Document:

EXHIBIT 10.1

 

EXECUTION VERSION

 

INCREMENTAL AMENDMENT

 

This INCREMENTAL AMENDMENT,
dated as of September 19, 2014 (this “Amendment”), to the Credit Agreement referred to below is made among INTRAWEST
OPERATIONS GROUP HOLDINGS, LLC, a Delaware limited liability company (“Holdings”), INTRAWEST OPERATIONS GROUP,
LLC, a Delaware limited liability company (the “Borrower”), the Lenders (as defined in the Credit Agreement
referred to below; capitalized terms used but not defined herein shall have the meanings assigned to them in the Credit Agreement)
or other Persons agreeing to provide the Incremental Term Loans provided for herein and GOLDMAN SACHS LENDING PARTNERS LLC, as
administrative agent (in such capacity, the “Administrative Agent”).

 

A.Reference
is hereby made to the Credit Agreement, dated as of December 9, 2013 (as amended by this Amendment and as further amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Holdings, the Borrower,
the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”),
the Administrative Agent, Goldman Sachs Lending Partners, LLC, as swing line lender, and Goldman Sachs Bank USA, as issuing bank.

 

B.Pursuant
to Section 2.27 of the Credit Agreement, subject to the terms and conditions therein, (i) the Borrower may request an additional
tranche of term loans of the same Class as any existing Class of term loans by giving notice to the Administrative Agent, (ii)
the Borrower has given such notice to the Administrative Agent for an additional tranche of term loans of the same Class as the
existing Class of Initial Term Loans in an aggregate principal amount of $60,000,000 (the “2014 Incremental Term Loans”),
having the terms and subject to the conditions set forth herein and in the Credit Agreement, (iii) the Lenders and other Persons
set forth on Schedule 1 hereto and identified as “2014 Incremental Term Lenders” (the “2014 Incremental
Term Lenders”) are willing to provide the 2014 Incremental Term Loans on the 2014 Incremental Term Loan Effective Date
(as defined in Section 5 hereof) on the terms and subject to the conditions set forth herein and in the Credit Agreement and (iv)
the 2014 Incremental Term Loans shall be made pursuant to this Amendment, which may, without the consent of any other Lenders,
effect such amendments to the Credit Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable
opinion of the Administrative Agent and the Borrower, to effect the provisions of Section 2.27 of the Credit Agreement.

 

C.The
Borrower intends to acquire, directly or indirectly, 50% of the Capital Stock of Blue Mountain (the “Blue Mountain Acquisition”)
pursuant to a Sale and Purchase Agreement (the “Blue Mountain Purchase Agreement”), dated as of September 12,
2014, among Blue Mountain Resorts Holdings, Inc. and Le Sommet Properties Management Inc.

 

D.
The proceeds of the 2014 Incremental Term Loans will be used to pay the consideration in respect of the Blue Mountain Acquisition,
to pay fees, commissions and expenses related to the transactions contemplated by this Amendment and the Blue Mountain Acquisition
and for working capital.

    	 

    	 

    

E.Merrill
Lynch, Pierce, Fenner & Smith Incorporated will act as lead arranger and lead bookrunner for the 2014 Incremental Term Loans
(in such capacities, the “2014 Incremental Term Loan Arranger”).

 

Accordingly, in consideration
of the mutual agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto agree as follows:

 

SECTION 1. The 2014
Incremental Term Loans. (a) Subject to the terms and conditions set forth herein and in the Credit Agreement, each 2014 Incremental
Term Lender severally and not jointly agrees to make, on the 2014 Incremental Term Loan Effective Date, a 2014 Incremental Term
Loan to the Borrower in a principal amount equal to the amount set forth next to such 2014 Incremental Term Lender’s name
on Schedule 1 hereto (the “2014 Incremental Term Loan Commitments”). The Borrower may make only one borrowing
under the 2014 Incremental Term Loan Commitment which shall be on the 2014 Incremental Term Loan Effective Date. Any amount borrowed
under this Section 1(a) and subsequently repaid or prepaid may not be reborrowed. Each 2014 Incremental Term Lender’s 2014
Incremental Term Loan Commitment shall terminate immediately and without further action on the 2014 Incremental Term Loan Effective
Date after giving effect to the funding of such Lender’s 2014 Incremental Term Loan Commitment on such date. This Amendment
shall constitute the notice required to be delivered by the Borrower to the Administrative Agent pursuant to the first sentence
of Section 2.27(a) of the Credit Agreement.

 

(b)
Upon satisfaction or waiver of the conditions precedent specified herein, each 2014 Incremental Term Lender shall make its
2014 Incremental Term Loan available to (unless otherwise directed by the Borrower in writing) the Administrative Agent not later
than 10:00 a.m. (New York City time) on the 2014 Incremental Term Loan Effective Date, by wire transfer of same day funds in Dollars,
at the principal office designated by the Administrative Agent, whereupon the Administrative Agent shall make the proceeds of the
2014 Incremental Term Loans available to the Borrower on the 2014 Incremental Term Loan Effective Date by causing an amount of
same day funds in Dollars equal to the proceeds of all such 2014 Incremental Term Loans received by the Administrative Agent from
2014 Incremental Term Lenders to be credited to such account of the Borrower as may be designated in writing to the Administrative
Agent by the Borrower.

 

(c)
The 2014 Incremental Term Loans shall have the same terms and conditions as the Initial Term Loans (including, without limitation,
with respect to maturity, prepayments, repayments, interest rate and other economic terms (other than with respect to the Incremental
Closing Fee referred to in Section 1(e) below)) and will increase the outstanding principal amount of the Initial Term Loans. The
existing outstanding Initial Term Loans and the 2014 Incremental Term Loans shall constitute a single “Class” and together
shall be the Initial Term Loans for all purposes under, and subject to the provisions of, the Credit Agreement and the other Loan
Documents after giving effect to this Amendment (the Credit Agreement as so amended, the “Amended Agreement”).
Each of the parties hereto hereby agrees that the Administrative Agent may take any and all action as may be reasonably necessary
to ensure that all such 2014 Incremental Term Loans, when originally made, are Initial Term Loans for all purposes under the Loan
Documents and are included in each borrowing of outstanding Initial Term Loans on a pro rata basis, in each case, after giving
effect to this Amendment.

    	2

    	 

    

(d)
The proceeds of the 2014 Incremental Term Loans are to be used by the Borrower solely for the purposes set forth in Recital
D of this Amendment.

 

(e)
The Borrower agrees to pay to the Administrative Agent, for the account of each Person party to this Amendment as a 2014
Incremental Term Lender on the 2014 Incremental Term Loan Effective Date, as fee compensation for the funding of such 2014 Incremental
Term Lender’s 2014 Incremental Term Loan, a closing fee (the “Incremental Closing Fee”) in an amount equal
to 0.125% of the stated principal amount of such 2014 Incremental Term Lender’s 2014 Incremental Term Loan, payable to such
2014 Incremental Term Lender from the proceeds of its 2014 Incremental Term Loan as and when funded on the 2014 Incremental Term
Loan Effective Date. Such Incremental Closing Fee will be in all respects fully earned, due and payable on the 2014 Incremental
Term Loan Effective Date and non-refundable and non-creditable thereafter.

 

(f)
The 2014 Incremental Term Loans shall not accrue interest for any period prior to the 2014 Incremental Term Loan Effective
Date, and the initial Interest Period with respect to the 2014 Incremental Term Loans shall expire on September 30, 2014.

 

(g)
This Amendment shall constitute an “Incremental Amendment” and a “Loan Document” for all purposes
of the Credit Agreement.

 

SECTION 2. Amendments
to Credit Agreement. Effective as of the 2014 Incremental Term Loan Effective Date, the Credit Agreement is hereby amended
as follows:

 

(a)
The recitals of the Credit Agreement are hereby amended:

 

  
  (i) by deleting the phrase “of Initial Term Loans
(the “Term Loan Facility”)” appearing in the third “WHEREAS” clause and inserting in lieu
thereof the phrase “of Closing Date Term Loans (the “Closing Date Term Loan Facility”)”;

  

  (ii) by deleting the term “Initial Term Loans”
appearing in the fourth “WHEREAS” clause and inserting in lieu thereof the phrase “Closing Date Term Loans”;
and

  

  (iii) by inserting a new “WHEREAS” clause between
the fourth and fifth such clauses as follows:

  

“WHEREAS,
certain of the Lenders have agreed pursuant to the 2014 Incremental Amendment to extend 2014 Incremental Term Loans to the Borrower
in an aggregate principal amount of $60,000,000 (the “2014 Incremental Term Loan Facility”), the proceeds of
which will be utilized (a) to acquire 50% of the Capital Stock of Blue Mountain, (b) to pay fees, commissions and expenses related
to such acquisition and the other transactions contemplated by the 2014 Incremental Amendment and (c) for working capital.”

    	3

    	 

    

 

(b)
Section 1.1 of the Credit Agreement is hereby amended by inserting the following defined terms in the appropriate alphabetical
order therein:

 

“2014
Incremental Amendment”: the Incremental Amendment, dated as of September 19, 2014, among Holdings, the Borrower, the
2014 Incremental Term Lenders and the Administrative Agent.

 

“2014
Incremental Term Lender”: each Lender that holds 2014 Incremental Term Loans.

 

“2014
Incremental Term Loan”: an Incremental Term Loan made by a 2014 Incremental Term Lender to the Borrower pursuant to Section
1(a) of the 2014 Incremental Amendment.

 

“2014
Incremental Term Loan Commitment”: the commitment of a 2014 Incremental Term Lender to make or otherwise fund a 2014
Incremental Term Loan and “2014 Incremental Term Loan Commitments” means such commitments of all Lenders in the aggregate.
The amount of each Incremental Term Lender’s 2014 Incremental Term Loan Commitment, if any, is set forth on Schedule 1 to
the 2014 Incremental Amendment subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate
amount of the 2014 Incremental Term Loan Commitments as of the 2014 Incremental Term Loan Effective Date is $60,000,000.

  

“2014
Incremental Term Loan Effective Date”: the date on which the 2014 Incremental Term Loans were made, which was September
19, 2014.

  

“2014
Incremental Term Loan Facility”: as defined in the recitals hereto.

  

“Closing
Date Term Loan”: a Loan made by a Lender to the Borrower pursuant to Section 2.1(a).

  

“Closing
Date Term Loan Commitment”: the commitment of a Lender to make or otherwise fund a Closing Date Term Loan and “Closing
Date Term Loan Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s Closing
Date Term Loan Commitment, if any, is set forth on Schedule 1.1A or in the applicable Assignment and Acceptance, subject to any
adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Closing Date Term Loan Commitments
as of the Closing Date is $540,000,000.

  

“Closing
Date Term Loan Facility”: as defined in the recitals hereto.

 

(c)
The definition of the term “Closing Date” set forth in Section 1.1 of the Credit Agreement is hereby amended
by deleting the phrase “the Initial Term Loans” appearing therein and inserting in lieu thereof the phrase “the
Closing Date Term Loans”.

    	4

    	 

    

 

(d)
The definition of the term “Incremental Term Loan” set forth in Section 1.1 of the Credit Agreement is hereby
deleted and replaced in its entirety with the following:

 

“Incremental
Term Loan”: as defined in Section 2.27(a); provided that following the making of any Incremental Term Loans pursuant
to the 2014 Incremental Amendment, such Incremental Term Loans shall immediately cease to constitute Incremental Term Loans and
instead shall constitute 2014 Incremental Term Loans.

 

(e)
The definition of the term “Initial Term Loan” set forth in Section 1.1 of the Credit Agreement is hereby deleted
and replaced in its entirety with the following:

 

“Initial
Term Loan”: collectively, (a) each Closing Date Term Loan and (b) each 2014 Incremental Term Loan.

 

(f)
The definition of the term “Initial Term Loan Commitment” set forth in Section 1.1 of the Credit Agreement is
hereby deleted and replaced in its entirety with the following:

 

“Initial
Term Loan Commitment”: collectively, (a) each Closing Date Term Loan Commitment and (b) each 2014 Incremental Term Loan
Commitment.

 

(g)
The definition of the term “Term Loan Facility” set forth in Section 1.1 of the Credit Agreement is hereby deleted
and replaced in its entirety with the following:

 

“Term
Loan Facility”: collectively, (a) the Closing Date Term Loan Facility and (b) the 2014 Incremental Term Loan Facility.

 

(h)
Section 2.1 of the Credit Agreement is hereby amended by deleting each instance of the phrase “Initial Term Loans”
appearing therein and inserting in lieu thereof the phrase “Closing Date Term Loans”.

 

(i)
Section 2.7 of the Credit Agreement is hereby amended by deleting the phrase “Initial Term Loans” appearing
in the first sentence therein and inserting in lieu thereof the phrase “Closing Date Term Loans”.

 

(j)
Section 2.12(e) of the Credit Agreement is hereby amended by deleting each instance of the phrase “Initial Term Loans”
appearing therein and inserting in lieu thereof the phrase “Closing Date Term Loans”.

    	5

    	 

    

(k)
Section 2.13 of the Credit Agreement is hereby amended by deleting the table that appears therein and inserting the following
table in lieu thereof:

 

	Amortization Date	Initial Term Loan Installments
	September 30, 2014	$1,500,753.77
	December 31, 2014	$1,500,753.77
	March 31, 2015	$1,500,753.77
	June 30, 2015	$1,500,753.77
	September 30, 2015	$1,500,753.77
	December 31, 2015	$1,500,753.77
	March 31, 2016	$1,500,753.77
	June 30, 2016	$1,500,753.77
	September 30, 2016	$1,500,753.77
	December 31, 2016	$1,500,753.77
	March 31, 2017	$1,500,753.77
	June 30, 2017	$1,500,753.77
	September 30, 2017	$1,500,753.77
	December 31, 2017	$1,500,753.77
	March 31, 2018	$1,500,753.77
	June 30, 2018	$1,500,753.77
	September 30, 2018	$1,500,753.77
	December 31, 2018	$1,500,753.77
	March 31, 2019	$1,500,753.77
	June 30, 2019	$1,500,753.77
	September 30, 2019	$1,500,753.77
	December 31, 2019	$1,500,753.77
	March 31, 2020	$1,500,753.77
	June 30, 2020	$1,500,753.77
	September 30, 2020	$1,500,753.77
	Maturity Date for Initial Term Loans	Remainder

 

    	6

    	 

    

SECTION 3. Representations
and Warranties. To induce the other parties hereto to enter into this Amendment, each of Holdings and the Borrower hereby represents
and warrants to the Administrative Agent and each of the 2014 Incremental Term Lenders that, as of the 2014 Incremental Term Loan
Effective Date: (i) such Person (A) has the requisite corporate or other organizational power and authority to make, deliver
and perform this Amendment and to perform the Amended Agreement and (B) has taken all necessary corporate or other organizational
action to authorize the execution, delivery and performance of this Amendment and the performance of the Amended Agreement, (ii)
this Amendment has been duly executed and delivered by such Person and constitutes a legal, valid and binding obligation of each
such Person enforceable against each of them in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally
and by general equitable principles (whether enforcement is sought by proceedings in equity or at law), (iii) the execution, delivery
and performance of this Amendment, the performance of the Amended Agreement and the consummation of the transaction contemplated
hereby will not violate in any material respect any Requirement of Law (except this shall not apply to tax, employee benefit or
environmental matters, which are covered exclusively by Sections 3.10, 3.13 and 3.17 of the Amended Agreement, respectively) or
any Contractual Obligation of any Intrawest Group Member, other than any violation that could not reasonably be expected to have
a Material Adverse Effect, and will not result in, or require, the creation or imposition of any Lien on any of their respective
properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the Liens created by the
Security Documents and Liens permitted by Section 6.3), (iv) no material consent or authorization of, filing with, notice to or
other act by or in respect of, any Governmental Authority is required in connection with the borrowings hereunder or the execution,
delivery or performance of this Amendment or the performance of the Amended Agreement, except (1) those consents, authorizations,
filings and notices that have been obtained or made and are in full force and effect, (2) those consents, authorizations, filings
and notices, the failure to obtain or make could not reasonably be expected to have a Material Adverse Effect and (3) the filings
or other actions referred to in Section 3.19 of the Amended Agreement and (v)(A) after giving effect to this Amendment, the representations
and warranties contained in the Amended Agreement and in the other Loan Documents are true and correct in all material respects
on and as of the 2014 Incremental Term Loan Effective Date to the same extent as though made on and as of the 2014 Incremental
Term Loan Effective Date, except to the extent such representations and warranties specifically relate to an earlier date, in which
case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date;
provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof, and (B) no event has occurred and is continuing or would
result from the incurrence of the 2014 Incremental Term Loans that would constitute a Default or an Event of Default.

    	7

    	 

    

 

SECTION 4. Other
Agreements. Each 2014 Incremental Term Lender represents and warrants that, to the extent such 2014 Incremental Term Lender
is not a “U.S. person” (as such term is defined in Section 7701(a)(30) of the Code), it has delivered to the Borrower
and the Administrative Agent the documentation required to be delivered by it pursuant to the terms of Section 2.21(d) of the Credit
Agreement, duly completed and executed by such 2014 Incremental Term Lender.

 

SECTION 5. Effectiveness.
This Amendment and the obligation of each 2014 Incremental Term Lender to make a 2014 Incremental Term Loan hereunder shall become
effective as of the first date (such date being referred to as the “2014 Incremental Term Loan Effective Date”)
that each of the following conditions precedent shall have been satisfied or waived in accordance with the terms of the Credit
Agreement:

 

(a)
The Administrative Agent shall have received this Amendment, executed and delivered by a duly authorized officer or signatory
of Holdings, the Borrower and each 2014 Incremental Term Lender, and an Acknowledgement of Guarantors, executed and delivered by
a duly authorized officer or signatory of each Guarantor.

    	8

    	 

    

 

(b)
The Administrative Agent shall have received a fully executed and delivered funding notice with respect to the 2014 Incremental
Term Loans, in form and substance reasonably satisfactory to the Administrative Agent, duly executed and delivered by the Borrower
no later than (x) one Business Day prior to the 2014 Incremental Term Loan Effective Date with respect to 2014 Incremental Term
Loans that are Base Rate Loans and (y) three days prior to the 2014 Incremental Term Loan Effective Date with respect to 2014 Incremental
Term Loans that are Eurodollar Rate Loans (or such shorter period as may be acceptable to the Administrative Agent).

 

(c)
The Administrative Agent and the 2014 Incremental Term Loan Arranger shall have received documents and certificates relating
to the organization, existence and good standing of Holdings and the Borrower and the authorization of this Amendment and transactions
contemplated hereby, all in form and substance reasonably satisfactory to the Administrative Agent and the 2014 Incremental Term
Loan Arranger.

 

(d)
The Blue Mountain Acquisition shall be consummated simultaneously with the funding of the 2014 Incremental Term Loans in
accordance with applicable law and on the terms described in the Blue Mountain Purchase Agreement (without any amendment, modification
or waiver thereof or any consent thereunder which is materially adverse to the Borrower, the 2014 Incremental Term Loan Lenders
or the 2014 Incremental Term Loan Arranger for the Incremental Facility without the prior written consent of the 2014 Incremental
Term Loan Arranger).

 

(e)
The Administrative Agent and the 2014 Incremental Term Loan Arranger shall have received, in form and substance reasonably
acceptable to the Administrative Agent and the 2014 Incremental Term Loan Arranger, a legal opinion of Skadden, Arps, Slate, Meagher
& Flom LLP, counsel to Holdings and the Borrower, dated the 2014 Incremental Term Loan Effective Date and addressed to the
Administrative Agent and the 2014 Incremental Term Lenders.

 

(f)
The representations and warranties of Holdings and the Borrower set forth in Section 3 hereof shall be true and correct
as of the 2014 Incremental Term Loan Effective Date, and the Administrative Agent shall have received a certificate, dated the
2014 Incremental Term Loan Effective Date and signed by a Responsible Officer of the Borrower, confirming the truth and correctness
thereof, which shall be in form and substance reasonably satisfactory to the Administrative Agent.

 

(g)
The Administrative Agent and the 2014 Incremental Term Loan Arranger shall have received a solvency certificate, in form
and substance reasonably acceptable to the Administrative Agent and the 2014 Incremental Term Loan Arranger, executed by a Responsible
Officer of Holdings.

    	9

    	 

    

(h)
As of the 2014 Incremental Term Loan Effective Date, no event shall have occurred and be continuing or would result from
the incurrence of the 2014 Incremental Term Loans that would constitute a Default or an Event of Default.

 

(i)
The 2014 Incremental Term Loan Arranger shall have received payment of all fees payable in connection with this Amendment,
and the Administrative Agent and the Arranger shall have received all other amounts due and payable on or prior to the 2014 Incremental
Term Loan Effective Date, including payment of all expenses required to be paid in connection with this Amendment pursuant to Section
9.5 of the Credit Agreement for which reasonably detailed invoices have been presented at least three Business Days prior to the
2014 Incremental Term Loan Effective Date.

 

The Administrative
Agent shall notify the Borrower and the Lenders (including the 2014 Incremental Term Lenders) of the 2014 Incremental Term Loan
Effective Date, and such notice shall be conclusive and binding.

 

SECTION 6. Non-Reliance
on Administrative Agent. Each 2014 Incremental Term Lender acknowledges that it has, independently and without reliance upon
the Administrative Agent, the 2014 Incremental Term Loan Arranger or any other Lender, and based on such documents and information
as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and
other condition and creditworthiness of the Loan Parties and their Affiliates and made its own decisions to make its 2014 Incremental
Term Loans hereunder and enter into this Amendment. Each 2014 Incremental Term Lender also represents that it will, independently
and without reliance upon the Administrative Agent, the 2014 Incremental Term Loan Arranger or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions
in taking or not taking action under this Amendment, the Credit Agreement and the other Loan Documents, and to make such investigation
as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness
of the Loan Parties and their Affiliates.

 

SECTION 7. Administrative
Agent Consent. The Administrative Agent hereby agrees, for purposes of Section 2.27(c) of the Credit Agreement, and
without prejudice to or affecting Section 6 hereof, that (a) the amendments to the Credit Agreement and the other Loan Documents
contained herein are necessary or appropriate to effect the provisions of Section 2.27 of the Credit Agreement, and (b) each 2014
Incremental Term Lender which is not a Lender, an affiliate of a Lender or a Related Fund has been consented to by the Administrative
Agent.

 

SECTION 8. Recordation
of the Incremental Term Loans. On the Incremental Effective Date, upon funding of the Incremental Term Loans, the Administrative
Agent will record in the Register the Incremental Term Loans made by the Incremental Term Lenders.

 

SECTION 9. Expenses;
Indemnity. Section 9.5 of the Credit Agreement is hereby incorporated, mutatis mutandis, by reference as if such section
was set forth in full herein.

 

SECTION 10. Joinder.
From and after the 2014 Incremental Term Loan Effective Date, each 2014 Incremental Term Lender executing and delivering a signature
page to this Amendment shall become a party to the Credit Agreement and, except as specifically set forth herein or in the Credit
Agreement, shall have the rights and obligations of a Lender thereunder and under the other Loan Documents and shall be bound by
the provisions thereof.

    	10

    	 

    

SECTION 11. Counterparts.
This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and
all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature
page of this Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set
of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent.

 

SECTION 12. Governing
Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 13. Submission
to Jurisdiction; Waivers.  Each party hereto hereby irrevocably and unconditionally:

 

(a)
submits for itself and its Property in any legal action or proceeding relating to this Amendment, or for recognition and
enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York,
the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof;

 

(b)
consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter
have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same;

 

(c)
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to its address set forth in Section 9.2 of
the Credit Agreement or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

 

(d)
agrees that the Administrative Agent and the Lenders retain the right to bring proceedings against any Loan Party in the
courts of any other jurisdiction in connection with the exercise of any rights under any Security Document or the enforcement of
any judgment;

 

(e)
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall
limit the right to sue in any other jurisdiction; and

 

(f)
waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section 13 any special, exemplary, punitive or consequential damages.

    	11

    	 

    

SECTION 14. WAIVERS
OF JURY TRIAL. HOLDINGS, THE BORROWER, THE ADMINISTRATIVE AGENT AND THE 2014 INCREMENTAL TERM LENDERS HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

SECTION 15. Effect
of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, Holdings, the Borrower
or the other Loan Parties under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way
affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document,
all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed
to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.
This Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement. After the date hereof,
any reference to the Credit Agreement shall mean the Credit Agreement as modified hereby.

 

 

 

[Remainder of this page intentionally left
blank.]

    	12

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as
of the day and year first above written.

 

 

	 	INTRAWEST OPERATIONS GROUP 

HOLDINGS, LLC, as Holdings
	 	 	 
	 	By:	/s/ Joshua B. Goldstein
	 	 	Name:	 Joshua B. Goldstein
	 	 	Title:	 Executive Vice President 

Chief General Counsel & Secretary

  

	 	INTRAWEST OPERATIONS GROUP, 

LLC, as
the Borrower
 
	 	 	 
	 	By:	/s/ Joshua B. Goldstein
	 	 	Name:	 Joshua B. Goldstein
	 	 	Title: 	Executive Vice President 

Chief General Counsel & Secretary

 

 

 

 

 

[Incremental Amendment]

    	 

    	 

    
 

	 	GOLDMAN SACHS LENDING 

PARTNERS LLC, as Administrative Agent
	 	 	 
		By:	/s/ Anna Ashurov
	 	 	Name: Anna Ashurov
	 	 	Title: Authorized Signatory

 

 

 

 

 

 

[Incremental Amendment]

    	 

    	 

      

 

	 	BANK OF AMERICA, N.A., as a 2014 

Incremental Term Lender
	 	 	 
	 	By:	/s/ Bernard Tsang
	 	 	Name: Bernard Tsang
	 	 	Title: Director

 

 

 

 

 

[Incremental Amendment]

    	 

    	 

    

 

 

 

 

SCHEDULE 1

 

COMMITMENTS

  

	2014 Incremental Term Lender	2014 Incremental Term Loan Commitment
	Bank of America, N.A.	$60,000,000
	TOTAL	$60,000,000EX-10.4

 Exhibit 10.4 

REGISTRATION RIGHTS AGREEMENT 

dated as of 

December 31, 2012 

among 
 TRIBUNE COMPANY,

 and 
 CERTAIN
OTHER PARTIES LISTED HEREIN 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
	Section 1.01.	 	 Definitions.
	  	 	1	  
	Section 1.02.	 	 Other Definitional and Interpretative Provisions.
	  	 	7	  
	
	ARTICLE 2	  
	REGISTRATION RIGHTS	  
			
	Section 2.01.	 	 Demand Registration.
	  	 	7	  
	Section 2.02.	 	 Shelf Registration.
	  	 	11	  
	Section 2.03.	 	 Piggyback Registration.
	  	 	15	  
	Section 2.04.	 	 Lock-Up Agreements.
	  	 	16	  
	Section 2.05.	 	 Registration Procedures.
	  	 	17	  
	Section 2.06.	 	 Indemnification by the Company.
	  	 	23	  
	Section 2.07.	 	 Indemnification by Registering Stockholders.
	  	 	23	  
	Section 2.08.	 	 Conduct of Indemnification Proceedings.
	  	 	24	  
	Section 2.09.	 	 Contribution.
	  	 	25	  
	Section 2.10.	 	 Participation in Public Offering.
	  	 	25	  
	Section 2.11.	 	 Other Indemnification.
	  	 	26	  
	Section 2.12.	 	 Cooperation by the Company.
	  	 	26	  
	Section 2.13.	 	 Transfer of Registration Rights.
	  	 	26	  
	Section 2.14.	 	 Limitations on Subsequent Registration Rights.
	  	 	27	  
	Section 2.15.	 	 Free Writing Prospectuses.
	  	 	27	  
	Section 2.16.	 	 Information from Registering Stockholders; Obligations of Registering Stockholders.
	  	 	27	  
	
	ARTICLE 3	  
	TERMINATION	  
			
	Section 3.01.	 	 Termination.
	  	 	28	  
	 ARTICLE 4
	   

	MISCELLANEOUS	  
			
	Section 4.01.	 	Successors and Assigns.	  	 	29	  
	Section 4.02.	 	 Notices.
	  	 	29	  
	Section 4.03.	 	 Amendments and Waivers.
	  	 	31	  
	Section 4.04.	 	 Governing Law.
	  	 	31	  
	Section 4.05.	 	 Jurisdiction.
	  	 	31	  

  
 i 

							
	 	 	 	  	PAGE	 
	Section 4.06.	 	 WAIVER OF JURY TRIAL.
	  	 	32	  
	Section 4.07.	 	 Specific Enforcement.
	  	 	32	  
	Section 4.08.	 	 Counterparts; Effectiveness; Third Party Beneficiaries.
	  	 	32	  
	Section 4.09.	 	 Entire Agreement.
	  	 	32	  
	Section 4.10.	 	 Severability.
	  	 	32	  
	Section 4.11.	 	 Sophisticated Parties; Advice of Counsel.
	  	 	33	  
	Section 4.12.	 	 Certificate of Incorporation Supersedes.
	  	 	33	  

  

					
	 Exhibit A
	 	Joinder Agreement	  	
	 Schedule 1
	 	JPMorgan Parties	  	
	 Schedule 2
	 	Angelo Gordon Funds	  	
	 Schedule 3
	 	Oaktree Funds	  	

  
 ii 

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT dated as of December 31, 2012 (this “Agreement”) among (i) Tribune Company, a
Delaware corporation (the “Company”), (ii) the parties listed on Schedule 1, (iii) the parties listed on Schedule 2 and (iv) the parties listed on Schedule 3 and (v) other stockholders party hereto from time to
time. 
 W I T N E S S E T H: 

WHEREAS, the Company proposes to issue securities pursuant to the Fourth Amended Joint Plan of Reorganization for Tribune Company and its
Subsidiaries Proposed by the Debtors, the Official Committee of Unsecured Creditors, Oaktree Capital Management, L.P., Angelo, Gordon & Co., L.P., and JPMorgan Chase Bank, N.A. (the “Plan”) under chapter 11 of title 11 of
the United States Code, as amended (the “Bankruptcy Code”), as confirmed pursuant to the order, dated July 23, 2012, of the United States Bankruptcy Court for the District of Delaware; 

WHEREAS, the securities are being issued in an offering in reliance on the exemption afforded by section 1145 of the Bankruptcy Code from the
registration requirements of the Securities Act (as defined below) and of any applicable state securities or “blue sky” laws and certain stockholders of the Company may be restricted in trading such securities; 

WHEREAS, the parties hereto are entering into this Agreement to provide certain registration rights under the Securities Act and applicable
state securities laws to each Stockholder Group (as defined below) with respect to Registrable Securities (as defined below) each may hold; and 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. (a) As used herein, the following terms have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such Person; provided that no securityholder of the Company shall be deemed an Affiliate of any other securityholder solely by reason of any investment in the Company. For the purpose of this definition, the term
“control” (including, with correlative meanings, the terms 

 
“controlling”, “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Angelo Gordon Stockholder” means, collectively, (i) each Stockholder listed on Schedule 2 under the heading
“Angelo Gordon Funds,” (ii) their respective Affiliates and (iii) any transferee to whom any registration right hereunder held by the Persons in the foregoing clauses (i) and (ii) are assigned pursuant to Section
2.13. 
 “Automatic Shelf Registration Statement” means an “automatic shelf registration
statement” as defined in Rule 405 promulgated under the Securities Act. 
 “Board” means the board of
directors of the Company or any committee thereof. 
 “Business Day” means any day except a Saturday, Sunday
or other day on which commercial banks in New York City are authorized by law to close. 
 “Certificate of
Incorporation” means the Amended and Restated Certificate of Incorporation of the Company, as the same may be amended, modified or restated from time to time. 

“Class A Common Stock” means the Class A Common Stock, par value $.001 per share, of the Company. 

“Common Stock” means (i) the Class A Common Stock and the Class B Common Stock, par value $.001 per share,
of the Company, (ii) any other common stock of the Company, (iii) any securities of the Company or any successor or assign of the Company into which such stock described in clauses (i) and (ii) is reclassified or reconstituted or
into which such stock is converted or otherwise exchanged in connection with a combination of shares, recapitalization, merger, sale of assets, consolidation or other reorganization or otherwise or (iv) any securities received as a dividend or
a distribution in respect of the securities described in clauses (i), (ii) and (iii) above. 
 “Company
Securities” means (i) the Common Stock, (ii) securities convertible into or exchangeable for Common Stock and (iii) any options, warrants (including New Warrants) or other rights to acquire Common Stock. 

“Emergence Effective Date” means the Effective Date as such term is defined in the Plan. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
thereunder. 

  
 2 

 “FINRA” means the Financial Industry Regulatory Authority, Inc.

 “Free Writing Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated
under the Securities Act relating to the Registrable Securities included in the applicable Registration Statement. 

“Initial Public Offering” means the initial underwritten public offering of any shares of Common Stock of the Company
pursuant to an effective registration statement (other than a registration statement filed in connection with an employee benefit plan or business combination transaction or a registration statement on Form S-4 or Form S-8 under the Securities Act
or any similar or successor form thereto) filed under the Securities Act. 
 “JPMorgan Stockholder” means
collectively, (i) each Stockholder listed on Schedule 1 under the heading “JPMorgan Parties,” (ii) their respective Affiliates and (iii) any transferee to whom any registration right hereunder held by the Persons in the
foregoing clauses (i) and (ii) are assigned pursuant to Section 2.13. 
 “New Warrants”
means New Warrants as such term is defined in the Plan. 
 “Oaktree Stockholder” means, collectively,
(i) each Stockholder listed on Schedule 3 under the heading “Oaktree Funds,” (ii) their respective Affiliates and (iii) any transferee to whom any registration right hereunder held by the Persons in the foregoing clauses
(i) and (ii) are assigned pursuant to Section 2.13. 
 “Person” means an individual,
corporation, partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof, and shall include any successor (by merger or
otherwise) thereto. 
 “Public Offering” means an underwritten public offering of Registrable Securities (or
in the case of the Company, Company Securities) pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form under the Securities
Act. 
 “Registrable Securities” means, at any time, any Company Securities until (i) a registration
statement covering such securities has been declared effective by the SEC and such securities have been disposed of pursuant to such effective registration statement, (ii) such securities are sold pursuant to Rule 144 (or any similar provisions
then in force) or (iii) such securities are otherwise transferred, assigned, sold, conveyed or otherwise disposed of and thereafter such securities may be resold without subsequent registration under the Securities Act. 

  
 3 

 “Registration Expenses” means any and all expenses incident to the
performance of or compliance with any registration or marketing of Registrable Securities, regardless of whether such Registration Statement is declared effective, including all (i) registration and filing fees, and all other fees and expenses
payable in connection with the listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses incurred in complying with any securities or “blue sky” laws (including reasonable fees
and disbursements of counsel in connection with “blue sky” qualifications of the Registrable Securities as may be set forth in any underwriting agreement), (iii) expenses in connection with the preparation, printing, mailing and
delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v) internal expenses of the Company (including all
salaries and expenses of its officers and employees performing legal or accounting duties), (vi) reasonable fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained
by the Company (including the expenses relating to any comfort letters or costs associated with the delivery by independent certified public accountants of any “comfort” letters requested pursuant to Section 2.05(h) or any
special audits incidental to or required by any registration or qualification), (vii) reasonable fees and expenses of any special experts retained by the Company in connection with such registration, (viii) reasonable fees, out-of-pocket
costs and expenses of one firm of counsel selected by the holder(s) of a majority of the Registrable Securities covered by each Registration Statement (the “Holders’ Counsel”) up to a maximum amount of $50,000 per Registration
Statement, (ix) fees and expenses in connection with any review by FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses of any qualified independent underwriter, including the reasonable fees and
expenses of any counsel thereto, (x) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities,
(xi) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or
delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating to any
analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities, (xiv) fees and expenses payable in connection with any ratings of the
Registrable Securities, including expenses relating to any presentations to rating agencies, (xv) all out-of pocket costs and expenses incurred by the Company or its appropriate officers in connection with their compliance with
Section 2.05(m) and (xvi) any liability insurance or other premiums for insurance obtained in connection with any Demand Registration, Piggyback Registration or Shelf Registration pursuant to the terms of this Agreement. 

  
 4 

 “Registration Statement” means any registration statement of the Company
under the Securities Act that covers any of the Registrable Securities pursuant to the provisions of this Agreement, including an Automatic Shelf Registration Statement. 

“Requesting Stockholder” means, with respect to a Demand Registration or Shelf Registration, as applicable, any
Stockholder Group holding at least 5% of the Class A Common Stock (assuming the conversion of all issued and outstanding Class B Common Stock and all issued New Warrants into Class A Common Stock). 

“Rule 144” means Rule 144 (or any successor provisions) under the Securities Act. 

“Seasoned Issuer” means an issuer eligible to use Form S-3 or F-3 under the Securities Act for a primary offering in
reliance on General Instruction I.B.1 to those Forms and who is not an “ineligible issuer” as defined in Rule 405 promulgated under the Securities Act. 

“SEC” means the Securities and Exchange Commission or any successor governmental agency. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Shares” means shares of Common Stock. 

“Shelf Registered Securities” means any Registrable Securities whose offer and sale is registered pursuant to a
Registration Statement filed in connection with a Shelf Registration (including an Automatic Shelf Registration Statement). 

“Specified Period” means, (i) with regard to the period after the effective date of a Registration Statement for
an Initial Public Offering, one hundred eighty (180) days; and (ii) with regard to the period after the effective date of a Registration Statement for an offering other than an Initial Public Offering, ninety (90) days;
provided that if (i) the Company issues an earnings release or other material news or a material event relating to the Company and its Subsidiaries occurs during the last seventeen (17) days of such period or
(ii) prior to the expiration of such period, the Company announces that it will release earnings results during the 16-day period beginning upon the expiration of such period, then to the extent necessary for a managing or co-managing
underwriter of a registered offering required hereunder to comply with NASD Rule 2711(f)(4), such period shall be extended until eighteen (18) days after the earnings release or the occurrence of the material news or event, as the case may
be. 
 “Stockholder” means at any time, any Person (other than the Company) who shall be a party to or bound
by this Agreement, so long as such Person shall be the “beneficial owner” (as such term is defined in Rule 13d-3 of the Exchange Act) any Company Securities. 

  
 5 

 “Stockholder Group” means any of the JPMorgan Stockholder, the Angelo
Gordon Stockholder and the Oaktree Stockholder. 
 “Subsidiary” means, with respect to any Person, any entity
of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions at the time are directly or indirectly owned by such Person. 

“Well-Known Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under
the Securities Act and which (i) (a) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or (b) is a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition
and is also eligible to register a primary offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3 under the Securities Act and (ii) is not an “ineligible issuer” as defined in Rule 405 promulgated
under the Securities Act. 
 (b) Each of the following terms is defined in the Section set forth opposite such term: 

 

			
	 Term
	  	Section
	 Agreement
	  	Preamble
	 Alternative Transaction
	  	2.02(d)
	 Bankruptcy Code
	  	First Recital
	 Company
	  	Preamble
	 Damages
	  	2.06
	 Demand Registration
	  	2.01(a)
	 Determination Date
	  	2.02(f)
	 Form S-3
	  	2.01(a)
	 Indemnified Party
	  	2.08
	 Indemnifying Party
	  	2.08
	 Inspectors
	  	2.05(g)
	 Maximum Offering Size
	  	2.01(e)
	 Piggyback Registration
	  	2.03(a)
	 Plan
	  	First Recital
	 Records
	  	2.05(g)
	 Registering Stockholders
	  	2.01(a)(ii)
	 Registration Actions
	  	2.01(f)
	 Requested Shelf Registered Securities
	  	2.02(b)
	 Shelf Public Offering
	  	2.02(b)
	 Shelf Public Offering Notice
	  	2.02(b)

  
 6 

			
	 Term
	  	Section
	 Shelf Public Offering Request
	  	2.02(b)
	 Shelf Public Offering Requesting Stockholder
	  	2.02(b)
	 Shelf Registration
	  	2.02(a)
	 Stockholder Parties
	  	2.06
	 Suspension Notice
	  	2.01(f)
	 Suspension Period
	  	2.01(f)

 Section 1.02. Other Definitional and Interpretative Provisions. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified.
All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein,
shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable
terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean,
unless otherwise specified, from and including or through and including, respectively. 
 ARTICLE 2 

REGISTRATION RIGHTS 

Section 2.01. Demand Registration. (a) At any time following the earlier of (x) the Company consummating an
Initial Public Offering of the Class A Common Stock or (y) the first anniversary of the Emergence Effective Date, any Requesting Stockholder may give a written request to the Company to effect the registration under the Securities Act
(other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form under the Securities Act) of all or any portion of such Requesting Stockholder’s Registrable Securities, which written request shall
specify the number of Registrable Securities to be registered and the intended method of disposition thereof. At any time the Company is eligible for use of an Automatic Shelf Registration Statement, such registration shall occur on such form. Upon
the receipt of such written  

  
 7 

 
request, the Company shall promptly give notice (via facsimile or electronic transmission) to the other Stockholder Groups of such requested registration (each such registration shall be
referred to herein as a “Demand Registration”) at least ten (10) Business Days prior to the anticipated filing date of the Registration Statement relating to such Demand Registration. Thereafter, the Company shall use its
commercially reasonable efforts to effect, as soon as possible, the registration under the Securities Act of: 
 (i)
all Registrable Securities for which the Requesting Stockholder has requested registration under this Section 2.01; 

(ii) all other Registrable Securities of the same class or series as those requested to be registered by the Requesting
Stockholder that any other Stockholder Group (all such Stockholder Groups, together with the Requesting Stockholder, and any Stockholder Groups participating in a Piggyback Registration pursuant to Section 2.03, the “Registering
Stockholders”) have requested the Company to register by request received by the Company within ten (10) Business Days after such Stockholder Groups receive the Company’s notice of the Demand Registration; and 

(iii) any Company Securities to be offered or sold by the Company; 

all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be
registered; provided that, subject to Section 2.01(d), the Company shall not be obligated to effect (x) more than five (5) Demand Registrations requested by the Oaktree Stockholder, three (3) Demand Registrations
requested by the JPMorgan Stockholder and three (3) Demand Registrations requested by the Angelo Gordon Stockholder, in each case, other than Demand Registrations to be effected pursuant to a Registration Statement on Form S-3 (or any successor
or similar form) under the Securities Act (“Form S-3”) for which an unlimited number of Demand Registrations shall be permitted, (y) any such Demand Registration (i) within the Specified Period (or such shorter period as
the Company may determine in its sole discretion) after the effective date of any other registration statement of the Company (other than a registration statement filed in connection with an employee benefit plan or business combination transaction
or a registration statement on Form S¬4 or Form S-8 or any similar or successor form thereto) or (ii) in accordance with Section 2.01(f) or (z) any Demand Registration if the aggregate proceeds expected to be received from
the sale of the Registrable Securities requested to be included in such Demand Registration is less than the lesser of (i) $100,000,000 and (ii) 2.5% of the market capitalization determined in good faith as of the date the Company receives
a written request for Demand Registration. 

  
 8 

 (b) Promptly after the expiration of the ten (10) Business Day period referred to in
Section 2.01(a)(ii), the Company will notify all Registering Stockholders of the identities of the other Registering Stockholders and the number of shares of Registrable Securities requested to be included in the Demand Registration by
each of them. At any time prior to the effective date of the Registration Statement relating to such Demand Registration, the Requesting Stockholder may upon notice to the Company, revoke such request in whole or in part with respect to the number
of shares of Registrable Securities requested to be included in such Registration Statement, without liability to any of the other Registering Stockholders. 

(c) The Company shall be liable for and pay all Registration Expenses in connection with any Demand Registration, regardless of whether
such Demand Registration becomes effective; provided, however, that if the Requesting Stockholder revokes its request in whole pursuant to Section 2.01(b), the Requesting Stockholder shall reimburse the Company for and/or pay
directly all Registration Expenses incurred relating to such Demand Registration. 
 (d) A Demand Registration shall not be deemed to
have occurred: 
 (i) unless the Registration Statement relating thereto (A) has become effective under the Securities
Act and (B) has remained continuously effective for a period of at least (x) one hundred eighty (180) days (or such shorter period in which all Registrable Securities of the Registering Stockholders included in such registration have
actually been sold thereunder) or (y) with respect to a Shelf Registration, until the date set forth in Section 2.05(a)(ii); provided that such Registration Statement shall not be considered a Demand Registration if, after
such Registration Statement becomes effective, (1) such Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court and (2) less than 75% of the
Registrable Securities included in such Registration Statement have been sold thereunder; or 
 (ii) if the Maximum Offering
Size is reduced in accordance with Section 2.01(e) such that less than 66 2⁄3% of the Registrable Securities of the Requesting Stockholder sought
to be included in such registration are included. 
 (e) If a Demand Registration involves a Public Offering and the lead managing
underwriter advises the Company and the Requesting Stockholder that, in its view, the number of shares of Registrable Securities requested to be included in such registration (including any securities that the Company proposes to be included that
are not Registrable Securities) exceeds the largest number of shares that can be sold without having a material and adverse effect on such offering, including the price at which such 

  
 9 

 
shares can be sold (the “Maximum Offering Size”), the Company shall include in such registration, in the priority listed below, up to the Maximum Offering Size: 

(i) first, all Registrable Securities requested to be registered by the Requesting Stockholder and all other Registering
Stockholders (allocated, if necessary for the offering not to exceed the Maximum Offering Size, to give first priority to the inclusion of the Registrable Securities of the Requesting Stockholder and, thereafter, pro rata among the remaining
Registering Stockholders on the basis of the relative number of shares of Registrable Securities so requested to be included in such registration by each such Registering Stockholder); 

(ii) second, any securities proposed to be registered by the Company; and 

(iii) third, any securities proposed to be registered for the account of any other Persons, with such priorities among them as
the Company shall determine. 
 (f) Notwithstanding anything to the contrary contained in this Agreement, but subject to the
limitation set forth in the next succeeding paragraph, the Company shall be entitled to suspend its obligation to file (but not the preparation of) any Registration Statement in connection with a Demand Registration, any Shelf Registration
(including any Shelf Public Offering), file any amendment to such a Registration Statement, file or furnish any supplement or amendment to a prospectus included in such a Registration Statement, make any other filing with the SEC, cause such a
Registration Statement or other filing with the SEC to become or remain effective or take any similar action (collectively, “Registration Actions”) upon (i) the issuance by the SEC of a stop order suspending the effectiveness
of any such Registration Statement or the initiation of proceedings with respect to such a Registration Statement under Section 8(d) or 8(e) of the Securities Act, (ii) the Board’s determination, in its good faith judgment, that any
such Registration Action should not be taken because it would reasonably be expected to materially interfere with or require the public disclosure of any material corporate development or plan, including any material financing, securities offering,
acquisition, disposition, corporate reorganization or merger or other transaction involving the Company or any of its subsidiaries or (iii) the Company possessing material non-public information the disclosure of which the Board determines, in
its good faith judgment, would reasonably be expected to not be in the best interests of the Company. Upon the occurrence of any of the conditions described in (i), (ii) or (iii) above in connection with undertaking a Registration Action,
the Company shall give prompt notice of such suspension (and whether such action is being taken pursuant to (i), (ii) or (iii) above) (a “Suspension Notice”) to the Stockholders. Upon the termination of such condition, the
Company shall give prompt notice thereof to the Stockholders and shall promptly proceed with all Registration Actions that were suspended pursuant to this paragraph. 

  
 10 

 The Company may only suspend Registration Actions pursuant to the preceding paragraph on
one (1) occasion during any period of six (6) consecutive months for a reasonable time specified in the Suspension Notice but not exceeding ninety (90) days (which period may not be extended or renewed) (each such occasion, a
“Suspension Period”). Each Suspension Period shall be deemed to begin on the date the relevant Suspension Notice is given to the Stockholders and shall be deemed to end on the earlier to occur of (i) the date on which the
Company gives the Stockholders a notice that the Suspension Period has terminated and (ii) the date on which the number of days during which a Suspension Period has been in effect exceeds the ninety (90) day period. If the filing of any
Demand Registration or Shelf Registration is suspended pursuant to this Section 2.01(f), once the Suspension Period ends the Requesting Stockholder may request a new Demand Registration or a new Shelf Registration (neither such request
shall be counted as an additional Demand Registration for purposes of subclause (x) in the proviso of Section 2.01(a)). Notwithstanding anything to the contrary in this Agreement, the Company shall not be in breach of, or
have failed to comply with, any obligation under this Agreement where the Company acts or omits to take any action in order to comply with applicable law, any interpretation of the staff of the SEC or any order or decree of any court or governmental
agency. 
 Section 2.02. Shelf Registration. 

(a) At any time when (i) the Company is eligible to use Form S-3 in connection with a secondary public offering of its equity
securities and (ii) a Shelf Registration on a Form S-3 registering Registrable Securities for resale is not then effective (subject to any applicable Suspension Period), upon the written request of any Stockholder Group, the Company shall use
its commercially reasonable efforts to register, under the Securities Act on Form S-3 for an offering on a delayed or continuous basis pursuant to Rule 415 promulgated under the Securities Act (a “Shelf Registration”), the offer and
sale of all or a portion of the Registrable Securities owned by such Stockholder Group. Upon the receipt of such written request, the Company shall promptly give notice (via facsimile or electronic transmission) of such requested Shelf Registration
at least ten (10) Business Days prior to the anticipated filing date of such Shelf Registration to the other Stockholder Groups, and such notice shall describe the proposed Shelf Registration, the intended method of disposition of such
Registrable Securities and any other information that at the time would be appropriate to include in such notice, and offer such Stockholder Groups the opportunity to register the number of Registrable Securities as each such Stockholder Group may
request in writing to the Company, given within ten (10) Business Days after such Stockholder Groups receive the Company’s notice of the Shelf Registration. The “Plan of Distribution” section of such Shelf Registration shall
permit all lawful means of disposition of Registrable Securities,  

  
 11 

 
including firm-commitment underwritten public offerings, block trades, agented transactions, sales directly into the market, purchases or sales by brokers and sales not involving a public
offering. With respect to each Shelf Registration, the Company shall, subject to any Suspension Period, (i) as promptly as practicable after the written request of the Requesting Stockholder, file a Registration Statement and (ii) use its
commercially reasonable efforts to cause such Registration Statement to be declared effective as promptly as practicable, and remain effective until the date set forth in Section 2.05(a)(ii). No Stockholder shall be entitled to include
any of its Registrable Securities in a Shelf Registration unless such Stockholder has complied with Section 2.16. The Company shall not be required to amend a Shelf Registration (or the related prospectus) to add or change the disclosure
regarding selling securityholders during any Suspension Period. The obligations set forth in this Section 2.02(a) shall not apply if the Company has a currently effective Automatic Shelf Registration Statement covering all Registrable
Securities in accordance with Section 2.02(f) and has otherwise complied with its obligations pursuant to this Agreement. 

(b) Upon written request by a Requesting Stockholder holding Shelf Registered Securities (such Stockholder, the “Shelf Public
Offering Requesting Stockholder”), which request (the “Shelf Public Offering Request”) shall specify the class or series and amount of such Shelf Public Offering Requesting Stockholder’s Shelf Registered Securities to
be sold (the “Requested Shelf Registered Securities”), the Company shall (subject to any Suspension Period) perform its obligations hereunder with respect to the sale of such Requested Shelf Registered Securities in the form of a
firm commitment underwritten public offering (unless otherwise consented to by the Shelf Public Offering Requesting Stockholder) (a “Shelf Public Offering”) if the aggregate proceeds expected to be received from the sale of the
Requested Shelf Registered Securities equals or exceeds the lesser of (i) $75,000,000 and (ii) 1.875% of the market capitalization determined in good faith as of the date the Company receives the Shelf Public Offering Request. Promptly
upon receipt of a Shelf Public Offering Request, the Company shall provide notice (the “Shelf Public Offering Notice”) of such proposed Shelf Public Offering (which notice shall state the material terms of such proposed Shelf Public
Offering, to the extent known, as well as the identity of the Shelf Public Offering Requesting Stockholder) to the other Stockholder Groups holding Shelf Registered Securities. Such other Stockholder Groups may, by written request to the Company and
the Shelf Public Offering Requesting Stockholder, within two (2) Business Days after receipt of such Shelf Public Offering Notice, include up to all of their Shelf Registered Securities of the same class or series as the Requested Shelf
Registered Securities in such proposed Shelf Public Offering; provided, that any such Shelf Registered Securities shall be sold subject to the same terms as are applicable to the Shelf Registered Securities of the Shelf Public Offering
Requesting Stockholder. No Stockholder shall be entitled to include any of its Registrable Securities in a Shelf Public Offering unless such Stockholder has complied with Section 2.16. The lead managing underwriter or underwriters
selected for such Shelf Public Offering shall be selected in accordance with Section 2.05(f)(i).  

  
 12 

 (c) In a Shelf Public Offering, if the lead managing underwriter advises the Company and the
Shelf Public Offering Requesting Stockholder that, in its view, the number of shares of Registrable Securities requested to be included in such Shelf Public Offering (including any securities that the Company proposes to be included that are not
Registrable Securities) exceeds the Maximum Offering Size, the Company shall include in such Shelf Public Offering, in the priority listed below, up to the Maximum Offering Size: 

(i) first, all Shelf Registered Securities requested to be included in the Shelf Public Offering by the Shelf Public Offering
Requesting Stockholder and all other Stockholders, pro rata on the basis of the relative number of shares of Shelf Registered Securities so requested to be included in the Shelf Public Offering by each such Stockholder; 

(ii) second, any securities proposed to be included in the Shelf Public Offering by the Company; and 

(iii) third, any securities proposed to be included in the Shelf Public Offering for the account of any other Persons, with
such priorities among them as the Company shall determine. 
 (d) The Company shall use its commercially reasonable efforts to
cooperate in a timely manner with any request of the Stockholders in respect of any block trade, hedging transaction or other transaction that is registered pursuant to a Shelf Registration that is not a firm commitment underwritten offering (each,
an “Alternative Transaction”), including entering into customary agreements with respect to such Alternative Transactions (and providing customary representations, warranties, covenants and indemnities in such agreements) as well as
providing other reasonable assistance in respect of such Alternative Transactions of the type applicable to a Public Offering subject to Section 2.05, to the extent customary for such transactions. The Company shall bear all Registration
Expenses in connection with any Shelf Registration, any Shelf Public Offering or any other transaction (including any Alternative Transaction) registered under a Shelf Registration pursuant to this Section 2.02, whether or not such Shelf
Registration becomes effective or such Shelf Public Offering or other transactions is completed; provided, however, that if the Shelf Public Offering Requesting Stockholder revokes its request in whole with
respect to a Shelf Public Offering, then the Shelf Public Offering Requesting Stockholder shall reimburse the Company for and/or pay directly all Registration Expenses incurred relating to such Shelf Public Offering. 

  
 13 

 (e) After the Registration Statement with respect to a Shelf Registration is declared effective
but subject to the Suspension Period, upon written request by one or more Stockholders (which written request shall specify the amount of such Stockholders’ Registrable Securities to be registered), the Company shall, as promptly as practicable
after receiving such request, (i) if it is a Seasoned Issuer or Well-Known Seasoned Issuer, or if such Registration Statement is an Automatic Shelf Registration Statement, file a prospectus supplement to include such Stockholders as selling
stockholders in such Registration Statement or (ii) if it is not a Seasoned Issuer or Well-Known Seasoned Issuer, and the Registrable Securities requested to be registered represent more than 5% of the outstanding Registrable Securities and the
aggregate proceeds expected to be received from the sale thereof is at least $10,000,000, file a post-effective amendment to the Registration Statement to include such Stockholders in such Shelf Registration and use commercially reasonable efforts
to have such post-effective amendment declared effective. 
 (f) Upon the Company becoming a Well-Known Seasoned Issuer, (i) the
Company shall give written notice to all of the Stockholders as promptly as practicable but in no event later than ten (10) Business Days thereafter, and such notice shall describe, in reasonable detail, the basis on which the Company has
become a Well-Known Seasoned Issuer, and (ii) the Company shall, as promptly as practicable and subject to any Suspension Period, register, under an Automatic Shelf Registration Statement, the sale of all of the Registrable Securities in
accordance with the terms of this Agreement. The Company shall use its commercially reasonable efforts to file such Automatic Shelf Registration Statement as promptly as practicable, but in no event later than fifteen (15) Business Days after
it becomes a Well-Known Seasoned Issuer, and to cause such Automatic Shelf Registration Statement to remain effective thereafter until the date set forth in Section 2.05(a)(ii). The Company shall give written notice of filing such
Registration Statement to all of the Stockholders as promptly as practicable thereafter. The Company shall not be required to include any Stockholder as a Selling Stockholder in any Registration Statement or prospectus unless such Stockholder has
complied with Section 2.16. At any time after the filing of an Automatic Shelf Registration Statement by the Company, if it is reasonably likely that it will no longer be a Well-Known Seasoned Issuer as of a future determination date
(the “Determination Date”), at least thirty (30) days prior to such Determination Date, the Company shall (A) give written notice thereof to all of the Stockholders as promptly as practicable but in no event later than ten
(10) Business Days prior to such Determination Date and (B) if the Company is eligible to file a Registration Statement on Form S-3 with respect to a secondary public offering of its equity securities, file a Registration Statement on Form
S-3 with respect to a Shelf Registration in accordance with Section 2.02(a), treating all selling stockholders identified as such in the Automatic Shelf Registration Statement (and amendments or supplements thereto) as Requesting
Stockholders and use all commercially reasonable efforts to have such Registration Statement declared effective prior to the Determination Date. Any registration pursuant to this Section 2.02(f) shall be deemed a Shelf Registration for
purposes of this Agreement. 

  
 14 

 (g) Notwithstanding anything to the contrary, no Shelf Registration pursuant to this
Section 2.02 shall be deemed a Demand Registration or be counted against the number of Demand Registrations to which a Stockholder Group is entitled under Section 2.01(a). 

Section 2.03. Piggyback Registration. (a) If the Company proposes to register any Company Securities under the
Securities Act (other than a registration on Form S-8 or Form S-4 or any similar or successor form under the Securities Act, relating to Shares or any other class of Company Securities issuable upon exercise of employee stock options or in
connection with any employee benefit or similar plan of the Company or in connection with a direct or indirect acquisition by the Company of another Person) other than in connection with a rights offering, whether or not for sale for its own
account, the Company shall each such time give prompt notice (via facsimile or electronic transmission) at least ten (10) Business Days prior to the anticipated filing date of the registration statement relating to such registration to each
Stockholder Group, which notice shall set forth such Stockholder Group’s rights under this Section 2.03 and shall offer such Stockholder Group the opportunity to include in such registration statement the number of Registrable
Securities of the same class or series as those proposed to be registered as each such Stockholder Group may request (a “Piggyback Registration”), subject to the provisions of Section 2.03(b). Upon the
request of any such Stockholder Group made within ten (10) Business Days after the receipt of notice from the Company regarding a Piggyback Registration (which request shall specify the number of Registrable Securities intended to be registered
by such Stockholder Group), the Company shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Securities that the Company has been so requested to register by all such Stockholder
Groups, to the extent requisite to permit the disposition of the Registrable Securities so to be registered in accordance with the plan of distribution intended by the Company for such registration statement; provided that (i) if such
registration involves a Public Offering, all such Registering Stockholders requesting to be included in the registration must sell their Registrable Securities to the underwriters selected as provided in Section 2.05(f) on the same terms
and conditions as apply to the Company (or, if the Company is not offering any Company Securities, the Persons on whose behalf the registration was initially undertaken) and (ii) if, at any time after giving notice of its intention to register
any Company Securities pursuant to this Section 2.03(a) and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register such securities,
the Company shall give notice to all Registering Stockholders and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration. No registration effected under this
Section 2.03 shall relieve the Company of its obligations to effect a Demand Registration or Shelf Registration to the extent required by Section 2.01. The Company shall pay all Registration Expenses in connection with each
Piggyback Registration. 

  
 15 

 (b) If a Piggyback Registration involves a Public Offering (other than any Demand Registration,
in which case the provisions with respect to priority of inclusion in such offering set forth in Section 2.01(e) shall apply) and the lead managing underwriter advises the Company that, in its view, the number of Registrable Securities
that the Company and such Registering Stockholders intend to include in such registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the following priority, up to the Maximum Offering Size: 

(i) first, so much of the Registrable Securities proposed to be registered for the account of the Company as would not cause
the offering to exceed the Maximum Offering Size; 
 (ii) second, all Registrable Securities requested to be included in such
registration by any Registering Stockholders pursuant to this Section 2.03 (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Stockholder Groups on the basis of the relative number of
shares of Registrable Securities so requested to be included in such registration by each such Stockholder Group); and 

(iii) third, any securities proposed to be registered for the account of any other Persons with such priorities among them as
the Company shall determine. 
 Section 2.04. Lock-Up Agreements. (a) Each Stockholder hereby agrees that it will
not effect any public sale or distribution (including sales pursuant to Rule 144) of Registrable Securities, (i) during (A) the fourteen (14) days prior to and the 90-day period (or with respect to an Initial Public Offering, a longer
period of up to 180 days, to the extent reasonably requested by the underwriters participating in such Initial Public Offering) beginning on the effective date of the registration of such Registrable Securities in connection with a Public Offering
(which period following the effective date may, in each case, be extended to the extent required by applicable law, rule or regulation) or (B) such shorter period as the underwriters participating in such Public Offering may require, and
(ii) upon notice from the Company of the commencement of a Public Offering in connection with any Shelf Registration, during (A) fourteen (14) days prior to and the 90-day period beginning on
the date of commencement of such Public Offering (or with respect to an Initial Public Offering, a longer period of up to 180 days, to the extent reasonably requested by the underwriters participating in such Initial Public Offering) or
(B) such shorter period as the underwriters participating in such Public Offering may require, in each case except as part of such Public Offering. Each Stockholder agrees to execute a lock-up agreement in favor of the underwriters in form and
substance reasonably acceptable to the Company and the underwriters to such effect and, in any event, that the underwriters in any relevant offering shall be third party beneficiaries of this Section 2.04(a). 

  
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 (b) The Company shall not effect any public sale or distribution of Registrable Securities
(except pursuant to registrations on Form S-8 or Form S-4 or any similar or successor form under the Securities Act), (i) with respect to any Public Offering pursuant to a Demand Registration or any Piggyback Registration in which the holders
of Registrable Securities are participating, during (A) the fourteen (14) days prior to and the 90-day period (or with respect to an Initial Public Offering, a longer period of up to 180 days, to the extent reasonably requested by the
underwriters participating in such Initial Public Offering) beginning on the effective date of such registration (which period following the effective date may, in each case, be extended to the extent required by applicable law, rule or regulation)
or (B) such shorter period as the underwriters participating in such Public Offering may require, and (ii) upon notice from any holder(s) of Registrable Securities subject to a Shelf Registration that such holder(s) intend to effect a
Public Offering of Registrable Securities pursuant to such Shelf Registration (upon receipt of which, the Company will promptly notify all other Stockholders of the date of commencement of such Public Offering), during (A) the fourteen
(14) days prior to and the 90- day period beginning on the date of commencement of such Public Offering (or with respect to an Initial Public Offering, a longer period of up to 180 days, to the extent reasonably requested by the underwriters
participating in such Initial Public Offering) and (B) such shorter period as the underwriters participating in such Public Offering may require), in each case except as part of such Public Offering. 

Section 2.05. Registration Procedures. Whenever Stockholder Groups request that any Registrable Securities be registered
pursuant to Section 2.01, 2.02 or 2.03, subject to the provisions of such Sections, the Company shall use its commercially reasonable efforts to effect the registration and the sale of such Registrable Securities in
accordance with the intended method of disposition thereof as soon as reasonably practicable, and, in connection with any such request: 

(a) The Company shall as soon as reasonably practicable prepare and file with the SEC a Registration Statement on any form for which the
Company then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof,
and use its commercially reasonable efforts to cause such filed Registration Statement to become and remain effective for a period of (i) not less than one hundred eighty (180) days (or, if sooner, until all Registrable Securities have
been sold under such Registration Statement), or (ii) in the case of a Shelf Registration, until the earlier of the date (x) on which all of the securities covered by such Shelf Registration are no longer Registrable Securities and
(y) on which the Company cannot extend the effectiveness of such Shelf Registration because it is no longer eligible for use of Form S-3; subject in each case to any Suspension Period. 

  
 17 

 (b) Prior to filing a Registration Statement or related prospectus or any amendment or supplement
thereto (including any documents incorporated by reference therein), or before using any Free Writing Prospectus, the Company shall provide to each Registering Stockholder, the Holders’ Counsel and each underwriter, if any, with an adequate and
appropriate opportunity to review and comment on such Registration Statement, each Prospectus included therein (and each amendment or supplement thereto) and each Free Writing Prospectus proposed to be filed with the SEC, and thereafter the Company
shall furnish to such Registering Stockholder, the Holders’ Counsel and underwriter, if any, such number of copies of such Registration Statement, each amendment and supplement thereto filed with the SEC (in each case including all exhibits
thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424, Rule 430A, Rule 430B
or Rule 430C under the Securities Act and such other documents as such Registering Stockholder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Registering Stockholder;
provided, however, that in no event shall the Company be required to provide to any Person any materials, information or document required to be filed by the Company pursuant to the Exchange Act prior to its filing other than in connection with a
Public Offering (other than information required to be provided pursuant to Section 5.5 of the Plan). In addition, the Company shall, as expeditiously as practicable, keep Holders’ Counsel advised in writing as to the initiation and
progress of any registration under Sections 2.01, 2.02 and 2.03 and provide Holders’ Counsel with copies of all correspondence (including any comment letter) with the SEC, any self regulatory organization or other
governmental agency in connection with any such Registration Statement. Each Registering Stockholder shall have the right to request that the Company modify any information contained in such Registration Statement, amendment and supplement thereto
pertaining to such Registering Stockholder and the Company shall use its commercially reasonable efforts to comply with such request; provided, however, that the Company shall not have any obligation so to modify any information if the
Company reasonably expects that so doing would cause the prospectus to contain 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 not misleading. 

(c) After the filing of the Registration Statement, the Company shall (i) cause the related prospectus to be supplemented by any required
prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act applicable to the Company with respect to the disposition of all Registrable
Securities covered by such Registration Statement during the applicable period in accordance with the intended methods of disposition by the Registering Stockholder thereof set forth in such Registration Statement or supplement to such prospectus
and (iii) promptly notify each Registering Stockholder holding Registrable Securities covered by such Registration Statement and the Holders’ Counsel any stop order issued or threatened by the SEC or any state securities commission with
respect thereto and take all commercially reasonable actions required to prevent the entry of such stop order or to remove it if entered. 

  
 18 

 (d) The Company shall use its commercially reasonable efforts to (i) register or qualify the
Registrable Securities covered by such Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as any Registering Stockholder holding such Registrable Securities reasonably (in light of
such Stockholder Group’s intended plan of distribution) requests, and continue such registration or qualification in effect in such jurisdiction for the shortest of (A) as long as permissible pursuant to the laws of such jurisdiction,
(B) as long as any such Registering Stockholder requests or (C) until all such Registrable Securities are sold and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or
authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Stockholder Group to consummate the disposition of the
Registrable Securities owned by such Stockholder Group; provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this
Section 2.05(d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 

(e) The Company shall immediately notify each Registering Stockholder holding such Registrable Securities covered by such Registration
Statement (i) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon the discovery that, or upon the occurrence of an event as a result of which, the preparation of a supplement or amendment to
such prospectus is required so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements in light of the circumstances under which they were made not misleading and the Company shall promptly (subject to any applicable Suspension Period) prepare and make available to each Registering Stockholder and file with the SEC any such
supplement or amendment, (ii) as soon as the Company becomes aware of any request by the SEC or any Federal or state governmental authority for amendments or supplements to a Registration Statement or related prospectus covering Registrable
Securities or for additional information relating thereto, (iii) as soon as the Company becomes aware of the issuance or threatened issuance by the SEC of any stop order suspending or threatening to suspend the effectiveness of a Registration
Statement covering the Registrable Securities or (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any Registrable Securities for sale in any
jurisdiction, or the initiation or threatening of any proceeding for such purpose. 

  
 19 

 (f) (i) The Registering Stockholders holding a majority of the Registrable Securities to be
included in a Demand Registration or intended to be sold pursuant to a Public Offering pursuant to a “take down” under a Shelf Registration shall have the right to select an underwriter or underwriters in connection with any Public
Offering resulting from the exercise of a Demand Registration or a Shelf Registration (which underwriter or underwriters may include any Affiliate of any Stockholder Group so long as including such Affiliate would not require that the separate
engagement of a qualified independent underwriter with respect to such offering), subject to the Company’s approval (which shall not be unreasonably withheld, conditioned or delayed) and (ii) the Company shall select an underwriter or
underwriters in connection with any other Public Offering. In connection with any Public Offering, the Company shall enter into customary agreements (including an underwriting agreement in customary form) and take all other actions as are reasonably
required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including, if required, the engagement of a “qualified independent underwriter” in connection with the qualification of
the underwriting arrangements with FINRA. 
 (g) Upon execution of confidentiality agreements in form and substance reasonably satisfactory
to the Board, the Company shall make available for inspection by any Stockholder Group and any underwriter participating in any disposition pursuant to a Registration Statement being filed by the Company pursuant to this Section 2.05 and
any attorney, accountant or other professional retained by any such Stockholder Group or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company
(collectively, the “Records”) as shall be reasonably necessary or desirable to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any Inspectors in connection with such Registration Statement. Records that the Company determines, in good faith, to be confidential and that it notifies the Inspectors are confidential shall not be disclosed by the
Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court
of competent jurisdiction, (iii) disclosure of such Records is necessary to comply with federal or state securities laws or the rules of any securities exchange or trading market on which the Common Stock is listed or traded or is otherwise
required by law, rule, regulation or legal process, (iv) the information in such Records was known to the Inspectors on a non-confidential basis prior to its disclosure by the Company or has been made generally available to the public,
(v) the information in such Records is or becomes available to the public other than as a result of disclosure by any Inspector in violation the confidentiality agreements or (vi) is or was independently developed by any Inspector without
the benefit of the information in such Records. Each Registering Stockholder agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it or its Affiliates for any other purpose,
including as the basis for any market transactions in any 

  
 20 

 
securities of the Company, unless and until such information is made generally available to the public. Each Registering Stockholder further agrees that, upon learning that disclosure of such
Records is sought in a court of competent jurisdiction, it shall, to the extent permitted by applicable law, give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the Records
deemed confidential. 
 (h) The Company shall furnish to each Registering Stockholder and to each such underwriter, if any, a signed
counterpart, addressed to such Registering Stockholder or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort letter or comfort letters from the Company’s independent public accountants, each in
customary form and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, any Registering Stockholder or the lead managing underwriter therefor reasonably requests. 

(i) The Company shall otherwise comply with all applicable rules and regulations of the SEC, and make available to its security holders, as
soon as reasonably practicable, an earnings statement or such other document that shall satisfy the provisions of Section 11(a) of the Securities Act and the requirements of Rule 158 thereunder. 

(j) The Company may require each Registering Stockholder promptly to furnish in writing to the Company such information regarding the
distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be reasonably required in connection with such registration. 

(k) Each Registering Stockholder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 2.05(e), such Stockholder shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement (including any Shelf Registration) covering such Registrable Securities until such
Stockholder’s receipt of (i) copies of the supplemented or amended prospectus from the Company or (ii) further notice from the Company that distribution can proceed without an amended or supplemented prospectus, and, in the
circumstances described in clause (i), if so directed by the Company, such Stockholder shall deliver to the Company all copies, other than any permanent file copies then in such Stockholder’s possession, of the most recent prospectus
covering such Registrable Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective (including the period
referred to in Section 2.05(a)) by the number of days during the period from and including the date of the giving of notice pursuant to Section 2.05(e) to the date when the Company shall (x) make available to such
Stockholder a prospectus supplemented or amended to conform with the requirements of Section 2.05(e) or (y) deliver to such Stockholder the notice described in clause (ii). 

  
 21 

 (l) The Company shall use its commercially reasonable efforts to list all Registrable Securities
of any class or series covered by such Registration Statement on any national securities exchange on which any of the Registrable Securities of such class or series are then listed or traded (and, in the case of the Initial Public Offering pursuant
to a Demand Registration, on a national securities exchange, if then eligible, that is selected by the Board and that is reasonably acceptable to the holders of a majority of the Registrable Securities). 

(m) The Company shall have appropriate officers of the Company (i) upon reasonable request and at reasonable times prepare and make
presentations at any “road shows” and before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use its commercially reasonable efforts
to cooperate as requested by the underwriters in the offering, marketing or selling of the Registrable Securities. 
 (n) The Company shall
as soon as possible following its actual knowledge thereof, notify each Registering Stockholder: (i) when a prospectus, any prospectus supplement, a Registration Statement or a post-effective amendment to a Registration Statement has been filed
with the SEC, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the SEC or any other federal or state governmental authority for amendments or supplements
to a Registration Statement, a related prospectus (including a Free Writing Prospectus) or for any other additional information; or (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceedings for such purpose. 

(o) The Company shall reasonably cooperate with each Registering Stockholder and each underwriter participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made by FINRA. 
 (p) The Company shall
take all other steps reasonably necessary to effect the registration of such Registrable Securities and reasonably cooperate with the holders of such Registrable Securities to facilitate the disposition of such Registrable Securities. 

(q) The Company shall, within the deadlines specified by the Securities Act, make all required filings of all prospectuses (including any Free
Writing Prospectus) with the SEC and make all required filing fee payments in respect of any Registration Statement or related prospectus used under this Agreement (and any offering covered hereby). 

(r) The Company shall, if such registration is pursuant to a Registration Statement on Form S-3 or any similar short-form registration,
include in such Registration Statement such additional information for marketing purposes as the managing underwriter reasonably requests. 

  
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 Section 2.06. Indemnification by the Company. The Company agrees to indemnify
and hold harmless each Registering Stockholder holding Registrable Securities covered by a Registration Statement, its partners, Affiliates, stockholders, members, officers, directors, employees and agents, and each Person, if any, who controls such
Registering Stockholder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, “Stockholder Parties”) from and against any and all losses, claims, damages,
liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (“Damages”) caused by or relating to any untrue statement or allegedly untrue statement of a
material fact contained in any Registration Statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus or Free
Writing Prospectus relating to the Registrable Securities (including any information that has been deemed to be a part of any prospectus under Rule 159 under the Securities Act), or caused by or relating to any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company shall not be liable to any Stockholder Party for any Damages that are caused by or related
to any such untrue statement or omission or alleged untrue statement or omission so made based upon information furnished in writing to the Company by or on behalf of such Registering Stockholder expressly for use therein. The Company also agrees to
indemnify and hold harmless any underwriters of the Registrable Securities, their respective officers and directors and each Person who controls any underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act on substantially the same basis as that of the indemnification of the Registering Stockholders provided in this Section 2.06. 

Section 2.07. Indemnification by Registering Stockholders. Each Registering Stockholder holding Registrable Securities
included in any Registration Statement agrees, severally but not jointly, to indemnify and hold harmless (i) the Company, (ii) each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act
or Section 20 of the Exchange Act, (iii) each other Registering Stockholder participating in any offering of Registrable Securities and (iv) the respective partners, Affiliates, stockholders, members, officers, directors, employees
and agents of each of the Persons specified in clauses (i) through (iii) from and against all Damages to the same extent as the foregoing indemnity from the Company to such Registering Stockholder, but only with respect to
information furnished in writing by or on behalf of such Registering Stockholder expressly for use in any Registration Statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary
prospectus or Free Writing Prospectus relating to the Registrable Securities (including any information that has been deemed to be a part of any prospectus under  

  
 23 

 
Rule 159 under the Securities Act). Each Registering Stockholder also agrees to indemnify and hold harmless any underwriters of the Registrable Securities, their respective officers and directors
and each Person who controls any underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Company and the other
Registering Stockholders provided in this Section 2.07. As a condition to including Registrable Securities in any Registration Statement filed in accordance with Article 2, the Company may require that it shall have received an
undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters with respect to similar securities and offerings. No Registering Stockholder shall be liable under
this Section 2.07 for any Damages in excess of the net proceeds realized by such Registering Stockholder in the sale of Registrable Securities of such Registering Stockholder to which such Damages relate. 

Section 2.08. Conduct of Indemnification Proceedings. If any proceeding (including any investigation by any governmental
authority) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 2.06 or 2.07, such Person (an “Indemnified Party”) shall promptly notify the Person
against whom such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such
Indemnified Party, and shall assume the payment of all reasonable fees and expenses; provided that the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder
except to the extent that the Indemnifying Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) in the reasonable judgment of such Indemnified Party, representation of
both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that, in connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party
shall not be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed promptly after receipt
of an invoice setting forth such fees and expenses in reasonable detail. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be
liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless each Indemnified Party
from and against any Damages (to the extent obligated herein) by reason of such settlement or judgment. Without the prior written consent of each affected Indemnified Party, no Indemnifying Party shall effect any settlement of any pending or
threatened proceeding in  

  
 24 

 
respect of which such Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such proceeding. 
 Section 2.09. Contribution. If
the indemnification provided for in Section 2.06 or 2.07 is unavailable to the Indemnified Parties or insufficient in respect of any Damages, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result of such Damages in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified Parties in connection with such actions
which resulted in such Damages, as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and the Indemnified Parties shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to information supplied by, such Indemnifying Party or the Indemnified Parties
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. 
 The
parties agree that it would not be just and equitable if contribution pursuant to this Section 2.09 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in the immediately preceding paragraph. The amount paid or payable by a party as a result of the Damages referred to in the preceding paragraph shall be deemed to include, subject to the limitations set forth in Sections 2.06 and
2.07, any legal or other expenses reasonably incurred by a party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.09, no Registering Stockholder shall be
required to contribute any amount in excess of the net proceeds (after deducting the underwriters’ discounts and commissions) received by such Registering Stockholder in the offering. No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Each Registering Stockholder’s obligation to contribute pursuant to this
Section 2.09 is several in the proportion that the proceeds of the offering received by such Registering Stockholder bears to the total proceeds of the offering received by all such Registering Stockholders and not joint. 

Section 2.10. Participation in Public Offering. No Stockholder may participate in any Public Offering hereunder unless such
Stockholder (i) agrees to sell such Stockholder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (ii) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in respect of registration rights.

  
 25 

 Section 2.11. Other Indemnification. Indemnification similar to that specified
herein (with appropriate modifications) shall be given by the Company and each Registering Stockholder participating therein with respect to any required registration or other qualification of securities under any federal or state law or regulation
or governmental authority other than the Securities Act. 
 Section 2.12. Cooperation by the Company. At any time
following the earlier of (i) the Company consummating an Initial Public Offering of the Class A Common Stock or (ii) the first anniversary of the Emergence Effective Date, if any Stockholder shall transfer, assign, sell, convey or
otherwise dispose of any Registrable Securities pursuant to Rule 144, the Company shall reasonably cooperate (subject to the terms and conditions of the Certificate of Incorporation) with such Stockholder, provide to such Stockholder such
information as such Stockholder shall reasonably request and make publicly available information necessary to permit sales pursuant to Rule 144 for so long as necessary. 

Section 2.13. Transfer of Registration Rights. None of the rights of any Stockholder Group under this Article 2
shall be transferable or assignable by any Stockholder Group to any Person acquiring Company Securities in any Public Offering or any other registered offering or other transaction pursuant to a prospectus which is a part of a Registration Statement
or pursuant to Rule 144. The rights of a Stockholder Group hereunder may be transferred or assigned in connection with a transfer of Registrable Securities to (i) any Affiliate of a Stockholder Group or (ii) any Person other than a
Stockholder Group if at least 5% of the Class A Common Stock (assuming the conversion of all Class B Common Stock and New Warrants into Class A Common Stock) is being transferred to such Person in a single transaction or a series of
related transactions; provided, that, such Person shall not have the right to transfer or assign any rights hereunder in connection with any subsequent transfer or transfers of any Registrable Securities to any Person other than a Stockholder
Group. Notwithstanding the foregoing, such rights may only be transferred or assigned if all of the following additional conditions are satisfied: (x) such transfer or assignment is effected in accordance with applicable securities laws and
(y) the Company is given written notice by such transferor of such transfer or assignment, stating the name and address of the transferee or assignee and identifying the amount of Registrable Securities with respect to which such rights are
being transferred or assigned and (z) such transferee or assignee executes and delivers to the Company an agreement to be bound by this Agreement in the form of Exhibit A. A transferee or assignee of Registrable Securities who satisfies
the conditions set forth in this Section 2.13 shall thenceforth be an “Angelo Gordon Stockholder,” a “JPMorgan Stockholder” or an “Oaktree Stockholder,” as applicable, for purposes of this Agreement.

  
 26 

 Section 2.14. Limitations on Subsequent Registration Rights. The Company
agrees that it shall not enter into any agreement with any holder or prospective holder of any securities of the Company (i) that would allow such holder or prospective holder to include such securities in any Demand Registration, Piggyback
Registration or Shelf Registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that their inclusion would not reduce the amount of the
Registrable Securities of the Stockholder Group included therein or (ii) on terms otherwise more favorable in the aggregate than this Agreement. The Company also represents and warrants to each Stockholder Group that it has not previously
entered into any agreement with respect to any of its securities granting any registration rights to any Person with respect to the Registrable Securities. 

Section 2.15. Free Writing Prospectuses. Except for a prospectus relating to Registrable Securities included in a
Registration Statement, an “issuer free writing prospectus” (as defined in Rule 433 under the Securities Act) or other materials prepared by the Company, each Registering Stockholder represents and agrees that it (i) shall not make
any offer relating to the Registrable Securities that would constitute an issuer free writing prospectus or that would otherwise constitute a Free Writing Prospectus and (ii) has not distributed and will not distribute any written materials in
connection with the offer or sale pursuant to a Registration Statement of Registrable Securities without the prior written consent of the Company and, in connection with any Public Offering, the underwriters. 

Section 2.16. Information from Registering Stockholders; Obligations of Registering Stockholders. 

(a) It shall be a condition precedent to the obligations of the Company to include the Registrable Securities of any Registering Stockholder
that has requested inclusion of its Registrable Securities in any Registration Statement or related prospectus, as the case may be, that such Registering Stockholder shall take the actions described in this Section 2.16. 

(b) Each Registering Stockholder that has requested inclusion of its Registrable Securities in any Registration Statement shall
(i) furnish to the Company (as a condition precedent to such Registering Stockholder’s participation in such registration) in writing such information with respect to such Registering Stockholder, its ownership of Company Securities and
the intended method of disposition of its Registrable Securities as the Company may reasonably request or as may be required by law or regulations for use in connection with any related Registration Statement or prospectus (or amendment or
supplement thereto) and all information required to be disclosed in order to make the information previously furnished to the Company by such Registering Stockholder not contain a material misstatement of fact or necessary to cause such Registration
Statement or prospectus (or amendment or supplement thereto) not to omit a 

  
 27 

 
material fact with respect to such Registering Stockholder necessary in order to make the statements therein not misleading and (ii) comply with the Securities Act and the Exchange Act and
all applicable state securities laws and comply with all applicable regulations in connection with the registration and the disposition of Registrable Securities. 

(c) Each Registering Stockholder shall promptly (i) following its actual knowledge thereof, notify the Company of the occurrence of any
event that makes any statement made in a Registration Statement, prospectus, issuer free writing prospectus or other Free Writing Prospectus regarding such Registering Stockholder untrue in any material respect or that requires the making of any
changes in a Registration Statement, Prospectus or Free Writing Prospectus so that, in such regard, it shall not contain any untrue statement of a material fact or omit any material fact required to be stated therein or necessary to make the
statements not misleading and (ii) provide the Company with such information as may be required to enable the Company to prepare a supplement or post-effective amendment to any such Registration Statement or a supplement to such prospectus or
Free Writing Prospectus. 
 (d) Each Registering Stockholder shall use commercially reasonable efforts to cooperate with the Company in
preparing the applicable Registration Statement and any related prospectus. 
 (e) Each Stockholder agrees that no Stockholder shall be
entitled to sell any Registrable Securities pursuant to a Registration Statement or to receive a prospectus relating thereto unless such Stockholder has furnished the Company with all information required to be included in such Registration
Statement by applicable securities laws in connection with the disposition of such Registrable Securities as reasonably requested by the Company. 

ARTICLE 3 

TERMINATION 

Section 3.01. Termination. This Agreement shall terminate on the 10th
anniversary of the date hereof; provided, however, that any Stockholder Group that ceases to own beneficially any Registrable Securities shall cease to be bound by the terms hereof other than (i) Sections 2.06, 2.07,
2.08, 2.09 and 2.11 applicable to such Stockholder Group with respect to any offering of Registrable Securities completed before the date such Stockholder Group ceased to own any Registrable Securities) and (ii) Sections
4.01, 4.02 and 4.04 through 4.12. 

  
 28 

 ARTICLE 4 

MISCELLANEOUS 

Section 4.01. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective heirs, successors, legal representatives and permitted assigns. 
 (b) Subject to
Section 2.13, neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any party. 

(c) Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto, and their respective
heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

Section 4.02. Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile or electronic transmission) and shall be given,  
 if to the Company to: 

Tribune Company 
 435 N. Michigan
Avenue 
 Chicago, IL 60611 

Attention: General Counsel 
 Fax:
(312) 222-4206 
 With a copy to: 

Sidley Austin LLP 
 One South
Dearborn Street 
 Chicago, IL 60603 

Attention: Bryan Krakauer 

                  Jessica C.K. Boelter 

Fax: (312) 853-7036 
 with a
copy to the each Stockholder Group at the address listed below. 

  
 29 

 if to the JPMorgan Stockholder, to: 

Isolieren Holding Corp. 
 383
Madison Avenue 
 New York, NY 10179 

Attention: Marina S. Levin  

Email: marina.s.levin@jpmorgan.com 

No fax number 
 with a copy to:

 Donald S. Bernstein 
 Davis
Polk 
 450 Lexington Avenue 

New York, NY 10017  

Email: donald.bernstein@davispolk.com 

Facsimile No.: 212-701-5092 
 if
to the Angelo Gordon Stockholder, to: 
 Angelo Gordon & Co. L.P. 

245 Park Avenue, 26th Floor 
 New
York, NY 10167, USA 
 Attention: Gavin Baiera  

Email: GBaiera@angelogordon.com 

Facsimile No.: (212) 867-6395 

with a copy to: 
 Paul, Weiss,
Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 

New York, NY 10019-6064 

Attention: Kenneth M. Schneider  

Email: kschneider@paulweiss.com 

Facsimile No: (212) 492-0303 

if to the Oaktree Stockholder, to: 

Oaktree Capital Management, L.P. 

333 South Grand Avenue, 29th Floor 

Los Angeles, CA. 90071 

Attention: Ken Liang, Managing Director  

Email: kliang@oaktreecapital.com 

Facsimile No.: (213) 830-8522 

  
 30 

 with a copy to: 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 
 New
York, NY 10019-6064 
 Attention: Kenneth M. Schneider  

Email: kschneider@paulweiss.com 

Facsimile No: (212) 492-0303 
 or such other
address, facsimile number or electronic mail address as such party may hereafter specify for the purpose by notice to the other parties hereto. All notices, requests and other communications shall be deemed received on the date of receipt by the
recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding
Business Day in the place of receipt. Any Person that becomes a Stockholder shall provide its address, facsimile number or electronic mail address to the Company, which shall promptly provide such information to each other Stockholder. 

Section 4.03. Amendments and Waivers. Any provision of this Agreement may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 Section 4.04.
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to the choice of law or conflicts of law. 

Section 4.05. Jurisdiction. The parties hereby agree that any suit, action or proceeding seeking to enforce any provision
of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the Southern District of New York or any New York State court sitting in
New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the
State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent
permitted by  

  
 31 

 
law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each
party agrees that service of process on such party as provided in Section 4.02 shall be deemed effective service of process on such party. 

Section 4.06. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 4.07. Specific Enforcement. Each party hereto acknowledges that the remedies at law of the other parties for a
breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain
equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available. 

Section 4.08. Counterparts; Effectiveness; Third Party Beneficiaries. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each initial party hereto shall have received a counterpart
hereof signed by all of the other initial parties hereto. Until and unless each initial party has received a counterpart hereof signed by the other initial parties hereto, this Agreement shall have no effect and no party shall have any right or
obligation hereunder (whether by virtue of any other oral or written agreement or other communication). No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other
than the parties hereto and their respective successors and assigns. 
 Section 4.09. Entire Agreement. This
Agreement, together with the Schedules and Exhibit hereto and any documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement among the parties with respect to the subject matter of this Agreement and
supersedes all prior agreements and understandings, both oral and written, among the parties hereto with respect to the subject matter of this Agreement. 

Section 4.10. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions  

  
 32 

 
of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
manner so that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 4.11. Sophisticated Parties; Advice of Counsel. Each of the parties to this Agreement specifically acknowledges
that (i) it is a knowledgeable, informed, sophisticated Person capable of understanding and evaluating the provisions set forth in this Agreement and (ii) it has been fully advised and represented by legal counsel of its own independent
selection and has relied wholly upon its independent judgment and the advice of such counsel in negotiating and entering into this Agreement. 

Section 4.12. Certificate of Incorporation Supersedes. Nothing in this Agreement is intended to conflict with any provision
of the Certificate of Incorporation and, in the event of any such conflict, the applicable provision of the Certificate of Incorporation shall supersede the conflicting provision of this Agreement. Nothing in this Agreement is intended to limit or
restrict in any manner whatsoever, the rights or powers of the Company under the Certificate of Incorporation and the exercise of any such right or power by the Company shall not be, and shall not be construed to be, a breach or violation of, or a
default under, this Agreement or any provision hereof. 
 [Signature Pages Follow] 

  
 33 

 Very truly yours, 

 

			
	TRIBUNE COMPANY
		
	By:	 	 /s/ Chandler Bigelow III

	Name:	 	Chandler Bigelow III
	Title:	 	 Executive Vice President and
 Chief Financial
Officer

  
 34 

 
			
	ISOLIEREN HOLDING CORP.
		
	By:	 	 /s/ Marina Levin

	Name:	 	Marina Levin
	Title:	 	Executive Director

  
 35 

 
			
	
	JAMES RIVER INSURANCE COMPANY
	By: Angelo, Gordon & Co., L.P., as attorney-in-fact
		
	By:	 	 /s/ Bruce Martin

	Name:	 	Bruce Martin
	Title:	 	Managing Director
	
	SUMMER HILL FIXED INCOME AG, LLC
	By: Angelo, Gordon & Co., L.P., as attorney-in-fact
		
	By:	 	 /s/ Bruce Martin

	Name:	 	Bruce Martin
	Title:	 	Managing Director
	
	NORTHWOODS CAPITAL IV, LIMITED
	By:	 	Angelo, Gordon & Co., L.P., its collateral manager
		
	By:	 	 /s/ Bruce Martin

	Name:	 	Bruce Martin
	Title:	 	Managing Director
	
	AG CAPITAL RECOVERY PARTNERS IV, L.P.
	By: AG Capital Recovery IV LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Thomas M. Fuller

	Name:	 	Thomas M. Fuller
	Title:	 	Authorized Signature

  
 36 

 
			
	
	AG CAPITAL RECOVERY PARTNERS VII, L.P.
	By: AG Capital Recovery VII LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Thomas M. Fuller

	Name:	 	Thomas M. Fuller
	Title:	 	Authorized Signature
	
	AGCR MASTER ACCOUNT LP
	By: AG Capital Recovery V LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Thomas M. Fuller

	Name:	 	Thomas M. Fuller
	Title:	 	Authorized Signature
	
	AG ELEVEN PARTNERS, L.P.
	By: AG Eleven LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Thomas M. Fuller

	Name:	 	Thomas M. Fuller
	Title:	 	Authorized Signature
	
	AG SUPER FUND, L.P.
	By: AG Super LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Michael L. Gordon

	Name:	 	Michael L. Gordon
	Title:	 	Authorized Signatory

  
 37 

 
			
	AG MM, L.P.
	By: AG MM LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Michael L. Gordon

	Name:	 	Michael L. Gordon
	Title:	 	Authorized Signatory

  
 38 

 
			
	AG SUPER FUND INTERNATIONAL PARTNERS, L.P.
	By: AG Super Fund International LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Michael L. Gordon

	Name:	 	Michael L. Gordon
	Title:	 	Authorized Signatory
	
	NUTMEG PARTNERS, L.P.
	By:	 	Nutmeg Partners LLC, its General Partner
	By:	 	Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Michael L. Gordon

	Name:	 	Michael L. Gordon
	Title:	 	Authorized Signatory
	
	AG PRINCESS, LP
	By:	 	AG Princess LLC, its General Partner
	By:	 	Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Michael L. Gordon

	Name:	 	Michael L. Gordon
	Title:	 	Authorized Signatory
	
	AG GLOBAL DEBT STRATEGY PARTNERS, L.P.
	By: AG Global Debt Strategy LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Bruce Martin

	Name:	 	Bruce Martin
	Title:	 	Managing Director

  
 39 

 
			
	AG DIVERSIFIED CREDIT STRATEGIES MASTER, L.P.
	By: AG Diversified Credit Strategies GP LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Bruce Martin

	Name:	 	Bruce Martin
	Title:	 	Managing Director
	
	AG CENTRE STREET PARTNERSHIP, L.P.
	By: AG Centre Street GP LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Thomas M. Fuller

	Name:	 	Thomas M. Fuller
	Title:	 	Authorized Signature
	
	AG CNG FUND, L.P.
	By: AG CNG LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Michael L. Gordon

	Name:	 	Michael L. Gordon
	Title:	 	Authorized Signatory
	
	PHS PATRIOT FUND, L.P.
	By: PHS Patriot Fund LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Michael L. Gordon

	Name:	 	Michael L. Gordon
	Title:	 	Authorized Signatory

  
 40 

 
			
	OAKTREE TRIBUNE, L.P.
	By: Oaktree AIF Investments, L.P., its General Partner
		
	By:	 	 /s/ Kenneth Liang

	Name:	 	Kenneth Liang
	Title:	 	Managing Director
		
	By:	 	 /s/ Edgar Lee

	Name:	 	Edgar Lee
	Title:	 	Senior Vice President

  
 41 

 EXHIBIT A 

JOINDER TO REGISTRATION RIGHTS AGREEMENT 

This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the
“Joining Party”) in accordance with the Registration Rights Agreement dated as of                 , 20    (the “Registration
Rights Agreement”) among [Tribune Company] and the other parties thereto, as the same may be amended from time to time. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Registration Rights
Agreement. 
 The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the
Joining Party shall be deemed to be a party to the Registration Rights Agreement as of the date hereof and shall have all of the rights and obligations of a “Stockholder” thereunder as if it had executed the Registration Rights Agreement.
The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Registration Rights Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below. 

Date:             ,      

 

			
	[NAME OF JOINING PARTY]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address for Notices:

 Schedule 1 

JPMorgan Parties 

Isolieren Holding Corp. 

 Schedule 2 

Angelo Gordon Funds 

James River Insurance Company 

Summer Hill Fixed Income AG, LLC 

Northwoods Capital IV, Limited 

AG Capital Recovery Partners VI, L.P. 

AG Capital Recovery Partners VII, L.P. 

AGCR V Master Account LP 
 AG
Eleven Partners, L.P. 
 AG Super Fund, L.P. 

AG MM, L.P. 
 AG Super Fund
International Partners, L.P. 
 Nutmeg Partners, L.P. 

AG Princess, LP 
 AG Global Debt
Strategy Partners, L.P. 
 AG Diversified Credit Strategies Master, L.P. 

AG Centre Street Partnership, L.P. 

AG CNG Fund, L.P. 
 PHS Patriot
Fund, L.P. 

 Schedule 3 

Oaktree Funds 
 Oaktree
Tribune, L.P.

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