Document:

EX-4.13

 EXHIBIT 4.13 

BANK OF AMERICA CORPORATION 

REGISTRATION RIGHTS AGREEMENT 

Execution Copy 

December 20, 2017 
 Merrill Lynch, Pierce,
Fenner & Smith 

                    Incorporated 

214 North Tryon Street 
 Charlotte, North Carolina 28255 

Ladies and Gentlemen: 
 Bank of America
Corporation, a Delaware corporation (the “Company”), proposes to issue its (i) Fixed/Floating Rate Senior Notes, due December 2023 (the “2023 New Notes”) as part of the exchange offer (the “2023 Exchange Offers”)
for its outstanding notes set forth on Schedule I hereto (collectively, the “2023 Exchange Offer Old Notes”), and (ii) Fixed/Floating Rate Senior Notes, due December 2028 (the “2028 New Notes” and, together with the
2023 New Notes, the “New Notes”) as part of exchange offers (the “2028 Exchange Offers” and, together with the 2023 Exchange Offers, the “Initial Exchange Offers”) for its outstanding notes set forth on Schedule
II hereto (collectively, the “2028 Exchange Offer Old Notes” and, together with the 2023 Exchange Offer Old Notes, the “Old Notes”), upon the terms set forth in a Dealer Manager Agreement (the “Dealer Manager
Agreement”) dated December 4, 2017, between the Company and you as the dealer manager (the “Dealer Manager”), relating to the Initial Exchange Offers. The New Notes are to be issued under the indenture for senior debt securities,
dated as of January 1, 1995, as supplemented (the “Indenture”), between the Company (as successor to NationsBank Corporation) and The Bank of New York Mellon Trust Company, N.A. (as successor to the Bank of New York, U.S. Bank Trust
National Association and BankAmerica National Trust Company), as trustee (the “Trustee”). To induce the Dealer Manager to enter into the Dealer Manager Agreement and to satisfy a condition to your obligations thereunder, the Company agrees
with you for your benefit and the benefit of the holders (each a “Holder” and, together, the “Holders”) from time to time of the New Notes or the Exchange Notes (as hereinafter defined), as follows: 

1. Definitions. Capitalized terms used herein without definition shall have their respective meanings set forth in the Dealer
Manager Agreement. As used in this Agreement, the following capitalized defined terms shall have the following meanings: 

“Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
 “Additional Interest” shall have the meaning set forth in Section 5 hereof. 

  
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 “Affiliate” of any specified person shall mean any other person that, directly
or indirectly, is in control of, is controlled by, or is under common control with, such specified person. For purposes of this definition, control of a person shall mean the power, direct or indirect, to direct or cause the direction of the
management and policies of such person whether by contract or otherwise; and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. 

“Broker-Dealer” shall mean any broker or dealer registered as such under the Exchange Act. 

“Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which commercial banks are
authorized or required by law, regulation or executive order to close in New York City, New York or Charlotte, North Carolina. 

“Commission” shall mean the Securities and Exchange Commission. 

“Company” shall have the meaning set forth in the preamble hereof. 

“Company Indemnitee” shall have the meaning set forth in Section 7(b) hereof. 

“Dealer Manager Agreement” shall have the meaning set forth in the preamble hereof. 

“Dealer Manager” shall have the meaning set forth in the preamble hereof. 

“DTC” shall have the meaning set forth in Section 4(j)(i) hereof. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Exchange Notes” shall mean debt securities of the Company identical in all material respects to
the New Notes of the applicable series (except that the additional interest provision and the transfer restrictions shall be modified or eliminated, as appropriate) and to be issued under the Indenture. 

“Exchange Offer Registration Period” shall mean the 90-day period following the
effectiveness of the Exchange Offer Registration Statement, exclusive of any period during which any stop order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement. 

“Exchange Offer Registration Statement” shall mean a registration statement of the Company on an appropriate form under the
Act with respect to the Registered Exchange Offer, all amendments and supplements to such registration statement, including post-effective amendments thereto, in each case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein. 

  
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 “Exchanging Dealer” shall mean any Holder (which may include any Dealer Manager)
that is a Broker-Dealer that acquired Exchange Notes in the Registered Exchange Offer in exchange for New Notes that it acquired for its own account as a result of market-making activities or other trading activities (but not directly from the
Company or any Affiliate of the Company). 
 “Expiration Date” shall have the meaning set forth in
Section 2(c)(ii) hereof. 
 “Holder” and “Holders” shall have the meanings set
forth in the preamble hereof. 
 “Holders’ Information” shall have the meaning set forth in
Section 3(b)(iii) hereof. 
 “Indemnified Holder” shall have the meaning set forth in
Section 7(a) hereof. 
 “Indenture” shall have the meaning set forth in the preamble hereof. 

“Initial Exchange Offers” shall have the meaning set forth in the preamble hereof. 

“Issuer FWP” shall have the meaning set forth in Section 7(a) hereof. 

“Losses” shall have the meaning set forth in Section 7(a) hereof. 

“New Notes” shall have the meaning set forth in the preamble hereof. 

“Old Notes” shall have the meaning set forth in the preamble hereof. 

“Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus
that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the New Notes or the Exchange Notes covered by such Registration Statement, and all amendments and supplements thereto, including all exhibits thereto and all material incorporated by reference therein. 

“Registered Exchange Offer” shall mean the proposed offer of the Company to issue and deliver to the Holders of the New Notes
that are not prohibited by any law or policy of the Commission from participating in such offer, in exchange for the New Notes, a like aggregate principal amount of the Exchange Notes. 

“Registration Default” shall have the meaning set forth in Section 5 hereof. 

“Registration Statement” shall mean any Exchange Offer Registration Statement or Shelf Registration Statement that covers any
of the New Notes or the Exchange Notes pursuant to the provisions of this Agreement, any amendments and supplements to such registration statement, including post-effective amendments (in each case including the Prospectus contained therein), all
exhibits thereto and all material incorporated by reference therein. 
 “Settlement Date” shall mean the last Settlement
Date on which the New Notes are issued in the Initial Exchange Offers. 

  
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 “Shelf Registration” shall mean a registration under the Act effected pursuant
to Section 3 hereof. 
 “Shelf Registration Period” has the meaning set forth in
Section 3(b)(ii) hereof. 
 “Shelf Registration Statement” shall mean a “shelf”
registration statement of the Company pursuant to the provisions of Section 3 hereof which covers some or all of the New Notes, on an appropriate form under Rule 415 under the Act, or any similar rule that may be adopted by
the Commission, amendments and supplements to such registration statement, including post-effective amendments and the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 

“Transfer-Restricted Securities” means each New Note until the earlier to occur of (i) the date on which such New Note
has been exchanged for a freely transferable applicable Exchange Note in the Registered Exchange Offer, (ii) the date on which it has been effectively registered under the Act and disposed of in accordance with the Shelf Registration Statement
or (iii) the date on which it is sold to the public pursuant to Rule 144 (or any similar provision then in force under the Act) under the Act or may be sold by a person that is not an “affiliate” (as defined in Rule 144) of the
Company without restriction or limitation pursuant to Rule 144 (or any similar provision then in force under the Act). 

“Trustee” shall have the meaning set forth in the preamble hereof. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 2. Registered Exchange Offer. 

(a) The Company shall prepare and, not later than 120 days following the Settlement Date, shall file with the Commission the
Exchange Offer Registration Statement with respect to the Registered Exchange Offer. The Company shall use its commercially reasonable efforts to (i) cause the Exchange Offer Registration Statement to become effective under the Act within 210
days of the Settlement Date and (ii) complete the Registered Exchange Offer within 250 days of the Settlement Date. 

(b) Upon the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Registered
Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder electing to exchange New Notes for Exchange Notes (provided that such Holder is not an Affiliate of the Company, acquires the Exchange Notes in the
ordinary course of such Holder’s business, has no arrangements or understandings with any person to participate in the distribution (within the meaning of the Act) of the Exchange Notes and is not prohibited by any law, rule or policy of the
Commission from participating in the Registered Exchange Offer) to trade such Exchange Notes without any limitations or restrictions under the Act and without material restrictions under the securities laws of a substantial proportion of the several
states of the United States. 

  
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 (c) In connection with the Registered Exchange Offer, the Company shall: 

 

	 	(i)	deliver or otherwise make available to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents, provided,
however, Holders will be deemed to have received the documents referred to above upon delivery of such documents to the Depository Trust Company for distribution to its participants; 

 

	 	(ii)	keep the Registered Exchange Offer open for not less than 20 Business Days and not more than 30 Business Days after the date on which notice thereof is delivered to the Holders (or, in each case, longer if required by
applicable law) (the “Expiration Date”); 

  

	 	(iii)	use its commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective under the Act, supplemented and amended as required under the Act to ensure that it is available for sales
of Exchange Notes by Exchanging Dealers during the Exchange Offer Registration Period; 

  

	 	(iv)	utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan in New York City, which may be the Trustee or an Affiliate of the Trustee; 

 

	 	(v)	permit Holders to withdraw tendered New Notes at any time prior to 5:00 p.m. (New York City time), on the last Business Day on which the Registered Exchange Offer is open; 

 

	 	(vi)	prior to effectiveness of the Exchange Offer Registration Statement, provide a supplemental letter to the Commission (A) stating that the Company is conducting the Registered Exchange Offer in reliance on the
position of the Commission in the Exxon Capital Holdings Corporation (pub. avail. May 13, 1988), Morgan Stanley & Co., Inc. (pub. avail. June 5, 1991) and Sherman & Sterling LLP (pub. avail. July 2, 1993) no-action letters, and (B) including a representation that the Company has not entered into any arrangement or understanding with any person to distribute the Exchange Notes to be received in the Registered
Exchange Offer and that, to the Company’s information and belief, each Holder participating in the Registered Exchange Offer is acquiring the Exchange Notes in its ordinary course of business and has no arrangement or understanding with any
person to participate in the distribution of the Exchange Notes; and 

  

	 	(vii)	comply in all respects with all other applicable law. 

  
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 (d) As soon as practicable after the close of the Registered Exchange Offer, the
Company shall: 
  

	 	(i)	accept for exchange all New Notes validly tendered and not validly withdrawn pursuant to the Registered Exchange Offer; 

  

	 	(ii)	deliver to the Trustee for cancellation in accordance with Section 4(n) hereof all New Notes so accepted for exchange; and 

 

	 	(iii)	cause the Trustee promptly to authenticate and deliver to each Holder of New Notes a principal amount of Exchange Notes equal to the principal amount of the New Notes of such Holder we have accepted for exchange.

 (e) Each Holder is hereby deemed to acknowledge and agree that any Broker- Dealer and any such Holder using
the Registered Exchange Offer to participate in a distribution of the Exchange Notes (x) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission in the Exxon Capital Holdings
Corporation (pub. avail. May 13, 1988) and Morgan Stanley & Co., Inc. (pub. avail. June 5, 1991) no-action letters, as interpreted in the Commission’s letter to Shearman &
Sterling LLP (pub. avail. July 2, 1993) and similar no-action letters, and (y)must comply with the registration and prospectus delivery requirements of the Act in connection with any secondary resale
transaction, and any secondary resale transactions by such Holder must be covered by an effective registration statement containing the selling security holder and plan of distribution information required by Item 507 or 508, as applicable, of
Regulation S-K under the Act if the resales are of Exchange Notes obtained by such Holder in exchange for New Notes acquired by such Holder directly from the Company or one of its Affiliates. Accordingly, each
Holder participating in the Registered Exchange Offer shall be required to provide a written representation to the Company that, at the time of the consummation of the Registered Exchange Offer: 

 

	 	(i)	any Exchange Notes received by such Holder will be acquired in the ordinary course of such Holder’s business; 

  

	 	(ii)	such Holder is not engaged in, and does not intend to engage in, and will have no arrangement or understanding with any person to participate in the distribution of the New Notes or the Exchange Notes within the meaning
of the Act; and 

  

	 	(iii)	such Holder is not an Affiliate of the Company. 

 (f) Notwithstanding any other
provisions hereof, the Company will ensure that (i) any Exchange Offer Registration Statement and any amendment thereto and any Prospectus forming part thereof and any supplement thereto complies in all material respects with the Act and the
rules and regulations of the Commission thereunder, (ii) any Exchange Offer Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a

  
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material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any Prospectus forming part of any Exchange Offer Registration Statement, and
any supplement to such Prospectus, does not, as of the consummation of the Registered Exchange Offer, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading. 
 3. Shelf Registration. 

(a) If the New Notes held by non-Affiliates of the Company are not freely tradable
pursuant to Rule 144 of the Act and the applicable interpretations of the Commission and: (i) due to any change in law or in applicable interpretations thereof by the staff of the Commission, the Company determines upon the advice of outside
counsel that it is not permitted to effect the Registered Exchange Offer as contemplated by Section 2 hereof; (ii) any Holder of New Notes notifies the Company in writing not more than 20 days after completion of the
Registered Exchange Offer that it is not eligible to participate in the Registered Exchange Offer (other than due it its status as a Broker- Dealer); or (iii) for any other reason, the Registered Exchange Offer is not consummated within 250
days after the Settlement Date; then the Company shall effect a Shelf Registration Statement in accordance with Section 3(b) hereof. 
  

							
		 	(b)        	  	(i)	  	The Company shall, as promptly as practicable (but in no event more than 60 days after the Company is so required pursuant to Section 3(a) hereof), file with the Commission, and thereafter shall use its
reasonable best efforts to cause to be declared effective under the Act within 150 days after the Company is so required pursuant to Section 3(a) hereof, a Shelf Registration Statement covering resales of the New Notes by
the Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in such Shelf Registration Statement; provided, however, that no Holder shall be entitled to have the New Notes held by it
covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all of the provisions of this Agreement applicable to such Holder; and provided further that with respect to a Shelf Registration Statement required
pursuant to Section 3(a)(iii) hereof, the consummation of a Registered Exchange Offer shall relieve the Company of its obligations under this Section 3(b) but only in respect of its obligations
under Section 3(a)(iii) hereof.
				
		 		  	(ii)	  	The Company shall use its reasonable best efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as required by the Act, in order to permit the Prospectus forming part thereof to be usable
by Holders until the earlier of the date that is two years after the Settlement Date or the date that all New Notes registered for resale under the Shelf Registration

  
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		 		  		  	Statement (A) have been sold pursuant to the Shelf Registration Statement or (B) are freely tradable by non-Affiliates of the Company pursuant to Rule 144 of the Act (and applicable
interpretations thereof by the Commission’s staff) (in any such case, such period being called the “Shelf Registration Period”). The Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration
Statement effective during the Shelf Registration Period if it voluntarily takes any action that would result in Holders of New Notes registered for resale thereby not being able to offer and sell such New Notes during that period, unless
(A) such action is required by applicable law or (B) such action is taken by the Company in good faith and for valid business reasons (not including avoidance of the Company’s obligations hereunder), including, without limitation, the
acquisition or divestiture of assets, so long as the Company promptly thereafter complies with the requirements of Section 4(i) hereof, if applicable.
				
		 		  	(iii)	  	Notwithstanding any other provisions hereof, the Company will ensure that (A) any Shelf Registration Statement and any amendment thereto and any Prospectus forming part thereof and any supplement thereto complies in all
material respects with the Act and the rules and regulations of the Commission thereunder, (B) any Shelf Registration Statement and any amendment thereto (in either case, other than with respect to information included therein in reliance upon
or in conformity with written information furnished to the Company by or on behalf of any Holder of Transfer-Restricted Securities specifically for use therein (the “Holders’ Information”)) does not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (C) any Prospectus forming part of any Shelf Registration Statement, and any supplement to such
prospectus (in either case, other than with respect to Holders’ Information), does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

 4. Additional Registration Procedures. In connection with any Shelf Registration Statement and,
to the extent applicable, any Exchange Offer Registration Statement, the following provisions shall apply: 
 (a) The Company
shall: 
  

	 	(i)	furnish to counsel for the Dealer Manager, prior to the filing thereof with the Commission, a copy of any Exchange Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof, and each
supplement, if any, to the Prospectus included therein (excluding all documents incorporated by reference therein after the initial filing); 

  
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	 	(ii)	include the information set forth (A) in Annex A hereto on the cover of the Prospectus contained in the Exchange Offer Registration Statement, (B) in Annex B hereto in a section of the Prospectus
setting forth details of the Registered Exchange Offer, (C) in Annex C hereto in the underwriting or plan of distribution section of such Prospectus, and (D) in Annex D hereto in the letter of transmittal delivered pursuant
to the Registered Exchange Offer; and 

  

	 	(iii)	in the case of a Shelf Registration Statement, include the information regarding the Holders that propose to sell New Notes pursuant to the Shelf Registration Statement as selling security holders to the extent required
by Item 7.01 of Regulation S-K (or, if permitted by Commission Rule 430B(b), in a Prospectus supplement that becomes a part thereof pursuant to Commission Rule 430B(f)); provided that, notwithstanding anything
in this Agreement to the contrary, the Company shall not be required to amend or supplement a Shelf Registration Statement or any Prospectus forming a part thereof after such Shelf Registration Statement has been declared effective by the Commission
more than once per calendar month to reflect additional Holders or changes in the number of New Notes to be sold by any Holder. 

(b) The Company shall advise counsel for the Dealer Manager or the Holders of New Notes covered by any Shelf Registration
Statement and any Exchanging Dealer under any Exchange Offer Registration Statement that has provided in writing to the Company a telephone or facsimile number and address for notices, and, if requested by any such person, shall confirm such advice
in writing (which notice pursuant to clauses (ii)-(v) below shall be accompanied by an instruction to suspend the use of the Prospectus until the Company shall have remedied the basis for such suspension): 

 

	 	(i)	when a Registration Statement and any amendment thereto has been filed with the Commission and when such Registration Statement or any post-effective amendment thereto has become effective; 

 

	 	(ii)	of any request by the Commission after the effective date of such Registration Statement for any amendment or supplement to a Registration Statement or the Prospectus or for additional information in connection with the
Registration Statement; 

  
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	 	(iii)	of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose; 

 

	 	(iv)	of the receipt by the Company of any notification with respect to the suspension of the qualification of the securities included in any Registration Statement for sale in any jurisdiction or the initiation of any
proceeding for such purpose; and 

  

	 	(v)	of the happening of any event that requires any change in a Registration Statement or the Prospectus so that, as of such date, the statements therein do not contain any untrue statement of a material fact and do not
omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading provided that the Company shall not
be required to disclose the reasons for such change. 

 Upon receiving notice of the occurrence of any of the events listed in
subsections (ii) through (v) of this Section 4(b), each Holder and any Exchanging Dealer will, upon request by the Company in writing, immediately discontinue disposition of New Notes or Exchange Notes pursuant to a
Registration Statement until such Holder’s or Exchanging Dealer’s receipt of copies of the supplemented or amended Prospectus contemplated by Section 4(i) hereof or until it is advised in writing by the Company
that use of the applicable Prospectus may resume, and, if so directed by the Company, such Holder or Exchanging Dealer will deliver to the Company (at the Company’s expense) all copies in such Holder’s or Exchanging Dealer’s
possession, other than permanent file copies, of the Prospectus covering such New Notes or Exchange Notes that was current at the time of receipt of such notice. 

(c) The Company shall use its commercially reasonable efforts to prevent the issuance and, if issued, to obtain the withdrawal
at the earliest practicable time of any order suspending the effectiveness of any Registration Statement or the qualification of the securities therein for sale in any jurisdiction. 

(d) Prior to the effective date of any Registration Statement, the Company will use its commercially reasonable efforts to
register or qualify, or cooperate with the Holders of New Notes or Exchange Notes included therein and their respective counsel in connection with the registration or qualification of, such New Notes or Exchange Notes for offer and sale under the
securities or blue sky laws of such jurisdictions as any such Holder reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the New Notes or Exchange Notes
covered by such Registration Statement; provided that, the Company will not be required to qualify as a broker-dealer or generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to
general service of process or to taxation in any such jurisdiction where it is not then so subject. 

  
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 (e) The Company shall furnish to each Holder of New Notes covered by any Shelf
Registration Statement, without charge and upon request in writing, at least one conformed copy of such Shelf Registration Statement and any post-effective amendment thereto, and, if the Holder so requests in writing, all material incorporated
therein by reference and all exhibits thereto. 
 (f) The Company shall, during the Shelf Registration Period, promptly
deliver to each Holder of New Notes covered by any Shelf Registration Statement, without charge, as many copies of the Prospectus (including each preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement
thereto as such person may reasonably request. The Company consents to the use of the Prospectus or any amendment or supplement thereto by each of the foregoing in connection with the offering and sale of the New Notes covered by the Prospectus, or
any amendment or supplement thereto, included in the Shelf Registration Statement in accordance with applicable law and the terms hereof. 

(g) The Company shall furnish to each Exchanging Dealer that so requests, without charge, at least one conformed copy of the
Exchange Offer Registration Statement and any post-effective amendment thereto, and, if the Exchanging Dealer so requests in writing, all material incorporated by reference therein and all exhibits thereto. 

(h) The Company shall promptly deliver to you, each Exchanging Dealer and each other person required to deliver a prospectus
during the Exchange Offer Registration Period, without charge, as many copies of the final Prospectus included in such Exchange Offer Registration Statement and any amendment or supplement thereto as any such person may reasonably request. The
Company consents to the use of such Prospectus or any amendment or supplement thereto by you, any Exchanging Dealer and any such other person that may be required to deliver a prospectus following the Registered Exchange Offer in connection with the
offering and sale of the Exchange Notes covered by the Prospectus, or any amendment or supplement thereto, included in the Exchange Offer Registration Statement in accordance with applicable law and the terms hereof. 

(i) Upon the occurrence of any event contemplated by subsections (ii) through (v) of
Section 4(b) hereof during the period for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare a post-effective amendment to the applicable Registration Statement
or an amendment or supplement to the related Prospectus or file any other required document so that, as thereafter delivered to the purchasers of the securities covered thereby, the Prospectus will not include an untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that, during the Exchange Offer Registration Period or
the Shelf Registration Period, the Company shall not be required to amend or supplement a Registration Statement or Prospectus, in the event that, and for a period not to exceed 120 days in any consecutive
12-month period, the Company determines in good faith that the disclosure of any such event would be materially adverse to the Company or otherwise relates to a pending business transaction

  
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that has not yet been publicly disclosed. In such circumstances, the Exchange Offer Registration Period and the Shelf Registration Statement Period shall each be extended by the number of days
from and including the date of the giving of a notice of suspension pursuant to Section 4(b) hereof to and including the date the Holders of New Notes and Exchanging Dealers shall have received such amended or supplemented
Prospectus pursuant to this Section. 
  

							
		  	(j)	  	(i)	  	Not later than the effective date of the Exchange Offer Registration Statement, the Company shall provide a CUSIP number for the Exchange Notes registered under the Exchange Offer Registration Statement. Not later than the date of
the closing of the Exchange Offer, the Company shall provide the Trustee with printed certificates for such Exchange Notes, free of any restrictive legends, in a form eligible for deposit with The Depository Trust Company
(“DTC”).
				
		  		  	(ii)	  	On the first Business Day following the effective date of any Shelf Registration Statement hereunder or as soon as possible thereafter, the Company shall use its reasonable efforts to establish with the Trustee a procedure by which
Holders of New Notes that are “restricted securities” within the meaning of Rule 144(a)(3) under the Act may transfer, upon completion of a sale of New Notes under such Shelf Registration Statement, their interests therein to an
“unrestricted” global security free of any stop or restriction on DTC’s system with respect to the New Notes, including the issuance of an applicable CUSIP number with respect to such unrestricted securities; provided, however that
this Section 4(j)(ii) shall be applicable only to Holders that are named as selling Holders in the Shelf Registration Statement and agree in writing to be bound by all of the provisions of this Agreement applicable to such
Holder. Upon compliance with the foregoing requirements of this Section 4(j)(ii), the Company shall provide the Trustee with printed certificates for such New Notes in a form eligible for deposit with DTC.

 In the event the Company is unable to cause DTC to take the actions described in this
Section 4(j), the Company shall take such actions reasonably necessary to provide, as soon as practicable, a CUSIP number, if necessary, for the New Notes registered and sold under the Shelf Registration Statement and to
cause the CUSIP number described in clause (i) or clause (ii) above to be assigned to the New Notes or Exchange Notes, as the case may be (or to the maximum aggregate principal amount of the New Notes or Exchange Notes, as the case may be,
to which such number may be assigned). 
 (k) The Company shall comply with all applicable rules and regulations of the
Commission and shall make generally available to its security holders as soon as practicable after the effective date of the applicable Registration Statement an earnings statement satisfying the provisions of Section 11(a) of the Act. 

  
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 (l) The Company may require each Holder of New Notes to be registered pursuant to
any Shelf Registration Statement to furnish to the Company such information regarding the Holder and the distribution of such New Notes as the Company may from time to time reasonably require for inclusion in such Shelf Registration Statement, and
each such Holder shall promptly furnish to the Company any additional information required in order to make the information previously disclosed to the Company under this subsection (l) not misleading. The Company may exclude from such Shelf
Registration Statement the New Notes of any Holder that fails to furnish such information within a reasonable time after receiving such request. 

(m) The Company shall, if requested, use its commercially reasonable efforts to incorporate promptly in a Prospectus supplement
or post-effective amendment to a Shelf Registration Statement such information as a Holder of New Notes to be sold pursuant to any Shelf Registration Statement may reasonably provide from time to time to the Company in writing for inclusion in a
Prospectus or any Shelf Registration Statement concerning such Holder and the distribution of such Holder’s New Notes and shall make all required filings of such Prospectus supplement or post-effective amendment as soon as reasonably
practicable after receipt of notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment; provided, however, that notwithstanding anything else in this Agreement to the contrary, the Company shall not be
obligated to make such updates more than once per month. 
 (n) If a Registered Exchange Offer is to be consummated, upon
delivery of the New Notes by Holders to the Company (or to such other person as directed by the Company) in exchange for the Exchange Notes, the Company shall mark, or cause to be marked, on the New Notes so exchanged that such New Notes are being
cancelled in exchange for the Exchange Notes. In no event shall the New Notes be marked as paid or otherwise satisfied. 
 5.
Additional Interest. 
 (a) The parties hereto acknowledge that the Holders of New Notes will suffer damages if the
Company fails to perform its obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages. Accordingly, in the event that: 

 

	 	(i)	the Exchange Offer Registration Statement has not been filed on or prior to the 120th day after the Settlement Date, and the Company has not determined upon written advice of outside counsel that due to a change in law
or in applicable interpretations of the staff of the Commission, that the Company is not permitted to effect the Registered Exchange Offer as provided in Section 3(a)(i) hereof; 

  
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	 	(ii)	the Registered Exchange Offer has not been completed within 250 days of the Settlement Date, and the Company has not determined upon written advice of outside counsel that due to a change in law or in applicable
interpretations of the staff of the Commission, that the Company is not permitted to effect the Registered Exchange Offer as provided in Section 3(a)(i) hereof; 

 

	 	(iii)	the Shelf Registration Statement, if applicable, has not been declared effective by the Commission on or prior to the 150th day after so required pursuant to Section 3 hereof;

  

	 	(iv)	after the Exchange Offer Registration Statement has been declared effective, the Exchange Offer Registration Statement ceases to be effective or usable prior to the consummation of the Registered Exchange Offer (unless
such ineffectiveness or inability to use the Exchange Offer Registration Statement is cured within the 250-day period after the Settlement Date); or 

 

	 	(v)	after the Shelf Registration Statement, if applicable, has been declared effective, the Shelf Registration Statement ceases to be effective or usable for a period of time that exceeds 120 days in the aggregate in any 12-month period in which it is required to be effective under this Agreement; 

 (each such
event referred to in the foregoing clauses (i) through (v), a “Registration Default”), then additional interest (“Additional Interest”) will accrue on the principal amount of the New Notes affected thereby (in addition to
the stated interest on the New Notes), from and including the date on which any Registration Default first occurs and while any such Registration Default has occurred and is continuing, to but not including, the date on which all filings,
determinations, declarations of effectiveness and consummations, as the case may be, have been achieved which, if achieved on a timely basis, would have prevented the occurrence of all of the then existing Registration Defaults. Additional Interest
will accrue at a rate of 0.25% per annum while one or more Registration Defaults is continuing, and will be payable at the same time, to the same persons and in the same manner as ordinary interest, until the date on which all filings,
determinations, declarations of effectiveness and consummations referred to in the preceding sentence have been achieved, on which date the interest rate on the applicable New Notes will revert to the interest rate originally borne by such New
Notes. 
 (b) The Company shall notify the Trustee immediately upon its knowledge of the happening of each and every
Registration Default. The Company shall pay the Additional Interest due on the New Notes by depositing with the Trustee (which shall not be the Company for these purposes), in trust, for the benefit of the Holders entitled thereto, prior to 11:00
a.m. on the next interest payment date specified in the global notes representing the applicable New Notes, sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date specified
by the global notes representing the applicable New Notes to the record holders entitled to receive the interest payment to be made on such interest payment date. 

  
 14 

 (c) The parties hereto agree that the Additional Interest provided for in this
Section 5 constitutes a reasonable estimate of the damages that will be suffered by Holders of New Notes by reason of the happening of any Registration Default. 

(d) All of the Company’s obligations set forth in this Section 5 shall survive the termination
of this Agreement. 
 (e) Any Additional Interest under this Section 5 will constitute liquidated
damages and will be the exclusive remedy, monetary or otherwise, available to any holder of New Notes with respect to any Registration Default. 

6. Registration Expenses. The Company shall bear all expenses incurred in connection with the performance of its obligations
under Section 2, Section 3 and Section 4 hereof and, in the case of any Exchange Offer Registration Statement, will reimburse the Dealer Manager for the reasonable fees
and disbursements of Morrison & Foerster LLP, acting as counsel to the Dealer Manager in connection therewith. Anything contained herein to the contrary notwithstanding, the Company shall not have any obligation whatsoever in respect of any
underwriters’ discounts or commissions, brokerage commissions, dealers’ selling concessions, transfer taxes or, except as otherwise expressly set forth herein, any other selling expenses incurred in connection with the underwriting,
offering or sale of New Notes or Exchange Notes by or on behalf of any person. 
 7. Indemnification and Contribution. 

(a) The Company agrees (i) to indemnify and hold each Holder of New Notes covered by any Shelf Registration Statement,
each Exchanging Dealer with respect to any Prospectus delivery as contemplated in Section 4(h) hereof and each person who controls any such Holder or Exchanging Dealer within the meaning of either the Act or the Exchange
Act (collectively, referred to as the “Indemnified Holders”) harmless against any loss, claim, damage, liability or expense (“Losses”), as incurred, to which such Holder or Exchanging Dealer or such controlling person may become
subject, insofar as such Loss arises out of or is based upon (A) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, or any amendment thereto, including any information deemed to be a
part thereof pursuant to Rule 430B under the Act, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading; or (B) any untrue statement or alleged
untrue statement of a material fact contained in any preliminary Prospectus or the Prospectus, any amendment thereof or supplement thereto, or any “issuer free writing prospectus” (as defined in Rule 433 under the Act, an “Issuer
FWP”), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and agrees to reimburse each such Indemnified
Holder, as incurred, for any and all expenses (including the fees and disbursements of counsel 

  
 15 

 
chosen by the Indemnified Holders) as such expenses are reasonably incurred by such Indemnified Holder in connection with investigating, defending, settling, compromising or paying any such Loss;
provided, however, that the Company will not be liable in any such case to the extent that any such Losses arise out of or are based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance
upon and in conformity with written information furnished to the Company by or on behalf of any such Indemnified Holder specifically for inclusion therein and provided, further, that with respect to any untrue statement or omission or alleged untrue
statement or omission made in a Shelf Registration Statement or Prospectus or in any amendment or supplement thereto or in an Issuer FWP or any preliminary Prospectus relating to a Shelf Registration Statement, the indemnity agreement contained in
this subsection (a) shall not inure to the benefit of any Indemnified Holder from whom the person asserting any such Losses purchased the New Notes or Exchange Notes concerned, to the extent that a Prospectus relating to such New Notes or
Exchange Notes, as the case may be, was required to be delivered (including through satisfaction of the conditions of Rule 172 under the Act) by such Indemnified Holder or any Affiliate thereof under the Act in connection with such purchase and any
such Losses of such Indemnified Holder result from the fact that there was not conveyed to such person, at or prior to the time of the sale of such New Notes or Exchange Notes, as the case may be, to such person, an amended or supplemented
Prospectus or, if applicable, an Issuer FWP correcting such untrue statement or omission or alleged untrue statement or omission if the Company had previously furnished copies thereof to such Indemnified Holder; provided further, however, that this
indemnity agreement will be in addition to any liability which the Company may otherwise have to such Indemnified Holder. 

(b) Each Holder of New Notes covered by a Shelf Registration Statement and each Exchanging Dealer with respect to any
Prospectus delivery as contemplated in Section 4(h) hereof, severally and not jointly, agrees to indemnify and hold harmless the Company, and each of its directors, officers, employees and agents and each person who
controls the Company within the meaning of either the Act or the Exchange Act (each, a “Company Indemnitee”), to the same extent as the indemnity in Section 7(a) hereof from the Company to each such Holder and
Exchanging Dealer, but only (i) with reference to written information relating to such Holder or Exchanging Dealer furnished to the Company by or on behalf of such Holder or Exchanging Dealer specifically for inclusion in the documents referred
to in the foregoing indemnity or (ii) (A) such Holder of New Notes disposed of New Notes to the person asserting the claim from which such Losses arose pursuant to a Registration Statement and sent or delivered, or was required by law to send
or deliver, a Prospectus to such person in connection with such disposition, (B) such Holder of New Notes received a notice of suspension contemplated in Section 4(b) hereof prior to the date of such disposition and
(C) such untrue statement or alleged untrue statement or omission or alleged omission was the reason for the notice of suspension contemplated in Section 4(b) hereof, and further agrees to reimburse each Company
Indemnitee for any legal or other expenses reasonably incurred by such Company Indemnitee in connection with investigating or defending or preparing to defend against any such Losses as such expenses are incurred; provided, however, that no

  
 16 

 
such Holder or Exchanging Dealer shall be liable for any Losses hereunder in excess of the amount of net proceeds received by such Holder or Exchanging Dealer from the sale of New Notes or
Exchange Notes pursuant to such Registration Statement. This indemnity agreement shall be in addition to any liability which any such Holder or Exchanging Dealer may otherwise have. 

(c) Promptly after receipt by an indemnified party of notice of the commencement of any action, proceeding or investigation,
such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section, notify the indemnifying party in writing of the commencement thereof, but the failure so to notify the indemnifying party
shall not relieve the indemnifying party from any liability which it may otherwise have to such indemnified party under subsection (a) or (b) of this Section 7 except to the extent that such indemnifying party suffers actual
prejudice as a result of such failure, and in no event shall such failure relieve the indemnifying party from any obligation to provide reimbursement and contribution to such indemnified party. The indemnifying party shall be entitled to appoint
counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible
for the fees and expenses of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the
indemnifying party’s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the
reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential
defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties
which are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a
reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnified party will not, without the
prior written consent of the indemnifying party (which consent will not be unreasonably withheld or delayed), settle, compromise consent to the entry of judgment in or otherwise seek to terminate any such claim, action proceeding or investigation.
The indemnifying party shall not, without the prior written consent of the affected indemnified parties (which consent shall not be unreasonably withheld or delayed) settle or compromise, or consent to the entry of any judgment with respect to, any
pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such
settlement, compromise or consent (i) includes an unconditional release of each such indemnified party from all liability arising out of such claim, action, suit or proceeding and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party. 

  
 17 

 (d) If the indemnification provided for in this
Section 7 shall for any reason be unavailable to an indemnified party under Section 7(a) or Section 7(b) hereof in respect of any Losses referred to therein, then each
indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative benefits received by
the Company on the one hand and the Indemnified Holders on the other hand from the exchange of the New Notes, pursuant to the Registered Exchange Offer. If, however, this allocation is not permitted by applicable law, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of such Losses in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Indemnified Holders on
the other hand from the exchange of the New Notes, pursuant to the Registered Exchange Offer, and the relative fault of Company on the one hand and the Indemnified Holders on the other hand with respect to the statements or omissions which resulted
in such Losses as well as any other relevant equitable considerations. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact
relates to information supplied by the Company or the Indemnified Holders, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by
an indemnified party as a result of the Losses referred to above in this Section 7(d) shall be deemed to include, for purposes of this Section 7(d), any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7(d), no Indemnified Holder shall be required to contribute any amount in
excess of the amount by which the net proceeds received by such Indemnified Holder from the sale of the New Notes pursuant to a Registration Statement exceeds the amount of damages which such Indemnified Holders have otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. 
 (e) The provisions of this
Section 7 shall remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Company or any of the officers, directors, employees, agents or controlling persons referred to in
this Section 7, and shall survive the sale by a Holder of securities covered by a Registration Statement. 

8. Rule 144 and 144A. The Company shall, upon request of any Holder of Transfer-Restricted Securities, make available such
information as is required so long as necessary to permit sales of such Holder’s securities pursuant to Rule 144A. Upon the written request of any Holder of Transfer-Restricted Securities, the Company shall deliver to such Holder a written
statement as to whether it has complied with such requirements. 

  
 18 

 Notwithstanding the foregoing, nothing in this Section 8 shall be deemed to require the
Company to register any of its securities pursuant to the Exchange Act, or file reports thereunder, except as may be required by law. 

9. No Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor shall it on or after the date
hereof, enter into, any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders herein or that otherwise conflicts with the provisions hereof. 

10. Timing of Obligations. If any of the Company’s obligations pursuant to Section 2,
Section 3 or Section 5 hereof would come due on a day that is not a Business Day, then such obligation shall be due on the next succeeding Business Day. 

11. Amendments and Waivers. For each series of New Notes, the provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, in any case as to such series of New Notes or the Exchange Notes of such series of New Notes, unless the Company has obtained the written consent of
Holders of a majority in aggregate principal amount of such series of New Notes and the Exchange Notes of such series that constitute Transfer-Restricted Securities, taken as a single class. In addition, a waiver or consent to depart from the
provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Transfer-Restricted Securities or Exchange Notes are being sold pursuant to a Registration Statement and that does not directly or indirectly affect
the rights of other Holders may be given by Holders of a majority in aggregate principal amount of such Transfer-Restricted Securities or Exchange Securities, as applicable, being sold by such Holders pursuant to such Registration Statement. 

12. Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail, telex, telecopier or air courier guaranteeing overnight delivery: 
 (a) if to a Holder, at the most
current address given by such Holder to the Company in accordance with the provisions of this Section 12, which address initially is, with respect to each Holder, the address of such Holder maintained by the Registrar under
the Indenture; 
 (b) if to you, initially at the address set forth in the Dealer Manager Agreement; and 

(c) if to the Company, initially at the Company’s address set forth in the Dealer Manager Agreement. 

All such notices and communications shall be deemed to have been duly given when received. 

Each party hereto by notice to the other parties may designate additional or different addresses of such party for subsequent notices or communications. 

  
 19 

 13. Successors. This Agreement shall be binding upon the successors, assigns and
transferees of each of the parties, including, without limitation and without need for an express assignment, subsequent Holders. If any transferee of any Holder shall acquire New Notes or Exchange Notes in any manner, whether by operation of law or
otherwise, such Holder shall be deemed to have agreed to be bound by and subject to all the terms of this Agreement, and by taking and holding such New Notes or Exchange Notes such transferee shall be conclusively deemed to have agreed to be bound
by and to perform all of the terms and provisions of this Agreement. 
 14. Counterparts. This Agreement may be signed in
counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same agreement. 
 15.
Headings. The headings used herein are for convenience only and shall not affect the construction hereof. 
 16. Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflict of laws to the extent the same are not mandatorily applicable by statute and would permit or
require the application of the laws of another jurisdiction. 
 17. Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 

18. Termination. This Agreement and the obligations of the parties hereunder shall terminate upon the expiration of the Shelf
Registration Period, except for any liabilities or obligations under Section 6 and Section 7 hereof and the obligations to make payments of and provide for additional interest under
Section 5 hereof to the extent such damages accrue prior to the end of the Shelf Registration Period, each of which shall remain in effect in accordance with its terms. 

If the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof,
whereupon this letter and your acceptance shall represent a binding agreement among the Company and the Dealer Manager. 
 [Signature Page
Follows] 

  
 20 

			
	Very truly yours,
	
	BANK OF AMERICA CORPORATION
		
	By:	 	 /s/ Indhira N. Urrutia

	Name: Indhira N. Urrutia
	Title:   Managing Director

 [Signature Page – Registration Rights Agreement] 

  
 21 

			
	 Accepted and agreed to as
 of the
date first written above:

	
	MERRILL LYNCH, PIERCE, FENNER & SMITH
	                INCORPORATED
		
	By:	 	 /s/ David Scott

		 	Name: David Scott
		 	Title:   Managing Director

 [Signature Page – Registration Rights Agreement] 

  
 22 

 SCHEDULE I 

2023 EXCHANGE OFFER OLD NOTES 
  

			
	 CUSIP NO.
	  	 TITLE OF SECURITY

	 06051GDZ9
	  	7.625% Senior Notes, due June 2019
		
	 06051GEC9
	  	5.625% Senior Notes, due July 2020
		
	 06051GEE5
	  	5.875% Senior Notes, due January 2021
		
	 06051GEX3
	  	2.600% Senior Notes, due January 2019
		
	 06051GFD6
	  	2.650% Senior Notes, due April 2019
		
	 59018YN64
	  	6.875% Senior Notes, due April 2018
		
	 06051GDX4
	  	5.650% Senior Notes, due May 2018
		
	 590188JN9
	  	6.875% Senior Notes, due November 2018
		
	 590188JF6
	  	6.500 % Senior Notes, due July 2018

  
 I-1 

 SCHEDULE II 

2028 EXCHANGE OFFER OLD NOTES 
  

			
	 CUSIP NO.
	  	 TITLE OF SECURITY

	 06051GEM7
	  	5.700% Senior Notes, due January 2022
		
	 06051GEH8
	  	5.000% Senior Notes, due May 2021
		
	 590188JB5
	  	6.750% Senior Notes, due June 2028
		
	 06051GFS3
	  	3.875% Senior Notes, due August 2025
		
	 06051GFG9
	  	4.875% Senior Notes, due April 2044
		
	 59018YTM3
	  	6.050% Senior Notes, due June 2034
		
	 06051GFF1
	  	4.000% Senior Notes, due April 2024
		
	 06053FAA7
	  	4.100% Senior Notes, due July 2023
		
	 06051GFB0
	  	4.125% Senior Notes, due January 2024
		
	 06051GFC8
	  	5.000% Senior Notes, due January 2044
		
	 06051GEN5
	  	5.875% Senior Notes, due February 2042

  
 II-1 

 ANNEX A 

Each Broker-Dealer that receives Exchange Notes for its own account pursuant to the Registered Exchange Offer must acknowledge that it will
deliver a prospectus in connection with any resale of such Exchange Notes. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a Broker-Dealer will not be deemed to admit that it is an “underwriter”
within the meaning of the Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a Broker-Dealer in connection with resales of Exchange Notes received in exchange for New Notes where such New Notes were acquired
by such Broker-Dealer as a result of market-making activities or other trading activities. The Company has agreed that, starting on the date the Exchange Offer Registration Statement is declared effective and ending on the close of business 90 days
after such date, it will make this Prospectus available to any Broker-Dealer for use in connection with any such resale. See “Plan of Distribution.” 

  
 Annex A-1 

 ANNEX B 

Each Broker-Dealer that receives Exchange Notes for its own account in exchange for New Notes, where such New Notes were acquired by such
Broker-Dealer as a result of market- making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Notes. See “Plan of Distribution.” 

  
 Annex B-1 

 ANNEX C 

PLAN OF DISTRIBUTION 

Each Broker-Dealer that receives Exchange Notes for its own account pursuant to the Registered Exchange Offer must acknowledge that it will
deliver a prospectus (the “Prospectus”) in connection with any resale of such Exchange Notes. This Prospectus, as it may be amended or supplemented from time to time, may be used by a Broker-Dealer in connection with resales of Exchange
Notes received in exchange for New Notes where such New Notes were acquired as a result of market-making activities or other trading activities. The Company has agreed that, starting on the date the Exchange Offer Registration Statement is declared
effective and ending on the close of business 90 days after such date, they will make this Prospectus, as amended or supplemented, available to any Broker-Dealer for use in connection with any such resale. In addition, until , 20_ , all dealers
effecting transactions in the Exchange Notes may be required to deliver a prospectus. 
 The Company will not receive any proceeds from any
sale of Exchange Notes by Broker- Dealers. Exchange Notes received by Broker-Dealers for their own account pursuant to the Registered Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Notes or a combination of such methods of resale, at market prices prevailing at the time of resale, at
prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such
Broker-Dealer or the purchasers of any such Exchange Notes. Any Broker-Dealer that resells Exchange Notes that were received by it for its own account pursuant to the Registered Exchange Offer and any broker or dealer that participates in a
distribution of such Exchange Notes may be deemed to be an “underwriter” within the meaning of the Act and any profit of any such resale of Exchange Notes and any commissions or concessions received by any such persons may be deemed to be
underwriting compensation under the Act. The Letter of Transmittal states that by acknowledging that it will deliver and by delivering a prospectus, a Broker-Dealer will not be deemed to admit that it is an “underwriter” within the meaning
of the Act. 
 For a period of 90 days after the date the Exchange Offer Registration Statement is declared effective, the Company shall
promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to any Broker-Dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the
Registered Exchange Offer other than commissions or concessions of any brokers or dealers and will indemnify the holders of the New Notes (including any Broker-Dealers) against certain liabilities, including liabilities under the Act. 

[If applicable, add information required by Items 507 and 508 of Regulation S-K.] 

  
 Annex C-1 

 ANNEX D 

Rider A 
  

			
	☐        	  	CHECK HERE IF YOU ARE A BROKER-DEALER WHO HOLDS NEW NOTES ACQUIRED AS A RESULT OF MARKET MAKING OR OTHER TRADING ACTIVITIES AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
THERETO FOR USE IN CONNECTION WITH RESALES OF EXCHANGE NOTES RECEIVED IN EXCHANGE FOR SUCH NEW NOTES.

  

					
		 	Name:	 	  

		 	Address:	 	  

		 		 	  

 Rider B 
 If the undersigned is
not a Broker-Dealer, the undersigned represents that it acquired the Exchange Notes in the ordinary course of its business, it is not engaged in, and does not intend to engage in, a distribution of Exchange Notes and it has no arrangements or
understandings with any person to participate in a distribution of the Exchange Notes. If the undersigned is a Broker- Dealer that will receive Exchange Notes for its own account in exchange for New Notes, it represents that the New Notes to be
exchanged for Exchange Notes were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Notes; however, by so
acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the Act. 

  
 Annex D-1Exhibit

Exhibit 10.22

GENON ENERGY, INC.
INCENTIVE BONUS PLAN

ARTICLE I
PURPOSE OF THE PLAN
This plan is known as the GenOn Energy, Inc. Incentive Bonus Plan (the “Plan”) and shall be effective as of October 11, 2017 (the “Effective Date”), which is the date of the Plan’s adoption by the Board.  The purpose of the Plan is to enable GenOn Energy, Inc. (the “Company”) and its Subsidiaries (as defined below) to better align the interests of the Company and participating employees and independent contractors by providing such participating employees and independent contractors with an opportunity to receive additional compensation as outlined below.  Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Amended Joint Chapter 11 Plan of Reorganization of GenOn Energy, Inc. and its Debtor Affiliates filed at Docket No. 782 (the “Plan of Reorganization”) as it may be amended or supplemented from time to time, including all exhibits, schedules, supplements, appendices, annexes and attachments thereto. 
ARTICLE II     
 
DEFINITIONS
For purposes of the Plan, the following terms shall have the meanings set forth below:
2.1        “Additional Marketed Assets” means any assets (other than Marketed Assets) that are formally marketed (including asset-specific marketing materials and asset-specific outreach to potential purchasers) as part of the Sales Process.
2.2        “Aggregate Sales Proceeds” means the aggregate amount of Sales Proceeds received in connection with any Sale of the Company and any and all Approved Sales, in each case, net of any taxes, fees, and other expenses incurred in connection with any Approved Sale or Sale of the Company.
2.3        “Approved Sale” means any anticipated sale of assets or equity interests of the Company to a third party, in each case, for which definitive documentation has been entered into during the Sales Process, excluding a Sale of the Company.
2.4        “Asset Sale Bonus Pool” means, as applicable, with respect to any applicable Measurement Date, 0.425% of the aggregate total combined value of (a) the Aggregate Sale Proceeds of Approved Sales received on such Measurement Date and/or (b) the net proceeds of any reverse breakup fee received by the Company on such Measurement Date in connection with the termination of a contract the consummation of the transactions thereunder would constitute any Approved Sale and/or (c) in connection with the Board’s cancellation or termination of any a contract the consummation of the transactions thereunder would constitute Approved Sale in a circumstance where (i) the Company is required to pay a break-up fee and (ii) the reorganized Board’s primary reason for terminating such Approved Sale is a material change in market conditions, an amount equal to the reorganized Board’s reasonable and good-faith determination of the Aggregate Sale Proceeds that would have been received on any and all applicable Measurement Dates associated with such Approved Sale had such Approved Sale not been terminated; provided that if a Bonus Amount is paid in respect of an asset or equity interest pursuant to this clause (c), no further Bonus Amounts shall be paid in respect of such asset or equity interest.
2.5        “Board” means the independent Governance Committee of the Board of Directors of the Company or, after Emergence, the Board of Directors of the reorganized Company.

1

2.6        “Bonus Amount” means, with respect to any given Measurement Date, the amount payable to a Participant under the Plan, as of such Measurement Date, which shall be determined by dividing the applicable Bonus Pool for such Measurement Date by the total number of Bonus Units outstanding on such Measurement Date for such Bonus Pool, and then by multiplying such value by the number of Bonus Units held by such individual Participant on such date; provided that in no event shall more than sixty percent (60%) of any Bonus Pool be allocated to Bonus Units held by the Chief Executive Officer and any amount not paid as a result of this proviso shall be removed from the Bonus Pool.
2.7        “Bonus Pool” means, as applicable, each Asset Sale Bonus Pool, the Sale Bonus Pool and the Value Creation Bonus Pool. 
2.8        “Bonus Unit” means a non-voting unit of measurement, which entitles a Participant to receive a payment in cash equal to a portion of the applicable Bonus Pool in accordance with the terms of the Plan.
2.9         “Cause” shall have the same meaning as “Cause” as set forth in any employment agreement or severance agreement between the Company and the Participant and, if no such agreement exists, means the occurrence of any of the following events: (a) the Participant’s conviction of, or plea of nolo contendere to, a felony (other than in connection with a traffic violation other than driving under the influence) under any state or federal law; (b) the Participant’s willful and continued failure to substantially perform his or her essential job functions after receipt of written notice from the Company; (c) an act of fraud or willful and material misconduct with respect, in each case, to the Company, by the Participant; (d) a material breach of any applicable restrictive covenants (including non-compete, non-solicitation of employees or customers, non-disparagement, confidentiality, assignment of inventions, or other material restrictive covenants) applicable to the Participant; or (e) a willful and material violation of a material policy of the Company.  
2.10     “Code Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other official guidance promulgated thereunder.
2.11    “Company” shall have the meaning set forth in ARTICLE I hereof.
2.12    “Daily Market AEV” means, with respect to any Trading Day, the product of (a) the volume-weighted average price of the New Common Stock on such Trading Day and (b) the number of shares of New Common Stock outstanding at the close of such Trading Day.
2.13    “Effective Date” shall have the meaning set forth in ARTICLE I hereof.
2.14    “Emergence” means the Company’s emergence from Chapter 11 bankruptcy proceedings.
2.15    “Fair Market Value” means (a) with respect to Sales Proceeds received prior to Emergence, the fair market value of any property or securities as determined in good faith and in consultation with the GenOn Steering Committee by the Board as in effect before Emergence, and (b) with respect to Sales Proceeds received post-Emergence, the fair market value of any property or securities as determined in good faith by the reorganized board.
2.16    “Good Reason” shall have the same meaning as “Good Reason” as set forth in any employment agreement or severance agreement between the Company and the Participant and, if no such agreement exists, means, unless otherwise agreed to in writing by the Participant, (a) any diminution or adverse change in the Participant’s title(s); (b) a material change in the Participant’s reporting relationship within the Company; (c) a material diminution in the Participant’s authority, responsibilities or duties or material interference with the Participant’s carrying out his duties; (d) the assignment of duties inconsistent with the Participant’s position or status with the Company as of the date hereof; (e) a relocation of the Participant’s primary place of employment to a location more than 50 miles further from the Participant’s primary residence than the current location of the Company’s offices; or (f) any other material breach of the terms of this Plan or any other material written agreement that breach is not cured within 30 days after the Participant’s delivery of a written notice of such breach to the Company.  In order to invoke a termination for Good Reason, the Participant must provide written notice to the Company within 15 days of becoming aware of such event, the Company 

2

must fail to cure such event within 30 days of such notice and the Participant must terminate his employment, if at all, within 30 days of the expiration of such cure period of any event of Good Reason.
2.17    “Market AEV” means an amount equal to the volume-weighted average of the Daily Market AEV, taken over the ninety (90) Trading Days following the effective date of the Plan of Reorganization (the “VWAP Period”). In calculating the Market AEV (appropriately adjusted in the case of a stock split or similar event), the Daily Market AEV shall be adjusted (y) to include the value of any distributions, other than distributions of New Common Stock, received by Holders of GenOn Notes Claims under the Plan of Reorganization (i) on the effective date of the Plan of Reorganization or (ii) during the VWAP Period, and (z) in connection with any Approved Sale that is consummated during the VWAP Period, to add the signed difference between (A) the amount of any Sales Proceeds actually received on account of such Approved Sale and (B) the contracted purchase price in the applicable asset purchase agreement or other definitive documentation for such Approved Sale. The adjustment described in clause (y)(ii) shall be made only for the period beginning on the distribution date of the distribution referred to in clause (y), and the adjustment described in clause (z) shall be made only for each Trading Day during the VWAP Period on which the information in clause (z)(B) was publicly available but the information in clause (z)(A) was not.
2.18    “Marketed Assets” means the following assets of the Company marketed as part of the Sales Process: (a) Hunterstown CCGT, (b) Canal Units 1 and 2, (c) Choctaw and (d) Bowline.
2.19    “Measurement Date” means, (a) with respect to an “Asset Sale Bonus Pool” or a “Sale Bonus Pool”, (i) each date on which the Company receives Sales Proceeds and/or proceeds of any reverse breakup fee, (ii) each date on which the Company pays a breakup fee or (ii) the date on which a contract the consummation of the transactions thereunder would constitute an Approved Sale or Sale of the Company has been terminated and the Board has determined that (A) no break fee is payable by the Company and (B) the Company is not entitled to a reverse break fee and (b) with respect to the Value Creation Bonus Pool, the last day of the VWAP Period.
2.20    “New Common Stock” means the shares of common stock in Reorganized GenOn to be issued and distributed as set forth in the Plan of Reorganization.
2.21    “Participant” means any employee of, independent contractor of, or other person affiliated with the Company or its Subsidiaries who is selected to participate in the Plan in accordance with ARTICLE IV hereof.
2.22    “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.
2.23    “Plan” shall have the meaning set forth in ARTICLE I hereof.
2.24    “Sale Bonus Pool” means with respect to any applicable Measurement Date, 0.425% of the aggregate total combined value of (a) the Sale Proceeds received on such Measurement Date in respect of a Sale of the Company and/or (b) the net proceeds of any reverse breakup fee received by the Company on such Measurement Date in connection with the termination of a contract the consummation of the transactions thereunder would constitute a Sale of the Company and/or (c) in connection with the Board’s cancellation or termination of a contract the consummation of the transactions thereunder would constitute a Sale of the Company in a circumstance where (i) the Company is required to pay a break-up fee and (ii) the reorganized Board’s primary reason for terminating such Sale of the Company is a material change in market conditions, an amount equal to the reorganized Board’s reasonable and good-faith determination of the Sale Proceeds that would have been received on any and all applicable Measurement Dates associated with such Sale of the Company had such Sale of the Company not been terminated; provided that if a Bonus Amount is paid in respect of the termination of a contract, the consummation of the transactions thereunder would constitute a Sale of the Company, pursuant to this clause (c), no further Bonus Amounts shall be paid in respect of any future potential or completed Sale of the Company.  
2.25    “Sale of the Company” means a sale (or a series of related sales, taken in the aggregate) (a) of fifty percent (50%) or more of the common stock of the Company or New Common Stock or (b) of all or substantially all of the 

3

assets of the Company, in either case, to a third party and for which definitive documentation has been entered into during the Sales Process. 
2.26    “Sales Proceeds” means the value of the proceeds received on a Measurement Date by the Company in connection with the consummation of any Approved Sale or Sale of the Company, as applicable.  Sales Proceeds shall include the assumption of funded debt and proceeds received in any form, with the value of any non-cash proceeds being equal to the Fair Market Value of such proceeds, net of any taxes, fees, and other related expenses; provided that the assumption of liabilities (other than funded debt) shall not constitute Sales Proceeds. 
2.27    “Sales Process” means the process pursuant to which the Company is exploring potential third-party asset sales, as set forth in the Debtors’ Motion for Entry of an Order (I) Approving Marketing Process Procedures, (II) Authorizing the Debtors to Pay the Fees and Expenses of the Note Holder, and (III) Granting Related Relief, filed at Docket No. 686, including, without limitation, (a) the sale of assets already covered by such motion, and (b) a sale of all or substantially all of the assets of the Company.
2.28     “Subsidiary” means, with respect to the Company, any corporation, limited liability company, partnership, association or other business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (b) if a limited liability company, partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more Subsidiaries of the Company or a combination thereof.  For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the managing director or general partner of such limited liability company, partnership, association or other business entity.
2.29    “Threshold Plan Recovery” means an amount equal to 68 percent (68%) of the amount of Allowed GenOn Notes Claims as of the effective date of the Plan of Reorganization.
2.30    “Trading Day” means any date on which major stock exchanges, including, without limitation, the New York Stock Exchange, are open for business.  
2.31    “Value Creation Bonus Pool” means an aggregate amount based of the excess, if any, of the Market AEV over Threshold Plan Recovery (“Value Creation”) as follows:
	
		
	Amount of Value Creation within each Tier
	Percentage

	Tier 1: $0 to $100 million
	0.5%

	Tier 2: $100 million to $200 million
	1.25% (plus Tier 1 payout)

	Tier 3: $200 million to $318.7 million
	2.0% (plus Tier 1 and Tier 2 payout)

	Tier 4: Above $318.7 million
	2.75% (plus Tier 1, Tier 2, and Tier 3 payout)

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ARTICLE III     
 
ADMINISTRATION
3.1        General.  The Plan shall be administered by the Board.  Subject to the provisions of the Plan, the Board shall be authorized to (a) select Participants, (b) determine the number of Bonus Units granted to Participants under the Plan, (c) adjust the terms and conditions applicable to any Bonus Unit, (d) determine the conditions and restrictions, if any, subject to which payments hereunder will be made, (e) determine whether the conditions and restrictions applicable to any payment have been met, (f) interpret the Plan, and (g) adopt, amend, or rescind such rules and regulations, and make such other determinations, for carrying out the Plan as it may deem appropriate.  Decisions of the Board on all matters relating to the Plan shall be in the Board’s sole discretion and shall be conclusive and binding upon the Participants, the Company and all other Persons to whom rights to receive payments hereunder have been transferred in accordance with Section 5.1 hereof.  The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with applicable federal and state laws and rules and regulations promulgated pursuant thereto.  Determinations made by the Board under the Plan need not be uniform and may be made selectively among eligible individuals under the Plan, whether or not such individuals are similarly situated.
3.2        Plan Expenses.  The expenses of the Plan shall be borne by the Company.  
3.3        Unfunded Arrangement.  Except as otherwise set forth herein, the Company shall not be required to establish any special or separate fund or make any other segregation of assets to assume the payment of any Bonus Amount under the Plan, and rights to the payment of such Bonus Amounts shall be no greater than the rights of the Company’s general unsecured creditors.  
3.4        Delegation.  The Board may, to the extent permissible by law, delegate any of its authority hereunder to such Persons as it deems appropriate.
ARTICLE IV     
 
PARTICIPATION AND PAYMENT
4.1        Participation.  Participation in the Plan shall be limited to those Participants selected by the Board from time to time.  
4.2        Grant of Bonus Units.  The Board, in consultation with the GenOn Steering Committee, shall determine the Participants to whom Bonus Units are granted under the Plan.  There shall be no limit to the number of Bonus Units that may be granted under the Plan by the Board, and no Participant who is granted Bonus Units under the Plan shall have any right to protection from any dilution resulting from Bonus Units granted to other Participants under the Plan at any time.  The Board may impose such vesting or other restrictions on the Bonus Units granted under the Plan as it determines in its sole discretion and may revoke all or any portion of an award of Bonus Units; provided that all Bonus Units will be forfeited by a Participant upon such Participant’s termination of employment or other service at any time and by the Company for Cause or by the Participant without Good Reason; provided further that for purposes of calculating any “Bonus Amount” for any other Participant, any Participant’s Bonus Units, whether vested or unvested, shall continue to be included in the total number of Bonus Units outstanding as of any Measurement Date after any termination or resignation of such Participant’s employment.
4.3        Determination of Bonus Pool.  
(a)    Asset Sale Bonus Pool.  The amount of the Asset Sale Bonus Pool and each Participant’s Bonus Amount shall be determined by the Board as soon as practicable following each Measurement Date, as applicable, relating to an Approved Sale.  

5

(b)    Sale Bonus Pool.  The amount of the Sale Bonus Pool and each Participant’s Bonus Amount shall be determined by the Board as soon as practicable following each Measurement Date, as applicable, relating to a Sale of the Company.
(c)    Value Creation Bonus Pool.  The amount of the Value Creation Bonus Pool and each Participant’s Bonus Amount shall be determined by the Board as soon as practicable following the applicable Measurement Date.  
4.4        Employment Requirement.  Subject to Section 4.5, payment of any Bonus Amount to a Participant under the Plan shall be conditioned upon such Participant’s continued employment with the Company through the date on which the Bonus Amount becomes payable.
4.5         Termination by Company without Cause or by the Participant with Good Reason.  In the event that a Participant is terminated by the Company for a reason other than Cause or the Participant resigns with Good Reason, in either case, before payment of any applicable Bonus Amount herein, such Participant shall be entitled to receive, in accordance with Section 4.6(c) hereof: 
(a)    a Bonus Amount from the Value Creation Bonus Pool based on the amount of Bonus Units issued to the Participant from the Value Creation Bonus Pool that are vested as of the Participant’s termination or resignation of employment, 
(b)    a Bonus Amount from the Asset Sale Bonus Pool based on the amount of Bonus Units issued to the Participant that are vested as of the Participant’s termination or resignation of employment for the following:  (i) for any Approved Sale to the extent involving (1) a sale of the Marketed Assets or (2) a sale of the Additional Marketed Assets, in each case, within 6 months after the earlier of (A) the date of such Participant’s termination or resignation and (B) the effective date of the Plan of Reorganization; and (ii) for any Approved Sale constituting any sale of assets of the Company not described in the foregoing clause (i), entered into within 60 days after the earlier of (A) the date of such Participant’s termination and (B) the effective date of the Plan of Reorganization; and
(c)    a Bonus Amount from the Sale Bonus Pool based on the amount of Bonus Units issued to the Participant that are vested as of the Participant’s termination or resignation of employment for any Sale of the Company, in each case, within 6 months after the earlier of (A) the date of such Participant’s termination or resignation and (B) the effective date of the Plan of Reorganization.
4.6         Payment Timing and Form of Bonus Amount.
(a)    Payment of Bonus Amount from Asset Sale Bonus Pool.  Subject to the provisions of Section 4.4 and 4.5 hereof and the satisfaction of any vesting condition imposed by the Board with respect to the Bonus Units at the time of grant, all Bonus Amounts from the Asset Sale Bonus Pool that become payable hereunder shall be paid to Participants as follows: 
		
	(i)
	For any Approved Sale for which definitive documentation is entered into during calendar year 2017 (a “2017 Asset Sale”), the Company will pay to the Participant the applicable Bonus Amount from the Asset Sale Bonus Pool in a single, cash lump-sum within thirty (30) days following each Measurement Date, as applicable; provided that if such payment for any 2017 Asset Sale is not reasonably expected to be made by March 14, 2018, the Company will pay to the Participant, via payroll, as a taxable advance of compensation, the Company’s reasonable good-faith estimate of the Bonus Amount that will become payable to the Participant on the Measurement Date associated with such Approved Sale (i.e., assuming such 2017 Asset Sale actually closes) (the “2017 Advance Amount”), net of any required withholdings or deductions (the “2017 Net Advance Amount”), no sooner than January 2, 2018 and no later than March 14, 2018.

		
	(ii)
	For any Approved Sale for which definitive documentation is entered into during calendar year 2018 (a “2018 Asset Sale”) the Company will pay to the Participant the applicable Bonus Amount from the Asset Sale Bonus Pool in a single, cash lump-sum within thirty (30) days following each 

6

Measurement Date, as applicable; provided that if such payment is not reasonably expected to be made by March 14, 2019, the Company will pay to the Participant via payroll, as a taxable advance of compensation, the Company’s reasonable good-faith estimate of the Bonus Amount that will become payable to the Participant on the Measurement Date associated with such Approved Sale (i.e., assuming such 2018 Asset Sale actually closes) (the “2018 Advance Amount”), net of any required withholdings or deductions (the “2018 Net Advance Amount”), no sooner than January 2, 2019 and no later than March 14, 2019.
		
	(iii)
	For any Approved Sale for which definitive documentation is entered into during calendar year 2019 (a “2019 Asset Sale”) the Company will pay to the Participant the applicable Bonus Amount from the Asset Sale Bonus Pool in a single, cash lump-sum within thirty (30) days following each Measurement Date, as applicable; provided that if such payment is not reasonably expected to be made by March 14, 2020, the Company will pay to the Participant via payroll, as a taxable advance to current compensation, the Company’s reasonable good-faith estimate of the Bonus Amount that will become payable to the Participant on the Measurement Date associated with such Approved Sale (i.e., assuming such 2019 Asset Sale actually closes) (the “2019 Advance Amount”), net of any required withholdings or deductions (the “2019 Net Advance Amount”), no sooner than January 2, 2020 and no later than March 14, 2020.

		
	(iv)
	As a condition to a Participant’s right to receive any 2017 Advance Amounts, 2018 Advance Amounts or 2019 Advance Amounts, the Participant will, to the extent not previously executed, execute documentation instructing the Company to deposit the full 2017 Net Advance Amounts, 2018 Net Advance Amounts and 2019 Net Advance Amounts into an escrow account or trust established by the Company for Participants in the Plan that is exempt from the claims of the Company’s and the Participants’ creditors (the “Trust”). The 2017 Advance Amounts, 2018 Advance Amounts and/or 2019 Advance Amounts will, as applicable, be released from the Trust and delivered to the Participant or the Company, as applicable, in accordance with the provisions of Section 4.7 of this Plan.

		
	(v)
	Notwithstanding anything to the contrary contained within this Section 4.6(a), any payment of Bonus Amounts that would otherwise be made in respect to unvested Bonus Units from the Asset Sale Bonus Pool will be held and paid in a single, cash lump-sum within thirty (30) days following the applicable vesting date only if and when such Bonus Units have vested.

(b)    Payment of Bonus Amount from Value Creation Bonus Pool.  Subject to the provisions of Section 4.4 and 4.5 hereof and the satisfaction of any vesting condition imposed by the Board with respect to the Bonus Units at the time of grant, all Bonus Amounts from the Value Creation Bonus Pool that become payable hereunder shall be paid to Participants in a single, cash lump sum payment as soon as practicable following, but in no event later than thirty (30) days following the last day of the VWAP Period.  Any payment of Bonus Amounts that would otherwise be made in respect to unvested Bonus Units from the Value Creation Bonus Pool will be held and paid in a single, cash lump-sum within thirty (30) days following the applicable vesting date only if and when such Bonus Units have vested.
(c)    Payment of Bonus Amount from Sale Bonus Pool.  Subject to the provisions of Section 4.4 and 4.5 hereof and the satisfaction of any vesting condition imposed by the Board with respect to the Bonus Units at the time of grant, all Bonus Amounts from the Sale Bonus Pool that become payable hereunder shall be paid to Participants as follows:
		
	(i)
	For any Sale of the Company for which definitive documentation is entered into during calendar year 2017 (a “2017 Company Sale”) the Company will pay to the Participant the applicable Bonus Amount from the Sale Bonus Pool in a single, cash lump-sum within thirty (30) days following the Measurement Date; provided that if such payment is not reasonably expected to be made by March 14, 2018, the Company will pay to the Participant via payroll, as a taxable advance of compensation, the Company’s reasonable good-faith estimate of the Bonus Amount associated with net proceeds of any reverse breakup fee that would be received by the Company on such Measurement Date in connection with the termination of a contract the consummation of the transactions thereunder would 

7

constitute of a Sale of the Company (i.e., assuming such 2017 Company Sale terminates with the Company receiving payment of a reverse breakup fee) (the “2017 Advance Breakup Fee”), net of any required withholdings or deductions (the “2017 Net Advance Breakup Fee”), no sooner than January 2, 2018 and no later than March 14, 2018.
		
	(ii)
	For any Sale of the Company for which definitive documentation is entered into during calendar year 2018 (a “2018 Company Sale”) the Company will pay to the Participant the applicable Bonus Amount from the Sale Bonus Pool in a single, cash lump-sum within thirty (30) days following the Measurement Date; provided that if such payment is not reasonably expected to be made by March 14, 2019, the Company will pay to the Participant via payroll, as a taxable advance of compensation, the Company’s reasonable good-faith estimate of the Bonus Amount associated with net proceeds of any reverse breakup fee that would be received by the Company on such Measurement Date in connection with the termination of a contract the consummation of the transactions thereunder would constitute of a Sale of the Company (i.e., assuming such 2018 Company Sale terminates with the Company receiving payment of a reverse breakup fee) (the “2018 Advance Breakup Fee”), net of any required withholdings or deductions (the “2018 Net Advance Breakup Fee”), no sooner than January 2, 2019 and no later than March 14, 2019.

		
	(iii)
	For any Sale of the Company for which definitive documentation is entered into during calendar year 2019 (a “2019 Company Sale”) the Company will pay to the Participant the applicable Bonus Amount from the Sale Bonus Pool in a single, cash lump-sum within thirty (30) days following each Measurement Date; provided that if such payment is not reasonably expected to be made by March 14, 2019, the Company will pay to the Participant via payroll, as a taxable advance of compensation, the Company’s reasonable good-faith estimate of the Bonus Amount associated with net proceeds of any reverse breakup fee that would be received by the Company on such Measurement Date in connection with the termination of a contract the consummation of the transactions thereunder would constitute a Sale of the Company (i.e., assuming such 2019 Company Sale terminates with the Company receiving payment of a reverse breakup fee) (the “2019 Advance Breakup Fee”), net of any required withholdings or deductions (the “2019 Net Advance Breakup Fee”), no sooner than January 2, 2020 and no later than March 14, 2020.

		
	(iv)
	As a condition to a Participant’s right to receive any 2017 Advance Breakup Fee, 2018 Advance Breakup Fee or 2019 Advance Breakup Fee, the Participant will, to the extent not previously executed, execute documentation instructing the Company to deposit the full 2017 Net Advance Breakup Fee, 2018 Net Advance Breakup Fee and 2019 Net Advance Breakup Fee into the Trust. The 2017 Advance Breakup Fee, 2018 Advance Breakup Fee and/or 2019 Advance Breakup Fee will, as applicable, be released from the Trust and delivered to the Participant or the Company, as applicable, in accordance with the provisions of Section 4.7 of this Plan.

		
	(v)
	In addition to the amounts payable by the Company pursuant to Sections 4.6(c)(i) - (iv) with respect to any Sale Bonus Pool, the Company will pay all Bonus Amounts in excess of any 2017, 2018 or 2019 Advance Breakup Fees, as applicable, from the Sale Bonus Pool payable with respect to a Sale of the Company in a single, cash lump-sum within thirty (30) days following each Measurement Date applicable to a Sale of the Company. Notwithstanding anything to the contrary within this Section 4.6(c), any payment of Bonus Amounts that would otherwise be made in respect to unvested Bonus Units from the Sale Bonus Pool will be held and paid in a single, cash lump-sum within thirty (30) days following the applicable vesting date only if and when such Bonus Units have vested.

(d)    General.  Upon acceptance of payment of any Bonus Amount payable to a Participant under the Plan, such Participant shall be deemed to have (i) accepted all aspects of the calculation of the applicable Bonus Pool and applicable Bonus Amount, and (ii) unconditionally released and discharged the Company and any and all of the Company’s parent companies, partners, Subsidiaries, affiliates, successors and assigns and any and all of its and their past and/or present officers, directors, partners, agents, employees and representatives from any and all claims in 

8

connection with, or in any manner related to or arising under, the Plan with respect to such Bonus Amount, including the determination of such Bonus Amount and any other matter associated therewith.
4.7    Certain Matters Related to Advance Amounts
(a)    Release from Trust.  In the event that any Bonus Amount associated with any Approved Sale or Sale of the Company, in each case for which a 2017, 2018 or 2019 Net Advance Amount or 2017, 2018 or 2019 Net Advance Breakup Fee (each referred to herein as the “Net Advance Amount”) was deposited into the Trust in accordance with Section 4.6(a) or 4.6(c) of the Plan, is calculated by the Company as of the applicable Measurement Date to be equal to or more than the applicable 2017, 2018 or 2019 Advance Amount or the 2017, 2018 or 2019 Advance Breakup Fee (each referred to herein as the “Advance Amount”), (i) the Net Advance Amount will be released to the Participant within 10 days following the Measurement Date and (ii) the Company will pay to the Participant, within 10 days following the Measurement Date, the excess, if any, of the Bonus Amount over the Advance Amount value of the portion of the Bonus Amount that was underpaid (if any), less any required withholdings.
(b)    Clawback from Executive.  In the event that any Bonus Amount associated with any Approved Sale or Sale of the Company, in each case for which a Net Advance Amount was deposited into the Trust in accordance with Section 4.6(a) or 4.6(c) of the Plan, is calculated by the Company as of the applicable Measurement Date to be less than the applicable Advance Amount, the Company will be entitled to claw back a portion of the Advance Amount from the Trust and/or the Participant as follows: 
		
	(i)
	If the Measurement Date associated with an Approved Sale or Sale of the Company occurs in the same calendar year as the date on which the applicable Net Advance Amount was deposited into the Trust, the Company will be entitled to claw back from the Trust the excess of the Net Advance Amount over the after-tax portion of the Bonus Amount as actually calculated (such excess as determined by the Company with such determination conclusive and binding on the Participant) within 10 days following the Measurement Date.  The remaining Net Advance Amount, if any, associated with the applicable Approved Sale or Sale of the Company will be released from the Trust to the Participant on the 10th day following the End Date.  Any such recoupment will be considered to be a rescission of the applicable payment and the Company will be entitled to recoup all employment and income taxes withheld and remitted to governmental agencies in connection with such payment.

		
	(ii)
	If the Measurement Date associated with any Approved Sale or Sale of the Company occurs in a calendar year following the calendar year in which the applicable Net Advance Amount was deposited into the Trust, the Company will be entitled to claw back from the Trust the excess of the Net Advance Amount over the after-tax portion of the Bonus Amount as actually calculated (such excess as determined by the Company with such determination conclusive and binding on the Participant), within 10 days following the Measurement Date. The remaining Net Advance Amount, if any, associated with the applicable Approved Sale or Sale of the Company will be released from the Trust to the Participant on the 10th day following the Measurement Date. In addition, within 10 days following the date on which the Participant files a tax return for any year in which a deduction is available for any excess taxes paid in respect of any Bonus Amount, the Participant will pay the Company an amount equal to the tax savings realized by the Participant from any such deduction.

ARTICLE V     
 
MISCELLANEOUS
5.1        Nontransferability.  No rights to receive payment under the Plan may be transferred other than by will or the laws of descent and distribution.  Any transfer or attempted transfer of a right to receive payment under the Plan contrary to this Section 5.1 hereof shall be void.  In case of an attempted transfer by a Participant of a right to receive payment pursuant to the Plan contrary to this Section 5.1 hereof, the Board may in its sole discretion terminate such right.

9

5.2        Rights of Participants.  Nothing in the Plan shall interfere with or limit in any way any right of the Company or any of its Subsidiaries to terminate any Participant’s employment or other service at any time and for any reason (or no reason), nor confer upon any Participant any right to continued service with the Company or any of its Subsidiaries for any period of time or to continue such Participant’s present (or any other) rate of compensation.  No employee of the Company and/or its Subsidiaries shall have a right to be selected as a Participant.
5.3        Withholding Taxes.  The Company shall be entitled, if necessary or desirable, to withhold from any amount due and payable by the Company to any Participant (or secure payment from such Participant in lieu of withholding) the amount of any withholding or other tax due from the Company with respect to any amount payable to such Participant under the Plan.
5.4        Amendment and Termination of the Plan.  The Board may suspend or terminate the Plan or any portion thereof at any time and may amend it from time to time in such respects as the Board may deem advisable; provided, however, that, unless otherwise required by law or specifically provided herein, the rights of a Participant with respect to Bonus Units granted prior to such amendment, suspension or termination, may not be impaired without the consent of such Participant.
5.5        Severability.  Whenever possible, each provision of the Plan shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of the Plan is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of the Plan.
5.6        Titles and Headings.  The headings and titles used in the Plan are for reference purposes only and shall not affect in any way the meaning or interpretation of the Plan.  
5.7        Indemnification.  In addition to such other rights of indemnification as they may have as members of the Board, the members of the Board shall be indemnified by the Company against all costs and expenses reasonably incurred by them in connection with any action, suit or proceeding to which they or any of them may be party by reason of any action taken or failure to act under or in connection with the Plan or any rights granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding; provided that any such Board member shall be entitled to the indemnification rights set forth in this Section 5.7 hereof only if such member has acted in good faith and in a manner that such member reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that such conduct was unlawful; and provided, further, that upon the institution of any such action, suit or proceeding, a Board member shall give the Company written notice thereof and an opportunity, at its own expense, to handle and defend the same before such Board member undertakes to handle and defend it on such Board member’s own behalf.
5.8        Governing Law.  The Plan shall be governed by the laws of the State of Delaware, without giving effect to any choice of law provisions that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction.
5.9        Code Section 409A.  Although the Company makes no guarantee with respect to the tax treatment of payments hereunder and shall not be responsible in any event with regard to non-compliance with Code Section 409A, the Plan is intended to either comply with, or be exempt from, the requirements of Code Section 409A.  To the extent that the Plan is not exempt from the requirements of Code Section 409A, the Plan is intended to comply with the requirements of Code Section 409A and shall be limited, construed and interpreted in accordance with such intent.  Accordingly, the Company reserves the right to amend the provisions of the Plan at any time and in any manner without the consent of Participants solely to comply with the requirements of Code Section 409A and to avoid the imposition of the additional tax, interest or income inclusion under Code Section 409A on any payment to be made hereunder.  Notwithstanding the foregoing, in no event whatsoever shall the Company be liable for any additional tax, interest, income inclusion or other penalty that may be imposed on a Participant by Code Section 409A or for damages for failing to comply with Code Section 409A.

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