period may be extended by an additional 60 days if special circumstances require an extension of time, provided the Participant is
notified of the extension within the initial 60-day period. The extension notice shall indicate: 

  

	 	(i)	 the special circumstances requiring the extension of time; and 

 

	 	(ii)	 the date, no later than 120 days after receipt of the written request for review, by which the Claimant can
expect to receive a decision. 

  

	 	(c)	 Content of Denial Notice. If a claim for benefits is partially or wholly denied on appeal, the Claimant
will receive a written notice that: 

  

	 	(i)	 states the specific reason or reasons for the denial; 

 

	 	(ii)	 refers to the specific Plan provisions on which the denial is based; 

 

	 	(iii)	 includes a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant to the claim; and 

  

	 	(iv)	 includes a statement of the right to bring a civil action under Section 502(a) of ERISA.

 5.5 Limitations on Legal Actions; Dispute Resolution. Claimants must follow the claims procedures described in
this Article 5 before taking action in any other forum regarding a claim for benefits under the Plan. Furthermore, any such action initiated by a Claimant under the Plan must be brought by the Claimant within one year of a final determination on the
claim for benefits under these claims procedures, or the Claimant’s benefit claim will be deemed permanently waived and abandoned, and the Claimant will be precluded from reasserting it. Further, after following the claims procedures described
in this Article 5, except with respect to enforcement of any covenants in connection with Section 4.5, the following provisions apply to any further disputes that may arise regarding this Plan: 

 

	 	(a)	 In the event of any dispute, claim, question or disagreement arising out of or relating to the Plan, the
parties shall use their best efforts to settle such dispute, claim, question or disagreement. To this effect, they shall consult and negotiate with each other, in good faith and, recognizing their mutual interests, attempt to reach a just and
equitable resolution satisfactory to both parties. 

  
 10 

	 	(b)	 If the parties do not reach such a resolution within a period of 30 days, then any such unresolved dispute or
claim, upon notice by any party to the other, shall be resolved by confidential binding arbitration in accordance with the rules of the Judicial Arbitration & Mediation Services, Inc. Such arbitration will take place in the City of New
York. The arbitrator shall be empowered to decide the arbitrability of all disputes, and shall apply the substantive federal, state or local law and statute of limitations governing any dispute submitted to arbitration and any arbitration demand
must be filed within the applicable limitations period for the claim or claims asserted. In ruling on any dispute submitted to arbitration, the arbitrator shall have the authority to award only such remedies or forms of relief as are provided for
under the substantive law governing such dispute. The arbitrator shall issue a written decision that shall include the essential findings and conclusions on which the decision is based (a standard award). Each Participant consents to the
jurisdiction of the state of New York for injunctive, specific enforcement or other relief in aid of the arbitration proceedings or to enforce judgment of the award in such arbitration proceeding, but not otherwise. The award entered by the
arbitrator shall be final and binding on all parties to arbitration, and may be entered in any court of competent jurisdiction. The Company and applicable Participant shall equally bear all fees and costs unique to the arbitration forum (e.g.,
filing fees, transcript costs and arbitrator’s fees), except as provided otherwise in statutory claims. The Company and applicable Participant shall be responsible for their own attorneys’ fees and costs, except as provided otherwise in
statutory claims. 

  

	 	(c)	 Each Participant agrees that any dispute under the Plan that is determined to be not subject to arbitration
shall be subject to exclusive jurisdiction and venue in the New York State Supreme Court sitting in New York County. 

  
 11 

 ARTICLE 6 

Plan Amendment and Termination 

6.1 Power to Amend and Terminate. The Plan Sponsor may, at any time, terminate or amend the Plan in its sole discretion with respect to
any or all Participants and for any reason, including altering, reducing or eliminating benefits to be paid to Participants who have not yet experienced a Separation Date; provided, however, that any amendment or termination that
eliminates potential Severance Benefits for a Participant shall not be effective until one year after notice is provided to the Participant. The provisions of the Plan as in effect at the time of a Participant’s Separation Date shall control
any Plan benefits paid to that Participant, unless modified by the Plan Sponsor or otherwise specified in the Plan. 
 6.2 Successor
Employer. Any successor to all or any portion of the business of the Plan Sponsor may, with the consent of the Plan Sponsor, continue the Plan. Such successor shall succeed to all the rights, powers and duties of the Plan Sponsor. The employment
of any Participant who continues in the employ of the successor shall not be deemed to have been terminated or severed for purposes of the Plan. 

  
 12 

 ARTICLE 7 

Miscellaneous Provisions 

7.1 Section 280G. Notwithstanding any other provision of the Plan or any other plan, arrangement or agreement to the contrary, if it
shall be determined that any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of a Participant, whether paid or payable or distributed or distributable pursuant
to the terms of the Plan or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, the aggregate present value of the Payments shall be reduced (but not below
zero) to the Reduced Amount (defined below) if and only if the Accounting Firm (defined below) determines that the reduction will provide the Participant with a greater net after-tax benefit than
would no reduction. No reduction shall be made unless the reduction would provide the Participant with a greater net after-tax benefit. The determinations under this Section 7.1 shall be made as
follows: 
  

	 	(a)	 The “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate
present value of Payments without causing any Payment to be subject to the Excise Tax (defined below), determined in accordance with Section 280G(d)(4) of the Code. The term “Excise Tax” means the excise tax imposed under
Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. 

  

	 	(b)	 Payments shall be reduced on a nondiscretionary basis in such a way as to minimize the reduction in the
economic value deliverable to the Participant. Where more than one payment has the same value for this purpose and they are payable at different times, they will be reduced on a pro rata basis. Only amounts payable under the Plan shall be reduced
pursuant to this Section 7.1. 

  

	 	(c)	 All determinations to be made under this Section 7.1 shall be made by an independent certified public
accounting firm selected by the Plan Sponsor and agreed to by the Participant immediately prior to the change-in-ownership or -control transaction (the “Accounting
Firm”). The Accounting Firm shall provide its determinations and any supporting calculations both to the Company and the Participant within 10 days of the transaction. Any such determination by the Accounting Firm shall be binding upon the
Company and the Participant. All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section shall be borne solely by the Plan Sponsor. 

7.2 Section 409A. It is intended that the Severance Benefits set forth in Article 4 are, to the greatest extent possible, exempt from
the application of Section 409A and the Plan shall be construed and interpreted accordingly. However, if the Company (or, if applicable, the successor entity thereto) determines that all or a portion of the Severance Benefits constitute
“deferred compensation” under Section 409A and that the Participant is a “specified employee” of the Company or any successor entity thereto, as such term is defined in Code Section

  
 13 

 
409A(a)(2)(B)(i), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the applicable payments shall be
delayed until the first payroll date following the six-month anniversary of the Participant’s “separation from service” (as defined under Section 409A) and the Company (or its successor)
shall (a) pay to the Participant a lump sum amount equal to the sum of the payments that the Participant would otherwise have received during such six-month period had no such delay been imposed and
(b) commence paying the balance of the payments in accordance with the applicable payment schedule set forth in the Plan. For purposes of Section 409A, each installment payment provided under the Plan shall be treated as a separate
payment. To the extent required by Section 409A, any payments to be made to a Participant upon his or her termination of employment shall only be made upon such Participant’s separation from service. The Company makes no representations
that the payments and benefits provided under the Plan comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on
account of noncompliance with Section 409A. 
 7.3 Limitation on Liability. In no event shall the Company, the Plan
Administrator or any officer or director of the Company incur any liability for any act or failure to act with respect to the Plan. 
 7.4
Non-Assignment of Benefits. Benefits paid under the Plan are for the sole use of Participants. Except as required by law, benefits provided under the Plan cannot be assigned, transferred or pledged to
anyone as collateral for a debt or other obligation. 
 7.5 Construction. Words used in the masculine gender shall include the
feminine and words used in the singular shall include the plural, as appropriate. 
 7.6 Conflict with Applicable Law. If any
provisions of ERISA or other applicable law render any provision of the Plan unenforceable, such provision shall be of no force and effect only to the minimum extent required by such law. 

7.7 Contract of Employment. Nothing contained in the Plan shall be construed to constitute a contract of employment between the Company
and any employee or impose on the Company an obligation to retain any Participant as an employee, to continue any Participant’s current employment status or to change any employment policies of the Company, nor shall any provision hereof
restrict the right of the Company to discharge any of its employees or restrict the right of any such employee to terminate his or her employment with the Company. 

7.8 Source of Benefits. The Plan is intended to be an unfunded welfare benefit plan for purposes of ERISA and a severance pay
arrangement within the meaning of Section 3(2)(B)(i) of ERISA. All benefits payable pursuant to the Plan shall be paid or provided by the Company from its general assets. The Plan is not intended to be a pension plan described in
Section 3(2)(A) of ERISA. 
 7.9 Withholding. The Company shall have the authority to withhold or cause to have withheld
applicable income and payroll taxes from any payments made under the Plan to the extent required by law. 

  
 14 

 7.10 Governing Law. To the extent not preempted by ERISA or any other federal
statutes or regulations, the Plan will be construed and enforced according to the laws of the State of New York (other than its laws respecting choice of law). 

  
 15

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