Document:

Exhibit 10.5

 

Execution Version

 

 

 

INVESTOR RIGHTS AGREEMENT

 

BY AND AMONG

 

TERRAN ORBITAL CORPORATION (F/K/A TAILWIND TWO
ACQUISITION CORP.)

 

AND

 

THE HOLDERS PARTY HERETO

 

DATED AS OF October 28, 2021

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Article  I EFFECTIVEN ESS	1
	 	 	 	 
	 	1.1.	Effectiveness	1
	 	 	 	 
	Article II DEFINITIONS	1

 

		2.1.	Definitions	1

 

		2.2.	Other Interpretive Provisions	7

 

	Article  III REGISTRATION RIGHTS	8

 

		3.1.	Demand Registration	8

 

		3.2.	Shelf Registration	10

 

		3.3.	Piggyback Registration	14

 

		3.4.	Lock-Up Agreements	15

 

		3.5.	Registration Procedures	16

 

		3.6.	Underwritten Offerings	21

 

		3.7.	No Inconsistent Agreements; Additional Rights	22

 

		3.8.	Registration Expenses	22

 

		3.9.	Indemnification	23

 

		3.10.	Rules 144 and 144A and Regulation S	26

 

		3.11.	Existing Registration Statements	26

 

	Article IV MISCELLANEOUS	 	27

 

		4.1.	Authority; Effect	27

 

		4.2.	Notices	27

 

		4.3.	Termination and Effect of Termination	28

 

		4.4.	Permitted Transferees	29

 

		4.5.	Legend Removal	29

 

		4.6.	Remedies	29

 

		4.7.	Amendments	29

 

		4.8.	Governing Law	30

 

		4.9.	Consent to Jurisdiction; Venue; Service	30

 

		4.10.	WAIVER OF JURY TRIAL	30

 

		4.11.	Merger; Binding Effect; Assignment	31

 

		4.12.	Counterparts	31

 

		4.13.	Severability	31

 

		4.14.	No Recourse	31

 

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This INVESTOR RIGHTS AGREEMENT
(as it may be amended, restated, suppleme nted or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”),
dated as of October 28, 2021, is made by and among:

 

i.              Terran
Orbital Corporation (f/k/a Tailwind Two Acquisition Corp.), a Delaware corporation (the “Company”);

 

ii.             each
Person executing this Agreement, including any Person delivering a Joinder that is a Permitted Transferee of a Major Holder, and listed
as a “Major Investor” on Schedule A hereto (collectively, together with their respective Permitted Transferees that
become parties hereto, the “Major Investors”); and

 

iii.            each
Person executing this Agreement, including any Person delivering a Joinder after the date hereof, and listed as an “Individual
Investor” on Schedule B hereto, as it may be amended from time to time (collectively, together with their respective
Permitted Transferees that become parties hereto, the “Individual Investors”, and collectively with the Major Investors,
the “Investors”).

 

RECITALS

 

WHEREAS, the Company, Titan
Merger Sub, Inc., a Delaware corporation (“Tailwi nd Two Merger Sub”) and Terran Orbital Holdings Inc. (f/k/a
Terran Orbital Corporation), a Delaware corporation (“Terran Orbital”), have entered into that certain Agreement and
Plan of Merger, dated as of October 28, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Business
Combination Agreement”), pursuant to which, among other things, Tailwind Two Merger Sub will merge with and into Terran Orbital,
with Terran Orbital as the surviving company in the merger, and, as a result of such merger, Terran Orbital will become a wholly owned
subsidiary of the Company.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and
sufficie ncy of which are hereby acknowledged, the Company and the other parties to this Agreement, intending to be legally bound, hereby
agree as follows:

 

ARTICLE I

 

EFFECTIVENESS

 

1.1.           Effectiveness.
This Agreement shall become effective upon the Closing.

 

ARTICLE II

 

DEFINITIONS

 

		2.1.	Definitions.

 

     

     

    

 

2.1.1.       Capitalized
terms used and not otherwise defined in Section  2.1.2 or elsewhere in this Agreement shall have the meanings ascribed to
such terms in the Business Combinatio n Agreement.

 

2.1.2.       The
following terms shall have the meanings ascribed to them in this Section  2.1.2 for purposes of this Agreement:

 

“Adverse Disclosure”
means public disclosure of material non-public information that, in the good faith judgment of the Board: (a) would be required
to be made in any Registrat io n Statement filed with the SEC by the Company so that such Registration Statement, from and after its
effective date, does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading; (b) would not be required to be made at such time but for the filing,
effectiveness or continued use of such Registration Statement; and (c) the Company has a bona fide business purpose for not
disclosing publicly.

 

“Affiliate”
means, (a) with respect to any specified Person that is not a natural person, (i) any other Person which directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person, and (ii) 
any corporation, trust, limited liability company, general or limited partnership or other entity advised or managed by, or under common
control or management with, such Person (for the purposes of this definit io n, “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 or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise) and (b) with respect to any specified
natural person, any Member of the Immediate Family of such specified natural person, or any Person that is, directly or indirectly, controlled
by such specified natural person; provided that the Company and each of its subsidiaries shall be deemed not to be Affiliates
of any Investor. For the avoidance of doubt and notwithstanding the foregoing, each of the BP Funds and each of their respective successors
and assigns shall be deemed an Affiliate of the BP Party for purposes of this Agreement.

 

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

 

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

 

“BP Fund”
means any Affiliate of the BP Party and any Person, fund or account managed by Beach Point Capital Management LP, a Delaware limited
partnership.

 

“BP Party” means
BPC Lending II LLC, a Delaware limited liability company.

 

“Business Combination Agreement”
shall have the meaning set forth in the preamble.

 

“Business Day”
means a day, other than a Saturday or Sunday, on which commercial banks in New York, New York are open for the general transaction of
business.

 

“Bylaws”
means the bylaws of the Company, as amended, restated, supplemented or otherwise modified and in effect from time to time.

 

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“Certificate”
means the certificate of incorporation of the Company, as amended, restated, supplemented or otherwise modified and in effect from time
to time, including any certificate of designation, correction or amendment filed with the Secretary of State of the State of Delaware.

 

“Charitable Gifting
Event” means any Transfer by a holder of Registrable Securities, or any subsequent Transfer by such holder’s members,
partners or other employees, in connection with a bona fide gift to any Charitable Organization made on the date of, but prior to, the
execution of the underwriting agreement entered into in connection with any Underwritten Public Offering.

 

“Charitable Organization” means     a charitable organization as described by
Section 501(c)(3) of the Internal Revenue Code of 1986, as in effect from time to time.

 

“Common Stock” means
the common stock of the Company, par value $0.0001 per share.

 

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

 

“Company Indemnitee”
and “Company Indemnitees” shall have the meaning set forth in Section 3.9.5.

 

“Convertible Securities”
means any evidence of indebtedness, shares of stock (other than Common Stock) or other securities (other than Options and Warrants) which
are directly or indirectly convertible into or exchangeable or exercisable for shares of Common Stock.

 

“Demand Notice”
shall have the meaning set forth in Section  3.1.3.

 

“Demand Registration”
shall have the meaning set forth in Section 3.1.1.1.

 

“Demand Registration Request”
shall have the meaning set forth in Section 3.1.1.1.

 

“Demand Registration Statement”
shall have the meaning set forth in Section 3.1.1.3.

 

“Demand Suspension”
shall have the meaning set forth in Section 3.1.6.

 

“Director” means
any director of the Company.

 

“Equivalent Shares”
means, at any date of determination, (a) as to any outstanding shares of Common Stock, such number of shares of Common Stock and
(b) as to any outstanding Options, Warrants or Convertible Securities which constitute Shares, the maximum number of shares of Common
Stock for which or into which such Options, Warrants or Convertible Securities may at the date of determination be exercised, converted
or exchanged (or which will become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance
in connection with which the number of Equivalent Shares is to be determined) but excluding any shares of restricted stock or Options
that are not then vested or will not become vested on or prior to, or by reason of, the transaction or circumstance in connection with
which the number of Equivalent Shares is to be determined.

 

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

 

“FINRA” means the
Financial Industry Regulatory Authority.

 

“FP Party” means
Francisco Partners and its Permitted Transferees.

 

“Holders”
means, as of any determination time, Investors who hold Registrable Securities under this Agreement.

 

“Individual Investor”
and “Individual Investors” shall have the meaning set forth in the preamble.

 

“Individual Investor
Shares” means all shares of Common Stock originally issued to, or issued with respect to securities of the Company originally
issued to, or held by, an Individ ual Investor, whenever issued, including all shares of Common Stock issued upon the exercise, conversion
or exchange of any Options, Warrants or Convertible Securities, and any Warrants held by such Individual Investor.

 

“Investor” and “Investors”
shall have the meaning set forth in the preamble.

 

“Issuer Free Writing
Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer
of the Registrable Securities.

 

“Lockheed Martin
Post-Closing Shareholders” means Lockheed Martin Corporation, Astrolink International LLC and their respective Permitted Transferees.

 

“Lock-Up” shall
have the meaning set forth in Section 3.4.1.

 

“Lock-Up Period”
shall have the meaning set forth in Section 3.4.1.

 

“Loss” and “Losses”
shall have the meaning set forth in Section 3.9.1.

 

“Major Holders”
means, as of any determination time, Major Investors who hold Registrable Securities under this Agreement.

 

“Major Investor”
and “Major Investors” shall have the meaning set forth in the preamble.

 

“Major Investor
Shares” means all shares of Common Stock originally issued to, or issued with respect to securities of the Company originally
issued to, or held by, a Major Investor, whenever issued, including all shares of Common Stock issued upon the exercise, conversion or
exchange of any Options, Warrants or Convertible Securities, and any Warrants held by such Major Investor.

 

“Major Investors
Majority” means, as of any date, the holders holding a majority of the Major Investor Shares outstanding on such date.

 

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“Member of the Immediate
Family” means, with respect to any Person who is an individual, (a) each parent, spouse (but not including a former spouse
or a spouse from whom such Person is legally separated) or child (including those adopted) of such individual and (b) each trustee,
solely in his or her capacity as trustee, for a trust naming only one or more of the Persons listed in sub-clause (a) as beneficiaries.

 

“Non-Underwritten
Offering” means any Public Offering other than an Underwritten Public Offering.

 

“NYSE” means the
New York Stock Exchange.

 

“Options”
means any options to subscribe for, purchase or otherwise directly acquire Common Stock.

 

“Participation Conditions”
shall have the meaning set forth in Section 3.2.4.2.

 

“Permitted Transferee”
means any Affiliate of an Investor.

 

“Person”
means any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated
organization, entity or division, or any government, governmental department or agency or political subdivision thereof.

 

“Piggyback Notice”
shall have the meaning set forth in Section 3.3.1.

 

“Piggyback Registration”
shall have the meaning set forth in Section 3.3.1.

 

“Potential Takedown Participant”
shall have the meaning set forth in Section 3.2.4.2.

 

“Pro Rata Portion”
means, with respect to each Holder requesting that its shares be registered or sold in an Underwritten Public Offering, a number of such
shares equal to the aggregate number of Registrable Securities to be registered or sold by Holders (excluding any shares to be registered
or sold for the account of the Company) multiplied by a fraction, the numerator of which is the aggregate number of Registrable Securities
held by such Holder, and the denominator of which is the aggregate number of Registrable Securities held by all Holders requesting that
their Registrable Securities be registered or sold.

 

“Prospectus”
means (a) the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective
amendments and supplements, and all other material incorporated by reference in such prospectus, and (b) any Issuer Free Writing
Prospectus.

 

“Public Offering”
means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement under the Securities Act
(other than a Registration Statement on Form S-4 or Form S-8 or any successor form).

 

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“Registrable Securities”
means (a) all shares of Common Stock (including, for the avoidance of doubt, all Management Shares (as defined in the Business Combination
Agreement) issued pursuant to Section 3.08 of the Business Combination Agreement), (b) all shares of Common Stock issuable
upon exercise, conversion or exchange of any option, warrant or convertible security, (c) all Warrants and (d) all shares of
Common Stock directly or indirect ly issued or then issuable with respect to the securities referred to in clauses (a), (b) or (c) above
by way of a stock dividend or stock split, or in connection with a combination of shares, recapitalization, merger, consolidation or
other reorganization. As to any particular Registrab le Securities, such securities shall cease to be Registrable Securities when (i) a
Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities
shall have been disposed of in accordance with such Registration Statement, (ii) such securities shall have been Transferred pursuant
to Rule 144 or (iii) such securities shall have ceased to be outstanding.

 

“Registration”
means registration under the Securities Act of the offer and sale to the public of any Registrable Securities under a Registration Statement.
The terms “register”, “registered” and “registering” shall have correlative
meanings.

 

“Registration Expenses”
shall have the meaning set forth in Section 3.8.

 

“Registration Statement”
means any registration statement of the Company filed with, or to be filed with, the SEC under the Securities Act, including the related
Prospectus, amendme nts and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits
and all material incorporated by reference in such registration statement other than a registration statement (and related Prospectus)
filed on Form S-4 or Form S-8 or any successor form thereto.

 

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries,
consultants, equity financ ing partners or financial advisors or other Person associated with, or acting on behalf of, such Person.

 

“Requesting Holder”
shall have the meaning set forth in Section  3.2.4.1.

 

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

 

“SEC”
means the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act.

 

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

 

“Selling Stockholder Information”
shall have the meaning set forth in Section 3.9.1.

 

“Shares” means all
Major Investor Shares and Individual Investor Shares.

 

“Shelf Period” shall
have the meaning set forth in Section 3.2.2.

 

“Shelf Registration”
shall have the meaning set forth in Section 3.2.1.1.

 

“Shelf Registration Statement”
shall have the meaning set forth in Section 3.2.1.1.

 

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“Shelf Suspension”
shall have the meaning set forth in Section 3.2.3.

 

“Shelf Takedown Notice”
shall have the meaning set forth in Section 3.2.4.2.

 

“Shelf Takedown Request”
shall have the meaning set forth in Section 3.2.4.1.

 

“Tailwind Two Merger Sub”
shall have the meaning set forth in the recitals.

 

“Tailwind Two Post-Closing
Shareholders” means the Tailwind Two Sponsor, Tommy Stadlen, any distributee pursuant to a Tailwind Two Sponsor In-Kind Distribution
and any of their respective Permitted Transferees.

 

“Tailwind Two Sponsor”
means Tailwind Two Sponsor LLC, a Delaware limited liabilit y company.

 

“Terran
Founder Parties” means (i) Marc Bell and his controlled entities, (ii)  Anthony Previte and his controlled entities
and (iii) Daniel Staton and his controlled entities.

 

“Terran Founder Parties Representative”
means Marc Bell.

 

“Terran Orbital”
shall have the meaning set forth in the recitals.

 

“Transfer”
means, with respect to any Registrable Security, any interest therein, or any other securities or equity interests relating thereto,
a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, includ
ing the grant of an option or other right, whether directly or indirectly, whether voluntar i ly, involuntarily, by operation of law,
pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning.

 

“Underwritten Public
Offering” means an underwritten Public Offering, including any bought deal or block sale to a financial institution conducted
as an underwritten Public Offering.

 

“Underwritten Shelf
Takedown” means an Underwritten Public Offering pursuant to an effective Shelf Registration Statement.

 

“Warrants”
means any warrants to subscribe for, purchase or otherwise directly acquire Common Stock.

 

“WKSI”
means any Securities Act registrant that is a well-known seasoned issuer as defined in Rule 405 under the Securities Act at the
most recent eligibility determination date specified in paragraph (2) of that definition.

 

		2.2.	Other
                                            Interpretive Provisions.

 

(a)           The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

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(b)           The
words “hereof”, “herein”, “hereunder” and similar words refer to this Agreement as a whole and not
to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified.

 

		(c)	The
                                            term “including” is not limiting and means “including without limitation.”

 

(d)           The
captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.

 

(e)            Whenever
the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 

		(f)	The
                                            words “any” and “or” are not exclusive.

 

(g)           The
word “extent” in the phrase “to the extent” means the degree to which a subject or other thing extends and does
not mean simply “if.”

 

(h)           “Writing”,
 “written” and comparable terms refer to printing, typing and other means of reproducing words (including in email or other
electronic media) in a visible form.

 

(i)            Unless
the context requires otherwise, references to any statute, regulation or rule shall be deemed to refer to such statute, regulation
or rule  as amended or supplemented from time to time, including through the promulgation of rules  or regulations thereunder,
and references to any agreement or instrument shall be deemed to refer to such agreement or instrument and all schedules, exhibits and
annexes thereto, in each case, as amended, restated, supplemented or otherwise modified from time to time.

 

(j)            Unless
otherwise specified, the reference date for purposes of calculating any period shall be excluded from such calculation, but any period
 “from” or “through” a specified date shall commence or end, as applicable, on such specified date; provided
that, in the event that any period would end on a day that is not a Business Day, such period shall be extended until, and shall
instead end on, the next Business Day following the day on which such period would otherwise end.

 

ARTICLE III

 

REGISTRATION RIGHTS

 

The Company will perform
and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it.
Each Holder will perform and comply with such of the following provisions as are applicable to such Holder.

 

		3.1.	Demand
                                            Registration.

 

		3.1.1.	Request
                                            for Demand Registration.

 

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3.1.1.1.            At
any time after the Closing Date, any Major Holder that beneficially owns, or Major Holders that collectively own, at least 5% of the
Registrable Securities shall have the right to make one or more written requests from time to time (a “Demand Registration Request”)
to the Company for Registration of all or part of the Registrable Securities held by such Major Holder or Major Holders. Any such Registration
pursuant to a Demand Registration Request shall hereinafter be referred to as a “Demand Registration.”

 

3.1.1.2.            Each
Demand Registration Request shall specify (x)  the kind and aggregate amount of Registrable Securities to be registered, and (y) the
intended method or methods of disposition thereof including pursuant to an Underwritten Public Offering.

 

3.1.1.3.            Upon
receipt of a Demand Registration Request, the Company shall as promptly as practicable file a Registration Statement (a “Demand
Registration Statement”) relating to such Demand Registration, and use its reasonable best efforts to cause such Demand Registrat
io n Statement to be promptly declared effective under the Securities Act.

 

3.1.2.       Limitation
on Demand Registrations. The Company shall not be obligated to take any action to effect any Demand Registration if a Demand Registration
or Piggyback Registrat io n was declared effective or an Underwritten Shelf Takedown was consummated within the preceding ninety (90)
days (unless otherwise consented to by the Company).

 

3.1.3.       Demand
Notice. Promptly upon receipt of a Demand Registration Request pursuant to Section 3.1.1 (but in no event more than two
(2) Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand
Registrat io n Request to all other Major Holders and the Demand Notice shall offer each such Major Holder the opportunity to include
in the Demand Registration that number of Registrable Securities as each such Major Holder may request in writing. Subject to Section 
3.1.7, the Company shall include in the Demand Registration all such Registrable Securities with respect to which the Company has
received written requests for inclusion therein within three (3) Business Days after the date that the Demand Notice was delivered.

 

3.1.4.       Demand
Withdrawal. Any Major Holder that has requested its Registrab le Securities be included in a Demand Registration pursuant to Section 3.1.1
or Section 3.1.3 may withdraw all or any portion of its Registrable Securities included in a Demand Registration from
such Demand Registration at any time prior to the effectiveness of the applicable Demand Registration Statement. Upon receipt of a notice
to such effect with respect to all of the Registrab le Securities included in such Demand Registration, the Company shall cease all efforts
to secure effectiveness of the applicable Demand Registration Statement.

 

3.1.5.       Effective
Registration. The Company shall use reasonable best efforts to cause the applicable Demand Registration Statement to become effective
promptly after receipt of a Demand Registration Request and remain effective for not less than one hundred eighty (180) days (or such
shorter period as will terminate when all Registrable Securities covered by such Demand Registration Statement have been sold or withdrawn),
or, if such Demand Registration Statement relates to an Underwritten Public Offering, such longer period as in the opinion of counsel
for the underwriter or underwriters a Prospectus is required by law to be delivered in connection with sales of Registrable Securities
by an underwriter or dealer.

 

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3.1.6.       Delay
in Filing; Suspension of Registration. If the filing, initial effectiveness or continued use of a Demand Registration Statement at
any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to
the Major Holders, delay the filing or initial effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand
Suspension”); provided, however, that the Company shall not be permitted to exercise a Demand Suspension more
than one (1) time during any twelve (12)- month period or for a total period of greater than sixty (60) days; and provided further
that the Company shall not register any securities for its own account or that of any other stockholder during such sixty (60)-day
period, other than pursuant to a registration relating to the sale or grant of securities to employees or directors of the Company or
a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; a registration on any form that does not include
substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable
Securities; or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities
that are also being registered. In the case of a Demand Suspension, the Major Holders agree to suspend use of the applicable Prospectus
in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to
above. The Company shall immediately notify the Major Holders in writing upon the termination of any Demand Suspension, amend or supplement
the Prospectus, if necessary, so it does not contain any untrue statement of a material fact or any omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading and furnish to the Major Holders such numbers of copies
of the Prospectus as so amended or supplemented as the Major Holders may reasonably request. The Company shall, if necessary, supplement
or amend the Demand Registration Statement, if required by the registration form used by the Company for the Demand Registration or by
the instruct io ns applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder
or as may reasonably be requested by the Major Holders holding a majority of Registrable Securities that are included in such Demand
Registration Statement.

 

3.1.7.       Priority
of Securities Registered Pursuant to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten
Public Offering of the Registrable Securities included in a Demand Registration advise the Company in writing that, in its or their opinion,
the number of securities requested to be included in such Demand Registrat io n exceeds the number that can be sold in such offering
without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities
offered, then the securities to be included in such Registration shall be, in the case of any Demand Registration, (x) first, allocated
to each Major Holder that has requested to participate in such Demand Registration an amount equal to the lesser of (i) the number
of such Registrable Securities requested to be registered or sold by such Major Holder, and (ii) a number of such shares equal to
such Major Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to in clause (x) have been
included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be sold without having
such adverse effect.

 

		3.2.	Shelf
                                            Registration.

 

		3.2.1.	Initial
                                            Shelf Registration.

 

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3.2.1.1.            Within
45 days of the Closing Date, the Company shall file with the SEC a Registration Statement pursuant to Rule 415 under the Securities
Act (“Shelf Registration Statement”) relating to the offer and sale of all Registrable Securities held by any Holders
from time to time providing for any method or combination of methods of distribution legally available to any Holder, as requested by
such Holder (including to facilitate Non-Underwritten Offerings), and the Company shall use its reasonable best efforts to cause such
Shelf Registration Statement to promptly become effective under the Securities Act, including by using reasonable best efforts to respond
to and address any comments of the SEC. Any such Registration pursuant to this Section 3.2.1.1 shall hereinafter be referred to
as a “Shelf Registration.” If the SEC requests that any Holders be identified as a statutory underwriter in such Registration
Statement, such Holder will have an opportunity to withdraw its Shares from such Registration Statement and, as promptly as practicable
after being permitted to register additional Registrable Securities under Rule 415 under the Securities Act, the Company shall amend
such Registration Statement or file a new Registration Statement to register such additional Registrable Securities and cause such amendment
or new Registration Statement to become effective as promptly as practicable. If the initial Registration Statement (the “Initial
Shelf”) filed by the Company pursuant to this Section 3.2.1.1 is on Form S-1, upon the Company becoming eligible to register
the Registrable Securities for resale by the Holders on Form S-3, the Company shall use its reasonable best efforts to amend the
Initial Shelf to a Registration Statement on Form S-3 or file a Registration Statement on Form S-3 in substitution of the Initial
Shelf and cause such Registration Statement to be declared effective as soon as practicable thereafter. For the avoidance of doubt, any
Registration Statement filed pursuant to this Section 3.2 shall be deemed a Shelf Registration for purposes of this Agreement.

 

3.2.2.       Continued
Effectiveness. The Company shall use its reasonable best efforts to keep such Shelf Registration Statement continuously effective
under the Securities Act in order to permit the Prospectus forming part of the Shelf Registration Statement to be usable by Holders until
the earlier of: (i)  the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement
or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 
4(a)(3) of the Securities Act and Rule 174 thereunder); and (ii) the date as of which no Holder holds Registrable Securities
(such period of continuous effectiveness, the “Shelf Period”). Subject to Section  3.2.3, the Company
shall be deemed not to have used its reasonable best efforts to keep the Shelf Registrat io n Statement effective during the Shelf Period
if the Company voluntarily takes any action or omits to take any action that would result in Holders of the Registrable Securities covered
thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registrat io n Statement during the Shelf
Period, unless such action or omission is required by applicable law. Subject to Section  3.2.3, if at any time a Registration Statement
filed pursuant to this Section  3.2 is not effective or is not otherwise available for the resale of all the Registrable Securities
held by the Major Holders, the Major Holders may demand registration under the Securities Act of all or part of their Registrable Securities
at any time and from time to time, and the Company shall use its reasonable best efforts to file with the SEC following receipt of any
such demand a Registrat io n Statement be filed with respect to all such Registrable Securities and to cause such Registrat io n Statement
to be declared effective by the SEC as soon as reasonably practicable after the filing thereof.

 

     - 11 -

     

    

 

3.2.3.       Suspension
of Registration. If the continued use of such Shelf Registrat io n Statement at any time would require the Company to make an Adverse
Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, suspend use of the Shelf Registration Statement
(a “Shelf Suspension”); provided, however, that the Company shall not be permitted to exercise a Shelf
Suspension more than one (1) time during any twelve (12)-month period or for a total period of greater than sixty (60) days. In
the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase
of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately
notify the Holders in writing upon the termination of any Shelf Suspension, amend or supplement the Prospectus, if necessary, so it does
not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented
as the Holders may reasonably request. The Company shall, if necessary, supplement or amend the Shelf Registration Statement, if required
by the registration form used by the Company for the Shelf Registration Statement or by the instructions applicable to such registration
form or by the Securities Act or the rules  or regulations promulgated thereunder or as may reasonably be requested by any Major
Holder or other Holders holding a majority of the Registrable Securities that are included in such Shelf Registration Statement.

 

		3.2.4.	Shelf
                                            Takedown.

 

3.2.4.1.            At
any time the Company has an effective Shelf Registration Statement with respect to a Major Holder’s Registrable Securities, by
notice to the Company specifying the intended method or methods of disposition thereof, such Major Holder may make a written request
(a “Shelf Takedown Request” and such Major Holder, the “Requesting Holder”) to the Company to effect
a Public Offering, including pursuant to an Underwritten Shelf Takedown, of all or a portion of such Major Holder’s Registrable
Securities that may be registered under such Shelf Registration Statement, and as soon as practicable the Company shall amend or supplement
the Shelf Registration Statement as necessary for such purpose; provided however that the Company shall not be required to effect such
a Public Offering unless such offering shall include securities with a total offering price (including any securities included pursuant
to Section 3.3. hereunder and before deduction of underwriting discounts or commissions) reasonably expected to exceed, in
the aggregate, $15,000,000.

 

3.2.4.2.            Promptly
upon receipt of a Shelf Takedown Request (but in no event more than two (2) Business Days thereafter (or more than twenty-four (24)
hours thereafter in connection with an underwritten “block trade”)) for any Underwritten Shelf Takedown, the Company shall
deliver a notice (a “Shelf Takedown Notice”) to all Major Holders (each, a “Potential Takedown Participant”).
The Shelf Takedown Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown
such number of Registrab le Securities as each such Potential Takedown Participant may request in writing. The Company shall include
in the Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for
inclusion therein within three (3) Business Days (or within twenty-four (24) hours in connection with an underwritten “block
trade”) after the date that the Shelf Takedown Notice has been delivered. Any Potential Takedown Participant’s request to
participate in an Underwritten Shelf Takedown shall be binding on the Potential Takedown Participant; provided that each such
Potential Takedown Participant that elects to participate may condition its participation on the Underwritten Shelf Takedown (i) 
being completed within ten (10) Business Days of its acceptance and (ii) at a price per share (after giving effect to any underwriters’
discounts or commissions) to such Potential Takedown Participant of not less than a percentage of the closing price for the shares on
their principal trading market on the Business Day immediately prior to such Potential Takedown Participant’s election to participate,
as specified in such Potential Takedown Participant’s request to participate in such Underwritten Shelf Takedown (the “Participation
Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to the Participation Conditions (to the
extent applicable), all determinations as to whether to complete any Underwritten Shelf Takedown and as to the timing, manner, price
and other terms of any Underwritten Shelf Takedown contemplated by this Section 3.2.4 shall be determined by the Requesting
Holder.

 

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3.2.4.3.            The
Company shall not be obligated to take any action to effect any Underwritten Shelf Takedown if a Demand Registration or Piggyback Registration
was declared effective or an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days (unless otherwise consented
to by the Company).

 

3.2.5.       Priority
of Securities Sold Pursuant to Shelf Takedowns. If the managing underwriter or underwriters of a proposed Underwritten Shelf Takedown,
or the Requesting Holder of a proposed “block trade” conducted as an Underwritten Shelf Takedown, in each case pursuant to
Section 3.2.4 advise the Company in writing that, in its or their opinion, the number of securities requested to be included
in the proposed Underwritten Shelf Takedown exceeds the number that can be sold in such Underwritten Shelf Takedown without being likely
to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the
number of Registrable Securities to be included in such offering shall be (x)  first, allocated to each Holder that has requested
to participate in such Underwritten Shelf Takedown an amount equal to the lesser of (i) the number of such Registrable Securities
requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion,
and (y) second, and only if all the securities referred to in clause (x) have been included, the number of other securities
that, in the opinion of such managing underwriter or underwriters (or Requesting Holder, as the case may be) can be sold without having
such adverse effect.

 

     - 13 -

     

    

 

		3.3.	Piggyback
                                            Registration.

 

3.3.1.       Participation.
At any time after the Closing Date, if the Company at any time proposes to file a Registration Statement under the Securities Act or
to conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any other
Persons (other than (i) a Registration under Sections 3.1 or 3.2, (ii)  a Registration on Form S-4 or Form S-8
or any successor form to such forms or (iii) a Registration of securities solely relating to an offering and sale to employees or
directors of the Company or its subsidiaries pursuant to any employee stock plan or other employee benefit plan arrangement), then, as
soon as practicable (but in no event less than five (5) Business Days prior to the proposed date of filing of such Registration
Statement or, in the case of a Public Offering under a Shelf Registration Statement, the anticipated pricing or trade date), the Company
shall give written notice (a “Piggyback Notice”) of such proposed filing or Public Offering to all Major Holders,
and such Piggyback Notice shall offer all Major Holders the opportunity to register under such Registration Statement, or to sell
in such Public Offering, such number of Registrable Securities as each Major Holder may request in writing (a “Piggyback Registration”).
Subject to Section  3.3.2, the Company shall include in such Registration Statement or in such Public Offering as applicable,
all such Registrable Securities that are requested to be included therein within seven (7) Business Days after the receipt by such
Holder of any such notice; provided, however, that if at any time after giving written notice of its intention to register
or sell any securities and prior to the effective date of the Registration Statement filed in connection with such Registration, or the
pricing or trade date of a Public Offering under a Shelf Registration Statement, the Company determines for any reason not to register
or sell or to delay the Registration or sale of such securities, the Company shall give written notice of such determination to each
Holder included therein and, thereupon, (x) in the case of a determination not to register or sell, shall be relieved of its obligation
to register or sell any Registrable Securities in connection with such Registration or Public Offering (but not from its obligation to
pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any Holders entitled to request
that such Registration or sale be effected as a Demand Registration under Section  3.1 or an Underwritten Shelf Takedown
under Section 3.2, as the case may be, and (y) in the case of a determination to delay Registration or sale, in the
absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may be, shall be permitted to delay registering
or selling any Registrable Securities, for the same period as the delay in registering or selling such other securities. Any Holder shall
have the right to withdraw all or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving
written notice to the Company of its request to withdraw, prior to the applicable Registration Statement becoming effective or, in connection
with an Underwritten Shelf Takedown, the execution of the related underwriting agreement.

 

3.3.2.       Priority
of Piggyback Registration. If the managing underwriter or underwriters of any proposed offering of Registrable Securities included
in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their opinion, the number of
securities that such Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering
without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market
for the securities offered, then the securities to be included in such Registration shall be (i)  first, one hundred percent (100%)
of the securities that the Company proposes to sell; (ii)  second, and only if all the securities referred to in clause (i) have
been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without
having such adverse effect, with such number to be allocated among the Holders that have requested to participate in such Registration
based on an amount equal to the lesser of (x) the number of such Registrable Securities requested to be sold by such Holder, and
(y) a number of such shares equal to such Holder’s Pro Rata Portion; (iii) third, and only if all of the Registrable
Securities referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such
Registration.

 

3.3.3.       No
Effect on Other Registrations. No Registration of Registrable Securities effected pursuant to a request under this Section 3.3
shall be deemed to have been effected pursuant to Sections 3.1 and 3.2 or shall relieve the Company of its obligations
under Sections 3.1 and 3.2.

 

    	 	- 14 -	 

     

    

 

		3.4.	Lock-Up
                                            Agreements.

 

3.4.1.       Each
Investor (other than the FP Party to which this Section 3.4.1 does not apply) agrees that such Investor shall not Transfer any Shares
or any securities convertible into or exercisable or exchangeable (directly or indirectly) for the Shares (including new Shares issued
in connection with the transactions contemplated by the Business Combination Agreement) (such restriction, the “Lock-Up”)
during the period commencing on the Closing Date and ending on the date that is one hundred eighty (180) days following the Closing Date
(such period, the “Lock-Up Period”). The Lock-Up is expressly agreed to preclude each Investor during the Lock-Up
Period from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result
in a sale or disposition of such Investor’s Shares even if such Shares would be disposed of by someone other than the undersigned.
Such prohibited hedging or other transactions during the Lock-Up Period shall include any short sale or any purchase, sale or grant of
any right (including any put or call option) with respect to any of the Investor’s Shares or with respect to any security that
includes, relates to, or derives any significant part of its value from such Shares. The foregoing notwithstanding, (a) each executive
officer and director of the Company, or any of their respective affiliates, shall be permitted to establish a plan to acquire and sell
Shares pursuant to Rule 10b5-1 under the Exchange Act, provided that such plan does not provide for the Transfer of Shares
during the Lock-up Period and (b) any release or waiver from the restrictions contained in this Section 3.4.1 prior
to the expiration of the Lock-Up Period shall require the prior written consent of the Tailwind Two Sponsor; provided that, to the extent
any Investor is granted a release or waiver from the restrictions contained in this Section 3.4.1, then all Investors shall
be automatically granted a release or waiver from the restrictions contained in this Section 3.4.1, on substantially the
same terms as and on a pro rata basis with, the Investor to which such release or waiver is granted. The foregoing restrictions shall
not apply to Transfers made: (i) pursuant to a bona fide gift or charitable contribution; (ii)  by will or intestate succession
upon the death of an Investor; (iii) to any Permitted Transferee; (iv) pursuant to a court order or settlement agreement related
to the distribution of assets in connection with the dissolution of marriage or civil union; (v)  to the partners, members or shareholders
of a Major Investor; or (vi)  in the event of the Company’s completion of a liquidation, merger, share exchange or other similar
transaction which results in all of its shareholders having the right to exchange their Common Stock for cash, securities or other property;
provided that, in the case of (i), (iii)  or (v), the recipient of such Transfer must enter into a written agreement agreeing
to be bound by the terms of this Agreement, including the transfer restrictions set forth in this Section 3.4.1. Notwithstanding
the foregoing or anything herein to the contrary, (i) this Section  3.4 shall not prohibit the pledge of any Shares
or any securities convertible into or exercisable or exchangeable (directly or indirectly) for the Shares (including new Shares issued
in connection with the transactions contemplated by the Business Combination Agreement) by the Terran Founder Parties or the Tailwind
Two Post-Closing Shareholders during the Lock-Up Period, (ii)  this Section 3.4 shall not apply to, and there shall not be
any Lock-Up with respect to, (x) any Shares that may be issued to any of the Lockheed Martin Post-Closing Shareholders as “Shares”
in accordance with (and as such term is defined in) the Subscription Agreement dated as of October 28, 2021 by and among the Company,
Terran Orbital and Astrolink International LLC, (y) any Shares that may be issued to any of the BP Funds as “Shares”
in accordance with (and as such term is defined in) any Subscription Agreement dated as of October 28, 2021 by and among the Company,
Terran Orbital and any BP Fund and (z)  any Shares that may be issued to any of Daniel Station and any of his controlled entities
as “Shares” in accordance with (and as such term is defined in) any Subscription Agreement dated as of October 28, 2021
by and among the Company, Terran Orbital and Daniel Staton and any of his controlled entities and (iii) Goldman Sachs &
Co. LLC and its affiliates, other than the applicable Investor, may engage in brokerage, investment advisory, financial advisory, anti-raid
advisory, merger advisory, financing, asset management, trading, market making, arbitrage, principal investing and other similar activities
conducted in the ordinary course of their affiliates’ business.

 

    	 	- 15 -	 

     

    

 

		3.5.	Registration
                                            Procedures.

 

3.5.1.       Requirements.
In connection with the Company’s obligations under Sections 3.1 through 3.4, the Company shall use its reasonable
best efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance with the intended method
or methods of distribution thereof as expeditiously as reasonably practicable, and in connection therewith the Company shall:

 

3.5.1.1.    As
promptly as practicable prepare the required Registration Statement, including all exhibits and financial statements required under the
Securities Act to be filed therewith, and Prospectus, and, before filing a Registration Statement or Prospectus or any amendments or
supplements thereto, (x) furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration
Statement, copies of all documents prepared to be filed, including the Registration Statement itself, which documents shall be subject
to the review of such underwriters and such Holders and their respective counsel, (y) make such changes in such documents concerning
the Holders or the plan of distribution therein prior to the filing thereof as such Holders, or their counsel, may reasonably request
and (z)  except in the case of a Registration under Section 3.3 not file any Registration Statement or Prospectus or
amendments or supplements thereto to which the Holders, in such capacity, or the underwriters, if any, shall reasonably object;

 

3.5.1.2.    prepare
and file with the SEC such amendments and post-effective amendments to such Registration Statement and supplements to the Prospectus
as may be (x)  reasonably requested by any Holder with Registrable Securities covered by such Registration Statement, (y) reasonably
requested by any participating Holder (to the extent such request relates to information relating to such Holder), or (z) necessary
to keep such Registration Statement effective for the period of time required by this Agreement, and comply with provisions of the applicable
securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period
in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement;

 

3.5.1.3.    notify
the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such notice in writing and
provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (i) when
the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus
or any amendment or supplement thereto has been filed; (ii) of any written comments by the SEC, or any request by the SEC or other
federal or state governmental authority for amendments or supplements to such Registration Statement or such Prospectus, or for additional
information (whether before or after the effective date of the Registration Statement) or any other correspondence with the SEC relating
to, or which may affect, the Registration; (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such
Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary
or final Prospectus or the initiation or threatening of any proceedings for such purposes; (iv) if, at any time, the representations
and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects; and (v) of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for
offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

 

    	 	- 16 -	 

     

    

 

3.5.1.4.        promptly
notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes aware of the happening of any
event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in
effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein (in
the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading,
when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement,
or, if for any other reason, it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus
in order to comply with the Securities Act and, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and
furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such
Registration Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance;

 

3.5.1.5.        to
the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company files any
Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B
under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of
the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time
through the filing of a Prospectus supplement rather than a post-effective amendment;

 

3.5.1.6.        use
its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order or notice preventing or suspending
the use of any preliminary or final Prospectus;

 

3.5.1.7.        promptly
incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such information as the managing
underwriter or underwriters and the participating Holders agree should be included therein relating to the plan of distribution with
respect to such Registrable Securities; and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus
or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus
supplement, Issuer Free Writing Prospectus or post-effective amendment;

 

3.5.1.8.        furnish
to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter may reasonably
request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial
statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference);

 

    	 	- 17 -	 

     

    

 

3.5.1.9.        deliver
to each selling Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including each preliminary
Prospectus) and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in
order to facilitate the disposition of the Registrable Securities by such Holder or underwriter (it being understood that the Company
shall consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters,
if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement
thereto);

 

3.5.1.10.      on
or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable best efforts to register or
qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection
with the Registration or qualification of such Registrable Securities for offer and sale under the securities or “Blue Sky”
laws of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if any, or their respective
counsel reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to keep such Registration
or qualification in effect for such period as required by Section 3.1 or Section 3.2, as applicable, provided
that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to
take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject;

 

3.5.1.11.      cooperate
with the selling Holders and the managing underwriter or underwrite rs, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities
to be in such denominations and registered in such names as the managing underwriters may request prior to any sale of Registrable Securities
to the underwriters;

 

3.5.1.12.      use
its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with
or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter
or underwriters, if any, to consummate the disposition of such Registrable Securities;

 

3.5.1.13.      make
such representations and warranties to the Holders being registered, and the underwriters or agents, if any, in form, substance and scope
as are customarily made by issuers in public offerings similar to the offering then being undertaken;

 

3.5.1.14.      enter
into such customary agreements (including underwriting and indemnification agreements) and take all such other actions as the participating
Holders or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and
disposition of such Registrable Securities;

 

3.5.1.15.      obtain
for delivery to the Holders being registered and to the underwriter or underwriters, if any, an opinion or opinions from counsel for
the Company dated the most recent effective date of the Registration Statement or, in the event of an Underwritten Public Offering, the
date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably
satisfactory to such Holders or underwriters, as the case may be, and their respective counsel;

 

    	 	- 18 -	 

     

    

 

3.5.1.16.      in
the case of an Underwritten Public Offering, obtain for delivery to the Company and the managing underwriter or underwriters, with copies
to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants
or independent auditors (and, if necessary, any other independent certified public accountants or independent auditors of any subsidiary
of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be,
included in the Registration Statement) in customary form and covering such matters of the type customarily covered by comfort letters
as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought
down to the closing under the underwriting agreement;

 

3.5.1.17.      cooperate
with each seller of Registrable Securities and each underwriter, if any, participating in the disposition of such Registrable Securities
and their respective counsel in connection with any filings required to be made with FINRA;

 

3.5.1.18.      use
its reasonable best efforts to comply with all applicable securities laws and, if a Registration Statement was filed, make available
to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section  11(a) of
the Securities Act and the rules and regulations promulgated thereunder;

 

3.5.1.19.      provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement
and provide a CUSIP number for all such Registrable Securities;

 

3.5.1.20.      use
its reasonable best efforts to cause all Registrable Securities covered by the applicable Registration Statement to be listed on each
national securities exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer
quotation system on which any of the Company’s equity securities are then quoted;

 

3.5.1.21.      make
available upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed by the Holders
holding a majority of Registrable Securities being sold, by any underwriter participating in any disposition to be effected pursuant
to such Registration Statement and by any attorney, accountant or other agent retained by such Holders or any such underwriter, all pertinent
financial and other records and pertinent corporate documents and properties of the Company, and cause all of the Company’s officers,
directors and employees and the independent public accountants who have certified its financial statements to make themselves available
to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such
Registration Statement;

 

3.5.1.22.      in
the case of an Underwritten Public Offering, cause the senior executive officers of the Company to participate in the customary “road
show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise
to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related
thereto;

 

    	 	- 19 -	 

     

    

 

3.5.1.23.     
take no direct or indirect action prohibited by Regulation M under the Exchange Act;

 

3.5.1.24.
     take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection
with any Registration complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the
extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with
the related Prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading;

 

3.5.1.25.      cooperate
with the Holders of Registrable Securities subject to the Registration Statement and with the managing underwriter or agent, if any,
to facilitate any Charitable Gifting Event and to prepare and file with the SEC such amendments and supplements to such Registration
Statement and the Prospectus used in connection therewith as may be necessary to permit any such recipient Charitable Organization to
sell in the Public Offering if it so elects; and

 

3.5.1.26.      take
all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such
Registrable Securities in accordance with the terms of this Agreement.

 

3.5.2.           Company
Information Requests. The Company may require each seller of Registrable Securities as to which any Registration or sale is being
effected to furnish to the Company customary information regarding such holder and the ownership and distribution of its Registrable
Securities as the Company may from time to time reasonably request in writing and the Company may exclude from such Registration or sale
the Registrable Securities of any such Holder who unreasonably fails to furnish such information within a reasonable time after receiving
such request. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary
to enable the Company to comply with the provisions of this Agreement.

 

3.5.3.           Discontinuing
Registration. Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 3.5.1.4, such Holder will discontinue disposition of Registrable Securities pursuant to such Registration Statement
until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1.4,
or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any
additional or supplemental filings that are incorporated by reference in the Prospectus, or any amendments or supplements thereto, and
if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent
file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt
of such notice. In the event the Company shall give any such notice, the period during which the applicable Registration Statement is
required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving
of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either
receives the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1.4 or is advised in writing by
the Company that the use of the Prospectus may be resumed.

 

    	 	- 20 -	 

     

    

 

		3.6.	Underwritten
                                            Offerings.

 

3.6.1.       Shelf
and Demand Registrations. If requested by the underwriters for any Underwritten Public Offering, pursuant to a Registration or sale
under Sections 3.1 or 3.2, the Company shall enter into an underwriting agreement with such underwriters, such agreement
to be reasonably satisfactory in substance and form to each of the Company, the Major Holders holding a majority of Registrable Securities
being sold and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally
prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those provided in Section 3.9
of this Agreement. The Major Holders of the Registrable Securities proposed to be distributed by such underwriters shall cooperate
with the Company in the negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company
regarding the form thereof, and such Major Holders shall complete and execute all questionnaires, powers of attorney and other documents
reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Any such Major Holder shall
not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations,
warranties or agreements regarding such Major Holder, such Major Holder’s title to the Registrable Securities, such Major Holder’s
intended method of distribution and any other representations to be made by the Major Holder as are generally prevailing in agreements
of that type, and the aggregate amount of the liability of such Major Holder under such agreement shall not exceed such Major Holder’s
proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses.

 

3.6.2.       Piggyback
Registrations. If the Company proposes to register or sell any of its securities under the Securities Act as contemplated by Section 3.3
and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any Major Holder pursuant
to Section 3.3 and, subject to the provisions of Section  3.3.2, use its reasonable best efforts to arrange for
such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the Registrable
Securities to be offered and sold by such Holder among the securities of the Company to be distributed by such underwriters in such Registration
or sale. The Holders of Registrable Securities to be distributed by such underwriters shall be parties to a customary underwriting agreement
between the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and other documents reasonably
requested by the underwriters and required under the terms of such underwriting arrangements. Any such Holder shall not be required to
make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or
agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution
and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount
of the liability of such Holder shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the offering,
net of underwriting discounts and commissions but before expenses.

 

    	 	- 21 -	 

     

    

 

3.6.3.            Selection
of Underwriters; Selection of Counsel. In the case of an Underwritten Public Offering under Sections 3.1 or 3.2, the
managing underwriter or underwriters to administer the offering shall be determined by the Major Holders holding a majority of Registrable
Securities being sold in such offering; provided that such underwriter or underwriters shall be reasonably acceptable to the Company.
In the case of an Underwritten Public Offering under Section 3.3, the managing underwriter or underwriters to administer
the offering shall be determined by the Company; provided that such underwriter or underwriters shall be reasonably acceptable
to the Major Holders holding a majority of Registrable Securities being sold in such offering. In the case of an Underwritten Public
Offering under Sections 3.1, 3.2 or 3.3, each participating Major Holder shall be entitled to select its counsel,
including, without limitation, any additional local counsel necessary to deliver any required legal opinions.

 

3.6.4.            Non-Underwritten
Offerings. Notwithstanding anything herein to the contrary and subject to applicable law, regulation and NYSE rules, any Non-Underwritten
Offering shall be conducted in accordance with the Company’s insider trading policy to the extent that such selling stockholder
is then subject to such policy.

 

3.7.            No
Inconsistent Agreements; Additional Rights. Neither the Company nor any of its subsidiaries shall hereafter enter into, and neither
the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with
the rights granted to the Holders by this Agreement. Without the approval of the Major Holders holding a majority of the Registrable
Securities then outstanding (voting together as a single class on an as- converted basis), neither the Company nor any of its subsidiaries
shall enter into any agreement granting registration or similar rights to any Person, and the Company hereby represents and warrants
that, as of the date hereof, no registration or similar rights have been granted to any other Person other than pursuant to this Agreement.
Notwithstanding the foregoing, the Company has entered into Subscription Agreements providing for the PIPE Financing and entry into such
agreements shall not constitute a breach of the representations and warranties and covenants set forth in this Section 3.7.

 

3.8.            Registration
Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement shall be paid by the Company,
including (i)  all registration and filing fees, and any other fees and expenses associated with filings required to be made with
the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or “Blue Sky” laws (including
reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities),
(iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing
certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses),
(iv)  all fees and disbursements of counsel for the Company and of all independent certified public accountants or independent auditors
of the Company and any subsidiaries of the Company (including the expenses of any special audit and comfort letters required by or incident
to such performance), (v) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters
so require in accordance with then-customary underwriting practice, (vi) all fees and expenses incurred in connection with the listing
of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system,
(viii) all reasonable fees and disbursements of legal counsel for each selling Major Holder, (ix) any reasonable fees and disbursements
of underwriters customarily paid by issuers or sellers of securities, (x) all fees and expenses incurred in connection with the
distribution or Transfer of Registrable Securities to or by a Major Holder or its Permitted Transferees in connection with a Public Offering,
(xi) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration or
sale, (xii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing
legal or accounting duties) and (xiii)  all expenses related to the “road show” for any Underwritten Public Offering,
including the reasonable out-of-pocket expenses of the Major Holders and underwriters, if so requested. All such expenses are referred
to herein as “Registration Expenses”. The Company shall not be required to pay any fees and disbursements to underwriters
not customarily paid by the issuers of securities in an offering similar to the applicable offering, including underwriting discounts
and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities.

 

    	 	- 22 -	 

     

    

 

		3.9.	Indemnification.

 

3.9.1.       Indemnification
by the Company. The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each Holder, each shareholder,
member, limited or general partner of such Holder, each shareholder, member, limited or general partner of each such shareholder, member,
limited or general partner, each of their respective Affiliates, officers, directors, shareholders, employees, advisors, and agents and
each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives
from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several
(including reasonable costs of investigation and legal expenses and any indemnity and contribution payments made to underwriters ) (each,
a “Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged
untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities are registered or
sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement
thereto or any documents incorporated by reference therein) or any other disclosure document produced by or on behalf of the Company
or any of its subsidiaries including any report and other document filed under the Exchange Act, (ii) any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus
or preliminary Prospectus, in light of the circumstances under which they were made) not misleading or (iii) any violation or alleged
violation by the Company or any of its subsidiaries of any federal, state, foreign or common law rule  or regulation applicable
to the Company or any of its subsidiaries and relating to action or inaction in connection with any such Registration, disclosure document
or other document or report; provided, that no selling Holder shall be entitled to indemnification pursuant to this Section 3.9.1
in respect of any untrue statement or omission contained in any information relating to such selling Holder furnished in writing
by such selling Holder to the Company specifically for inclusion in a Registration Statement and used by the Company in conformity therewith
(such information “Selling Stockholder Information”). This indemnity shall be in addition to any liability the Company
may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such
Holder or any indemnified party and shall survive the Transfer of such securities by such Holder and regardless of any indemnity agreed
to in the underwriting agreement that is less favorable to the Holders. The Company shall also indemnify underwriters, selling brokers,
dealer managers and similar securities industry professionals participating in the distribution, their officers and directors
and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided
above (with appropriate modification) with respect to the indemnification of the indemnified parties.

 

    	 	- 23 -	 

     

    

 

3.9.2.       Indemnification
by the Selling Holders. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent
permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities
Act or the Exchange Act) from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration
Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary
or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein)
or (ii)  any omission to state therein a material fact required to be stated therein or necessary to make the statements therein
(in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in
each case to the extent, but only to the extent, that such untrue statement or omission is contained in such selling Holder’s Selling
Stockholder Information. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount
of the proceeds from the sale of its Registrable Securities in the offering giving rise to such indemnification obligation, net of underwriting
discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9.4 and any amounts
paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale.

 

3.9.3.      Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i)  give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify
the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it forfeits
substantive legal rights by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such
claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification
hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and
expenses of such counsel shall be at the expense of such Person unless (a) the indemnifying party has agreed in writing to pay such
fees or expenses, (b) the indemnifying party shall have failed to assume the defense of such claim within a reasonable time after
receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such
Person, (c) the indemnified party has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available
to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (d) in
the reasonable judgment of any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and
the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such
Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to
assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, the indemnifying party shall
not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry of
any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without the prior written
consent of such indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be
subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld.
It is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 3.9.3,
in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or
other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment
of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably
concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition to
those available to the other indemnified parties or (z)  a conflict or potential conflict exists or may exist (based upon advice
of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying
party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels.

 

    	 	- 24 -	 

     

    

 

3.9.4.       Contribution.
If for any reason the indemnification provided for in Section  3.9.1 and Section 3.9.2 is unavailable to an indemnified
party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations on indemnification
contained in Section 3.9.1 and Section 3.9.2), then the indemnifying party shall contribute to the amount paid
or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements or
omissions that resulted in such Losses, as well as any other relevant equitable considerations. In connection with any Registration Statement
filed with the SEC by the Company, the relative fault of the indemnifying party on the one hand and the indemnified party on the other
hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified
party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission, it being understood and agreed that, with respect to each selling Holder, such information will be limited to such Holder’s
Selling Stockholder Information. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.9.4
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 this Section  3.9.4. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount
paid or payable by an indemnified party as a result of the Losses referred to in Sections 3.9.1 and 3.9.2 shall be deemed
to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 3.9.4,
in connection with any Registration Statement filed by the Company, a selling Holder shall not be required to contribute any amount in
excess of the dollar amount of the proceeds from the sale of its Registrable Securities in the offering giving rise to such indemnification
obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 
3.9.2 and any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to
such sale. If indemnification is available under this Section 3.9, the indemnifying parties shall indemnify each indemnified
party to the full extent provided in Sections 3.9.1 and 3.9.2 hereof without regard to the provisions of this Section 3.9.4.
The remedies provided for in this Section 3.9 are not exclusive and shall not limit any rights or remedies which may
otherwise be available to any indemnified party at law or in equity.

 

    	 	- 25 -	 

     

    

 

3.9.5.      Indemnification
Priority. The Company hereby acknowledges and agrees that any of the Persons entitled to indemnification pursuant to Section 3.9.1
(each, a “Company Indemnitee” and collectively, the “Company Indemnitees”) may have certain
rights to indemnification, advancement of expenses and/or insurance provided by other sources. The Company hereby acknowledges and agrees
(i) that it is the indemnitor of first resort (i.e., its obligations to a Company Indemnitee are primary and any obligation of such
other sources to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Company Indemnitee
are secondary) and (ii) that it shall be required to advance the full amount of expenses incurred by a Company Indemnitee and shall
be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted
and as required by the terms of this Agreement without regard to any rights a Company Indemnitee may have against such other sources.
The Company further agrees that no advancement or payment by such other sources on behalf of a Company Indemnitee with respect to any
claim for which such Company Indemnitee has sought indemnification, advancement of expenses or insurance from the Company shall affect
the foregoing, and that such other sources shall have a right of contribution and/or be subrogated to the extent of such advancement
or payment to all of the rights of recovery of such Company Indemnitee against the Company.

 

3.10.       Rules 144
and 144A and Regulation S. The Company shall file the reports required to be filed by it under the Securities Act and the Exchange
Act and the rules  and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will,
upon the request of any Holder, make publicly available such necessary information for so long as necessary to permit sales that would
otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such
rules  may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such
further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable
Securities without Registration under the Securities Act in transactions that are not expressly prohibited by this Agreement and within
the limitation of the exemptions provided by (i) Rule 144, Rule 144A or Regulation S under the Securities Act, as such
rules may be amended from time to time, or (ii)  any similar rule or regulation hereafter adopted by the SEC. Upon the
request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements
and, if not, the specifics thereof.

 

3.11.       Existing
Registration Statements. Notwithstanding anything herein to the contrary and subject to applicable law and regulation, the Company
may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective by a specified
date by designating, by notice to the Holders, a Registration Statement that previously has been filed with the SEC or become effective,
as the case may be, as the relevant Registration Statement for purposes of satisfying such obligation, and all references to any such
obligation shall be construed accordingly; provided that such previously filed Registration Statement may be, and is, amended
or, subject to applicable securities laws, supplemented to add the number of Registrable Securities, and, to the extent necessary, to
identify as selling stockholders those Holders demanding the filing of a Registration Statement pursuant to the terms of this Agreement.
To the extent this Agreement refers to the filing or effectiveness of other Registration Statements, by or at a specified time
and the Company has, in lieu of then filing such Registration Statements or having such Registration Statements become effective, designated
a previously filed or effective Registration Statement as the relevant Registration Statement for such purposes, in accordance with the
preceding sentence, such references shall be construed to refer to such designated Registration Statement, as amended or supplemented
in the manner contemplated by the immediately preceding sentence.

 

    	 	- 26 -	 

     

    

 

3.12.       In-Kind
Distributions. If Tailwind Two Sponsor seeks to effectuate an in-kind distribution of all or part of its Registrable Securities to
its direct or indirect equityholders (a “Tailwind Two Sponsor In-Kind Distribution”), the Company will use reasonable
best efforts to work with Tailwind Two Sponsor to facilitate such in-kind distribution in the manner reasonably requested. Prior to any
Tailwind Two Sponsor In-Kind Distribution, each distributee shall deliver to the Company a written acknowledgment and agreement in form
and substance reasonably satisfactory to the Company that the distributee will be bound by, and will be a party to, this Agreement; provided,
however, that, except as set forth in Section  3.4.1, a failure by a distributee to deliver such acknowledgment and agreement
shall not render such distribution to such distributee void, but such distributee shall not be entitled to the benefits of this Agreement
until such time as such acknowledgment and agreement is delivered. Upon any Tailwind Two Sponsor In-Kind Distribution, (i) in the
event of a distribution of all of Tailwind Two Sponsor’s Registrable Securities, the distributees holding Registrable Securities
equal to a majority- in- interest of the Registrable Securities then held by Tailwind Two Sponsor at the time of such distribution shall
thereafter be entitled to exercise and enforce the rights specifically granted to Tailwind Two Sponsor hereunder, (ii) each distributee
that beneficially owns at least 5% of the Registrable Securities held by Tailwind Two Sponsor at the time of such distribution (treating
any warrants as shares of Common Stock on an exercised basis) shall be considered a “Major Investor” hereunder and (iii) such
distributee shall be considered a “Permitted Transferee” hereunder.

 

ARTICLE IV

 

MISCELLANEOUS

 

4.1.         Authority;
Effect. Each party hereto represents and warrants to each other partyh ereto that the execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement
or other instrument applicable to such party or by which its assets are bound. This Agreement does not, and shall not be construed to,
give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture
or other association. The Company and its subsidiaries shall be jointly and severally liable for all obligations of the Company pursuant
to this Agreement.

 

4.2.         Notices.
Any notices, requests, demands and other communications required or permitted in this Agreement shall be effective if in writing and
(a) delivered personally, (b) sent by e-mail, provided that any e-mail must be followed by confirmation copy sent by
the means provided in the following clause (c) on the same day the e-mail is sent, or (c) sent by overnight courier, in each
case, addressed as follows:

 

If to the Company to:

 

Tailwind Two Acquisition Corp.

150 Greenwich Street, 29th Floor

New York, NY 10006

Attn: Matthew Eby

E-mail: matthewdeby@gmail.com

 

    	 	- 27 -	 

     

    

 

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

 

Akin Gump Strauss Hauer & Feld

One Bryant Park

New York, New York 10036-6745

Attn: Jonathan Pavlich and Stuart Leblang

E-mail:
jpavlich@akingump.com and sleblang@akingump.com

 

If to an Investor, to his, her or its address,
with a copy (which shall not constitute notice) to his, her or its legal counsel (if any), as set forth on Schedule A or Schedule
B, as applicable.

 

Notice to the holder of record
of any Registrable Securities shall be deemed to be notice to the holder of such securities for all purposes hereof.

 

Unless otherwise specified
herein, such notices or other communications shall be deemed effective (i) on the date received, if personally delivered, (ii) the
earlier of (A) non-automated confirmation of receipt or (B) as provided in the following clause (iii), if sent by e-mail, and
(iii) one (1) Business Day after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a
different address by giving notice as aforesaid to each of the other parties hereto.

 

4.3.            Termination
and Effect of Termination. This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this
Agreement and (ii) the date as of which no Registrable Securities remain outstanding. Notwithstanding any termination of this Agreement
in accordance with the foregoing sentence, the provisions of Sections 3.8, 3.9 and 3.10 shall survive any such termination.
No termination under this Agreement shall relieve any Person of liability for breach or Registration Expenses incurred prior to termination.
In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 3.9 hereof
shall retain such indemnification rights with respect to any matter that (a) may be an indemnified liability thereunder and (b) occurred
prior to such termination. Notwithstanding the foregoing or anything else herein to the contrary, upon any termination of the Business
Combination Agreement in accordance with its terms, this Agreement shall automatically terminate, without notice or other action by any
party hereto, and be void ab initio and no party hereto shall have any obligations or liability hereunder. Upon written request
to the Company, any Holder may request not to receive any Demand Notice, Piggyback Notice and/or Shelf Takedown Notice and thereafter
shall not receive any such notices, unless otherwise requested in writing.

 

    	 	- 28 -	 

     

    

 

4.4.       Permitted
Transferees. The rights of a Holder hereunder may be assigned (but only with all related obligations as set forth below) in connection
with a Transfer of Registrable Securities to a Permitted Transferee of that Holder, and upon such Transfer such Holder shall cease to
be a party to this Agreement and shall be relieved and have no further liability arising hereunder for events occurring from and after
the date of such Transfer, except in the case of fraud or intentional misconduct. Without prejudice to any other or similar conditions
imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section  4.4 will be
effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written
acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Permitted Transferee will be bound
by, and will be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section 4.4
may not again transfer those rights to any other Permitted Transferee, other than as provided in this Section 4.4.

 

4.5.       Legend
Removal. If a Major Investor, or a Holder (including a Holder of Management Shares (as defined in the Business Combination Agreement)),
holds Registrable Securities that are eligible to be sold without restriction under Rule  144 under the Securities Act (other than
the restriction set forth under Rule 144(i)) or pursuant to an effective registration statement, then, at such Major Investor’s
or Holder’s request, accompanied by such additional representations and other documents as the Company shall reasonably request,
the Company shall cause the Company’s transfer agent to remove any restrictive legend set forth on the Registrable Securities held
by such Holder (including, if required by the Company’s transfer agent, by delivering to the Company’s transfer agent a direction
letter and opinion of counsel).

 

4.6.       Remedies.
The parties to this Agreement shall have all remedies available at law, in equity or otherwise in the event of any breach or violation
of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition
to any other remedies that may be available, each of the parties hereto shall be entitled to specific performance of the obligations
of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be
appropriate in the circumstances. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result
of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed
as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such
delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after
that waiver.

 

4.7.       Amendments.
This Agreement may not be orally amended, modified or extended, nor shall any attempted oral waiver of any of its terms be effective.
This Agreement may be amended, modified or extended, and the provisions hereof may be waived, only by an agreement in writing signed
by the Company, the Terran Founder Parties Representative, the BP Party, the FP Party, the Lockheed Martin Post-Closing Shareholders,
and the Tailwind Two Post-Closing Shareholders in the case of any amendment, modification, extension or waiver effected prior to the
Closing or by the Company and the Major Investors Majority in the case of any amendment, modification, extension or waiver effected at
or after the Closing. Each such amendment, modification, extension or waiver shall be binding upon each party hereto; provided that (a) the
consent of any Major Investor shall be required for any amendment, modification, extension or waiver which has an adverse effect on the
rights, limitations or obligations of such Major Investor and (b) any such amendment, modification, extension or waiver that by
its terms would adversely affect a Holder or group of Holders in a disproportionate manner relative to the Holders generally shall
require the written consent of the Holder (or a majority in interest based on Registrable Securities of such group of Holders) so affected.
In addition, each party hereto may waive any right hereunder (solely as applicable to such party) by an instrument in writing signed
by such party.

 

    	 	- 29 -	 

     

    

 

4.8.        Governing
Law. This Agreement, the rights of the parties hereto under or in connection herewith or in connection with any of the transactions
contemplated hereby, and all actions arising in whole or in part under or in connection herewith or therewith (whether at law or in equity,
whether sounding in contract, tort, statute or otherwise), shall be governed by and construed in accordance with the laws of the State
of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the laws
of any other jurisdiction.

 

4.9.        Consent
to Jurisdiction; Venue; Service. Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the
exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware located in Wilmington, Delaware, or if (but only if)
such court does not have subject matter jurisdiction, the state or federal courts located in the State of Delaware for the purpose of
any suit, action or other proceeding described in Section 4.8; (b) hereby
waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert,
by way of motion, as a defense or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the
jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such suit, action
or proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof may not be enforced
in or by such court; and (c) hereby agrees not to commence or maintain any such action other than before one of the above- named courts
nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action to any court
other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Each party to this Agreement hereby
also (i) consents to service of process in any action described in this Section 4.9 in any manner permitted by Delaware
law, (ii) agrees that service of process made in accordance with clause (i) or made by overnight delivery by a nationally recognized
courier service addressed to a party’s address specified pursuant to Section 4.2 shall constitute good and valid service
of process in any such action and (iii)  waives and agrees not to assert (by way of motion, as a defense or otherwise) in any such
action any claim that service of process made in accordance with clause (i)  or (ii)  does not constitute good and valid service
of process. Notwithstanding the foregoing in this Section  4.9, a party may commence any action in a court other than the
above-named courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts.

 

4.10.      WAIVER
OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS
THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO THIS AGREEMENT OR ANY
AND ALL ACTIONS OR PROCEEDINGS (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DESCRIBED IN SECTION 4.9. EACH PARTY HERETO
ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.10 CONSTITUTES A MATERIAL INDUCEMENT
UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR
A COPY OF THIS SECTION 4.10 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT
TO TRIAL BY JURY.

 

    	 	- 30 -	 

     

    

 

4.11.        Merger;
Binding Effect; Assignment. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall
be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and permitted assigns. Except as
otherwise expressly provided herein, no Holder or other party hereto may assign any of its rights or delegate any of its obligations
under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation
of the foregoing shall be null and void.

 

4.12.        Additional
Investors. After the date hereof, a holder of Registrable Securities may become an Investor under this Agreement by delivering to
the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that such holder will
be bound by, and will be a party to, this Agreement (a “Joinder”); provided that except for a Permitted Transferee
no such holder submitting a Joinder following the Closing Date shall be a Major Holder.

 

4.13.        Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall
constitute one instrument. The parties hereto agree that execution of this Agreement by industry standard electronic signature software
or by exchanging executed signature pages in .pdf format via e-mail shall have the same legal force and effect as the exchange of
original signatures, and each party hereto hereby waives any right to raise in any proceeding arising under or related to this Agreement
any defense or waiver based upon execution of this Agreement by means of such electronic signatures or maintenance of the executed agreement
electronically.

 

4.14.        Severability.
In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect, such provision shall
be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under,
applicable law. The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in
any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof.

 

4.15.        No
Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each Holder covenant, agree
and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall
be had against any current or future director, officer, manager, employee, general or limited partner, member or equityholder of any
Holder or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable proceeding,
or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability
whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future director, officer, manager, employee, general
or limited partner, member or equityholder of any Holder or of any Affiliate or assignee thereof, as such, for any obligation
of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on,
in respect of or by reason of such obligations or their creation.

 

[Remainder of page intentionally
left blank. Signature pages follow.]

 

    	 	- 31 -	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	Company:	TERRAN
    ORBITAL CORPORATION
	 	 
	 	By:
	/s/
                                            Marc Bell

    

	 	 	Name: Marc Bell
	 	 	Title: President

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	TAILWIND
    TWO ACQUISITION CORP.
	 	 
	 	By:
	/s/
                                            Chris Hollod

    

	 	 	Name: Chris Hollod
	 	 	Title: Co-Chief Executive Officer

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	Investors:	 
	 	 
	 
	/s/
                                            Marc Bell

	 	Marc Bell

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	EMANON
    INVESTMENTS 5, LLC
	 	 
	 	By: 
	/s/
                                            Marc Bell

    

	 	 	Name: Marc Bell
	 	 	Title: President

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	TERRAN
    ORBITAL MANAGEMENT INVESTORS LLC
	 	 
	 
	By: 
	/s/
                                            Marc Bell

    

	 	 	Name: Marc Bell
	 	 	Title: Managing Member

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Anthony Previte
	 	Anthony Previte

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	ASTROLINK
    INTERNATIONAL LLC
	 	 
	 	By:
	/s/
                                            JC Moran

    

	 	 	Name: JC Moran
	 	 	Title: VP/GM LM Ventures

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	LOCKHEED
    MARTIN CORPORATION
	 	 
	 	By:
	/s/
                                            Jack Enright

    

	 	 	Name: Jack Enright
	 	 	Title: Director, Corporate Development

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	TAILWIND
    TWO SPONSOR LLC
	 	 
	 	By:
	/s/
                                            Philip Krim

    

	 	 	Name: Philip Krim
	 	 	Title: Manager

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/
    Tommy Stadlen
	 	Tommy Stadlen

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	BPC LENDING II, LLC
	 	 	 	 
	 	By:	/s/
    Lawrence M. Goldman
	 	 	Name:	Lawrence M. Goldman 
	 	 	Title: 	Chief Accounting Officer

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	BEACH POINT SCF XI LP 
	 	BEACH POINT SCF IV LLC
	 	BEACH POINT SCF MULTI-PORT LP 
	 	BPC OPPORTUNITIES FUND III LP 
	 	BEACH POINT SELECT FUND LP 
	 	BEACH POINT SECURITIZED CREDIT FUND LP
	 	BEACH POINT TX SCF LP
	 	 	 	 
	 	By:	Beach Point Capital Management LP, its
    Investment Manager
	 	 	 	 
	 	By:	/s/
    Allan Schweitzer 
	 	 	Name: 	Allan Schweitzer 
	 	 	Title: 	Portfolio Manager

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	BROAD STREET PRINCIPAL INVESTMENTS, L.L.C.
	 	 	 	 
	 	By:	/s/ Dominick Totino
	 	 	Name:	Dominick Totino
	 	 	Title: 	Vice President

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	FP CREDIT PARTNERS,
    L.P.
	 	 	 	 
	 	By:	FP Credit Partners
    GP, L.P. 
	 	 		Its:	General Partner
	 	 	 	 
	 	By: 	FP Credit Partners
    GP Management, LLC 
	 	 	 	Its:	General Partner
	 	 	 	 
	 	By:	/s/
    Scott Eisenberg
	 	 	Name:	Scott Eisenberg
	 	 	Title:	Managing Director

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/
    Austin Williams
	 	Austin Williams

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/
    Daniel Staton
	 	Daniel Staton

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	FUEL VENTURE CAPITAL CO-INVEST SERIES, LLC
	 	 	 	 
	 	By:	/s/ Jeff Ransdell
	 	 	Name:	Jeff Ransdell
	 	 	Title: 	Managing Director

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	FUEL VENTURE CAPITAL FUND I, LP
	 	 	 	 
	 	By:	/s/ Jeff Ransdell
	 	 	Name:	Jeff Ransdell
	 	 	Title: 	Managing Director

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/
    James LeChance
	 	James LeChance

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/
    Jordi Puig-Suari
	 	Jordi Puig-Suari

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Joseph Berenato
	 	Joseph Berenato

 

[Signature Page to
Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Marco Villa
	 	Marco Villa

  

[Signature Page to
Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	ROARK’S DRIFT, LLC
	 	 
	 	By: 	/s/
    Joseph Roos
	 	 	Name: 	Joseph Roos
	 	 	Title: 	Managing Member

 

[Signature
Page to Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Roland Coelho
	 	Roland Coelho

 

[Signature Page to
Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Sean Fitzsimmons
	 	Sean Fitzsimmons

 

[Signature Page to
Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	STATON TYVAK FAMILY LIMITED PARTNERSHIP
	 	 
	 	By:	/s/
    Daniel Staton
	 	 	Name: 	Daniel Staton
	 	 	Title: 	Managing Member

 

[Signature Page to
Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Stratton Scalavos
	 	Stratton Scalavos

 

[Signature Page to
Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	VVP TO, LLC
	 	 
	 	By:	/s/
    Amit Raizada
	 	 	Name: 	Amit Raizada 
	 	 	Title: 	Manager

 

[Signature Page to
Investor Rights Agreement]

 

     

     

    

 

SCHEDULE A

 

Major Investors

 

TERRAN PARTIES:

 

Marc Bell

 

Address notices to:

 

 

Anthony Previte

 

Address notices to:

 

 

LOCKHEED MARTIN POST-CLOSING SHAREHOLDERS:

 

Astrolink International, LLC

Lockheed Martin Corporation

 

Address notices to:

 

6801 Rockledge Drive, MP 205 

Bethesda, MD 20817 

Attention:     Michael
Elliott, Associate

General Counsel

Email: michael.a.elliott@ lmco.com

 

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

 

Hogan Lovells US LLP

100 International Drive 

Suite 2000 

Baltimore,
MD 21202

Attention:     William
Intner

Email: william.intner@hoganlovells.com

 

     

     

    

 

TAILWIND TWO POST-CLOSING SHAREHOLDERS:

 

Tailwind Two Sponsor LLC

Tommy Stadlen

 

Address notices to:

 

Tailwind Two Acquisition Corp.

150 Greenwich Street, 29th Floor

New York, NY 10006 

Attention: Matthew Eby 

Email: matthewdeby@gmail.com

 

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

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022 

Attention:     Jonathan
Davis, Chelsea Darnell,

Patrick Salvo and Peter Seligson 

Email: jonathan.davis@kirkland.com,

chelsea.darnell@kirkland.com,

patrick.salvo@kirkland.com and

peter.seligson@kirkland.com

 

BP PARTY

 

Each BP Fund 

c/o Beach Point Capital Management

Suite 6000N 

1620 26th Street 

Santa Monica CA 90404

Attention: Lawrence Goldman 

Email: lgoldman@beachpointcapital.com

 

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

 

Winston & Strawn LLP

333 S. Grand Avenue 

Los Angeles, CA 90071-1543 

Attention:
D.Stephen Antion

Email: SAntion@winston.com

 

     

     

    

 

FP PARTY

 

Francisco Partners

 

Address notices to:

 

Francisco Partners 

1114 Avenue of the Americas 15th Floor

New York, NY 10036 

Attention:     Lee
Rubenstein and Jordan Smith

Email: Lee.rubenstein@franciscopartners.com

and Jordan.smith@franciscopartners.com

 

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

 

Latham & Watkins LLP

505 Montgomery Street 

Suite 2000 

San Francisco, CA 94111-6538

Attention: Haim Zaltzman 

Email:     haim.zaltzman@lw.com

 

     

     

    

 

 

SCHEDULE B

 

Individual Investors

 

PRE-CLOSING TERRAN ORBITAL
SHAREHOLDERS:

 

	Name	Notice Address
	Austin Williams	 
	Daniel Staton	 
	Fuel Venture Capital Co-Invest Series, LLC	 
	Fuel Venture Capital Fund I, LP	 
	James LeChance	 
	Jordi Puig-Suari	 
	Joseph Berenato	 
	Marco Villa	 
	Roark’s Drift, LLC	 
	Roland Coelho	 
	Sean Fitzsimmons	 
	Staton Tyvak Family Limited Partnership	 
	Stratton Scalavos	 
	VVP TO, LLCDocument

Exhibit 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

As of September 25, 2021, Apple Inc. (“Apple” or the “Company”) had eleven classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) Common Stock, $0.00001 par value per share (“Common Stock”); (ii) 1.000% Notes due 2022 (the “2022 Notes”); (iii) 1.375% Notes due 2024 (the “2024 Notes”); (iv) 0.000% Notes due 2025 (the “0.000% 2025 Notes”); (v) 0.875% Notes due 2025 (the “0.875% 2025 Notes”); (vi) 1.625% Notes due 2026 (the “2026 Notes”); (vii) 2.000% Notes due 2027 (the “2027 Notes”); (viii) 1.375% Notes due 2029 (the “1.375% 2029 Notes”); (ix) 3.050% Notes due 2029 (the “3.050% 2029 Notes”); (x) 0.500% Notes due 2031 (the “2031 Notes”); and (xi) 3.600% Notes due 2042 (the “2042 Notes,” and together with the 2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 Notes, the 3.050% 2029 Notes, and the 2031 Notes, the “Notes”). Each of the Company’s securities registered under Section 12 of the Exchange Act are listed on The Nasdaq Stock Market LLC.
DESCRIPTION OF COMMON STOCK
The following is a description of the rights of Common Stock and related provisions of the Company’s Restated Articles of Incorporation (the “Articles”) and Amended and Restated Bylaws (the “Bylaws”) and applicable California law. This description is qualified in its entirety by, and should be read in conjunction with, the Articles, Bylaws and applicable California law.

Authorized Capital Stock
The Company’s authorized capital stock consists of 50,400,000,000 shares of Common Stock.

Common Stock
    Fully Paid and Nonassessable
    All of the outstanding shares of the Company’s Common Stock are fully paid and nonassessable.

Voting Rights
The holders of shares of Common Stock are entitled to one vote per share on all matters to be voted on by such holders. Holders of shares of Common Stock are not entitled to cumulative voting rights.

Except as described below or as required by law, all matters to be voted on by shareholders must be approved by the affirmative vote of (i) a majority of the shares present or represented by proxy and voting and (ii) a majority of the shares required to constitute a quorum.

In an election of directors where the number of nominees exceeds the number of directors to be elected, the candidates receiving the highest number of affirmative votes of the shares entitled to be voted for them up to the number of directors to be elected by such shares will be elected.

The Company’s entire Board of Directors or any individual director may be removed without cause by an affirmative vote of a majority of the outstanding shares entitled to vote, subject to the provisions of the Company’s Bylaws.

Vacancies created by the removal of a director must be filled only by approval of the shareholders, or by the unanimous written consent of all shares entitled to vote. The shareholders may elect a director at any time to fill a vacancy not filled by the directors, but any such election by written consent, other than to fill a vacancy created by removal, requires the consent of a majority of the outstanding shares entitled to vote thereon.

An amendment of the Bylaws or the Articles may be adopted by the vote of the majority of the outstanding shares entitled to vote. Any amendment of the Bylaws specifying or changing a fixed number of directors or the maximum or minimum number or changing from a fixed to a variable board or vice versa may only be adopted by the shareholders; provided, however, that an amendment of the Bylaws or the Articles reducing the fixed number or the minimum number of directors to less than five cannot be adopted if the votes cast against its adoption are equal to more than 16 2/3% of the outstanding shares entitled to vote.

Any shareholders’ meeting may be adjourned from time to time by the vote of a majority of the shares present in person or represented by proxy.

Dividends
The holders of shares of Common Stock are entitled to receive such dividends, if any, as may be declared from time to time by the Company’s Board of Directors in its discretion from funds legally available therefor.

Right to Receive Liquidation Distributions
Upon liquidation, dissolution or winding-up, the holders of shares of Common Stock are entitled to receive pro rata all assets remaining available for distribution to holders of such shares.

No Preemptive or Similar Rights
Common Stock has no preemptive or other subscription rights, and there are no conversion rights or redemption or sinking fund provisions with respect to such shares of Common Stock.

Anti-Takeover Provisions of the Articles, Bylaws and California Law
Provisions of the Articles and Bylaws may delay or discourage transactions involving an actual or potential change in control of the Company or change in its management, including transactions in which shareholders might otherwise receive a premium for their shares, or transactions that its shareholders might otherwise deem to be in their best interests. Among other things, the Articles and Bylaws:

•provide that, except for a vacancy caused by the removal of a director as provided in the Bylaws, a vacancy on the Company’s Board of Directors may be filled by a person selected by a majority of the remaining directors then in office, whether or not less than a quorum, or by a sole remaining director;

•provide that shareholders seeking to present proposals before a meeting of shareholders or to nominate candidates for election as directors at a meeting of shareholders must provide notice in writing in a timely manner, and also specify requirements as to the form and content of a shareholder’s notice;

•provide that a shareholder, or group of up to 20 shareholders, that has owned continuously for at least three years shares of Common Stock representing an aggregate of at least 3% of the Company’s outstanding shares of Common Stock, may nominate and include in the Company’s proxy materials director nominees constituting up to 20% of the Company’s Board of Directors, provided that the shareholder(s) and nominee(s) satisfy the requirements in the Bylaws;

•do not provide for cumulative voting rights for the election of directors; and

•provide that special meetings of the shareholders may only be called by two or more members of the Board of Directors, the Chairman of the Board of Directors, the Chief Executive Officer or by one or more holders of shares entitled to cast not less than ten percent (10%) of the votes on the record date established pursuant to the Company’s Bylaws.

In addition, as a California corporation, the Company is subject to the provisions of Section 1203 of the California General Corporation Law, which requires it to provide a fairness opinion to its shareholders in connection with their consideration of any proposed “interested party” reorganization transaction.

Listing
The Company’s Common Stock is listed on The Nasdaq Stock Market LLC under the trading symbol “AAPL.”

2

DESCRIPTION OF DEBT SECURITIES
The following description of the Notes is a summary and does not purport to be complete. This description is qualified in its entirety by reference, as applicable, to the Indenture, dated as of April 29, 2013, between Apple Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (the “2013 Indenture”) and the Indenture, dated as of November 5, 2018, between Apple Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (the “2018 Indenture,” and together with the 2013 Indenture, the “Indentures”). References in this section to the “Company,” “us,” “we” and “our” are solely to Apple Inc. and not to any of its subsidiaries, unless the context requires otherwise.

The Notes
Each of the Notes were issued under the applicable Indenture, which provides that debt securities may be issued under such Indenture from time to time in one or more series. The Indentures and the Notes are governed by, and construed in accordance with, the laws of the State of New York. The Indentures do not limit the amount of debt securities that we may issue thereunder. We may, without the consent of the holders of the debt securities of any series, issue additional debt securities ranking equally with, and otherwise similar in all respects to, the debt securities of the series (except for the date of issuance, the date interest begins to accrue and, in certain circumstances, the first interest payment date) so that those additional debt securities will be consolidated and form a single series with the debt securities of the series previously offered and sold; provided, however, that any additional debt securities will have a separate ISIN number unless certain conditions are met.

The 2022 Notes
We issued €1,400,000,000 aggregate principal amount of the 2022 Notes on November 10, 2014. The maturity date of the 2022 Notes is November 10, 2022, and interest at a rate of 1.000% per annum is paid annually on November 10 of each year, beginning on November 10, 2015, and on the maturity date. As of October 15, 2021, €1,400,000,000 aggregate principal amount of the 2022 Notes was outstanding.

The 2024 Notes
We issued €1,000,000,000 aggregate principal amount of the 2024 Notes on September 17, 2015. The maturity date of the 2024 Notes is January 17, 2024, and interest at a rate of 1.375% per annum is paid annually on January 17 of each year, beginning on January 17, 2016, and on the maturity date. As of October 15, 2021, €1,000,000,000 aggregate principal amount of the 2024 Notes was outstanding.

The 0.000% 2025 Notes
We issued €1,000,000,000 aggregate principal amount of the 0.000% 2025 Notes on November 15, 2019. The maturity date of the 0.000% 2025 Notes is November 15, 2025, and interest at a rate of 0.000% per annum is paid annually on November 15 of each year, beginning on November 15, 2020, and on the maturity date. As of October 15, 2021, €1,000,000,000 aggregate principal amount of the 0.000% 2025 Notes was outstanding.

The 0.875% 2025 Notes
We issued €1,250,000,000 aggregate principal amount of the 0.875% 2025 Notes on May 24, 2017. The maturity date of the 0.875% 2025 Notes is May 24, 2025, and interest at a rate of 0.875% per annum is paid annually on May 24 of each year, beginning on May 24, 2018, and on the maturity date. As of October 15, 2021, €1,250,000,000 aggregate principal amount of the 0.875% 2025 Notes was outstanding.

The 2026 Notes
We issued €1,400,000,000 aggregate principal amount of the 2026 Notes on November 10, 2014. The maturity date of the 2026 Notes is November 10, 2026, and interest at a rate of 1.625% per annum is paid annually on November 10 of each year, beginning on November 10, 2015, and on the maturity date. As of October 15, 2021, €1,400,000,000 aggregate principal amount of the 2026 Notes was outstanding.

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The 2027 Notes
We issued €1,000,000,000 aggregate principal amount of the 2027 Notes on September 17, 2015. The maturity date of the 2027 Notes is September 17, 2027, and interest at a rate of 2.000% per annum is paid annually on September 17 of each year, beginning on September 17, 2016, and on the maturity date. As of October 15, 2021, €1,000,000,000 aggregate principal amount of the 2027 Notes was outstanding.

The 1.375% 2029 Notes
We issued €1,250,000,000 aggregate principal amount of the 1.375% 2029 Notes on May 24, 2017. The maturity date of the 1.375% 2029 Notes is May 24, 2029, and interest at a rate of 1.375% per annum is paid annually on May 24 of each year, beginning on May 24, 2018, and on the maturity date. As of October 15, 2021, €1,250,000,000 aggregate principal amount of the 1.375% 2029 Notes was outstanding.

The 3.050% 2029 Notes
We issued £750,000,000 aggregate principal amount of the 3.050% 2029 Notes on July 31, 2015. The maturity date of the 3.050% 2029 Notes is July 31, 2029, and interest at a rate of 3.050% per annum is paid semi-annually on January 31 and July 31 of each year, beginning on January 31, 2016, and on the maturity date. As of October 15, 2021, £750,000,000 aggregate principal amount of the 3.050% 2029 Notes was outstanding.

The 2031 Notes
We issued €1,000,000,000 aggregate principal amount of the 2031 Notes on November 15, 2019. The maturity date of the 2031 Notes is November 15, 2031, and interest at a rate of 0.500% per annum is paid annually on November 15 of each year, beginning on November 15, 2020, and on the maturity date. As of October 15, 2021, €1,000,000,000 aggregate principal amount of the 2031 Notes was outstanding.

The 2042 Notes
We issued £500,000,000 aggregate principal amount of the 2042 Notes on July 31, 2015. The maturity date of the 2042 Notes is July 31, 2042, and interest at a rate of 3.600% per annum is paid semi-annually on January 31 and July 31 of each year, beginning on January 31, 2016, and on the maturity date. As of October 15, 2021, £500,000,000 aggregate principal amount of the 2042 Notes was outstanding.

Ranking
The Notes are our senior unsecured indebtedness and rank equally with each other and with all of our other senior unsecured and unsubordinated indebtedness from time to time outstanding. However, the Notes are structurally subordinated to any indebtedness and preferred stock, if any, of our subsidiaries and are effectively subordinated to any secured indebtedness to the extent of the value of the assets securing such indebtedness. Claims of the creditors of our subsidiaries generally have priority with respect to the assets and earnings of such subsidiaries over the claims of our creditors, including holders of the Notes. Accordingly, the Notes are effectively subordinated to creditors, including trade creditors and preferred stockholders, if any, of our subsidiaries. The Indentures do not restrict our ability or that of our subsidiaries to incur additional indebtedness.

Payment on the Notes
All payments of principal of, the redemption price (if any), and interest and additional amounts (if any) on the 2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes are payable in euro, provided that, if the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control, or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the 2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes will be made in U.S. dollars, until the euro is again available to the Company or so used. The amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date. Any payment in respect of the 2022 Notes, the 

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2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes so made in U.S. dollars will not constitute an event of default under such Notes or the applicable Indenture.

With respect to the 2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes, “Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in The City of New York or London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is open.

All payments of principal of, the redemption price (if any), and interest and additional amounts (if any) on the 3.050% 2029 Notes and the 2042 Notes are payable in pounds sterling, or, if the United Kingdom adopts euro as its lawful currency, in euro. If pounds sterling or, in the event the Notes are redenominated into euro, euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or, in the event the notes are redenominated into euro, the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the 3.050% 2029 Notes and the 2042 Notes will be made in U.S. dollars until the pound sterling or euro, as the case may be, is again available to the Company or so used. The amount payable on any date in pounds sterling or, in the event such Notes are redenominated into euro, euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/pounds sterling or, in the event the Notes are redenominated into euro, the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date. Any payment in respect of the 3.050% 2029 Notes and the 2042 Notes so made in U.S. dollars will not constitute an event of default under such Notes or the 2013 Indenture.

With respect to the 3.050% 2029 Notes and the 2042 Notes, “Business Day” means any day which is not a day on which banking institutions in The City of New York or London or the relevant place of payment are authorized or required by law, regulation or executive order to close.
Payment of Additional Amounts
The terms of the Notes state that all payments of principal and interest in respect of the Notes will be made free and clear of, and without deduction or withholding for or on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by law.

All of the Notes also contain a covenant substantially similar to the following:

The Company will, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts (“Additional Amounts”) as are necessary in order that the net payment by the Company or the paying agent of the Company for the applicable Notes (“Paying Agent”) of the principal of and interest on the Notes to a holder who is not a United States person (as defined below), after withholding or deduction for any present or future tax, assessment or other governmental charge (“Tax”) imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay Additional Amounts shall not apply:

(1)to any Tax that is imposed by reason of the holder (or the beneficial owner for whose benefit such holder holds the Notes), or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as:
(a)being or having been engaged in a trade or business in the United States or having or having had a permanent establishment in the United States;
(b)having a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes, the receipt of any payment or the enforcement of any rights hereunder), including being or having been a citizen or resident of the United States;

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(c)being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for U.S. federal income tax purposes or a corporation that has accumulated earnings to avoid U.S. federal income tax;
(d)being or having been a “10-percent shareholder” of the Company as defined in Section 871(h)(3) of the Internal Revenue Code of 1986, as amended (the “Code”);
(e)being a controlled foreign corporation that is related to the Company within the meaning of Section 864(d)(4) of the Code; or
(f)being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business;

(2)to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment;

(3)to any Tax that would not have been imposed but for the failure of the holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such Tax (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, or any subsequent versions thereof or successor thereto, and any documentation requirement under an applicable income tax treaty);

(4)to any Tax that is imposed otherwise than by withholding by the Company or a Paying Agent from the payment;

(5)to any Tax that would not have been imposed but for a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 10 days after the payment becomes due or is duly provided for, whichever occurs later;

(6)to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property or similar Tax;

(7)to any Tax required to be withheld by any paying agent from any payment of principal of or interest on any Note, if such payment can be made without such withholding by at least one other paying agent;

(8)to any Tax that would not have been imposed but for the presentation by the holder of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;

(9)to any Tax imposed under Sections 1471 through 1474 of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code; or

(10)in the case of any combination of items (1) through (9) above.

The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes. Except as specifically provided under this heading “—Payment of Additional Amounts,” the Company will not be required to make any payment for any Tax imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision. As used under “—Payment of Additional Amounts” and under “—Redemption for Tax Reasons,” the term “United States” means the United States 

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of America (including the states and the District of Columbia and any political subdivision thereof), and the term “United States person” means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

Redemption for Tax Reasons
If, as a result of any change in, or amendment to, or, in the case of the 0.000% 2025 Notes and the 2031 Notes, introduction of, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any political subdivision or taxing authority of or in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after the date of the applicable prospectus supplement, we become, or based upon a written opinion of independent counsel selected by us, will become obligated to pay additional amounts as described above under the heading “Payments of Additional Amounts” with respect to a series of the Notes, then we may at our option redeem, in whole, but not in part, in the case of the 2022 Notes, the 2024 Notes, the 2026 Notes, the 2027 Notes, the 3.050% 2029 Notes and the 2042 Notes, the Notes of such series on not less than 30 nor more than 60 days’ prior notice,  in the case of the 0.875% 2025 Notes and the 1.375% 2029 Notes, the Notes of such series on not less than 15 nor more than 60 days’ notice, and in the case of the 0.000% 2025 Notes and the 2031 Notes, the Notes of such series on not less than 10 nor more than 60 days’ prior notice, in each case at a redemption price equal to 100% of their principal amount, together with interest accrued but unpaid on those Notes to (and, in the case of the 0.000% 2025 Notes and the 2031 Notes, but not including) the date fixed for redemption.

Optional Redemption
We may redeem the 2022 Notes, the 2024 Notes, the 2026 Notes, the 2027 Notes, the 3.050% 2029 Notes and the 2042 Notes at our option, at any time in whole or from time to time in part, at a redemption price equal to the greater of:

•100% of the principal amount of the Notes to be redeemed; or

•the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined below), plus 5 basis points in the case of the 2022 Notes, plus 10 basis points in the case of the 2026 Notes, plus 15 basis points in the case of the 2024 Notes, the 3.050% 2029 Notes and the 2042 Notes and plus 20 basis points in the case of the 2027 Notes.

We may redeem the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 1.375% 2029 Notes and the 2031 Notes at our option, at any time in whole or from time to time in part, prior to the applicable Par Call Date at a redemption price equal to the greater of: 

•100% of the principal amount of the Notes to be redeemed; or 

•the sum of the present values of the remaining scheduled payments of principal and interest thereon assuming that the Notes matured on the applicable Par Call Date (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined below), plus 10 basis points in the case of the 0.000% 2025 Notes, plus 15 basis points in the case of the 0.875% 2025 Notes and the 2031 Notes, and 20 basis points in the case of the 2029 Notes. 

“Par Call Date” means (i) with respect to the 0.000% 2025 Notes, August 15, 2025 (three months prior to the maturity date of the 0.000% 2025 Notes), (ii) with respect to the 0.875% 2025 Notes, February 24, 2025 (three months prior to the maturity date of the 0.875% 2025 Notes), (iii) with respect to the 1.375% 2029 Notes, February 24, 2029 (three months prior to the maturity date of 1.375% 2029 Notes) and (iv) with respect to the 2031 Notes, August 15, 2031 (three months prior to the maturity of the 2031 Notes).

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If any of the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 1.375% 2029 Notes or the 2031 Notes are redeemed on or after the applicable Par Call Date, the redemption price for such Notes will equal 100% of the principal amount of the Notes being redeemed. 

In each case upon redemption of the Notes, we will pay accrued and unpaid interest on the principal amount being redeemed to, but excluding, the date of redemption.

Installments of interest on Notes being redeemed that are due and payable on interest payment dates falling on or prior to a redemption date shall be payable on the interest payment date to the holders as of the close of business on the relevant regular record date according to the Notes and the applicable Indenture.

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation for the 2022 Notes, the 2024 Notes, the 2026 Notes and the 2027 Notes, at the discretion of an independent investment bank selected by us, a German government bond whose maturity is closest to the maturity of the Notes being redeemed, or if such independent investment bank in its discretion determines that such similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by us, determine to be appropriate for determining the Comparable Government Bond Rate.

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation for the 3.050% 2029 Notes and the 2042 Notes, at the discretion of an independent investment bank selected by us, a United Kingdom government bond whose maturity is closest to the maturity of the Notes being redeemed, or if such independent investment bank in its discretion determines that such similar bond is not in issue, such other United Kingdom government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, United Kingdom government bonds selected by us, determine to be appropriate for determining the Comparable Government Bond Rate. 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation for the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 1.375% 2029 Notes and the 2031 Notes, at the discretion of an independent investment bank selected by us, a German government bond whose maturity is closest to the applicable Par Call Date of the Notes being redeemed, or if such independent investment bank in its discretion determines that such similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by us, determine to be appropriate for determining the Comparable Government Bond Rate.

“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes, if they were to be purchased at such price on the third business day prior to the date fixed for redemption, would be equal to the gross redemption yield on such business day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such business day as determined by an independent investment bank selected by us.

Covenants
The Indentures set forth limited covenants that apply to the Notes. However, these covenants do not, among other things:

•limit the amount of indebtedness or lease obligations that may be incurred by us and our subsidiaries;

•limit our ability or that of our subsidiaries to issue, assume or guarantee debt secured by liens; or

•restrict us from paying dividends or making distributions on our capital stock or purchasing or redeeming our capital stock.

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Consolidation, Merger and Sale of Assets
The Indentures provide that we may consolidate with or merge with or into any other person, and may sell, transfer, or lease or convey all or substantially all of our properties and assets to another person; provided that the following conditions are satisfied: 

•we are the continuing entity, or the resulting, surviving or transferee person (the “Successor”) is a person (if such person is not a corporation, then the Successor will include a corporate co-issuer of the debt securities) organized and existing under the laws of the United States of America, any state thereof or the District of Columbia and the Successor (if not us) will expressly assume, by supplemental indenture, all of our obligations under the debt securities and the applicable Indenture and, for each security that by its terms provides for conversion, provide for the right to convert such security in accordance with its terms; 

•immediately after giving effect to such transaction, no default or event of default under the applicable Indenture has occurred and is continuing; and 

•in the case of the 2013 Indenture, the trustee receives from us an officers’ certificate and an opinion of counsel that the transaction and such supplemental indenture, as the case may be, complies with the applicable provisions of the 2013 Indenture.

If we consolidate or merge with or into any other person or sell, transfer, lease or convey all or substantially all of our properties and assets in accordance with the Indentures, the Successor will be substituted for us in the Indentures, with the same effect as if it had been an original party to the Indentures. As a result, the Successor may exercise our rights and powers under the Indentures, and we will be released from all our liabilities and obligations under the Indentures and under the debt securities.

For purposes of this covenant, “person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity.

Events of Default
Each of the following events are defined in the Indentures as an “event of default” (whatever the reason for such event of default and whether or not it will be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) with respect to the debt securities of any series:

(1)    default in the payment of any installment of interest on any debt securities of such series for 30 days after becoming due;

(2)    default in the payment of principal of or premium, if any, on any debt securities of such series when it becomes due and payable at its stated maturity, upon optional redemption, upon declaration or otherwise;

(3)    default in the performance, or breach, of any covenant or agreement of ours in the applicable Indenture with respect to the debt securities of such series (other than a covenant or agreement, a default in the performance of which or a breach of which is elsewhere in the applicable Indenture specifically dealt with or that has expressly been included in the applicable Indenture solely for the benefit of a series of debt securities other than such series), which continues for a period of 90 days after written notice to us by the trustee or to us and the trustee by the holders of, in the case of the 2013 Indenture, at least 25% in aggregate principal amount of the outstanding debt securities of that series, and in the case of the 2018 Indenture, at least 33% in aggregate principal amount of the outstanding debt securities of that series;

(4)    we, pursuant to or within the meaning of the Bankruptcy Law:

•commence a voluntary case or proceeding;

•consent to the entry of an order for relief against us in an involuntary case or proceeding;

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•consent to the appointment of a custodian of us or for all or substantially all of our property;

•make a general assignment for the benefit of our creditors;

•file a petition in bankruptcy or answer or consent seeking reorganization or relief;

•consent to the filing of such petition or the appointment of or taking possession by a custodian; or

•take any comparable action under any foreign laws relating to insolvency;

(5)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

•is for relief against us in an involuntary case, or adjudicates us insolvent or bankrupt;

•appoints a custodian of us or for all or substantially all of our property; or

•orders the winding-up or liquidation of us (or any similar relief is granted under any foreign laws);

and the order or decree remains unstayed and in effect for 90 days (or, in the case of the 2018 Indenture, 90 consecutive days); or

(6)    any other event of default provided with respect to debt securities of such series occurs.

“Bankruptcy Law” means Title 11, United States Code or any similar federal or state or foreign law for the relief of debtors. “Custodian” means any custodian, receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law.

If an event of default with respect to debt securities of any series (other than an event of default relating to certain events of bankruptcy, insolvency, or reorganization of us) occurs and is continuing, the trustee by notice to us, or the holders of, in the case of the 2013 Indenture, at least 25% in aggregate principal amount of the outstanding debt securities of such series, and in the case of the 2018 Indenture, at least 33% in aggregate principal amount of the outstanding debt securities of such series, by notice to us and the trustee, may, and the trustee at the request of these holders will, declare the principal of and premium, if any, and accrued and unpaid interest on all the debt securities of such series to be due and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest will be due and payable immediately. If an event of default relating to certain events of bankruptcy, insolvency, or reorganization of us occurs and is continuing, the principal of and premium, if any, and accrued and unpaid interest on the debt securities of such series will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holders.

The holders of not less than a majority in aggregate principal amount of the outstanding debt securities of any series may rescind a declaration of acceleration and its consequences, if we have deposited certain sums with the trustee and all events of default with respect to the debt securities of such series, other than the non-payment of the principal or interest which have become due solely by such acceleration, have been cured or waived, as provided in the Indentures.

An event of default for a particular series of debt securities does not necessarily constitute an event of default for any other series of debt securities issued under the Indentures.

We are required to furnish the trustee annually within 120 days after the end of our fiscal year a statement by one of our officers to the effect that, to the best knowledge of such officer, we are not in default in the fulfillment of any of our obligations under the applicable Indenture or, if there has been a default in the fulfillment of any such obligation, specifying each such default and the nature and status thereof.

No holder of any debt securities of any series will have any right to institute any judicial or other proceeding with respect to the applicable Indenture, or for the appointment of a receiver or trustee, or for any other remedy unless:

(1)    an event of default has occurred and is continuing and such holder has given the trustee prior written notice of such continuing event of default with respect to the debt securities of such series;

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(2)    in the case of the 2013 Indenture, the holders of not less than 25% of the aggregate principal amount of the outstanding debt securities of such series, and in the case of the 2018 Indenture, the holders of not less than 33% of the aggregate principal amount of the outstanding debt securities of such series have requested the trustee to institute proceedings in respect of such event of default;

(3)    the trustee has been offered indemnity reasonably satisfactory to it against its costs, expenses and liabilities in complying with such request;

(4)    the trustee has failed to institute proceedings 60 days after the receipt of such notice, request and offer of indemnity; and

(5)    no direction inconsistent with such written request has been given for 60 days by the holders of a majority in aggregate principal amount of the outstanding debt securities of such series.

The holders of a majority in aggregate principal amount of outstanding debt securities of a series will have the right, subject to certain limitations, to direct the time, method and place of conducting any proceeding for any remedy available to the trustee with respect to the debt securities of that series or exercising any trust or power conferred to the trustee, and to waive certain defaults. Each of the Indentures provides that if an event of default occurs and is continuing, the trustee will exercise such of its rights and powers under such Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. Subject to such provisions, the trustee will be under no obligation to exercise any of its rights or powers under the applicable Indenture at the request of any of the holders of the debt securities of a series unless they will have offered to the trustee security or indemnity satisfactory to the trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request.

Notwithstanding the foregoing, the holder of any debt security will have an absolute and unconditional right to receive payment of the principal of and premium, if any, and interest on that debt security on or after the due dates expressed in that debt security and to institute suit for the enforcement of payment.

Modification and Waivers
Modification and amendments of the Indentures and the Notes may be made by us and the trustee with the consent of the holders of not less than a majority in aggregate principal amount of the outstanding series of Notes affected thereby; provided, however, that no such modification or amendment may, without the consent of the holder of each outstanding Note of that series affected thereby:

•change the stated maturity of the principal of, or installment of interest on, any Note;

•reduce the principal amount of any Note or reduce the amount of the principal of any Note which would be due and payable upon a declaration of acceleration of the maturity thereof or reduce the rate of interest on any Note;

•reduce any premium payable on the redemption of any Note or change the date on which any Note may or must be redeemed (in the case of the 2018 Indenture, it being understood that a change to any notice requirement with respect to such date shall not be deemed to be a change of such date);

•change the coin or currency in which the principal of, premium, if any, or interest on any Note is payable;

•impair the right of any holder to institute suit for the enforcement of any payment on or after the stated maturity of any Note (or, in the case of redemption, on or after the redemption date);

•reduce the percentage in principal amount of the outstanding Notes, the consent of whose holders is required in order to take certain actions;

•reduce the requirements for quorum or voting by holders of Notes in the applicable Indenture or the Note;

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•modify any of the provisions in the applicable Indenture regarding the waiver of past defaults and the waiver of certain covenants by the holders of Notes except to increase any percentage vote required or to provide that certain other provisions of the applicable Indenture cannot be modified or waived without the consent of the holder of each Notes affected thereby;

•make any change that adversely affects the right to convert or exchange any debt security or decreases the conversion or exchange rate or increases the conversion price of any convertible or exchangeable debt security, unless such decrease or increase is permitted by the terms of the debt securities; or

•modify any of the above provisions.

We and the trustee may, without the consent of any holders, modify or amend the terms of the Indentures and any series of Notes with respect to the following:

•to add to our covenants for the benefit of holders of all or any series of the Notes or to surrender any right or power conferred upon us;

•to evidence the succession of another person to, and the assumption by the successor of our covenants, agreements and obligations under, the applicable Indenture pursuant to the covenant described above under the caption “Covenants—Consolidation, Merger and Sale of Assets”;

•to add any additional events of default for the benefit of holders of all or any series of the Notes;

•to add one or more guarantees, and in the case of the 2018 Indenture, co-obligors, for the benefit of holders of the Notes;

•to secure the Notes pursuant to the covenants of the Indenture;

•to add or appoint a successor or separate trustee or other agent;

•to provide for the issuance of additional debt securities of any series;

•to establish the form or terms of the debt securities of any series as permitted by the Indenture;

•to comply with the rules of any applicable securities depository;

•to provide for uncertificated Notes in addition to or in place of certificated Notes;

•in the case of the 2013 Indenture, to add to, change or eliminate any of the provisions of the 2013 Indenture in respect of one or more series of debt securities; provided that any such addition, change or elimination (a) shall neither (1) apply to any debt security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (2) modify the rights of the holder of any such debt security with respect to such provision or (b) shall become effective only when there is no debt security described in clause (a)(1) outstanding;

•in the case of the 2018 Indenture, to add to, change or eliminate any of the provisions of the 2018 Indenture in respect of one or more series of debt securities; provided that any such addition, change or elimination shall become effective only when there is no outstanding security of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision and as to which such supplemental indenture would apply;

•to cure any ambiguity, omission, defect or inconsistency;

•to change any other provision; provided that the change does not adversely affect the interests of the holders of debt securities of, in the case of the 2013 Indenture any series, and in the case of the 2018 Indenture, any outstanding series, in any material respect;

•to supplement any of the provisions of the applicable Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Notes pursuant to the Indenture; 

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provided that any such action shall not adversely affect the interests of the holders of Notes of such series or any other series of debt securities in any material respect;

•to comply with the rules or regulations of any securities exchange or automated quotation system on which any of the Notes may be listed or traded; and

•to add to, change or eliminate any of the provisions of the applicable Indenture as shall be necessary or desirable in accordance with any amendments to the Trust Indenture Act of 1939, as amended, and in the case of the 2013 Indenture, provided that such action does not adversely affect the rights or interests of any holder of debt securities in any material respect.

The holders of at least a majority in aggregate principal amount of the outstanding Notes of any series may, on behalf of the holders of all Notes of that series, waive compliance by us with certain restrictive provisions of the Indentures. The holders of not less than a majority in aggregate principal amount of the outstanding Notes of a series may, on behalf of the holders of all Notes of that series, waive any past default and its consequences under the applicable Indenture with respect to the Notes of that series, except a default (1) in the payment of principal or premium, if any, or interest on Notes of that series or (2) in respect of a covenant or provision of the applicable Indenture that cannot be modified or amended without the consent of the holder of each Note of that series. Upon any such waiver, such default will cease to exist, and any event of default arising therefrom will be deemed to have been cured, for every purpose of the Indenture; however, no such waiver will extend to any subsequent or other default or event of default or impair any rights consequent thereon.

Discharge, Defeasance and Covenant Defeasance
We may discharge certain obligations to holders of the Notes of a series that have not already been delivered to the trustee for cancellation and that either have become due and payable or will become due and payable within one year (or scheduled for redemption within one year) by depositing with the trustee, in trust, funds in U.S. dollars in an amount sufficient to pay the entire indebtedness including, but not limited to, the principal and premium, if any, and interest to the date of such deposit (if due and payable) or to the maturity thereof or the redemption date of the Notes of that series, as the case may be. We may direct the trustee to invest such funds in U.S. Treasury securities with a maturity of one year or less or in a money market fund that invests solely in short-term U.S. Treasury securities.

The Indentures provide that we may elect either (1) to defease and be discharged from any and all obligations with respect to the Notes of a series (except for, among other things, obligations to register the transfer or exchange of the Notes, to replace temporary or mutilated, destroyed, lost or stolen Notes, to maintain an office or agency with respect to the Notes and to hold moneys for payment in trust) (“legal defeasance”) or (2) to be released from our obligations to comply with the restrictive covenants under the applicable Indenture, and any omission to comply with such obligations will not constitute a default or an event of default with respect to the Notes of a series and clauses (3) and (6) under the caption “Events of Default” above will no longer be applied (“covenant defeasance”). Legal defeasance or covenant defeasance, as the case may be, will be conditioned upon, among other things, the irrevocable deposit by us with the trustee, in trust, of an amount in U.S. dollars, or U.S. government obligations (as such term is modified below), or both, applicable to the Notes of that series which through the scheduled payment of principal and interest in accordance with their terms will provide money in an amount sufficient to pay the principal or premium, if any, and interest on the Notes on the scheduled due dates therefor.

If we effect covenant defeasance with respect to the Notes of any series, the amount in U.S. dollars, or U.S. government obligations (as such term is modified below), or both, on deposit with the trustee will be sufficient, in the opinion of a nationally recognized firm of independent accountants, to pay amounts due on the Notes of that series at the time of the stated maturity but may not be sufficient to pay amounts due on the Notes of that series at the time of the acceleration resulting from such event of default. However, we would remain liable to make payment of such amounts due at the time of acceleration.

With respect to the 2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes, the term “U.S. government obligations” shall instead mean (x) any security that is (i) a direct obligation of the German government or (ii) an obligation of a person controlled or supervised by and acting as an agency or instrumentality of the German government the payment of which is fully and unconditionally guaranteed by the German government or the central bank of the German government, which, in either case (x)(i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) 

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certificates, depositary receipts or other instruments which evidence a direct ownership interest in obligations described in clause (x)(i) or (x)(ii) above or in any specific principal or interest payments due in respect thereof. 

With respect to the 3.050% 2029 Notes and the 2042 Notes, the term “U.S. government obligations” shall instead mean (x) any security that is (i) a direct obligation of the United Kingdom government or (ii) an obligation of a person controlled or supervised by and acting as an agency or instrumentality of the United Kingdom government the payment of which is fully and unconditionally guaranteed by the United Kingdom government or the central bank of the United Kingdom government, which, in either case (x)(i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) certificates, depositary receipts or other instruments which evidence a direct ownership interest in obligations described in clause (x)(i) or (x)(ii) above or in any specific principal or interest payments due in respect thereof. 

We will be required to deliver to the trustee an opinion of counsel that the deposit and related defeasance will not cause the holders and beneficial owners of the Notes of that series to recognize income, gain or loss for federal income tax purposes. If we elect legal defeasance, that opinion of counsel must be based upon a ruling from the U.S. Internal Revenue Service or a change in law to that effect.

We may exercise our legal defeasance option notwithstanding our prior exercise of our covenant defeasance option.

Book-Entry and Settlement
The Notes were issued in book-entry form and are represented by global notes deposited with, or on behalf of, a common depositary on behalf of Euroclear and Clearstream, and are registered in the name of the common depositary or its nominee. Except as described herein, certificated notes will not be issued in exchange for beneficial interests in the global notes.

Certificated Notes
Subject to certain conditions, the Notes represented by the global notes are exchangeable for certificated notes in definitive form of like tenor, in minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof in the case of the 2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes, and in minimum denominations of £100,000 principal amount and integral multiples of £1,000 in excess thereof in the case of the 3.050% 2029 Notes and the 2042 Notes, if: 

1.the common depositary notifies us that it is unwilling or unable to continue as depositary or if the common depositary ceases to be eligible under the applicable Indenture and we do not appoint a successor depository within 90 days;

2.    we determine that the Notes will no longer be represented by global securities and execute and deliver to the trustee an order to that effect; or

3.    an event of default with respect to the Notes will have occurred and be continuing. 

Any Note that is exchangeable as above is exchangeable for certificated notes issuable in authorized denominations and registered in such names as the common depositary shall direct. Subject to the foregoing, a global note is not exchangeable, except for a global note of the same aggregate denomination to be registered in the name of the common depositary or its nominee. 

The Trustee for the Notes
The Bank of New York Mellon Trust Company, N.A. is the trustee under the Indentures. We have commercial deposits and custodial arrangements with The Bank of New York Mellon Trust Company, N.A. and its affiliates (“BNYM”). We may enter into similar or other banking relationships with BNYM in the future in the normal course of business. In addition, BNYM acts as trustee and as paying agent with respect to other debt securities issued by us, and may do so for future issuances of debt securities by us as well.

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