Document:

EX-4.1

 Exhibit 4.1 
  

 
  

HYATT HOTELS CORPORATION 
  

 
 NINTH
SUPPLEMENTAL INDENTURE 
 Dated as of September 1, 2020 

to 
 INDENTURE 

Dated as of August 14, 2009 
  

 
 WELLS FARGO
BANK, National Association 
 Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  			
			
	SECTION 1.01.	 	 Definitions
	  	 	1	 
	SECTION 1.02.	 	 Other Definitions
	  	 	8	 
		
	ARTICLE II	  			
		
	DESIGNATION AND TERMS OF THE SENIOR NOTES	  			
			
	SECTION 2.01.	 	 Title and Aggregate Principal Amount
	  	 	8	 
	SECTION 2.02.	 	 Execution
	  	 	8	 
	SECTION 2.03.	 	 Other Terms and Form of the Senior Notes
	  	 	8	 
	SECTION 2.04.	 	 Further Issues
	  	 	8	 
	SECTION 2.05.	 	 Interest and Principal
	  	 	9	 
	SECTION 2.06.	 	 Place of Payment
	  	 	14	 
	SECTION 2.07.	 	 Form and Dating
	  	 	14	 
	SECTION 2.08.	 	 Depositary; Registrar
	  	 	15	 
	SECTION 2.09.	 	 Optional Redemption
	  	 	15	 
		
	ARTICLE III	  			
		
	TRANSFER AND EXCHANGE	  			
			
	SECTION 3.01.	 	 Transfer and Exchange of Global Notes
	  	 	16	 
	SECTION 3.02.	 	 Transfer and Exchange of Beneficial Interests in the Global Notes
	  	 	16	 
	SECTION 3.03.	 	 Transfer or Exchange of Beneficial Interests for Definitive Notes
	  	 	17	 
	SECTION 3.04.	 	 Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes
	  	 	17	 
	SECTION 3.05.	 	 Transfer and Exchange of Definitive Notes for Definitive Notes
	  	 	18	 
	SECTION 3.06.	 	 Legends
	  	 	18	 
	SECTION 3.07.	 	 Cancellation and/or Adjustment of Global Notes
	  	 	19	 
	SECTION 3.08.	 	 General Provisions Relating to Transfers and Exchanges
	  	 	19	 
		
	ARTICLE IV	  			
		
	LEGAL DEFEASANCE, COVENANT DEFEASANCE	  			
	AND SATISFACTION AND DISCHARGE	  			
			
	SECTION 4.01.	 	 Legal Defeasance, Covenant Defeasance and Satisfaction and Discharge
	  	 	20	 

  
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	ARTICLE V	  			
		
	OFFER TO PURCHASE UPON CHANGE OF CONTROL	  			
			
	SECTION 5.01.	 	 Offer to Purchase upon Change of Control
	  	 	20	 
		
	ARTICLE VI	  			
		
	MISCELLANEOUS	  			
			
	SECTION 6.01.	 	 Ratification of Original Indenture; Supplemental Indentures Part of Original Indenture
	  	 	23	 
	SECTION 6.02.	 	 Concerning the Trustee
	  	 	23	 
	SECTION 6.03.	 	 Counterparts
	  	 	23	 
	SECTION 6.04.	 	 GOVERNING LAW
	  	 	23	 

  

					
	Exhibit A	  	Form of Floating Rate Senior Notes due 2022	  	

  

  
 ii 

 NINTH SUPPLEMENTAL INDENTURE, dated as of September 1, 2020 (this “Ninth
Supplemental Indenture”), to the Indenture, dated as of August 14, 2009 (as supplemented by the Second Supplemental Indenture, dated as of August 4, 2011, and the Fourth Supplemental Indenture, dated as of May 10, 2013, the
“Original Indenture”), between HYATT HOTELS CORPORATION, a corporation organized under the laws of Delaware (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association
organized under the laws of the United States, as trustee (the “Trustee”). 
 WHEREAS, the Company and the Trustee have
heretofore executed and delivered the Original Indenture to provide for the issuance from time to time of Notes of the Company; 
 WHEREAS,
Sections 2.02 and 9.01 of the Original Indenture provide, among other things, that the Company and the Trustee may enter into indentures supplemental to the Original Indenture for, among other things, the purpose of establishing the
designation, form, terms and conditions of Notes of any Series permitted by Sections 2.01 and 9.01 of the Original Indenture; 

WHEREAS, the Company (i) desires to issue the Senior Notes (as defined in Article II hereof), to be designated as hereinafter provided,
and (ii) has requested the Trustee to enter into this Ninth Supplemental Indenture for the purpose of establishing the designation, form, terms and conditions of the Senior Notes; 

WHEREAS, the Company has duly authorized the creation of the Senior Notes; and 

WHEREAS, all action on the part of the Company necessary to authorize the issuance of the Senior Notes under the Original Indenture and this
Ninth Supplemental Indenture (the Original Indenture, as supplemented by this Ninth Supplemental Indenture, being hereinafter called the “Indenture”) has been duly taken. 

NOW, THEREFORE, THIS NINTH SUPPLEMENTAL INDENTURE WITNESSETH: 

That, in order to establish the designation, form, terms and conditions of, and to authorize the authentication and delivery of, the Senior
Notes and in consideration of the acceptance of the Senior Notes by the Holders thereof and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 SECTION 1.01.
Definitions. (a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Original Indenture. 

(b) The rules of interpretation set forth in the Original Indenture shall be applied hereto as if set forth in full herein. 

 (c) For all purposes of this Ninth Supplemental Indenture, except as otherwise expressly
provided or unless the context otherwise requires, the following terms shall have the following meanings: 
 “Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of DTC, Euroclear and Clearstream that apply to such transfer or exchange. 

“Benchmark” means, initially, three-month LIBOR; provided that if a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to three-month LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark
Replacement Adjustment for such Benchmark; provided that if the Company (or its Designee) cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date, then “Benchmark Replacement” means the first alternative set
forth in the order below that can be determined by the Company (or its Designee) as of the Benchmark Replacement Date: 
 (1) the sum of:
(A) Term SOFR and (B) the Benchmark Replacement Adjustment; 
 (2) the sum of: (A) Daily Simple SOFR and (B) the
Benchmark Replacement Adjustment; 
 (3) the sum of: (A) the alternate rate of interest that has been selected or recommended by the
Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (B) the Benchmark Replacement Adjustment; 

(4) the sum of: (A) the ISDA Fallback Rate and (B) the Benchmark Replacement Adjustment; 

(5) the sum of: (A) the alternate rate of interest that has been selected by the Company (or its Designee) as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for Dollar-denominated notes at such time and (B) the Benchmark
Replacement Adjustment. 
 “Benchmark Replacement Adjustment” means the first alternative set forth in the order below that
can be determined by the Company (or its Designee) as of the Benchmark Replacement Date: 
 (1) the spread adjustment, or method for
calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

  
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 (2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback
Rate, then the ISDA Fallback Adjustment; 
 (3) the spread adjustment (which may be a positive or negative value or zero) that has been
selected by the Company (or its Designee) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable
Unadjusted Benchmark Replacement for Dollar-denominated notes at such time. 
 “Benchmark Replacement Conforming Changes”
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest,
rounding of amounts or tenors, changes to the definition of “Corresponding Tenor” solely when such tenor is longer than the interest period and other administrative matters) that the Company (or its Designee) decides may be appropriate to
reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company (or its Designee) decides that adoption of any portion of such market practice is not administratively feasible or if
the Company (or its Designee) determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company (or its Designee) determines is reasonably necessary). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of
the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein. 
 For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the
same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current
Benchmark: 
 (1) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such
administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

  
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 (2) a public statement or publication of information by the regulatory supervisor for the
administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark
or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the
Benchmark is no longer representative. 
 “Beneficial Ownership” shall have the meaning provided in Rule 13d-3 of the SEC under the Exchange Act. 
 “Calculation Agent” means Wells Fargo Bank,
National Association or any successor thereto appointed by the Company. 
 “Change of Control” means (i) any Person or
two or more Persons acting in concert (other than, in either case, a Permitted Holder) shall have acquired Beneficial Ownership, directly or indirectly, of, or shall have acquired by contract or otherwise, Voting Stock of the Company (or other
securities convertible into such Voting Stock) representing 50% or more of the combined voting power of all Voting Stock of the Company, (ii) the direct or indirect sale, assignment, transfer, lease, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s and its Subsidiaries’ properties or assets, taken as a whole, to any “person” (individually and as that
term is used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), other than the Company or one of its Subsidiaries, or (iii) Continuing Directors shall cease for any reason to constitute a majority of the members of the Board of Directors
then in office. Notwithstanding the foregoing, a transaction effected to create a holding company for the Company will not, in and of itself, constitute a Change of Control if (i) pursuant to such transaction the Company becomes a direct or
indirect wholly owned subsidiary of such holding company and (ii) immediately following that transaction no Person (other than a Permitted Holder) is the Beneficial Owner, directly or indirectly, of Voting Stock of such holding company (or
other securities convertible into such Voting Stock) representing 50% or more of the combined voting power of all Voting Stock of such holding company. 

“Change of Control Triggering Event” means (i) the occurrence of a Change of Control and (ii) the Senior Notes
cease to be rated Investment Grade by each of the Rating Agencies (or in the absence of such rating for the Senior Notes, (x) the Company’s corporate rating, in the case of S&P, and (y) the Company’s corporate family rating,
in the case of Moody’s, for Dollar-denominated senior unsecured long-term debt each ceases to be rated Investment Grade) on any date during the Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed
to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 

  
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 “Continuing Directors” means, during any period of up to 24 consecutive
months commencing after the date of the issuance of the Senior Notes, individuals who at the beginning of such 24 month period were directors of the Company (together with any new director whose election by the Board of Directors or whose nomination
for election by the Company’s stockholders was approved by a vote of (i) at least a majority of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was
previously so approved or (ii) Permitted Holders representing not less than 50% of the combined voting power of all Voting Stock of the Company). 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the
same length (disregarding Business Day adjustment) as the applicable tenor for the then-current Benchmark. 
 “Daily Simple
SOFR” means, for any day, SOFR for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company (or its Designee) in accordance with: 

(1) the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for
determining “Daily Simple SOFR”; provided that: 
 (2) if, and to the extent that, the Company (or its Designee) determines
that Daily Simple SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company (or its Designee), giving due consideration to
any industry-accepted market practice for Dollar-denominated notes at such time. 
 For the avoidance of doubt, the calculation of Daily
Simple SOFR shall exclude the Benchmark Replacement Adjustment and the Margin. 
 “Definitive Note” means a certificated
Senior Note registered in the name of the Holder thereof and issued in accordance with Article III hereof substantially in the form of Exhibit A hereto, except that such Senior Note shall not bear the Global Note Legend and shall not have the
“Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Existing Shareholder” means any
stockholder of the Company that, together with such stockholder’s Affiliates, owned more than 5% of the Voting Stock of the Company as of August 14, 2009, so long as the Pritzker Affiliates continue to own more Voting Stock of the Company
than such Existing Shareholder. 
 “Federal Reserve Bank of New York’s Website” means the website of the Federal
Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. 
 “Global Note Legend” means the legend
set forth in Section 3.06 hereof, which is required to be placed on all Global Notes issued hereunder. 

“Global Notes” means, individually and collectively, each of the Global Notes deposited with or on
behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto, and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note”
attached thereto, issued in accordance with Section 2.15 of the Original Indenture and Section 2.07 hereof. 

  
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 “Indirect Participant” means a Person who holds a beneficial interest in a
Global Note through a Participant. 
 “Interpolated Benchmark” with respect to the Benchmark means the rate determined for
the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period
(for which the Benchmark is available) that is longer than the Corresponding Tenor. 
 “Investment Grade” means: a rating
equal to or higher than Baa3 by Moody’s (or its equivalent under any successor rating category of Moody’s); a rating equal to or higher than BBB- by S&P (or its equivalent under any successor
rating category of S&P); and an equivalent rating of any replacement agency, respectively. 
 “ISDA Definitions” means
the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published
from time to time. 
 “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or
zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“LIBOR” means London Interbank Offer Rate. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Holder” means: (A) (i) all lineal descendants of Nicholas J. Pritzker, deceased, and all spouses and adopted
children of such descendants; (ii) all trusts for the benefit of any person described in clause (i) and trustees of such trusts; (iii) all legal representatives of any person or trust described in clauses (i) or (ii); and
(iv) all partnerships, corporations, limited liability companies or other entities controlled, directly and/or indirectly, by the persons or trusts described in clauses (i), (ii) or (iii) (such Persons referred to in this clause
(A) collectively, “Pritzker Affiliates”); or (B) any other Existing Shareholder. “Control”, for purposes of this definition, shall mean the ability to influence, direct or otherwise significantly affect
the major policies, activities or action of any person or entity. 

  
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 “Rating Agency” means each of S&P and Moody’s or if S&P or
Moody’s or both shall not make publicly available a rating of the Senior Notes or a rating of the Company’s corporate credit for Dollar-denominated senior unsecured long-term debt generally, a Substitute Rating Agency. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is three-month LIBOR,
11:00 a.m., London time, on the day that is two London banking days preceding the date of such determination, and (2) if the Benchmark is not three-month LIBOR, the time determined by the Company (or its Designee) in accordance with the
Benchmark Replacement Conforming Changes. 
 “Relevant Governmental Body” means the Federal Reserve Board and/or the
Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Reuters Page LIBOR01” means the display designated as “LIBOR01” on Reuters (or any successor service) (or such
other page as may replace Page LIBOR01 on Reuters or any successor service). 
 “S&P” means S&P Global Ratings, a
division of S&P Global, Inc., and its successors. 
 “SOFR” with respect to any day means the secured overnight
financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website. 

“Substitute Rating Agency” means a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act selected by the Company as a replacement agency for Moody’s or S&P, or both, as the case may be. 

“Term SOFR” means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected
or recommended by the Relevant Governmental Body. 
 “Trigger Period” means, with respect to a Change of Control Triggering
Event, the period commencing 60 days prior to the first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be
extended following the consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change). 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

  
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 SECTION 1.02. Other Definitions. 

 

					
	Term	  	Defined in Section	 
	 “Change of Control Offer”
	  	 	5.01	 
	 “Change of Control Payment”
	  	 	5.01	 
	 “Change of Control Payment Date”
	  	 	5.01	 
	 “Designee”
	  	 	2.05	 
	 “DTC”
	  	 	2.08	 
	 “Interest Determination Date”
	  	 	2.05	 
	 “Interest Payment Date”
	  	 	2.05	 
	 “London Business Day”
	  	 	2.05	 
	 “Margin”
	  	 	2.05	 
	 “Record Date”
	  	 	2.05	 

 ARTICLE II 

DESIGNATION AND TERMS OF THE SENIOR NOTES 

SECTION 2.01. Title and Aggregate Principal Amount. There is hereby created a Series of Notes designated: Floating Rate Senior
Notes due 2022 (the “Senior Notes”). 
 SECTION 2.02. Execution. The Senior Notes may forthwith be executed
by the Company and delivered to the Trustee for authentication and delivery by the Trustee in accordance with the provisions of Section 2.04 of the Original Indenture; provided that Section 2.04 of the Original Indenture is hereby
amended with respect to the Senior Notes by amending and restating the first paragraph thereof as follows: 
 One or more Officers shall sign
the Notes for the Company by manual, facsimile or electronic signature. If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note shall nevertheless be valid. A Note shall not be valid
until authenticated by the manual, facsimile or electronic signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. The Notes may contain such
notations, legends or endorsements required by law, stock exchange rule or usage. 
 SECTION 2.03. Other Terms and Form of the Senior
Notes. The Senior Notes shall have and be subject to such other terms as provided in the Original Indenture and this Ninth Supplemental Indenture and shall be evidenced by one or more Global Notes in the form of Exhibit A hereto and
as set forth in Section 2.07 hereof. 
 SECTION 2.04. Further Issues. The Company may from time to time, without the
consent of the Holders of the Senior Notes and in accordance with the Original Indenture and this Ninth Supplemental Indenture, create and issue further notes having the same terms and conditions as the Senior Notes in all respects (or in all
respects except for the issue date, price to public, the initial Interest Payment Date (if applicable) and the payment of interest accruing prior 

  
 8 

 
to the issue date of the additional notes) so as to form a single series with the Senior Notes. If any additional notes are not fungible with the Senior Notes for U.S. federal income tax
purposes, the additional notes will have separate CUSIP and ISIN numbers. The expression “Senior Notes” shall include any such notes issued pursuant to this Section 2.04 and forming a single series therewith. The Company may issue
other series of debt securities under the Original Indenture from time to time in an amount authorized prior to issuance. 
 SECTION 2.05.
Interest and Principal. 
 (a) The Senior Notes will mature on September 1, 2022. The interest rate applicable to the
Senior Notes for a particular interest period will be a per annum rate, reset quarterly, equal to three-month LIBOR as determined on the Interest Determination Date (as defined in Section 2.05(c) hereof) plus 3.000% (the
“Margin”), subject to adjustment as described in Section 2.05(e) hereof. The minimum interest rate on the Senior Notes will be 0.000%. The interest rate will in no event be higher than the maximum rate permitted by New York law
as the same may be modified by U.S. laws of general application. 
 (b) The Company will pay interest on the Senior Notes on each
March 1, June 1, September 1 and December 1 (each an “Interest Payment Date”), beginning on December 1, 2020, to the holders of record on each February 15, May 15, August 15 and
November 15 immediately preceding the relevant Interest Payment Date (each a “Record Date”), respectively. Interest on the Senior Notes shall accrue from the most recent date to which interest has been paid or, if no interest
has been paid, from the date of issuance. Payments of the principal of and interest on the Senior Notes shall be made in Dollars, and the Senior Notes shall be denominated in Dollars. 

(c) The interest determination date for a particular interest period (each such date, an “Interest Determination Date”) will
be the second London Business Day preceding that interest period. A “London Business Day” is a day on which dealings in deposits in Dollars are transacted in the London interbank market. 

Promptly upon determination, the Calculation Agent will inform the Trustee and the Company, or in certain circumstances described below, the
Company (or its designee, which may be a successor Calculation Agent or such other designee of the Company (any of such entities, a “Designee”)) will inform the Trustee, of the interest rate for the next interest period. Absent
manifest error, the determination of the interest rate by the Calculation Agent, or in certain circumstances described below, by the Company (or its Designee), shall be binding and conclusive on the Holders of the Senior Notes, the Trustee and the
Company. Upon written request from any Holder of Senior Notes, the Calculation Agent will provide the interest rate in effect for the Senior Notes for the current interest period and, if it has been determined, the interest rate to be in effect for
the next interest period. Neither the Trustee nor the Calculation Agent shall be (i) responsible for making the decisions and determinations in connection with a Benchmark Transition Event or (ii) named or deemed to be the Company’s
Designee. If the Company appoints a Designee, the Company shall promptly provide written notice of such appointment to the Trustee and the Calculation Agent. 

  
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 On any Interest Determination Date, three-month LIBOR will be equal to the offered rate for
deposits in Dollars having an index maturity of three months, in amounts of at least $1,000,000, as such rate appears on Reuters Page LIBOR01 at approximately 11:00 a.m., London time, on such Interest Determination Date. All percentages resulting
from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point being rounded upwards and all
dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards). Dollar amounts resulting from such calculation will be rounded to the
nearest cent, with one-half cent being rounded upwards. 
 If an Interest Payment Date, the Stated
Maturity of the Senior Notes or a redemption date falls on a day that is not a Business Day, such date shall be postponed to the next succeeding Business Day (unless, with respect to an Interest Payment Date other than the Stated Maturity of the
Senior Notes or a redemption date, such next succeeding Business Day would be in the following month, in which case, such Interest Payment Date shall be the immediately preceding Business Day) with the same force and effect as if made on, and with
no additional interest accruing after, such Interest Payment Date. Interest on the Senior Notes will be paid to, but excluding, the relevant Interest Payment Date. 

If three-month LIBOR cannot be determined on an Interest Determination Date as described in this Section 2.05(c), then the Calculation
Agent (after consultation with the Company) will determine three-month LIBOR as follows: 
 (1) The Company will select four major banks in
the London interbank market. 
 (2) The Company will request that the principal London offices of those four selected banks provide to the
Company and the Calculation Agent their offered quotations to prime banks in the London interbank market at approximately 11:00 a.m., London time, on the Interest Determination Date. These quotations shall be for deposits in Dollars for the period
of three months, commencing on the Interest Determination Date. Offered quotations must be based on a principal amount equal to at least $1,000,000 that is representative of a single transaction in such market at that time. 

(A) If two or more quotations are provided, three-month LIBOR for the interest period will be the arithmetic average of those
quotations. 
 (B) If fewer than two quotations are provided, the Company will select three major banks in New York City and
follow the steps in Sections 2.05(c)(3) and 2.05(c)(4) hereof. 
 (3) The Calculation Agent will then determine three-month LIBOR for the
interest period as the arithmetic average of rates quoted by those three major banks in New York City to leading European banks at approximately 11:00 a.m., New York City time, on the Interest Determination Date. The rates quoted will be for loans
in Dollars for the period of three months commencing on the Interest Determination Date. Rates quoted must be based on a principal amount of at least $1,000,000 that is representative of a single transaction in such market at that time. 

  
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 (4) If fewer than three New York City banks selected by the Company are quoting rates,
three-month LIBOR for the interest period will be the same as for the immediately preceding interest period. 
 Notwithstanding the
foregoing paragraph, if the Company (or its Designee) determines on or prior to the relevant Interest Determination Date that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR, then the
provisions set forth in Section 2.05(d) hereof will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the rate and amount of interest payable on the Senior Notes during a
relevant interest period, and such determination shall be provided in writing to the Trustee and the Calculation Agent. After a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the amount of interest that will be
payable for each interest period on the Senior Notes will be an annual rate equal to the sum of the Benchmark Replacement and the Margin specified in Section 2.05(a) hereof. 

However, if the Company (or its Designee) determines that a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to the then-current Benchmark, but for any reason the Benchmark Replacement has not been determined as of the relevant Interest Determination Date, the interest rate for the applicable interest period will be equal to the
interest rate on the last Interest Determination Date for the Senior Notes, as determined by the Company (or its Designee), and such determination shall be provided in writing to the Trustee and the Calculation Agent. 

(d) If the Company (or its Designee) determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Senior Notes in respect of such determination on such date
and all determinations on all subsequent dates. 
 In connection with the implementation of a Benchmark Replacement, the Company (or its
Designee) will have the right to make Benchmark Replacement Conforming Changes from time to time. 
 Any determination, decision or election
that may be made by the Company (or its Designee), including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any
decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, will be made in the Company’s (or its Designee’s) sole discretion, and, notwithstanding anything to the contrary in
the documentation relating to the Senior Notes, shall become effective without consent from the Holders of the Senior Notes or any other party. 

(e) The interest rate payable on the Senior Notes will be subject to adjustment from time to time if either Moody’s or S&P (or, in
either case, a Substitute Rating Agency) downgrades (or subsequently upgrades) its rating assigned to the Senior Notes, as set forth below. 

  
 11 

 If the rating of the Senior Notes from one or both of Moody’s or S&P (or, if
applicable, any Substitute Rating Agency) is decreased to a rating set forth in either of the immediately following tables, the interest rate on the Senior Notes will increase from the interest rate set forth in Section 2.05(a) hereof by an
amount equal to the sum of the percentages per annum set forth in the following tables opposite those ratings: 
  

					
	 Moody’s Rating*
	  	Percentage	 
	 Ba1
	  	 	0.250	% 
	 Ba2
	  	 	0.500	% 
	 Ba3
	  	 	0.750	% 
	 B1 or below
	  	 	1.000	% 

  

					
	 S&P Rating*
	  	Percentage	 
	 BB+
	  	 	0.250	% 
	 BB
	  	 	0.500	% 
	 BB-
	  	 	0.750	% 
	 B+ or below
	  	 	1.000	% 

  

	*	 Including the equivalent ratings of any Substitute Rating Agency. 

For purposes of making adjustments to the interest rate on the Senior Notes pursuant to this Section 2.05(e), the following rules of
interpretation will apply: 
 (1) if at any time less than two Rating Agencies provide a rating on the Senior Notes for reasons not within
the Company’s control (i) the Company will use commercially reasonable efforts to obtain a rating on the Senior Notes from a Substitute Rating Agency for purposes of determining any increase or decrease in the interest rate on the Senior
Notes pursuant to the tables above, (ii) such Substitute Rating Agency will be substituted for the last Rating Agency to provide a rating on the Senior Notes but which has since ceased to provide such rating, (iii) the relative ratings
scale used by such Substitute Rating Agency to assign ratings to senior unsecured debt will be determined in good faith by an independent investment banking institution of national standing appointed by the Company and, for purposes of determining
the applicable ratings included in the applicable table above with respect to such Substitute Rating Agency, such ratings shall be deemed to be the equivalent ratings used by Moody’s or S&P, as applicable, in such table, and (iv) the
interest rate on the Senior Notes will increase or decrease, as the case may be, such that the interest rate equals the interest rate with respect to the Senior Notes set forth in Section 2.05(a) hereof plus the appropriate percentage, if any,
set forth opposite the rating from such Substitute Rating Agency in the applicable table above (taking into account the provisions of clause (iii) above) (plus any applicable percentage resulting from a decreased rating by the other Rating
Agency); 
 (2) for so long as only one Rating Agency (or Substitute Rating Agency, if applicable) provides a rating on the Senior Notes, any
increase or decrease in the interest rate on the Senior Notes necessitated by a reduction or increase in the rating by that Rating Agency shall be twice the applicable percentage set forth in the applicable table above; 

  
 12 

 (3) if both Rating Agencies cease to provide a rating of the Senior Notes for any reason,
and no Substitute Rating Agency has provided a rating on the Senior Notes, the interest rate on the Senior Notes will increase to, or remain at, as the case may be, 2.000% per annum above the interest rate on the Senior Notes prior to any such
adjustment; 
 (4) if Moody’s or S&P ceases to rate the Senior Notes or make a rating of the Senior Notes publicly available for
reasons within the Company’s control, the Company will not be entitled to obtain a rating from a Substitute Rating Agency and the increase or decrease in the interest rate on the Senior Notes shall be determined in the manner described above as
if either only one or no Rating Agency provides a rating on the Senior Notes, as the case may be; 
 (5) each interest rate adjustment
required by any decrease or increase in a rating as set forth above, whether occasioned by the action of Moody’s or S&P (or, in either case, any Substitute Rating Agency), shall be made independently of (and in addition to) any and all
other interest rate adjustments occasioned by the action of the other Rating Agency; 
 (6) in no event will (i) the interest rate on
the Senior Notes be reduced to below 0.000% or (ii) the total increase in the interest rate on the Senior Notes pursuant to this Section 2.05(e) exceed 2.000% above the interest rate otherwise payable on the Senior Notes; and 

(7) subject to clauses (3) and (4) above, no adjustment in the interest rate on the Senior Notes shall be made solely as a result of a
Rating Agency ceasing to provide a rating of the Senior Notes. 
 If at any time the interest rate on the Senior Notes has been adjusted
upward and either of the Rating Agencies subsequently increases its rating of the Senior Notes, the interest rate on the Senior Notes will again be adjusted (and decreased, if appropriate) such that the interest rate on the Senior Notes equals the
original interest rate payable on the Senior Notes prior to any adjustment plus (if applicable) an amount equal to the sum of the percentages per annum set forth opposite the ratings in the tables above with respect to the ratings assigned to the
Senior Notes (or deemed assigned) at that time, all calculated in accordance with the rules of interpretation set forth above. If Moody’s or any Substitute Rating Agency subsequently increases its rating on the Senior Notes to “Baa3”
(or its equivalent if with respect to any Substitute Rating Agency) or higher and S&P or any Substitute Rating Agency subsequently increases its rating on the Senior Notes to “BBB-” (or its
equivalent if with respect to any Substitute Rating Agency) or higher, the interest rate on the Senior Notes will be decreased to the interest rate on the Senior Notes prior to any adjustments made pursuant to this Section 2.05(e). 

Any interest rate increase or decrease described above will take effect from the first day of the interest period following the period in
which a rating change occurs requiring an adjustment in the interest rate. If either Rating Agency changes its rating of the Senior Notes more than once during any particular interest period, the last such change by such Rating Agency to occur will
control in the event of a conflict for purposes of any increase or decrease in the interest rate with respect to the Senior Notes. 

  
 13 

 The interest rate on the Senior Notes will permanently cease to be subject to any adjustment
described above (notwithstanding any subsequent decrease in the ratings by either Rating Agency) if the Senior Notes become rated “Baa1” or higher by Moody’s (or its equivalent if with respect to any Substitute Rating Agency) and
“BBB+” or higher by S&P (or its equivalent if with respect to any Substitute Rating Agency), in each case with a stable or positive outlook. 

If the interest rate on the Senior Notes is increased as described above, the term “interest,” as used with respect to the Senior
Notes, will be deemed to include any such additional interest unless the context otherwise requires. 
 (f) The Trustee shall not be
responsible for and makes no representation as to any act or omission of any Rating Agency or any rating with respect to the Senior Notes or the selection of a Substitute Rating Agency. The Trustee shall have no obligation to independently determine
or verify if any event has occurred or notify the Holders of any event dependent upon the rating of the Senior Notes, or if the rating on the Senior Notes has been changed, suspended or withdrawn by any Rating Agency. 

SECTION 2.06. Place of Payment. The place of payment where the Senior Notes issued in the form of Definitive Notes may be
presented or surrendered for payment, where the principal of and interest and any other payments due on the Senior Notes issued in the form of Definitive Notes are payable, where the Senior Notes may be surrendered for registration of transfer or
exchange and where notices and demands to and upon the Company in respect of the Senior Notes and this Indenture may be served shall be in the Borough of Manhattan, The City of New York, and the office or agency maintained by the Company for such
purpose shall initially be the Corporate Trust Office of the Trustee. All payments on Senior Notes issued in the form of Global Notes shall be made by wire transfer of immediately available funds to the Depositary and, at the option of the Company,
payment of interest on the Senior Notes issued in the form of Definitive Notes may be made by check mailed to registered Holders. 
 SECTION
2.07. Form and Dating. 
 (a) General. The Senior Notes and the Trustee’s certificate of authentication will be
substantially in the form of Exhibit A hereto. The terms and provisions contained in the Senior Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company and the Trustee, by their execution and delivery of this
Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be
controlling. 
 (b) Global Notes. Senior Notes issued in global form will be substantially in the form of Exhibit A hereto (including
the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Senior Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note
Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Senior Notes as will be specified therein and each shall provide that it
represents the aggregate principal amount of 

  
 14 

 
outstanding Senior Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Senior Notes represented thereby may from time to time be reduced or increased,
as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Senior Notes represented thereby will be made by the Trustee or
the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Article III hereof. 

SECTION 2.08. Depositary; Registrar. The Company initially appoints The Depository Trust Company (“DTC”)
to act as Depositary with respect to the Global Notes. The Company initially appoints the Trustee to act as the Registrar and the paying agent and designates the Trustee’s New York office as the office or agency referred to in
Section 2.05 of the Original Indenture. 
 SECTION 2.09. Optional Redemption. 

(a) The Senior Notes will not be redeemable at any time prior to September 1, 2021 (the date that is the first anniversary of the issue
date thereof). 
 (b) The Senior Notes will be redeemable, in whole or in part, at the option of the Company, at any time on or after
September 1, 2021, at a redemption price equal to 100% of the principal amount of the Senior Notes being redeemed, plus, accrued and unpaid interest on the applicable Senior Notes to, but not including, the redemption date. 

(c) Solely with respect to the Senior Notes, Article III of the Original Indenture is hereby amended as follows: 

(A) Section 3.01 of the Original Indenture is hereby amended with respect to the Senior Notes by amending and restating
the last sentence thereof as follows: 
 The Company shall give such written notice to the Trustee at least 20 but no more than 60 days
before the redemption date (or such shorter notice as may be acceptable to the Trustee). 
 (B) Section 3.02 of the
Original Indenture is hereby amended with respect to the Senior Notes by amending and restating the third sentence of the second paragraph thereof as follows: 

The Trustee shall make the selection at least 15 days but not more than 60 days before the redemption date from outstanding Senior Notes not
previously called for redemption. 
 (C) Section 3.03 of the Original Indenture is hereby amended with respect to the
Senior Notes by amending and restating the first sentence thereof as follows: 
 At least 15 days but not more than 60 days before a
redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address. 

  
 15 

 ARTICLE III 

TRANSFER AND EXCHANGE 
 SECTION
3.01. Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the
Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes shall be exchangeable pursuant to Section 2.08 of the Original Indenture for Definitive Notes if: 

(a) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it
is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary; 

(b) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and
delivers a written notice to such effect to the Trustee; or 
 (c) an Event of Default with respect to the Senior Notes represented by such
Global Note shall have occurred and be continuing. 
 Upon the occurrence of any of the preceding events in (a) or (b) above,
Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.09 and 2.12 of the Original Indenture. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Article III or Section 2.09 or 2.12 of the Original Indenture, shall be authenticated and delivered in the form of, and shall be,
a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 3.01; however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.02 or 3.03 hereof.

 SECTION 3.02. Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Ninth Supplemental Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also will require
compliance with either subparagraph (a) or (b) below, as applicable: 
 (a) Transfer of Beneficial Interests in the Same Global
Note. Beneficial interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Global Note. No written orders or instructions shall be required to be delivered to the
Registrar to effect the transfers described in this Section 3.02(a). 

  
 16 

 (b) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to Section 3.02(a) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 

(1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to
be credited with such increase; or 
 (B) both: 

(1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 
 Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Senior Notes, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 3.07 hereof. 

SECTION 3.03. Transfer or Exchange of Beneficial Interests for Definitive Notes. Subject to the terms hereof, if any holder of a
beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the
conditions set forth in Section 3.02(b) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 3.07 hereof, and the Company will execute and the Trustee
will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 3.03 will be registered
in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The
Trustee will deliver such Definitive Notes to the Persons in whose names such Senior Notes are so registered. 
 SECTION 3.04. Transfer
and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery
thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate
principal amount of one of the Global Notes. 

  
 17 

 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected
pursuant to the previous paragraph at a time when a Global Note has not yet been issued, the Company will issue and, upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture, the Trustee will authenticate one or
more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 SECTION 3.05.
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 3.05, the Registrar will register the transfer or
exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional required certifications, documents and information, as applicable. 

SECTION 3.06. Legends. Each Global Note will bear a legend in substantially the following form: 

“This Global Note is held by the Depositary (as defined in the Indenture governing this Note) or its nominee in
custody for the benefit of the Beneficial Owners hereof, and is not transferable to any person under any circumstances except that (1) the trustee may make such notations hereon as may be required pursuant to the Indenture, (2) this Global
Note may be exchanged in whole but not in part pursuant to Article III of the Ninth Supplemental Indenture, (3) this Global Note may be delivered to the trustee for cancellation pursuant to section 2.13 of the Indenture and (4) this Global
Note may be transferred to a successor Depositary with the prior written consent of the Company. 
 Unless and
until it is exchanged in whole or in part for Notes in definitive form, this Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee
of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street,
New York, New York) (“DTC”) to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as may be requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or such other entity as may be requested by an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.” 

  
 18 

 SECTION 3.07. Cancellation and/or Adjustment of
Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in
part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.13 of the Original Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged
for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Senior Notes represented by such Global Note will be reduced accordingly and
an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such increase. 
 SECTION 3.08. General Provisions Relating to Transfers and Exchanges. 

(a) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture or at the Registrar’s request. 

(b) No service charge will be made to a Holder of a Global Note or to a Holder of a Definitive Note for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or
transfer pursuant to Sections 2.12, 3.06 and 9.04 of the Original Indenture and Section 5.01 hereof). 
 (c) The Registrar will not be
required to register the transfer of or exchange any Senior Note selected for redemption in whole or in part, except the unredeemed portion of any Senior Note being redeemed in part. 

(d) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

(e) The Company will not be required: 

(A) to issue, to register the transfer of or to exchange any Senior Notes during a period beginning at the opening of business
15 days before the day of any selection of Senior Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Senior Note selected for redemption in whole or in part, except the
unredeemed portion of any Senior Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Senior
Note between a Record Date and the next succeeding Interest Payment Date. 

  
 19 

 (f) Prior to due presentment for the registration of a transfer of any Senior Note, the
Trustee, any Agent and the Company may deem and treat the Person in whose name any Senior Note is registered as the absolute owner of such Senior Note for the purpose of receiving payment of principal of and interest on such Senior Notes and for all
other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (g) The Trustee will
authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.04 of the Original Indenture. 
 (h) All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to Article III of the Original Indenture to effect a registration of transfer or exchange may be submitted by facsimile. 

(i) Each Holder of Senior Notes agrees to indemnify the Company and the Trustee against any liability that may result from the transfer,
exchange or assignment of such Holder’s Note in violation of any provision of the Original Indenture and/or applicable United States federal or state securities law. The Trustee shall have no obligation or duty to monitor, determine or inquire
as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Senior Note other than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

ARTICLE IV 
 LEGAL DEFEASANCE,
COVENANT DEFEASANCE 
 AND SATISFACTION AND DISCHARGE 

SECTION 4.01. Legal Defeasance, Covenant Defeasance and Satisfaction and Discharge. Article VIII of the Original Indenture shall
be applicable to the Senior Notes; provided that the opinion with respect to the sufficiency of the deposits required by Sections 8.04(1) and 8.07 of the Original Indenture may be an opinion of a nationally recognized investment bank,
expressed in a written confirmation thereof delivered to the Trustee. The Company may defease the covenant contained in Section 5.01 hereof under the provisions of Section 8.03 of the Original Indenture. 

ARTICLE V 
 OFFER TO PURCHASE UPON
CHANGE OF CONTROL 
 SECTION 5.01. Offer to Purchase upon Change of Control. (a) If a Change of Control Triggering Event
occurs, unless the Company has exercised any right to redeem the Senior Notes, each Holder thereof will have the right to require that the Company repurchase all or a portion (in excess of $2,000 in integral multiples of $1,000) of such
Holder’s Senior Notes pursuant to an offer by the Company (a “Change of Control Offer”) at a repurchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any,

  
 20 

 
on the Senior Notes repurchased, to, but not including, the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, or at
the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company will mail a notice to each such Holder, with a copy to the Trustee, which terms will govern the terms of the
Change of Control Offer. Such notice shall state, among other things: 
 (i) that the Change of Control Offer is being made
pursuant to this Section 5.01 and that all Senior Notes tendered will be accepted for payment; 
 (ii) that a Change of
Control Triggering Event has occurred and that such Holder has the right to require the Company to repurchase all or a portion of such Holder’s Senior Notes at the Change of Control Payment; 

(iii) the circumstances and relevant facts regarding such Change of Control Triggering Event; 

(iv) the repurchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed,
other than as may be required by law (the “Change of Control Payment Date”); 
 (v) the instructions, as
determined by the Company, consistent with this Section 5.01; 
 (vi) that any Senior Note not tendered will continue to
accrue interest; 
 (vii) that, unless the Company defaults in the payment of the Change of Control Payment, all Senior Notes
accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

(viii) that Holders electing to have any Senior Notes purchased pursuant to a Change of Control Offer will be required to
surrender the Senior Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Senior Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business
Day preceding the Change of Control Payment Date; 
 (ix) that each Holder will be entitled to withdraw its election if the
Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of
Senior Notes delivered for purchase, and a statement that such Holder is withdrawing its election to have the Senior Notes purchased; and 

(x) that Holders whose Senior Notes are being purchased only in part will be issued new Senior Notes equal in principal amount
to the unpurchased portion of the Senior Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 

  
 21 

 The Company will comply with the requirements of Rule
14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Senior Notes as a result
of a Change in Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 5.01, the Company will comply with the applicable securities laws and regulations and
will not be deemed to have breached its obligations under this Section 5.01 by virtue of such compliance. 
 (b) On the Change of
Control Payment Date, the Company will, to the extent lawful: 
 (i) accept for payment all Senior Notes or portions thereof
properly tendered pursuant to the Change of Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the
Change of Control Payment in respect of all Senior Notes or portions of Senior Notes properly tendered; and 
 (iii) deliver
or cause to be delivered to the Trustee the Senior Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Senior Notes or portions of Senior Notes being purchased by the Company. 

The Paying Agent will promptly mail to each Holder of Senior Notes properly tendered the Change of Control Payment for such Senior Notes, and
the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each such Holder a new Senior Note equal in principal amount to any unpurchased portion of the Senior Notes surrendered, if any; provided that each
new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 The Company will publicly announce
the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (c) A Change of Control
Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. The Change of Control Offer, if
mailed prior to the date of consummation of the Change of Control, will state that the offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 

(d) Notwithstanding anything to the contrary in this Section 5.01, the Company will not be required to make a Change of Control Offer upon
a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 5.01 and purchases all Senior Notes properly
tendered and not withdrawn under such Change of Control Offer. 

  
 22 

 ARTICLE VI 

MISCELLANEOUS 
 SECTION 6.01.
Ratification of Original Indenture; Supplemental Indentures Part of Original Indenture. Except as expressly amended hereby, the Original Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions
thereof shall remain in full force and effect. This Ninth Supplemental Indenture shall form a part of the Original Indenture for all purposes, and every Holder of the Senior Notes heretofore or hereafter authenticated and delivered shall be bound
hereby. 
 SECTION 6.02. Concerning the Trustee. The recitals contained herein and in the Senior Notes, except with respect to
the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of
this Ninth Supplemental Indenture or of the Senior Notes. 
 SECTION 6.03. Counterparts. This Ninth Supplemental Indenture may
be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. The words “execution,” “signed,”
“signature,” “delivery,” and words of like import in or relating to this Ninth Supplemental Indenture or any document to be signed in connection with this Ninth Supplemental Indenture, including by the Trustee, shall be deemed to
include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a
paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

SECTION 6.04. GOVERNING LAW. THIS INDENTURE AND EACH NOTE OF THE SERIES CREATED HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

[Signature Pages Follow] 

  
 23 

 IN WITNESS WHEREOF, the parties have caused this Ninth Supplemental Indenture to be duly
executed by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	HYATT HOTELS CORPORATION
		
	By:	 	 /s/ Brad O’Bryan

	Name:	 	Brad O’Bryan
	Title:	 	Treasurer and Senior Vice President, Investor Relations and Corporate Finance

 [Ninth Supplemental Indenture Signature Page] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Patrick Gioradno

	Name: Patrick Giordano
	Title:   Vice President

 [Ninth Supplemental Indenture Signature Page] 

 EXHIBIT A 

[Face of Note] 
  

 
  

CUSIP / ISIN: 448579 AK8 / US448579AK81 

Floating Rate Senior Notes due 2022 
  

			
	No. [     ]	  	$[                
]                    

 HYATT HOTELS CORPORATION promises to pay to [             ] or
registered assigns, the principal sum of [             ] (United States) Dollars on September 1, 2022 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: March 1, June 1, September 1 and December 1 

Record Dates: Each February 15, May 15, August 15 and November 15 immediately preceding the relevant Interest Payment Date (whether or not
a Business Day) 
 Additional provisions of this Note are set forth on the other side of this Note. 

  
 A-1 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	HYATT HOTELS CORPORATION
		
	By:	 	              

	Name:
	Title:

  
 A-2 

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	Dated: __________________
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	              

		 	Authorized Signatory

  
 A-3 

  

 
 [Reverse of Note] 

Floating Rate Senior Notes due 2022 
 [Insert
the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated. 

  
 A-4 

 1. Indenture 

This Note is one of a duly authorized issue of Notes of the Company, designated as its Floating Senior Notes due 2022 (herein called the
“Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the Ninth Supplemental Indenture (as hereinafter defined) and forming a single series therewith), issued and to be issued under an
indenture, dated as of August 14, 2009 (herein called the “Original Indenture”), between HYATT HOTELS CORPORATION, a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States, as trustee (the “Trustee”), as amended and
supplemented by the Second Supplemental Indenture, dated as of August 4, 2011 (the “Second Supplemental Indenture”), the Fourth Supplemental Indenture, dated as of May 10, 2013 (the “Fourth Supplemental
Indenture”) and the Ninth Supplemental Indenture, dated as of September 1, 2020 (the “Ninth Supplemental Indenture,” and together with the Original Indenture, the Second Supplemental Indenture and the Fourth
Supplemental Indenture, the “Indenture”). Reference is hereby made to the Indenture, and all indentures supplemental thereto relevant to the Notes, for a complete description of the rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to create or incur Liens and to enter
into Sale and Leaseback Transactions. The Indenture also imposes certain limitations on the ability of the Company to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all
or substantially all of the property of the Company in any one transaction or series of related transactions. 
 Each Note is subject to,
and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the extent that
there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 
 2.
Interest 
 (a) The Company promises to pay interest on the principal amount of this Note at a per annum rate, reset quarterly, equal
to three-month LIBOR as determined on the Interest Determination Date plus 3.000%, subject to adjustment as set forth in Section 2(e) hereof. The minimum interest rate on the Senior Notes will be 0.000%. The interest rate will in no event be
higher than the maximum rate permitted by New York law as the same may be modified by U.S. laws of general application. The Company will pay interest quarterly on March 1, June 1, September 1 and December 1 of each year,
commencing December 1, 2020. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from September 1, 2020. Interest shall be computed on the basis of the actual number
of days in an interest period and a 360-day year. 

  
 A-5 

 (b) The Interest Determination Date for a particular interest period will be the second
London Business Day preceding that interest period. 
 (c) Promptly upon determination, the Calculation Agent will inform the Trustee and the
Company, or in certain circumstances described below, the Company (or its Designee) will inform the Trustee, of the interest rate for the next interest period. Absent manifest error, the determination of the interest rate by the Calculation Agent,
or in certain circumstances described below, by the Company (or its Designee), shall be binding and conclusive on the Holders of the Notes, the Trustee and the Company. Upon written request from any Holder of Notes, the Calculation Agent will
provide the interest rate in effect for the Notes for the current interest period and, if it has been determined, the interest rate to be in effect for the next interest period. Neither the Trustee nor the Calculation Agent shall be
(i) responsible for making the decisions and determinations in connection with a Benchmark Transition Event or (ii) named or deemed to be the Company’s Designee. If the Company appoints a Designee, the Company shall promptly provide
written notice of such appointment to the Trustee and the Calculation Agent. 
 On any Interest Determination Date, three-month LIBOR will
be equal to the offered rate for deposits in Dollars having an index maturity of three months, in amounts of at least $1,000,000, as such rate appears on Reuters Page LIBOR01 at approximately 11:00 a.m., London time, on such Interest Determination
Date. All percentages resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point
being rounded upwards and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards). Dollar amounts resulting from such
calculation will be rounded to the nearest cent, with one-half cent being rounded upwards. 
 If an
Interest Payment Date, the Stated Maturity of the Notes or a redemption date falls on a day that is not a Business Day, such date shall be postponed to the next succeeding Business Day (unless, with respect to an Interest Payment Date other than the
Stated Maturity of the Notes or a redemption date, such next succeeding Business Day would be in the following month, in which case, such Interest Payment Date shall be the immediately preceding Business Day) with the same force and effect as if
made on, and with no additional interest accruing after, such Interest Payment Date. Interest on the Notes will be paid to, but excluding, the relevant Interest Payment Date. 

If three-month LIBOR cannot be determined on an Interest Determination Date as described in this Section 2(c), then the Calculation Agent
(after consultation with the Company) will determine three-month LIBOR as follows: 
 (1) The Company will select four major banks in the
London interbank market. 
 (2) The Company will request that the principal London offices of those four selected banks provide to the
Company and the Calculation Agent their offered quotations to prime banks in the London interbank market at approximately 11:00 a.m., London time, on the Interest Determination Date. These quotations shall be for deposits in Dollars for the period
of three months, commencing on the Interest Determination Date. Offered quotations must be based on a principal amount equal to at least $1,000,000 that is representative of a single transaction in such market at that time. 

  
 A-6 

 (A) If two or more quotations are provided, three-month LIBOR for the
interest period will be the arithmetic average of those quotations. 
 (B) If fewer than two quotations are provided, the
Company will select three major banks in New York City and follow the steps in Sections 2(c)(3) and 2(c)(4) hereof. 
 (3) The Calculation
Agent will then determine three-month LIBOR for the interest period as the arithmetic average of rates quoted by those three major banks in New York City to leading European banks at approximately 11:00 a.m., New York City time, on the Interest
Determination Date. The rates quoted will be for loans in Dollars for the period of three months commencing on the Interest Determination Date. Rates quoted must be based on a principal amount of at least $1,000,000 that is representative of a
single transaction in such market at that time. 
 (4) If fewer than three New York City banks selected by the Company are quoting rates,
three-month LIBOR for the interest period will be the same as for the immediately preceding interest period. 
 Notwithstanding the
foregoing paragraph, if the Company (or its Designee) determines on or prior to the relevant Interest Determination Date that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR, then the
provisions set forth in Section 2(d) hereof will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the rate and amount of interest payable on the Notes during a relevant
interest period, and such determination shall be provided in writing to the Trustee and the Calculation Agent. After a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the amount of interest that will be payable
for each interest period on the Notes will be an annual rate equal to the sum of the Benchmark Replacement and 3.000%. 
 However, if the
Company (or its Designee) determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, but for any reason the Benchmark Replacement has not been determined as of
the relevant Interest Determination Date, the interest rate for the applicable interest period will be equal to the interest rate on the last Interest Determination Date for the Notes, as determined by the Company (or its Designee), and such
determination shall be provided in writing to the Trustee and the Calculation Agent. 
 (d) If the Company (or its Designee) determines that
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all
purposes relating to the Notes in respect of such determination on such date and all determinations on all subsequent dates. 
 In
connection with the implementation of a Benchmark Replacement, the Company (or its Designee) will have the right to make Benchmark Replacement Conforming Changes from time to time. 

  
 A-7 

 Any determination, decision or election that may be made by the Company (or its Designee),
including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any
selection, will be conclusive and binding absent manifest error, will be made in the Company’s (or its Designee’s) sole discretion, and, notwithstanding anything to the contrary in the documentation relating to the Notes, shall become
effective without consent from the Holders of the Notes or any other party. 
 (e) The interest rate payable on the Notes will be subject to
adjustment from time to time if either Moody’s or S&P (or, in either case, a Substitute Rating Agency) downgrades (or subsequently upgrades) its rating assigned to the Notes, as set forth below. 

If the rating of the Notes from one or both of Moody’s or S&P (or, if applicable, any Substitute Rating Agency) is decreased to a
rating set forth in either of the immediately following tables, the interest rate on the Notes will increase from the interest rate set forth in Section 2(a) hereof by an amount equal to the sum of the percentages per annum set forth in the
following tables opposite those ratings: 
  

					
	 Moody’s Rating*
	  	Percentage	 
	 Ba1
	  	 	0.250	% 
	 Ba2
	  	 	0.500	% 
	 Ba3
	  	 	0.750	% 
	 B1 or below
	  	 	1.000	% 

  

					
	 S&P Rating*
	  	Percentage	 
	 BB+
	  	 	0.250	% 
	 BB
	  	 	0.500	% 
	 BB-
	  	 	0.750	% 
	 B+ or below
	  	 	1.000	% 

  

	*	 Including the equivalent ratings of any Substitute Rating Agency. 

For purposes of making adjustments to the interest rate on the Notes pursuant to this Section 2(e), the following rules of interpretation
will apply: 
  

	 	(1)	 if at any time less than two Rating Agencies provide a rating on the Notes for reasons not within the
Company’s control (i) the Company will use commercially reasonable efforts to obtain a rating on the Notes from a Substitute Rating Agency for purposes of determining any increase or decrease in the interest rate on the Notes pursuant to
the tables above, (ii) such Substitute Rating Agency will be substituted for the last Rating Agency to provide a rating on the Notes but which has since ceased to provide such rating, (iii) the relative ratings scale used by such
Substitute Rating Agency to assign ratings to senior unsecured debt will be determined in good faith by an independent investment banking institution of 

  
 A-8 

	 	
national standing appointed by the Company and, for purposes of determining the applicable ratings included in the applicable table above with respect to such Substitute Rating Agency, such
ratings shall be deemed to be the equivalent ratings used by Moody’s or S&P, as applicable, in such table, and (iv) the interest rate on the Notes will increase or decrease, as the case may be, such that the interest rate equals the
interest rate with respect to the Notes set forth in Section 2(a) hereof plus the appropriate percentage, if any, set forth opposite the rating from such Substitute Rating Agency in the applicable table above (taking into account the provisions
of clause (iii) above) (plus any applicable percentage resulting from a decreased rating by the other Rating Agency); 

  

	 	(2)	 for so long as only one Rating Agency (or Substitute Rating Agency, if applicable) provides a rating on the
Notes, any increase or decrease in the interest rate on the Notes necessitated by a reduction or increase in the rating by that Rating Agency shall be twice the applicable percentage set forth in the applicable table above; 

 

	 	(3)	 if both Rating Agencies cease to provide a rating of the Notes for any reason, and no Substitute Rating Agency
has provided a rating on the Notes, the interest rate on the Notes will increase to, or remain at, as the case may be, 2.000% per annum above the interest rate on the Notes prior to any such adjustment; 

 

	 	(4)	 if Moody’s or S&P ceases to rate the Notes or make a rating of the Notes publicly available for
reasons within the Company’s control, the Company will not be entitled to obtain a rating from a Substitute Rating Agency and the increase or decrease in the interest rate on the Notes shall be determined in the manner described above as if
either only one or no Rating Agency provides a rating on the Notes, as the case may be; 

  

	 	(5)	 each interest rate adjustment required by any decrease or increase in a rating as set forth above, whether
occasioned by the action of Moody’s or S&P (or, in either case, any Substitute Rating Agency), shall be made independently of (and in addition to) any and all other interest rate adjustments occasioned by the action of the other Rating
Agency; 

  

	 	(6)	 in no event will (i) the interest rate on the Notes be reduced to below 0.000% or (ii) the total
increase in the interest rate on the Notes pursuant to this Section 2(e) exceed 2.000% above the interest rate otherwise payable on the Notes; and 

  

	 	(7)	 subject to clauses (3) and (4) above, no adjustment in the interest rate on the Notes shall be made solely
as a result of a Rating Agency ceasing to provide a rating of the Notes. 

 If at any time the interest rate on the Notes
has been adjusted upward and either of the Rating Agencies subsequently increases its rating of the Notes, the interest rate on the Notes will again be adjusted (and decreased, if appropriate) such that the interest rate on the Notes equals the
original interest rate payable on the Notes prior to any adjustment plus (if applicable) an amount equal to the sum of the percentages per annum set forth opposite the ratings in the 

  
 A-9 

 
tables above with respect to the ratings assigned to the Notes (or deemed assigned) at that time, all calculated in accordance with the rules of interpretation set forth above. If Moody’s or
any Substitute Rating Agency subsequently increases its rating on the Notes to “Baa3” (or its equivalent if with respect to any Substitute Rating Agency) or higher and S&P or any Substitute Rating Agency subsequently increases its
rating on the Notes to “BBB-” (or its equivalent if with respect to any Substitute Rating Agency) or higher, the interest rate on the Notes will be decreased to the interest rate on the Notes prior
to any adjustments made pursuant to this Section 2(e). 
 Any interest rate increase or decrease described above will take effect from
the first day of the interest period following the period in which a rating change occurs requiring an adjustment in the interest rate. If either Rating Agency changes its rating of the Notes more than once during any particular interest period, the
last such change by such Rating Agency to occur will control in the event of a conflict for purposes of any increase or decrease in the interest rate with respect to the Notes. 

The interest rate on the Notes will permanently cease to be subject to any adjustment described above (notwithstanding any subsequent decrease
in the ratings by either Rating Agency) if the Notes become rated “Baa1” or higher by Moody’s (or its equivalent if with respect to any Substitute Rating Agency) and “BBB+” or higher by S&P (or its equivalent if with
respect to any Substitute Rating Agency), in each case with a stable or positive outlook. 
 If the interest rate on the Notes is increased
as described above, the term “interest,” as used with respect to the Notes, will be deemed to include any such additional interest unless the context otherwise requires. 

3. Paying Agent, Registrar, Calculation Agent and Service Agent 

Initially the Trustee will act as paying agent, registrar and Calculation Agent. Initially, the Company will act as service agent. The Company
may appoint and change any paying agent, registrar or co-registrar, Calculation Agent and service agent without notice. The Company or any of its Subsidiaries may act as paying agent, registrar, co-registrar or service agent. 
 4. Defaults and Remedies; Waiver 

If an Event of Default (other than an Event of Default described in clauses (6) and (7) of Section 6.01 of the Original Indenture)
with respect to the Notes shall occur and be continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding by notice as provided in the Original Indenture may declare the principal amount of,
premium, if any, and accrued and unpaid interest on the Notes to be due and payable immediately. If an Event of Default described in clauses (6) and (7) of Section 6.01 of the Original Indenture occurs, the principal amount of, premium, if
any, and accrued and unpaid interest on all Notes will automatically, and without any declaration or other act on the part of the Trustee or any Holder, become immediately due and payable. After the principal amount of the Notes shall have been so
declared due and payable (or shall have become immediately due and payable), and before a judgment or decree for payment of moneys due shall have been 

  
 A-10 

 
obtained or entered as provided in the Original Indenture, the Holders of a majority in principal amount of the Notes then outstanding, by written notice to the Company and the Trustee, may,
under certain circumstances, rescind and annul such declaration of acceleration and its consequences if any and all Events of Default, other than the non-payment of accelerated principal (or other specified
amount) and interest, if any, on such Notes have been remedied or waived as provided in the Indenture. 
 Subject to the provisions of the
Indenture relating to the duties of the Trustee in case an Event of Default shall occur and be continuing, the Trustee will be under no obligation to exercise any of its rights or powers under the Indenture at the request or direction of any of the
Holders, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee. Subject to such provisions for the indemnification of the Trustee and applicable law, the Holders of a majority in aggregate
principal amount of Notes then outstanding will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the
Notes. Except to enforce payment of the principal of or any premium or interest on a Note on or after the applicable due date specified in such Note, no Holder of a Note will have any right to pursue any remedy with respect to the Indenture or the
Notes, unless: (i) such Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes; (ii) the Holders of at least 25% in aggregate principal amount of the Notes then outstanding have
made written request, and such Holder or Holders have offered indemnity reasonably satisfactory to the Trustee to institute such proceeding; and (iii) the Trustee has failed to institute such proceeding, and has not received from the Holders of
a majority in aggregate principal amount of the Notes then outstanding a direction inconsistent with such request, within 60 days after such notice, request and offer. 

5. Amendment 
 Modifications and
amendments of the Indenture may be made by the Company and the Trustee without notice to any Holder but with the written consent of the Holders of at least a majority in aggregate principal amount of each affected series of Notes then outstanding
(including consents obtained in connection with a tender offer or exchange offer for such Notes); provided, however, that no such modification or amendment may, without the consent of the Holder of each Note affected thereby:
(i) reduce the principal amount of any Notes whose Holders must consent to an amendment, supplement or waiver; (ii) reduce the rate of or extend the time for payment of interest, including default interest, on any Note; (iii) reduce
the principal of or change the Stated Maturity of any Note; (iv) reduce the amount payable upon the redemption of any Note or change the time of any mandatory redemption or, in respect of an optional redemption, the times at which any Note may
be redeemed (excluding, for the avoidance of doubt, the number of days before a redemption date that a notice of redemption may be mailed to the holders) or, once notice of redemption has been given to the holders, the time at which it must
thereupon be redeemed; (v) make any Note payable in money other than that stated in the Note; (vi) waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes (except a rescission of
acceleration of the securities by the Holders of at least a majority in aggregate principal amount of then outstanding Notes and a waiver of the payment default that resulted from such acceleration); (vii) make any change in the provisions of the
Indenture relating to waivers of past Defaults or the rights of Holders to receive 

  
 A-11 

 
payments of principal of, or premium, if any, or interest on the Notes; (viii) waive a redemption payment with respect to any Note; or (ix) make any change in the sections of the
Original Indenture captioned “Waiver of Past Defaults” and “Rights of Holders to Receive Payment” or in the provisions described in this sentence. 

The Holders of the Notes, through the written consent of a majority in principal amount of the Notes then outstanding, may waive compliance by
the Company with certain covenants of the Indenture with respect thereto. The Holders of the Notes, through the written consent of a majority in principal amount of the Notes then outstanding, may waive any past default under the Indenture with
respect thereto, except: (i) a default in the payment of principal, premium or interest; (ii) a default arising from the failure to redeem or purchase any such Notes when required pursuant to the terms of the Indenture; and
(iii) certain covenants and provisions of the Indenture which cannot be amended without the consent of the Holder of each outstanding Note. 

With respect to the Notes, notwithstanding the preceding paragraphs, without the consent of any Holder of such Notes, the Company and the
Trustee may amend or supplement the Indenture or the Notes: (i) to cure any ambiguity, defect, omission or inconsistency; (ii) to provide for uncertificated Notes in addition to or in place of certificated Notes; (iii) to provide for
the assumption of the Company’s obligations to Holders of such Notes in the case of a merger or consolidation or sale of all or substantially all of the Company’s assets; (iv) to make any change that would provide any additional
rights or benefits to the Holders of such Notes or that does not adversely affect the legal rights under the Indenture of any such Holder; (v) to comply with requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act of 1939, as amended; (vi) to provide for the issuance of additional Notes in accordance with the limitations set forth in the Indenture; (vii) to appoint a successor Trustee with respect to the
Notes, (viii) to add or change any of the provisions of the Indenture necessary to provide for the administration of the trusts in the Indenture by more than one Trustee; or (ix) to conform the text of the Indenture or the Notes to any
provision of the section “Description of the Notes” in the prospectus supplement or the section “Description of Debt Securities” in the base prospectus relating to the initial offering of the Notes that is intended to be a
verbatim recitation of the terms of the Notes. 
 6. Change of Control 

If a Change of Control Triggering Event occurs, and the Company has not previously exercised its option to redeem the Notes, each Holder will
have the right to require that the Company repurchase all or a portion (in excess of $2,000 in integral multiples of $1,000) of such Holder’s Notes pursuant to a Change of Control Offer at a purchase price equal to 101% of the principal amount
thereof plus accrued and unpaid interest, if any, to, but not including, the date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). 

7. Obligations Absolute 
 No reference
herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at
the respective times, at the rate and in the coin or currency herein prescribed. 

  
 A-12 

 8. Sinking Fund 

The Notes shall not be redeemable at the option of any Holder thereof, upon the occurrence of any particular circumstances or otherwise. The
Notes will not have the benefit of any sinking fund. 
 9. Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in denominations of $2,000 principal amount and any integral multiple of $1,000 in
excess thereof. When Notes are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes, the Registrar shall register the
transfer or make the exchange in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in
connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.12, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the Ninth Supplemental Indenture).

 Neither the Company nor the Registrar shall be required: (a) to issue, register the transfer of or to exchange any Notes during a
period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to register the
transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and the next
succeeding Interest Payment Date. 
 10. Further Issues 

The Company may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (except for the issue date, price to public, the initial Interest Payment Date (if applicable) and the payment of interest accruing prior to the issue date of the
additional notes) so as to form a single series with the Notes. If any additional notes are not fungible with the Notes for U.S. federal income tax purposes, the additional notes will have separate CUSIP and ISIN numbers. 

11. Optional Redemption 
 The Notes will
not be redeemable at any time prior to September 1, 2021 (the date that is the first anniversary of the issue date thereof). 
 The
Notes will be redeemable, in whole or in part, at the option of the Company at any time on or after September 1, 2021, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued but unpaid
interest on the Notes to, but not including, the redemption date. 

  
 A-13 

 12. Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

13. No Recourse Against Others 
 No
director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

14. Discharge and Defeasance 
 Subject to
certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the Company deposits with the Trustee money and/or noncallable Government Securities for the
payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 
 15. Unclaimed Money 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or, if then held by the Company, shall be discharged
from such trust. Thereafter the Holder of such Note shall look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall
Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then
remaining will be repaid to the Company. 
 16. Trustee Dealings with the Company 

Subject to certain limitations imposed by the Trust Indenture Act, the Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same with like
rights. 

  
 A-14 

 17. Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

18. CUSIP Numbers 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

19. Governing Law 
 THE INDENTURE AND THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY. 
 The Company will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the
Indenture. 

  
 A-15 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 

(Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint             
agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 
 Date: 

Your Signature:
                                        
                                         
                                         
                                         
  

                          
(Sign exactly as your name appears on the face of this Note) 
 Tax Identification No.:
                                        
                                 

Signature Guarantee*:
                                         
                            
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-16 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 5.01 of the Ninth Supplemental Indenture, check the
box:  ☐ 
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 5.01 of the Ninth
Supplemental Indenture, state the amount you elect to have purchased: 
 $_______________ 

Date: 
 Your Signature:
                                        
                                         
                                         
                                         
  

                          
(Sign exactly as your name appears on the face of this Note) 
 Tax Identification No.:
                                        
                                 

Signature Guarantee*:
                                         
                            
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-17 

 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of decrease in
Principal Amount of

this Global Note
	 	 Amount of increase in
Principal Amount

of this Global Note
	 	 Principal Amount of

this Global Note
 following
such
 decrease or increase
	 	 Signature of authorized
signatory of Trustee
or
Custodian

  
 A-18Exhibit 4.10 

        

      

      AMENDED AND RESTATED

      

      

      STOCKHOLDERS AGREEMENT

      

      

      by and among

      

      

      THRYV HOLDINGS, INC.

      

      

      and

      

      

      THE OTHER PARTIES NAMED HEREIN

      

      

      Dated as of [●], 2020
        

    

    
      
        

    

    TABLE OF CONTENTS

    

    

    	 	 	
            Page

          
	 	 	 
	
            Article I

          	
            Definitions

          	
            1

          
	
            Section 1.1

          	
            Certain Definitions

          	
            1

          
	
            Section 1.2

          	
            Interpretive Provisions

          	
            5

          
	 	 	 
	
            Article II

          	
            Corporate Governance

          	
            6

          
	
            Section 2.1

          	
            Board of Directors

          	
            6

          
	 	 	 
	
            Article III

          	
            Registration Rights

          	
            8

          
	
            Section 3.1

          	
            Demand Registration

          	
            8

          
	
            Section 3.2

          	
            Piggyback Registration

          	
            12

          
	
            Section 3.3

          	
            Certain Information

          	
            13

          
	
            Section 3.4

          	
            Expenses

          	
            14

          
	
            Section 3.5

          	
            Registration and Qualification

          	
            14

          
	
            Section 3.6

          	
            Underwriting; Due Diligence

          	
            16

          
	
            Section 3.7

          	
            Indemnification and Contribution

          	
            17

          
	
            Section 3.8

          	
            Rule 144 Information

          	
            20

          
	
            Section 3.9

          	
            Grant of Additional Registration Rights

          	
            20

          
	
            Section 3.10

          	
            Holdback Agreement

          	
            20

          
	
            Section 3.11

          	
            Termination

          	
            20

          
	 	 	 
	
            Article IV

          	
            Representations and Warranties

          	
            21

          
	
            Section 4.1

          	
            Existence; Authority; Enforceability

          	
            21

          
	
            Section 4.2

          	
            Absence of Conflicts

          	
            21

          
	
            Section 4.3

          	
            Consents

          	
            21

          
	 	 	 
	
            Article V

          	
            General

          	
            21

          
	
            Section 5.1

          	
            Assignment

          	
            21

          
	
            Section 5.2

          	
            Term and Effectiveness

          	
            22

          
	
            Section 5.3

          	
            Severability

          	
            22

          
	
            Section 5.4

          	
            Entire Agreement; Amendment

          	
            22

          
	
            Section 5.5

          	
            Counterparts

          	
            23

          
	
            Section 5.6

          	
            Governing Law

          	
            23

          
	
            Section 5.7

          	
            Waiver of Jury Trial; Consent to Jurisdiction

          	
            23

          
	
            Section 5.8

          	
            Specific Enforcement

          	
            24

          
	
            Section 5.9

          	
            Notices

          	
            24

          
	
            Section 5.10

          	
            Binding Effect; Third Party Beneficiaries

          	
            25

          
	
            Section 5.11

          	
            Further Assurances

          	
            25

          
	
            Section 5.12

          	
            Table of Contents, Headings and Captions

          	
            25

          
	
            Section 5.13

          	
            No Recourse

          	
            25

          
	 	 	 
	
            Annex A – Form of Joinder Agreement

             	 

    
      
        

    

    
    AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

    

    

    This AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (as amended, supplemented or restated from time to time, this “Agreement”) is entered into as of [●], 2020 (the ”Effective Date”), by
      and among (i) Thryv Holdings, Inc., a Delaware corporation (the “Company”), (ii) [Mudrick entity], a [●] (the “Mudrick Entity”), (iii) [GoldenTree entity], a [●] (the “GoldenTree Entity”), (iv) [Paulson entity], a [●] (the “Paulson
        Entity”), and (v) [Cerberus entity], a [●] (the “Cerberus Entity”, and together with the Mudrick Entity, the GoldenTree Entity and the Paulson Entity, each a “Stockholder” and collectively the “Stockholders”).

    

    

    RECITALS

    

    

    WHEREAS, the Company and the Stockholders are party to that certain Stockholders Agreement, dated July 29, 2016 (as amended, the “Original Agreement”).

    

    

    WHEREAS, in connection with the Company’s proposed Public Listing (as defined below), the Original Agreement will terminate in accordance with Section 3.13 of the Original Agreement, provided,
      that certain provisions will survive and the Stockholders and the Company now desire to amend and restate the Original Agreement in its entirety pursuant to Section 7.5 of the Original Agreement for the purpose of providing for certain rights and
      obligations of the Company and the Stockholders upon and after the consummation of the Public Listing.

    

    

    NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and
      intending to be legally bound, the parties hereby agree as follows:

    

    

    ARTICLE I

    

    

    DEFINITIONS

    

    

    Section 1.1          Certain Definitions.  As used in this Agreement, the following definitions shall apply:

    

    

    “5% Stockholder” means each Stockholder Group with an Aggregate Ownership of at least 5% of the issued and outstanding shares of Common Stock as of such date.

    

    

    “Affiliate” means, when used with reference to any specified Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under
      common control with such specified Person and, in respect of any Stockholder, any investment fund, vehicle or holding company of which such Stockholder or any Affiliate of such Stockholder serves as the general partner, managing member or
      discretionary manager or advisor; provided, that none of the Company or its Subsidiaries shall be deemed to be an Affiliate of the Stockholders; provided, further, that no portfolio company of any Stockholder or of any
      Affiliate of such Stockholder shall be considered an Affiliate of such Stockholder.

    

    

    “Aggregate Ownership” means, with respect to any Stockholder Group, the total number of shares of Common Stock Beneficially Owned, in the aggregate and without duplication, by such Stockholder
      Group as of the date of such calculation.

    
      1

      
        

    

    “Agreement” has the meaning set forth in the Preamble.

    

    

    “Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405 (or any successor rule then in effect) promulgated under the Securities Act.

    

    

    “Beneficially Owned” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.

    

    

    “Board” means the board of directors of the Company.

    

    

    “Business Day” means a day other than a Saturday, Sunday or other day on which banks located New York City, New York are authorized or required by law to close.

    

    

    “Bylaws” means the Second Amended and Restated Bylaws of the Company, as may be amended, modified or supplemented or amended and restated and in effect from time to time.

    

    

    “Cerberus” means [Cerberus Capital Management L.P.]

    

    

    “Cerberus Parties” means Cerberus, the Cerberus Entity and their Affiliates, in each case so long as any such Cerberus Party (i) is managed, sponsored, controlled or advised by an investment
      fund affiliated with Cerberus and (ii) owns Company Securities.

    

    

    “Certificate of Incorporation” means the Fourth Amended and Restated Certificate of Incorporation of the Company, as may be amended, modified or supplemented or amended and restated and in
      effect from time to time, including any certificates of correction or amendment thereto that are filed with the Delaware Secretary of State.

    

    

    “Common Stock” means the common stock of the Company, par value $0.01 per share (or any successor of the Company by merger, consolidation or other reorganization) and any stock into which any
      such common stock shall have been changed or any stock resulting from any reclassification of any such common stock.

    

    

    “Company” has the meaning set forth in the Preamble.

    

    

    “Company Securities” means (i) the Common Stock and (ii) securities then convertible into, or exercisable or exchangeable for, Common Stock.

    

    

    “Demand Registration Notice” has the meaning set forth in Section 3.1(a).

    

    

    “Director” means any of the individuals elected or appointed to serve on the Board.

    

    

    “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations of the SEC promulgated thereunder, all as the same shall
      be in effect from time to time.

    

    

    “FINRA” means the Financial Industry Regulatory Authority.

    

    

    “GoldenTree” means GoldenTree Asset Management LP.

    
      2

      
        

    

    “GoldenTree Parties” means the GoldenTree, the GoldenTree Entity and their Affiliates, in each case so long as any such GoldenTree Party (i) is managed, sponsored, controlled or advised by an
      investment fund affiliated with GoldenTree and (ii) owns Company Securities.

    

    

    “Governing Documents” means the Certificate of Incorporation and the Bylaws.

    

    

    “Initial Requesting Holder” means, with respect to any registration of Registrable Securities that is requested pursuant to Section 3.1(a), the Stockholder or Stockholders (as the case
      may be) who made the underlying Registration Demand.

    

    

    “Losses” has the meaning set forth in Section 3.7.

    

    

    “Mudrick” means Mudrick Capital Management, L.P.

    

    

    “Mudrick Parties” means Mudrick, the Mudrick Entity their Affiliates, in each case so long as any such Mudrick Party (i) is managed, sponsored, controlled or advised by an investment fund
      affiliated with Mudrick and (ii) owns Company Securities.

    

    

    “Necessary Action” means, with respect to a specified result, all actions (to the extent such actions are permitted by law and by the Governing Documents) necessary to cause such result,
      including (i) voting or providing a written consent or proxy with respect to the Company Securities, (ii) causing the adoption of shareholders’ resolutions and amendments to the Governing Documents, (iii) executing agreements and instruments, and
      (iv) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result.

    

    

    “Nominating Stockholder Group” has the meaning set forth in Section 2.1(b).

    

    

    “Paulson” means Paulson & Co. Inc.

    

    

    “Paulson Parties” means Paulson, the Paulson Entity and their Affiliates, in each case so long as any such Paulson Party (i) is managed, sponsored, controlled or advised by an investment fund
      affiliated with Paulson and (ii) owns Company Securities.

    

    

    “Person” means an individual, a corporation, a partnership, a limited liability company, a trust, an incorporated or unincorporated association, a joint venture, a joint stock company or any
      other legal entity or body, or a governmental agency or political subdivision thereof.

    

    

    “Piggyback Registration” means any proposed filing of a Registration Statement with respect to Company Securities that requires the Company to provide the Stockholders with a Piggyback
      Registration Notice.

    

    

    “Piggyback Registration Notice” has the meaning set forth in Section 3.2(a).

    

    

    “Piggyback Registration Request” has the meaning set forth in Section 3.2(a).

    

    

    “Public Offering” means any (a) Public Listing or (b) bona fide firm commitment underwritten sale of Common Stock to the public pursuant to an effective Registration Statement.

    
      3

      
        

    

    “Public Listing” means the public listing of the shares of Common Stock pursuant to an effective Registration Statement and the Company becomes required under the Exchange Act to file reports
      pursuant thereto.

    

    

    “Registrable Securities” means all shares of Common Stock issued by the Company to a Stockholder, any additional shares of Common Stock held by a Stockholder (including Common Stock acquired
      upon the exercise of any preemptive rights and upon exercise of options or settlement of other awards issued by the Company) and any additional securities issued or distributed by way of a dividend or other distribution in respect of any such shares
      of Common Stock; provided, that such Registrable Securities shall cease to be Registrable Securities (i) upon any sale pursuant to a Registration Statement or Rule 144 (or any successor provision) under the Securities Act and (ii) upon repurchase by
      the Company.

    

    

    “Registration Demand” has the meaning set forth in Section 3.1(a).

    

    

    “Registration Expenses” means any and all expenses incident to the performance of or compliance with Article III, including (i) the fees, disbursements and expenses of the Company’s
      counsel and accountants (including the expenses of any annual audit letters and “cold comfort” letters required or incidental to the performance of such obligations), (ii) the reasonable fees and disbursements of one counsel for all of the Selling
      Holders, which counsel shall be selected by the Company and be reasonably acceptable to holders of a majority of the Registrable Securities to be registered on the Registration Statement, (iii) all expenses, including filing fees, in connection with
      the preparation, printing and filing of the Registration Statement, any free writing, preliminary prospectus or final prospectus, any other offering document and amendments and supplements thereto and the mailing and delivering of copies thereof to
      any underwriters and dealers, (iv) the cost of printing or producing any agreements among underwriters, underwriting agreements, any selling agreements and any other documents in connection with the offering, sale or delivery of the securities to be
      disposed of, (v) all expenses in connection with the qualification of the securities to be disposed of for offering and sale under state securities laws, (vi) the filing fees incidental to securing any required review by FINRA of the terms of the
      sale of the securities to be disposed of, (vii) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, (viii) all security engraving and security printing
      expenses, (ix) all fees and expenses payable in connection with the listing of the securities on any national securities exchange and (x) all rating agency fees.

    

    

    “Registration Request” has the meaning set forth in Section 3.1(a).

    

    

    “Registration Statement” means a registration statement under the Securities Act that is filed by the Company with the SEC for a public offering and sale of securities of the Company, other
      than a registration statement on Form S-8 or Form S-4 or any successor forms thereto.

    

    

    “Requesting Holder” means, with respect to any Registration Statement that is used to register Registrable Securities pursuant to Article III, any Stockholder who is an Initial
      Requesting Holder or timely submits a Registration Request pursuant to Section 3.1, or any Stockholder who timely submits a Piggyback Registration Request pursuant to Section 3.2.

    

    

    “Responsible Requesting Holder” has the meaning set forth in Section 3.5.

    
      4

      
        

    

    “Rule 144” means Rule 144 under the Securities Act, and any successor rule or regulation hereafter adopted by the SEC.

    

    

    “SEC” means the United State Securities and Exchange Commission.

    

    

    “Securities Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations of the SEC promulgated thereunder, all as the same shall be in
      effect from time to time.

    

    

    “Selling Holder” means, with respect to any Registration Statement that is used to register Registrable Securities pursuant to Article III, any Stockholder who Beneficially Owns
      Registrable Securities included in such Registration Statement.

    

    

    “Shelf Registration Statement” has the meaning set forth in Section 3.1(d)(i).

    

    

    “Stockholder(s)” has the meaning set forth in the Preamble.

    

    

    “Stockholder Group” means each of the Mudrick Parties, the GoldenTree Parties, the Paulson Parties and the Cerberus Parties, severally and not jointly.

    

    

    “Stock Exchange” means the New York Stock Exchange or other national securities exchange or interdealer quotation system on which the shares of Common Stock is at any time listed or quoted.

    

    

    “Underwriter’s Maximum Number” has the meaning set forth in Section 3.1(j).

    

    

    “Underwriting Agreement” has the meaning set forth in Section 3.6(a).

    

    

    “Well-Known Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under the Securities Act (or any successor rule
      then in effect).

    

    

    Section 1.2          Interpretive Provisions.  The words “hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to
      any particular provision of this Agreement.  The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.  References to Articles and Sections are to Articles and Sections of
      this Agreement unless otherwise specified.  Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.  Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall
      be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import.  “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words
      (including electronic media) in a visible form.  References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder.  References to any agreement or contract are to
      that agreement or contract as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof.  References to any Person include the successors and permitted assigns of that Person.  References
      from or through any date mean, unless otherwise specified, from and including or through and including, respectively.  References in this Agreement to a number or percentage of shares, units or other equity interests shall take into account and give
      effect to any split, combination, dividend or recapitalization of such shares, units or other equity interests, as applicable.

    
      5

      
        

    

    ARTICLE II

    

    

    CORPORATE GOVERNANCE

    

    

    Section 2.1          Board of Directors.

    

    

    (a)          Size.  As of the Effective Date, the total number of Directors on the Board shall be nine (9), which shall initially consist of the following individuals [●]; [●]; [●]; [●]; [●];
      [●]; [●]; [●] and [●] and shall thereafter be increased or decreased as determined by the Board from time to time in accordance with this Agreement and the Governing Documents.

    

    

    (b)          Composition.  Subject to Section 2.1(a), the composition of the Board shall be as follows:

    

    

    (i)          So long as the Aggregate Ownership of any one of the Mudrick Parties, GoldenTree Parties or Paulson Parties (each a “Nominating Stockholder Group”) constitutes at least 10% of
      the outstanding shares of Common Stock, such Nominating Stockholder Group shall have the right to designate for nomination one Director for every 10% of the outstanding shares of Common Stock that are held by such Nominating Stockholder Group as of
      the date of calculation (each such individual so designated, a “Director Nominee”).  For the avoidance of doubt, as of the Effective Date:

    

    

    A.          the Mudrick Parties shall have the right to designate six (6) Director Nominees for so long as the Aggregate Ownership of the Mudrick Parties shall constitute at least sixty percent
      (60%) of the issued and outstanding shares of Common Stock;

    

    

    B.          the GoldenTree Parties shall have the right to designate one (1) Director Nominee for so long as the Aggregate Ownership of the GoldenTree Parties shall constitute at least ten percent
      (10%) of the issued and outstanding shares of Common Stock; and

    

    

    C.          the Paulson Parties shall have the right to designate one (1) Director Nominee for so long as the Aggregate Ownership of the Paulson Parties shall constitute at least ten percent (10%)
      of the issued and outstanding shares of Common Stock.

    

    

    provided, that, notwithstanding the foregoing, upon any date on which the Aggregate Ownership of any Nominating Stockholder Group falls below 10% of the issued and outstanding shares of
      Common Stock, such Nominating Stockholder Group’s right to nominate any Directors to the Board shall automatically terminate and any subsequent increase in the Aggregate Ownership of such Nominating Stockholder Group to, or in excess of, 10% shall
      not entitle such Nominating Stockholder Group to any rights under this Article II; and

    

    

    (ii)          other than as expressly set forth in this Agreement, each additional designee to the Board shall be filled as provided in the Governing Documents.

    
      6

      
        

    

    (c)          Nominations.  With respect to any Director to be nominated by any Nominating Stockholder Group other than the initial Directors listed in Section 2.1(a), a Nominating
      Stockholder Group shall nominate its Director or Directors by delivering to the Company its written statement at least 60 days prior to the annual meeting of the Company where such Nominating Stockholder Group is entitled to nominate its Director or
      Directors and setting forth such Director’s or Directors’ business address, telephone number, facsimile number and e-mail address; provided, that if a Nominating Stockholder Group shall fail to deliver such written notice, such Nominating Stockholder
      Group, shall be deemed to have nominated the Director(s) previously nominated (or designated pursuant to this Section 2.1(c)) by such Nominating Stockholder Group who is/are currently serving on the Board.

    

    

    (d)          Company Obligations. The Company hereby agrees to take all Necessary Action to effectuate this Section 2.1 by (A) including the Director Nominees of each Nominating
      Stockholder Group nominated pursuant to this Section 2.1 as the nominees to the Board on each slate of nominees for election of the Board included in the Company’s annual meeting proxy statement (or consent solicitation or similar document),
      (B) recommending the election of such Director Nominees to the stockholders of the Company and (C) without limiting the foregoing, using its reasonable best efforts to cause such Director Nominees to be elected to the Board, including providing at
      least as high a level of support for the election of such Director Nominees as it provides to any other individual standing for election as a Director.

    

    

    (e)          Removal; Vacancies.

    

    

    (i)          In the event that a Nominating Stockholder Group has nominated less than the total number of Director Nominees that such Nominating Stockholder Group is entitled to nominate pursuant to
      this Section 2.1, such Nominating Stockholder Group shall have the right, at any time, to nominate such additional Director Nominees to which it is entitled, in which case the Nominating Stockholder Group and the Company shall take, or cause
      to be taken, all Necessary Action to (A) increase the size of the Board as required to enable the Nominating Stockholder Group to so nominate such additional Director Nominees and (B) appoint such additional Director Nominees of the Nominating
      Stockholder Group to such newly created directorships.

    

    

    (ii)          If at any time the number of Director Nominees that a Nominating Stockholder Group is entitled to designate pursuant to this Section 2.1 is less than the number of Director
      Nominees on the Board, such Nominating Stockholder Group shall cause the required number of directors to (i) immediately offer to resign from the Board and the Board will consider whether to accept such resignation or (ii) if such Director has not
      resigned, will not stand for reelection on or prior to the Company’s next annual meeting of the stockholders at which Directors of the Board are to be elected.

    

    

    (iii)          If any Director previously nominated by a Nominating Stockholder Group dies or is unwilling or unable to serve as such or otherwise resigns from office, then the Nominating
      Stockholder Group who previously nominated such Director shall promptly nominate a successor to such Director, in accordance with this Section 2.1; but if none of the Nominating Stockholder Groups are entitled to fill such vacant Director
      position(s), such vacant Director position(s) shall be filled by the Board in accordance with the Governing Documents.

    
      7

      
        

    

    (iv)          Except as set forth in this Section 2.1(e), (i) Directors shall serve until their resignation or removal or until their successor is nominated and (ii) any other vacant
      Director position(s) shall be filled by the Board, or the Board shall nominate a replacement Director, in each case in accordance with the Governing Documents.

    

    

    ARTICLE III

    

    

    REGISTRATION RIGHTS

    

    

    Section 3.1          Demand Registration.

    

    

    (a)          Requests for Registration.  Subject to Section 3.1(b) and the other terms of this Article III, any 5% Stockholder shall have the right to, in each case, pursuant
      to Section 3.1(c) or Section 3.1(d), request the Company to effect the registration under and in accordance with the provisions of the Securities Act of the offering of all or any portion of the Registrable Securities Beneficially
      Owned by such 5% Stockholder, by submitting a written request of such registration and specifying the amount of Registrable Securities proposed to be registered and the intended method (or methods) and plan of disposition thereof, including whether
      such requested registration is to involve an underwritten offering (a “Registration Demand”).  The Company shall give prompt written notice thereof (a “Demand Registration Notice”) (and in any event within ten (10) Business Days from
      the date of receipt of such Registration Demand) to each of the other 5% Stockholders, each of whom shall be entitled to elect to include, subject to the terms and conditions set forth in this Article III, Registrable Securities Beneficially
      Owned by it in the Registration Statement to which a Demand Registration Notice relates, by submitting a written request to the Company (a “Registration Request”) within fifteen (15) days after the date of such Demand Registration Notice,
      specifying the number of Registrable Securities that such Stockholder intends to dispose of pursuant to such Registration Statement.  Except as otherwise provided in this Agreement, the Company shall prepare and use its reasonable best efforts to
      file with the SEC, within ninety (90) days after the date of the applicable Registration Demand, a Registration Statement with respect to the following (in either case subject to Section 3.1(j) if the Registrable Securities will be sold in an
      underwritten offering):  (i) all Registrable Securities of the Initial Requesting Holder included in such Registration Demand and (ii) all Registrable Securities that other Stockholders elect to include in such Registration Statement, pursuant to one
      or more timely submitted Registration Requests.  Thereafter, the Company shall use its reasonable best efforts, in accordance with Section 3.5, to effect the registration of the offering of such Registrable Securities under the Securities Act
      and applicable state securities laws, for disposition in accordance with the intended method or methods of disposition stated in the underlying Registration Demand.  Subject to Section 3.1(j), the Company may include in such Registration
      Statement such number of Registrable Securities as the Company proposes to offer and sell for its own account or the account of any other Person.

    

    

    (b)          Limitation on Demand Registration.  Notwithstanding anything to the contrary in this Section 3.1, no 5% Stockholder may make a Registration Demand until the earliest to
      occur of (i) the six-month anniversary of the Company’s Public Listing and (ii) the date on which the Board approves the making of a Registration Demand pursuant to this Section 3.1, provided, that, notwithstanding the foregoing, a 5%
      Stockholder may only make a Registration Demand pursuant to Section 3.1(c) if the Company is preparing or has a Shelf Registration Statement on file with the SEC in accordance with Section 3.1(d).

    
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    (c)          Form S-1 Registration.  Subject to the terms and conditions of this Article III, any 5% Stockholder, shall have the right to submit a Registration Demand to effect the
      registration on Form S-1 (or any successor form) of all or any portion of the Registrable Securities held by such Stockholders; provided, that the 5% Stockholders, shall, collectively, be limited to three such Registration Demands.  Any
      registration pursuant to such a Registration Demand may, if so requested in the underlying Registration Demand, be a “shelf” registration for an offering of Registrable Securities on a continuous or delayed basis pursuant to Rule 415 under the
      Securities Act (or any successor rule that is subsequently adopted by the SEC).  For the avoidance of doubt, the Company shall not be required to effect a registration of Registrable Securities pursuant to this Section 3.1(c) if the Company
      is preparing or has a Shelf Registration Statement on file with the SEC in accordance with Section 3.1(d).

    

    

    (d)          Registration; Shelf Registration.

    

    

    (i)          Subject to the terms and conditions of this Article III, as soon as reasonably practicable after the Company is eligible to use Form S-3 (or any successor form) as a “shelf”
      registration on a continuous basis pursuant to Rule 415 under the Securities Act (or any successor rule that is subsequently adopted by the SEC) for the registration of all the Registrable Securities of the Stockholders for resale (a "Shelf
        Registration Statement"), the Company shall prepare and file with the SEC a Shelf Registration Statement and shall use its commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective under the Securities
      Act as soon as practicable after filing.  The Company shall use its commercially reasonable efforts to keep such Shelf Registration Statement continuously effective until such date on which all Registrable Securities included in such Shelf
      Registration Statement have been sold pursuant to the Shelf Registration Statement or another Registration Statement is filed under the Securities Act.

    

    

    (ii)          Further, upon the Company becoming a Well-Known Seasoned Issuer, (i) the Company shall give written notice to all of the 5% Stockholders as promptly as reasonably practicable, and such
      notice shall describe, in reasonable detail, the basis on which the Company has become a Well-Known Seasoned Issuer, and (ii) the Company shall, as promptly as practicable, register, under an Automatic Shelf Registration Statement, the sale of all of
      the Registrable Securities in accordance with the terms of this Agreement. The Company shall use commercially reasonable efforts to file such Automatic Shelf Registration Statement as promptly as practicable, but in no event later than 90 days after
      it becomes a Well-Known Seasoned Issuer, and take commercially reasonable efforts to cause such Automatic Shelf Registration Statement to remain effective thereafter (subject to applicable securities laws).  Notwithstanding the foregoing, in the
      event that an effective Shelf Registration Statement or Automatic Shelf Registration Statement is not on file, each 5% Shareholder shall have the right, subject to terms and conditions of this Article III, to submit a Registration Demand pursuant to
      Section 3.1(c) or a Registration Demand for the Company to file a Shelf Registration.

    

    

    (e)          Delay for Disadvantageous Condition.  If, in connection with any requested or ongoing registration pursuant to a Registration Demand and in addition to any limitations set forth
      in Section 3.1(f), the Company provides a certificate to the Requesting Holders, signed by the Chief Executive Officer of the Company and stating that, in the good faith judgment of the Board, it would be materially detrimental to the Company
      or its Stockholders for such Registration Statement either to become effective or to remain effective for as long as such Registration Statement otherwise would be required to remain effective, or if the Company is prohibited by the terms of any
      applicable underwriting or securities purchase agreement, then the Company shall have the right to defer taking action with respect to such Registration Statement and any time periods with respect to filing or effectiveness thereof shall be tolled
      correspondingly; provided, however, that (i) the aggregate number of days in all such delay periods in any period of twelve (12) consecutive months shall not exceed one hundred and thirty five (135) days and (ii) at least thirty (30)
      days shall elapse between the termination of any delay period and the commencement of the immediately succeeding delay period.

    
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    (f)          Limitation on Successive Registrations and Underwritten Offerings.  The Company shall not be required to effect a registration of Registrable Securities pursuant to Section
        3.1(c) or Section 3.1(d) for a period of ninety (90) days immediately following the effective date of any Registration Statement filed pursuant to this Section 3.1 and in no event shall the Company be required to file more than
      three (3) Registration Statements pursuant to Section 3.1(d) during any 12 month period.  Without limiting the foregoing, in addition, in no event shall the Company have the obligation to effect more than three (3) underwritten offerings
      pursuant to this Section 3.1, and, provided, further, the Company shall not be required to effect an underwritten offering if the Company determines in good faith with the consent a majority of the Board that pursuing an underwritten
      offering is not in the best interests of the Company.

    

    

    (g)          Demand Withdrawal.  With respect to any registration requested pursuant to this Section 3.1, (i) the Initial Requesting Holder who submitted the underlying Registration
      Demand may withdraw such Registration Demand and (ii) any Requesting Holder may withdraw its Registrable Securities from such registration, in either case by providing written notice to the Company at any time (x) in the case of an underwritten
      offering, prior to the filing of the preliminary prospectus pursuant to such registration, and (y) in the case of non-underwritten offering, prior to the effective date of the Registration Statement relating to such Registration Demand.  If all of
      the Registrable Securities to be included in the registration pursuant to any Registration Demand are so withdrawn, then such Registration Demand shall be deemed withdrawn.  In the event of any such actual or deemed withdrawal of a Registration
      Demand, the Company shall cease all efforts to effect the registration of the Registrable Securities requested to be included in such registration, without liability to any Requesting Holder.  Such registration will be deemed to have been effected
      (including for purposes of Section 3.1(c) and Section 3.1(d), with respect to a Registration Demand made thereunder) unless (A) each Requesting Holder who has withdrawn its Registration Demand or has withdrawn all of its Registrable
      Securities from such registration has paid (or reimbursed the Company for), pursuant to Section 3.4, its pro rata share (based on a fraction, the numerator of which is the number of Registrable Securities that such Requesting Holder asked to
      be included in such withdrawn registration and the denominator of which is the aggregate number of Registrable Securities that all Requesting Holders, collectively, requested to be included in such withdrawn registration) of the Registration Expenses
      incurred by the Company in connection with such withdrawn registration; provided, that if any revocation was based on the Company’s failure to comply in any material respect with its obligations hereunder, such reimbursement of Registration
      Expenses shall not be required or (B) the withdrawal is made following the occurrence of a material adverse change in the business or financial condition of the Company that is made known to the Initial Requesting Holder after the date of the
      applicable Registration Demand, or (C) if the registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court for any reason other than a misrepresentation or omission by
      any Requesting Holder; provided, that if any such stop order, injunction, order or requirement is issued or imposed as a result of any misrepresentation or omission by any Requesting Holder(s), the Responsible Requesting Holder(s) shall be
      solely responsible for paying (or reimbursing the Company for) all of the Registration Expenses to be paid or reimbursed to the Company pursuant to Section 3.4.

    
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    (h)          Effective Registration.  Notwithstanding anything to the contrary in this Agreement, except to the extent expressly set forth in Section 3.1(g), a Registration Statement
      filed pursuant to this Section 3.1 shall not be deemed to have been requested or effected (including for purposes of Section 3.1(c) and Section 3.1(d), with respect to a Registration Demand made thereunder) unless it has been
      declared effective by the SEC and shall have remained effective for 180 days (excluding any periods of time during which such Registration Statement is tolled or suspended pursuant to Section 3.1(e) or Section 3.6(c)) or such shorter
      period as may be required to sell all Registrable Securities included in such Registration Statement; provided, that in the case of any registration of Registrable Securities that are intended to be offered on a continuous or delayed basis,
      such 180-day period shall be extended, if necessary, to keep the Registration Statement effective until all such Registrable Securities are sold.  In no event shall a registration be deemed to have been effected if (i) after the Registration
      Statement has been declared effective by the SEC, such registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court, for any reason other than a misrepresentation or an
      omission by any Requesting Holder and, as a result thereof, the Registrable Securities requested to be registered therein cannot be completely distributed in accordance with the plan of distribution set forth in such Registration Statement or (ii)
      the conditions to closing the sale of Registrable Securities specified in any purchase agreement or Underwriting Agreement, which agreement was entered into in connection with such registration for the purpose of distributing Registrable Securities
      in accordance with the plan of distribution set forth in the applicable Registration Statement, are not satisfied or waived other than solely by reason of some act or omission by any Requesting Holder.

    

    

    (i)          Selection of Underwriters.  Subject to Section 3.1(f), any registration of Registrable Securities pursuant to this Section 3.1 may, if so requested in the
      underlying Registration Demand by the 5% Stockholder, be effected as an underwritten offering, and in such event the Company shall have the right to select the managing underwriter or underwriters for the offering; provided, that such
      underwriter or underwriters shall be reasonably acceptable to the Requesting Holder(s).

    

    

    (j)          Priority.  If a registration under this Section 3.1 involves an underwritten offering  and the managing underwriter(s) in its good faith judgment advises the Company that
      the number of Registrable Securities requested to be included in the Registration Statement by the Requesting Holders exceeds the number of securities that can be sold without adversely affecting the price, timing, distribution or sale of securities
      in the offering (the “Underwriter’s Maximum Number”), the Company shall be required to include in such Registration Statement only such number of securities as is equal to the Underwriter’s Maximum Number and the Company and the Requesting
      Holders shall participate in such offering in the following order of priority:

    
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    (i)          First, the Company shall be obligated and required to include in the Registration Statement the number of Registrable Securities that the Requesting Holder(s) have requested to be
      included in the Registration Statement and that does not exceed the Underwriter’s Maximum Number; provided, that if there are multiple Requesting Holders, the Registrable Securities to be included in the Registration Statement shall be
      allocated among all such Requesting Holders in proportion, as nearly as practicable, to the respective number of Registrable Securities held by them on the date of the underlying Registration Demand.  If any Requesting Holder would thus be entitled
      to include more Registrable Securities than it requested to be registered, the excess shall be allocated among other Requesting Holders pro rata in the manner described in the preceding sentence.

    

    

    (ii)          Second, the Company shall be entitled to include in such Registration Statement such number of Registrable Securities as the Company proposes to offer and sell for its own
      account or the account of any other Person to the full extent of the remaining portion of the Underwriter’s Maximum Number.

    

    

    Section 3.2          Piggyback Registration.

    

    

    (a)          Notice of Registrations.  In the event that the Company proposes to file a Registration Statement with respect to Registrable Securities (other than a Registration Statement (i)
      filed in connection with the Company’s initial Public Offering, (ii) filed pursuant to Section 3.1, or (iii) filed solely in connection with a dividend reinvestment plan or an employee benefit plan covering only officers or directors of the
      Company or its Affiliates), whether or not for sale for its own account, the Company shall provide each Stockholder with written notice of its intention to do so (a “Piggyback Registration Notice”) at least thirty (30) days prior to filing
      such Registration Statement.  Any Stockholder may elect to include Registrable Securities Beneficially Owned by it in the Registration Statement to which a Piggyback Registration Notice relates, by submitting a written request (a “Piggyback
        Registration Request”) to the Company within fifteen (15) days after the date of such Piggyback Registration Notice, specifying the number of Registrable Securities that such Stockholder intends to dispose of pursuant to such Registration
      Statement, and the intended method of disposition thereof.  The Company shall use its reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities that Stockholders have requested, pursuant to timely
      submitted Piggyback Registration Requests, to be included in the Registration Statement to which the underlying Piggyback Registration Notice relates.

    

    

    (b)          Withdrawal of Registration.  If, at any time after the Company provides a Piggyback Registration Notice and prior to the effective date of any Registration Statement filed in
      connection therewith, the Company shall determine for any reason not to register the Registrable Securities to which such Piggyback Registration Notice relates, the Company may, in its sole discretion, give the Requesting Holders written notice of
      such determination and thereupon shall be relieved of its obligation to register any Registrable Securities that the Requesting Holders requested to be registered pursuant to a Piggyback Registration Request delivered in response to such Piggyback
      Registration Notice.  Each Stockholder shall be permitted to withdraw all or any portion of the Registrable Securities of such Stockholder from a Piggyback Registration at any time prior to the effective date of such Piggyback Registration.

    
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    (c)          Priority.  If a registration under this Section 3.2 involves an underwritten offering and the managing underwriter(s) in its good faith judgment advises the Company that
      the number of Registrable Securities requested to be included in the Registration Statement by the Requesting Holders exceeds the Underwriter’s Maximum Number, the Company shall be required to include in such Registration Statement only such number
      of Registrable Securities as is equal to the Underwriter’s Maximum Number and the Company and the Requesting Holders shall participate in such offering in the following order of priority:

    

    

    (i)          First, the Company shall be entitled to include in such Registration Statement the Registrable Securities that the Company proposes to offer and sell for its own account in such
      registration and that does not exceed the Underwriter’s Maximum Number.

    

    

    (ii)          Second, the Company shall be obligated and required to include in such Registration Statement that number of Registrable Securities that the Requesting Holders have,
      collectively, requested to be included in such offering, to the full extent of the remaining portion of the Underwriter’s Maximum Number; provided, that if such number of Registrable Securities exceeds the remaining portion of the
      Underwriter’s Maximum Number, the Registrable Securities to be included in such offering shall be allocated among all of the Requesting Holders, in proportion, as nearly as practicable, to the respective number of Registrable Securities held by them
      on the date of the underlying Piggyback Registration Notice.  If any Requesting Holder would thus be entitled to include more Registrable Securities than it requested to be registered, the excess shall be allocated among other Requesting Holders pro
      rata in the manner described in the preceding sentence.

    

    

    (iii)          Third, the Company shall be entitled to include in such Registration Statement that number of Registrable Securities that the Company proposes to offer and sell for the account
      of any other Person, to the full extent of any remaining portion of the Underwriter’s Maximum Number.

    

    

    (d)          Not a Demand Registration.  No registration of Registrable Securities effected under this Section 3.2 shall relieve the Company of its obligation to effect any
      registration of Registrable Securities pursuant to Section 3.1.

    

    

    Section 3.3          Certain Information.  In connection with any request for registration pursuant to Section 3.1 or Section 3.2, each Selling Holder shall furnish to the
      Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such Registrable Securities as the Company shall reasonably request, to the extent required to complete the filing of such
      Registration Statement in accordance with applicable law (including the Securities Act and any state securities or “blue sky” laws).

    
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    Section 3.4          Expenses.  Except as expressly provided otherwise in this Agreement, if the Company is required to effect the registration of any Registrable Securities pursuant to Section
        3.1 or Section 3.2, the Company shall pay all Registration Expenses with respect to such registration; provided, that each Selling Holder shall bear its pro rata share, on the basis of the number of Registrable Securities sold
      in such registration, of all underwriting discounts, selling commissions and stock transfer taxes, and each such Selling Holder shall be responsible for any fees and expenses of any persons retained by such Selling Holder.  Notwithstanding the
      foregoing, in the event that any registration of Registrable Securities, as applicable, requested pursuant to Section 3.1 is withdrawn or deemed withdrawn pursuant to Section 3.1(g) and the Initial Requesting Holder(s) elects not to
      have such withdrawn registration counted as a registration under Section 3.1, the Initial Requesting Holder(s) and each Requesting Holder withdrawing all of its Registrable Securities shall pay (or reimburse the Company for) its pro rata
      share (in proportion to the number of Registrable Securities that it asked to be included in such withdrawn registration) of the Registration Expenses incurred by the Company with respect to such withdrawn registration.  The immediately preceding
      sentence shall not apply if such registration is withdrawn (i) as a result of information concerning the occurrence of a material adverse change in the business or financial condition of the Company that is made known to the Requesting Holders after
      the date on which such registration was requested, (ii) if the revocation of such Selling Holder’s request for registration is based on the Company’s failure to comply in any material respect with its obligations hereunder or (iii) if the
      registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court for any reason other than a misrepresentation or omission by any Requesting Holder; provided, that if
      any such stop order, injunction, order or requirement is issued or imposed as a result of any misrepresentation or omission by any Requesting Holder(s), such Requesting Holder(s) (each, a “Responsible Requesting Holder”) shall be solely
      responsible for paying (or reimbursing the Company for) all of the Registration Expenses incurred by the Company with respect to such withdrawn registration; provided, further, that if more than one Responsible Requesting Holder is
      responsible for such payment or reimbursement of Registration Expenses, then each such Responsible Requesting Holder shall be responsible for its pro rata share of such Registration Expenses (for each Responsible Requesting Holder based on a
      fraction, the numerator of which is the number of Registrable Securities that such Responsible Requesting Holder asked to be included in such withdrawn registration and the denominator of which is the aggregate number of Registrable Securities that
      all Responsible Requesting Holder, collectively, asked to be included in such withdrawn registration).

    

    

    Section 3.5          Registration and Qualification.

    

    

    (a)          In the event that the Company is required to effect the registration of any Registrable Securities as applicable, pursuant to this Article III, the Company shall:

    

    

    (i)          use its reasonable best efforts to, as promptly as practicable, prepare, file and cause to become effective and remain effective a Registration Statement relating to such Registrable
      Securities;

    

    

    (ii)          prepare and file with the SEC such amendments (including post-effective amendments) and supplements to the Registration Statement for such Registrable Securities and the prospectus
      used in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all such Registrable Securities until such time as all of such
      Registrable Securities have been disposed of; provided, that the Company shall, as far in advance as practicable but at least five (5) Business Days prior to filing a Registration Statement or prospectus (or any amendment or supplement
      thereto), furnish to each Selling Holder, for their review, copies of such Registration Statement or prospectus (or amendment or supplement) as proposed to be filed (including, upon the request of such Selling Holder, documents to be incorporated by
      reference therein); provided, further, that each Selling Holder may request reasonable changes to such Registration Statement, prospectus, amendment or supplement (as the case may be) and the Company shall be required to comply
      therewith to the extent necessary to lawfully complete such filing or maintain the effectiveness of such Registration Statement;

    
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    (iii)          furnish to each Selling Holder and each underwriter of such Registrable Securities such number of conformed copies of such Registration Statement and each amendment and supplement
      thereto (in each case including all exhibits), such number of copies of the prospectus included in such Registration Statement (including each preliminary prospectus and any summary prospectus), in conformity with the requirements of the Securities
      Act, such documents as are incorporated by reference in such Registration Statement or prospectus (including any amendments or supplements thereto), and such other documents as such Selling Holder or underwriter may reasonably request;

    

    

    (iv)          promptly notify each Selling Holder in writing of the effectiveness of the Registration Statement and of any stop order issued or threatened by the SEC with respect thereto, use its
      reasonable best efforts to prevent the entry of any such stop order that is threatened and promptly remove any such stop order that has been entered, and promptly notify each Selling Holder of such lifting or withdrawal of any such stop order;

    

    

    (v)          use its reasonable best efforts to (x) register or qualify all Registrable Securities, as applicable, covered by such Registration Statement under the securities or blue sky laws of
      such jurisdictions as may be reasonably requested by any Selling Holder or underwriter of such Registrable Securities and promptly notify the Selling Holders of the receipt of any notification with respect to the suspension of the qualification of
      Registrable Securities for sale or offer in any such jurisdiction and (y) obtain all appropriate registrations, permits and consents in connection with such registrations and qualifications, and do any and all other acts and things (including using
      reasonable best efforts to promptly remove any such suspension) necessary or advisable to enable the Selling Holders and underwriters to consummate the disposition of such Registrable Securities in such jurisdictions; provided, that the
      Company shall not be required to qualify to do business as a foreign corporation in any such jurisdiction where it is not so qualified, to consent to general service of process in any such jurisdiction or to amend its Governing Documents;

    

    

    (vi)          in an underwritten offering, use its reasonable best efforts to furnish to each underwriter of such Registrable Securities (x) an opinion letter and negative assurance letter of
      counsel to the Company addressed to each such underwriter and dated the date of the closing under the Underwriting Agreement and (y) “cold comfort” letters dated the effective date of the Registration Statement (and brought down to the date of
      closing under the Underwriting Agreement) addressed to each underwriter and signed by the independent public accountants who have certified the Company’s financial statements included in such Registration Statement, in each such case covering
      substantially the same matters as are customarily covered in such opinions and cold comfort letters in connection with underwritten public offerings of securities;

    

    

    (vii)          not later than the effective date of the applicable Registration Statement, (x) retain a transfer agent and registrar (if the Company does not already have one), (y) obtain a CUSIP
      number for all Registrable Securities included in such Registration Statement and (z) provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository Trust
      Company or other applicable clearing agency;

    
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    (viii)          in the case of an underwritten offering of such Registrable Securities cause its senior executive officers to participate in such customary “road show” presentations as may be
      reasonably requested by the managing underwriter, and to otherwise facilitate, cooperate with, and participate in each proposed offering of Registrable Securities pursuant to this Article III and customary selling efforts related thereto;
      and

    

    

    (ix)          otherwise use its reasonable best efforts to comply with all applicable securities laws, including the Securities Act, the Exchange Act, and state securities and “blue sky” laws.

    

    

    (b)          In the event that the Company delivers a prospectus covering Registrable Securities to the Selling Holders and such prospectus is subsequently amended to comply with the requirements of
      the Securities Act, the Company shall promptly notify each Selling Holder and may, in its discretion, request that the Selling Holders cease making offers of Registrable Securities and return to the Company all prospectuses in their possession.  In
      the event that the Company makes such a request each Selling Holder shall immediately cease making such offers and shall promptly return all such prospectuses.  The Company shall promptly provide the Selling Holders with revised prospectuses and each
      Selling Holder shall be free, following its receipt of such revised prospectuses, to resume making offers of the Registrable Securities or shares of Common Stock, as applicable.

    

    

    (c)          In the event that the Company determines, in its sole discretion, that it is advisable to suspend use of a prospectus included in a Registration Statement due to pending material
      developments or other events that have not yet been publicly disclosed and as to which the Company believes public disclosure would be detrimental to the Company, the Company shall direct the Selling Holders to discontinue sales of Registrable
      Securities pursuant to such prospectus, and each Selling Holder shall immediately so discontinue, until such Selling Holder has received copies of a supplemented or amended prospectus or until such Selling Holder is advised in writing by the Company
      that the then-current prospectus may be used and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such prospectus.  The Company shall promptly furnish to each Selling Holder
      copies of any such supplemented or amended prospectuses or additional or supplemental filings, as the case may be.  Notwithstanding anything to the contrary in this Agreement, the Company shall not exercise its rights under this Section 3.5(c)
      to suspend sales of Registrable Securities for a period in excess of one hundred and thirty five (135) days during any period of three hundred sixty five (365) consecutive days.

    

    

    Section 3.6          Underwriting; Due Diligence.  In the event of an underwritten offering of Registrable Securities pursuant to a registration requested under this Article III, the
      Company shall, if requested by the underwriters for such offering, enter into an underwriting agreement with such underwriters (an “Underwriting Agreement”).  Any such Underwriting Agreement shall contain such representations, warranties and
      covenants by the Company and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, and shall include indemnification and contribution provisions substantially to the effect
      and extent of those set forth in Section 3.7, and agreements as to the provision of opinions of counsel and accountants’ letters substantially to the effect and extent of those set forth in Section 3.5(a)(vi).  The Selling Holders on
      whose behalf such Registrable Securities are to be distributed by the underwriters shall enter into such Underwriting Agreement, which shall also contain such representations, warranties and indemnities by the Selling Holders as are customarily
      provided by selling stockholders in underwriting agreements with respect to secondary distributions.  With respect to any Underwriting Agreement:  (i) all of the conditions precedent to the obligations of the underwriters thereunder shall be
      conditions precedent to the obligations of the Selling Holders and (ii) no Selling Holder shall be required to make any representations or warranties to, or agreements with, the Company or the underwriters, other than customary representations,
      warranties or agreements generally made by selling stockholders in similar offerings.

    
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    Section 3.7          Indemnification and Contribution.

    

    

    (a)          The Company’s Indemnification Obligations.  To the fullest extent permitted by law, the Company agrees to indemnify and hold harmless each Selling Holder, its Affiliates, and
      their respective directors, officers, members, managers, partners, employees, stockholders, agents, advisors, investment managers and any Person who “controls” such Selling Holder (within the meaning of Section 15 of the Securities Act), from and
      against any and all losses, claims, damages and liabilities, including any legal or other costs, fees and expenses reasonably incurred in connection with defending or investigating any such action or claim (collectively, “Losses”) insofar as
      such Losses are caused by (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or amendment thereto, any free writing prospectus, any preliminary prospectus or prospectus (as amended or
      supplemented) relating to the Registrable Securities, (ii) 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, or (iii) any violation by the
      Company of any federal, state or common law rule or regulation applicable to the Company and relating to action required of or inaction by the Company in connection with such registration, except insofar as such Losses (x) relate to a transaction or
      sale made by a Selling Holder in violation of Section 3.5(c) or (y) are caused by any such untrue statement or omission or alleged untrue statement or omission that is based upon and in conformity with information relating to a Selling Holder
      which is furnished to the Company in writing by such Selling Holder expressly for use therein; provided, that clause (y) shall not apply to the extent that the Selling Holder has furnished in writing to the Company prior to the
      filing of such Registration Statement, free writing prospectus, preliminary prospectus, prospectus, amendment or supplement information expressly for use in such document which information corrected or made not misleading the information previously
      furnished to the Company by such Selling Holder, and the Company failed to include such information therein.

    

    

    (b)          To the fullest extent permitted by law, each Selling Holder to indemnify and hold harmless the Company, all Affiliates of the Company, each of their respective directors, officers,
      members, managers, partners, employees, stockholders, agents and advisors and each Person, if any, who “controls” (within the meaning of Section 15 of the Securities Act) the Company, from and against any and all Losses insofar as such Losses are
      caused by (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or amendment thereto, any free writing prospectus, preliminary prospectus or prospectus (as amended or supplemented if the
      Company shall have furnished any amendments or supplements thereto) relating to the Registrable Securities, or (ii) 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, but in each case only with reference to information relating to such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for use in such Registration Statement, free writing
      prospectus, preliminary prospectus, prospectus, amendments or supplement; provided, that such Selling Holder shall not be liable in any such case to the extent that it has furnished in writing to the Company prior to the filing of any such
      Registration Statement, free writing prospectus, preliminary prospectus, prospectus, amendment or supplement information expressly for use in such document which information corrected or made not misleading the information previously furnished to the
      Company by such Selling Holder, and the Company failed to include such information therein.  Notwithstanding anything to the contrary in this Section 3.7, each Selling Holder’s indemnification obligations under this paragraph are several, and
      not joint and several, and shall not exceed, with respect to any given registration of Registrable Securities pursuant to this Article III, the amount of net proceeds received by such Selling Holder in connection with the offering of its
      Registrable Securities under such registration.

    
      17

      
        

    

    (c)          Each party that is entitled to indemnification under paragraph (a) or (b) of this Section 3.7 shall, promptly after receipt of notice of a claim or action against
      such indemnified party in respect of which indemnity may be sought hereunder, notify the indemnifying party in writing of the claim or action and the indemnifying party shall assume the defense thereof, including the employment of counsel reasonably
      satisfactory to such indemnified party, and shall assume the payment of all fees and expenses; provided, that the failure of any indemnified party to so notify the indemnifying party shall not relieve the indemnifying party of its obligations
      hereunder except to the extent that the indemnifying party is materially prejudiced by such failure to notify.  In any such action, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall
      be at the sole expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) in the reasonable judgment of such indemnified party, representation of
      both parties by the same counsel would be inappropriate due to actual or potential differing interests between them, in which case the fees and expenses of such counsel shall be at the sole expense of the indemnifying party; provided, that in
      the event that the Company, as indemnifying party, is required to pay expenses of separate legal counsel for any one or more Selling Holders as indemnified party, a single counsel shall be designated in writing to the Company by the Selling Holder
      with the largest number of Registrable Securities included in such registration.  All such fees and expenses shall be reimbursed as they are incurred.  The indemnifying party shall not be liable for any settlement of any claim or action effected
      without its written consent, which consent shall not be unreasonably withheld or delayed, but if settled with such consent, or if there be a final judgment for the plaintiff, the indemnifying party shall indemnify and hold harmless such indemnified
      parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment.  No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or
      threatened claim or action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified
      party from all liability arising out of such proceeding and imposes no obligations on such indemnified party other than the payment of monetary damages (which damages will be paid by the indemnifying party hereunder).

    
      18

      
        

    

    (d)          If the indemnification provided for in this Section 3.7 shall for any reason be unavailable (other than in accordance with its terms) to an indemnified party in respect of any
      Loss referred to therein, then the indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect
      the relative fault of the indemnifying party on the one hand and the indemnified party on the other.  The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
      omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
      untrue statement or omission.  Notwithstanding anything to the contrary in this paragraph, (i) each Selling Holder’s contribution obligations under this paragraph are several, and not joint and several, and (ii) no indemnifying party (other than the
      Company) shall be required to contribute any amount in excess of the amount by which the net proceeds received by such indemnifying party from the sale of Registrable Securities in the offering to which the Loss relates exceeds the amount of any
      damages which such indemnifying party has otherwise been required to pay by reason of such untrue statement or omission.  The parties to this Agreement agree that it would not be just and equitable if contribution pursuant to this paragraph were
      determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in Section 3.7(c).  No Person who is guilty of fraudulent misrepresentation (within the meaning of
      Section 11(f) of the Securities Act) that results in a Loss shall be entitled to contribution with respect to such Loss from any Person who is not guilty of such fraudulent misrepresentation.

    

    

    (e)          Indemnification and contribution similar to that specified in the preceding paragraphs of this Section 3.7 (with appropriate modifications) shall be given by the Company, the
      Selling Holders and the underwriters with respect to any required registration or other qualification of Registrable Securities under any state law or regulation or governmental authority.

    

    

    (f)          The obligations of the parties under this Section 3.7 shall be in addition to any liability which any party may otherwise have to any other party.  If indemnification is
      available under this Section 3.7, the indemnifying parties shall indemnify each indemnified party to the fullest extent permitted by applicable law and as provided in paragraphs (a) and (b) hereof without regard to the
      relative fault of said indemnifying parties or indemnified party.

    

    

    (g)          The rights and obligations of the Company and the Selling Holders under this Section 3.7 shall survive the termination of this Agreement.

    
      19

      
        

    

    Section 3.8          Rule 144 Information.  The Company hereby covenants and agrees it shall (a) file such periodic reports as it is required to file under the Exchange Act, and other
      applicable laws or rules, and thereafter shall timely file such information, documents and reports as may be required or prescribed under Section 13 or 15(d) (whichever is applicable) of the Exchange Act.  If the Company is not required to file such
      reports during any period, it will upon the reasonable request of any Stockholder make publicly available such information for so long as is necessary to permit such Stockholder to sell Registrable Securities pursuant to Rule 144 or Regulation S
      under the Securities Act, (b) take such further action as any Stockholder may reasonably request, to the extent from time to time such action is necessary to permit such Stockholder to sell Registrable Securities pursuant to Rule 144 or Regulation S
      of the Securities Act, including without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 or Regulation S under the Securities Act.

    

    

    Section 3.9          Grant of Additional Registration Rights.  Except for the registration rights granted pursuant to this Article III, the Company shall not grant any registration
      rights with respect to shares of Common Stock to any other Person without the prior written consent of the majority of the then outstanding shares of Common Stock held by the Stockholder Groups unless such registration rights so granted do not
      materially affect the rights of the Stockholder Groups under this Agreement with respect to their priority in any Public Offering.

    

    

    Section 3.10          Holdback Agreement.  The Company and each 5% Stockholder (whether or not such Registrable Securities are included in a Registration Statement filed pursuant to Section
        3.1 or Section 3.2) agree, if requested (pursuant to a timely written notice) by the lead or managing underwriter or underwriters in an underwritten offering, not to effect any public sale or distribution of any of the Registrable
      Securities, including a sale pursuant to Rule 144 (except as part of such underwritten offering), for a customary period (which period shall be the same for all applicable Stockholders and shall not be longer than one hundred and eighty (180) days in
      the case of the Company’s first Public Offering and ninety (90) days in the case of any other Public Offering, except to the extent required by FINRA regulations or applicable law), as reasonably determined by the lead or managing underwriter or
      underwriters in consultation with the Stockholders, after the closing date of the underwritten offering made pursuant to such Registration Statement; provided, that no 5% Stockholder shall be subject to any such restrictions unless (a) all
      such restrictions shall have been requested of, and shall be applicable to, all 5% Stockholders and (b) such underwriter(s) shall have obtained written holdback agreements from the Company, each executive officer of the Company and each other person
      who has been granted registration rights by the Company.  No waiver of any such restrictions shall be effective with respect to any Stockholder unless such waiver applies uniformly to all such Stockholders.  Notwithstanding anything contained in this
      Section 3.10, all obligations of the Stockholders under this Section 3.10 shall terminate in the event that the Company or any underwriter terminates, releases or waives, in whole or in part, the holdback agreements with respect to the
      Company, any executive officer of the Company or any such other Person who has been granted registration rights by the Company, unless such termination, release or waiver also applies proportionally (based on their respective ownership of Registrable
      Securities relative to the number of Registrable Securities held by such executive officer or other Person) to each Stockholder.

    

    

    Section 3.11          Termination.  All of the Company’s obligations to register Registrable Securities under Section 3.1 and 3.3 shall terminate on the date on which the
      Stockholders cease to Beneficially Own any Registrable Securities.

    
      20

      
        

    

    ARTICLE IV

    

    

    REPRESENTATIONS AND WARRANTIES

    

    

    Each of the parties hereto hereby represents and warrants, solely with respect to itself (and, in each case to the extent applicable in the case of parties who are natural persons), to each other party that:

    

    

    Section 4.1          Existence; Authority; Enforceability.  Such party has the power and authority to enter into this Agreement and to carry out its obligations hereunder.  Such party is duly
      organized and validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and the performance of its obligations hereunder, have been authorized, and no other act or proceeding on its part is necessary to
      authorize the execution of this Agreement or the performance of its obligations hereunder.  This Agreement has been duly executed by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms
      except as the same may be affected by bankruptcy, insolvency, moratorium or similar laws, or by legal or equitable principles relating to or limiting the rights of contracting parties generally.

    

    

    Section 4.2          Absence of Conflicts.  The execution and delivery by such party of this Agreement and the performance of its obligations hereunder does not (a) conflict with, or result in
      the breach of any provision of the constitutive documents of such party; (b) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time, or both, would constitute a default or event of
      default), or give rise to any right of acceleration or termination or any additional payment obligation, under the terms of any contract, agreement or permit to which such party is a party or by which such Party’s assets or operations are bound or
      affected; or (c) violate any law applicable to such party, except, in the case of clause (b), as would not have a material  adverse effect on such party’s ability to perform its obligations hereunder.

    

    

    Section 4.3          Consents.  Other than as has already been obtained, no consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or
      obtained by such party in connection with the execution, delivery or performance of this Agreement, except in each case, as would not have a material adverse effect on such party’s ability to perform its obligations hereunder.

    

    

    ARTICLE V

    

    

    GENERAL

    

    

    Section 5.1          Assignment.  The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto; provided, however,
      any party hereto, without the consent of any other party, may assign, in whole or in part, any of its rights hereunder to any Person who is an Affiliate of such party, if such assignee contemporaneously enters into a Joinder Agreement in the form
      attached hereto as Annex A.  Any attempted assignment of rights or obligations in violation of this Section 5.1 shall be null and void.

    
      21

      
        

    

    Section 5.2          Term and Effectiveness.

    

    

    (a)          This Agreement shall become effective immediately prior to the consummation of the Public Listing.  This Agreement shall automatically terminate if the Public Listing is not consummated
      on or before the tenth (10th) Business Day following the date of this Agreement.

    

    

    (b)          Article II shall terminate as to any Nominating Stockholder Group when such Nominating Stockholder Group no longer Beneficially Owns at least 10% of the then issued and
      outstanding shares of Common Stock.

    

    

    (c)          Subject to Section 5.2(b), this Agreement (other than this Article V) shall terminate with respect to any Stockholder on the date such Stockholder no longer holds
      Registrable Securities.

    

    

    (d)          Notwithstanding anything contained herein to the contrary, this Article V shall survive any termination of any provisions of this Agreement.

    

    

    (e)          The termination of any provision of this Agreement shall not relieve any party from any liability for the breach of its obligations under this Agreement prior to such termination.

    

    

    Section 5.3          Severability.  If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all
      other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially adverse to any party.  Upon a determination
      that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually
      acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

    

    

    Section 5.4          Entire Agreement; Amendment.

    

    

    (a)          This Agreement sets forth the entire understanding and agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings,
      including the Original Agreement, both oral and written, between the parties with respect to the subject matter of this Agreement.  This Agreement or any provision thereof may only be amended, modified or supplemented, and no provision in this
      Agreement may be waived, in whole or in part, by an instrument in writing signed by the Stockholders holding a majority of the then issued and outstanding shares of Common Stock, provided, however that (i) Article II may only
      be amended, modified, supplemented or waived with the consent of each Nominating Stockholder Group for so long as the Aggregate Ownership of such Nominating Stockholder Group constitutes at least 10% of the outstanding shares of Common Stock, and
      (ii) the consent of a Stockholder will be required to effect any amendment, modification, supplement or waiver to the Agreement that would reasonably be expected to disproportionately affect such Stockholder that is material and adverse to such
      Stockholder as compared to any other Stockholder.

    
      22

      
        

    

    (b)          No waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in writing and executed and delivered by the party against whom such
      waiver is claimed.  The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach.  Except as
      otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof,
      nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

    

    

    (c)          No waiver of a right under this Agreement shall be effective unless such waiver is expressly made in writing and executed and delivered by the party against whom such waiver is claimed. 
      The waiver of a right under this Agreement in a specified instance or in specified circumstances shall not operate or be construed as a waiver of such right in other instances or circumstances.

    

    

    (d)          Any nomination or other consent or action under this Agreement exercisable by the Mudrick Parties, and any waiver of a breach of, or waiver or consent to modification of, any right of
      the Mudrick Parties under this Agreement, may be exercised on their behalf by the Mudrick Entity; any nomination or consent right or action under this Agreement exercisable by the GoldenTree Parties, and any waiver of a breach of, or waiver or
      consent to modification of, any right of the GoldenTree Parties under this Agreement, may be exercised on their behalf by the GoldenTree Entity; any nomination or consent right or action under this Agreement exercisable by the Paulson Parties, and
      any waiver of a breach of, or waiver or consent to modification of, any right of the Paulson Parties under this Agreement, may be exercised on their behalf by the Paulson Entity.

    

    

    Section 5.5          Counterparts.  This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall
      be deemed to be an original but all of which taken together shall constitute one and the same agreement.

    

    

    Section 5.6          Governing Law.  This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without giving effect to any choice of law or
      conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of Delaware.

    

    

    Section 5.7          Waiver of Jury Trial; Consent to Jurisdiction.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY AND ALL RIGHT TO TRIAL BY
      JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  Each party hereby irrevocably submits to the exclusive jurisdiction of the federal courts located in the State of Delaware
      or the Delaware Court of Chancery for the purpose of adjudicating any dispute arising hereunder.  Each party hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court any objection to such jurisdiction, whether
      on the grounds of hardship, inconvenient forum or otherwise.  Each party further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective address set forth in Section 5.9 shall be
      effective service of process for any action, suit or proceeding with respect to any matters to which it has submitted to jurisdiction in this Section 5.7.

    
      23

      
        

    

    Section 5.8          Specific Enforcement.  The parties hereto acknowledge that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate
      and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies that may be available, shall be entitled to equitable relief in the form of specific performance, a temporary restraining
      order, a temporary or permanent injunction or any other equitable remedy that may then be available.

    

    

    Section 5.9          Notices.  All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”)
      transmission, so long as a receipt of such e-mail is requested and received by non-automated response).  All such notices, requests and other communications shall be delivered in person or sent by facsimile, e-mail or nationally recognized overnight
      courier and shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in the place of receipt.  Otherwise, any such notice, request or communication shall be deemed to have been received
      on the next succeeding Business Day in the place of receipt.  All such notices, requests and other communications to any party hereunder shall be given to such party as follows:

    

    

    If to the Company, to:

    

    

    	 	
            Thryv Holdings, Inc.

          
	 	
            2200 W. Airfield Drive

          
	 	
            P.O. Box 619810

          
	 	
            DFW Airport, TX 75261

          
	 	
            Attention:

          	
            Lesley Bolger, General Counsel

          
	 	
            Facsimile:

          	
            (877) 238-4973

          
	 	
            E-mail:

          	
            Lesley.Bolger@thryv.com

          

    

    

    with a copy (which shall not constitute notice) to:

    

    

    	 	
            Weil, Gotshal & Manges LLP

          
	 	
            767 Fifth Avenue

          
	 	
            New York, NY 10153

          
	 	
            Attention:

          	
            Brian Gingold

          
	 	
            Facsimile:

          	
            (212) 310-8007

          
	 	
            E-mail:

          	
            Brian.Gingold@weil.com

          

    

    

    If to any Stockholder:

    

    

    At such Person’s address for notice as set forth in the books and records of the Company, or, as to each of the foregoing, at such other address as shall be designated by a party in a written notice
      to other parties complying as to delivery with the terms of this Section 5.9.  All such notices, requests, demands and other communications shall, when mailed, telegraphed or sent, respectively, be effective (i) two days after being deposited
      in the mail or (ii) one (1) day after being deposited with the express overnight courier service, respectively, addressed as aforesaid.

    
      24

      
        

    

    Section 5.10          Binding Effect; Third Party Beneficiaries.  The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
      respective permitted successors and assigns.  Except as provided in Section 5.13, no provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties
      hereto and their respective permitted successors and assigns.

    

    

    Section 5.11          Further Assurances.  The parties hereto will sign such further documents, cause such meetings to be held, resolutions passed, exercise their votes and do and perform and
      cause to be done such further acts and things necessary, proper or advisable in order to give full effect to this Agreement and every provision hereof.

    

    

    Section 5.12          Table of Contents, Headings and Captions.  The table of contents, headings, subheadings and captions contained in this Agreement are included for convenience of reference
      only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof.

    

    

    Section 5.13          No Recourse.  This Agreement may only be enforced against, and any claims or cause of action that may be based upon, arise out of or relate to this Agreement, or the
      negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as parties hereto and no past, present or future Affiliate, director, officer, employee, incorporator, member, manager,
      partner, stockholder, controlling person, fiduciary, agent, attorney or representative of any party hereto, or any past, present or future Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, controlling
      person, fiduciary, agent, attorney or representative of any of the foregoing shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in respect of, or by reason of, the transactions
      contemplated hereby.

    

    

    [Remainder of page intentionally left blank]

    
      25

      
        

    

    IN WITNESS WHEREOF, each of the parties hereto has caused this Stockholders Agreement to be executed by its duly authorized officers as of the day and year first above written.

    

    

    	 	
            THRYV HOLDINGS, INC.

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    
      
        

    

    	 	
            [MUDRICK ENTITY]

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    
      
        

    

    	 	
            [GOLDENTREE ENTITY]

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    
      
        

    

    	 	
            [PAULSON ENTITY]

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    
      
        

    

    	 	
            [CERBERUS ENTITY]

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    
      
        

    

    Annex A

    

    

    FORM OF

    JOINDER AGREEMENT

    

    

    The undersigned is executing and delivering this Joinder Agreement pursuant to that certain Stockholders Agreement, dated as of [●], 2020 (as amended, restated, supplemented or otherwise modified in accordance with the
      terms thereof, the “Stockholders Agreement”) by and among (i) Thryv Holdings, Inc., a Delaware corporation (the “Company”), (ii) [Mudrick Entity], a [●] (the “Mudrick Entity”); (iii) [GoldenTree Entity], a [●] (the “GoldenTree
        Entity”), (iv) [Paulson Entity], a [●] (the “Paulson Entity”), and [Cerberus entity], a [●] (the “Cerberus Entity”, and together with the Mudrick Entity, the GoldenTree Entity and the Paulson Entity, each a “Stockholder”
      and collectively the “Stockholders”), and any other Persons who become a party thereto in accordance with the terms thereof.  Capitalized terms used but not defined in this Joinder Agreement shall have the respective meanings ascribed to such
      terms in the Stockholders Agreement.

    

    

    By executing and delivering this Joinder Agreement to the Stockholders Agreement, the undersigned hereby adopts and approves the Stockholders Agreement and agrees, effective commencing on the date hereof and as a
      condition to the undersigned’s becoming the beneficial owner and/or transferee of Company Securities, to become a party as a Stockholder to, and to be bound by and comply with the provisions of, the Stockholders Agreement applicable to the
      Stockholders in the same manner as if the undersigned were an original signatory to the Stockholders Agreement.

    

    

    The undersigned acknowledges and agrees that Article V of the Stockholders Agreement is incorporated herein by reference, mutatis mutandis.

    
      
        

    

    Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the _______ day of ______________, ______________.

    

    

    	 	  
	 	
            (Signature of Transferee)

          
	 	 	 
	 	  
	 	
            (Print Name of Transferee)

          
	 	 	 
	 	
            Address:

          	 
	 	 
	 	 
	 	 	 
	 	
            Telephone:

          	 
	 	
            Facsimile:

          	 
	 	
            Email:

          	 

    

    

    AGREED AND ACCEPTED

    as of the ____ day of ________, _________.

    

    

    THRYV HOLDINGS, INC.

    

    

    	
            By:

          	 	 
	 	
            Name:

          	 	 
	 	
            Title:

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